Equity Method Investment

12 Months Ended

Dec. 31, 2023

Equity Method Investment

Equity Method Investment

(5) Equity Method Investment

(a) Summary of Equity Method Investment

As of December 31, 2022 and 2023, Antero owned 29.1% and 29.0%, respectively, of Antero Midstream’s common stock, which is reflected in Antero’s consolidated financial statements using the equity method of accounting.

The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate (in thousands):

Balance as of December 31, 2021 (1)	$	232,399
Equity in earnings of unconsolidated affiliate		72,327
Dividends from unconsolidated affiliate		(125,138)
Elimination of intercompany profit		40,841
Balance as of December 31, 2022 (1)		220,429
Equity in earnings of unconsolidated affiliate		82,952
Dividends from unconsolidated affiliate		(125,138)
Elimination of intercompany profit		44,012
Balance as of December 31, 2023 (1)	$	222,255

(1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2022 and 2023 was $1.5 billion and $1.7 billion, respectively, based on the quoted market share price of Antero Midstream.

(b) Summarized Financial Information of Antero Midstream

The tables set forth below present summarized financial information of Antero Midstream (in thousands):

Balance Sheet

	December 31,
	2022		2023
Current assets	$	88,993		91,128
Noncurrent assets		5,702,327		5,646,490
Total assets	$	5,791,320		5,737,618
Current liabilities	$	102,077		96,417
Noncurrent liabilities		3,496,925		3,489,470
Stockholders' equity		2,192,318		2,151,731
Total liabilities and stockholders' equity	$	5,791,320		5,737,618

Statement of Operations

	Year Ended December 31,
	2021		2022		2023
Revenues	$	898,202		919,985		1,041,771
Operating expenses		342,875		380,519		429,909
Income from operations		555,327		539,466		611,862
Net income	$	331,617		326,242		371,786