Antero Midstream (AM) 10-Q24 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38075
Entity Registrant Name	ANTERO MIDSTREAM CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1748605
Entity Address, Address Line One	1615 Wynkoop Street
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	357-7310
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	AM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		481,241
Entity Central Index Key	0001623925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,088	$ 66
Other current assets	1,811	1,500
Total current assets	133,688	91,128
Property and equipment, net	3,788,559	3,793,523
Investments in unconsolidated affiliates	619,220	626,650
Customer relationships	1,197,763	1,215,431
Other assets, net	10,011	10,886
Total assets	5,749,241	5,737,618
Current liabilities:
Accrued liabilities	82,044	80,630
Other current liabilities	876	831
Total current liabilities	107,319	96,417
Long-term liabilities:
Long-term debt	3,174,873	3,213,216
Deferred income tax liability, net	302,366	265,879
Other	14,304	10,375
Total liabilities	3,598,862	3,585,887
Stockholders' Equity:
Preferred stock
Common stock, $0.01 par value; 2,000,000 authorized; 479,713 and 480,328 issued and outstanding as of December 31, 2023 and March 31, 2024, respectively	4,803	4,797
Additional paid-in capital	2,041,650	2,046,487
Retained earnings	103,926	100,447
Total stockholders' equity	2,150,379	2,151,731
Total liabilities and stockholders' equity	5,749,241	5,737,618
Affiliated Entity
Current assets:
Accounts receivable	104,766	88,610
Current liabilities:
Accounts payable	11,445	4,457
Nonrelated Party
Current assets:
Accounts receivable	1,023	952
Current liabilities:
Accounts payable	12,954	10,499
Series A Preferred Stock
Stockholders' Equity:
Preferred stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	2,000,000,000	2,000,000,000
Common stock, shares issued	480,328,000	479,713,000
Common stock, shares outstanding	480,328,000	479,713,000
Series A Preferred Stock
Preferred stock, authorized shares	12,000	12,000
Preferred stock, shares issued	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Amortization of customer relationships	$ (17,668)	$ (17,668)
Total revenue	279,051	259,475
Operating expenses:
Direct operating	53,918	57,873
General and administrative (including $6,327 and $9,327 of equity-based compensation in 2023 and 2024, respectively)	21,221	17,347
Facility idling	522	574
Depreciation	37,095	35,196
Accretion of asset retirement obligations	44	44
Loss on settlement of asset retirement obligations		341
Gain on asset sale		(245)
Total operating expenses	112,800	111,130
Operating income	166,251	148,345
Other income (expense):
Interest expense, net	(53,308)	(54,624)
Equity in earnings of unconsolidated affiliates	27,530	24,456
Loss on early extinguishment of debt	(59)
Total other expense	(25,837)	(30,168)
Income before income taxes	140,414	118,177
Income tax expense	(36,488)	(31,670)
Net income and comprehensive income	$ 103,926	$ 86,507
Net income per share-basic (in dollars per share)	$ 0.22	$ 0.18
Net income per share-diluted (in dollars per share)	$ 0.21	$ 0.18
Weighted average common shares outstanding:
Basic (in shares)	479,897	478,612
Diluted (in shares)	484,303	481,459
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Total operating revenues	$ 227,593	$ 199,576
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Total operating revenues	68,455	77,295
Natural Gas Water Handling and Treatment
Revenue:
Total operating revenues	$ 671	$ 272

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Operations and Comprehensive Income
Equity-based compensation	$ 9,327	$ 6,327

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 4,785	$ 2,104,740	$ 82,793	$ 2,192,318
Balance (shares) at Dec. 31, 2022	478,497
Dividends to stockholders		(25,709)	(82,793)	(108,502)
Equity-based compensation		6,327		6,327
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 1	(1,167)		(1,166)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	148
Net income and comprehensive income			86,507	86,507
Balance at Mar. 31, 2023	$ 4,786	2,084,191	86,507	2,175,484
Balance (shares) at Mar. 31, 2023	478,645
Balance at Dec. 31, 2023	$ 4,797	2,046,487	100,447	$ 2,151,731
Balance (shares) at Dec. 31, 2023	479,713			479,713
Dividends to stockholders		(8,542)	(100,447)	$ (108,989)
Equity-based compensation		9,327		9,327
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 6	(5,622)		(5,616)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	615
Net income and comprehensive income			103,926	103,926
Balance at Mar. 31, 2024	$ 4,803	$ 2,041,650	$ 103,926	$ 2,150,379
Balance (shares) at Mar. 31, 2024	480,328			480,328

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows provided by (used in) operating activities:
Net income	$ 103,926	$ 86,507
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	37,095	35,196
Accretion of asset retirement obligations	44	44
Deferred income tax expense	36,488	31,670
Equity-based compensation	9,327	6,327
Equity in earnings of unconsolidated affiliates	(27,530)	(24,456)
Distributions from unconsolidated affiliates	34,960	34,105
Amortization of customer relationships	17,668	17,668
Amortization of deferred financing costs	1,655	1,474
Settlement of asset retirement obligations	(164)	(158)
Loss on settlement of asset retirement obligations		341
Gain on asset sale		(245)
Loss on early extinguishment of debt	59
Changes in assets and liabilities:
Accounts receivable-Antero Resources	(16,156)	(9,207)
Accounts receivable-third party	103	431
Other current assets	(189)	(520)
Accounts payable-Antero Resources	716	(660)
Accounts payable-third party	2,346	2,061
Accrued liabilities	10,213	2,141
Net cash provided by operating activities	210,561	182,719
Cash flows provided by (used in) investing activities:
Acquisition of gathering systems and facilities	(2,048)	(263)
Cash received in asset sale		1,071
Change in other assets	(2)	(2)
Net cash used in investing activities	(37,123)	(42,151)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders	(107,918)	(108,364)
Dividends to preferred stockholders	(138)	(138)
Issuance of Senior Notes	600,000
Redemption of Senior Notes	(2,147)
Payments of deferred financing costs	(7,082)
Borrowings on Credit Facility	245,100	248,000
Repayments on Credit Facility	(875,200)	(278,900)
Employee tax withholding for settlement of equity compensation awards	(31)	(1,166)
Net cash used in financing activities	(147,416)	(140,568)
Net increase in cash and cash equivalents	26,022
Cash and cash equivalents, beginning of period	66
Cash and cash equivalents, end of period	26,088
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	42,067	50,340
Decrease in accrued capital expenditures and accounts payable for property and equipment	(5,301)	(9,354)
Gathering systems and facilities
Cash flows provided by (used in) investing activities:
Additions	(27,723)	(29,197)
Water handling systems
Cash flows provided by (used in) investing activities:
Additions	$ (7,350)	$ (13,760)

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization
Organization	(1 ) Organization Antero Midstream Corporation together with its consolidated subsidiaries (the “Company” or “Antero Midstream”) is a growth-oriented midstream company formed to own, operate and develop midstream energy infrastructure primarily to service Antero Resources and its production and completion activity in the Appalachian Basin. The Company’s assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants and water handling assets. Antero Midstream provides midstream services to Antero Resources under long-term contracts. The Company’s corporate headquarters is located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2023 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The Company’s December 31, 2023 consolidated financial statements were included in the Company’s 2023 Annual Report on Form 10-K, which was filed with the SEC. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2023 and March 31, 2024, and the results of operations and cash flows for the three months ended March 31, 2023 and 2024. The Company has no items of other comprehensive income or loss; therefore, net income is equal to comprehensive income. Certain costs of doing business incurred and charged to the Company by Antero Resources have been reflected in the accompanying unaudited condensed consolidated financial statements. These costs include general and administrative expenses provided to the Company by Antero Resources in exchange for: ● business services, such as payroll, accounts payable and facilities management; ● corporate services, such as finance and accounting, legal, human resources, investor relations and public and regulatory policy; and ● employee compensation, including equity-based compensation. Transactions between the Company and Antero Resources have been identified in the unaudited condensed consolidated financial statements (see Note 4—Transactions with Affiliates). (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Midstream Corporation and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. (c) Recently Issued Accounting Standards Reportable Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Early adoption is permitted. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact that ASU 2023-07 will have on the financial statements and its plans for adoption, including the adoption date. 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, although early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the financial statements and its plans for adoption, including the adoption date and transition method .

Intangibles

Intangibles	3 Months Ended
Intangibles	Mar. 31, 2024
Intangibles
Intangibles	(3) Intangibles All customer relationships are subject to amortization and are amortized over a weighted average period of 18 years, which reflects the remaining economic life of the relationships as of March 31, 2024. (Unaudited) December 31, March 31, (in thousands) 2023 2024 Gross carrying value of customer relationships $ 1,555,000 1,555,000 Accumulated amortization of customer relationships (339,569) (357,237) Customer relationships $ 1,215,431 1,197,763 Future amortization expense as of March 31, 2024 is as follows (in thousands): Remainder of year ending December 31, 2024 $ 53,004 Year ending December 31, 2025 70,672 Year ending December 31, 2026 70,672 Year ending December 31, 2027 70,672 Year ending December 31, 2028 70,672 Thereafter 862,071 Total $ 1,197,763

