Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2023

Reportable Segments

Schedule of operating results and assets of reportable segments

The operating results and assets of the Company’s reportable segments were as follows (in thousands):

	Three Months Ended September 30, 2022
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Sales and revenues:
Third-party	$	1,904,302		159,985		1,651		(1,651)		2,064,287
Intersegment		337		—		229,383		(229,383)		337
Total revenue		1,904,639		159,985		231,034		(231,034)		2,064,624
Operating expenses:
Lease operating		27,453		—		—		—		27,453
Gathering, compression, processing, transportation and water handling		716,388		—		46,648		(46,648)		716,388
General and administrative		42,903		—		13,587		(13,587)		42,903
Depletion, depreciation and amortization		169,607		—		34,206		(34,206)		169,607
Impairment of property and equipment		33,924		—		—		—		33,924
Other		114,812		185,377		(1,177)		1,177		300,189
Total operating expenses		1,105,087		185,377		93,264		(93,264)		1,290,464
Operating income (loss)	$	799,552		(25,392)		137,770		(137,770)		774,160
Equity in earnings of unconsolidated affiliates	$	14,972		—		24,411		(24,411)		14,972
Capital expenditures for segment assets	$	244,680		—		74,120		(74,120)		244,680

	Three Months Ended September 30, 2023
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Sales and revenues:
Third-party	$	1,072,562		53,068		383		(383)		1,125,630
Intersegment		546		—		263,456		(263,456)		546
Total revenue		1,073,108		53,068		263,839		(263,839)		1,126,176
Operating expenses:
Lease operating		33,484		—		—		—		33,484
Gathering, compression, processing, transportation and water handling		671,886		—		51,914		(51,914)		671,886
General and administrative		58,425		—		17,633		(17,633)		58,425
Depletion, depreciation and amortization		176,259		—		30,745		(30,745)		176,259
Impairment of property and equipment		13,476		—		—		—		13,476
Other		47,372		69,542		1,234		(1,234)		116,914
Total operating expenses		1,000,902		69,542		101,526		(101,526)		1,070,444
Operating income (loss)	$	72,206		(16,474)		162,313		(162,313)		55,732
Equity in earnings of unconsolidated affiliates	$	22,207		—		27,397		(27,397)		22,207
Capital expenditures for segment assets	$	912,046		—		45,286		(45,286)		912,046

	Nine Months Ended September 30, 2022
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Sales and revenues:
Third-party	$	4,716,827		335,173		2,288		(2,288)		5,052,000
Intersegment		1,149		—		676,144		(676,144)		1,149
Total revenue		4,717,976		335,173		678,432		(678,432)		5,053,149
Operating expenses:
Lease operating		70,486		—		—		—		70,486
Gathering, compression, processing, transportation and water handling		1,962,878		—		131,959		(131,959)		1,962,878
General and administrative		123,033		—		47,597		(47,597)		123,033
Depletion, depreciation and amortization		511,390		—		98,181		(98,181)		511,390
Impairment of property and equipment		79,749		—		—		—		79,749
Other		258,963		415,571		5,375		(5,375)		674,534
Total operating expenses		3,006,499		415,571		283,112		(283,112)		3,422,070
Operating income (loss)	$	1,711,477		(80,398)		395,320		(395,320)		1,631,079
Equity in earnings of unconsolidated affiliates	$	54,863		—		70,467		(70,467)		54,863
Capital expenditures for segment assets	$	721,420		—		236,154		(236,154)		721,420

	Nine Months Ended September 30, 2023
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Sales and revenues:
Third-party	$	3,331,130		155,390		929		(929)		3,486,520
Intersegment		1,309		—		780,672		(780,672)		1,309
Total revenue		3,332,439		155,390		781,601		(781,601)		3,487,829
Operating expenses:
Lease operating		91,553		—		—		—		91,553
Gathering, compression, processing, transportation and water handling		1,981,033		—		162,382		(162,382)		1,981,033
General and administrative		169,587		—		53,142		(53,142)		169,587
Depletion, depreciation and amortization		515,247		—		101,174		(101,174)		515,247
Impairment of property and equipment		44,746		—		—		—		44,746
Other		146,536		240,841		8,722		(8,722)		387,377
Total operating expenses		2,948,702		240,841		325,420		(325,420)		3,189,543
Operating income (loss)	$	383,737		(85,451)		456,181		(456,181)		298,286
Equity in earnings of unconsolidated affiliates	$	58,986		—		77,825		(77,825)		58,986
Capital expenditures for segment assets	$	912,046		—		130,025		(130,025)		912,046

The summarized assets of the Company’s reportable segments are as follows (in thousands):

	As of December 31, 2022
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Investments in unconsolidated affiliates	$	220,429		—		652,767		(652,767)		220,429
Total assets		14,081,077		36,962		5,791,320		(5,791,320)		14,118,039

	(Unaudited)
	As of September 30, 2023
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream		Affiliate		Total
Investments in unconsolidated affiliates	$	220,110		—		635,954		(635,954)		220,110
Total assets		13,716,306		20,251		5,758,711		(5,758,711)		13,736,557