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.