Transactions with Affiliates

Transactions with Affiliates	3 Months Ended
Transactions with Affiliates	Mar. 31, 2024
Transactions with Affiliates
Transactions with Affiliates	(4) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three months ended March 31, 2023 and 2024 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 receivable—Antero Resources and Accounts payable—Antero Resources Accounts receivable—Antero Resources represents amounts due from Antero Resources, primarily related to gathering and compression services and water handling services. Accounts payable—Antero 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 Company’s operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Company of 31, 2023 and 2024, respectively. These costs were for services provided by employees associated with the operation of the Company’s gathering lines, compressor stations and water handling assets. General and administrative expense includes costs charged to the Company by Antero Resources of 31, 2023 and 2024. These costs relate to (i) various business services, including payroll processing, accounts payable processing and facilities management, (ii) various corporate services, including legal, accounting, treasury, information technology and human resources and (iii) compensation. These expenses are charged to the Company based on the nature of the expenses and are apportioned based on a combination of the Company’s proportionate share of gross property and equipment, capital expenditures and labor costs, as applicable. The Company reimburses Antero Resources directly for all general and administrative costs charged to it.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue
Revenue	(5) Revenue All of the Company’s gathering and compression revenues are derived from operating lease agreements, and all of the Company’s water handling revenues are derived from service contracts with customers. The Company currently earns substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Company’s gathering and compression service agreements with Antero Resources include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) a gathering and compression agreement acquired with the Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) assets (the “Marcellus gathering and compression agreement”) and (iii) a compression agreement acquired with the EnLink Midstream LLC (NYSE: ENLC) (“EnLink”) assets (the “Utica compression agreement,” and together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreement, the “gathering and compression agreements”). The 2019 gathering and compression agreement and Marcellus gathering and compression agreement have initial terms through 2038 and 2031, respectively, and the Utica compression agreement has dedicated areas that expire in 2024 and 2030. Upon expiration of the Marcellus gathering and compression agreement and the Utica compression agreement, the Company will continue to provide gathering and compression services under the 2019 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 Company also has an option to gather and compress natural gas produced by Antero Resources on any additional undedicated acreage it acquires during the term of the 2019 gathering and compression agreement outside of West Virginia, Ohio and Pennsylvania on the same terms and conditions as the 2019 gathering and compression agreement. Upon completion of the initial contract term in 2038, the 2019 gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the The 2019 gathering and compression agreement included a growth incentive fee program whereby low pressure gathering fees were reduced from 2020 through 2023 to the extent Antero Resources achieved certain quarterly volumetric targets during such time. Antero Resources’ throughput gathered under the Marcellus gathering and compression agreement was not considered in low pressure gathering volume targets. For the three months ended March 31, 2023, Antero Resources earned a rebate of $12 million from the Company by achieving the first level volumetric target during the first quarter of 2023. Under the gathering and compression agreements, the Company receives, where applicable, a low pressure gathering fee, a high pressure gathering fee and a compression fee, substantially all of which are subject to annual Consumer Price Index (“CPI”)-based adjustments (or, in the case of the 2019 gathering and compression agreement, the option in certain cases to elect a cost of service fee when such assets are placed in-service). In addition, under the 2019 gathering and compression agreement, the Company receives a reimbursement for certain variable costs, such as electricity and operating expenses. The Company determined that its gathering and compression agreements are operating leases as Antero Resources obtains substantially all of the economic benefit of the assets and has the right to direct the use of the assets. Each gathering and compression system is an identifiable asset, and consists of a network of assets that may include underground low pressure pipelines that connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each compression system is an identifiable asset, and consists of a network of assets that include compressor stations that connect to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each set of assets in an agreement is considered to be a single lease due to the interrelated network of the assets required to provide services under each respective agreement. When a modification to an agreement occurs, the Company reassesses the classification of the lease. The Company accounts for its lease and non-lease components as a single lease component as the lease component is the predominant component. The non-lease components consist of operating, oversight and maintenance of the gathering systems, which are performed on time-elapsed measures. The 2019 gathering and compression agreement and the Marcellus gathering and compression agreement include certain fixed fee provisions. If and to the extent Antero Resources requests that the Company construct new low pressure lines, high pressure lines and/or compressor stations, the 2019 gathering and compression agreement contains options at the Company’s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for , which election is made individually for each piece of equipment placed in service. In addition, the Marcellus gathering and compression agreement provides for a minimum volume commitment that requires Antero Resources to utilize or pay for from the in-service date. All lease payments under the minimum volume commitments and cost of service fees are considered to be in-substance fixed lease payments under the gathering and compression agreements. The Company recognizes lease income from its minimum volume commitments and cost of service fees under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments are delivered under the contract. The Company recognizes variable lease income when low pressure volumes are delivered to a compressor station, compression volumes are delivered to a high pressure line and high pressure are delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments are aggregated such that there is a single minimum volume commitment for the respective service each year for each agreement. The Company invoices the customer the month after each service is performed, and payment is due in the same month. Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of March 31, 2024 are as follows (in thousands): Remainder of year ending December 31, 2024 $ 234,951 Year ending December 31, 2025 311,969 Year ending December 31, 2026 297,928 Year ending December 31, 2027 236,768 Year ending December 31, 2028 168,465 Thereafter 276,219 Total $ 1,526,300 (b) Water Handling The Company is party to a water services agreement with Antero Resources, whereby the Company provides certain water handling services to Antero Resources within an area of dedication in defined service areas in West Virginia and Ohio. The initial term of the water services agreement runs to 2035. Upon completion of the initial term in 2035, the water services agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the th day prior to the anniversary of such agreement. Under the agreement, the Company receives a fixed fee for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Company also provides other fluid handling services. These operations, along with the Company’s fresh water delivery systems, support well completion and production operations for Antero Resources. These services are provided by the Company directly or through third-parties with which the Company contracts. For these other fluid handling services provided by third-parties, Antero Resources reimburses the Company’s third-party out-of-pocket costs plus . For these other fluid handling services provided by the Company, the Company charges Antero Resources a cost of service fee. The Company satisfies its performance obligations and recognizes revenue when (i) the fresh water volumes have been delivered to the hydration unit of a specified well pad or (ii) other fluid handling services have been completed . The Company invoices the customer the month after water services are performed, and payment is due in the same month. For services contracted through third-party providers, the Company’s performance obligation is satisfied when the service to be performed by the third-party provider has been completed. The Company invoices the customer after the third-party provider billing is received, and payment is due in the same month. Transaction Price Allocated to Remaining Performance Obligations The Company’s water service agreement with Antero Resources has a term greater than one year. The Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under this contract, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company also performs water services for third-party customers and such contracts are short-term in nature with a contract term of one year or less. Accordingly, the Company is exempt from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of Contract Balances Under the Company’s water service contracts, the Company invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s water service contracts do not give rise to contract assets or liabilities. (c) Disaggregation of Revenue In the following table, revenue is disaggregated by type of service and type of fee and is identified by the reportable segment to which such revenues relate. For additional information on reportable segments, see Note 15—Reportable Segments. Three Months Ended March 31, (in thousands) 2023 2024 Reportable Segment Type of service Gathering—low pressure $ 99,637 106,736 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Compression 58,390 62,584 Gathering and Processing (1) Gathering—high pressure 53,549 58,273 Gathering and Processing (1) Fresh water delivery 46,826 44,146 Water Handling Other fluid handling 30,741 24,980 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 Type of contract Per Unit Fixed Fee $ 211,576 227,593 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Per Unit Fixed Fee 47,099 44,817 Water Handling Cost plus 3% 24,445 17,410 Water Handling Cost of service fee 6,023 6,899 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. The Company’s receivables from its contracts with customers and operating leases as of December 31, 2023 and March 31, 2024, were $89 million and $105 million, respectively.
Lessor, Operating Leases	(5) Revenue All of the Company’s gathering and compression revenues are derived from operating lease agreements, and all of the Company’s water handling revenues are derived from service contracts with customers. The Company currently earns substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Company’s gathering and compression service agreements with Antero Resources include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) a gathering and compression agreement acquired with the Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) assets (the “Marcellus gathering and compression agreement”) and (iii) a compression agreement acquired with the EnLink Midstream LLC (NYSE: ENLC) (“EnLink”) assets (the “Utica compression agreement,” and together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreement, the “gathering and compression agreements”). The 2019 gathering and compression agreement and Marcellus gathering and compression agreement have initial terms through 2038 and 2031, respectively, and the Utica compression agreement has dedicated areas that expire in 2024 and 2030. Upon expiration of the Marcellus gathering and compression agreement and the Utica compression agreement, the Company will continue to provide gathering and compression services under the 2019 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 Company also has an option to gather and compress natural gas produced by Antero Resources on any additional undedicated acreage it acquires during the term of the 2019 gathering and compression agreement outside of West Virginia, Ohio and Pennsylvania on the same terms and conditions as the 2019 gathering and compression agreement. Upon completion of the initial contract term in 2038, the 2019 gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the The 2019 gathering and compression agreement included a growth incentive fee program whereby low pressure gathering fees were reduced from 2020 through 2023 to the extent Antero Resources achieved certain quarterly volumetric targets during such time. Antero Resources’ throughput gathered under the Marcellus gathering and compression agreement was not considered in low pressure gathering volume targets. For the three months ended March 31, 2023, Antero Resources earned a rebate of $12 million from the Company by achieving the first level volumetric target during the first quarter of 2023. Under the gathering and compression agreements, the Company receives, where applicable, a low pressure gathering fee, a high pressure gathering fee and a compression fee, substantially all of which are subject to annual Consumer Price Index (“CPI”)-based adjustments (or, in the case of the 2019 gathering and compression agreement, the option in certain cases to elect a cost of service fee when such assets are placed in-service). In addition, under the 2019 gathering and compression agreement, the Company receives a reimbursement for certain variable costs, such as electricity and operating expenses. The Company determined that its gathering and compression agreements are operating leases as Antero Resources obtains substantially all of the economic benefit of the assets and has the right to direct the use of the assets. Each gathering and compression system is an identifiable asset, and consists of a network of assets that may include underground low pressure pipelines that connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each compression system is an identifiable asset, and consists of a network of assets that include compressor stations that connect to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each set of assets in an agreement is considered to be a single lease due to the interrelated network of the assets required to provide services under each respective agreement. When a modification to an agreement occurs, the Company reassesses the classification of the lease. The Company accounts for its lease and non-lease components as a single lease component as the lease component is the predominant component. The non-lease components consist of operating, oversight and maintenance of the gathering systems, which are performed on time-elapsed measures. The 2019 gathering and compression agreement and the Marcellus gathering and compression agreement include certain fixed fee provisions. If and to the extent Antero Resources requests that the Company construct new low pressure lines, high pressure lines and/or compressor stations, the 2019 gathering and compression agreement contains options at the Company’s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for , which election is made individually for each piece of equipment placed in service. In addition, the Marcellus gathering and compression agreement provides for a minimum volume commitment that requires Antero Resources to utilize or pay for from the in-service date. All lease payments under the minimum volume commitments and cost of service fees are considered to be in-substance fixed lease payments under the gathering and compression agreements. The Company recognizes lease income from its minimum volume commitments and cost of service fees under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments are delivered under the contract. The Company recognizes variable lease income when low pressure volumes are delivered to a compressor station, compression volumes are delivered to a high pressure line and high pressure are delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments are aggregated such that there is a single minimum volume commitment for the respective service each year for each agreement. The Company invoices the customer the month after each service is performed, and payment is due in the same month. Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of March 31, 2024 are as follows (in thousands): Remainder of year ending December 31, 2024 $ 234,951 Year ending December 31, 2025 311,969 Year ending December 31, 2026 297,928 Year ending December 31, 2027 236,768 Year ending December 31, 2028 168,465 Thereafter 276,219 Total $ 1,526,300 (b) Water Handling The Company is party to a water services agreement with Antero Resources, whereby the Company provides certain water handling services to Antero Resources within an area of dedication in defined service areas in West Virginia and Ohio. The initial term of the water services agreement runs to 2035. Upon completion of the initial term in 2035, the water services agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the th day prior to the anniversary of such agreement. Under the agreement, the Company receives a fixed fee for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Company also provides other fluid handling services. These operations, along with the Company’s fresh water delivery systems, support well completion and production operations for Antero Resources. These services are provided by the Company directly or through third-parties with which the Company contracts. For these other fluid handling services provided by third-parties, Antero Resources reimburses the Company’s third-party out-of-pocket costs plus . For these other fluid handling services provided by the Company, the Company charges Antero Resources a cost of service fee. The Company satisfies its performance obligations and recognizes revenue when (i) the fresh water volumes have been delivered to the hydration unit of a specified well pad or (ii) other fluid handling services have been completed . The Company invoices the customer the month after water services are performed, and payment is due in the same month. For services contracted through third-party providers, the Company’s performance obligation is satisfied when the service to be performed by the third-party provider has been completed. The Company invoices the customer after the third-party provider billing is received, and payment is due in the same month. Transaction Price Allocated to Remaining Performance Obligations The Company’s water service agreement with Antero Resources has a term greater than one year. The Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under this contract, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company also performs water services for third-party customers and such contracts are short-term in nature with a contract term of one year or less. Accordingly, the Company is exempt from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of Contract Balances Under the Company’s water service contracts, the Company invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s water service contracts do not give rise to contract assets or liabilities. (c) Disaggregation of Revenue In the following table, revenue is disaggregated by type of service and type of fee and is identified by the reportable segment to which such revenues relate. For additional information on reportable segments, see Note 15—Reportable Segments. Three Months Ended March 31, (in thousands) 2023 2024 Reportable Segment Type of service Gathering—low pressure $ 99,637 106,736 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Compression 58,390 62,584 Gathering and Processing (1) Gathering—high pressure 53,549 58,273 Gathering and Processing (1) Fresh water delivery 46,826 44,146 Water Handling Other fluid handling 30,741 24,980 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 Type of contract Per Unit Fixed Fee $ 211,576 227,593 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Per Unit Fixed Fee 47,099 44,817 Water Handling Cost plus 3% 24,445 17,410 Water Handling Cost of service fee 6,023 6,899 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. The Company’s receivables from its contracts with customers and operating leases as of December 31, 2023 and March 31, 2024, were $89 million and $105 million, respectively.

