Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2026

Reportable Segments

Schedule of operating results and assets of reportable segments

The operating results of the Company’s reportable segments were as follows (in thousands):


		Three Months Ended June 30, 2025
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	1,263,190			33,743			466			(466)			1,296,933
Intersegment			560			—			305,006			(305,006)			560
Total revenue			1,263,750			33,743			305,472			(305,472)			1,297,493

Operating expenses:
Lease operating			37,244			—			—			—			37,244
Gathering and compression			236,830			—			25,662			(25,662)			236,830
Processing			284,040			—			—			—			284,040
Transportation			180,852			—			—			—			180,852
Water handling			—			—			37,452			(37,452)			—
Production and ad valorem taxes			34,830			—			—			—			34,830
Marketing			—			51,988			—			—			51,988
General and administrative (excluding equity-based compensation)			41,328			—			10,718			(10,718)			41,328
Equity-based compensation			15,855			—			11,407			(11,407)			15,855
Facility idling			—			—			375			(375)			—
Depletion, depreciation and amortization			187,589			—			33,364			(33,364)			187,589
Impairment of property and equipment			6,297			—			—			—			6,297
Other ⁽²⁾			15,757			—			50			(50)			15,757
Total operating expenses			1,040,622			51,988			119,028			(119,028)			1,092,610
Operating income (loss)		$	223,128			(18,245)			186,444			(186,444)			204,883
Equity in earnings of unconsolidated affiliates		$	30,563			—			30,016			(30,016)			30,563
Capital expenditures for segment assets		$	208,409			—			36,734			(36,734)			208,409

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

(2)

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


		Three Months Ended June 30, 2026
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	1,503,267			56,066			—			—			1,559,333
Intersegment			509			—			327,244			(327,244)			509
Total revenue			1,503,776			56,066			327,244			(327,244)			1,559,842

Operating expenses:
Lease operating			48,148			—			—			—			48,148
Gathering and compression			270,225			—			36,533			(36,533)			270,225
Processing			292,745			—			—			—			292,745
Transportation			185,211			—			—			—			185,211
Water handling			—			—			47,993			(47,993)			—
Production and ad valorem taxes			37,535			—			—			—			37,535
Marketing			—			72,059			—			—			72,059
General and administrative (excluding equity-based compensation)			44,529			—			11,729			(11,729)			44,529
Equity-based compensation			13,266			—			10,828			(10,828)			13,266
Facility idling			—			—			287			(287)			—
Depletion, depreciation and amortization			227,254			—			37,378			(37,378)			227,254
Impairment of property and equipment			4,455			—			133			(133)			4,455
Other ⁽²⁾			(11,044)			—			454			(454)			(11,044)
Total operating expenses			1,112,324			72,059			145,335			(145,335)			1,184,383
Operating income (loss)		$	391,452			(15,993)			181,909			(181,909)			375,459
Equity in earnings of unconsolidated affiliates		$	29,379			—			28,525			(28,525)			29,379
Capital expenditures for segment assets		$	340,716			—			52,743			(52,743)			340,716

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

(2)

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


		Six Months Ended June 30, 2025
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	2,589,791			59,301			971			(971)			2,649,092
Intersegment			1,108			—			595,630			(595,630)			1,108
Total revenue			2,590,899			59,301			596,601			(596,601)			2,650,200

Operating expenses:
Lease operating			71,230			—			—			—			71,230
Gathering and compression			472,964			—			51,855			(51,855)			472,964
Processing			545,195			—			—			—			545,195
Transportation			378,580			—			—			—			378,580
Water handling			—			—			68,089			(68,089)			—
Production and ad valorem taxes			90,129			—			—			—			90,129
Marketing			—			94,758			—			—			94,758
General and administrative (excluding equity-based compensation)			88,628			—			21,340			(21,340)			88,628
Equity-based compensation			31,000			—			23,809			(23,809)			31,000
Facility idling			—			—			818			(818)			—
Depletion, depreciation and amortization			373,941			—			66,112			(66,112)			373,941
Impairment of property and equipment			11,915			—			817			(817)			11,915
Other ⁽²⁾			15,505			—			94			(94)			15,505
Total operating expenses			2,079,087			94,758			232,934			(232,934)			2,173,845
Operating income (loss)		$	511,812			(35,457)			363,667			(363,667)			476,355
Equity in earnings of unconsolidated affiliates		$	59,224			—			58,036			(58,036)			59,224
Capital expenditures for segment assets		$	414,554			—			67,262			(67,262)			414,554

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

(2)

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


		Six Months Ended June 30, 2026
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	3,406,174			97,727			606			(606)			3,503,901
Intersegment			1,067			—			640,849			(640,849)			1,067
Total revenue			3,407,241			97,727			641,455			(641,455)			3,504,968

Operating expenses:
Lease operating			92,677			—			—			—			92,677
Gathering and compression			539,338			—			66,563			(66,563)			539,338
Processing			580,513			—			—			—			580,513
Transportation			417,436			—			—			—			417,436
Water handling			—			—			88,660			(88,660)			—
Production and ad valorem taxes			118,532			—			—			—			118,532
Marketing			—			134,612			—			—			134,612
General and administrative (excluding equity-based compensation)			96,136			—			23,497			(23,497)			96,136
Equity-based compensation			24,999			—			21,407			(21,407)			24,999
Facility idling			—			—			832			(832)			—
Depletion, depreciation and amortization			433,493			—			72,013			(72,013)			433,493
Impairment of property and equipment			5,403			—			133			(133)			5,403
Gain on sale of assets			(60,566)			—			(2,658)			2,658			(60,566)
Other ⁽²⁾			17,484			—			488			(488)			17,484
Total operating expenses			2,265,445			134,612			270,935			(270,935)			2,400,057
Operating income (loss)		$	1,141,796			(36,885)			370,520			(370,520)			1,104,911
Equity in earnings of unconsolidated affiliates		$	59,497			—			58,537			(58,537)			59,497
Capital expenditures for segment assets		$	546,817			—			90,649			(90,649)			546,817

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

(2)

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

The summarized assets of the Company’s reportable segments are as follows (in thousands):


		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

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

(Unaudited)

As of June 30, 2026

Equity Method

Exploration

Investment in

Elimination of

and

Antero

Unconsolidated

Consolidated

Production

Marketing

Midstream ⁽¹⁾

Affiliate

Total

Investments in unconsolidated affiliates

$

259,313

—

574,215

(574,215)

259,313

Total assets

15,212,556

20,078

6,363,815

(6,363,815)

15,232,634

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