Financial Analysis

(16) Contingencies The Company is currently involved in a consolidated lawsuit with Veolia Water Technologies, Inc. (Veolia) relating to the Clearwater Facility. On March 13, 2020, Antero Treatment, a wholly owned subsidiary of the Company, filed suit against Veolia in the district court of Denver County, Colorado (the Court), asserting claims of fraud, breach of contract and other related claims. Antero Treatment alleges that Veolia failed to meet its contractual obligations to design and build a turnkey wastewater disposal facility under a Design/Build Agreement dated August 18, 2015 (the DBA), and that Veolia fraudulently concealed certain miscalculations and design flaws during contract negotiations and continued to conceal and fraudulently misrepresent the impact of certain design changes post-execution of the DBA. On March 13, 2020, Veolia filed a separate suit against the Company, Antero Resources, and certain of the Companys wholly owned subsidiaries (collectively, the Antero Defendants) in Denver County, Colorado. In its lawsuit, Veolia asserted breach of contract and equitable claims against the Antero Defendants for alleged failures under the DBA. Veolias suit was consolidated into the action filed by Antero Treatment. Veolia and the Antero Defendants each filed partial motions to dismiss and motions for summary judgment directed at certain claims asserted by the opposing party. A bench trial on the remaining claims was held from January 24 through February 10, 202 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(9) Long-Term Debt Long-term debt consisted of the following items: December 31, (in thousands) 2024 2025 Credit Facility $ 484,300 5.75% senior notes due 2027 650,000 5.75% senior notes due 2028 650,000 650,000 5.375% senior notes due 2029 750,000 750,000 6.625% senior notes due 2032 600,000 600,000 5.75% senior notes due 2033 650,000 5.75% senior notes due 2034 600,000 Total principal 3,134,300 3,250,000 Unamortized debt premium 882 Unamortized debt issuance costs (18,224) (27,470) Total long-term debt $ 3,116,958 3,222,530 (a) Credit Facility On July 30, 2024, Antero Midstream Partners, an indirect, wholly owned subsidiary of Antero Midstream Corporation, as borrower (the Borrower), amended and restated its senior secured revolving credit facility with a syndicate of banks. Lender commitments under the Credit Facility were $ 1.25 billion as of December 31, 2024 and 2025, respectively. The Credit Facility matures on July 30, 2029; provided that if on the date that is 91 days prior to the stated maturity of any outstanding senior unsecured notes of the Borrower, including the 2028 Notes (as defined below) and the 2029 Notes (as defined below), the outstanding principal amount of such notes is greater than or equal to $50 million and the sum of (A) the outstanding principal amount of loans, undrawn letters of credit, and drawn but unreimbursed amounts with respect to letters of credit, in each case, then outstanding under the Credit Facility plus (B) (1) the outstanding princ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Year Ended December 31, (in thousands) 2023 2024 2025 Reportable segment / Type of service Gathering and Processing (1) Gatheringlow pressure $ 420,002 427,074 451,168 Gatheringlow pressure fee rebate (51,500) Compression 246,952 252,984 269,563 Gatheringhigh pressure 226,908 246,005 266,553 Amortization of customer relationships (37,086) (37,086) (37,086) Water Handling Fresh water delivery 164,641 149,072 154,498 Other fluid handling 105,440 101,730 117,316 Amortization of customer relationships (33,586) (33,586) (33,586) Total $ 1,041,771 1,106,193 1,188,426 Reportable segment / Type of contract Gathering and Processing (1) Per unit fixed fee $ 893,862 926,063 987,284 Gatheringlow pressure fee rebate (51,500) Amortization of customer relationships (37,086) (37,086) (37,086) Water Handling Per unit fixed fee 166,055 151,016 156,914 Cost plus 3% 81,125 69,095 77,202 Cost of service fee 22,901 30,691 37,698 Amortization of customer relationships (33,586) (33,586) (33,586) Total $ 1,041,771 1,106,193 1,188,426 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(11) Equity-Based Compensation (a) Summary of Equity-Based Compensation Effective March 12, 2019, the Board of Directors of Antero Midstream Corporation (the Board) adopted the Antero Midstream Corporation Long Term Incentive Plan under which awards may be granted to employees, directors, and other service providers of the Company and its affiliates. On June 5, 2024, that Companys stockholders approved the AM LTIP. This amendment increased the number of shares of the Companys common stock reserved for awards from 15,398,901 shares to 28,735,901 shares, and extended the term of the plan from March 12, 2029 to June 5, 2034. The AM LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), dividend equivalents, other stock-based awards, cash awards and substitute awards. The terms and conditions of the awards granted are established by the compensation committee of the Board. As of December 31, 2025, a total of 15,223,526 shares were available for future grant under the AM LTIP. The Companys equity-based compensation