Property and Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 31, 2024
Property and Equipment
Property and Equipment	(6) Property and Equipment (a) Summary of Property and Equipment Property and equipment, net consisted of the following items: (Unaudited) Estimated December 31, March 31, (in thousands) Useful Lives 2023 2024 Land n/a $ 31,668 31,739 Gathering systems and facilities 40-50 years (1) 3,345,845 3,440,338 Permanent buried pipelines and equipment 7-20 years 646,469 648,646 Surface pipelines and equipment 1-7 years 90,871 98,032 Heavy trucks and equipment 3-5 years 5,157 5,157 Above ground storage tanks 5-10 years 5,130 5,131 Other assets 3-20 years 8,110 8,111 Construction-in-progress n/a 192,852 121,079 Total property and equipment 4,326,102 4,358,233 Less accumulated depreciation (532,579) (569,674) Property and equipment, net $ 3,793,523 3,788,559 (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt consisted of the following items: (Unaudited) December 31, March 31, (in thousands) 2023 2024 Credit Facility (a) $ 630,100 — 7.875% senior notes due 2026 (b) 550,000 547,900 5.75% senior notes due 2027 (c) 650,000 650,000 5.75% senior notes due 2028 (d) 650,000 650,000 5.375% senior notes due 2029 (e) 750,000 750,000 6.625% senior notes due 2032 (f) — 600,000 Total principal 3,230,100 3,197,900 Unamortized debt premiums 1,291 1,189 Unamortized debt issuance costs (18,175) (24,216) Total long-term debt $ 3,213,216 3,174,873 (a) Credit Facility Antero Midstream Partners LP (“Antero Midstream Partners”), an indirect, wholly owned subsidiary of Antero Midstream Corporation, as borrower (the “Borrower”), has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of banks. Lender commitments under the Credit Facility were 31, 2024. The Credit Facility matures on October 26, 2026; provided that if on November 17, 2025 any of the 2026 Notes (as defined below) are outstanding, the Credit Facility will mature on such date. As of March 31, 2024, the Credit Facility had an available borrowing capacity of The Credit Facility contains certain covenants including restrictions on indebtedness, and requirements with respect to leverage and interest coverage ratios. The Credit Facility permits distributions to the holders of the Borrower’s equity interests in accordance with the cash distribution policy, provided that no event of default exists or would be caused thereby, and only to the extent permitted by the Borrower’s organizational documents. The Borrower was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2023 and March 31, 2024. The Credit Facility provides for borrowing under either the Adjusted Term Secured Overnight Financing Rate (“SOFR”) or the Base Rate (as each term is defined in the Credit Facility). Principal amounts borrowed are payable on the maturity date with such borrowings bearing interest that is payable with respect to (i) Base Rate loans, quarterly and (ii) SOFR Loans at the end of the applicable interest period if three months (or shorter, if applicable), or every three months if the applicable interest period is longer than three months. Interest is payable at a variable rate based on SOFR or the Base Rate, determined by election at the time of borrowing, plus an applicable margin rate under the Credit Facility. Interest at the time of borrowing is determined with reference to the Borrower’s then-current leverage ratio subject to certain exceptions. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from As of December 31, 2023, the Borrower had outstanding borrowings under the Credit Facility of $630 million with a weighted average interest rate of 7.08 %. As of March 31, 2024, the Borrower had no outstanding borrowings under the Credit Facility. (b) 7.875% Senior Notes Due 2026 On November 10, 2020, Antero Midstream Partners and its wholly owned subsidiary, Antero Midstream Finance Corp (“Finance Corp,” and together with Antero Midstream Partners, the “Issuers”) issued $550 million in aggregate principal amount of 7.875% senior notes due May 15, 2026 (the “2026 Notes”) at par. The Company repurchased million principal amount of the 2026 Notes remained outstanding. The 2026 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2026 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2026 Notes is payable on May 15 and November 15 of each year. Antero Midstream Partners may redeem all or part of the 2026 Notes at any time at redemption prices ranging from 15, 2025. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2026 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2026 Notes at a price equal to (c) 5.75% Senior Notes Due 2027 On February 25, 2019, the Issuers issued $650 million in aggregate principal amount of 5.75% senior notes due March 1, 2027 (the “2027 Notes”) at par. The 2027 Notes were recorded at their fair value of million will be amortized into interest expense over the life of the 2027 Notes. The 2027 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2027 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2027 Notes is payable on March 1 and September 1 of each year. Antero Midstream Partners may redeem all or part of the 2027 Notes at any time at redemption prices ranging from 1, 2025. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2027 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2027 Notes at a price equal to (d) 5.75% Senior Notes Due 2028 On June 28, 2019, the Issuers issued $650 million in aggregate principal amount of 5.75% senior notes due January 15, 2028 (the “2028 Notes”) at par. The 2028 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2028 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2028 Notes is payable on January 15 and July 15 of each year. Antero Midstream Partners may redeem all or part of the 2028 Notes at any time at redemption prices ranging from 15, 2026. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2028 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2028 Notes at a price equal to (e) 5.375% Senior Notes Due 2029 On June 8, 2021, the Issuers issued $750 million in aggregate principal amount of 5.375% senior notes due June 15, 2029 (the “2029 Notes”) at par. The 2029 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2029 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2029 Notes is payable on June 15 and December 15 of each year. Antero Midstream Partners may redeem all or part of the 2029 Notes at any time on or after June 15, 2024 at redemption prices ranging from on or after June 15, 2026. In addition, prior to June 15, 2024, Antero Midstream Partners may redeem up to of the principal amount of the 2029 Notes, plus accrued and unpaid interest. At any time prior to June 15, 2024, Antero Midstream Partners may also redeem the 2029 Notes, in whole or in part, at a price equal to of the principal amount of the 2029 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2029 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2029 Notes at a price equal to (f) 6.625% Senior Notes Due 2032 On January 16, 2024, the Issuers issued $600 million in aggregate principal amount of 6.625% senior notes due February 1, 2032 (the “2032 Notes”) at par. The 2032 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2032 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2032 Notes is payable on February 1 and August 1 of each year. Antero Midstream Partners may redeem all or part of the 2032 Notes at any time on or after February 1, 2027 at redemption prices ranging from 1, 2029. In addition, prior to February 1, 2027, Antero Midstream Partners may redeem up to of the principal amount of the 2032 Notes, plus accrued and unpaid interest. At any time prior to February 1, 2027, Antero Midstream Partners may also redeem the 2032 Notes, in whole or in part, at a price equal to of the principal amount of the 2032 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2032 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2032 Notes at a price equal to (g) Senior Notes Guarantors The Company and each of the Company’s wholly owned subsidiaries (except for the Issuers) has fully and unconditionally guaranteed the 2026 Notes, 2027 Notes, 2028 Notes, 2029 Notes and 2032 Notes (collectively the “Senior Notes”). In the event a guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its capital stock so that it no longer qualifies as a Restricted Subsidiary (as defined in the applicable indenture governing the series of Senior Notes) of the Issuer or the sale of all or substantially all of its assets) and whether or not the guarantor is the surviving entity in such transaction to a person that is not an Issuer or a Restricted Subsidiary of an Issuer, such guarantor will be released from its obligations under its guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the applicable Senior Notes. In addition, a guarantor will be released from its obligations under the applicable indenture and its guarantee (i) upon the release or discharge of the guarantee of other indebtedness under a credit facility that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee, (ii) if the Issuers designate such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indenture governing the applicable Senior Notes or (iii) in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the applicable Senior Notes. During the three months ended March 31, 2023 and 2024, all of the Company’s assets and operations are attributable to the Issuers and its guarantors.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
Accrued Liabilities	Mar. 31, 2024
Accrued Liabilities
Accrued Liabilities	(8) Accrued Liabilities Accrued liabilities consisted of the following items: (Unaudited) December 31, March 31, (in thousands) 2023 2024 Capital expenditures $ 22,195 17,133 Operating expenses 12,060 11,689 Interest expense 37,565 47,152 Ad valorem taxes 6,521 3,144 Other 2,289 2,926 Total accrued liabilities $ 80,630 82,044

