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Equity Method Investment
 9 Months Ended
Sep. 30, 2025
Equity Method Investment  
Equity Method Investment

(5) Equity Method Investment

As of December 31, 2024 and September 30, 2025, Antero owned 29% of Antero Midstream’s common stock, which is reflected in Antero’s unaudited condensed consolidated financial statements using the equity method of accounting.

The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate (in thousands):

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​

​

​

​

Balance as of December 31, 2024 (1)

​

$

231,048

​

Equity in earnings of unconsolidated affiliate

​

​

88,279

​

Dividends from unconsolidated affiliate

​

​

(93,941)

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Elimination of intercompany profit

​

​

31,110

​

Balance as of September 30, 2025 (1)

​

$

256,496

​

(1)The fair value of the Company’s investment in Antero Midstream as of December 31, 2024 and September 30, 2025 was $2.1 billion and $2.7 billion, respectively, based on the quoted market share price of Antero Midstream.