Antero Midstream Corp Segments Disclosure
(17) 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 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 process production from Antero Resources’ wells in West Virginia and Ohio. The gathering and processing segment also includes equity in earnings from the Company’s investments in the Joint Venture and Stonewall.
Water Handling
The Company’s water handling segment includes two independent systems that deliver water from sources including the Ohio River, local reservoirs and several regional waterways. Portions of these water handling systems are also utilized to transport flowback and produced water. The water handling systems consist of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, blending facilities and impoundments to transport water throughout the systems used to deliver water for well completions.
(b)Reportable Segments Financial Information
The summarized operating results of the Company’s reportable segments are as follows:
Year Ended December 31, 2023 | |||||||||||||
Gathering and | Water | Consolidated | |||||||||||
(in thousands) | | Processing | | Handling | | Unallocated (1) | Total |
| |||||
Revenues: | |||||||||||||
Revenue–Antero Resources | $ | 842,362 | 268,667 | — | 1,111,029 | ||||||||
Revenue–third-party | — | 1,414 | — | 1,414 | |||||||||
Amortization of customer relationships | (37,086) | (33,586) | — | (70,672) | |||||||||
Total revenues | 805,276 | 236,495 | — | 1,041,771 | |||||||||
Operating expenses: | |||||||||||||
Direct operating | 95,507 | 117,658 | — | 213,165 | |||||||||
General and administrative (excluding equity-based compensation) | 22,532 | 12,497 | 4,433 | 39,462 | |||||||||
Equity-based compensation | 23,313 | 7,362 | 931 | 31,606 | |||||||||
Facility idling | — | 2,459 | — | 2,459 | |||||||||
Depreciation | 83,409 | 52,650 | — | 136,059 | |||||||||
Impairment of property and equipment | 133 | 13 | — | 146 | |||||||||
Other (2) | 6,039 | 973 | — | 7,012 | |||||||||
Total operating expenses | 230,933 | 193,612 | 5,364 | 429,909 | |||||||||
Operating income | $ | 574,343 | 42,883 | (5,364) | 611,862 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 105,456 | — | — | 105,456 | ||||||||
Additions to property and equipment | $ | 130,305 | 53,428 | — | 183,733 | ||||||||
(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 sale of assets, as applicable, which represent segment operating expenses that are not considered significant. |
Year Ended December 31, 2024 | |||||||||||||
Gathering and | Water | Consolidated | |||||||||||
(in thousands) | | Processing | | Handling | | Unallocated (1) | Total |
| |||||
Revenues: | |||||||||||||
Revenue–Antero Resources | $ | 926,063 | 248,858 | — | 1,174,921 | ||||||||
Revenue–third-party | — | 1,944 | — | 1,944 | |||||||||
Amortization of customer relationships | (37,086) | (33,586) | — | (70,672) | |||||||||
Total revenues | 888,977 | 217,216 | — | 1,106,193 | |||||||||
Operating expenses: | |||||||||||||
Direct operating | 103,053 | 114,923 | — | 217,976 | |||||||||
General and administrative (excluding equity-based compensation) | 28,814 | 8,279 | 4,661 | 41,754 | |||||||||
Equity-based compensation | 35,535 | 7,800 | 997 | 44,332 | |||||||||
Facility idling | — | 1,721 | — | 1,721 | |||||||||
Depreciation | 84,398 | 55,602 | — | 140,000 | |||||||||
Impairment of property and equipment | 332 | — | — | 332 | |||||||||
Other (2) | — | 912 | — | 912 | |||||||||
Total operating expenses | 252,132 | 189,237 | 5,658 | 447,027 | |||||||||
Operating income | $ | 636,845 | 27,979 | (5,658) | 659,166 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 110,573 | — | — | 110,573 | ||||||||
Additions to property and equipment | $ | 141,832 | 30,515 | — | 172,347 | ||||||||
| (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 sale of assets, as applicable, which represent segment operating expenses that are not considered significant. |
Year Ended December 31, 2025 | |||||||||||||
Gathering and | Water | Consolidated | |||||||||||
(in thousands) | | Processing | | Handling | | Unallocated (1) | Total |
| |||||
Revenues: | |||||||||||||
Revenue–Antero Resources | $ | 987,284 | 269,399 | — | 1,256,683 | ||||||||
Revenue–third-party | — | 2,415 | — | 2,415 | |||||||||
Amortization of customer relationships | (37,086) | (33,586) | — | (70,672) | |||||||||
Total revenues | 950,198 | 238,228 | — | 1,188,426 | |||||||||
Operating expenses: | |||||||||||||
Direct operating | 107,846 | 124,064 | — | 231,910 | |||||||||
General and administrative (excluding equity-based compensation) | 21,394 | 14,879 | 5,703 | 41,976 | |||||||||
Equity-based compensation | 30,025 | 14,789 | 1,144 | 45,958 | |||||||||
Facility idling | — | 1,801 | — | 1,801 | |||||||||
Depreciation | 76,559 | 57,751 | — | 134,310 | |||||||||
Impairment of property and equipment | — | 984 | — | 984 | |||||||||
Loss on long-lived assets | 82,960 | 3,666 | — | 86,626 | |||||||||
Other (2) | — | 192 | — | 192 | |||||||||
Total operating expenses | 318,784 | 218,126 | 6,847 | 543,757 | |||||||||
Operating income | $ | 631,414 | 20,102 | (6,847) | 644,669 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 116,439 | — | — | 116,439 | ||||||||
Additions to property and equipment | $ | 91,533 | 70,722 | — | 162,255 | ||||||||
(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 sale of assets, 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:
Year ended 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 | |||||||||
Year Ended December 31, 2025 | |||||||||||||
Gathering and | Water | Consolidated | |||||||||||
(in thousands) | | Processing | | Handling | | Unallocated (1) | Total | ||||||
Investments in unconsolidated affiliates | $ | 585,778 | — | — | 585,778 | ||||||||
Total assets | 4,651,002 | 968,282 | 264,832 | 5,884,116 | |||||||||
(1) | Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 12, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.