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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2022
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	185,640			61,411			—			247,051
Revenue–third-party			—			1,651			—			1,651
Amortization of customer relationships			(9,271)			(8,397)			—			(17,668)
Total revenues			176,369			54,665			—			231,034
Operating expenses:
Direct operating			19,813			26,835			—			46,648
General and administrative			9,890			2,425			1,272			13,587
Facility idling			—			865			—			865
Depreciation			21,177			13,029			—			34,206
Accretion of asset retirement obligations			—			50			—			50
Gain on asset sale			(2,056)			(36)			—			(2,092)
Total operating expenses			48,824			43,168			1,272			93,264
Operating income		$	127,545			11,497			(1,272)			137,770

Equity in earnings of unconsolidated affiliates		$	24,411			—			—			24,411
Additions to property and equipment		$	58,742			15,378			—			74,120

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


		Three Months Ended September 30, 2023
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	214,992			66,132			—			281,124
Revenue–third-party			—			383			—			383
Amortization of customer relationships			(9,271)			(8,397)			—			(17,668)
Total revenues			205,721			58,118			—			263,839
Operating expenses:
Direct operating			23,547			28,367			—			51,914
General and administrative			12,240			4,039			1,354			17,633
Facility idling			—			722			—			722
Depreciation			17,710			13,035			—			30,745
Accretion of asset retirement obligations			—			45			—			45
Loss on asset sale			467			—			—			467
Total operating expenses			53,964			46,208			1,354			101,526
Operating income		$	151,757			11,910			(1,354)			162,313

Equity in earnings of unconsolidated affiliates		$	27,397			—			—			27,397
Additions to property and equipment, net		$	31,019			14,267			—			45,286

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


		Nine Months Ended September 30, 2022
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	552,154			176,994			—			729,148
Revenue–third-party			—			2,288			—			2,288
Amortization of customer relationships			(27,814)			(25,190)			—			(53,004)
Total revenues			524,340			154,092			—			678,432
Operating expenses:
Direct operating			56,338			75,621			—			131,959
General and administrative			30,081			13,015			4,501			47,597
Facility idling			—			3,198			—			3,198
Depreciation			59,838			38,343			—			98,181
Impairment of property and equipment			1,130			2,572			—			3,702
Accretion of asset retirement obligations			—			178			—			178
Loss on settlement of asset retirement obligations			—			539			—			539
Gain on asset sale			(2,119)			(123)			—			(2,242)
Total operating expenses			145,268			133,343			4,501			283,112
Operating income		$	379,072			20,749			(4,501)			395,320

Equity in earnings of unconsolidated affiliates		$	70,467			—			—			70,467
Additions to property and equipment		$	190,407			45,747			—			236,154

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


		Nine Months Ended September 30, 2023
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	625,636			208,040			—			833,676
Revenue–third-party			—			929			—			929
Amortization of customer relationships			(27,814)			(25,190)			—			(53,004)
Total revenues			597,822			183,779			—			781,601
Operating expenses:
Direct operating			72,819			89,563			—			162,382
General and administrative			33,790			15,108			4,244			53,142
Facility idling			—			1,933			—			1,933
Depreciation			61,969			39,205			—			101,174
Accretion of asset retirement obligations			—			133			—			133
Loss on settlement of asset retirement obligations			—			620			—			620
Loss (gain) on asset sale			6,039			(3)			—			6,036
Total operating expenses			174,617			146,559			4,244			325,420
Operating income		$	423,205			37,220			(4,244)			456,181

Equity in earnings of unconsolidated affiliates		$	77,825			—			—			77,825
Additions to property and equipment, net		$	90,175			39,850			—			130,025

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

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


											(Unaudited)
								December 31,			September 30,
(in thousands)								2022			2023
Gathering and Processing								$	4,711,069			4,697,346
Water Handling									1,079,297			1,060,290
Unallocated ⁽¹⁾									954			1,075
Total assets								$	5,791,320			5,758,711

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