| Reportable Segments |
(17) Reportable Segments The Company’s operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling. The summarized operating results of the Company’s reportable segments are as follows: | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | Gathering and | | Water | | | | Consolidated | | (in thousands) | | Processing | | Handling | | Unallocated (1) | | Total | | Revenues: | | | | | | | | | | | | | | Revenue–Antero Resources | | $ | 248,901 | | | 73,773 | | | — | | | 322,674 | | Revenue–third-party | | | — | | | 466 | | | — | | | 466 | | Amortization of customer relationships | | | (9,272) | | | (8,396) | | | — | | | (17,668) | | Total revenues | | | 239,629 | | | 65,843 | | | — | | | 305,472 | | Operating expenses: | | | | | | | | | | | | | | Direct operating | | | 25,662 | | | 37,452 | | | — | | | 63,114 | | General and administrative (excluding equity-based compensation) | | | 5,132 | | | 3,996 | | | 1,590 | | | 10,718 | | Equity-based compensation | | | 7,229 | | | 3,893 | | | 285 | | | 11,407 | | Facility idling | | | — | | | 375 | | | — | | | 375 | | Depreciation | | | 19,336 | | | 14,028 | | | — | | | 33,364 | | Other (2) | | | — | | | 50 | | | — | | | 50 | | Total operating expenses | | | 57,359 | | | 59,794 | | | 1,875 | | | 119,028 | | Operating income | | $ | 182,270 | | | 6,049 | | | (1,875) | | | 186,444 | | | | | | | | | | | | | | | | Equity in earnings of unconsolidated affiliates | | $ | 30,016 | | | — | | | — | | | 30,016 | | Additions to property and equipment | | $ | 21,013 | | | 15,721 | | | — | | | 36,734 | |
| (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 asset sales, as applicable, which represent segment operating expenses that are not considered significant. |
| | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | | | Gathering and | | Water | | | | Consolidated | | (in thousands) | | Processing | | Handling | | Unallocated (1) | | Total | | Revenues: | | | | | | | | | | | | | | Revenue–Antero Resources | | $ | 271,507 | | | 78,539 | | | — | | | 350,046 | | Amortization of customer relationships | | | (13,784) | | | (9,018) | | | — | | | (22,802) | | Total revenues | | | 257,723 | | | 69,521 | | | — | | | 327,244 | | Operating expenses: | | | | | | | | | | | | | | Direct operating | | | 36,533 | | | 47,993 | | | — | | | 84,526 | | General and administrative (excluding equity-based compensation) | | | 6,564 | | | 2,625 | | | 2,540 | | | 11,729 | | Equity-based compensation | | | 7,988 | | | 2,526 | | | 314 | | | 10,828 | | Facility idling | | | — | | | 287 | | | — | | | 287 | | Depreciation | | | 18,884 | | | 18,494 | | | — | | | 37,378 | | Impairment of property and equipment | | | 133 | | | — | | | — | | | 133 | | Other (2) | | | — | | | 454 | | | — | | | 454 | | Total operating expenses | | | 70,102 | | | 72,379 | | | 2,854 | | | 145,335 | | Operating income (loss) | | $ | 187,621 | | | (2,858) | | | (2,854) | | | 181,909 | | | | | | | | | | | | | | | | Equity in earnings of unconsolidated affiliates | | $ | 28,525 | | | — | | | — | | | 28,525 | | Additions to property and equipment | | $ | 35,401 | | | 17,342 | | | — | | | 52,743 | |
| (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 asset sales, as applicable, which represent segment operating expenses that are not considered significant. |
| | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | Gathering and | | Water | | | | Consolidated | | (in thousands) | | Processing | | Handling | | Unallocated (1) | | Total | | Revenues: | | | | | | | | | | | | | | Revenue–Antero Resources | | $ | 486,918 | | | 144,048 | | | — | | | 630,966 | | Revenue–third-party | | | — | | | 971 | | | — | | | 971 | | Amortization of customer relationships | | | (18,543) | | | (16,793) | | | — | | | (35,336) | | Total revenues | | | 468,375 | | | 128,226 | | | — | | | 596,601 | | Operating expenses: | | | | | | | | | | | | | | Direct operating | | | 51,855 | | | 68,089 | | | — | | | 119,944 | | General and administrative (excluding equity-based compensation) | | | 10,370 | | | 8,193 | | | 2,777 | | | 21,340 | | Equity-based compensation | | | 15,112 | | | 8,138 | | | 559 | | | 23,809 | | Facility idling | | | — | | | 818 | | | — | | | 818 | | Depreciation | | | 38,367 | | | 27,745 | | | — | | | 66,112 | | Impairment of property and equipment | | | — | | | 817 | | | — | | | 817 | | Other (2) | | | — | | | 94 | | | — | | | 94 | | Total operating expenses | | | 115,704 | | | 113,894 | | | 3,336 | | | 232,934 | | Operating income | | $ | 352,671 | | | 14,332 | | | (3,336) | | | 363,667 | | | | | | | | | | | | | | | | Equity in earnings of unconsolidated affiliates | | $ | 58,036 | | | — | | | — | | | 58,036 | | Additions to property and equipment | | $ | 43,094 | | | 24,168 | | | — | | | 67,262 | |
| (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 asset sales, as applicable, which represent segment operating expenses that are not considered significant. |
| | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | | Gathering and | | Water | | | | Consolidated | | (in thousands) | | Processing | | Handling | | Unallocated (1) | | Total | | Revenues: | | | | | | | | | | | | | | Revenue–Antero Resources | | $ | 533,506 | | | 151,355 | | | — | | | 684,861 | | Revenue–third-party | | | 295 | | | 311 | | | — | | | 606 | | Amortization of customer relationships | | | (26,168) | | | (17,844) | | | — | | | (44,012) | | Total revenues | | | 507,633 | | | 133,822 | | | — | | | 641,455 | | Operating expenses: | | | | | | | | | | | | | | Direct operating | | | 66,563 | | | 88,660 | | | — | | | 155,223 | | General and administrative (excluding equity-based compensation) | | | 13,790 | | | 5,906 | | | 3,801 | | | 23,497 | | Equity-based compensation | | | 15,584 | | | 5,195 | | | 628 | | | 21,407 | | Facility idling | | | — | | | 832 | | | — | | | 832 | | Depreciation | | | 36,728 | | | 35,285 | | | — | | | 72,013 | | Impairment of property and equipment | | | 133 | | | — | | | — | | | 133 | | Loss (gain) on long-lived assets | | | (3,229) | | | 571 | | | — | | | (2,658) | | Other (2) | | | — | | | 488 | | | — | | | 488 | | Total operating expenses | | | 129,569 | | | 136,937 | | | 4,429 | | | 270,935 | | Operating income (loss) | | $ | 378,064 | | | (3,115) | | | (4,429) | | | 370,520 | | | | | | | | | | | | | | | | Equity in earnings of unconsolidated affiliates | | $ | 58,537 | | | — | | | — | | | 58,537 | | Additions to property and equipment | | $ | 54,838 | | | 35,811 | | | — | | | 90,649 | |
| (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 asset sales, as applicable, which represent segment operating expenses that are not considered significant. |
The summarized assets of the Company’s reportable segments are as follows: | | | | | | | | | | | | | | | | As of 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. |
| | | | | | | | | | | | | | | | (Unaudited) | | | | As of June 30, 2026 | | | | Gathering and | | Water | | | | Consolidated | | (in thousands) | | Processing | | Handling | | Unallocated (1) | | Total | | Investments in unconsolidated affiliates | | $ | 574,215 | | | — | | | — | | | 574,215 | | Total assets | | | 5,193,292 | | | 1,168,377 | | | 2,146 | | | 6,363,815 | |
| (1) | Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
|