| Equity Method Investment |
(5) Equity Method Investment | (a) | Summary of Equity Method Investment |
As of December 31, 2024 and 2025, Antero owned 29% of Antero Midstream’s common stock, which is reflected in Antero’s consolidated financial statements using the equity method of accounting. The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate (in thousands): | | | | | Balance as of December 31, 2023 | | $ | 222,255 | | Additional investments (1) | | | 1,936 | | Equity in earnings of unconsolidated affiliate | | | 93,787 | | Dividends from unconsolidated affiliate | | | (125,197) | | Elimination of intercompany profit | | | 38,267 | | Balance as of December 31, 2024 (2) | | | 231,048 | | Equity in earnings of unconsolidated affiliate | | | 98,484 | | Dividends from unconsolidated affiliate | | | (125,255) | | Elimination of intercompany profit | | | 41,376 | | Balance as of December 31, 2025 (2) | | $ | 245,653 | |
| (1) | During the year ended December 31, 2024, the Company received 0.1 million additional shares of Antero Midstream common stock as part of a judgment in a legal proceeding with an unaffiliated third-party. |
| (2) | The fair value of the Company’s investment in Antero Midstream as of December 31, 2024 and 2025 was $2.1 billion and $2.5 billion, respectively, based on the quoted market share price of Antero Midstream. |
| (b) | Summarized Financial Information of Antero Midstream |
The tables set forth below present summarized financial information of Antero Midstream (in thousands): Balance Sheet | | | | | | | | | | December 31, | | | | 2024 | | 2025 | | Current assets | | $ | 118,064 | | | 379,864 | | Noncurrent assets | | | 5,643,684 | | | 5,504,252 | | Total assets | | $ | 5,761,748 | | | 5,884,116 | | | | | | | | | | Current liabilities | | $ | 100,612 | | | 111,482 | | Noncurrent liabilities | | | 3,545,965 | | | 3,800,593 | | Stockholders' equity | | | 2,115,171 | | | 1,972,041 | | Total liabilities and stockholders' equity | | $ | 5,761,748 | | | 5,884,116 | |
Statement of Operations | | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Revenues | | $ | 1,041,771 | | | 1,106,193 | | | 1,188,426 | | Operating expenses | | | 429,909 | | | 447,027 | | | 543,757 | | Income from operations | | | 611,862 | | | 659,166 | | | 644,669 | | Net income | | $ | 371,786 | | | 400,892 | | | 413,163 | |
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