The Company has a 50% equity interest in the Joint Venture to develop processing and fractionation assets with MarkWest, a wholly owned subsidiary of MPLX, LP. The Joint Venture was formed to develop processing and fractionation assets in Appalachia. MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia and a one-third interest in two MarkWest fractionators in Ohio.

The Company also has a 15% equity interest in a gathering system of Stonewall, which operates a 67-mile pipeline on which Antero Resources is an anchor shipper.

The Company’s net income (loss) includes its proportionate share of the net income of the Joint Venture and Stonewall. When the Company records its proportionate share of net income, it increases equity income in the consolidated statements of operations and comprehensive income and the carrying value of that investment on its balance sheet. When distributions on the Company’s proportionate share of net income are received, they are recorded as reductions to the carrying value of the investment on the balance sheet and are classified as cash inflows from operating activities in accordance with the nature of the distribution approach under FASB ASC Topic 230, Statement of Cash Flows. The Company uses the equity method of accounting to account for its investments in Stonewall and the Joint Venture because it exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as its ownership interest, representation on the applicable Board of Directors and participation in policy-making decisions of Stonewall and the Joint Venture.

The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates:

(1)	As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of Stonewall and the Joint Venture as of March 12, 2019.

(b)Summarized Financial Information of Unconsolidated Affiliates

The following tables present summarized financial information for the Company’s investments in unconsolidated affiliates:

Combined Balance Sheets


	December 31,
(in thousands)	2021		2022
Current assets	$	74,704		74,852
Noncurrent assets		1,602,093		1,517,349
Total assets	$	1,676,797		1,592,201

Current liabilities	$	8,375		5,453
Noncurrent liabilities		4,827		4,427
Noncontrolling interest		161,842		154,100
Partners' capital		1,501,753		1,428,221
Total liabilities and partners' capital	$	1,676,797		1,592,201

Statements of Combined Operations


	Year Ended December 31,
(in thousands)	2020		2021		2022
Revenues	$	321,880		333,565		357,730
Operating expenses		122,660		130,080		153,383
Income from operations		199,220		203,485		204,347
Net income attributable to unconsolidated affiliates, including noncontrolling interest		230,564		236,444		248,458
Net income attributable to unconsolidated affiliates		238,991		245,256		257,458