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2024
Equity-Based Compensation
Equity-Based Compensation	(9) Equity-Based Compensation (a) Summary of Equity-Based Compensation The Company’s equity-based compensation includes costs related to the Antero Midstream Corporation Long-Term Incentive Plan (the “AM LTIP”). Antero Midstream’s equity-based compensation expense is included in general and administrative expenses, and recorded as a credit to additional paid-in capital. Effective March 12, 2019, the Board of Directors of Antero Midstream Corporation (the “Board”) adopted the AM LTIP under which awards may be granted to employees, directors, and other service providers of the Company and its affiliates. The Company is authorized to grant up to shares of AM common stock under 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 March 31, 2024, a total of The Company’s equity-based compensation expense, by type of award, is as follows: Three Months Ended March 31, (in thousands) 2023 2024 Restricted stock units $ 5,061 7,127 Performance share units 1,061 1,951 Equity awards issued to directors 205 249 Total expense $ 6,327 9,327 (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 AM LTIP RSUs awarded and unvested—December 31, 2023 5,877,170 $ 10.28 Granted 2,459,643 13.44 Vested (1,011,669) 10.59 Forfeited (3,094) 10.56 Total AM LTIP RSUs awarded and unvested—March 31, 2024 7,322,050 $ 11.30 As of March 31, 2024, unamortized equity-based compensation expense of $67 million related to the unvested RSUs is expected to be recognized over a weighted average period of 2.2 years. (c) Performance Share Unit Awards 2024 Performance Share Unit Awards In March 2024, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers that vest based on the Company’s actual return on invested capital (“ROIC”) (as defined in the award agreement) over a three-year period concluding on December 31, 2026 as compared to a targeted ROIC (“2024 ROIC PSUs”). The number of shares of the Company’s common stock that can be earned with respect to the 2024 ROIC PSUs ranges from of the target number of 2024 ROIC PSUs originally granted. The grant date fair value of these awards was based on the closing price of the Company’s common stock on the date of the grant, assuming target achievement of the performance condition. Expense related to the 2024 ROIC PSUs is recognized based on the number of shares of the Company’s common stock that are expected to be issued at the end of the measurement period, and such expense is reversed if the likelihood of achieving the performance condition decreases. The likelihood of achieving the performance conditions related to 2024 ROIC PSU awards was probable as of March 31, 2024. Summary Information for Performance Share Unit Awards A summary of the PSU awards activity is as follows: Weighted Average Number Grant Date of Units Fair Value Total AM LTIP PSUs awarded and unvested—December 31, 2023 952,101 $ 10.90 Granted 350,237 13.44 Total AM LTIP PSUs awarded and unvested—March 31, 2024 1,302,338 $ 11.59 As of March 31, 2024, unamortized equity-based compensation expense of $20 million related to the unvested PSUs is expected to be recognized over a weighted average period of 2.2 years.

Cash Dividends

Cash Dividends	3 Months Ended
Cash Dividends	Mar. 31, 2024
Cash Dividends
Cash Dividends	(10) Cash Dividends The Company paid cash dividends for the quarter indicated as follows (in thousands, except per share data): Dividends Period Record Date Dividend Date Dividends per Share Q4 2022 January 25, 2023 February 8, 2023 $ 108,364 $ 0.2250 * February 14, 2023 February 14, 2023 138 * Q1 2023 April 26, 2023 May 10, 2023 110,607 0.2250 * May 15, 2023 May 15, 2023 137 * Q2 2023 July 26, 2023 August 9, 2023 107,900 0.2250 * August 14, 2023 August 14, 2023 138 * Q3 2023 October 25, 2023 November 8, 2023 107,975 0.2250 * November 14, 2023 November 14, 2023 137 * Total 2023 $ 435,396 Q4 2023 January 24, 2024 February 7, 2024 $ 107,918 $ 0.2250 * February 14, 2024 February 14, 2024 138 * Total 2024 $ 108,056 * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Net Income Per Common Share. On April 10, 2024, the Board announced the declaration of a cash dividend on the shares of AM common stock of $0.2250 per share for the quarter ended March 31, 2024. The dividend is payable on May 8, 2024 to stockholders of record as of April 24, 2024. The Company pays dividends (i) out of surplus or (ii) if there is no surplus, out of the net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year, as provided under Delaware law. The Board also declared a cash dividend of $137,500 on the shares of Series A Preferred Stock of Antero Midstream that is payable on May 15, 2024 in accordance with the terms of the Series A Preferred Stock, which are discussed in Note 11—Equity and Net Income Per Common Share. As of March 31, 2024, there were dividends in the amount of $

Equity and Net Income Per Commo

Equity and Net Income Per Common Share	3 Months Ended
Equity and Net Income Per Common Share	Mar. 31, 2024
Equity and Net Income Per Common Share
Equity and Net Income Per Common Share	(11) Equity and Net Income Per Common Share (a) Preferred Stock The Board authorized 100,000,000 shares of preferred stock on March 12, 2019, and issued 10,000 shares of preferred stock designated as "5.5% Series A Non-Voting Perpetual Preferred Stock" (the "Series A Preferred Stock"), to The Antero Foundation on that date. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable in cash on the th on (i) the liquidation preference per share of Series A Preferred Stock (as described below) and (ii) the amount of accrued and unpaid dividends for any prior dividend period on such share of Series A Preferred Stock, if any . At any time following the date of issue, in the event of a change of control, or at any time on or after March 12, 2029, the Company may redeem the Series A Preferred Stock at a price equal to per share, plus any accrued but unpaid dividends, and (ii) the fair market value of the Series A Preferred Stock. On or after March 12, 2029, the holder of each share of Series A Preferred Stock (other than The Antero Foundation) may convert such shares, at any time and from time to time, at the option of the holder into a number of shares of AM common stock equal to the conversion ratio in effect on the applicable conversion date, subject to certain limitations. The Series A Preferred Stock ranks senior to the AM common stock as to dividend rights, as well as with respect to rights upon liquidation, winding-up or dissolution of the Company. Holders of the Series A Preferred Stock do not have any voting rights in the Company, except as required by law, or any preemptive rights. (b) Weighted Average Common Shares Outstanding The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding: Three Months Ended March 31, (in thousands) 2023 2024 Basic weighted average number of common shares outstanding 478,612 479,897 Add: Dilutive effect of RSUs 1,687 2,666 Add: Dilutive effect of PSUs 207 1,029 Add: Dilutive effect of Series A Preferred Stock 953 711 Diluted weighted average number of common shares outstanding 481,459 484,303 Weighted average number of outstanding equity awards excluded from calculation of net income per common share—diluted (1): RSUs 872 — PSUs 285 — (1) The potential dilutive effects of these awards were excluded from the computation of net income per share—diluted because the inclusion of these awards would have been anti-dilutive. (c) Net Income Per Common Share Net income per common share—basic for each period is computed by dividing the net income or loss attributable to the Company by the basic weighted average number of common shares outstanding during the period. Net income per common share—diluted for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. During periods in which the Company incurs a net loss, diluted weighted average common shares outstanding are equal to basic weighted average common shares outstanding because the effect of all equity awards is anti-dilutive. Three Months Ended March 31, (in thousands, except per share amounts) 2023 2024 Net income $ 86,507 103,926 Less preferred stock dividends (138) (138) Net income available to common shareholders $ 86,369 103,788 Net income per common share–basic $ 0.18 0.22 Net income per common share–diluted $ 0.18 0.21 Weighted average common shares outstanding–basic 478,612 479,897 Weighted average common shares outstanding–diluted 481,459 484,303

