Antero Midstream Corporation Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2021


	Three Months Ended September 30, 2020
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	190,214		61,001		—		251,215
Amortization of customer relationships		(9,342)		(8,458)		—		(17,800)
Total revenues		180,872		52,543		—		233,415
Operating expenses:
Direct operating		16,078		21,974		—		38,052
General and administrative		8,137		3,100		1,995		13,232
Facility idling		—		2,527		—		2,527
Impairment of property and equipment		947		—		—		947
Depreciation		14,900		11,901		—		26,801
Accretion of asset retirement obligations		—		39		—		39
Total operating expenses		40,062		39,541		1,995		81,598
Operating income	$	140,810		13,002		(1,995)		151,817

Equity in earnings of unconsolidated affiliates	$	23,173		—		—		23,173
Total assets	$	4,383,313		1,146,687		143,504		5,673,504
Additions to property and equipment	$	34,041		7,810		—		41,851

(1)	Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.


	Three Months Ended September 30, 2021
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	188,716		53,511		—		242,227
Revenue–third-party		—		245		—		245
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		179,445		45,359		—		224,804
Operating expenses:
Direct operating		16,161		23,338		—		39,499
General and administrative		9,076		4,554		1,180		14,810
Facility idling		—		870		—		870
Impairment of property and equipment		—		203		—		203
Depreciation		15,151		12,336		—		27,487
Accretion of asset retirement obligations		—		114		—		114
Total operating expenses		40,388		41,415		1,180		82,983
Operating income	$	139,057		3,944		(1,180)		141,821

Equity in earnings of unconsolidated affiliates	$	24,088		—		—		24,088
Total assets	$	4,416,828		1,100,884		15,921		5,533,633
Additions to property and equipment, net	$	69,069		13,514		—		82,583

(1)	Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.


	Nine Months Ended September 30, 2020
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	527,334		222,536		—		749,870
Amortization of customer relationships		(27,819)		(25,192)		—		(53,011)
Total revenues		499,515		197,344		—		696,859
Operating expenses:
Direct operating		43,528		85,319		—		128,847
General and administrative		23,420		9,685		6,086		39,191
Facility idling		—		13,680		—		13,680
Impairment of goodwill		575,461		—		—		575,461
Impairment of property and equipment		947		89,083		—		90,030
Depreciation		42,356		39,533		—		81,889
Accretion of asset retirement obligations		—		142		—		142
Loss on asset sale		—		240		—		240
Total operating expenses		685,712		237,682		6,086		929,480
Operating loss	$	(186,197)		(40,338)		(6,086)		(232,621)

Equity in earnings of unconsolidated affiliates	$	63,197		—		—		63,197
Total assets	$	4,383,313		1,146,687		143,504		5,673,504
Additions to property and equipment	$	137,978		27,287		—		165,265

(1)	Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.


	Nine Months Ended September 30, 2021
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	566,544		167,832		—		734,376
Revenue–third-party		—		340		—		340
Amortization of customer relationships		(27,813)		(25,191)		—		(53,004)
Total revenues		538,731		142,981		—		681,712
Operating expenses:
Direct operating		50,409		67,959		—		118,368
General and administrative		26,459		17,107		3,425		46,991
Facility idling		—		3,033		—		3,033
Impairment of property and equipment		1,218		364		—		1,582
Depreciation		44,268		36,688		—		80,956
Accretion of asset retirement obligations		—		347		—		347
Loss on asset sale		3,628		—		—		3,628
Total operating expenses		125,982		125,498		3,425		254,905
Operating income	$	412,749		17,483		(3,425)		426,807

Equity in earnings of unconsolidated affiliates	$	66,347		—		—		66,347
Total assets	$	4,416,828		1,100,884		15,921		5,533,633
Additions to property and equipment, net	$	120,727		36,221		—		156,948

(1)	Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis.