Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2025

Reportable Segments

Schedule of operating results and assets of the Company's reportable segments


		Year Ended December 31, 2023
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	842,362			268,667			—			1,111,029
Revenue–third-party			—			1,414			—			1,414
Amortization of customer relationships			(37,086)			(33,586)			—			(70,672)
Total revenues			805,276			236,495			—			1,041,771
Operating expenses:
Direct operating			95,507			117,658			—			213,165
General and administrative (excluding equity-based compensation)			22,532			12,497			4,433			39,462
Equity-based compensation			23,313			7,362			931			31,606
Facility idling			—			2,459			—			2,459
Depreciation			83,409			52,650			—			136,059
Impairment of property and equipment			133			13			—			146
Other ⁽²⁾			6,039			973			—			7,012
Total operating expenses			230,933			193,612			5,364			429,909
Operating income		$	574,343			42,883			(5,364)			611,862

Equity in earnings of unconsolidated affiliates		$	105,456			—			—			105,456
Additions to property and equipment		$	130,305			53,428			—			183,733

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

(2)	Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on sale of assets, as applicable, which represent segment operating expenses that are not considered significant.


		Year Ended December 31, 2024
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	926,063			248,858			—			1,174,921
Revenue–third-party			—			1,944			—			1,944
Amortization of customer relationships			(37,086)			(33,586)			—			(70,672)
Total revenues			888,977			217,216			—			1,106,193
Operating expenses:
Direct operating			103,053			114,923			—			217,976
General and administrative (excluding equity-based compensation)			28,814			8,279			4,661			41,754
Equity-based compensation			35,535			7,800			997			44,332
Facility idling			—			1,721			—			1,721
Depreciation			84,398			55,602			—			140,000
Impairment of property and equipment			332			—			—			332
Other ⁽²⁾			—			912			—			912
Total operating expenses			252,132			189,237			5,658			447,027
Operating income		$	636,845			27,979			(5,658)			659,166

Equity in earnings of unconsolidated affiliates		$	110,573			—			—			110,573
Additions to property and equipment		$	141,832			30,515			—			172,347

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

(2)	Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on sale of assets, as applicable, which represent segment operating expenses that are not considered significant.


		Year Ended December 31, 2025
		Gathering and			Water						Consolidated
(in thousands)		Processing			Handling			Unallocated ⁽¹⁾			Total
Revenues:
Revenue–Antero Resources		$	987,284			269,399			—			1,256,683
Revenue–third-party			—			2,415			—			2,415
Amortization of customer relationships			(37,086)			(33,586)			—			(70,672)
Total revenues			950,198			238,228			—			1,188,426
Operating expenses:
Direct operating			107,846			124,064			—			231,910
General and administrative (excluding equity-based compensation)			21,394			14,879			5,703			41,976
Equity-based compensation			30,025			14,789			1,144			45,958
Facility idling			—			1,801			—			1,801
Depreciation			76,559			57,751			—			134,310
Impairment of property and equipment			—			984			—			984
Loss on long-lived assets			82,960			3,666			—			86,626
Other ⁽²⁾			—			192			—			192
Total operating expenses			318,784			218,126			6,847			543,757
Operating income		$	631,414			20,102			(6,847)			644,669

Equity in earnings of unconsolidated affiliates		$	116,439			—			—			116,439
Additions to property and equipment		$	91,533			70,722			—			162,255

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

(2)	Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on sale of assets, as applicable, which represent segment operating expenses that are not considered significant.

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

Year ended December 31, 2024

Gathering and

Water

Consolidated

(in thousands)

 

Processing

 

Handling

 

Unallocated

Total

Investments in unconsolidated affiliates

$

603,956

—

—

603,956

Total assets

4,769,825

991,923

—

5,761,748

Year Ended December 31, 2025

Gathering and

Water

Consolidated

(in thousands)

 

Processing

 

Handling

 

Unallocated ⁽¹⁾

Total

Investments in unconsolidated affiliates

$

585,778

—

—

585,778

Total assets

4,651,002

968,282

264,832

5,884,116

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