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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

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 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.