Antero Midstream (AM) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
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		503,419,919
Entity Central Index Key	0001623925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 2,822
Accounts receivable - Antero Resources	$ 105,182
Accounts receivable - third party	940
Other current assets	3,102	87
Total current assets	109,224	2,909
Property and equipment:
Property and equipment, net	3,215,978
Investments in unconsolidated affiliates	672,310	43,492
Deferred tax asset	35,530	1,304
Customer relationships	1,496,951
Goodwill	902,777
Other assets, net	12,734
Total assets	6,445,504	47,705
Current liabilities:
Accounts payable - Antero Resources	4,745	731
Accounts payable - third party	32,569	28
Accrued liabilities	96,944	407
Contingent acquisition consideration	122,247
Asset retirement obligations	2,630
Taxes payable		15,678
Other current liabilities	493
Total current liabilities	259,628	16,844
Long-term liabilities:
Long-term debt	2,657,750
Asset retirement obligations	3,441
Other	1,655
Total liabilities	2,922,474	16,844
Partners' capital and Stockholders' Equity:
Preferred stock
Common stock, $0.01 par value; none authorized, issued or outstanding at December 31, 2018; 2,000,000 authorized and 503,378 issued and outstanding at September 30, 2019	5,034
Additional paid-in capital	3,715,002
Accumulated earnings (loss)	(197,006)
Total partners' capital and stockholders' equity	3,523,030	30,861
Total liabilities and partners' capital and stockholders' equity	6,445,504	47,705
Common Shareholders
Partners' capital and Stockholders' Equity:
Common shareholders-186,219 shares issued and outstanding at December 31, 2018; none issued and outstanding at September 30, 2019		(41,969)
Total partners' capital and stockholders' equity		(41,969)
Series B Unitholders
Partners' capital and Stockholders' Equity:
IDR LLC Series B units (66 units vested at December 31, 2018; none issued and outstanding at September 30, 2019)		72,830
Total partners' capital and stockholders' equity		72,830
Series A Preferred Stock
Partners' capital and Stockholders' Equity:
Preferred stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, authorized shares	100,000,000	0
Preferred stock, shares issued		0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	2,000,000	0
Common stock, shares issued	503,378	0
Common stock, shares outstanding	503,378	0
Common Shareholders
Common shareholders units issued	0	186,219,000
Common shareholders units outstanding	0	186,219,000
Series B Unitholders
IDR LLC Series B units vested		66,000
IDR LLC Series B units issued	0
IDR LLC Series B units outstanding	0
Series A Preferred Stock
Preferred stock, authorized shares	12,000	0
Preferred stock, shares issued	10,000	0
Preferred stock, shares outstanding	10,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Revenue			$ 553,521
Amortization of customer relationships	$ (28,863)		(39,178)
Total revenue	243,795		553,521
Operating expenses:
Direct operating	61,808		140,788
General and administrative	30,595	$ 10,803	85,026	$ 31,876
Facility idling	1,512		1,512
Impairment of property and equipment	407,848		408,442
Impairment of goodwill	43,759		43,759
Impairment charge	5,871		5,871
Depreciation	24,460		68,557
Accretion and change in fair value of contingent acquisition consideration	1,977		5,323
Accretion of asset retirement obligations	54		133
Total operating expenses	577,884	10,803	759,411	31,876
Operating loss	(334,089)	(10,803)	(205,890)	(31,876)
Interest expense, net	(36,134)	(68)	(73,872)	(82)
Equity in earnings of unconsolidated affiliates	18,478	37,816	34,981	99,414
Income (loss) before income taxes	(351,745)	26,945	(244,781)	67,456
Provision for income tax benefit (expense)	62,268	(8,917)	34,226	(22,236)
Net income (loss) and comprehensive income (loss)	$ (289,477)	$ 18,028	$ (210,555)	$ 45,220
Net income (loss) per share-basic and diluted	$ (0.57)	$ 0.09	$ (0.50)	$ 0.23
Weighted average common shares outstanding-basic	506,419	186,208	423,296	186,199
Weighted average common shares outstanding-diluted	506,419	186,208	423,296	186,199
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Revenue	$ 175,719		$ 378,178
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Revenue	$ 96,939		214,471
Natural Gas Water Handling and Treatment
Revenue:
Revenue			$ 50

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Operations and Comprehensive Income
Equity-based compensation	$ 20,129	$ 8,574	$ 53,095	$ 26,319

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital and Stockholders' Equity - USD ($) $ in Thousands	Common Shareholders	Series B Unitholders	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Total
Balance at Dec. 31, 2017	$ (19,866)	$ 35,474				$ 15,608
Partner' Capital and Stockholders' Equity
Net income and comprehensive income	12,392	413				12,805
Equity-based compensation	7,777					7,777
Distributions to shareholders	(13,964)	(783)				(14,747)
Balance at Mar. 31, 2018	(13,661)	35,104				21,443
Balance at Dec. 31, 2017	(19,866)	35,474				15,608
Partner' Capital and Stockholders' Equity
Net income and comprehensive income						45,220
Balance at Sep. 30, 2018	(10,163)	35,289				25,126
Balance at Mar. 31, 2018	(13,661)	35,104				21,443
Partner' Capital and Stockholders' Equity
Net income and comprehensive income	13,881	506				14,387
Equity-based compensation	7,777					7,777
Distributions to shareholders	(20,109)	(414)				(20,523)
Balance at Jun. 30, 2018	(12,112)	35,196				23,084
Partner' Capital and Stockholders' Equity
Net income and comprehensive income	17,430	598				18,028
Equity-based compensation	7,795					7,795
Distributions to shareholders	(23,276)	(505)				(23,781)
Balance at Sep. 30, 2018	(10,163)	35,289				25,126
Balance at Dec. 31, 2018	(41,969)	72,830				30,861
Partner' Capital and Stockholders' Equity
Net (loss) and comprehensive (income) pre-acquisition	(13,549)					(13,549)
Equity-based compensation pre-acquisition	7,034					7,034
Exchange of common shares for shares of common stock and cash consideration paid	79,027	(69,110)	$ 5,066	$ 4,002,898		4,017,881
Equity-based compensation				4,389		4,389
Distributions to shareholders	(30,543)	(3,720)				(34,263)
Net income and comprehensive income					$ 23,197	23,197
Balance at Mar. 31, 2019			5,066	4,007,287	23,197	4,035,550
Balance at Dec. 31, 2018	$ (41,969)	$ 72,830				30,861
Partner' Capital and Stockholders' Equity
Net income and comprehensive income						(210,555)
Balance at Sep. 30, 2019			5,034	3,715,002	(197,006)	3,523,030
Balance at Mar. 31, 2019			5,066	4,007,287	23,197	4,035,550
Partner' Capital and Stockholders' Equity
Dividends to shareholders				(152,180)		(152,180)
Equity-based compensation				21,543		21,543
Issuance of common units upon vesting of equity-based compensation awards, net of units withheld for income taxes			2	(1,830)		(1,828)
Net income and comprehensive income					69,274	69,274
Balance at Jun. 30, 2019			5,068	3,874,820	92,471	3,972,359
Partner' Capital and Stockholders' Equity
Dividends to shareholders				(154,284)		(154,284)
Net income and comprehensive income						(289,477)
Equity-based compensation				20,129		20,129
Issuance of common units upon vesting of equity-based compensation awards, net of units withheld for income taxes			1	(179)		(178)
Repurchases and retirement of common stock			(35)	(25,484)		(25,519)
Net income and comprehensive income					(289,477)	(289,477)
Balance at Sep. 30, 2019			$ 5,034	$ 3,715,002	$ (197,006)	$ 3,523,030

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 18,028	$ (210,555)	$ 45,220
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions received from Antero Midstream Partners LP, prior to the Transactions		43,492	85,371
Depreciation		68,557
Accretion and change in fair value of contingent acquisition consideration		5,323
Accretion of asset retirement obligations		133
Impairment of property and equipment		408,442
Impairment of goodwill		43,759
Impairment charge		5,871
Deferred income benefit		(34,226)
Equity-based compensation	8,574	53,095	26,319
Equity in earnings of unconsolidated affiliates	(37,816)	(34,981)	(99,414)
Distributions from unconsolidated affiliates		42,570
Amortization of customer relationships		39,178
Amortization of deferred financing costs		2,123	90
Changes in assets and liabilities:
Accounts receivable-Antero Resources		38,331
Accounts receivable-third party		12
Other current assets		(1,788)	(56)
Accounts payable-Antero Resources		(503)
Accounts payable-third party		(3,635)
Accrued liabilities		(19,648)	646
Income taxes payable		(15,678)	(636)
Net cash provided by operating activities		429,872	57,540
Cash flows provided by (used in) investing activities:
Additions to gathering systems and facilities		(170,921)
Additions to water handling and treatment systems		(91,144)
Investments in unconsolidated affiliates		(117,339)
Cash received on acquisition of Antero Midstream Partners LP		619,532
Cash consideration paid to Antero Midstream Partners LP unitholders		(598,709)
Change in other assets		3,338
Change in other liabilities		(1,050)
Net cash used in investing activities		(356,293)
Cash flows provided by (used in) financing activities:
Distributions to shareholders		(336,772)	(57,349)
Distributions to Series B unitholders		(3,720)	(1,702)
Distributions to preferred shareholders		(235)
Repurchases of common stock		(25,519)
Issuance of senior notes		650,000
Payments of deferred financing costs		(8,523)	(230)
Payments on bank credit facilities, net		(349,500)
Employee tax withholding for settlement of equity compensation awards		(2,008)
Other		(124)
Net cash used in financing activities		(76,401)	(59,281)
Net decrease in cash and cash equivalents		(2,822)	(1,741)
Cash and cash equivalents, beginning of period		2,822	5,987
Cash and cash equivalents, end of period	$ 4,246		4,246
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		75,071
Cash paid during the period for income taxes		16,001	$ 22,871
Increase in accrued capital expenditures and accounts payable for property and equipment		$ 34,667