expense, by type of award, is as follows: Year Ended December 31, (in thousands) 2023 2024 2025 Restricted stock units $ 24,409 33,666 34,045 Performance share units 6,266 9,669 10,769 Equity awards issued to directors 931 997 1,144 Total expense $ 31,606 44,332 45,958 The total fair value of the Companys vested equity awards for the years ended December 31, 2023, 2024 and 2025 were $22 million, $37 mill …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(14) Fair Value Measurement The carrying values on the consolidated balance sheets of the Companys cash and cash equivalents, restricted cash, accounts receivableAntero Resources, accounts receivablethird party, other current assets, accounts payableAntero Resources, accounts payablethird party, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The carrying value of the amounts under the Credit Facility as of December 31, 2024 and 2025 approximated fair value because the variable interest rates are reflective of current market conditions. The fair value and carrying value of the Companys Senior Notes is as follows: December 31, 2024 December 31, 2025 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2027 Notes $ 646,750 648,082 2028 Notes 644,410 646,684 649,155 647,725 2029 Notes 730,425 744,516 750,000 745,620 2032 Notes 602,220 593,376 621,000 594,132 2033 Notes 653,250 642,525 2034 Notes 604,800 592,528 Total $ 2,623,805 2,632,658 3,278,205 3,222,530 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premium. The Company used an income approach to estimate the selling price less costs to sell of the Utica Shale Property and Equipment, which represents fair value of the Utica Shale Property and Equipment as of December 31, 2025. The selling price less costs to sell is based on significant inputs …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(4) Intangibles All customer relationships are subject to amortization and are amortized over a weighted-average period of 16 years, which reflects the remaining economic life of the relationships as of December 31, 2025. The Company recorded amortization expense of $71 million for each of the years ended December 31, 2023, 2024 and 2025. The carrying amount of customer relationships were as follows: December 31, (in thousands) 2024 2025 Gross carrying value of customer relationships $ 1,555,000 1,555,000 Accumulated amortization of customer relationships (410,241) (480,913) Customer relationships $ 1,144,759 1,074,087 Future amortization expense as of December 31, 2025 is as follows (in thousands): Year ending December 31, 2026 $ 70,672 Year ending December 31, 2027 70,672 Year ending December 31, 2028 70,672 Year ending December 31, 2029 70,672 Year ending December 31, 2030 70,672 Thereafter 720,727 Total $ 1,074,087 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(8) Income Taxes Income tax expense consisted of the following: Year Ended December 31, (in thousands) 2023 2024 2025 Current: State $ (6,377) 1,646 Current income tax expense (benefit) (6,377) 1,646 Deferred: U.S. federal 108,347 119,134 121,729 State 26,317 28,595 27,658 Deferred income tax expense 134,664 147,729 149,387 Total income tax expense $ 128,287 147,729 151,033 Income tax expense differs from the amount that would be computed by applying the U.S. statutory federal income tax rate of 21% to income before taxes as a result of the following: Year Ended December 31, 2023 2024 2025 (in thousands, except percentages) Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax $ 105,015 21.0 % $ 115,210 21.0 % $ 118,481 21.0 % State and local income tax expense, net of federal effect (1) 19,940 4.0 % 28,595 5.2 % 29,304 5.2 % Changes in valuation allowance % (1,917) (0.3) % 77 % Nontaxable or nondeductible items: Executive compensation 4,530 0.9 % 6,751 1.2 % 9,318 1.7 % Other (1,198) (0.2) % (910) (0.2) % (6,147) (1.1) % Total income tax expense / Effective tax rate $ 128,287 25.7 % $ 147,729 26.9 % $ 151,033 26.8 % (1) West Virginia made up the majority (greater than 50 percent) of the Companys state income tax expense, net of the federal effect for the years ended December 31, 2023, 2024 and 2025. Income taxes paid (refunded) consisted of the following: Year Ended December 31, (in thousands) 2023 2024 2025 U.S. federal income taxes $ (104) 2,000 We …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(q) Recently Adopted or Issued Accounting Standards Reportable Segments In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosures primarily through enhanced disclosure of reportable segment expenses. This ASU is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 in the 2024 Form 10-K, and it did not have a material impact on the Companys consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax (expense) benefit and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. This ASU is effective for annual reporting periods beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company adopted ASU 2023-09 retrospectively in this Annual Report on Form 10-K, and it did not have a material impact on the Companys consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(5) Transactions with Affiliates (a) Revenues Substantially all revenues earned