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

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2022

The summarized operating results of the Company’s reportable segments are as follows:


	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
Depreciation		15,151		12,336		—		27,487
Impairment of property and equipment		—		203		—		203
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
Additions to property and equipment	$	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.


	Three Months Ended September 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	185,640		61,411		—		247,051
Revenue–third-party		—		1,651		—		1,651
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		176,369		54,665		—		231,034
Operating expenses:
Direct operating		19,813		26,835		—		46,648
General and administrative		9,890		2,425		1,272		13,587
Facility idling		—		865		—		865
Depreciation		21,177		13,029		—		34,206
Accretion of asset retirement obligations		—		50		—		50
Gain on asset sale		(2,056)		(36)		—		(2,092)
Total operating expenses		48,824		43,168		1,272		93,264
Operating income	$	127,545		11,497		(1,272)		137,770

Equity in earnings of unconsolidated affiliates	$	24,411		—		—		24,411
Additions to property and equipment, net	$	58,742		15,378		—		74,120

(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
Depreciation		44,268		36,688		—		80,956
Impairment of property and equipment		1,218		364		—		1,582
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
Additions to property and equipment	$	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.


	Nine Months Ended September 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	552,154		176,994		—		729,148
Revenue–third-party		—		2,288		—		2,288
Amortization of customer relationships		(27,814)		(25,190)		—		(53,004)
Total revenues		524,340		154,092		—		678,432
Operating expenses:
Direct operating		56,338		75,621		—		131,959
General and administrative		30,081		13,015		4,501		47,597
Facility idling		—		3,198		—		3,198
Depreciation		59,838		38,343		—		98,181
Impairment of property and equipment		1,130		2,572		—		3,702
Accretion of asset retirement obligations		—		178		—		178
Loss on settlement of asset retirement obligations		—		539		—		539
Gain on asset sale		(2,119)		(123)		—		(2,242)
Total operating expenses		145,268		133,343		4,501		283,112
Operating income	$	379,072		20,749		(4,501)		395,320

Equity in earnings of unconsolidated affiliates	$	70,467		—		—		70,467
Additions to property and equipment, net	$	190,407		45,747		—		236,154

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

The summarized total assets of the Company’s reportable segments are as follows:

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