| Reportable Segments |
(16) Reportable Segments The Company’s operations, which are located in the United States, are organized into three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil (“exploration and production”); (ii) midstream services through our equity method investment in Antero Midstream (“equity method investment in Antero Midstream”) and (iii) marketing of excess firm transportation capacity (“marketing”). The operating results of the Company’s reportable segments were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | | | | | | | | | Equity Method | | | | | | | | | Exploration | | | | | Investment in | | Elimination of | | | | | | | and | | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 1,178,517 | | | 34,902 | | | 533 | | | (533) | | | 1,213,419 | | Intersegment | | | 575 | | | — | | | 294,288 | | | (294,288) | | | 575 | | Total revenue | | | 1,179,092 | | | 34,902 | | | 294,821 | | | (294,821) | | | 1,213,994 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 32,415 | | | — | | | — | | | — | | | 32,415 | | Gathering and compression | | | 231,413 | | | — | | | 29,077 | | | (29,077) | | | 231,413 | | Processing | | | 289,035 | | | — | | | — | | | — | | | 289,035 | | Transportation | | | 190,555 | | | — | | | — | | | — | | | 190,555 | | Water handling | | | — | | | — | | | 28,809 | | | (28,809) | | | — | | Production and ad valorem taxes | | | 28,884 | | | — | | | — | | | — | | | 28,884 | | Marketing | | | — | | | 51,068 | | | — | | | — | | | 51,068 | | General and administrative (excluding equity-based compensation) | | | 41,443 | | | — | | | 10,290 | | | (10,290) | | | 41,443 | | Equity-based compensation | | | 15,501 | | | — | | | 11,026 | | | (11,026) | | | 15,501 | | Facility idling | | | — | | | — | | | 445 | | | (445) | | | — | | Depletion, depreciation and amortization | | | 188,778 | | | — | | | 34,465 | | | (34,465) | | | 188,778 | | Impairment of property and equipment | | | 12,228 | | | — | | | 167 | | | (167) | | | 12,228 | | Other (2) | | | 14,557 | | | — | | | 49 | | | (49) | | | 14,557 | | Total operating expenses | | | 1,044,809 | | | 51,068 | | | 114,328 | | | (114,328) | | | 1,095,877 | | Operating income (loss) | | $ | 134,283 | | | (16,166) | | | 180,493 | | | (180,493) | | | 118,117 | | Equity in earnings of unconsolidated affiliates | | $ | 29,055 | | | — | | | 29,688 | | | (29,688) | | | 29,055 | | Capital expenditures for segment assets | | $ | 202,659 | | | — | | | 46,175 | | | (46,175) | | | 202,659 | |
| (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 September 30, 2026 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 1,522,166 | | | 40,102 | | | 24 | | | (24) | | | 1,562,268 | | Intersegment | | | 569 | | | — | | | 326,998 | | | (326,998) | | | 569 | | Total revenue | | | 1,522,735 | | | 40,102 | | | 327,022 | | | (327,022) | | | 1,562,837 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 44,121 | | | — | | | — | | | — | | | 44,121 | | Gathering and compression | | | 270,055 | | | — | | | 38,553 | | | (38,553) | | | 270,055 | | Processing | | | 310,030 | | | — | | | — | | | — | | | 310,030 | | Transportation | | | 145,934 | | | — | | | — | | | — | | | 145,934 | | Water handling | | | — | | | — | | | 44,696 | | | (44,696) | | | — | | Production and ad valorem taxes | | | 30,920 | | | — | | | — | | | — | | | 30,920 | | Marketing | | | — | | | 55,708 | | | — | | | — | | | 55,708 | | General and administrative (excluding equity-based compensation) | | | 44,643 | | | — | | | 10,164 | | | (10,164) | | | 44,643 | | Equity-based compensation | | | 13,152 | | | — | | | 10,960 | | | (10,960) | | | 13,152 | | Facility idling | | | — | | | — | | | 297 | | | (297) | | | — | | Depletion, depreciation and amortization | | | 241,167 | | | — | | | 37,963 | | | (37,963) | | | 241,167 | | Impairment of property and equipment | | | 1,555 | | | — | | | 2,921 | | | (2,921) | | | 1,555 | | Gain on litigation | | | — | | | — | | | (376,963) | | | 376,963 | | | — | | Other (2) | | | 13,769 | | | — | | | 1,203 | | | (1,203) | | | 13,769 | | Total operating expenses | | | 1,115,346 | | | 55,708 | | | (230,206) | | | 230,206 | | | 1,171,054 | | Operating income (loss) | | $ | 407,389 | | | (15,606) | | | 557,228 | | | (557,228) | | | 391,783 | | Equity in earnings of unconsolidated affiliates | | $ | 110,710 | | | — | | | 27,950 | | | (27,950) | | | 110,710 | | Capital expenditures for segment assets | | $ | 360,447 | | | — | | | 44,721 | | | (44,721) | | | 360,447 | |