during the years ended December 31, 2023, 2024 and 2025 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and compression services consist of lease income. (b) Accounts receivableAntero Resources and Accounts payableAntero Resources Accounts receivableAntero Resources represents amounts due from Antero Resources, primarily related to gathering and compression services and water handling services. Accounts payableAntero Resources represents amounts due to Antero Resources for general and administrative and other costs. (c) Allocation of Costs Charged by Antero Resources The employees supporting the Companys operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Company of $18 million, $20 million and $21 million during the years ended December 31, 2023, 2024 and 2025, respectively. These costs were for services provided by employees associated with the operation of the Companys gathering lines, compressor stations and water handling assets. For the years ended December 31, 2023, 2024 and 2025, general and administrative expense includes costs charged to the Company by Antero Resources of $ 29 million, $32 million and $33 million, respectively. These costs relate to: (i) various business services, including payroll processing, a …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(6) Revenue All of the Companys gathering and compression revenues are derived from operating lease agreements, and all of the Companys water handling revenues are derived from service contracts with customers. The Company earned substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Companys gathering and compression service agreements with Antero Resources include: (i) the 2019 gathering and compression agreement, (ii) the Marcellus gathering and compression agreement, (iii) the Utica compression agreement and (iv) the Mountaineer gathering and compression agreement. Pursuant to the gathering and compression agreements, Antero Resources has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to the Company for gathering and compression services. The 2019 gathering and compression agreement, Marcellus gathering and compression agreement and Mountaineer gathering and compression agreement have initial terms through 2038, 2031 and 2026, respectively, and the Utica compression agreement has one remaining acreage dedication that expires in 2030. Upon expiration of the Marcellus gathering and compression agreement, the Utica compression agreement and the Mountaineer gathering and compression agreement, the Company will continue to provide gathering and compression services under the 2019 gathering and compression agreement. The Company also has an option to gather and compress natural gas produc …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(17) Reportable Segments The Companys 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 Companys Chief Executive Officer and President was determined to be the Companys chief operating decision maker (CODM). The CODM evaluates the performance of the Companys business segments based on operating income. The CODM considered the Companys 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 Companys accounting policies described in Note 2Summary of Significant Accounting Policies to the consolidated financial statements. (a) Summary of Reportable Segments Gathering and Processing The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and proce …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(16) Contingencies The Company is currently involved in a consolidated lawsuit with Veolia Water Technologies, Inc. (Veolia) relating to the Clearwater Facility. On March 13, 2020, Antero Treatment LLC (Antero Treatment), a wholly owned subsidiary of the Company, filed suit against Veolia in the district court of Denver County, Colorado (the Court), asserting claims of fraud, breach of contract and other related claims. Antero Treatment alleges that Veolia failed to meet its contractual obligations to design and build a turnkey wastewater disposal facility under a Design/Build Agreement dated August 18, 2015 (the DBA), and that Veolia fraudulently concealed certain miscalculations and design flaws during contract negotiations and continued to conceal and fraudulently misrepresent the impact of certain design changes post-execution of the DBA. On March 13, 2020, Veolia filed a separate suit against the Company, Antero Resources, and certain of the Companys wholly owned subsidiaries (collectively, the Antero Defendants) in Denver County, Colorado. In its lawsuit, Veolia asserted breach of contract and equitable claims against the Antero Defendants for alleged failures under the DBA. Veolias suit was consolidated into the action filed by Antero Treatment. Veolia and the Antero Defendants each filed partial motions to dismiss and motions for summary judgment directed at certain claims asserted by the opposing party. A bench trial on the remaining claims was held from January 24 t …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(9) Long-Term Debt Long-term debt consisted of the following items: (Unaudited) December 31, June 30, (in thousands) 2025 2026 Credit Facility $ 341,900 5.75% senior notes due 2028 650,000 