Reportable Segments

6 Months Ended

Jun. 30, 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 June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	228,993		58,056		—		287,049
Revenue–third-party		—		414		—		414
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		219,721		50,074		—		269,795
Operating expenses:
Direct operating		26,190		30,219		—		56,409
General and administrative (excluding equity-based compensation)		6,875		1,128		1,617		9,620
Equity-based compensation		9,487		1,862		250		11,599
Facility idling		—		412		—		412
Depreciation		23,608		13,968		—		37,576
Other (2)		—		1,426		—		1,426
Total operating expenses		66,160		49,015		1,867		117,042
Operating income	$	153,561		1,059		(1,867)		152,753
Equity in earnings of unconsolidated affiliates	$	27,597		—		—		27,597
Additions to property and equipment	$	34,607		8,792		—		43,399

(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 June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	248,901		73,773		—		322,674
Revenue–third-party		—		466		—		466
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		239,629		65,843		—		305,472
Operating expenses:
Direct operating		25,662		37,452		—		63,114
General and administrative (excluding equity-based compensation)		5,132		3,996		1,590		10,718
Equity-based compensation		7,229		3,893		285		11,407
Facility idling		—		375		—		375
Depreciation		19,336		14,028		—		33,364
Other (2)		—		50		—		50
Total operating expenses		57,359		59,794		1,875		119,028
Operating income	$	182,270		6,049		(1,875)		186,444
Equity in earnings of unconsolidated affiliates	$	30,016		—		—		30,016
Additions to property and equipment	$	21,013		15,721		—		36,734

(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.

	Six Months Ended June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	456,586		126,511		—		583,097
Revenue–third-party		—		1,085		—		1,085
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		438,043		110,803		—		548,846
Operating expenses:
Direct operating		52,333		57,994		—		110,327
General and administrative (excluding equity-based compensation)		14,345		4,539		2,630		21,514
Equity-based compensation		16,750		3,677		499		20,926
Facility idling		—		934		—		934
Depreciation		47,029		27,642		—		74,671
Other (2)		—		1,470		—		1,470
Total operating expenses		130,457		96,256		3,129		229,842
Operating income	$	307,586		14,547		(3,129)		319,004
Equity in earnings of unconsolidated affiliates	$	55,127		—		—		55,127
Additions to property and equipment	$	62,330		16,142		—		78,472

(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.

	Six Months Ended June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Revenues:
Revenue–Antero Resources	$	486,918		144,048		—		630,966
Revenue–third-party		—		971		—		971
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		468,375		128,226		—		596,601
Operating expenses:
Direct operating		51,855		68,089		—		119,944
General and administrative (excluding equity-based compensation)		10,370		8,193		2,777		21,340
Equity-based compensation		15,112		8,138		559		23,809
Facility idling		—		818		—		818
Depreciation		38,367		27,745		—		66,112
Impairment of property and equipment		—		817		—		817
Other (2)		—		94		—		94
Total operating expenses		115,704		113,894		3,336		232,934
Operating income	$	352,671		14,332		(3,336)		363,667
Equity in earnings of unconsolidated affiliates	$	58,036		—		—		58,036
Additions to property and equipment	$	43,094		24,168		—		67,262

(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 June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated (1)		Total
Investments in unconsolidated affiliates	$	598,340		—		—		598,340
Total assets		4,754,964		971,773		265		5,727,002

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