Reportable Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	214,992		66,132		—		281,124
Revenue–third-party		—		383		—		383
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		205,721		58,118		—		263,839
Operating expenses:
Direct operating		23,547		28,367		—		51,914
General and administrative		12,240		4,039		1,354		17,633
Facility idling		—		722		—		722
Depreciation		17,710		13,035		—		30,745
Accretion of asset retirement obligations		—		45		—		45
Loss on asset sale		467		—		—		467
Total operating expenses		53,964		46,208		1,354		101,526
Operating income	$	151,757		11,910		(1,354)		162,313
Equity in earnings of unconsolidated affiliates	$	27,397		—		—		27,397
Additions to property and equipment	$	31,019		14,267		—		45,286

(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 September 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	234,847		52,294		—		287,141
Revenue–third-party		—		397		—		397
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		225,576		44,294		—		269,870
Operating expenses:
Direct operating		24,516		27,208		—		51,724
General and administrative		17,086		4,308		1,478		22,872
Facility idling		—		405		—		405
Depreciation		18,632		13,902		—		32,534
Impairment of property and equipment		332		—		—		332
Accretion of asset retirement obligations		—		49		—		49
Gain on asset sale		—		(473)		—		(473)
Total operating expenses		60,566		45,399		1,478		107,443
Operating income (loss)	$	165,010		(1,105)		(1,478)		162,427
Equity in earnings of unconsolidated affiliates	$	27,668		—		—		27,668
Additions to property and equipment	$	48,184		7,351		—		55,535

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

	Nine Months Ended September 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	625,636		208,040		—		833,676
Revenue–third-party		—		929		—		929
Amortization of customer relationships		(27,814)		(25,190)		—		(53,004)
Total revenues		597,822		183,779		—		781,601
Operating expenses:
Direct operating		72,819		89,563		—		162,382
General and administrative		33,790		15,108		4,244		53,142
Facility idling		—		1,933		—		1,933
Depreciation		61,969		39,205		—		101,174
Accretion of asset retirement obligations		—		133		—		133
Loss on settlement of asset retirement obligations		—		620		—		620
Loss (gain) on asset sale		6,039		(3)		—		6,036
Total operating expenses		174,617		146,559		4,244		325,420
Operating income	$	423,205		37,220		(4,244)		456,181
Equity in earnings of unconsolidated affiliates	$	77,825		—		—		77,825
Additions to property and equipment	$	90,175		39,850		—		130,025

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

	Nine Months Ended September 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	691,433		178,805		—		870,238
Revenue–third-party		—		1,482		—		1,482
Amortization of customer relationships		(27,814)		(25,190)		—		(53,004)
Total revenues		663,619		155,097		—		818,716
Operating expenses:
Direct operating		76,849		85,202		—		162,051
General and administrative		48,181		12,524		4,607		65,312
Facility idling		—		1,339		—		1,339
Depreciation		65,661		41,544		—		107,205
Impairment of property and equipment		332		—		—		332
Accretion of asset retirement obligations		—		140		—		140
Loss on asset sale		—		906		—		906
Total operating expenses		191,023		141,655		4,607		337,285
Operating income	$	472,596		13,442		(4,607)		481,431
Equity in earnings of unconsolidated affiliates	$	82,795		—		—		82,795
Additions to property and equipment	$	110,514		23,493		—		134,007

(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,		September 30,
(in thousands)	2023		2024
Gathering and Processing	$	4,691,827		4,783,690
Water Handling		1,045,725		993,636
Unallocated (1)		66		125
Total assets	$	5,737,618		5,777,451

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