Reportable Segments

6 Months Ended

Jun. 30, 2025

Reportable Segments

Reportable Segments

(16) Reportable Segments

The Company’s operations, which are located in the United States, are organized into three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii) marketing and utilization of excess firm transportation capacity and (iii) midstream services through the Company’s equity method investment in Antero Midstream.

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

	Three Months Ended June 30, 2024
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Sales and revenues:
Third-party	$	928,644		49,418		414		(414)		978,062
Intersegment		592		—		269,381		(269,381)		592
Total revenue		929,236		49,418		269,795		(269,795)		978,654
Operating expenses:
Lease operating		29,759		—		—		—		29,759
Gathering and compression		222,139		—		26,190		(26,190)		222,139
Processing		269,985		—		—		—		269,985
Transportation		171,318		—		—		—		171,318
Water handling		—		—		30,219		(30,219)		—
Production and ad valorem taxes		41,933		—		—		—		41,933
Marketing		—		70,807		—		—		70,807
General and administrative (excluding equity-based compensation)		42,277		—		9,620		(9,620)		42,277
Equity-based compensation		17,151		—		11,599		(11,599)		17,151
Facility idling		—		—		412		(412)		—
Depletion, depreciation and amortization		188,633		—		37,576		(37,576)		188,633
Impairment of property and equipment		313		—		—		—		313
Other (2)		4,425		—		1,426		(1,426)		4,425
Total operating expenses		987,933		70,807		117,042		(117,042)		1,058,740
Operating income (loss)	$	(58,697)		(21,389)		152,753		(152,753)		(80,086)
Equity in earnings of unconsolidated affiliates	$	20,881		—		27,597		(27,597)		20,881
Capital expenditures for segment assets	$	192,385		—		43,399		(43,399)		192,385

(1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements.

(2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.

	Three Months Ended June 30, 2025
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Sales and revenues:
Third-party	$	1,263,190		33,743		466		(466)		1,296,933
Intersegment		560		—		305,006		(305,006)		560
Total revenue		1,263,750		33,743		305,472		(305,472)		1,297,493
Operating expenses:
Lease operating		37,244		—		—		—		37,244
Gathering and compression		236,830		—		25,662		(25,662)		236,830
Processing		284,040		—		—		—		284,040
Transportation		180,852		—		—		—		180,852
Water handling		—		—		37,452		(37,452)		—
Production and ad valorem taxes		34,830		—		—		—		34,830
Marketing		—		51,988		—		—		51,988
General and administrative (excluding equity-based compensation)		41,328		—		10,718		(10,718)		41,328
Equity-based compensation		15,855		—		11,407		(11,407)		15,855
Facility idling		—		—		375		(375)		—
Depletion, depreciation and amortization		187,589		—		33,364		(33,364)		187,589
Impairment of property and equipment		6,297		—		—		—		6,297
Other (2)		15,757		—		50		(50)		15,757
Total operating expenses		1,040,622		51,988		119,028		(119,028)		1,092,610
Operating income (loss)	$	223,128		(18,245)		186,444		(186,444)		204,883
Equity in earnings of unconsolidated affiliates	$	30,563		—		30,016		(30,016)		30,563
Capital expenditures for segment assets	$	208,409		—		36,734		(36,734)		208,409

(1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements.

(2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.

	Six Months Ended June 30, 2024
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Sales and revenues:
Third-party	$	2,001,813		97,938		1,085		(1,085)		2,099,751
Intersegment		1,174		—		547,761		(547,761)		1,174
Total revenue		2,002,987		97,938		548,846		(548,846)		2,100,925
Operating expenses:
Lease operating		58,880		—		—		—		58,880
Gathering and compression		445,669		—		52,333		(52,333)		445,669
Processing		525,780		—		—		—		525,780
Transportation		364,274		—		—		—		364,274
Water handling		—		—		57,994		(57,994)		—
Production and ad valorem taxes		100,101		—		—		—		100,101
Marketing		—		130,620		—		—		130,620
General and administrative (excluding equity-based compensation)		82,062		—		21,514		(21,514)		82,062
Equity-based compensation		33,228		—		20,926		(20,926)		33,228
Facility idling		—		—		934		(934)		—
Depletion, depreciation and amortization		379,108		—		74,671		(74,671)		379,108
Impairment of property and equipment		5,503		—		—		—		5,503
Other (2)		8,047		—		1,470		(1,470)		8,047
Total operating expenses		2,002,652		130,620		229,842		(229,842)		2,133,272
Operating income (loss)	$	335		(32,682)		319,004		(319,004)		(32,347)
Equity in earnings of unconsolidated affiliates	$	44,228		—		55,127		(55,127)		44,228
Capital expenditures for segment assets	$	414,834		—		78,472		(78,472)		414,834

(1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements.

(2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.

	Six Months Ended June 30, 2025
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Sales and revenues:
Third-party	$	2,589,791		59,301		971		(971)		2,649,092
Intersegment		1,108		—		595,630		(595,630)		1,108
Total revenue		2,590,899		59,301		596,601		(596,601)		2,650,200
Operating expenses:
Lease operating		71,230		—		—		—		71,230
Gathering and compression		472,964		—		51,855		(51,855)		472,964
Processing		545,195		—		—		—		545,195
Transportation		378,580		—		—		—		378,580
Water handling		—		—		68,089		(68,089)		—
Production and ad valorem taxes		90,129		—		—		—		90,129
Marketing		—		94,758		—		—		94,758
General and administrative (excluding equity-based compensation)		88,628		—		21,340		(21,340)		88,628
Equity-based compensation		31,000		—		23,809		(23,809)		31,000
Facility idling		—		—		818		(818)		—
Depletion, depreciation and amortization		373,941		—		66,112		(66,112)		373,941
Impairment of property and equipment		11,915		—		817		(817)		11,915
Other (2)		15,505		—		94		(94)		15,505
Total operating expenses		2,079,087		94,758		232,934		(232,934)		2,173,845
Operating income (loss)	$	511,812		(35,457)		363,667		(363,667)		476,355
Equity in earnings of unconsolidated affiliates	$	59,224		—		58,036		(58,036)		59,224
Capital expenditures for segment assets	$	414,554		—		67,262		(67,262)		414,554

(1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements.

(2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.

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

	As of December 31, 2024
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Investments in unconsolidated affiliates	$	231,048		—		603,956		(603,956)		231,048
Total assets		12,999,930		10,120		5,761,748		(5,761,748)		13,010,050

(1) Amounts reflect those recorded in Antero Midstream’s condensed consolidated financial statements.

	(Unaudited)
	As of June 30, 2025
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream (1)		Affiliate		Total
Investments in unconsolidated affiliates	$	249,163		—		598,340		(598,340)		249,163
Total assets		12,757,424		8,649		5,728,681		(5,728,681)		12,766,073

(1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements.