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Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Reportable Segments |
Schedule of operating results and assets of the Company's reportable segments | The summarized operating results of the Company’s reportable segments are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated (1) |  | Total | ​
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue–Antero Resources | ​ | $ | 234,847 | ​ | ​ | 52,294 | ​ | ​ | — | ​ | ​ | 287,141 | ​
Revenue–third-party | ​ | ​ | — | ​ | ​ | 397 | ​ | ​ | — | ​ | ​ | 397 | ​
Amortization of customer relationships | ​ | ​ | (9,271) | ​ | ​ | (8,397) | ​ | ​ | — | ​ | ​ | (17,668) | ​
Total revenues | ​ | ​ | 225,576 | ​ | ​ | 44,294 | ​ | ​ | — | ​ | ​ | 269,870 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating | ​ | ​ | 24,516 | ​ | ​ | 27,208 | ​ | ​ | — | ​ | ​ | 51,724 | ​
General and administrative (excluding equity-based compensation) | ​ | ​ | 7,495 | ​ | ​ | 2,203 | ​ | ​ | 1,229 | ​ | ​ | 10,927 | ​
Equity-based compensation | ​ | ​ | 9,591 | ​ | ​ | 2,105 | ​ | ​ | 249 | ​ | ​ | 11,945 | ​
Facility idling | ​ | ​ | — | ​ | ​ | 405 | ​ | ​ | — | ​ | ​ | 405 | ​
Depreciation | ​ | ​ | 18,632 | ​ | ​ | 13,902 | ​ | ​ | — | ​ | ​ | 32,534 | ​
Impairment of property and equipment | ​ | ​ | 332 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 332 | ​
Other (2) | ​ | ​ | — | ​ | ​ | (424) | ​ | ​ | — | ​ | ​ | (424) | ​
Total operating expenses | ​ | ​ | 60,566 | ​ | ​ | 45,399 | ​ | ​ | 1,478 | ​ | ​ | 107,443 | ​
Operating income (loss) | ​ | $ | 165,010 | ​ | ​ | (1,105) | ​ | ​ | (1,478) | ​ | ​ | 162,427 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in earnings of unconsolidated affiliates | ​ | $ | 27,668 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,668 | ​
Additions to property and equipment | ​ | $ | 48,184 | ​ | ​ | 7,351 | ​ | ​ | — | ​ | ​ | 55,535 | ​
​
(1) | Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.
(2) | Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2025 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated (1) |  | Total | ​
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue–Antero Resources | ​ | $ | 249,827 | ​ | ​ | 62,129 | ​ | ​ | — | ​ | ​ | 311,956 | ​
Revenue–third-party | ​ | ​ | — | ​ | ​ | 533 | ​ | ​ | — | ​ | ​ | 533 | ​
Amortization of customer relationships | ​ | ​ | (9,271) | ​ | ​ | (8,397) | ​ | ​ | — | ​ | ​ | (17,668) | ​
Total revenues | ​ | ​ | 240,556 | ​ | ​ | 54,265 | ​ | ​ | — | ​ | ​ | 294,821 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating | ​ | ​ | 29,077 | ​ | ​ | 28,809 | ​ | ​ | — | ​ | ​ | 57,886 | ​
General and administrative (excluding equity-based compensation) | ​ | ​ | 5,670 | ​ | ​ | 2,903 | ​ | ​ | 1,717 | ​ | ​ | 10,290 | ​
Equity-based compensation | ​ | ​ | 7,662 | ​ | ​ | 3,079 | ​ | ​ | 285 | ​ | ​ | 11,026 | ​
Facility idling | ​ | ​ | — | ​ | ​ | 445 | ​ | ​ | — | ​ | ​ | 445 | ​
Depreciation | ​ | ​ | 19,419 | ​ | ​ | 15,046 | ​ | ​ | — | ​ | ​ | 34,465 | ​
Impairment of property and equipment | ​ | ​ | — | ​ | ​ | 167 | ​ | ​ | — | ​ | ​ | 167 | ​
Other (2) | ​ | ​ | — | ​ | ​ | 49 | ​ | ​ | — | ​ | ​ | 49 | ​
Total operating expenses | ​ | ​ | 61,828 | ​ | ​ | 50,498 | ​ | ​ | 2,002 | ​ | ​ | 114,328 | ​
Operating income | ​ | $ | 178,728 | ​ | ​ | 3,767 | ​ | ​ | (2,002) | ​ | ​ | 180,493 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in earnings of unconsolidated affiliates | ​ | $ | 29,688 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,688 | ​
Additions to property and equipment | ​ | $ | 24,866 | ​ | ​ | 21,309 | ​ | ​ | — | ​ | ​ | 46,175 | ​
​
(1) | Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.
