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:
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Three Months Ended September 30, 2021 |
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Gathering and |
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Water |
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Consolidated |
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(in thousands) |
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Processing |
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Handling |
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Unallocated (1) |
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Total |
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Revenues: |
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Revenue–Antero Resources |
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$ |
188,716 |
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53,511 |
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— |
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242,227 |
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Revenue–third-party |
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— |
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245 |
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— |
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245 |
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Amortization of customer relationships |
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(9,271) |
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(8,397) |
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— |
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(17,668) |
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Total revenues |
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179,445 |
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45,359 |
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— |
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224,804 |
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Operating expenses: |
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Direct operating |
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16,161 |
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23,338 |
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— |
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39,499 |
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General and administrative |
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9,076 |
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4,554 |
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1,180 |
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14,810 |
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Facility idling |
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— |
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870 |
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— |
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870 |
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Depreciation |
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15,151 |
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12,336 |
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— |
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27,487 |
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Impairment of property and equipment |
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— |
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203 |
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— |
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203 |
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Accretion of asset retirement obligations |
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— |
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114 |
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— |
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114 |
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Total operating expenses |
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40,388 |
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41,415 |
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1,180 |
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82,983 |
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Operating income |
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$ |
139,057 |
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3,944 |
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(1,180) |
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141,821 |
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Equity in earnings of unconsolidated affiliates |
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$ |
24,088 |
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— |
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— |
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24,088 |
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Additions to property and equipment |
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$ |
69,069 |
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13,514 |
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— |
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82,583 |
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(1) |
Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
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Three Months Ended September 30, 2022 |
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Gathering and |
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Water |
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Consolidated |
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(in thousands) |
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Processing |
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Handling |
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Unallocated (1) |
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Total |
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Revenues: |
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Revenue–Antero Resources |
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$ |
185,640 |
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61,411 |
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— |
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247,051 |
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Revenue–third-party |
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— |
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1,651 |
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— |
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1,651 |
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Amortization of customer relationships |
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(9,271) |
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(8,397) |
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— |
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(17,668) |
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Total revenues |
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176,369 |
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54,665 |
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— |
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231,034 |
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Operating expenses: |
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Direct operating |
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19,813 |
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26,835 |
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— |
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46,648 |
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General and administrative |
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9,890 |
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2,425 |
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1,272 |
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13,587 |
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Facility idling |
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— |
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865 |
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— |
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|
865 |
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Depreciation |
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21,177 |
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13,029 |
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— |
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34,206 |
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Accretion of asset retirement obligations |
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— |
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50 |
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— |
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50 |
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Gain on asset sale |
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(2,056) |
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(36) |
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— |
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(2,092) |
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Total operating expenses |
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48,824 |
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43,168 |
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1,272 |
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93,264 |
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Operating income |
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$ |
127,545 |
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11,497 |
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(1,272) |
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137,770 |
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Equity in earnings of unconsolidated affiliates |
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$ |
24,411 |
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— |
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— |
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24,411 |
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Additions to property and equipment, net |
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$ |
58,742 |
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15,378 |
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— |
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74,120 |
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(1) |
Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
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Nine Months Ended September 30, 2021 |
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Gathering and |
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Water |
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Consolidated |
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(in thousands) |
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Processing |
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Handling |
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Unallocated (1) |
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Total |
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Revenues: |
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Revenue–Antero Resources |
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$ |
566,544 |
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167,832 |
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— |
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734,376 |
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Revenue–third-party |
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— |
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340 |
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— |
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340 |
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Amortization of customer relationships |
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(27,813) |
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(25,191) |
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— |
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(53,004) |
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Total revenues |
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538,731 |
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142,981 |
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— |
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681,712 |
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Operating expenses: |
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Direct operating |
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50,409 |
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67,959 |
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— |
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118,368 |
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General and administrative |
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26,459 |
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17,107 |
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3,425 |
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46,991 |
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Facility idling |
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— |
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3,033 |
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— |
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3,033 |
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Depreciation |
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44,268 |
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36,688 |
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— |
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80,956 |
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Impairment of property and equipment |
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1,218 |
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364 |
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— |
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1,582 |
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Accretion of asset retirement obligations |
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— |
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|
347 |
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— |
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|
347 |
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Loss on asset sale |
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3,628 |
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— |
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— |
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3,628 |
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Total operating expenses |
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125,982 |
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125,498 |
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3,425 |
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254,905 |
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Operating income |
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$ |
412,749 |
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17,483 |
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(3,425) |
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426,807 |
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Equity in earnings of unconsolidated affiliates |
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$ |
66,347 |
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— |
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— |
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66,347 |
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Additions to property and equipment |
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$ |
120,727 |
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|
36,221 |
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— |
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|
156,948 |
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(1) |
Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
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Nine Months Ended September 30, 2022 |
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Gathering and |
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Water |
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Consolidated |
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(in thousands) |
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Processing |
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Handling |
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Unallocated (1) |
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Total |
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Revenues: |
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Revenue–Antero Resources |
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$ |
552,154 |
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176,994 |
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— |
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729,148 |
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Revenue–third-party |
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— |
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2,288 |
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— |
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2,288 |
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Amortization of customer relationships |
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(27,814) |
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(25,190) |
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— |
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(53,004) |
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Total revenues |
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524,340 |
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154,092 |
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— |
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678,432 |
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Operating expenses: |
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Direct operating |
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56,338 |
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75,621 |
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— |
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131,959 |
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General and administrative |
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30,081 |
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13,015 |
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4,501 |
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47,597 |
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Facility idling |
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— |
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|
3,198 |
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— |
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3,198 |
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Depreciation |
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59,838 |
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38,343 |
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— |
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|
98,181 |
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Impairment of property and equipment |
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1,130 |
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2,572 |
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— |
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3,702 |
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Accretion of asset retirement obligations |
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— |
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|
178 |
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— |
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|
178 |
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Loss on settlement of asset retirement obligations |
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— |
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|
539 |
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— |
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|
539 |
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Gain on asset sale |
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(2,119) |
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(123) |
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— |
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(2,242) |
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Total operating expenses |
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145,268 |
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133,343 |
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4,501 |
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283,112 |
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Operating income |
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$ |
379,072 |
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20,749 |
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(4,501) |
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395,320 |
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Equity in earnings of unconsolidated affiliates |
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$ |
70,467 |
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— |
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— |
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70,467 |
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Additions to property and equipment, net |
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$ |
190,407 |
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|
45,747 |
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— |
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|
236,154 |
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(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:
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(Unaudited) |
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December 31, |
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September 30, |
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(in thousands) |
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2021 |
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2022 |
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Gathering and Processing |
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$ |
4,450,939 |
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4,489,750 |
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Water Handling |
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1,092,122 |
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1,073,000 |
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Unallocated (1) |
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|
940 |
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|
1,071 |
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Total assets |
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$ |
5,544,001 |
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5,563,821 |
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(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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