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization
Organization	(1 ) Organization Antero Midstream Corporation was originally formed as Antero Resources Midstream Management LLC in 2013 to become the general partner of Antero Midstream Partners LP (“Antero Midstream Partners”). On May 4, 2017, Antero Resources Midstream Management LLC converted from a limited liability company to a limited partnership under the laws of the State of Delaware (the “Conversion”), and changed its name to Antero Midstream GP LP (“AMGP”) in connection with its initial public offering. On March 12, 2019, pursuant to the Simplification Agreement, dated as of October 9, 2018, by and among AMGP, Antero Midstream Partners and certain of their affiliates (the “Simplification Agreement”), (i) AMGP was converted from a limited partnership to a corporation under the laws of the State of Delaware and changed its name to Antero Midstream Corporation, (ii) an indirect, wholly owned subsidiary of Antero Midstream Corporation was merged with and into Antero Midstream Partners, with Antero Midstream Partners surviving the merger as an indirect, wholly owned subsidiary of Antero Midstream Corporation (the “Merger”), and (iii) Antero Midstream Corporation exchanged (the “Series B Exchange” and, together with the Conversion, the Merger and the other transactions pursuant to by the Simplification Agreement, the “Transactions”) each issued and outstanding Series B Unit (the “Series B Units”) representing a membership interest in Antero IDR Holdings LLC (“IDR Holdings”) for 176.0041 shares of its common stock, par value $0.01 per share (“AMC common stock”). As a result of the Transactions, Antero Midstream Partners is now a wholly owned subsidiary of Antero Midstream Corporation and former shareholders of AMGP, unitholders of Antero Midstream Partners, including Antero Resources Corporation (“Antero Resources”), and holders of Series B Units now own AMC common stock. We are 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’s Marcellus Shale and Utica Shale located in West Virginia and Ohio. Our assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants, and water handling and treatment assets. The Company, through Antero Midstream Partners and its affiliates, provides midstream services to Antero Resources under long-term contracts. The Company’s corporate headquarters are located in Denver, Colorado. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2018 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies, which have been 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 the Company, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of December 31, 2018 and September 30, 2019, and the results the Company’s operations for the three and nine months ended September 30, 2018 and 2019 and its cash flows for the nine months ended September 30, 2018 and 2019. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to its comprehensive income (loss). 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 6—Transactions with Affiliates). As of the date these unaudited condensed consolidated financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified other than as disclosed in Note 13—Cash Distributions and Dividends. (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include (i) for the period prior to March 13, 2019, the accounts of AMGP and its consolidated subsidiaries, which did not include Antero Midstream Partners and its subsidiaries, and (ii) for the period beginning on March 13, 2019, the accounts of Antero Midstream Corporation and its consolidated subsidiaries, including Antero Midstream Partners and its subsidiaries, which were acquired in the Transactions. See Note 3—Business Combination. (c) Revenue Recognition The Company, through Antero Midstream Partners and its affiliates, provides gathering and compression and water handling and treatment services under fee-based contracts primarily based on throughput or at cost plus a margin. Certain of these contracts contain operating leases of the Company’s assets under GAAP. Under these arrangements, the Company receives fees for gathering gas products, compression services, and water handling and treatment services. The revenue the Company earns from these arrangements is directly related to (1) in the case of natural gas gathering and compression, the volumes of metered natural gas that it gathers, compresses, and delivers to natural gas compression sites or other transmission delivery points, (2) in the case of fresh water services, the quantities of fresh water delivered to its customers for use in their well completion operations, (3) in the case of wastewater treatment services performed by the Company prior to idling of the Clearwater Facility (as defined below) in September 2019, the quantities of wastewater treated for our customers, or (4) in the case of wastewater services provided by third parties, the third-party costs the Company incurs plus . The Company recognizes revenue when it satisfies a performance obligation by delivering a service to a customer or the use of leased assets to a customer. See Note 7—Revenue for the Company’s required disclosures under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers . The Company includes lease revenue within revenues by service. (d) Use of Estimates The preparation of the unaudited condensed consolidated financial statements and notes in conformity with GAAP requires that management formulate estimates and assumptions that affect revenues, expenses, assets, liabilities, and the disclosure of contingent liabilities. Items subject to estimates and assumptions include the useful lives of property and equipment, the valuation of assets and liabilities acquired from Antero Midstream Partners, as well as the valuation of accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates. (e) Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable within its consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its consolidated statements of cash flows. The Company classified (f) Property and Equipment Property and equipment primarily consists of gathering pipelines, compressor stations, the wastewater treatment facility and related landfill (collectively, the “Clearwater Facility”) used for the disposal of salt therefrom and fresh water delivery pipelines and facilities stated at historical cost less accumulated depreciation, amortization and impairment. The Company capitalizes construction-related direct labor and material costs. Maintenance and repair costs are expensed as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives and salvage values of assets. The depreciation of fixed assets recorded under operating lease agreements is included in depreciation expense. Uncertainties that may impact these estimates of useful lives include, among others, changes in laws and regulations relating to environmental matters, including air and water quality, restoration and abandonment requirements, economic conditions, and supply and demand for the Company’s services in the areas in which it operates. When assets are placed into service, management makes estimates with respect to useful lives and salvage values that management believes are reasonable. Amortization of landfill airspace consists of the amortization of landfill capital costs, including those that have been incurred and capitalized and estimated future costs for landfill development and construction, as well as the amortization of asset retirement costs arising from landfill final capping, closure, and post-closure obligations. Amortization expense is recorded on a units-of-consumption basis, applying cost as a rate per-cubic yard. The rate per-cubic yard is calculated by dividing each component of the amortizable basis of the landfill by the number of cubic yards needed to fill the corresponding asset’s airspace. Landfill capital costs and closure and post-closure asset retirement costs are generally incurred to support the operation of the landfill over its entire operating life and are, therefore, amortized on a per-cubic yard basis using a landfill’s total airspace capacity. Estimates of disposal capacity and future development costs are created using input from independent engineers and internal technical teams and are reviewed at least annually. The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying values of the assets may not be recoverable. Generally, the basis for making such assessments is undiscounted future cash flow projections for the assets being assessed. If the carrying values of the assets are deemed not recoverable, the carrying values are reduced to the estimated fair values, which are based on discounted future cash flows using assumptions as to revenues, costs, and discount rates typical of third-party market participants, which is a Level 3 fair value measurement. The Company recognized an impairment with respect to the Clearwater Facility during the three months ended September 30, 2019. See Note 4— Clearwater Facility Impairment. (g) Asset Retirement Obligations The Company’s asset retirement obligations include its obligation to close, maintain, and monitor landfill cells and support facilities. After the entire landfill reaches capacity and is certified closed, the Company must continue to maintain and monitor the landfill for a post-closure period, which generally extends for . The Company records the fair value of its landfill retirement obligations as a liability in the period in which the regulatory obligation to retire a specific asset is triggered. For the Company’s individual landfill cells, the required closure and post-closure obligations under the terms of its permits and its intended operation of the landfill cell are triggered and recorded when the cell is placed into service and salt is initially disposed in the landfill cell. The fair value is based on the total estimated costs to close the landfill cell and perform post-closure activities once the landfill cell has reached capacity and is no longer accepting salt. Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that is used to calculate the recorded liability, with accretion charged to direct costs. Actual cash expenditures to perform closure and post-closure activities reduce the retirement obligation liabilities as incurred. After initial measurement, asset retirement obligations are adjusted at the end of each period to reflect changes, if any, in the estimated future cash flows underlying the obligation. Landfill retirement assets are capitalized as the related retirement obligations are incurred, and are amortized on a units-of-consumption basis as the disposal capacity is consumed. Asset retirement obligations are recorded for fresh water impoundments and waste water pits when an abandonment date is identified. The Company records the fair value of its freshwater impoundment and waste water pit retirement obligations as liabilities in the period in which the regulatory obligation to retire a specific asset is triggered. The fair value is based on the total reclamation costs of the assets. Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that is used to calculate the recorded liability, with accretion charged to direct costs. Actual cash expenditures to perform remediation activities reduce the retirement obligation liabilities as incurred. After initial measurement, asset retirement obligations are adjusted at the end of each period to reflect changes, if any, in the estimated future cash flows underlying the obligation. Fresh water impoundments and wastewater pit retirement assets are capitalized as the related retirement obligations are incurred, and are amortized on a straight-line basis until reclamation. The Company is under no legal obligations, neither contractually nor under the doctrine of promissory estoppel, to restore or dismantle its gathering pipelines, compressor stations, water delivery pipelines and facilities and the wastewater treatment facility upon abandonment. See Note 4—Clearwater Facility Impairment. The Company’s gathering pipelines, compressor stations, fresh water delivery pipelines and facilities and wastewater treatment facility have an indeterminate life, if properly maintained. Accordingly, the Company is not able to make a reasonable estimate of when future dismantlement and removal dates of its pipelines, compressor stations and the wastewater treatment facility will occur. (h) Income Taxes Antero Midstream Corporation recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in tax laws or tax rates is recognized in income during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Antero Midstream Corporation regularly reviews its tax positions in each significant taxing jurisdiction during the process of evaluating its tax provision. Antero Midstream Corporation makes adjustments to its tax provision when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; and/or (ii) a tax position is effectively settled with a tax authority at a differing amount. (i) Fair Value Measures The Financial Accounting Standards Board (the “FASB”) ASC Topic 820, Fair Value Measurements and Disclosures The carrying values on the balance sheet of the Company’s cash and cash equivalents, accounts receivable—Antero Resources, accounts receivable—third party, other current assets, accounts payable—Antero Resources, accounts payable—third party, accrued liabilities, other current liabilities, other liabilities and the Credit Facility (as defined in Note 9—Long-Term Debt) approximate fair values due to their short-term maturities. The assets and liabilities of Antero Midstream Partners were recorded at fair value as of the acquisition date, March 12, 2019 (see Note 3—Business Combination). (j) Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in companies if the investment provides the Company with the ability to exercise significant influence over, but not control of, the operating and financial policies of the investee. The Company’s consolidated net income includes the Company’s proportionate share of the net income or loss of such companies. The Company’s judgment regarding the level of influence over each equity method investee includes considering key factors such as the Company’s ownership interest, representation on the board of directors and participation in policy-making decisions of the investee and material intercompany transactions. See Note 16—Investments in Unconsolidated Affiliates. (k) Business Combinations recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, with any remaining difference recorded as goodwill. For acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, and goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the acquisition date. An adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition-related costs are expensed as incurred in connection with each business combination. See Note 3—Business Combination. (l) Goodwill and Intangible Assets The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future net operating margins, future volumes, discount rates, and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. Amortization of intangible assets with definite lives is calculated using the straight-line method which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. See Note 4— and Note 5—Goodwill and Intangibles. (m ) Treasury Share Retirement The Company periodically retires treasury shares acquired through share repurchases and returns those shares to the status of authorized but unissued. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to accumulated earnings. The portion allocable to additional paid-in capital is determined by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of retirement . (n) Adoption of New Accounting Principle On February 25, 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases , which requires lessees to record lease liabilities and right-of-use assets as of the date of adoption and was incorporated into GAAP as ASC Topic 842. The new lease standard does not substantially change accounting by lessors. The Company adopted the new standard prospectively effective January 1, 2019. The Company is not a party to material contracts as a lessee. The Company determined that Antero Midstream Partners’ contractual arrangement with Antero Resources to provide gathering and compression services is an operating lease of certain of the Company’s assets, which are accounted for under the new ASU (see Note 7—Revenue for information on this arrangement). ​

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2019
Business Combination
Business Combination	(3) Business Combination On March 12, 2019, AMGP and Antero Midstream Partners completed the Transactions. The Transactions have been accounted for using the acquisition method of accounting with Antero Midstream Corporation identified as the acquirer of Antero Midstream Partners. ​ The components of the fair value of consideration transferred are as follows (in thousands): ​ ​ ​ ​ ​ Fair value of shares of AMC common stock issued (1) ​ $ 4,017,881 ​ Cash ​ ​ 598,709 ​ Total fair value of consideration transferred ​ $ 4,616,590 ​ (1) The fair value of each share of AMC common stock issued in connection with the Transactions was determined to be $12.54 , the closing price of AMGP common shares on March 12, 2019. ​ The preliminary purchase price allocation of the Transactions, and preliminary adjustments thereto, are summarized in the table below. As of September 30, 2019, the Company was still completing its analysis of the final purchase price allocation. The estimated fair value of assets acquired and liabilities assumed at March 12, 2019, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Originally ​ ​ ​ ​ ​ As ​ ​ ​ ​ Reported ​ ​ Adjustments ​ ​ Adjusted ​ Cash and cash equivalents ​ $ 619,532 ​ ​ — ​ ​ 619,532 ​ Accounts receivable–Antero Resources ​ ​ 142,312 ​ ​ — ​ ​ 142,312 ​ Accounts receivable–third party ​ ​ 117 ​ ​ — ​ ​ 117 ​ Other current assets ​ ​ 1,150 ​ ​ — ​ ​ 1,150 ​ Property and equipment, net ​ ​ 3,639,148 ​ ​ (267,721) ​ ​ 3,371,427 ​ Investments in unconsolidated affiliates ​ ​ 1,090,109 ​ ​ (527,549) ​ ​ 562,560 ​ Customer relationships ​ ​ 558,000 ​ ​ 984,000 ​ ​ 1,542,000 ​ Other assets, net ​ ​ 42,887 ​ ​ — ​ ​ 42,887 ​ Total assets acquired ​ ​ 6,093,255 ​ ​ 188,730 ​ ​ 6,281,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable–Antero Resources ​ ​ 3,316 ​ ​ — ​ ​ 3,316 ​ Accounts payable–third party ​ ​ 30,674 ​ ​ — ​ ​ 30,674 ​ Accrued liabilities ​ ​ 87,021 ​ ​ — ​ ​ 87,021 ​ Other current liabilities ​ ​ 537 ​ ​ — ​ ​ 537 ​ Long-term debt ​ ​ 2,364,935 ​ ​ — ​ ​ 2,364,935 ​ Contingent acquisition consideration ​ ​ 116,924 ​ ​ — ​ ​ 116,924 ​ Asset retirement obligations ​ ​ 5,715 ​ ​ — ​ ​ 5,715 ​ Other liabilities ​ ​ 2,809 ​ ​ — ​ ​ 2,809 ​ Total liabilities assumed ​ ​ 2,611,931 ​ ​ — ​ ​ 2,611,931 ​ Net assets acquired, excluding goodwill ​ ​ 3,481,324 ​ ​ 188,730 ​ ​ 3,670,054 ​ Goodwill ​ ​ 1,135,266 ​ ​ (188,730) ​ ​ 946,536 ​ Net assets acquired ​ $ 4,616,590 ​ $ — ​ $ 4,616,590 ​ ​ Adjustments to the preliminary purchase price allocation stem mainly from additional information obtained by the Company in the second and third quarters of 2019 about facts and circumstances that existed as of the date of the Transactions, including updates to the completion of certain valuations to determine the underlying fair value of certain assets. The decrease in the fair value of the property and equipment resulted in a million reversal of Depreciation in the unaudited condensed consolidated statement of operations. The increase in the fair value of customer relationships resulted in a million increase in Amortization of customer relationships in the unaudited condensed consolidated statement of operations. All customer relationships are subject to amortization, which will be recognized over a weighted-average period of The purchase price allocation resulted in the recognition of $588 million of goodwill in three reporting units within the Company’s gathering and processing segment and $359 million of goodwill in two reporting units within its water handling and treatment segment. Substantially all of goodwill is expected to be deductible for tax purposes. Goodwill represents the efficiencies realized with simplifying our corporate structure to The Company’s financial statements include $6 million of acquisition-related costs associated with the Transactions. These costs were expensed as general and administrative costs.

