| Reportable Segments |
(16) Reportable Segments The Company’s operations, which are located in the United States, are organized into three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii) marketing and utilization of excess firm transportation capacity and (iii) midstream services through the Company’s equity method investment in Antero Midstream. The operating results and assets of the Company’s reportable segments were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 1,073,169 | | | 48,520 | | | 671 | | | (671) | | | 1,121,689 | | Intersegment | | | 582 | | | — | | | 278,380 | | | (278,380) | | | 582 | | Total revenue | | | 1,073,751 | | | 48,520 | | | 279,051 | | | (279,051) | | | 1,122,271 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 29,121 | | | — | | | — | | | — | | | 29,121 | | Gathering and compression | | | 223,530 | | | — | | | 26,143 | | | (26,143) | | | 223,530 | | Processing | | | 255,795 | | | — | | | — | | | — | | | 255,795 | | Transportation | | | 192,956 | | | — | | | — | | | — | | | 192,956 | | Water handling | | | — | | | — | | | 27,775 | | | (27,775) | | | — | | Production and ad valorem taxes | | | 58,168 | | | — | | | — | | | — | | | 58,168 | | Marketing | | | — | | | 59,813 | | | — | | | — | | | 59,813 | | General and administrative (excluding equity-based compensation) | | | 39,785 | | | — | | | 11,894 | | | (11,894) | | | 39,785 | | Equity-based compensation | | | 16,077 | | | — | | | 9,327 | | | (9,327) | | | 16,077 | | Facility idling | | | — | | | — | | | 522 | | | (522) | | | — | | Depletion, depreciation and amortization | | | 190,475 | | | — | | | 37,095 | | | (37,095) | | | 190,475 | | Impairment of property and equipment | | | 5,190 | | | — | | | — | | | — | | | 5,190 | | Other (2) | | | 3,622 | | | — | | | 44 | | | (44) | | | 3,622 | | Total operating expenses | | | 1,014,719 | | | 59,813 | | | 112,800 | | | (112,800) | | | 1,074,532 | | Operating income (loss) | | $ | 59,032 | | | (11,293) | | | 166,251 | | | (166,251) | | | 47,739 | | Equity in earnings of unconsolidated affiliates | | $ | 23,347 | | | — | | | 27,530 | | | (27,530) | | | 23,347 | | Capital expenditures for segment assets | | $ | 222,449 | | | — | | | 35,073 | | | (35,073) | | | 222,449 | |
| (1) | Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. |
| (2) | Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant. |
| | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 1,326,601 | | | 25,558 | | | 505 | | | (505) | | | 1,352,159 | | Intersegment | | | 548 | | | — | | | 290,624 | | | (290,624) | | | 548 | | Total revenue | | | 1,327,149 | | | 25,558 | | | 291,129 | | | (291,129) | | | 1,352,707 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 33,986 | | | — | | | — | | | — | | | 33,986 | | Gathering and compression | | | 236,134 | | | — | | | 26,193 | | | (26,193) | | | 236,134 | | Processing | | | 261,155 | | | — | | | — | | | — | | | 261,155 | | Transportation | | | 197,728 | | | — | | | — | | | — | | | 197,728 | | Water handling | | | — | | | — | | | 30,637 | | | (30,637) | | | — | | Production and ad valorem taxes | | | 55,299 | | | — | | | — | | | — | | | 55,299 | | Marketing | | | — | | | 42,770 | | | — | | | — | | | 42,770 | | General and administrative (excluding equity-based compensation) | | | 47,300 | | | — | | | 10,622 | | | (10,622) | | | 47,300 | | Equity-based compensation | | | 15,145 | | | — | | | 12,402 | | | (12,402) | | | 15,145 | | Facility idling | | | — | | | — | | | 443 | | | (443) | | | — | | Depletion, depreciation and amortization | | | 186,352 | | | — | | | 32,748 | | | (32,748) | | | 186,352 | | Impairment of property and equipment | | | 5,618 | | | — | | | 817 | | | (817) | | | 5,618 | | Other (2) | | | (252) | | | — | | | 44 | | | (44) | | | (252) | | Total operating expenses | | | 1,038,465 | | | 42,770 | | | 113,906 | | | (113,906) | | | 1,081,235 | | Operating income (loss) | | $ | 288,684 | | | (17,212) | | | 177,223 | | | (177,223) | | | 271,472 | | Equity in earnings of unconsolidated affiliates | | $ | 28,661 | | | — | | | 28,020 | | | (28,020) | | | 28,661 | | Capital expenditures for segment assets | | $ | 206,145 | | | — | | | 30,528 | | | (30,528) | | | 206,145 | |
| (1) | Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. |
| (2) | Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant. |
The summarized assets of the Company’s reportable segments are as follows (in thousands): | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Investments in unconsolidated affiliates | | $ | 231,048 | | | — | | | 603,956 | | | (603,956) | | | 231,048 | | Total assets | | | 12,999,930 | | | 10,120 | | | 5,761,748 | | | (5,761,748) | | | 13,010,050 | |
| (1) | Amounts reflect those recorded in Antero Midstream’s condensed consolidated financial statements. |
| | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Investments in unconsolidated affiliates | | $ | 239,672 | | | — | | | 600,349 | | | (600,349) | | | 239,672 | | Total assets | | | 13,040,550 | | | 8,771 | | | 5,752,118 | | | (5,752,118) | | | 13,049,321 | |
| (1) | Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. |
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