650,000 5.375% senior notes due 2029 750,000 750,000 6.625% senior notes due 2032 600,000 600,000 5.75% senior notes due 2033 650,000 650,000 5.75% senior notes due 2034 600,000 600,000 Total principal 3,250,000 3,591,900 Unamortized debt issuance costs (27,470) (25,721) Total long-term debt $ 3,222,530 3,566,179 (a) Credit Facility On July 30, 2024, Antero Midstream Partners, as borrower (the Borrower), amended and restated its senior secured revolving credit facility with a syndicate of banks (as amended by the First Amendment thereto, dated as of December 11, 2025, the Credit Facility). The Credit Facility is guaranteed on a secured basis by Antero Midstream LLC, Antero Treatment LLC, Antero Water LLC and Antero Midstream Finance Corporation (Finance Corp). Lender commitments under the Credit Facility were $1.25 billion as of December 31, 2025 and June 30, 2026, respectively. The Credit Facility matures on July 30, 2029; provided that if on the date that is 91 days prior to the stated maturity of any outstanding senior unsecured notes of the Borrower, including the 2028 Notes (as defined below) and the 2029 Notes (as defined below), the outstanding principal amount of such notes is greater than or equal to $50 million and the sum of (A) the outstanding principal amount of loans, undrawn …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2026 2025 2026 Reportable segment / Type of service Gathering and Processing (1) Gathering $ 113,890 137,734 222,895 263,490 Compression 68,017 72,476 133,091 142,921 High pressure gathering 66,994 61,297 130,932 127,390 Amortization of customer relationships (9,272) (13,784) (18,543) (26,168) Water Handling Fresh water delivery 39,066 33,182 80,275 66,501 Other fluid handling 35,173 45,357 64,744 85,165 Amortization of customer relationships (8,396) (9,018) (16,793) (17,844) Total $ 305,472 327,244 596,601 641,455 Reportable segment / Type of contract Gathering and Processing (1) Per unit fixed fee $ 248,901 264,807 486,918 523,229 Cost plus 3% 6,624 10,496 Cost of service fee 76 76 Amortization of customer relationships (9,272) (13,784) (18,543) (26,168) Water Handling Per unit fixed fee 39,531 33,182 81,246 66,812 Cost plus 3% 25,592 30,117 45,945 56,174 Cost of service fee 9,116 15,240 17,828 28,680 Amortization of customer relationships (8,396) (9,018) (16,793) (17,844) Total $ 305,472 327,244 596,601 641,455 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(11) Equity-Based Compensation (a) Summary of Equity-Based Compensation The Companys equity-based compensation includes costs related to its long term incentive plans. Antero Midstreams equity-based compensation expense is included in general and administrative expenses, and recorded as a credit to additional paid-in capital. On June 5, 2024, the Companys stockholders approved the Amended and Restated Antero Midstream Corporation Long Term Incentive Plan (the AM LTIP). The AM LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), dividend equivalents, other stock-based awards, cash awards and substitute awards. The terms and conditions of the awards granted are established by the compensation committee of the Board. As of June 30, 2026, a total of 14,470,348 shares were available for future grant under the AM LTIP. The Companys equity-based compensation expense, by type of award, is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2026 2025 2026 Restricted stock units $ 8,518 8,148 17,745 15,893 Performance share units 2,604 2,366 5,505 4,886 Equity awards issued to directors 285 314 559 628 Total expense $ 11,407 10,828 23,809 21,407 (b) Restricted Stock Unit Awards A summary of the RSU awards activity is as follows: Weighted Average Number Grant Date of Units Fair Value Total awarded and unvestedDecember 31, 2025 4,487,368 $ 14.20 Granted 1,514,696 22.97 Vested (2,370,747 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(14) Fair Value Measurement (a) Senior Unsecured Notes The fair value and carrying value of the Companys Senior Notes is as follows: (Unaudited) December 31, 2025 June 30, 2026 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2028 Notes $ 649,155 647,725 650,910 648,269 2029 Notes 750,000 745,620 747,900 746,196 2032 Notes 621,000 594,132 611,820 594,529 2033 Notes 653,250 642,525 643,955 642,912 2034 Notes 604,800 592,528 591,540 592,373 Total $ 3,278,205 3,222,530 3,246,125 3,224,279 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs. (b) Other Assets and Liabilities The carrying values on the condensed consolidated balance sheets of the Companys cash and cash equivalents, restricted cash, accounts receivableAntero Resources, accounts receivablethird party, other current assets, accounts payableAntero Resources, accounts payablethird party, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The carrying value of the amounts under the Credit Facility as of December 31, 2025 and June 30, 2026 approximated fair value because the variable interest rates are reflective of current market conditions. (c) HG Acquisition The HG Acquisition was accounted for under the acquisition method of accounting, and as such, the Company estimated the fair value of assets acquired and liabilities assumed as of the