Clearwater Facility Impairment

Clearwater Facility Impairment	9 Months Ended
	Sep. 30, 2019
Clearwater Facility Impairment
Clearwater Facility Impairment	(4) Clearwater Facility Impairment On September 18, 2019, the Company commenced a strategic evaluation of the Clearwater Facility at which time, such facility was idled. Based on the preliminary results of the evaluation and ongoing discussions with the facility’s contractor, the Company determined that the facility is expected to be idled for the foreseeable future. Accordingly, the Company performed an interim impairment analysis of the facility and determined: (i) to reduce the carrying value of the facility to its estimated salvage value, which included the land associated with the Clearwater Facility; (ii) the fair value of the goodwill assigned to the wastewater treatment reporting unit was less than its carrying value resulting in an impairment charge to goodwill; and (iii) the customer relationships intangible asset was impaired. The following table shows the impairment charges for the three months ended September 30, 2019 related to the Clearwater Facility (in thousands): ​ ​ ​ ​ ​ ​ Impairment of property and equipment ​ $ 407,848 ​ Impairment of goodwill ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ 5,871 ​ Total impairment expense ​ $ 457,478 ​ ​ The Company incurred $2 million in facility idling costs for the care and maintenance of the Clearwater Facility during the period from September 18, 2019 through September 30, 2019. ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets
Goodwill and Intangible Assets	(5) Goodwill and Intangible Assets The Company evaluates goodwill for impairment annually during the fourth quarter and whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit with goodwill is less than its carrying amount. Significant assumptions used to estimate the reporting units’ fair value include the discount rate as well as estimates of future cash flows, which are impacted primarily by commodity prices and producer customers’ development plans (which impact volumes and capital requirements). During the third quarter of 2019, the Company performed an interim impairment analysis of the goodwill recorded in connection with the Transactions due to the Company’s strategic evaluation of the Clearwater Facility. As a result of this evaluation, the Company incurred impairment charges to the goodwill and customer relationships intangible asset associated with the Clearwater Facility. See Note 4—Clearwater Facility Impairment. The changes in the carrying amount in goodwill for the nine months ended September 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ Consolidated ​ ​ Processing Treatment Total ​ Goodwill as of December 31, 2018 ​ $ — ​ ​ — ​ ​ — ​ Goodwill acquired (1) ​ ​ 587,629 ​ ​ 358,907 ​ ​ 946,536 ​ Impairment of goodwill ​ ​ — ​ ​ (43,759) ​ ​ (43,759) ​ Goodwill as of September 30, 2019 ​ $ 587,629 ​ ​ 315,148 ​ ​ 902,777 ​ (1) See Note 3—Business Combination. ​ All customer relationships are subject to amortization and will be amortized over a weighted-average period of 22 years. The changes in the carrying amount of customer relationships for the nine months ended September 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2018 ​ $ — ​ Customer relationships acquired (1) ​ ​ 1,542,000 ​ Accumulated amortization ​ ​ (39,178) ​ Impairment ​ (5,871) ​ Customer relationships as of September 30, 2019 ​ $ 1,496,951 ​ (1) See Note 3—Business Combination. ​ Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 17,785 ​ Year ending December 31, 2020 ​ ​ 70,753 ​ Year ending December 31, 2021 ​ ​ 70,560 ​ Year ending December 31, 2022 ​ ​ 70,560 ​ Year ending December 31, 2023 ​ ​ 70,560 ​ Year ending December 31, 2024 ​ ​ 70,753 ​ Thereafter ​ ​ 1,125,980 ​ Total ​ $ 1,496,951 ​ ​

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
	Sep. 30, 2019
Transactions with Affiliates
Transactions with Affiliates	(6) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three and nine months ended September 30, 2019 were earned from Antero Resources, under various agreements for gathering and compression and water handling and treatment services. Revenues earned from gathering and processing services consists of lease income. There were no such revenues earned by AMGP for the three and nine months ended September 30, 2018. (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 and treatment services. Accounts payable—Antero Resources represents amounts due to Antero Resources for general and administrative and other costs. (c) Costs charged by Antero Resources The employees supporting the Company’s operations are employees of Antero Resources. Direct operating expense includes costs charged to the Company of $1.8 million and $4.1 million during the three months and nine months ended September 30, 2019, respectively, related to labor charges for Antero Resources employees associated with the operation of the Company’s gathering lines, compressor stations, and water handling and treatment assets. There were no such charges to AMGP during the three months and nine months ended September 30, 2018. General and administrative expense includes costs charged to the Company by Antero Resources of $0.1 million and $9.6 million during the three months ended September 30, 2018 and 2019, respectively. For the nine months ended September 30, 2018 and 2019, general and administrative expenses charged to the Company by Antero Resources were $0.4 million and $23.5 million, respectively. 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, including equity-based 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, with the exception of noncash equity compensation attributed to the Company for awards issued under Antero Resources’ long-term incentive plan and the Antero Midstream Corporation Long Term Incentive Plan (the “AMC LTIP”). See Note 12—Equity-Based Compensation. ​

Revenue

Revenue	9 Months Ended
	Sep. 30, 2019
Revenue
Revenue	(7) Revenue (a) Revenue from Contracts with Customers All of the Company’s revenues are derived from service contracts with customers and are recognized when the Company satisfies a performance obligation by delivering a service to a customer. The Company derives substantially all of its revenues from Antero Resources. The following sets forth the nature, timing of satisfaction of performance obligations, and significant payment terms of the Company’s contracts with Antero Resources. Gathering and Compression Agreement Pursuant to the Company’s 20-year gathering and compression agreement with Antero Resources, which was originally entered into on November 10, 2014, Antero Resources has dedicated all of its current and future acreage in West Virginia, Ohio and Pennsylvania to the Company for gathering and compression services except for acreage subject to third-party commitments or pre-existing dedications. The Company also has an option to gather and compress natural gas produced by Antero Resources on any additional acreage it acquires Upon completion of the initial th Under the gathering and compression agreement, the Company receives a low pressure gathering fee, a high pressure gathering fee and a compression fee, in each case subject to CPI-based adjustments. In addition, the agreement stipulates that the Company receives a reimbursement for the actual cost of electricity used at its compressor stations. The Company determined that the gathering and compression agreement is an operating lease as Antero Resources obtains substantially all of the economic benefit of the asset and has the right to direct the use of the asset. The gathering system is an identifiable asset within the gathering and compression agreement, and it consists of The gathering system is considered a single lease due to the interrelated network of the assets. 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 system, which are performed on time-elapsed measures. are delivered to a processing plant or transmission pipeline. The Company invoices the customer the month after each service is performed, and payment is due in the same month. Water Services Agreement Antero Midstream Partners is party to a 20-year Water Services Agreement with Antero Resources, which commenced on September 23, 2015, whereby Antero Midstream Partners agreed to provide certain water handling and treatment services to Antero Resources within an area of dedication in defined service areas in West Virginia, Ohio and other locations. Antero Resources agreed to pay Antero Midstream Partners for all water handling and treatment services provided by Antero Midstream Partners in accordance with the terms of the water services agreement. Upon completion of the initial term 20-year of the agreement, by either the Company or Antero Resources on or before the 180 th day prior to the anniversary of such effective date. Under the agreement, the Company receives a fixed fee per barrel in West Virginia, Ohio and all other locations for fresh water deliveries by pipeline directly to the well site. Additionally, the Company receives a fixed fee per barrel for fresh water delivered by truck to high-rate transfer facilities. All of these fees have been subject to annual CPI adjustments . Antero Resources also agreed to pay the Company a fixed fee per barrel for wastewater treatment at the Clearwater Facility, which was idled in the third quarter of 2019, in each case subject to annual CPI-based adjustments and additional fees based on certain costs. There are no minimum volume commitments or other fees related to the Clearwater Facility. Under the water services agreement, the Company may also contract with third parties to provide water services to Antero Resources. Antero Resources reimburses the Company for third-party out-of-pocket costs plus a 3% markup. The Company satisfies its performance obligations and recognizes revenue when the fresh water volumes have been delivered to the hydration unit of a specified well pad and the wastewater volumes have been delivered to the Clearwater Facility . 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. Minimum Volume Commitments Both the gathering and compression and water services agreements include certain minimum volume commitment provisions. If and to the extent Antero Resources requests that the Company construct new high pressure lines and compressor stations, the gathering and compression agreement contains minimum volume commitments that . Antero Resources also committed to pay a fee on a minimum volume of fresh water deliveries in calendar years 2016 through 2019. Antero Resources is obligated to pay a minimum volume fee to the barrels per day in 2019. The Company recognizes water handling and treatment revenue related to these minimum volume commitments at the time it is determined that the volumes will not be consumed by Antero Resources, and the amount of the shortfall is known. The Company recognizes lease income from its minimum volume commitments under its gathering and compression agreement on a straight-line basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of ​ Year Ended December 31, ​ ​ ​ ​ ​ (in thousands) ​ 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total ​ Minimum revenue under the Gathering and Compression Agreement (1) ​ $ 20,029 ​ ​ 210,363 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 210,363 ​ 535,756 ​ 1,605,875 ​ Minimum revenue under the Water Services Agreement ​ ​ 23,247 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ 23,247 ​ Total ​ $ 43,276 ​ ​ 210,363 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 210,363 ​ 535,756 ​ 1,629,122 ​ (1) Minimum volume commitments under the Gathering and Compression Agreement are recognized on a straight-line basis and additional operating lease income is earned when excess volumes are delivered under the contract. The Company is not party to any leases that have not commenced. (b) Disaggregation of Revenue In the following table, revenue is disaggregated by type of service and type of fee. The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 17—Reporting Segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ​ ​ ​ Ended ​ Ended ​ ​ ​ ​ ​ September 30, ​ September 30, ​ Segment to which ​ (in thousands) ​ 2019 ​ 2019 ​ revenues relate ​ Revenue from contracts with customers ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 80,741 ​ ​ 175,375 ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 51,434 ​ ​ 108,466 ​ Gathering and Processing (1) ​ Compression ​ ​ 43,544 ​ ​ 94,337 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 50,434 ​ ​ 104,638 ​ Water Handling and Treatment ​ Wastewater treatment ​ ​ 10,617 ​ ​ 25,059 ​ Water Handling and Treatment ​ Other fluid handling ​ ​ 35,888 ​ ​ 84,824 ​ Water Handling and Treatment ​ Amortization of customer relationships (2) ​ ​ (16,363) ​ ​ (19,266) ​ Gathering and Processing ​ Amortization of customer relationships (2) ​ ​ (12,500) ​ ​ (19,912) ​ Water Handling and Treatment ​ Total ​ $ 243,795 ​ ​ 553,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 175,719 ​ ​ 378,178 ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 61,051 ​ ​ 129,697 ​ Water Handling and Treatment ​ Cost plus 3% ​ ​ 35,888 ​ ​ 84,824 ​ Water Handling and Treatment ​ Amortization of customer relationships (2) ​ ​ (16,363) ​ ​ (19,266) ​ Gathering and Processing ​ Amortization of customer relationships (2) ​ ​ (12,500) ​ ​ (19,912) ​ Water Handling and Treatment ​ Total ​ $ 243,795 ​ ​ 553,521 ​ ​ ​ (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering system. (2) Fair value of customer contracts acquired as part of the Transactions discussed in Note 3—Business Combination. (c) Transaction Price Allocated to Remaining Performance Obligations The majority of the Company’s service contracts have a term greater than one year. As such, 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 the Company’s service contracts, 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 remainder of our service contracts, which relate to contracts with third parties, 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 (d) Contract Balances Under the Company’s service contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s service contracts do not give rise to contract assets or liabilities. At September 30, 2019, the Company’s receivables with customers were million. There were ​