| (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. |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 3,768,308 | | | 94,203 | | | 1,504 | | | (1,504) | | | 3,862,511 | | Intersegment | | | 1,683 | | | — | | | 889,918 | | | (889,918) | | | 1,683 | | Total revenue | | | 3,769,991 | | | 94,203 | | | 891,422 | | | (891,422) | | | 3,864,194 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 103,645 | | | — | | | — | | | — | | | 103,645 | | Gathering and compression | | | 704,377 | | | — | | | 80,932 | | | (80,932) | | | 704,377 | | Processing | | | 834,230 | | | — | | | — | | | — | | | 834,230 | | Transportation | | | 569,135 | | | — | | | — | | | — | | | 569,135 | | Water handling | | | — | | | — | | | 96,898 | | | (96,898) | | | — | | Production and ad valorem taxes | | | 119,013 | | | — | | | — | | | — | | | 119,013 | | Marketing | | | — | | | 145,826 | | | — | | | — | | | 145,826 | | General and administrative (excluding equity-based compensation) | | | 130,071 | | | — | | | 31,630 | | | (31,630) | | | 130,071 | | Equity-based compensation | | | 46,501 | | | — | | | 34,835 | | | (34,835) | | | 46,501 | | Facility idling | | | — | | | — | | | 1,263 | | | (1,263) | | | — | | Depletion, depreciation and amortization | | | 562,719 | | | — | | | 100,577 | | | (100,577) | | | 562,719 | | Impairment of property and equipment | | | 24,143 | | | — | | | 984 | | | (984) | | | 24,143 | | Other (2) | | | 30,062 | | | — | | | 143 | | | (143) | | | 30,062 | | Total operating expenses | | | 3,123,896 | | | 145,826 | | | 347,262 | | | (347,262) | | | 3,269,722 | | Operating income (loss) | | $ | 646,095 | | | (51,623) | | | 544,160 | | | (544,160) | | | 594,472 | | Equity in earnings of unconsolidated affiliates | | $ | 88,279 | | | — | | | 87,724 | | | (87,724) | | | 88,279 | | Capital expenditures for segment assets | | $ | 617,213 | | | — | | | 113,437 | | | (113,437) | | | 617,213 | |
| (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. |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Sales and revenues: | | | | | | | | | | | | | | | | | Third-party | | $ | 4,928,340 | | | 137,829 | | | 630 | | | (630) | | | 5,066,169 | | Intersegment | | | 1,636 | | | — | | | 967,847 | | | (967,847) | | | 1,636 | | Total revenue | | | 4,929,976 | | | 137,829 | | | 968,477 | | | (968,477) | | | 5,067,805 | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Lease operating | | | 136,798 | | | — | | | — | | | — | | | 136,798 | | Gathering and compression | | | 809,393 | | | — | | | 105,116 | | | (105,116) | | | 809,393 | | Processing | | | 890,543 | | | — | | | — | | | — | | | 890,543 | | Transportation | | | 563,370 | | | — | | | — | | | — | | | 563,370 | | Water handling | | | — | | | — | | | 133,356 | | | (133,356) | | | — | | Production and ad valorem taxes | | | 149,452 | | | — | | | — | | | — | | | 149,452 | | Marketing | | | — | | | 190,320 | | | — | | | — | | | 190,320 | | General and administrative (excluding equity-based compensation) | | | 140,779 | | | — | | | 33,661 | | | (33,661) | | | 140,779 | | Equity-based compensation | | | 38,151 | | | — | | | 32,367 | | | (32,367) | | | 38,151 | | Facility idling | | | — | | | — | | | 1,129 | | | (1,129) | | | — | | Depletion, depreciation and amortization | | | 674,660 | | | — | | | 109,976 | | | (109,976) | | | 674,660 | | Impairment of property and equipment | | | 6,958 | | | — | | | 3,054 | | | (3,054) | | | 6,958 | | Gain on sale of assets | | | (61,719) | | | — | | | (1,500) | | | 1,500 | | | (61,719) | | Gain on litigation | | | — | | | | | | (376,963) | | | 376,963 | | | — | | Other (2) | | | 32,406 | | | — | | | 533 | | | (533) | | | 32,406 | | Total operating expenses | | | 3,380,791 | | | 190,320 | | | 40,729 | | | (40,729) | | | 3,571,111 | | Operating income (loss) | | $ | 1,549,185 | | | (52,491) | | | 927,748 | | | (927,748) | | | 1,496,694 | | Equity in earnings of unconsolidated affiliates | | $ | 170,207 | | | — | | | 86,487 | | | (86,487) | | | 170,207 | | Capital expenditures for segment assets | | $ | 907,264 | | | — | | | 135,370 | | | (135,370) | | | 907,264 | |
| (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 September 30, 2026 | | | | | | | | Equity Method | | | | | | | | Exploration | | | | Investment in | | Elimination of | | | | | | and | | | | Antero | | Unconsolidated | | Consolidated | | | | Production | | Marketing | | Midstream (1) | | Affiliate | | Total | | Investments in unconsolidated affiliates | | $ | 348,005 | | | — | | | 567,510 | | | (567,510) | | | 348,005 | | Total assets | | | 15,568,052 | | | 11,439 | | | 6,341,080 | | | (6,341,080) | | | 15,579,491 | |
| (1) | Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. |
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