Property and Equipment

6 Months Ended

Jun. 30, 2024

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	2023		2024
Land	n/a	$	31,668		31,237
Gathering systems and facilities	40-50 years (1)		3,345,845		3,514,707
Permanent buried pipelines and equipment	7-20 years		646,469		653,814
Surface pipelines and equipment	1-7 years		90,871		102,089
Heavy trucks and equipment	3-5 years		5,157		5,157
Above ground storage tanks	5-10 years		5,130		5,131
Other assets	3-20 years		8,110		8,111
Construction-in-progress	n/a		192,852		154,590
Total property and equipment			4,326,102		4,474,836
Less accumulated depreciation			(532,579)		(605,951)
Property and equipment, net		$	3,793,523		3,868,885

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

(b) Asset Acquisition

On May 1, 2024, the Company acquired certain Marcellus gas gathering and compression assets from Summit for $70 million in cash, before closing adjustments, with an effective date of April 1, 2024. The acquired assets include 48 miles of high pressure gathering pipelines and two compressor stations with 100 MMcf/d of compression capacity. These assets were already interconnected to the Company’s low pressure and high pressure gas gathering systems at the time of acquisition and service Antero Resources’ production. Substantially all of the cash consideration for this asset acquisition was allocated to gathering systems and facilities, included in property and equipment, net in the consolidated balance sheets.