Reportable Segments (Tables)

12 Months Ended

Dec. 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):


		Year Ended December 31, 2023
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	4,473,969			206,122			1,414			(1,414)			4,680,091
Intersegment			1,881			—			1,040,357			(1,040,357)			1,881
Total revenue			4,475,850			206,122			1,041,771			(1,041,771)			4,681,972

Operating expenses:
Lease operating			118,441			—			—			—			118,441
Gathering and compression			858,462			—			95,507			(95,507)			858,462
Processing			1,014,181			—			—			—			1,014,181
Transportation			769,715			—			—			—			769,715
Water handling			—			—			117,658			(117,658)			—
Production and ad valorem taxes			158,855			—			—			—			158,855
Marketing			—			284,965			—			—			284,965
General and administrative (excluding equity-based compensation)			164,997			—			39,462			(39,462)			164,997
Equity-based compensation			59,519			—			31,606			(31,606)			59,519
Facility idling			—			—			2,459			(2,459)			—
Depletion, depreciation and amortization			746,849			—			136,059			(136,059)			746,849
Impairment of property and equipment			51,302			—			146			(146)			51,302
Other ⁽²⁾			34,676			23,763			7,012			(7,012)			58,439
Total operating expenses			3,976,997			308,728			429,909			(429,909)			4,285,725
Operating income (loss)		$	498,853			(102,606)			611,862			(611,862)			396,247
Equity in earnings of unconsolidated affiliates		$	82,952			—			105,456			(105,456)			82,952
Capital expenditures for segment assets		$	1,131,863			—			183,733			(183,733)			1,131,863

(1)	Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements.

(2)

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


		Year Ended December 31, 2024
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	4,144,229			179,069			1,944			(1,944)			4,323,298
Intersegment			2,298			—			1,104,249			(1,104,249)			2,298
Total revenue			4,146,527			179,069			1,106,193			(1,106,193)			4,325,596

Operating expenses:
Lease operating			118,693			—			—			—			118,693
Gathering and compression			897,160			—			103,053			(103,053)			897,160
Processing			1,069,887			—			—			—			1,069,887
Transportation			735,883			—			—			—			735,883
Water handling			—			—			114,923			(114,923)			—
Production and ad valorem taxes			207,671			—			—			—			207,671
Marketing			—			244,906			—			—			244,906
General and administrative (excluding equity-based compensation)			162,876			—			41,754			(41,754)			162,876
Equity-based compensation			66,462			—			44,332			(44,332)			66,462
Facility idling			—			—			1,721			(1,721)			—
Depletion, depreciation and amortization			762,068			—			140,000			(140,000)			762,068
Impairment of property and equipment			47,433			—			332			(332)			47,433
Other ⁽²⁾			12,097			—			912			(912)			12,097
Total operating expenses			4,080,230			244,906			447,027			(447,027)			4,325,136
Operating income (loss)		$	66,297			(65,837)			659,166			(659,166)			460
Equity in earnings of unconsolidated affiliates		$	93,787			—			110,573			(110,573)			93,787
Capital expenditures for segment assets		$	716,779			—			172,347			(172,347)			716,779

(1)	Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements.

(2)

Amounts include charges for exploration expenses, 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.


		Year Ended December 31, 2025
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	5,147,647			125,900			2,415			(2,415)			5,273,547
Intersegment			2,276			—			1,186,011			(1,186,011)			2,276
Total revenue			5,149,923			125,900			1,188,426			(1,188,426)			5,275,823

Operating expenses:
Lease operating			135,124			—			—			—			135,124
Gathering and compression			946,900			—			107,846			(107,846)			946,900
Processing			1,125,358			—			—			—			1,125,358
Transportation			785,168			—			—			—			785,168
Water handling			—			—			124,064			(124,064)			—
Production and ad valorem taxes			163,135			—			—			—			163,135
Marketing			—			190,206			—			—			190,206
General and administrative (excluding equity-based compensation)			171,714			—			41,976			(41,976)			171,714
Equity-based compensation			60,812			—			45,958			(45,958)			60,812
Facility idling			—			—			1,801			(1,801)			—
Depletion, depreciation and amortization			749,675			—			134,310			(134,310)			749,675
Impairment of property and equipment			29,358			—			984			(984)			29,358
Loss on long-lived assets			—			—			86,626			(86,626)			—
Other ⁽²⁾			34,727			—			192			(192)			34,727
Total operating expenses			4,201,971			190,206			543,757			(543,757)			4,392,177
Operating income (loss)		$	947,952			(64,306)			644,669			(644,669)			883,646
Equity in earnings of unconsolidated affiliates		$	98,484			—			116,439			(116,439)			98,484
Capital expenditures for segment assets		$	820,122			—			162,255			(162,255)			820,122

(1)	Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements.

(2)

Amounts include charges for exploration expenses, accretion 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.


		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 Corporation’s consolidated financial statements.


		As of December 31, 2025
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Investments in unconsolidated affiliates		$	245,653			—			585,778			(585,778)			245,653
Total assets			13,238,013			7,394			5,884,116			(5,884,116)			13,245,407