Property and Equipment

6 Months Ended

Jun. 30, 2023

Property and Equipment

Property and Equipment

(6) Property and Equipment

(a) Summary of Property and Equipment

Property and equipment, net consisted of the following items:

				(Unaudited)
	Estimated	December 31,		June 30,
(in thousands)	Useful Lives	2022		2023
Land	n/a	$	31,668		31,668
Gathering systems and facilities	40-50 years (1)		3,281,872		3,317,470
Permanent buried pipelines and equipment	7-20 years		601,347		632,748
Surface pipelines and equipment	1-7 years		66,726		77,858
Heavy trucks and equipment	3-5 years		5,157		5,157
Above ground storage tanks	5-10 years		2,953		5,130
Construction-in-progress	n/a		158,977		153,412
Total property and equipment			4,148,700		4,223,443
Less accumulated depreciation			(397,269)		(466,947)
Property and equipment, net		$	3,751,431		3,756,496

(1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

(b) Asset Acquisitions

On October 25, 2022, the Company acquired certain Marcellus gas gathering and compression assets from Crestwood for $205 million in cash, before closing adjustments. These assets included 72 miles of dry gas gathering pipelines and nine compressor stations with 700 MMcf/d of compression capacity. The cash consideration for this asset acquisition was allocated to land and gathering systems and facilities, included in Property and equipment in the condensed consolidated balance sheets, for $3 million and $202 million, respectively.

Additionally, on December 21, 2022, the Company acquired certain Utica compression assets from EnLink for $10 million in cash, before closing adjustments. These assets included four compressor stations with 380 MMcf/d of compression capacity. The acquired compression assets are interconnected with the Company’s existing low pressure and high pressure gathering systems and service Antero Resources’ production. The cash consideration for this asset acquisition was allocated to gathering systems and facilities included in Property and equipment in the condensed consolidated balance sheets.