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Mar. 31, 2024
Fair Value Measurement
Fair Value Measurement	(12) Fair Value Measurement (a) Senior Unsecured Notes The fair value and carrying value of the Company’s Senior Notes is as follows: (Unaudited) December 31, 2023 March 31, 2024 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2026 Notes $ 565,785 546,631 557,488 544,863 2027 Notes 642,655 647,313 640,250 647,499 2028 Notes 641,030 645,702 637,780 645,944 2029 Notes 720,000 743,470 719,025 743,728 2032 Notes — — 600,600 592,839 Total $ 2,569,470 2,583,116 3,155,143 3,174,873 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premiums. (b) Other Assets and Liabilities The carrying values of accounts receivable and accounts payable as of December 31, 2023 and March 31, 2024 approximated fair value because of their short-term nature. The carrying value of the amounts under the Credit Facility as of December 31, 2023 approximated fair value because the variable interest rates are reflective of current market conditions.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
Investments in Unconsolidated Affiliates	Mar. 31, 2024
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	(13) Investments in Unconsolidated Affiliates The Company has a 50% equity interest in the joint venture to develop processing and fractionation assets with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, LP (the “Joint Venture”). The Joint Venture was formed to develop processing and fractionation assets in Appalachia. MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia and a one The Company also has a 15% equity interest in a gathering system of Stonewall Gas Gathering LLC (“Stonewall”), which operates a 67-mile pipeline on which Antero Resources is an anchor shipper. The Company’s net income includes its proportionate share of the net income of the Joint Venture and Stonewall. When the Company records its proportionate share of net income, it increases equity income in the unaudited condensed consolidated statements of operations and comprehensive income and the carrying value of that investment on its condensed consolidated balance sheet. When distributions on the Company’s proportionate share of net income are received, they are recorded as reductions to the carrying value of the investment on the unaudited condensed consolidated balance sheet and are classified as cash inflows from operating activities in accordance with the nature of the distribution approach under Financial Accounting Standards Board Accounting Standard Codification Topic 230, Statement of Cash Flows . The Company uses the equity method of accounting to account for its investments in the Joint Venture and Stonewall because it exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as its ownership interest, representation on the applicable Board of Directors and participation in policy-making decisions of the Joint Venture and Stonewall. The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates: Total Investment in Unconsolidated (in thousands) Joint Venture Stonewall Affiliates Balance as of December 31, 2023 $ 508,821 117,829 626,650 Equity in earnings of unconsolidated affiliates (1) 25,140 2,390 27,530 Distributions from unconsolidated affiliates (31,015) (3,945) (34,960) Balance as of March 31, 2024 $ 502,946 116,274 619,220 (1) As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Contingencies
Contingencies	(14) 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 Company’s 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. Veolia’s 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, 2022 and concluded on February 24, 2022. At trial, Antero Treatment sought damages from Veolia of million, which represents the Company’s out-of-pocket costs associated with the Clearwater Facility project. In the alternative, Antero Treatment sought damages related to multiple breaches of the DBA, totaling million. Also at trial, Veolia sought monetary damages of On January 3, 2023, the Court found that Antero Treatment had prevailed on its claims for breach of contract and fraud, and awarded $242 million in damages to Antero Treatment, plus pre- and post-judgment interest and reasonable costs and attorneys’ fees. The Court also found in Antero Defendants’ favor on all of Veolia’s affirmative claims. On January 27, 2023, the Court entered judgment in favor of Antero Treatment in the amount of $309 million in damages, which includes pre-judgment interest. On April 10, 2023, the Court issued an order identifying an error in its previously entered judgment, and on May 3, 2023, the Court entered an amended final judgment in favor of Antero Treatment in the amount of $280 million in damages, which includes pre-judgment interest through April 30, 2023. Antero Treatment was also awarded costs and attorneys’ fees, the amount of which will be determined in separate proceedings. On May 26, 2023, Veolia filed a notice of appeal of the final judgment. On June 9, 2023, Antero Treatment filed a notice of cross-appeal.

Reportable Segments

Reportable Segments	3 Months Ended
Reportable Segments	Mar. 31, 2024
Reportable Segments
Reportable Segments	(15) Reportable Segments (a) Summary of 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, regulatory environment and the expertise required for these operations. Management evaluates the performance of the Company’s business segments based on operating income. Interest expense is primarily managed and evaluated on a consolidated basis. 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: Three Months Ended March 31, 2023 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 199,576 77,295 — 276,871 Revenue–third-party — 272 — 272 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 190,305 69,170 — 259,475 Operating expenses: Direct operating 24,118 33,755 — 57,873 General and administrative 10,180 6,208 959 17,347 Facility idling — 574 — 574 Depreciation 22,063 13,133 — 35,196 Accretion of asset retirement obligations — 44 — 44 Loss on settlement of asset retirement obligations — 341 — 341 Gain on asset sale (242) (3) — (245) Total operating expenses 56,119 54,052 959 111,130 Operating income $ 134,186 15,118 (959) 148,345 Equity in earnings of unconsolidated affiliates $ 24,456 — — 24,456 Additions to property and equipment $ 29,197 13,760 — 42,957 (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 March 31, 2024 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 227,593 68,455 — 296,048 Revenue–third-party — 671 — 671 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 218,322 60,729 — 279,051 Operating expenses: Direct operating 26,143 27,775 — 53,918 General and administrative 14,733 5,226 1,262 21,221 Facility idling — 522 — 522 Depreciation 23,421 13,674 — 37,095 Accretion of asset retirement obligations — 44 — 44 Total operating expenses 64,297 47,241 1,262 112,800 Operating income $ 154,025 13,488 (1,262) 166,251 Equity in earnings of unconsolidated affiliates $ 27,530 — — 27,530 Additions to property and equipment $ 27,723 7,350 — 35,073 (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: (Unaudited) December 31, March 31, (in thousands) 2023 2024 Gathering and Processing $ 4,691,827 4,718,671 Water Handling 1,045,725 1,030,097 Unallocated (1) 66 473 Total assets $ 5,737,618 5,749,241 (1) Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2023 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The Company’s December 31, 2023 consolidated financial statements were included in the Company’s 2023 Annual Report on Form 10-K, which was filed with the SEC. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2023 and March 31, 2024, and the results of operations and cash flows for the three months ended March 31, 2023 and 2024. The Company has no items of other comprehensive income or loss; therefore, net income is equal to comprehensive income. Certain costs of doing business incurred and charged to the Company by Antero Resources have been reflected in the accompanying unaudited condensed consolidated financial statements. These costs include general and administrative expenses provided to the Company by Antero Resources in exchange for: ● business services, such as payroll, accounts payable and facilities management; ● corporate services, such as finance and accounting, legal, human resources, investor relations and public and regulatory policy; and ● employee compensation, including equity-based compensation. Transactions between the Company and Antero Resources have been identified in the unaudited condensed consolidated financial statements (see Note 4—Transactions with Affiliates).
Principles of Consolidation	(b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Midstream Corporation and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements.
Recently Issued Accounting Standards	(c) Recently Issued Accounting Standards Reportable Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Early adoption is permitted. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact that ASU 2023-07 will have on the financial statements and its plans for adoption, including the adoption date. 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, although early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the financial statements and its plans for adoption, including the adoption date and transition method .

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
Intangibles (Tables)	Mar. 31, 2024
Intangibles
Schedule of changes in carrying amount of customer relationships	(Unaudited) December 31, March 31, (in thousands) 2023 2024 Gross carrying value of customer relationships $ 1,555,000 1,555,000 Accumulated amortization of customer relationships (339,569) (357,237) Customer relationships $ 1,215,431 1,197,763
Schedule of future amortization expense	Future amortization expense as of March 31, 2024 is as follows (in thousands): Remainder of year ending December 31, 2024 $ 53,004 Year ending December 31, 2025 70,672 Year ending December 31, 2026 70,672 Year ending December 31, 2027 70,672 Year ending December 31, 2028 70,672 Thereafter 862,071 Total $ 1,197,763

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue
Schedule of minimum future lease cash flows to be received by the Company under the gathering and compression agreements	Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of March 31, 2024 are as follows (in thousands): Remainder of year ending December 31, 2024 $ 234,951 Year ending December 31, 2025 311,969 Year ending December 31, 2026 297,928 Year ending December 31, 2027 236,768 Year ending December 31, 2028 168,465 Thereafter 276,219 Total $ 1,526,300
Schedule of disaggregation of revenue	Three Months Ended March 31, (in thousands) 2023 2024 Reportable Segment Type of service Gathering—low pressure $ 99,637 106,736 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Compression 58,390 62,584 Gathering and Processing (1) Gathering—high pressure 53,549 58,273 Gathering and Processing (1) Fresh water delivery 46,826 44,146 Water Handling Other fluid handling 30,741 24,980 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 Type of contract Per Unit Fixed Fee $ 211,576 227,593 Gathering and Processing (1) Gathering—low pressure fee rebate (12,000) — Gathering and Processing (1) Per Unit Fixed Fee 47,099 44,817 Water Handling Cost plus 3% 24,445 17,410 Water Handling Cost of service fee 6,023 6,899 Water Handling Amortization of customer relationships (9,271) (9,271) Gathering and Processing Amortization of customer relationships (8,397) (8,397) Water Handling Total $ 259,475 279,051 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
Property and Equipment (Tables)	Mar. 31, 2024
Property and Equipment
Schedule of property and equipment, net	(Unaudited) Estimated December 31, March 31, (in thousands) Useful Lives 2023 2024 Land n/a $ 31,668 31,739 Gathering systems and facilities 40-50 years (1) 3,345,845 3,440,338 Permanent buried pipelines and equipment 7-20 years 646,469 648,646 Surface pipelines and equipment 1-7 years 90,871 98,032 Heavy trucks and equipment 3-5 years 5,157 5,157 Above ground storage tanks 5-10 years 5,130 5,131 Other assets 3-20 years 8,110 8,111 Construction-in-progress n/a 192,852 121,079 Total property and equipment 4,326,102 4,358,233 Less accumulated depreciation (532,579) (569,674) Property and equipment, net $ 3,793,523 3,788,559 (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Long-Term Debt.
Schedule of long-term debt	(Unaudited) December 31, March 31, (in thousands) 2023 2024 Credit Facility (a) $ 630,100 — 7.875% senior notes due 2026 (b) 550,000 547,900 5.75% senior notes due 2027 (c) 650,000 650,000 5.75% senior notes due 2028 (d) 650,000 650,000 5.375% senior notes due 2029 (e) 750,000 750,000 6.625% senior notes due 2032 (f) — 600,000 Total principal 3,230,100 3,197,900 Unamortized debt premiums 1,291 1,189 Unamortized debt issuance costs (18,175) (24,216) Total long-term debt $ 3,213,216 3,174,873

