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Reportable Segments | 9 Months Ended
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Sep. 30, 2025
Reportable Segments |
Reportable Segments | (15) Reportable Segments The Company’s operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling. 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 (including the expertise required for these operations), production processes and distribution methods. The Company’s Chief Executive Officer and President was determined to be the Company’s chief operating decision maker (“CODM”). The CODM evaluates the performance of the Company’s business segments based on operating income. The CODM considered the Company’s actual operating income as compared to the operating income for (i) the relevant prior period actual results, (ii) budget and (iii) guidance on a monthly basis for purposes of evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Interest expense is primarily managed and evaluated on a consolidated basis. Accounting policies for each segment are the same as the Company’s accounting policies described in Note 2—Summary of Significant Accounting Policies. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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