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property and Equipment
Property and Equipment	(8) Property and Equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ September 30, ​ (in thousands) useful lives 2019 ​ Land ​ n/a ​ $ 22,660 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 2,353,614 ​ Fresh water permanent buried pipelines and equipment ​ 10-20 years ​ ​ 561,975 ​ Fresh water surface pipelines and equipment ​ 1-5 years ​ ​ 39,637 ​ Landfill ​ n/a (2) ​ ​ 1,244 ​ Heavy trucks and equipment ​ 3-5 years ​ ​ 6,245 ​ Above ground storage tanks ​ 5-10 years ​ ​ 3,418 ​ Construction-in-progress ​ n/a ​ ​ 287,864 ​ Total property and equipment ​ ​ ​ ​ 3,276,657 ​ Less accumulated depreciation ​ ​ ​ ​ (60,679) ​ Property and equipment, net ​ ​ ​ $ 3,215,978 ​ (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. (2) Amortization of landfill costs is recorded over the life of the landfill on a units-of-consumption basis.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2019
Long-Term Debt.
Long-Term Debt	(9) Long-Term Debt On May 9, 2018, AMGP entered into a credit facility (the “AMGP Credit Facility”) with a bank, which provided for a line of credit of up to $12 million. At December 31, 2018, AMGP had no borrowings under the AMGP Credit Facility. In connection with the Transactions, the AMGP Credit Facility was terminated on March 12, 2019. AMGP had no long-term debt at December 31, 2018. Antero Midstream Corporation’s long-term debt was as follows at September 30, 2019: ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2019 ​ Credit Facility (a) ​ $ 725,500 ​ 5.375% senior notes due 2024 (b) ​ ​ 652,600 ​ 5.75% senior notes due 2027 (c) ​ ​ 653,250 ​ 5.75% senior notes due 2028 (d) ​ ​ 650,000 ​ Net unamortized debt issuance costs ​ ​ (23,600) ​ Total long-term debt ​ $ 2,657,750 ​ ​ (a) Antero Midstream Partners Revolving Credit Facility 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 are billion. At September 30, 2019, the Borrower had borrowings under the Credit Facility of %. Facility. The maturity date of the facility is October 26, 2022. The Credit Facility includes fall away covenants and lower interest rates that are triggered if and when the Borrower is assigned an Investment Grade Rating (as defined below). Under the Credit Facility, “Investment Grade Period” is a period that, as long as no event of default has occurred and the Borrower is in pro forma compliance with the financial covenants under the Credit Facility, commences when the Borrower elects to give notice to the Administrative Agent that the Borrower has received at least one of either (i) a BBB- or better rating from Standard and Poor’s or (ii) a Baa3 or better from Moody’s (provided that the non-investment grade rating from the other rating agency is at least either Ba1 if Moody’s or BB+ if Standard & Poor’s (an “Investment Grade Rating”)). An Investment Grade Period can end at the Borrower’s election. During a period that is not an Investment Grade Period, the Credit Facility is ratably secured by mortgages on substantially all of the Borrower’s properties, including the properties of its subsidiaries, and guarantees from its subsidiaries. During an Investment Grade Period, the liens securing the obligations thereunder shall be automatically released (subject to the provisions of the Credit Facility). The Credit Facility contains certain covenants including restrictions on indebtedness, and requirements with respect to leverage and interest coverage ratios; provided, however, that during an Investment Grade Period, such covenants become less restrictive on the Borrower. The Credit Facility permits distributions to the holders of the Borrower’s equity interests in accordance with the cash distribution policy previously adopted by the board of directors of the general partner of the Borrower, provided that no event of default exists or would be caused thereby, and only to the extent permitted by our organizational documents. The Borrower was in compliance with all of the financial covenants under the Credit Facility as of September 30, 2019. Principal amounts borrowed are payable on the maturity date with such borrowings bearing interest that is payable quarterly or, in the case of Eurodollar Rate Loans, at the end of the applicable interest period if shorter than six months. Interest is payable at a variable rate based on LIBOR or the base rate, determined by election at the time of borrowing, plus an applicable margin rate. Interest at the time of borrowing is determined with reference to (i) during any period that is not an Investment Grade Period, the Borrower’s then-current leverage ratio and (ii) during an Investment Grade Period, with reference to the rating given to the Borrower by Moody’s or Standard and Poor’s. During an Investment Grade Period, the applicable margin rates are reduced by basis points. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from (b) 5.375% Senior Notes Due 2024 On September 13, 2016, Antero Midstream Partners and its wholly owned subsidiary, Finance Corp together with Antero Midstream Partners, (the “Issuers”), issued $650 million in aggregate principal amount of 5.375% senior notes due September 15, 2024 (the “2024 Notes”) at par. The 2024 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2024 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 2024 Notes is payable on March 15 and September 15 of each year. Antero Midstream Partners may redeem all or part of the 2024 Notes at any time at redemption prices ranging from 104.031% as of September 30, 2019 to 100.00% on or after September 15, 2022. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2024 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2024 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 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 on or after March 1, 2022 at redemption prices ranging from 102.875% on or after March 1, 2022 to 100.00% on or after March 1, 2025. In addition, prior to March 1, 2022, Antero Midstream Partners may redeem up to 35% of the aggregate principal amount of the 2027 Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.75% of the principal amount of the 2027 Notes, plus accrued and unpaid interest. At any time prior to March 1, 2022, Antero Midstream Partners may also redeem the 2027 Notes, in whole or in part, at a price equal to 100% of the principal amount of the 2027 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 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 101% of the principal amount of the 2027 Notes, plus accrued and unpaid interest. ​ (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 on or after January 15, 2023 at redemption prices ranging from 102.875% on or after January 15, 2023 to 100.00% on or after January 15, 2026. In addition, prior to January 15, 2023, Antero Midstream Partners may redeem up to 35% of the aggregate principal amount of the 2028 Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.75% of the principal amount of the 2028 Notes, plus accrued and unpaid interest. At any time prior to January 15, 2023, Antero Midstream Partners may also redeem the 2028 Notes, in whole or in part, at a price equal to 100% of the principal amount of the 2028 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 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 101% of the principal amount of the 2028 Notes, plus accrued and unpaid interest. ​

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities
Accrued Liabilities	(10) Accrued Liabilities Accrued liabilities as of December 31, 2018 and September 30, 2019 consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ September 30, ​ (in thousands) 2018 2019 Capital expenditures ​ $ — ​ ​ 48,512 ​ Operating expenses ​ ​ — ​ ​ 27,412 ​ Interest expense ​ ​ — ​ ​ 16,915 ​ Other ​ ​ 407 ​ ​ 4,105 ​ Total accrued liabilities ​ $ 407 ​ ​ 96,944 ​ ​

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2019
Asset Retirement Obligations
Asset Retirement Obligations	(11) Asset Retirement Obligations The following is a reconciliation of our asset retirement obligations for the period shown below (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations—December 31, 2018 ​ $ — ​ Antero Midstream Partners asset retirement obligation assumed—March 12, 2019 ​ ​ 5,715 ​ Obligations incurred ​ ​ 223 ​ Accretion expense ​ ​ 133 ​ Asset retirement obligations—September 30, 2019 ​ $ 6,071 ​ ​ ​

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2019
Equity-Based Compensation
Equity-Based Compensation	(12) Equity-Based Compensation The Company’s general and administrative expenses include equity-based compensation costs related to the Antero Midstream GP LP Long-Term Incentive Plan (“AMGP LTIP”) and the Series B Units prior to the Transactions. Equity-based compensation after the Transactions include (i) costs allocated to Antero Midstream Partners by Antero Resources for grants made prior to the Transactions pursuant to Antero Resources’ long-term incentive plan, (ii) costs due to Antero Midstream Corporation LTIP (the “AMC LTIP”) and (iii) the Exchanged B Units (as defined below). Antero Midstream Partners’ portion of the equity-based compensation expense is included in general and administrative expenses, and recorded as a credit to the applicable classes of equity. Equity-based compensation expense allocated to Antero Midstream Partners was 2019. For grants made prior to the Transactions, Antero Resources has total unamortized expense related to its various equity-based compensation plans that can be allocated to the Company of approximately 30, 2019, which includes grants made under the AMP LTIP (as defined below) prior to the Transactions, which were converted into awards under the AMC LTIP. A portion of this will be allocated to Antero Midstream Partners as it is amortized over the remaining service period of the related awards. Antero Midstream Partners does not reimburse Antero Resources for noncash equity compensation allocated to it for awards issued under the Antero Resources long-term incentive plan. Exchanged B Units million per quarter, subject to certain vesting conditions. On December 31, 2018, 65,745 Series B Units were vested. The holders of vested Series B Units had the right to convert the units to common shares with a value equal to their pro rata share of up to 6% of any increase in AMGP’s equity value in excess of $2.0 billion. Upon Closing of the Transactions, each Series B Unit, vested and unvested, was exchanged for 176.0041 shares of our common stock (the “Series B Exchange”). A total of 17,353,999 shares of AMC common stock were issued in exchange for the 98,600 Series B Units then outstanding (the “Exchanged B Units”), which included 5,782,601 restricted shares of AMC common stock issued in exchange for the 32,855 unvested Series B Units. The Company accounted for the Series B Exchange as a share-based payment modification under ASC 718, Stock Compensation . On March 12, 2019, which is the modification date, the Company determined the estimated fair value of the Series B Unit awards using a Monte Carlo simulation using various assumptions including a floor equity value of $2.0 billion, expected volatility of 40% based on historical volatility of a peer group of publicly traded partnerships, a risk free rate of 2.51%, and expected IDR distributions based on internal estimates discounted based on a weighted average cost of capital assumption of 7.25 %. Based on these assumptions, the estimated value of each Series B Unit was $1,257 when exchanged for shares of AMC common stock. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The unvested Exchanged B Units retain the same vesting conditions as the Series B Units and are expected to vest on December 31, 2019. Expenses related to Exchanged B Units are recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. The Company recognized $18 million and $47 million of equity-based compensation expense related to the Series B awards, including the Series B Units prior to the Closing of the Transactions, for the three and nine months ended September 30, 2019, respectively. For the three and nine months ended September 30, 2018, the Company recognized million, respectively, of equity-based compensation expense related to the Series B Units. Unamortized expense related to these awards was 30, 2019, which is expected to be recognized during the remainder of 2019. AMGP LTIP On April 17, 2017, Antero Midstream GP LP adopted the AMGP LTIP pursuant to which certain non-employee directors of Antero Midstream GP LP’s general partner and certain officers, employees and consultants of Antero Resources were eligible to receive awards representing equity interests in Antero Midstream GP LP. The Company recognized expense of t recognize expense related to these awards for the three months ended September 30, 2019. For the nine months ended September 30, 2018 and 2019, the Company recognized expense of $0.5 million and $0.2 million, respectively, related to these awards. Expenses related to these awards were recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures were accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. In connection with the Transactions, the AMGP LTIP was terminated on March 12, 2019. No awards were issued and outstanding as of March 12, 2019. AMC LTIP Effective March, 12, 2019, the Board of Directors of Antero Midstream Corporation (the “Board”) adopted the AMC LTIP under which awards may be granted to employees, directors and other service providers of the Company and its affiliates. The AMC LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, 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. The Company is authorized to grant up to shares of common stock to employees and directors under the AMC LTIP. As of September 30, 2019, a total of shares were available for future grant under the AMC LTIP. For the three and nine months ended September 30, 2019, the Company recognized expense of million, respectively, related to these awards. Expenses related to restricted stock units are recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. As part of the Transactions, each of the unvested outstanding phantom units in the Antero Midstream Partners Long Term Incentive Plan (“AMP LTIP”) was assumed by Antero Midstream Corporation and converted into 1.8926 restricted stock units under the AMC LTIP representing a right to receive shares of AMC common stock for each converted phantom unit. A summary of the restricted stock unit awards activity during the nine months ended September 30, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Aggregate ​ ​ ​ Number of ​ grant date ​ intrinsic value ​ ​ units fair value (in thousands) ​ Total AMC LTIP units awarded and unvested—December 31, 2018 ​ — ​ $ — ​ $ — ​ AMP LTIP Awards converted into AMC LTIP Awards (1) ​ 1,068,900 ​ $ 14.58 ​ ​ ​ ​ Granted ​ 683,807 ​ $ 14.03 ​ ​ ​ ​ Vested ​ (400,439) ​ $ 14.18 ​ ​ ​ ​ Forfeited ​ (72,110) ​ $ 14.43 ​ ​ ​ ​ Total AMC LTIP units awarded and unvested—September 30, 2019 ​ 1,280,158 ​ $ 14.41 ​ $ 9,473 ​ (1) Effective as of March 12, 2019, all unvested outstanding phantom units in the AMP LTIP were assumed by the Company and converted into restricted stock units under the AMC LTIP at a conversion rate of 1.8926 . Intrinsic values are based on the closing price of the Company’s common shares on the referenced dates. AMC LTIP unamortized expense of years and the Company’s proportionate share will be allocated to it as it is recognized. Performance Share Unit Awards Based on Return on Invested Capital (“ROIC”) In 2019, the Company granted PSUs to certain of its employees and executive officers, a portion of which vest based on the Company’s actual ROIC (as defined in the award agreement) over a three-year period as compared to a targeted ROIC (“ROIC PSUs”). The number of shares of common stock that may ultimately be earned with respect to the ROIC PSUs ranges from zero to 200% of the target number of ROIC PSUs originally granted. Expense related to the ROIC PSUs is recognized based on the number of shares of common stock that are expected to be issued at the end of the measurement period, and is reversed if the likelihood of achieving the performance condition decreases. As of September 30, 2019, the likelihood of achieving the performance conditions decreased to a level of improbable and therefore, previously recognized expense of Summary Information for Performance Share Unit Awards A summary of PSU activity for the nine months ended September 30, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ grant date ​ ​ units fair value ​ Total awarded and unvested—December 31, 2018 ​ — ​ $ — ​ Granted ​ 164,196 ​ $ 14.16 ​ Vested ​ — ​ $ — ​ Forfeited ​ (15,890) ​ $ 14.16 ​ Total awarded and unvested—September 30, 2019 ​ 148,306 ​ $ 14.16 ​ ​ The grant-date fair value for the ROIC PSUs is based on the closing price of the Company’s common stock on the date of the grant, assuming the achievement of the performance condition. As of September 30, 2019, there was $2.1 million of unamortized equity-based compensation expense related to unvested PSUs, which will not be recognized unless the likelihood of achieving the performance condition becomes probable.

Cash Distributions and Dividend

Cash Distributions and Dividends	9 Months Ended
	Sep. 30, 2019
Cash Distributions and Dividends
Cash Distributions and Dividends	(13) Cash Distributions and Dividends The following table details the amount of distributions and dividends paid with respect to the quarter indicated (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ ​ ​ Quarter ​ ​ ​ ​ ​ shareholders ​ Distributions ​ and Year Record Date Distribution Date distributions per share ​ Q4 2017 ​ February 1, 2018 ​ February 20, 2018 ​ $ 13,964 ​ $ 0.075 ​ Q1 2018 ​ May 3, 2018 ​ May 23, 2018 ​ ​ 20,109 ​ $ 0.108 ​ Q2 2018 ​ August 2, 2018 ​ August 22, 2018 ​ ​ 23,276 ​ $ 0.125 ​ Q3 2018 ​ November 2, 2018 ​ November 21, 2018 ​ ​ 26,817 ​ $ 0.144 ​ ​ ​ Total 2018 ​ ​ ​ $ 84,166 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q4 2018 ​ February 1, 2019 ​ February 21, 2019 ​ $ 30,543 ​ $ 0.164 ​ Q1 2019 ​ April 26, 2019 ​ May 8, 2019 ​ ​ 152,082 ​ $ 0.3025 ​ Q1 2019 ​ May 15, 2019 ​ May 15, 2019 ​ ​ 98 ​ ​ * ​ Q2 2019 ​ July 26, 2019 ​ August 7, 2019 ​ ​ 154,146 ​ $ 0.3075 ​ Q2 2019 ​ August 14, 2019 ​ September 18, 2019 ​ ​ 138 ​ ​ * ​ ​ ​ Total 2019 ​ ​ ​ $ 337,007 ​ ​ ​ ​ * Dividends are paid in accordance with the terms of the Series A Preferred Stock as discussed in Note 14—Equity and Earnings Per Common Share . On October 16, 2019, the Board declared a cash dividend on the shares of AMC common stock of $0.3075 per share for the quarter ended September 30, 2019. The dividend will be payable on November 13, 2019 to stockholders of record as of November 1, 2019. The Board also declared a cash dividend of $138 thousand on the shares of Series A Preferred Stock of Antero Midstream Corporation to be paid on November 14, 2019 in accordance with the terms of the Series A Preferred Stock, which are discussed in Note 14—Equity and Earnings Per Common Share. As of September 30, 2019, there were dividends in the amount of

Equity and Earnings Per Common

Equity and Earnings Per Common Share	9 Months Ended
	Sep. 30, 2019
Equity and Earnings Per Common Share
Equity and Earnings Per Common Share	(14) Equity and Earnings Per Common Share (a) Preferred Stock The Board authorized 100,000,000 shares of preferred stock in connection with the closing of the Transactions (see Note 3—Business Combination) 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 45 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 AMC 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 AMC 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 Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands) 2018 2019 2018 2019 ​ Basic weighted average number of shares outstanding ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ Add: Dilutive effect of restricted stock units ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Add: Dilutive effect of Series A preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted weighted average number of shares outstanding ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of oustanding equity awards excluded from calculation of diluted earnings per common share (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ​ ​ — ​ ​ 34 ​ ​ — ​ ​ 64 ​ Preferred shares ​ ​ — ​ ​ 1,351 ​ ​ — ​ ​ 1,351 ​ (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common shares—assuming dilution because the inclusion of these awards would have been anti-dilutive. (c) Earnings Per Common Share Earnings per common share—basic for (i) the three and nine months ended September 30, 2018 is computed by dividing net income (loss) attributable to AMGP by the basic weighted average number of common shares representing limited partner interest in AMGP outstanding during the period and (ii) the three and nine months ended September 30, 2019 is computed by dividing net income (loss) attributable to Antero Midstream Corporation by the basic weighted average number of shares of AMC common stock outstanding during the period. Earnings per common share—assuming dilution 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 shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands, except per share amounts) 2018 2019 2018 2019 ​ Net income (loss) ​ $ 18,028 ​ ​ (289,477) ​ $ 45,220 ​ ​ (210,555) ​ Less net income attributable to Series B Units ​ ​ (598) ​ ​ — ​ ​ (1,517) ​ ​ — ​ Less preferred stock dividends ​ ​ — ​ ​ (138) ​ ​ — ​ ​ (304) ​ Net income (loss) available to common shareholders ​ $ 17,430 ​ ​ (289,615) ​ $ 43,703 ​ ​ (210,859) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share–basic and diluted ​ $ 0.09 ​ ​ (0.57) ​ $ 0.23 ​ ​ (0.50) ​ Weighted average common shares outstanding–basic ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ Weighted average common shares outstanding–diluted ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ ​

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2019
Fair Value Measurement
Fair Value Measurement	(15) Fair Value Measurement Business Combination As the Transactions were accounted for under the acquisition method of accounting, the Company estimated the fair value of assets acquired and liabilities assumed at March 12, 2019. See Note 3—Business Combination. In connection with the Transactions, the Company, among other things, issued shares of common stock valued at the closing market price of the common shares at the effective time of the Transactions, which was a Level 1 measurement. The Company used the discounted cash flow approach, which is an income statement technique, to estimate the fair value of the customer relationships and investments in unconsolidated affiliates using a weighted-average cost of capital of 13.8% , which is based on significant inputs not observable in the market, and thus represents a Level 3 measurement within the fair value hierarchy. The Company also used this approach in combination with the cost approach to estimate the fair value of property and equipment whereby certain property and equipment was adjusted for recent purchases of similar items, economic and functional obsolescence, location, normal useful lives, and capacity (if applicable). To estimate the fair value of the long-term debt, the Company used Level 2 market data inputs. Contingent Acquisition Consideration In connection with Antero Resources’ contribution of Antero Water and certain water handling and treatment assets to Antero Midstream Partners in September 2015 (the “Water Acquisition”), Antero Midstream Partners agreed to pay Antero Resources (a) $125 million in cash if Antero Midstream Partners delivers 176,295,000 barrels or more of fresh water during the period between January 1, 2017 and December 31, 2019 and (b) an additional $125 million in cash if Antero Midstream Partners delivers 219,200,000 barrels or more of fresh water during the period between January 1, 2018 and December 31, 2020. This contingent consideration liability is valued based on Level 3 inputs related to expected average volumes and weighted average cost of capital. The following table provides a reconciliation of changes in Level 3 financial liabilities measured at fair value on a recurring basis for the period shown below (in thousands): ​ ​ ​ ​ ​ Contingent acquisition consideration—December 31, 2018 ​ $ — ​ Contingent acquisition consideration assumed from Antero Midstream Partners ​ ​ 116,924 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ 5,323 ​ Contingent acquisition consideration—September 30, 2019 ​ $ 122,247 ​ ​ The Company accounts for contingent consideration in accordance with applicable accounting guidance pertaining to business combinations. is contractually obligated to pay Antero Resources contingent consideration in connection with the Water Acquisition, and therefore recorded this contingent consideration liability at the time of the Water Acquisition. The Company updates its assumptions each reporting period based on new developments and adjusts such amounts to fair value based on revised assumptions, if applicable, until such consideration is satisfied through payment upon achievement of the specified objectives or it is eliminated upon failure to achieve the specified objectives. As of September 30, 2019, Antero Midstream Partners expects to pay the entire amount of the contingent consideration for the 176,295,000 barrels or more of fresh water delivered during the period between January 1, 2017 and December 31, 2019, but not for the 219,200,000 barrels or more of fresh water during the period between January 1, 2018 and December 31, 2020 as a result of changes to Antero Resources’ current 2019 budget and long-term outlook. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of the contingent consideration liability associated with future milestone payments was based on the risk adjusted present value of the contingent consideration payout. Senior Unsecured Notes As of September 30, 2019 the fair value of the Company’s 2024 Notes, 2027 Notes and 2028 Notes was approximately $585 million, $542 million and $535 million, respectively, based on Level 2 market data inputs. Other Assets and Liabilities The carrying values of accounts receivable and accounts payable at December 31, 2018 and September 30, 2019 approximated fair value because of their short-term nature. The carrying value of the amounts under the Credit Facility at December 31, 2018 and September 30, 2019 approximated fair value because the variable interest rates are reflective of current market conditions. ​

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2019
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	(16) Investments in Unconsolidated Affiliates Investment in Antero Midstream Partners Prior to the closing of the Transactions, AMGP did not consolidate Antero Midstream Partners, and AMGP’s share of Antero Midstream Partners’ earnings as a result of AMGP’s ownership of the IDRs was accounted for using the equity method of accounting. AMGP recognized distributions earned from Antero Midstream Partners as “Equity in earnings of unconsolidated affiliates” on its statement of operations in the period in which they were earned and were allocated to AMGP’s capital account. AMGP’s long-term interest in the IDRs on the balance sheet is recorded in “Investment in unconsolidated affiliates.” The ownership of the general partner interests and IDRs did not provide AMGP with any claim to the assets of AMGP other than the balance in its Antero Midstream Partners capital account. Income related to the IDRs was recognized as earned and increased AMGP’s capital account and equity investment. When these distributions were paid to AMGP, they reduced its capital account and its equity investment in Antero Midstream Partners. As a result of the Transactions, Antero Midstream Corporation assumed financial control of Antero Midstream Partners and Antero Midstream Partners is now consolidated (see Note 3—Business Combination). Investment in Stonewall and MarkWest Joint Venture The Company has a 15% equity interest in the gathering system of Stonewall Gas Gathering LLC (“Stonewall”), which operates a 67-mile pipeline on which Antero Resources is an anchor shipper. Antero Midstream Partners has a 50% equity interest in the joint venture (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 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 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 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 balance sheet and are classified as cash inflows from operating activities in accordance with the nature of the distribution approach under ASU No. 2016-15. The Company uses the equity method of accounting to account for its investments in Stonewall and the Joint Venture 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 Board and participation in policy-making decisions of Stonewall and the Joint Venture. The following table is a reconciliation of our investments in these unconsolidated affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Antero ​ ​ ​ ​ ​ ​ ​ ​ Total Investment ​ ​ ​ ​ Midstream ​ ​ ​ ​ ​ MarkWest ​ ​ in Unconsolidated ​ (in thousands) ​ ​ Partners LP ​ ​ Stonewall ​ ​ Joint Venture ​ ​ Affiliates ​ Balance at December 31, 2018 ​ $ 43,492 ​ ​ — ​ ​ — ​ ​ 43,492 ​ Distributions from unconsolidated affiliates ​ ​ (43,492) ​ ​ — ​ ​ — ​ ​ (43,492) ​ Balance at March 12, 2019 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Investments in unconsolidated affiliates acquired from Antero Midstream Partners ​ ​ — ​ ​ 140,640 ​ ​ 421,920 ​ ​ 562,560 ​ Additional investments ​ ​ — ​ ​ — ​ ​ 117,339 ​ ​ 117,339 ​ Equity in net income of unconsolidated affiliates (1) ​ ​ — ​ ​ 3,482 ​ ​ 31,499 ​ ​ 34,981 ​ Distributions from unconsolidated affiliates ​ ​ — ​ ​ (3,525) ​ ​ (39,045) ​ ​ (42,570) ​ Balance at September 30, 2019 ​ $ — ​ ​ 140,597 ​ ​ 531,713 ​ ​ 672,310 ​ (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 Stonewall and the Joint Venture as of the date of the acquisition of Antero Midstream Partners.

