Property and Equipment

12 Months Ended

Dec. 31, 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:

	Estimated	December 31,
(in thousands)	Useful Lives	2023		2024
Land	n/a	$	31,668		31,237
Gathering systems and facilities	40-50 years (1)		3,345,845		3,553,934
Permanent buried pipelines and equipment	7-20 years		646,469		653,891
Surface pipelines and equipment	1-7 years		90,871		110,677
Heavy trucks and equipment	3-5 years		5,157		4,413
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		184,680
Total property and equipment			4,326,102		4,552,074
Less accumulated depreciation			(532,579)		(670,453)
Property and equipment, net		$	3,793,523		3,881,621

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

(b) Asset Acquisitions

2022 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 approximately 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 consolidated balance sheets, for $3 million and $202 million, respectively.

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 approximately 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 consolidated balance sheets.

2024 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.