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
Accrued Liabilities (Tables)	Mar. 31, 2024
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consisted of the following items: (Unaudited) December 31, March 31, (in thousands) 2023 2024 Capital expenditures $ 22,195 17,133 Operating expenses 12,060 11,689 Interest expense 37,565 47,152 Ad valorem taxes 6,521 3,144 Other 2,289 2,926 Total accrued liabilities $ 80,630 82,044

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2024
Schedule of equity based compensation by type of award	Three Months Ended March 31, (in thousands) 2023 2024 Restricted stock units $ 5,061 7,127 Performance share units 1,061 1,951 Equity awards issued to directors 205 249 Total expense $ 6,327 9,327
Summary of RSU awards activity	Weighted Average Number Grant Date of Units Fair Value Total AM LTIP RSUs awarded and unvested—December 31, 2023 5,877,170 $ 10.28 Granted 2,459,643 13.44 Vested (1,011,669) 10.59 Forfeited (3,094) 10.56 Total AM LTIP RSUs awarded and unvested—March 31, 2024 7,322,050 $ 11.30
ROIC PSUs
Summary of PSU awards activity	Weighted Average Number Grant Date of Units Fair Value Total AM LTIP PSUs awarded and unvested—December 31, 2023 952,101 $ 10.90 Granted 350,237 13.44 Total AM LTIP PSUs awarded and unvested—March 31, 2024 1,302,338 $ 11.59

Cash Dividends (Tables)

Cash Dividends (Tables)	3 Months Ended
Cash Dividends (Tables)	Mar. 31, 2024
Cash Dividends
Schedule of quarterly cash dividends paid	The Company paid cash dividends for the quarter indicated as follows (in thousands, except per share data): Dividends Period Record Date Dividend Date Dividends per Share Q4 2022 January 25, 2023 February 8, 2023 $ 108,364 $ 0.2250 * February 14, 2023 February 14, 2023 138 * Q1 2023 April 26, 2023 May 10, 2023 110,607 0.2250 * May 15, 2023 May 15, 2023 137 * Q2 2023 July 26, 2023 August 9, 2023 107,900 0.2250 * August 14, 2023 August 14, 2023 138 * Q3 2023 October 25, 2023 November 8, 2023 107,975 0.2250 * November 14, 2023 November 14, 2023 137 * Total 2023 $ 435,396 Q4 2023 January 24, 2024 February 7, 2024 $ 107,918 $ 0.2250 * February 14, 2024 February 14, 2024 138 * Total 2024 $ 108,056 * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Net Income Per Common Share.

Equity and Net Income Per Com_2

Equity and Net Income Per Common Share (Tables)	3 Months Ended
Equity and Net Income Per Common Share (Tables)	Mar. 31, 2024
Equity and Net Income Per Common Share
Schedule of weighted average shares outstanding	Three Months Ended March 31, (in thousands) 2023 2024 Basic weighted average number of common shares outstanding 478,612 479,897 Add: Dilutive effect of RSUs 1,687 2,666 Add: Dilutive effect of PSUs 207 1,029 Add: Dilutive effect of Series A Preferred Stock 953 711 Diluted weighted average number of common shares outstanding 481,459 484,303 Weighted average number of outstanding equity awards excluded from calculation of net income per common share—diluted (1): RSUs 872 — PSUs 285 — (1) The potential dilutive effects of these awards were excluded from the computation of net income per share—diluted because the inclusion of these awards would have been anti-dilutive.
Schedule of net income per share	Three Months Ended March 31, (in thousands, except per share amounts) 2023 2024 Net income $ 86,507 103,926 Less preferred stock dividends (138) (138) Net income available to common shareholders $ 86,369 103,788 Net income per common share–basic $ 0.18 0.22 Net income per common share–diluted $ 0.18 0.21 Weighted average common shares outstanding–basic 478,612 479,897 Weighted average common shares outstanding–diluted 481,459 484,303

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Mar. 31, 2024
Fair Value Measurement
Schedule of fair value and carrying value of Senior Notes	(Unaudited) December 31, 2023 March 31, 2024 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2026 Notes $ 565,785 546,631 557,488 544,863 2027 Notes 642,655 647,313 640,250 647,499 2028 Notes 641,030 645,702 637,780 645,944 2029 Notes 720,000 743,470 719,025 743,728 2032 Notes — — 600,600 592,839 Total $ 2,569,470 2,583,116 3,155,143 3,174,873 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premiums.

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
Investments in Unconsolidated Affiliates (Tables)	Mar. 31, 2024
Investments in Unconsolidated Affiliates
Schedule of reconciliation of investments in unconsolidated affiliates	Total Investment in Unconsolidated (in thousands) Joint Venture Stonewall Affiliates Balance as of December 31, 2023 $ 508,821 117,829 626,650 Equity in earnings of unconsolidated affiliates (1) 25,140 2,390 27,530 Distributions from unconsolidated affiliates (31,015) (3,945) (34,960) Balance as of March 31, 2024 $ 502,946 116,274 619,220 (1) As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019.

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
Reportable Segments (Tables)	Mar. 31, 2024
Reportable Segments
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: Three Months Ended March 31, 2023 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 199,576 77,295 — 276,871 Revenue–third-party — 272 — 272 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 190,305 69,170 — 259,475 Operating expenses: Direct operating 24,118 33,755 — 57,873 General and administrative 10,180 6,208 959 17,347 Facility idling — 574 — 574 Depreciation 22,063 13,133 — 35,196 Accretion of asset retirement obligations — 44 — 44 Loss on settlement of asset retirement obligations — 341 — 341 Gain on asset sale (242) (3) — (245) Total operating expenses 56,119 54,052 959 111,130 Operating income $ 134,186 15,118 (959) 148,345 Equity in earnings of unconsolidated affiliates $ 24,456 — — 24,456 Additions to property and equipment $ 29,197 13,760 — 42,957 (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 March 31, 2024 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 227,593 68,455 — 296,048 Revenue–third-party — 671 — 671 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 218,322 60,729 — 279,051 Operating expenses: Direct operating 26,143 27,775 — 53,918 General and administrative 14,733 5,226 1,262 21,221 Facility idling — 522 — 522 Depreciation 23,421 13,674 — 37,095 Accretion of asset retirement obligations — 44 — 44 Total operating expenses 64,297 47,241 1,262 112,800 Operating income $ 154,025 13,488 (1,262) 166,251 Equity in earnings of unconsolidated affiliates $ 27,530 — — 27,530 Additions to property and equipment $ 27,723 7,350 — 35,073 (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: (Unaudited) December 31, March 31, (in thousands) 2023 2024 Gathering and Processing $ 4,691,827 4,718,671 Water Handling 1,045,725 1,030,097 Unallocated (1) 66 473 Total assets $ 5,737,618 5,749,241 (1) Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis .

Intangibles - Customer Relation

Intangibles - Customer Relationships (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite lived intangible assets rollforward
Gross carrying value	$ 1,555,000	$ 1,555,000
Accumulated amortization	(357,237)	(339,569)
Customer relationships	$ 1,197,763	$ 1,215,431
Customer relationships \| Weighted Average
Finite lived intangible assets
Amortization period	18 years

Intangibles - Future amortizati

Intangibles - Future amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future amortization expense
Remainder of year ending December 31, 2024	$ 53,004
Year ending December 31, 2025	70,672
Year ending December 31, 2026	70,672
Year ending December 31, 2027	70,672
Year ending December 31, 2028	70,672
Thereafter	862,071
Customer relationships	$ 1,197,763	$ 1,215,431

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allocation of costs
Direct labor expenses	$ 5	$ 4
General and administrative expense	$ 8	$ 8

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended
Revenue (Details) $ in Millions	Mar. 31, 2024 area	Mar. 31, 2023 USD ($)
Gathering And Compression Agreement
Agreements
Notice period	180 days
Rebate issued \| $		$ 12
Number of dedicated areas \| area	2
Water Handling Agreement
Agreements
Notice period	180 days
Third party out of pocket costs reimbursement markup (as a percent)	3%

Revenue - Minimum Volume Commit

Revenue - Minimum Volume Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2024
Gathering And Compression Agreement
Lessor, Operating Leases
Minimum volume commitment that require Antero to pay for high pressure lines	75%
Minimum volume commitment that require Antero to pay for compressor stations	70%
Term of new construction	10 years
Rate of return on new construction from service fee	13%
Time period to earn targeted rate of return from service fee	7 years
Minimum future lease cash flows to be received by the Company
Remainder of year ending December 31, 2024		$ 234,951
Year ending December 31, 2025		311,969
Year ending December 31, 2026		297,928
Year ending December 31, 2027		236,768
Year ending December 31, 2028		168,465
Thereafter		276,219
Total		$ 1,526,300
Acquired Gathering and Compression Agreement
Lessor, Operating Leases
Minimum volume commitment that require Antero to pay for compressor stations	25%
Term of new construction	10 years