Reporting Segments

Reporting Segments	9 Months Ended
	Sep. 30, 2019
Reporting Segments
Reporting Segments	(17) Reporting Segments Prior to the closing of the Transactions, AMGP had no reporting segment results. Following the completion of the Transactions, the Company’s operations, which are located in the United States, are organized into 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 and Treatment The Company’s water handling and treatment segment includes two independent systems that deliver fresh water from sources including the Ohio River, local reservoirs as well as several regional waterways. The water handling and treatment segment also includes the Clearwater Facility that was placed in service in 2018 and idled in September 2019, as well as other fluid handling services, which includes high rate transfer, wastewater transportation, disposal and treatment. See Note 8—Property and Equipment. 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. Summarized financial information concerning the Company’s segments for the periods indicated is shown in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ ​ ​ Consolidated ​ ​ Processing Treatment Unallocated (1) Total ​ Three months ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 175,719 ​ ​ 96,939 ​ ​ — ​ ​ 272,658 ​ Amortization of customer relationships ​ ​ (16,363) ​ ​ (12,500) ​ ​ — ​ ​ (28,863) ​ Total revenues ​ ​ 159,356 ​ ​ 84,439 ​ ​ — ​ ​ 243,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 13,197 ​ ​ 48,611 ​ ​ — ​ ​ 61,808 ​ General and administrative (excluding equity-based compensation) ​ ​ 6,741 ​ ​ 3,098 ​ ​ 627 ​ ​ 10,466 ​ Facility idling ​ ​ — ​ ​ 1,512 ​ ​ — ​ ​ 1,512 ​ Equity-based compensation ​ ​ 1,348 ​ ​ 450 ​ ​ 18,331 ​ ​ 20,129 ​ Impairment of property and equipment ​ ​ — ​ ​ 407,848 ​ ​ — ​ ​ 407,848 ​ Impairment of goodwill ​ ​ — ​ ​ 43,759 ​ ​ — ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ — ​ ​ 5,871 ​ ​ — ​ ​ 5,871 ​ Depreciation ​ ​ 11,709 ​ ​ 12,751 ​ ​ — ​ ​ 24,460 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ — ​ ​ 1,977 ​ ​ — ​ ​ 1,977 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 54 ​ ​ — ​ ​ 54 ​ Total expenses ​ ​ 32,995 ​ ​ 525,931 ​ ​ 18,958 ​ ​ 577,884 ​ Operating income ​ $ 126,361 ​ ​ (441,492) ​ ​ (18,958) ​ ​ (334,089) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 18,478 ​ ​ — ​ ​ — ​ ​ 18,478 ​ Total assets ​ $ 4,768,005 ​ ​ 1,639,295 ​ ​ 38,204 ​ ​ 6,445,504 ​ Additions to property and equipment ​ $ 81,715 ​ ​ 39,160 ​ ​ — ​ ​ 120,875 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling and treatment are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ ​ ​ Consolidated ​ ​ Processing Treatment Unallocated (1) Total ​ Nine months ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 378,178 ​ ​ 214,471 ​ ​ — ​ ​ 592,649 ​ Revenue–third-party ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 ​ Amortization of customer relationships ​ ​ (19,266) ​ ​ (19,912) ​ ​ — ​ ​ (39,178) ​ Total revenues ​ ​ 358,912 ​ ​ 194,609 ​ ​ — ​ ​ 553,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 28,509 ​ ​ 112,279 ​ ​ — ​ ​ 140,788 ​ General and administrative (excluding equity-based compensation) ​ ​ 15,096 ​ ​ 7,630 ​ ​ 9,205 ​ ​ 31,931 ​ Facility idling ​ ​ — ​ ​ 1,512 ​ ​ — ​ ​ 1,512 ​ Equity-based compensation ​ ​ 4,011 ​ ​ 1,589 ​ ​ 47,495 ​ ​ 53,095 ​ Impairment of property and equipment ​ ​ 592 ​ ​ 407,850 ​ ​ — ​ ​ 408,442 ​ Impairment of goodwill ​ ​ — ​ ​ 43,759 ​ ​ — ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ — ​ ​ 5,871 ​ ​ — ​ ​ 5,871 ​ Depreciation ​ ​ 26,990 ​ ​ 41,567 ​ ​ — ​ ​ 68,557 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ — ​ ​ 5,323 ​ ​ — ​ ​ 5,323 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 133 ​ ​ — ​ ​ 133 ​ Total expenses ​ ​ 75,198 ​ ​ 627,513 ​ ​ 56,700 ​ ​ 759,411 ​ Operating income ​ $ 283,714 ​ ​ (432,904) ​ ​ (56,700) ​ ​ (205,890) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 34,981 ​ ​ — ​ ​ — ​ ​ 34,981 ​ Total assets ​ $ 4,768,005 ​ ​ 1,639,295 ​ ​ 38,204 ​ ​ 6,445,504 ​ Additions to property and equipment, net ​ $ 170,921 ​ ​ 91,144 ​ ​ — ​ ​ 262,065 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling and treatment are managed and evaluated on a consolidated basis.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2018 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies, which have been 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 the Company, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of December 31, 2018 and September 30, 2019, and the results the Company’s operations for the three and nine months ended September 30, 2018 and 2019 and its cash flows for the nine months ended September 30, 2018 and 2019. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to its comprehensive income (loss). 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 6—Transactions with Affiliates). As of the date these unaudited condensed consolidated financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified other than as disclosed in Note 13—Cash Distributions and Dividends.
Principles of Consolidation	(b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include (i) for the period prior to March 13, 2019, the accounts of AMGP and its consolidated subsidiaries, which did not include Antero Midstream Partners and its subsidiaries, and (ii) for the period beginning on March 13, 2019, the accounts of Antero Midstream Corporation and its consolidated subsidiaries, including Antero Midstream Partners and its subsidiaries, which were acquired in the Transactions. See Note 3—Business Combination.
Revenue Recognition	(c) Revenue Recognition The Company, through Antero Midstream Partners and its affiliates, provides gathering and compression and water handling and treatment services under fee-based contracts primarily based on throughput or at cost plus a margin. Certain of these contracts contain operating leases of the Company’s assets under GAAP. Under these arrangements, the Company receives fees for gathering gas products, compression services, and water handling and treatment services. The revenue the Company earns from these arrangements is directly related to (1) in the case of natural gas gathering and compression, the volumes of metered natural gas that it gathers, compresses, and delivers to natural gas compression sites or other transmission delivery points, (2) in the case of fresh water services, the quantities of fresh water delivered to its customers for use in their well completion operations, (3) in the case of wastewater treatment services performed by the Company prior to idling of the Clearwater Facility (as defined below) in September 2019, the quantities of wastewater treated for our customers, or (4) in the case of wastewater services provided by third parties, the third-party costs the Company incurs plus . The Company recognizes revenue when it satisfies a performance obligation by delivering a service to a customer or the use of leased assets to a customer. See Note 7—Revenue for the Company’s required disclosures under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers . The Company includes lease revenue within revenues by service.
Use of Estimates	(d) Use of Estimates The preparation of the unaudited condensed consolidated financial statements and notes in conformity with GAAP requires that management formulate estimates and assumptions that affect revenues, expenses, assets, liabilities, and the disclosure of contingent liabilities. Items subject to estimates and assumptions include the useful lives of property and equipment, the valuation of assets and liabilities acquired from Antero Midstream Partners, as well as the valuation of accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.
Cash and Cash Equivalents	(e) Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable within its consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its consolidated statements of cash flows. The Company classified
Property and Equipment	(f) Property and Equipment Property and equipment primarily consists of gathering pipelines, compressor stations, the wastewater treatment facility and related landfill (collectively, the “Clearwater Facility”) used for the disposal of salt therefrom and fresh water delivery pipelines and facilities stated at historical cost less accumulated depreciation, amortization and impairment. The Company capitalizes construction-related direct labor and material costs. Maintenance and repair costs are expensed as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives and salvage values of assets. The depreciation of fixed assets recorded under operating lease agreements is included in depreciation expense. Uncertainties that may impact these estimates of useful lives include, among others, changes in laws and regulations relating to environmental matters, including air and water quality, restoration and abandonment requirements, economic conditions, and supply and demand for the Company’s services in the areas in which it operates. When assets are placed into service, management makes estimates with respect to useful lives and salvage values that management believes are reasonable. Amortization of landfill airspace consists of the amortization of landfill capital costs, including those that have been incurred and capitalized and estimated future costs for landfill development and construction, as well as the amortization of asset retirement costs arising from landfill final capping, closure, and post-closure obligations. Amortization expense is recorded on a units-of-consumption basis, applying cost as a rate per-cubic yard. The rate per-cubic yard is calculated by dividing each component of the amortizable basis of the landfill by the number of cubic yards needed to fill the corresponding asset’s airspace. Landfill capital costs and closure and post-closure asset retirement costs are generally incurred to support the operation of the landfill over its entire operating life and are, therefore, amortized on a per-cubic yard basis using a landfill’s total airspace capacity. Estimates of disposal capacity and future development costs are created using input from independent engineers and internal technical teams and are reviewed at least annually. The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying values of the assets may not be recoverable. Generally, the basis for making such assessments is undiscounted future cash flow projections for the assets being assessed. If the carrying values of the assets are deemed not recoverable, the carrying values are reduced to the estimated fair values, which are based on discounted future cash flows using assumptions as to revenues, costs, and discount rates typical of third-party market participants, which is a Level 3 fair value measurement. The Company recognized an impairment with respect to the Clearwater Facility during the three months ended September 30, 2019. See Note 4— Clearwater Facility Impairment.
Asset Retirement Obligations	(g) Asset Retirement Obligations The Company’s asset retirement obligations include its obligation to close, maintain, and monitor landfill cells and support facilities. After the entire landfill reaches capacity and is certified closed, the Company must continue to maintain and monitor the landfill for a post-closure period, which generally extends for . The Company records the fair value of its landfill retirement obligations as a liability in the period in which the regulatory obligation to retire a specific asset is triggered. For the Company’s individual landfill cells, the required closure and post-closure obligations under the terms of its permits and its intended operation of the landfill cell are triggered and recorded when the cell is placed into service and salt is initially disposed in the landfill cell. The fair value is based on the total estimated costs to close the landfill cell and perform post-closure activities once the landfill cell has reached capacity and is no longer accepting salt. Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that is used to calculate the recorded liability, with accretion charged to direct costs. Actual cash expenditures to perform closure and post-closure activities reduce the retirement obligation liabilities as incurred. After initial measurement, asset retirement obligations are adjusted at the end of each period to reflect changes, if any, in the estimated future cash flows underlying the obligation. Landfill retirement assets are capitalized as the related retirement obligations are incurred, and are amortized on a units-of-consumption basis as the disposal capacity is consumed. Asset retirement obligations are recorded for fresh water impoundments and waste water pits when an abandonment date is identified. The Company records the fair value of its freshwater impoundment and waste water pit retirement obligations as liabilities in the period in which the regulatory obligation to retire a specific asset is triggered. The fair value is based on the total reclamation costs of the assets. Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that is used to calculate the recorded liability, with accretion charged to direct costs. Actual cash expenditures to perform remediation activities reduce the retirement obligation liabilities as incurred. After initial measurement, asset retirement obligations are adjusted at the end of each period to reflect changes, if any, in the estimated future cash flows underlying the obligation. Fresh water impoundments and wastewater pit retirement assets are capitalized as the related retirement obligations are incurred, and are amortized on a straight-line basis until reclamation. The Company is under no legal obligations, neither contractually nor under the doctrine of promissory estoppel, to restore or dismantle its gathering pipelines, compressor stations, water delivery pipelines and facilities and the wastewater treatment facility upon abandonment. See Note 4—Clearwater Facility Impairment. The Company’s gathering pipelines, compressor stations, fresh water delivery pipelines and facilities and wastewater treatment facility have an indeterminate life, if properly maintained. Accordingly, the Company is not able to make a reasonable estimate of when future dismantlement and removal dates of its pipelines, compressor stations and the wastewater treatment facility will occur.
Income Taxes	(h) Income Taxes Antero Midstream Corporation recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in tax laws or tax rates is recognized in income during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Antero Midstream Corporation regularly reviews its tax positions in each significant taxing jurisdiction during the process of evaluating its tax provision. Antero Midstream Corporation makes adjustments to its tax provision when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; and/or (ii) a tax position is effectively settled with a tax authority at a differing amount.
Fair Value Measures	(i) Fair Value Measures The Financial Accounting Standards Board (the “FASB”) ASC Topic 820, Fair Value Measurements and Disclosures The carrying values on the balance sheet of the Company’s cash and cash equivalents, accounts receivable—Antero Resources, accounts receivable—third party, other current assets, accounts payable—Antero Resources, accounts payable—third party, accrued liabilities, other current liabilities, other liabilities and the Credit Facility (as defined in Note 9—Long-Term Debt) approximate fair values due to their short-term maturities. The assets and liabilities of Antero Midstream Partners were recorded at fair value as of the acquisition date, March 12, 2019 (see Note 3—Business Combination).
Investments in Unconsolidated Affiliates	(j) Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in companies if the investment provides the Company with the ability to exercise significant influence over, but not control of, the operating and financial policies of the investee. The Company’s consolidated net income includes the Company’s proportionate share of the net income or loss of such companies. The Company’s judgment regarding the level of influence over each equity method investee includes considering key factors such as the Company’s ownership interest, representation on the board of directors and participation in policy-making decisions of the investee and material intercompany transactions. See Note 16—Investments in Unconsolidated Affiliates.
Business Combinations	(k) Business Combinations recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, with any remaining difference recorded as goodwill. For acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, and goodwill, based on recognized business valuation methodologies. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the acquisition date. An adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition-related costs are expensed as incurred in connection with each business combination. See Note 3—Business Combination.
Goodwill and Intangible Assets	(l) Goodwill and Intangible Assets The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future net operating margins, future volumes, discount rates, and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. Amortization of intangible assets with definite lives is calculated using the straight-line method which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. See Note 4— and Note 5—Goodwill and Intangibles.
Treasury Share Retirement	(m ) Treasury Share Retirement The Company periodically retires treasury shares acquired through share repurchases and returns those shares to the status of authorized but unissued. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to accumulated earnings. The portion allocable to additional paid-in capital is determined by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of retirement .
Adoption of New Accounting Principle	(n) Adoption of New Accounting Principle On February 25, 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases , which requires lessees to record lease liabilities and right-of-use assets as of the date of adoption and was incorporated into GAAP as ASC Topic 842. The new lease standard does not substantially change accounting by lessors. The Company adopted the new standard prospectively effective January 1, 2019. The Company is not a party to material contracts as a lessee. The Company determined that Antero Midstream Partners’ contractual arrangement with Antero Resources to provide gathering and compression services is an operating lease of certain of the Company’s assets, which are accounted for under the new ASU (see Note 7—Revenue for information on this arrangement).