Closing Date …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(4) Intangibles All customer relationships are subject to amortization and are amortized over a weighted average period of 21 years, which reflects the remaining economic life of the relationships as of June 30, 2026. The carrying amount of customer relationships were as follows: (Unaudited) December 31, June 30, (in thousands) 2025 2026 Gross carrying value of customer relationships $ 1,555,000 2,177,148 Accumulated amortization of customer relationships (480,913) (524,925) Customer relationships $ 1,074,087 1,652,223 Future amortization expense as of June 30, 2026 is as follows (in thousands): Remainder of year ending December 31, 2026 $ 45,747 Year ending December 31, 2027 91,495 Year ending December 31, 2028 91,495 Year ending December 31, 2029 91,495 Year ending December 31, 2030 91,495 Thereafter 1,240,496 Total $ 1,652,223 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(d) Recently Issued Accounting Standard In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Companys election. The Company is evaluating the impact that ASU 2024-03 will have on the financial statements and its plans for adoption, including its transition method and adoption date . …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(5) Transactions with Affiliates (a) Revenues Substantially all revenues earned during the three and six months ended June 30, 2025 and 2026 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and compression services consist of lease income. (b) Accounts receivableAntero Resources and Accounts payableAntero Resources Accounts receivableAntero Resources represents amounts due from Antero Resources, primarily related to gathering and compression services and water handling services and cash consideration for the HG Acquisition. Accounts payableAntero Resources represents amounts due to Antero Resources for general and administrative and other costs. (c) Allocation of Costs Charged by Antero Resources The employees supporting the Companys operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Company of $5 million and $6 million during the three months ended June 30, 2025 and 2026, and $10 million and $11 million during the six months ended June 30, 2025 and 2026, respectively. These costs were for services provided by employees associated with the operation of the Companys gathering lines, centralized compressor stations and water handling assets. General and administrative expense includes costs charged to the Company by Antero Resources of $8 million and $7 million during the three months ended June 30, 20 …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(6) Revenue All of the Companys gathering and compression revenues are derived from operating lease agreements, and all of the Companys water handling revenues are derived from service contracts with customers. The Company earned substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Companys gathering and compression service agreements with Antero Resources include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019, including the updates agreed to in principle as it relates to the HG Acquisition (the 2019 gathering and compression agreement), (ii) a gathering and compression agreement acquired with the Crestwood Equity Partners LP (Crestwood) assets (the Marcellus gathering and compression agreement), and (iii) a gathering and compression agreement acquired with the Summit Midstream Partners, LP (NYSE: SMLP) (Summit) assets (the Mountaineer gathering and compression agreement). The Company also had a compression agreement acquired with the EnLink Midstream LLC (NYSE: ENLC) (EnLink) assets that was divested at the closing of the Utica Shale Divestiture on February 23, 2026 (the Utica compression agreement and together with the 2019 gathering and compression agreement, the Marcellus gathering and compression agreement and the Mountaineer gathering and compression agreement, the gathering and compression agreements). Pursuant to the gathering and compression agreements, Antero Resources has dedicat …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(17) Reportable Segments The Companys operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling. The summarized operating results of the Companys reportable segments are as follows: Three Months Ended June 30, 2025 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: RevenueAntero Resources $ 248,901 73,773 322,674 Revenuethird-party 466 466 Amortization of customer relationships (9,272) (8,396) (17,668) Total revenues 239,629 65,843 305,472 Operating expenses: Direct operating 25,662 37,452 63,114 General and administrative (excluding equity-based compensation) 5,132 3,996 1,590 10,718 Equity-based compensation 7,229 3,893 285 11,407 Facility idling 375 375 Depreciation 19,336 14,028 33,364 Other (2) 50 50 Total operating expenses 57,359 59,794 1,875 119,028 Operating income $ 182,270 6,049 (1,875) 186,444 Equity in earnings of unconsolidated affiliates $ 30,016 30,016 Additions to property and equipment $ 21,013 15,721 36,734 (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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing