| Investments in Unconsolidated Affiliates |
(15) Investments in Unconsolidated Affiliates (a)Summary of Investments in Unconsolidated Affiliates The Company has a 50% equity interest in the Joint Venture to develop processing and fractionation assets with MarkWest, a wholly owned subsidiary of MPLX, LP. The Joint Venture was formed to develop processing and fractionation assets in Appalachia. MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia and a one-third interest in two MarkWest fractionators in Ohio. The Company also has a 15% equity interest in a gathering system of Stonewall, which operates a 67-mile pipeline on which Antero Resources is an anchor shipper. The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates: | | | | | | | | | | | | | | | | | | Total Investment | | | | | | | | | | in Unconsolidated | | (in thousands) | | Joint Venture | | Stonewall | | Affiliates | | Balance as of December 31, 2023 | | $ | 508,821 | | | 117,829 | | | 626,650 | | Additional investments | | | — | | | 2,393 | | | 2,393 | | Equity in earnings of unconsolidated affiliates (1) | | | 102,474 | | | 8,099 | | | 110,573 | | Distributions from unconsolidated affiliates | | | (120,930) | | | (14,730) | | | (135,660) | | Balance as of December 31, 2024 | | $ | 490,365 | | | 113,591 | | | 603,956 | | Additional investments | | | — | | | 6,653 | | | 6,653 | | Equity in earnings of unconsolidated affiliates (1) | | | 107,815 | | | 8,624 | | | 116,439 | | Distributions from unconsolidated affiliates | | | (126,675) | | | (14,595) | | | (141,270) | | Balance as of December 31, 2025 | | $ | 471,505 | | | 114,273 | | | 585,778 | |
(1) | As adjusted for the amortization of the difference between the cost of the equity investments in the Joint Venture and Stonewall and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019. |
(b)Summarized Financial Information of Unconsolidated Affiliates The following tables present summarized financial information for the Company’s investments in unconsolidated affiliates: Combined Balance Sheets | | | | | | | | | | December 31, | | (in thousands) | | 2024 | | 2025 | | Current assets | | $ | 79,680 | | | 85,437 | | Noncurrent assets | | | 1,412,844 | | | 1,407,921 | | Total assets | | $ | 1,492,524 | | | 1,493,358 | | | | | | | | | | Current liabilities | | $ | 9,319 | | | 16,432 | | Noncurrent liabilities | | | 3,630 | | | 3,230 | | Noncontrolling interest | | | 139,368 | | | 133,012 | | Partners' capital | | | 1,340,207 | | | 1,340,684 | | Total liabilities and partners' capital | | $ | 1,492,524 | | | 1,493,358 | |
Statements of Combined Operations | | | | | | | | | | | | | Year Ended December 31, | | (in thousands) | | 2023 | | 2024 | | 2025 | | Revenues | | $ | 388,717 | | | 407,553 | | | 426,276 | | Operating expenses | | | 156,678 | | | 163,134 | | | 168,949 | | Income from operations | | | 232,039 | | | 244,419 | | | 257,327 | | Net income attributable to unconsolidated affiliates, including noncontrolling interest | | | 269,471 | | | 284,190 | | | 297,717 | | Net income attributable to unconsolidated affiliates | | | 278,545 | | | 293,252 | | | 306,777 | |
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