Equity Method Investment (Tables)

12 Months Ended

Dec. 31, 2022

Antero Midstream Corporation

Equity Method Investments

Schedule of reconciliation of investments in unconsolidated affiliates and summarized financial information

The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate (in thousands):

Balance as of December 31, 2020	$	255,082
Equity in earnings of unconsolidated affiliate		77,085
Dividends from unconsolidated affiliate		(136,609)
Elimination of intercompany profit		36,841
Balance as of December 31, 2021 (1)	$	232,399
Equity in earnings of unconsolidated affiliate		72,327
Dividends from unconsolidated affiliate		(125,138)
Elimination of intercompany profit		40,841
Balance as of December 31, 2022 (1)	$	220,429

(1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2021 and 2022 was $1.3 billion and $1.5 billion, respectively, based on the quoted market share price of Antero Midstream.

(b) Summarized Financial Information of Antero Midstream

The tables set forth below present summarized financial information of Antero Midstream (in thousands):

Balance Sheet

	December 31,
	2021		2022
Current assets	$	83,804		88,993
Noncurrent assets		5,460,197		5,702,327
Total assets	$	5,544,001		5,791,320
Current liabilities	$	114,009		102,077
Noncurrent liabilities		3,143,294		3,496,925
Stockholders' equity		2,286,698		2,192,318
Total liabilities and stockholders' equity	$	5,544,001		5,791,320

Statement of Operations

	Year Ended December 31,
	2020		2021		2022
Revenues	$	900,719		898,202		919,985
Operating expenses		1,018,357		342,875		380,519
Income (loss) from operations		(117,638)		555,327		539,466
Net income (loss)	$	(122,527)		331,617		326,242