Property and Equipment

3 Months Ended

Mar. 31, 2025

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,		March 31,
(in thousands)	Useful Lives	2024		2025
Land	n/a	$	31,237		31,813
Gathering systems and facilities	40-50 years (1)		3,553,934		3,656,436
Permanent buried pipelines and equipment	7-20 years		653,891		656,788
Surface pipelines and equipment	1-7 years		110,677		125,638
Heavy trucks and equipment	3-5 years		4,413		4,413
Above ground storage tanks	5-10 years		5,131		5,133
Other assets	3-20 years		8,111		8,111
Construction-in-progress	n/a		184,680		99,263
Total property and equipment			4,552,074		4,587,595
Less accumulated depreciation			(670,453)		(703,201)
Property and equipment, net		$	3,881,621		3,884,394

(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 condensed consolidated balance sheet as of May 1, 2024.