Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2024

Reportable Segments

Schedule of operating results and assets of the Company's reportable segments

The summarized operating results of the Company’s reportable segments are as follows:

	Three Months Ended June 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	211,068		64,613		—		275,681
Revenue–third-party		—		274		—		274
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		201,796		56,491		—		258,287
Operating expenses:
Direct operating		25,154		27,441		—		52,595
General and administrative		11,370		4,861		1,931		18,162
Facility idling		—		637		—		637
Depreciation		22,196		13,037		—		35,233
Accretion of asset retirement obligations		—		44		—		44
Loss on settlement of asset retirement obligations		—		279		—		279
Loss on asset sale		5,814		—		—		5,814
Total operating expenses		64,534		46,299		1,931		112,764
Operating income	$	137,262		10,192		(1,931)		145,523
Equity in earnings of unconsolidated affiliates	$	25,972		—		—		25,972
Additions to property and equipment	$	29,959		11,823		—		41,782

(1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.

	Three Months Ended June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	228,993		58,056		—		287,049
Revenue–third-party		—		414		—		414
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		219,721		50,074		—		269,795
Operating expenses:
Direct operating		26,190		30,219		—		56,409
General and administrative		16,362		2,990		1,867		21,219
Facility idling		—		412		—		412
Depreciation		23,608		13,968		—		37,576
Accretion of asset retirement obligations		—		47		—		47
Loss on asset sale		—		1,379		—		1,379
Total operating expenses		66,160		49,015		1,867		117,042
Operating income	$	153,561		1,059		(1,867)		152,753
Equity in earnings of unconsolidated affiliates	$	27,597		—		—		27,597
Additions to property and equipment	$	34,607		8,792		—		43,399

(1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.

	Six Months Ended June 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	410,644		141,908		—		552,552
Revenue–third-party		—		546		—		546
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		392,101		125,661		—		517,762
Operating expenses:
Direct operating		49,272		61,196		—		110,468
General and administrative		21,550		11,069		2,890		35,509
Facility idling		—		1,211		—		1,211
Depreciation		44,259		26,170		—		70,429
Accretion of asset retirement obligations		—		88		—		88
Loss on settlement of asset retirement obligations		—		620		—		620
Loss (gain) on asset sale		5,572		(3)		—		5,569
Total operating expenses		120,653		100,351		2,890		223,894
Operating income	$	271,448		25,310		(2,890)		293,868
Equity in earnings of unconsolidated affiliates	$	50,428		—		—		50,428
Additions to property and equipment	$	59,156		25,583		—		84,739

(1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.

	Six Months Ended June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	456,586		126,511		—		583,097
Revenue–third-party		—		1,085		—		1,085
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		438,043		110,803		—		548,846
Operating expenses:
Direct operating		52,333		57,994		—		110,327
General and administrative		31,095		8,216		3,129		42,440
Facility idling		—		934		—		934
Depreciation		47,029		27,642		—		74,671
Accretion of asset retirement obligations		—		91		—		91
Loss on asset sale		—		1,379		—		1,379
Total operating expenses		130,457		96,256		3,129		229,842
Operating income	$	307,586		14,547		(3,129)		319,004
Equity in earnings of unconsolidated affiliates	$	55,127		—		—		55,127
Additions to property and equipment	$	62,330		16,142		—		78,472

(1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.

The summarized total assets of the Company’s reportable segments are as follows:

			(Unaudited)
	December 31,		June 30,
(in thousands)	2023		2024
Gathering and Processing	$	4,691,827		4,760,039
Water Handling		1,045,725		1,014,678
Unallocated (1)		66		250
Total assets	$	5,737,618		5,774,967

(1) Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.