Reportable Segments

3 Months Ended

Mar. 31, 2025

Reportable Segments

Reportable Segments

(15) Reportable Segments

The Company’s operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling. These segments are monitored separately by management for performance and are consistent with internal financial reporting.

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

	Three Months Ended March 31, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	227,593		68,455		—		296,048
Revenue–third-party		—		671		—		671
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		218,322		60,729		—		279,051
Operating expenses:
Direct operating		26,143		27,775		—		53,918
General and administrative (excluding equity-based compensation)		7,470		3,411		1,013		11,894
Equity-based compensation		7,263		1,815		249		9,327
Facility idling		—		522		—		522
Depreciation		23,421		13,674		—		37,095
Other (2)		—		44		—		44
Total operating expenses		64,297		47,241		1,262		112,800
Operating income	$	154,025		13,488		(1,262)		166,251
Equity in earnings of unconsolidated affiliates	$	27,530		—		—		27,530
Additions to property and equipment	$	27,723		7,350		—		35,073

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

(2) Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.

	Three Months Ended March 31, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	238,017		70,275		—		308,292
Revenue–third-party		—		505		—		505
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		228,746		62,383		—		291,129
Operating expenses:
Direct operating		26,193		30,637		—		56,830
General and administrative (excluding equity-based compensation)		5,238		4,197		1,187		10,622
Equity-based compensation		7,883		4,245		274		12,402
Facility idling		—		443		—		443
Depreciation		19,031		13,717		—		32,748
Impairment of property and equipment		—		817		—		817
Other (2)		—		44		—		44
Total operating expenses		58,345		54,100		1,461		113,906
Operating income	$	170,401		8,283		(1,461)		177,223
Equity in earnings of unconsolidated affiliates	$	28,020		—		—		28,020
Additions to property and equipment	$	22,081		8,447		—		30,528

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

(2) Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.

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

	As of December 31, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Investments in unconsolidated affiliates	$	603,956		—		—		603,956
Total assets		4,769,825		991,923		—		5,761,748

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

	(Unaudited)
	As of March 31, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Investments in unconsolidated affiliates	$	600,349		—		—		600,349
Total assets		4,768,047		983,673		398		5,752,118

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