| Reporting Segments |
(12) Reporting Segments
The Partnership’s operations are located in the United States and are organized into two reporting segments: (1) gathering and processing and (2) water handling and treatment.
Gathering and Processing
The gathering and processing segment includes a network of gathering pipelines, compressor stations, and processing and fractionation plants that collect and process natural gas, NGLs and oil from Antero Resources’ wells in West Virginia and Ohio.
Water Handling and Treatment
The Partnership’s water handling and treatment segment includes two independent systems that deliver fresh water from sources including the Ohio River, local reservoirs as well as several regional waterways. The water handling and treatment segment also includes other fluid handling services which includes, high rate transfer, wastewater transportation, disposal and treatment. See Note 2 – Summary of Significant Accounting Policies, Property and Equipment.
These segments are monitored separately by management for performance and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. We evaluate the performance of the Partnership’s business segments based on operating income. Interest expense is primarily managed and evaluated on a consolidated basis.
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Water
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Gathering and
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Handling and
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Consolidated
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Processing
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Treatment
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Total
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Year ended December 31, 2014
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Revenues:
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Revenue - Antero Resources
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$
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95,746
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$
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162,283
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$
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258,029
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Revenue - third-party
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-
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8,245
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8,245
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Total revenues
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$
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95,746
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$
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170,528
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$
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266,274
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Operating expenses:
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Direct operating
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15,470
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33,351
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48,821
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General and administrative (before equity-based compensation)
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13,416
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5,332
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18,748
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Equity-based compensation
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8,619
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2,999
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11,618
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Depreciation
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36,789
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16,240
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53,029
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Total expenses
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74,294
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57,922
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132,216
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Operating income
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$
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21,452
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$
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112,606
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$
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134,058
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Total assets
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$
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1,395,121
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$
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421,489
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$
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1,816,610
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Additions to property and equipment
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$
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553,582
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$
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200,116
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$
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753,698
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Year ended December 31, 2015
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Revenues:
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Revenue - Antero Resources
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$
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230,210
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$
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155,954
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$
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386,164
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Revenue - third-party
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382
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778
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1,160
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Total revenues
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230,592
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156,732
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387,324
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Operating expenses:
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Direct operating
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25,783
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53,069
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78,852
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General and administrative (before equity-based compensation)
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22,608
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6,128
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28,736
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Equity-based compensation
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17,840
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4,630
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22,470
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Depreciation
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60,838
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25,832
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86,670
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Accretion of contingent acquisition consideration
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-
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3,333
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3,333
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Total expenses
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127,069
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92,992
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220,061
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Operating income
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$
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103,523
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$
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63,740
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$
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167,263
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Total assets
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$
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1,428,796
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$
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551,236
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$
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1,980,032
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Additions to property and equipment
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$
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320,002
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$
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132,633
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$
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452,635
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Year ended December 31, 2016
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Revenues:
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Revenue - Antero Resources
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$
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303,250
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$
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282,267
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$
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585,517
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Revenue - third-party
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835
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-
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835
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Gain on sale of assets
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3,859
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-
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3,859
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Total revenues
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307,944
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282,267
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590,211
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Operating expenses:
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Direct operating
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27,289
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134,298
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161,587
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General and administrative (before equity-based compensation)
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20,118
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7,996
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28,114
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Equity-based compensation
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19,714
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6,335
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26,049
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Depreciation
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69,962
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29,899
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99,861
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Accretion of contingent acquisition consideration
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-
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16,489
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16,489
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Total expenses
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137,083
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195,017
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332,100
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Operating income
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$
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170,861
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$
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87,250
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$
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258,111
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Total assets
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$
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1,734,208
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$
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615,687
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$
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2,349,895
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Additions to property and equipment
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$
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228,100
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$
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188,220
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$
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416,320
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