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue
Original expected duration	true
Receivables from contracts with customers and operating leases	$ 105	$ 89

Revenue - Disaggregation (Detai

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Disaggregation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue
Amortization of customer relationships	$ (17,668)	$ (17,668)
Total revenue	279,051	259,475
Gathering And Processing.
Disaggregation of Revenue
Amortization of customer relationships	(9,271)	(9,271)
Water Handling.
Disaggregation of Revenue
Amortization of customer relationships	(8,397)	(8,397)
Fixed Fee \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	227,593	211,576
Fixed Fee \| Water Handling.
Disaggregation of Revenue
Total operating revenues	44,817	47,099
Cost plus 3% \| Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 17,410	$ 24,445
Third party out of pocket costs reimbursement markup (as a percent)	3%	3%
Cost of service fee \| Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 6,899	$ 6,023
Gathering-low pressure \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	106,736	99,637
Gathering-low pressure fee rebate \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues		(12,000)
Gathering-low pressure fee rebate \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues		(12,000)
Gathering-high pressure \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	58,273	53,549
Compression \| Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	62,584	58,390
Fresh water delivery \| Water Handling.
Disaggregation of Revenue
Total operating revenues	44,146	46,826
Other fluid handling \| Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 24,980	$ 30,741

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and Equipment
Total property and equipment	$ 4,358,233	$ 4,326,102
Less accumulated depreciation	(569,674)	(532,579)
Property and equipment, net	3,788,559	3,793,523
Land.
Property and Equipment
Total property and equipment	31,739	31,668
Gathering systems and facilities
Property and Equipment
Total property and equipment	3,440,338	3,345,845
Residual value	$ 0	$ 0
Gathering systems and facilities \| Minimum
Property and Equipment
Estimated useful lives	40 years	40 years
Gathering systems and facilities \| Maximum
Property and Equipment
Estimated useful lives	50 years	50 years
Permanent buried pipelines and equipment
Property and Equipment
Total property and equipment	$ 648,646	$ 646,469
Permanent buried pipelines and equipment \| Minimum
Property and Equipment
Estimated useful lives	7 years	7 years
Permanent buried pipelines and equipment \| Maximum
Property and Equipment
Estimated useful lives	20 years	20 years
Surface pipelines and equipment
Property and Equipment
Total property and equipment	$ 98,032	$ 90,871
Surface pipelines and equipment \| Minimum
Property and Equipment
Estimated useful lives	1 year	1 year
Surface pipelines and equipment \| Maximum
Property and Equipment
Estimated useful lives	7 years	7 years
Heavy trucks and equipment
Property and Equipment
Total property and equipment	$ 5,157	$ 5,157
Heavy trucks and equipment \| Minimum
Property and Equipment
Estimated useful lives	3 years	3 years
Heavy trucks and equipment \| Maximum
Property and Equipment
Estimated useful lives	5 years	5 years
Above ground storage tanks
Property and Equipment
Total property and equipment	$ 5,131	$ 5,130
Above ground storage tanks \| Minimum
Property and Equipment
Estimated useful lives	5 years	5 years
Above ground storage tanks \| Maximum
Property and Equipment
Estimated useful lives	10 years	10 years
Other assets
Property and Equipment
Total property and equipment	$ 8,111	$ 8,110
Other assets \| Minimum
Property and Equipment
Estimated useful lives	3 years	3 years
Other assets \| Maximum
Property and Equipment
Estimated useful lives	20 years	20 years
Construction-in-progress
Property and Equipment
Total property and equipment	$ 121,079	$ 192,852

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands						3 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Jan. 16, 2024	Jun. 08, 2021	Nov. 10, 2020	Jun. 28, 2019	Feb. 25, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 12, 2019
Long-term debt
Total principal						$ 3,197,900		$ 3,230,100
Unamortized debt premiums						1,189		1,291
Unamortized debt issuance costs						(24,216)		(18,175)
Total long-term debt						3,174,873		3,213,216
Loss on early extinguishment of debt						(59)
Repayment of credit facility						875,200	$ 278,900
7.875% Senior Notes Due 2026
Long-term debt
Total long-term debt						544,863		546,631
5.75% Senior Notes Due 2027
Long-term debt
Total long-term debt						647,499		647,313
5.75% Senior Notes Due 2028
Long-term debt
Total long-term debt						645,944		645,702
5.375% Senior Notes Due 2029
Long-term debt
Total long-term debt						743,728		743,470
6.625% Senior Notes Due 2032
Long-term debt
Total principal						600,000
Total long-term debt						$ 592,839
Interest rate (as a percent)						6.625%
Antero Midstream Partners \| Credit Facility
Long-term debt
Total principal						$ 0		630,100
Outstanding letters of credit						0		$ 0
Weighted average interest rate (as a percent)								7.08%
Current borrowing capacity						1,250,000		$ 1,250,000
Available borrowing capacity						$ 1,250,000
Antero Midstream Partners \| Credit Facility \| Minimum
Long-term debt
Commitment fees on the unused portion (as a percent)						0.25%
Antero Midstream Partners \| Credit Facility \| Maximum
Long-term debt
Commitment fees on the unused portion (as a percent)						0.375%
Finance Corp and together with Antero Midstream Partners \| 7.875% Senior Notes Due 2026
Long-term debt
Total principal						$ 547,900		$ 550,000
Interest rate (as a percent)			7.875%					7.875%
Face amount			$ 550,000
Amount of debt repurchased						2,000
Debt instrument redemption percentage upon change of control			101%
Finance Corp and together with Antero Midstream Partners \| 7.875% Senior Notes Due 2026 \| Redemption period one
Long-term debt
Debt instrument redemption percentage			103.938%
Finance Corp and together with Antero Midstream Partners \| 7.875% Senior Notes Due 2026 \| Redemption period two
Long-term debt
Debt instrument redemption percentage			100%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2027
Long-term debt
Total principal						$ 650,000		$ 650,000
Unamortized debt premiums									$ 3,300
Interest rate (as a percent)					5.75%	5.75%		5.75%
Face amount					$ 650,000
Debt instrument fair value									$ 653,300
Debt instrument redemption percentage upon change of control					101%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2027 \| Redemption period one
Long-term debt
Debt instrument redemption percentage					100.958%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2027 \| Redemption period two
Long-term debt
Debt instrument redemption percentage					100%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2028
Long-term debt
Total principal						$ 650,000		$ 650,000
Interest rate (as a percent)				5.75%		5.75%		5.75%
Face amount				$ 650,000
Debt instrument redemption percentage upon change of control				101%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2028 \| Redemption period one
Long-term debt
Debt instrument redemption percentage				101.917%
Finance Corp and together with Antero Midstream Partners \| 5.75% Senior Notes Due 2028 \| Redemption period two
Long-term debt
Debt instrument redemption percentage				100%
Finance Corp and together with Antero Midstream Partners \| 5.375% Senior Notes Due 2029
Long-term debt
Total principal		$ 750,000				$ 750,000		$ 750,000
Interest rate (as a percent)		5.375%				5.375%		5.375%
Debt instrument redemption percentage upon change of control		101%
Finance Corp and together with Antero Midstream Partners \| 5.375% Senior Notes Due 2029 \| Redemption period one
Long-term debt
Debt instrument redemption percentage		102.688%
Finance Corp and together with Antero Midstream Partners \| 5.375% Senior Notes Due 2029 \| Redemption period two
Long-term debt
Debt instrument redemption percentage		100%
Finance Corp and together with Antero Midstream Partners \| 5.375% Senior Notes Due 2029 \| Redemption period three
Long-term debt
Debt instrument redemption percentage		105.375%
Debt instrument redemption percentage with payment of premium and interest		100%
Finance Corp and together with Antero Midstream Partners \| 5.375% Senior Notes Due 2029 \| Redemption period three \| Maximum
Long-term debt
Percent of aggregate principal amount that can be redeemed		35%
Finance Corp and together with Antero Midstream Partners \| 6.625% Senior Notes Due 2032
Long-term debt
Interest rate (as a percent)	6.625%
Face amount	$ 600,000
Debt instrument redemption percentage upon change of control	101%
Finance Corp and together with Antero Midstream Partners \| 6.625% Senior Notes Due 2032 \| Redemption period one
Long-term debt
Debt instrument redemption percentage	103.313%
Finance Corp and together with Antero Midstream Partners \| 6.625% Senior Notes Due 2032 \| Redemption period two
Long-term debt
Debt instrument redemption percentage	100%
Finance Corp and together with Antero Midstream Partners \| 6.625% Senior Notes Due 2032 \| Redemption period three
Long-term debt
Debt instrument redemption percentage	106.625%
Debt instrument redemption percentage with payment of premium and interest	100%
Finance Corp and together with Antero Midstream Partners \| 6.625% Senior Notes Due 2032 \| Redemption period three \| Maximum
Long-term debt
Percent of aggregate principal amount that can be redeemed	35%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities
Capital expenditures	$ 17,133	$ 22,195
Operating expenses	11,689	12,060
Interest expense	47,152	37,565
Ad valorem taxes	3,144	6,521
Other	2,926	2,289
Total accrued liabilities	$ 82,044	$ 80,630