(2) | Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2024 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated (1) | ​ | Total | ​
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue–Antero Resources | ​ | $ | 691,433 | ​ | ​ | 178,805 | ​ | ​ | — | ​ | ​ | 870,238 | ​
Revenue–third-party | ​ | ​ | — | ​ | ​ | 1,482 | ​ | ​ | — | ​ | ​ | 1,482 | ​
Amortization of customer relationships | ​ | ​ | (27,814) | ​ | ​ | (25,190) | ​ | ​ | — | ​ | ​ | (53,004) | ​
Total revenues | ​ | ​ | 663,619 | ​ | ​ | 155,097 | ​ | ​ | — | ​ | ​ | 818,716 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating | ​ | ​ | 76,849 | ​ | ​ | 85,202 | ​ | ​ | — | ​ | ​ | 162,051 | ​
General and administrative (excluding equity-based compensation) | ​ | ​ | 21,840 | ​ | ​ | 6,742 | ​ | ​ | 3,859 | ​ | ​ | 32,441 | ​
Equity-based compensation | ​ | ​ | 26,341 | ​ | ​ | 5,782 | ​ | ​ | 748 | ​ | ​ | 32,871 | ​
Facility idling | ​ | ​ | — | ​ | ​ | 1,339 | ​ | ​ | — | ​ | ​ | 1,339 | ​
Depreciation | ​ | ​ | 65,661 | ​ | ​ | 41,544 | ​ | ​ | — | ​ | ​ | 107,205 | ​
Impairment of property and equipment | ​ | ​ | 332 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 332 | ​
Other (2) | ​ | ​ | — | ​ | ​ | 1,046 | ​ | ​ | — | ​ | ​ | 1,046 | ​
Total operating expenses | ​ | ​ | 191,023 | ​ | ​ | 141,655 | ​ | ​ | 4,607 | ​ | ​ | 337,285 | ​
Operating income | ​ | $ | 472,596 | ​ | ​ | 13,442 | ​ | ​ | (4,607) | ​ | ​ | 481,431 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in earnings of unconsolidated affiliates | ​ | $ | 82,795 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 82,795 | ​
Additions to property and equipment | ​ | $ | 110,514 | ​ | ​ | 23,493 | ​ | ​ | — | ​ | ​ | 134,007 | ​
​
(1) | Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.
(2) | Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2025 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated (1) | ​ | Total | ​
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue–Antero Resources | ​ | $ | 736,745 | ​ | ​ | 206,177 | ​ | ​ | — | ​ | ​ | 942,922 | ​
Revenue–third-party | ​ | ​ | — | ​ | ​ | 1,504 | ​ | ​ | — | ​ | ​ | 1,504 | ​
Amortization of customer relationships | ​ | ​ | (27,814) | ​ | ​ | (25,190) | ​ | ​ | — | ​ | ​ | (53,004) | ​
Total revenues | ​ | ​ | 708,931 | ​ | ​ | 182,491 | ​ | ​ | — | ​ | ​ | 891,422 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating | ​ | ​ | 80,932 | ​ | ​ | 96,898 | ​ | ​ | — | ​ | ​ | 177,830 | ​
General and administrative (excluding equity-based compensation) | ​ | ​ | 16,040 | ​ | ​ | 11,096 | ​ | ​ | 4,494 | ​ | ​ | 31,630 | ​
Equity-based compensation | ​ | ​ | 22,774 | ​ | ​ | 11,217 | ​ | ​ | 844 | ​ | ​ | 34,835 | ​
Facility idling | ​ | ​ | — | ​ | ​ | 1,263 | ​ | ​ | — | ​ | ​ | 1,263 | ​
Depreciation | ​ | ​ | 57,786 | ​ | ​ | 42,791 | ​ | ​ | — | ​ | ​ | 100,577 | ​
Impairment of property and equipment | ​ | ​ | — | ​ | ​ | 984 | ​ | ​ | — | ​ | ​ | 984 | ​
Other (2) | ​ | ​ | — | ​ | ​ | 143 | ​ | ​ | — | ​ | ​ | 143 | ​
Total operating expenses | ​ | ​ | 177,532 | ​ | ​ | 164,392 | ​ | ​ | 5,338 | ​ | ​ | 347,262 | ​
Operating income | ​ | $ | 531,399 | ​ | ​ | 18,099 | ​ | ​ | (5,338) | ​ | ​ | 544,160 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in earnings of unconsolidated affiliates | ​ | $ | 87,724 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 87,724 | ​
Additions to property and equipment | ​ | $ | 67,960 | ​ | ​ | 45,477 | ​ | ​ | — | ​ | ​ | 113,437 | ​
(1) | Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.
(2) | Amounts include charges for accretion of asset retirement obligations, loss on settlement of asset retirement obligations and loss (gain) on asset sales, as applicable, which represent segment operating expenses that are not considered significant.
​ The summarized total assets of the Company’s reportable segments are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2024 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated | ​ | Total | ​
Investments in unconsolidated affiliates | ​ | $ | 603,956 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 603,956 | ​
Total assets | ​ | ​ | 4,769,825 | ​ | ​ | 991,923 | ​ | ​ | — | ​ | ​ | 5,761,748 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (Unaudited) | ​
​ | ​ | As of September 30, 2025 | ​
​ | ​ | Gathering and | ​ | Water | ​ | ​ | ​ | Consolidated | ​
(in thousands) |  | Processing |  | Handling |  | Unallocated (1) | ​ | Total | ​
Investments in unconsolidated affiliates | ​ | $ | 592,238 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 592,238 | ​
Total assets | ​ | ​ | 4,743,494 | ​ | ​ | 971,565 | ​ | ​ | 2,029 | ​ | ​ | 5,717,088 | ​
(1) | Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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