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combination
Schedule of components of fair value of consideration transferred	The components of the fair value of consideration transferred are as follows (in thousands): ​ ​ ​ ​ ​ Fair value of shares of AMC common stock issued (1) ​ $ 4,017,881 ​ Cash ​ ​ 598,709 ​ Total fair value of consideration transferred ​ $ 4,616,590 ​ (1) The fair value of each share of AMC common stock issued in connection with the Transactions was determined to be $12.54 , the closing price of AMGP common shares on March 12, 2019.
Schedule of estimated fair value of assets acquired and liabilities assumed	The preliminary purchase price allocation of the Transactions, and preliminary adjustments thereto, are summarized in the table below. As of September 30, 2019, the Company was still completing its analysis of the final purchase price allocation. The estimated fair value of assets acquired and liabilities assumed at March 12, 2019, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Originally ​ ​ ​ ​ ​ As ​ ​ ​ ​ Reported ​ ​ Adjustments ​ ​ Adjusted ​ Cash and cash equivalents ​ $ 619,532 ​ ​ — ​ ​ 619,532 ​ Accounts receivable–Antero Resources ​ ​ 142,312 ​ ​ — ​ ​ 142,312 ​ Accounts receivable–third party ​ ​ 117 ​ ​ — ​ ​ 117 ​ Other current assets ​ ​ 1,150 ​ ​ — ​ ​ 1,150 ​ Property and equipment, net ​ ​ 3,639,148 ​ ​ (267,721) ​ ​ 3,371,427 ​ Investments in unconsolidated affiliates ​ ​ 1,090,109 ​ ​ (527,549) ​ ​ 562,560 ​ Customer relationships ​ ​ 558,000 ​ ​ 984,000 ​ ​ 1,542,000 ​ Other assets, net ​ ​ 42,887 ​ ​ — ​ ​ 42,887 ​ Total assets acquired ​ ​ 6,093,255 ​ ​ 188,730 ​ ​ 6,281,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable–Antero Resources ​ ​ 3,316 ​ ​ — ​ ​ 3,316 ​ Accounts payable–third party ​ ​ 30,674 ​ ​ — ​ ​ 30,674 ​ Accrued liabilities ​ ​ 87,021 ​ ​ — ​ ​ 87,021 ​ Other current liabilities ​ ​ 537 ​ ​ — ​ ​ 537 ​ Long-term debt ​ ​ 2,364,935 ​ ​ — ​ ​ 2,364,935 ​ Contingent acquisition consideration ​ ​ 116,924 ​ ​ — ​ ​ 116,924 ​ Asset retirement obligations ​ ​ 5,715 ​ ​ — ​ ​ 5,715 ​ Other liabilities ​ ​ 2,809 ​ ​ — ​ ​ 2,809 ​ Total liabilities assumed ​ ​ 2,611,931 ​ ​ — ​ ​ 2,611,931 ​ Net assets acquired, excluding goodwill ​ ​ 3,481,324 ​ ​ 188,730 ​ ​ 3,670,054 ​ Goodwill ​ ​ 1,135,266 ​ ​ (188,730) ​ ​ 946,536 ​ Net assets acquired ​ $ 4,616,590 ​ $ — ​ $ 4,616,590 ​

Clearwater Facility Impairment

Clearwater Facility Impairment (Tables)	9 Months Ended
	Sep. 30, 2019
Clearwater Facility Impairment
Schedule of Clearwater Facility impairment	​ ​ ​ ​ ​ ​ Impairment of property and equipment ​ $ 407,848 ​ Impairment of goodwill ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ 5,871 ​ Total impairment expense ​ $ 457,478 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets
Schedule of Goodwill	The changes in the carrying amount in goodwill for the nine months ended September 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ Consolidated ​ ​ Processing Treatment Total ​ Goodwill as of December 31, 2018 ​ $ — ​ ​ — ​ ​ — ​ Goodwill acquired (1) ​ ​ 587,629 ​ ​ 358,907 ​ ​ 946,536 ​ Impairment of goodwill ​ ​ — ​ ​ (43,759) ​ ​ (43,759) ​ Goodwill as of September 30, 2019 ​ $ 587,629 ​ ​ 315,148 ​ ​ 902,777 ​ (1) See Note 3—Business Combination.
Schedule of Finite-Lived Intangible Assets	The changes in the carrying amount of customer relationships for the nine months ended September 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2018 ​ $ — ​ Customer relationships acquired (1) ​ ​ 1,542,000 ​ Accumulated amortization ​ ​ (39,178) ​ Impairment ​ (5,871) ​ Customer relationships as of September 30, 2019 ​ $ 1,496,951 ​ (1) See Note 3—Business Combination.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 17,785 ​ Year ending December 31, 2020 ​ ​ 70,753 ​ Year ending December 31, 2021 ​ ​ 70,560 ​ Year ending December 31, 2022 ​ ​ 70,560 ​ Year ending December 31, 2023 ​ ​ 70,560 ​ Year ending December 31, 2024 ​ ​ 70,753 ​ Thereafter ​ ​ 1,125,980 ​ Total ​ $ 1,496,951 ​

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue
Schedule of minimum revenue amounts under the minimum volume commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of ​ Year Ended December 31, ​ ​ ​ ​ ​ (in thousands) ​ 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total ​ Minimum revenue under the Gathering and Compression Agreement (1) ​ $ 20,029 ​ ​ 210,363 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 210,363 ​ 535,756 ​ 1,605,875 ​ Minimum revenue under the Water Services Agreement ​ ​ 23,247 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ 23,247 ​ Total ​ $ 43,276 ​ ​ 210,363 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 209,788 ​ ​ 210,363 ​ 535,756 ​ 1,629,122 ​ (1) Minimum volume commitments under the Gathering and Compression Agreement are recognized on a straight-line basis and additional operating lease income is earned when excess volumes are delivered under the contract. The Company is not party to any leases that have not commenced.
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ​ ​ ​ Ended ​ Ended ​ ​ ​ ​ ​ September 30, ​ September 30, ​ Segment to which ​ (in thousands) ​ 2019 ​ 2019 ​ revenues relate ​ Revenue from contracts with customers ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 80,741 ​ ​ 175,375 ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 51,434 ​ ​ 108,466 ​ Gathering and Processing (1) ​ Compression ​ ​ 43,544 ​ ​ 94,337 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 50,434 ​ ​ 104,638 ​ Water Handling and Treatment ​ Wastewater treatment ​ ​ 10,617 ​ ​ 25,059 ​ Water Handling and Treatment ​ Other fluid handling ​ ​ 35,888 ​ ​ 84,824 ​ Water Handling and Treatment ​ Amortization of customer relationships (2) ​ ​ (16,363) ​ ​ (19,266) ​ Gathering and Processing ​ Amortization of customer relationships (2) ​ ​ (12,500) ​ ​ (19,912) ​ Water Handling and Treatment ​ Total ​ $ 243,795 ​ ​ 553,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 175,719 ​ ​ 378,178 ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 61,051 ​ ​ 129,697 ​ Water Handling and Treatment ​ Cost plus 3% ​ ​ 35,888 ​ ​ 84,824 ​ Water Handling and Treatment ​ Amortization of customer relationships (2) ​ ​ (16,363) ​ ​ (19,266) ​ Gathering and Processing ​ Amortization of customer relationships (2) ​ ​ (12,500) ​ ​ (19,912) ​ Water Handling and Treatment ​ Total ​ $ 243,795 ​ ​ 553,521 ​ ​ ​ (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering system. (2) Fair value of customer contracts acquired as part of the Transactions discussed in Note 3—Business Combination.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property and Equipment
Schedule of investment in property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ September 30, ​ (in thousands) useful lives 2019 ​ Land ​ n/a ​ $ 22,660 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 2,353,614 ​ Fresh water permanent buried pipelines and equipment ​ 10-20 years ​ ​ 561,975 ​ Fresh water surface pipelines and equipment ​ 1-5 years ​ ​ 39,637 ​ Landfill ​ n/a (2) ​ ​ 1,244 ​ Heavy trucks and equipment ​ 3-5 years ​ ​ 6,245 ​ Above ground storage tanks ​ 5-10 years ​ ​ 3,418 ​ Construction-in-progress ​ n/a ​ ​ 287,864 ​ Total property and equipment ​ ​ ​ ​ 3,276,657 ​ Less accumulated depreciation ​ ​ ​ ​ (60,679) ​ Property and equipment, net ​ ​ ​ $ 3,215,978 ​ (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. (2) Amortization of landfill costs is recorded over the life of the landfill on a units-of-consumption basis.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Long-Term Debt.
Schedule of long-term debt	​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2019 ​ Credit Facility (a) ​ $ 725,500 ​ 5.375% senior notes due 2024 (b) ​ ​ 652,600 ​ 5.75% senior notes due 2027 (c) ​ ​ 653,250 ​ 5.75% senior notes due 2028 (d) ​ ​ 650,000 ​ Net unamortized debt issuance costs ​ ​ (23,600) ​ Total long-term debt ​ $ 2,657,750 ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2018 and September 30, 2019 consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ September 30, ​ (in thousands) 2018 2019 Capital expenditures ​ $ — ​ ​ 48,512 ​ Operating expenses ​ ​ — ​ ​ 27,412 ​ Interest expense ​ ​ — ​ ​ 16,915 ​ Other ​ ​ 407 ​ ​ 4,105 ​ Total accrued liabilities ​ $ 407 ​ ​ 96,944 ​

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
Asset Retirement Obligations
Schedule of reconciliation of our asset retirement obligations	The following is a reconciliation of our asset retirement obligations for the period shown below (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations—December 31, 2018 ​ $ — ​ Antero Midstream Partners asset retirement obligation assumed—March 12, 2019 ​ ​ 5,715 ​ Obligations incurred ​ ​ 223 ​ Accretion expense ​ ​ 133 ​ Asset retirement obligations—September 30, 2019 ​ $ 6,071 ​

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of restricted unit and phantom unit awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Aggregate ​ ​ ​ Number of ​ grant date ​ intrinsic value ​ ​ units fair value (in thousands) ​ Total AMC LTIP units awarded and unvested—December 31, 2018 ​ — ​ $ — ​ $ — ​ AMP LTIP Awards converted into AMC LTIP Awards (1) ​ 1,068,900 ​ $ 14.58 ​ ​ ​ ​ Granted ​ 683,807 ​ $ 14.03 ​ ​ ​ ​ Vested ​ (400,439) ​ $ 14.18 ​ ​ ​ ​ Forfeited ​ (72,110) ​ $ 14.43 ​ ​ ​ ​ Total AMC LTIP units awarded and unvested—September 30, 2019 ​ 1,280,158 ​ $ 14.41 ​ $ 9,473 ​ (1) Effective as of March 12, 2019, all unvested outstanding phantom units in the AMP LTIP were assumed by the Company and converted into restricted stock units under the AMC LTIP at a conversion rate of 1.8926 .
ROIC PSUs
Summary of restricted unit and phantom unit awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ grant date ​ ​ units fair value ​ Total awarded and unvested—December 31, 2018 ​ — ​ $ — ​ Granted ​ 164,196 ​ $ 14.16 ​ Vested ​ — ​ $ — ​ Forfeited ​ (15,890) ​ $ 14.16 ​ Total awarded and unvested—September 30, 2019 ​ 148,306 ​ $ 14.16 ​

Cash Distributions and Divide_2

Cash Distributions and Dividends (Tables)	9 Months Ended
	Sep. 30, 2019
Cash Distributions and Dividends
Schedule of quarterly distributions and dividends paid	The following table details the amount of distributions and dividends paid with respect to the quarter indicated (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ ​ ​ Quarter ​ ​ ​ ​ ​ shareholders ​ Distributions ​ and Year Record Date Distribution Date distributions per share ​ Q4 2017 ​ February 1, 2018 ​ February 20, 2018 ​ $ 13,964 ​ $ 0.075 ​ Q1 2018 ​ May 3, 2018 ​ May 23, 2018 ​ ​ 20,109 ​ $ 0.108 ​ Q2 2018 ​ August 2, 2018 ​ August 22, 2018 ​ ​ 23,276 ​ $ 0.125 ​ Q3 2018 ​ November 2, 2018 ​ November 21, 2018 ​ ​ 26,817 ​ $ 0.144 ​ ​ ​ Total 2018 ​ ​ ​ $ 84,166 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q4 2018 ​ February 1, 2019 ​ February 21, 2019 ​ $ 30,543 ​ $ 0.164 ​ Q1 2019 ​ April 26, 2019 ​ May 8, 2019 ​ ​ 152,082 ​ $ 0.3025 ​ Q1 2019 ​ May 15, 2019 ​ May 15, 2019 ​ ​ 98 ​ ​ * ​ Q2 2019 ​ July 26, 2019 ​ August 7, 2019 ​ ​ 154,146 ​ $ 0.3075 ​ Q2 2019 ​ August 14, 2019 ​ September 18, 2019 ​ ​ 138 ​ ​ * ​ ​ ​ Total 2019 ​ ​ ​ $ 337,007 ​ ​ ​ ​ * Dividends are paid in accordance with the terms of the Series A Preferred Stock as discussed in Note 14—Equity and Earnings Per Common Share .

