Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

Reportable Segments

Schedule of operating results and assets of reportable segments

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.