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Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2025

Reportable Segments

Schedule of operating results and assets of reportable segments

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


		Three Months Ended September 30, 2024
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	1,008,182			47,160			397			(397)			1,055,342
Intersegment			578			—			269,473			(269,473)			578
Total revenue			1,008,760			47,160			269,870			(269,870)			1,055,920

Operating expenses:
Lease operating			29,597			—			—			—			29,597
Gathering and compression			226,224			—			24,516			(24,516)			226,224
Processing			276,569			—			—			—			276,569
Transportation			182,390			—			—			—			182,390
Water handling			—			—			27,208			(27,208)			—
Production and ad valorem taxes			47,423			—			—			—			47,423
Marketing			—			62,144			—			—			62,144
General and administrative (excluding equity-based compensation)			38,562			—			10,927			(10,927)			38,562
Equity-based compensation			16,065			—			11,945			(11,945)			16,065
Facility idling			—			—			405			(405)			—
Depletion, depreciation and amortization			189,266			—			32,534			(32,534)			189,266
Impairment of property and equipment			13,455			—			332			(332)			13,455
Other ⁽²⁾			(803)			—			(424)			424			(803)
Total operating expenses			1,018,748			62,144			107,443			(107,443)			1,080,892
Operating income (loss)		$	(9,988)			(14,984)			162,427			(162,427)			(24,972)
Equity in earnings of unconsolidated affiliates		$	25,634			—			27,668			(27,668)			25,634
Capital expenditures for segment assets		$	173,630			—			55,535			(55,535)			173,630

(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, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.


		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, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant.


		Nine Months Ended September 30, 2024
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Sales and revenues:
Third-party		$	3,009,995			145,098			1,482			(1,482)			3,155,093
Intersegment			1,752			—			817,234			(817,234)			1,752
Total revenue			3,011,747			145,098			818,716			(818,716)			3,156,845

Operating expenses:
Lease operating			88,477			—			—			—			88,477
Gathering and compression			671,893			—			76,849			(76,849)			671,893
Processing			802,349			—			—			—			802,349
Transportation			546,664			—			—			—			546,664
Water handling			—			—			85,202			(85,202)			—
Production and ad valorem taxes			147,524			—			—			—			147,524
Marketing			—			192,764			—			—			192,764
General and administrative (excluding equity-based compensation)			120,624			—			32,441			(32,441)			120,624
Equity-based compensation			49,293			—			32,871			(32,871)			49,293
Facility idling			—			—			1,339			(1,339)			—
Depletion, depreciation and amortization			568,374			—			107,205			(107,205)			568,374
Impairment of property and equipment			18,958			—			332			(332)			18,958
Other ⁽²⁾			7,244			—			1,046			(1,046)			7,244
Total operating expenses			3,021,400			192,764			337,285			(337,285)			3,214,164
Operating income (loss)		$	(9,653)			(47,666)			481,431			(481,431)			(57,319)
Equity in earnings of unconsolidated affiliates		$	69,862			—			82,795			(82,795)			69,862
Capital expenditures for segment assets		$	588,464			—			134,007			(134,007)			588,464

(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, loss (gain) on sale of assets 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, loss (gain) on sale of assets 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, 2024
								Equity Method
		Exploration						Investment in			Elimination of
		and						Antero			Unconsolidated			Consolidated
		Production			Marketing			Midstream ⁽¹⁾			Affiliate			Total
Investments in unconsolidated affiliates		$	231,048			—			603,956			(603,956)			231,048
Total assets			12,999,930			10,120			5,761,748			(5,761,748)			13,010,050

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

(Unaudited)

As of September 30, 2025

Equity Method

Exploration

Investment in

Elimination of

and

Antero

Unconsolidated

Consolidated

Production

Marketing

Midstream ⁽¹⁾

Affiliate

Total

Investments in unconsolidated affiliates

$

256,496

—

592,238

(592,238)

256,496

Total assets

12,898,583

13,474

5,717,088

(5,717,088)

12,912,057

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