Equity Based Compensation (Deta

Equity Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 12, 2019
AM LTIP
Additional disclosures
Number of stock-based compensation awards authorized			15,398,901
Number of shares available for future grant under the Plan	2,281,818	2,281,818
RSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares)		5,877,170
Granted (in shares)		2,459,643
Vested (in shares)		(1,011,669)
Forfeited (in shares)		(3,094)
Total awarded and unvested at the end of the period (in shares)	7,322,050	7,322,050
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per unit)		$ 10.28
Granted (in dollars per unit)		13.44
Vested (in dollars per unit)		10.59
Forfeited (in dollars per unit)		10.56
Total awarded and unvested at the end of the period (in dollars per unit)	$ 11.30	$ 11.30
Additional disclosures
Unamortized expense	$ 67	$ 67
Weighted average period for recognizing unrecognized stock-based compensation expense		2 years 2 months 12 days
ROIC PSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares)		952,101
Granted (in shares)		350,237
Total awarded and unvested at the end of the period (in shares)	1,302,338	1,302,338
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per unit)		$ 10.90
Granted (in dollars per unit)		13.44
Total awarded and unvested at the end of the period (in dollars per unit)	$ 11.59	$ 11.59
Additional disclosures
Unamortized expense	$ 20	$ 20
Weighted average period for recognizing unrecognized stock-based compensation expense		2 years 2 months 12 days
2024 ROIC PSUs
Additional disclosures
Vesting period	3 years
2024 ROIC PSUs \| Minimum
Additional disclosures
Percentage of target number of ROIC PSUs originally granted that may ultimately be earned	0%
2024 ROIC PSUs \| Maximum
Additional disclosures
Percentage of target number of ROIC PSUs originally granted that may ultimately be earned	200%

Equity Based Compensation - Com

Equity Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity based compensation
Equity based compensation expense	$ 9,327	$ 6,327
ROIC PSUs
Equity based compensation
Equity based compensation expense	1,951	1,061
RSUs
Equity based compensation
Equity based compensation expense	7,127	5,061
Equity awards issued to directors
Equity based compensation
Equity based compensation expense	$ 249	$ 205

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands												3 Months Ended		12 Months Ended
	Apr. 10, 2024	Feb. 14, 2024	Feb. 07, 2024	Nov. 14, 2023	Nov. 08, 2023	Aug. 14, 2023	Aug. 09, 2023	May 15, 2023	May 10, 2023	Feb. 14, 2023	Feb. 08, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash dividends
Common stock dividends paid			$ 107,918		$ 107,975		$ 107,900		$ 110,607		$ 108,364	$ 107,918	$ 108,364
Preferred stock dividends paid												138	$ 138
Dividends paid												108,056		$ 435,396
Common stock dividends (in dollars per share)			$ 0.2250		$ 0.2250		$ 0.2250		$ 0.2250		$ 0.2250
Cash dividends declared per common share	$ 0.2250
Series A Preferred Stock
Cash dividends
Preferred stock dividends paid		$ 138		$ 137		$ 138		$ 137		$ 138
Cash dividend declared	$ 137,500
Dividends in arrears												$ 68,750

Equity and Net Income Per Com_3

Equity and Net Income Per Common Share (Details) - $ / shares	Mar. 12, 2019	Mar. 31, 2024	Dec. 31, 2023
Equity and Earnings Per Common Share
Number of preferred shares authorized	100,000,000	100,000,000	100,000,000
Series A Preferred Stock.
Equity and Earnings Per Common Share
Preferred stock, shares issued	10,000
Preferred stock dividend rate	5.50%
Dividend payment term	45 days
Redemption price per share	$ 1,000

Equity and Net Income Per Com_4

Equity and Net Income Per Common Share - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Shares Outstanding
Basic weighted average common shares outstanding	479,897	478,612
Diluted weighted average number of shares outstanding	484,303	481,459
RSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	2,666	1,687
Antidilutive securities excluded from computation of earnings per share		872
ROIC PSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	1,029	207
Antidilutive securities excluded from computation of earnings per share		285
Series A Preferred Stock.
Weighted Average Shares Outstanding
Add: Dilutive effect of Series A preferred stock	711	953

Equity and Net Income Per Com_5

Equity and Net Income Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity and Net Income Per Common Share
Net income	$ 103,926	$ 86,507
Less preferred stock dividends	(138)	(138)
Net income (loss) available to common shareholders	$ 103,788	$ 86,369
Net income per share-basic (in dollars per share)	$ 0.22	$ 0.18
Net income per share-diluted (in dollars per share)	$ 0.21	$ 0.18
Basic weighted average common shares outstanding	479,897	478,612
Weighted average common shares outstanding-diluted	484,303	481,459

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value measurement
Carrying Value	$ 3,174,873	$ 3,213,216
Senior Notes
Fair value measurement
Carrying Value	3,174,873	2,583,116
Senior Notes \| Level 2
Fair value measurement
Fair Value	3,155,143	2,569,470
7.875% Senior Notes Due 2026
Fair value measurement
Carrying Value	544,863	546,631
7.875% Senior Notes Due 2026 \| Level 2
Fair value measurement
Fair Value	557,488	565,785
5.75% Senior Notes Due 2027
Fair value measurement
Carrying Value	647,499	647,313
5.75% Senior Notes Due 2027 \| Level 2
Fair value measurement
Fair Value	640,250	642,655
5.75% Senior Notes Due 2028
Fair value measurement
Carrying Value	645,944	645,702
5.75% Senior Notes Due 2028 \| Level 2
Fair value measurement
Fair Value	637,780	641,030
5.375% Senior Notes Due 2029
Fair value measurement
Carrying Value	743,728	743,470
5.375% Senior Notes Due 2029 \| Level 2
Fair value measurement
Fair Value	719,025	$ 720,000
6.625% Senior Notes Due 2032
Fair value measurement
Carrying Value	592,839
6.625% Senior Notes Due 2032 \| Level 2
Fair value measurement
Fair Value	$ 600,600

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item mi	Mar. 31, 2023 USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period	$ 626,650
Equity in earnings of unconsolidated affiliates	27,530	$ 24,456
Distributions from unconsolidated affiliates	(34,960)	$ (34,105)
Balance at end of period	$ 619,220
Joint Venture
Equity Method Investments
Ownership percentage	50%
Percentage of interest held by joint venture in third party fractionator in Ohio	33.33%
Number of fractionators \| item	2
Investments in unconsolidated affiliates
Balance at beginning of period	$ 508,821
Equity in earnings of unconsolidated affiliates	25,140
Distributions from unconsolidated affiliates	(31,015)
Balance at end of period	$ 502,946
Stonewall
Equity Method Investments
Ownership percentage	15%
Number of miles of pipeline \| mi	67
Investments in unconsolidated affiliates
Balance at beginning of period	$ 117,829
Equity in earnings of unconsolidated affiliates	2,390
Distributions from unconsolidated affiliates	(3,945)
Balance at end of period	$ 116,274

Contingencies (Details)

Contingencies (Details) - Lawsuit with Veolia Water Technologies, Inc. - Pending Litigation - USD ($) $ in Millions	May 03, 2023	Jan. 27, 2023	Jan. 03, 2023	Feb. 24, 2022
Contingencies
Antero Treatment damages sought				$ 450
Antero Treatment damages sought related to multiple breaches				370
Veolia damages sought				$ 118
Claims for breach of contract and fraud awarded to Antero		$ 309	$ 242
Amended claims for breach of contract and fraud awarded to Antero	$ 280

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended
Reportable Segments (Details) $ in Thousands	Mar. 31, 2024 USD ($) item segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Reporting Segments
Number of reportable segments \| segment	2
Revenues:
Amortization of customer relationships	$ (17,668)	$ (17,668)
Total revenue	279,051	259,475
Operating expenses:
Direct operating	53,918	57,873
General and administrative	21,221	17,347
Facility idling	522	574
Depreciation	37,095	35,196
Accretion of asset retirement obligations	44	44
Loss on settlement of asset retirement obligations		341
Gain (loss) on asset sale		(245)
Total operating expenses	112,800	111,130
Operating income	166,251	148,345
Equity in earnings of unconsolidated affiliates	27,530	24,456
Additions to property and equipment, net	35,073	42,957
Total assets	5,749,241		$ 5,737,618
Antero
Revenues:
Total operating revenues	296,048	276,871
Third party
Revenues:
Total operating revenues	671	272
Gathering And Processing.
Revenues:
Amortization of customer relationships	$ (9,271)	(9,271)
Water Handling
Reporting Segments
Number of independent fresh water systems \| item	2
Revenues:
Amortization of customer relationships	$ (8,397)	(8,397)
Operating Segments \| Gathering And Processing.
Revenues:
Amortization of customer relationships	(9,271)	(9,271)
Total revenue	218,322	190,305
Operating expenses:
Direct operating	26,143	24,118
General and administrative	14,733	10,180
Depreciation	23,421	22,063
Gain (loss) on asset sale		(242)
Total operating expenses	64,297	56,119
Operating income	154,025	134,186
Equity in earnings of unconsolidated affiliates	27,530	24,456
Additions to property and equipment, net	27,723	29,197
Total assets	4,718,671		4,691,827
Operating Segments \| Gathering And Processing. \| Antero
Revenues:
Total operating revenues	227,593	199,576
Operating Segments \| Water Handling
Revenues:
Amortization of customer relationships	(8,397)	(8,397)
Total revenue	60,729	69,170
Operating expenses:
Direct operating	27,775	33,755
General and administrative	5,226	6,208
Facility idling	522	574
Depreciation	13,674	13,133
Accretion of asset retirement obligations	44	44
Loss on settlement of asset retirement obligations		341
Gain (loss) on asset sale		(3)
Total operating expenses	47,241	54,052
Operating income	13,488	15,118
Additions to property and equipment, net	7,350	13,760
Total assets	1,030,097		1,045,725
Operating Segments \| Water Handling \| Antero
Revenues:
Total operating revenues	68,455	77,295
Operating Segments \| Water Handling \| Third party
Revenues:
Total operating revenues	671	272
Unallocated
Operating expenses:
General and administrative	1,262	959
Total operating expenses	1,262	959
Operating income	(1,262)	$ (959)
Total assets	$ 473		$ 66

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false