Equity and Earnings Per Commo_2

Equity and Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Equity and Earnings Per Common Share
Schedule of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands) 2018 2019 2018 2019 ​ Basic weighted average number of shares outstanding ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ Add: Dilutive effect of restricted stock units ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Add: Dilutive effect of Series A preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Diluted weighted average number of shares outstanding ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of oustanding equity awards excluded from calculation of diluted earnings per common share (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ​ ​ — ​ ​ 34 ​ ​ — ​ ​ 64 ​ Preferred shares ​ ​ — ​ ​ 1,351 ​ ​ — ​ ​ 1,351 ​ (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common shares—assuming dilution because the inclusion of these awards would have been anti-dilutive.
Schedule of earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands, except per share amounts) 2018 2019 2018 2019 ​ Net income (loss) ​ $ 18,028 ​ ​ (289,477) ​ $ 45,220 ​ ​ (210,555) ​ Less net income attributable to Series B Units ​ ​ (598) ​ ​ — ​ ​ (1,517) ​ ​ — ​ Less preferred stock dividends ​ ​ — ​ ​ (138) ​ ​ — ​ ​ (304) ​ Net income (loss) available to common shareholders ​ $ 17,430 ​ ​ (289,615) ​ $ 43,703 ​ ​ (210,859) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share–basic and diluted ​ $ 0.09 ​ ​ (0.57) ​ $ 0.23 ​ ​ (0.50) ​ Weighted average common shares outstanding–basic ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​ Weighted average common shares outstanding–diluted ​ ​ 186,208 ​ ​ 506,419 ​ ​ 186,199 ​ ​ 423,296 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Measurement
Schedule of reconciliation of changes in Level 3 financial liabilities measured at fair value on a recurring basis	The following table provides a reconciliation of changes in Level 3 financial liabilities measured at fair value on a recurring basis for the period shown below (in thousands): ​ ​ ​ ​ ​ Contingent acquisition consideration—December 31, 2018 ​ $ — ​ Contingent acquisition consideration assumed from Antero Midstream Partners ​ ​ 116,924 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ 5,323 ​ Contingent acquisition consideration—September 30, 2019 ​ $ 122,247 ​

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
	Sep. 30, 2019
Investments in Unconsolidated Affiliates
Schedule of reconciliation of investments in unconsolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Antero ​ ​ ​ ​ ​ ​ ​ ​ Total Investment ​ ​ ​ ​ Midstream ​ ​ ​ ​ ​ MarkWest ​ ​ in Unconsolidated ​ (in thousands) ​ ​ Partners LP ​ ​ Stonewall ​ ​ Joint Venture ​ ​ Affiliates ​ Balance at December 31, 2018 ​ $ 43,492 ​ ​ — ​ ​ — ​ ​ 43,492 ​ Distributions from unconsolidated affiliates ​ ​ (43,492) ​ ​ — ​ ​ — ​ ​ (43,492) ​ Balance at March 12, 2019 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Investments in unconsolidated affiliates acquired from Antero Midstream Partners ​ ​ — ​ ​ 140,640 ​ ​ 421,920 ​ ​ 562,560 ​ Additional investments ​ ​ — ​ ​ — ​ ​ 117,339 ​ ​ 117,339 ​ Equity in net income of unconsolidated affiliates (1) ​ ​ — ​ ​ 3,482 ​ ​ 31,499 ​ ​ 34,981 ​ Distributions from unconsolidated affiliates ​ ​ — ​ ​ (3,525) ​ ​ (39,045) ​ ​ (42,570) ​ Balance at September 30, 2019 ​ $ — ​ ​ 140,597 ​ ​ 531,713 ​ ​ 672,310 ​ (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 Stonewall and the Joint Venture as of the date of the acquisition of Antero Midstream Partners.

Reporting Segments (Tables)

Reporting Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Reporting Segments
Schedule of financial information concerning the Partnership's segments	Summarized financial information concerning the Company’s segments for the periods indicated is shown in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ ​ ​ Consolidated ​ ​ Processing Treatment Unallocated (1) Total ​ Three months ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 175,719 ​ ​ 96,939 ​ ​ — ​ ​ 272,658 ​ Amortization of customer relationships ​ ​ (16,363) ​ ​ (12,500) ​ ​ — ​ ​ (28,863) ​ Total revenues ​ ​ 159,356 ​ ​ 84,439 ​ ​ — ​ ​ 243,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 13,197 ​ ​ 48,611 ​ ​ — ​ ​ 61,808 ​ General and administrative (excluding equity-based compensation) ​ ​ 6,741 ​ ​ 3,098 ​ ​ 627 ​ ​ 10,466 ​ Facility idling ​ ​ — ​ ​ 1,512 ​ ​ — ​ ​ 1,512 ​ Equity-based compensation ​ ​ 1,348 ​ ​ 450 ​ ​ 18,331 ​ ​ 20,129 ​ Impairment of property and equipment ​ ​ — ​ ​ 407,848 ​ ​ — ​ ​ 407,848 ​ Impairment of goodwill ​ ​ — ​ ​ 43,759 ​ ​ — ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ — ​ ​ 5,871 ​ ​ — ​ ​ 5,871 ​ Depreciation ​ ​ 11,709 ​ ​ 12,751 ​ ​ — ​ ​ 24,460 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ — ​ ​ 1,977 ​ ​ — ​ ​ 1,977 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 54 ​ ​ — ​ ​ 54 ​ Total expenses ​ ​ 32,995 ​ ​ 525,931 ​ ​ 18,958 ​ ​ 577,884 ​ Operating income ​ $ 126,361 ​ ​ (441,492) ​ ​ (18,958) ​ ​ (334,089) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 18,478 ​ ​ — ​ ​ — ​ ​ 18,478 ​ Total assets ​ $ 4,768,005 ​ ​ 1,639,295 ​ ​ 38,204 ​ ​ 6,445,504 ​ Additions to property and equipment ​ $ 81,715 ​ ​ 39,160 ​ ​ — ​ ​ 120,875 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling and treatment are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Water ​ ​ ​ ​ ​ ​ ​ ​ Gathering and ​ Handling and ​ ​ ​ Consolidated ​ ​ Processing Treatment Unallocated (1) Total ​ Nine months ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 378,178 ​ ​ 214,471 ​ ​ — ​ ​ 592,649 ​ Revenue–third-party ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 ​ Amortization of customer relationships ​ ​ (19,266) ​ ​ (19,912) ​ ​ — ​ ​ (39,178) ​ Total revenues ​ ​ 358,912 ​ ​ 194,609 ​ ​ — ​ ​ 553,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 28,509 ​ ​ 112,279 ​ ​ — ​ ​ 140,788 ​ General and administrative (excluding equity-based compensation) ​ ​ 15,096 ​ ​ 7,630 ​ ​ 9,205 ​ ​ 31,931 ​ Facility idling ​ ​ — ​ ​ 1,512 ​ ​ — ​ ​ 1,512 ​ Equity-based compensation ​ ​ 4,011 ​ ​ 1,589 ​ ​ 47,495 ​ ​ 53,095 ​ Impairment of property and equipment ​ ​ 592 ​ ​ 407,850 ​ ​ — ​ ​ 408,442 ​ Impairment of goodwill ​ ​ — ​ ​ 43,759 ​ ​ — ​ ​ 43,759 ​ Impairment of customer relationships ​ ​ — ​ ​ 5,871 ​ ​ — ​ ​ 5,871 ​ Depreciation ​ ​ 26,990 ​ ​ 41,567 ​ ​ — ​ ​ 68,557 ​ Accretion and change in fair value of contingent acquisition consideration ​ ​ — ​ ​ 5,323 ​ ​ — ​ ​ 5,323 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 133 ​ ​ — ​ ​ 133 ​ Total expenses ​ ​ 75,198 ​ ​ 627,513 ​ ​ 56,700 ​ ​ 759,411 ​ Operating income ​ $ 283,714 ​ ​ (432,904) ​ ​ (56,700) ​ ​ (205,890) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 34,981 ​ ​ — ​ ​ — ​ ​ 34,981 ​ Total assets ​ $ 4,768,005 ​ ​ 1,639,295 ​ ​ 38,204 ​ ​ 6,445,504 ​ Additions to property and equipment, net ​ $ 170,921 ​ ​ 91,144 ​ ​ — ​ ​ 262,065 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling and treatment are managed and evaluated on a consolidated basis.

Organization (Details)

Organization (Details) - $ / shares	Mar. 12, 2019	Sep. 30, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Series B Unit, Vested and Unvested
Shares exchange ratio	176.0041
Antero Midstream Corporation
Common stock, par value (in dollars per share)	$ 0.01

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Third party out of pocket costs reimbursement (as a percent)		3.00%
Property and Equipment
Impairment of long-lived assets	$ 407,848	$ 408,442
Asset Retirement Obligations
Post-closure period for landfill to maintain and monitor		30 years
Accounts Payable
Cash and Cash Equivalents
Book overdrafts	$ 1,700	$ 1,700

Business Combination - Fair Val

Business Combination - Fair Value of Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Mar. 12, 2019USD ($)$ / shares
Components of the fair value of consideration transferred
Share price (in dollars per share) | $ / shares	$ 12.54
Antero Midstream Partners
Components of the fair value of consideration transferred
Fair value of shares of AMC common stock issued(1)	$ 4,017,881
Cash	598,709
Total fair value of consideration transferred	$ 4,616,590

Business Combination - Estimate

Business Combination - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Mar. 12, 2019USD ($)	Sep. 30, 2019USD ($)item
Estimated fair value of assets acquired and liabilities assumed
Goodwill		$ 902,777
Antero Midstream Partners
Estimated fair value of assets acquired and liabilities assumed
Cash and cash equivalents	$ 619,532	619,532
Other current assets	1,150	1,150
Property and equipment, net	3,639,148	3,371,427
Investments in unconsolidated affiliates	1,090,109	562,560
Customer relationships	558,000	1,542,000
Other assets, net	42,887	42,887
Total assets acquired	6,093,255	6,281,985
Accrued liabilities	87,021	87,021
Other current liabilities	537	537
Long-term debt	2,364,935	2,364,935
Contingent acquisition consideration	116,924	116,924
Asset retirement obligations	5,715	5,715
Other liabilities	2,809	2,809
Total liabilities assumed	2,611,931	2,611,931
Net assets acquired, excluding goodwill	3,481,324	3,670,054
Goodwill	1,135,266	946,536
Net assets acquired	4,616,590	$ 4,616,590
Acquisition-related costs	6,000
Property and equipment, net	(267,721)
Investments in unconsolidated affiliates	(527,549)
Customer relationships	984,000
Total assets acquired	188,730
Net assets acquired, excluding goodwill	188,730
Goodwill	(188,730)
Weighted average		22 years
Decrease in fair value		$ 10,000
Increase in Amortization		21,000
Antero Midstream Partners | Antero Resources
Estimated fair value of assets acquired and liabilities assumed
Accounts receivable	142,312	142,312
Accounts payable	3,316	3,316
Antero Midstream Partners | Third Party
Estimated fair value of assets acquired and liabilities assumed
Accounts receivable	117	117
Accounts payable	$ 30,674	30,674
Gathering And Processing | Antero Midstream Partners
Estimated fair value of assets acquired and liabilities assumed
Goodwill		$ 588,000
Number of Reporting Units | item		3
Water Handling and Treatment | Antero Midstream Partners
Estimated fair value of assets acquired and liabilities assumed
Goodwill		$ 359,000
Number of Reporting Units | item		2

Clearwater Facility Impairmen_2

Clearwater Facility Impairment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2019
Clearwater Facility Impairment
Impairment of property and equipment		$ 407,848	$ 408,442
Impairment of goodwill		43,759	43,759
Impairment of customer relationships		5,871	5,871
Total impairment expense		457,478
Facility idling	$ 2,000	$ 1,512	$ 1,512

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Goodwill [Roll Forward]
Goodwill acquired		$ 946,536
Impairment of goodwill	$ (43,759)	(43,759)
Goodwill as of September 30, 2019	902,777	902,777
Gathering And Processing
Goodwill [Roll Forward]
Goodwill acquired		587,629
Goodwill as of September 30, 2019	587,629	587,629
Water Handling And Treatment
Goodwill [Roll Forward]
Goodwill acquired		358,907
Impairment of goodwill		(43,759)
Goodwill as of September 30, 2019	$ 315,148	$ 315,148

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Customer Relationships (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finite lived intangible assets
Amortization period		22 years
Finite lived intangible assets rollforward
Amortization of customer relationships	$ (28,863)	$ (39,178)
Impairment	(5,871)	(5,871)
Customer relationships as of September 30, 2019	1,496,951	1,496,951
Customer Relationships
Finite lived intangible assets rollforward
Customer relationships acquired		1,542,000
Amortization of customer relationships		(39,178)
Impairment		(5,871)
Customer relationships as of September 30, 2019	$ 1,496,951	$ 1,496,951

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future amortization expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Total	$ 1,496,951
Customer Relationships
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2019	17,785
Year ending December 31, 2020	70,753
Year ending December 31, 2021	70,560
Year ending December 31, 2022	70,560
Year ending December 31, 2023	70,560
Year ending December 31, 2024	70,753
Thereafter	1,125,980
Total	$ 1,496,951

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Antero Resources - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Allocation of costs
Direct labor expenses	$ 1.8	$ 0	$ 4.1	$ 0
General and administrative expense	$ 9.6	$ 0.1	$ 23.5	$ 0.4

Revenue (Details)

Revenue (Details) $ in Millions	Sep. 23, 2015	Nov. 10, 2014	Sep. 30, 2019USD ($)bbl
Agreements
Third party out of pocket costs reimbursement (as a percent)			3.00%
Minimum volume commitment that require Antero to pay for high pressure lines			75.00%
Minimum volume commitment that require Antero to pay for compressor stations			70.00%
Term of new construction			10 years
Number of barrels per day | bbl			120,000
Gathering And Compression Agreement
Agreements
Term of agreement with Antero Resources		20 years
Notice period		180 days
Water Services Agreement
Agreements
Term of agreement with Antero Resources	20 years
Notice period	180 days
Third party out of pocket costs reimbursement (as a percent)			3.00%
Minimum volume commitments and other fees | $			$ 0

Revenue - Minimum Volume Commit

Revenue - Minimum Volume Commitments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 1,629,122
Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	1,605,875
Water Services Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	23,247
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 43,276
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 20,029
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | Water Services Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 23,247
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 210,363
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 210,363
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 209,788
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 210,363
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 210,363
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 535,756
Expected timing of satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Gathering And Compression Agreement
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 535,756
Expected timing of satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Water Services Agreement
Minimum revenue amounts under the minimum volume commitments
Expected timing of satisfaction period

Revenue - Disaggregation (Detai

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Disaggregation of Revenue
Revenue from contracts with customers		$ 553,521
Amortization of customer relationships	$ (28,863)	(39,178)
Total revenue	243,795	553,521
Gathering-low pressure
Disaggregation of Revenue
Revenue from contracts with customers	80,741	175,375
Gathering-high pressure
Disaggregation of Revenue
Revenue from contracts with customers	51,434	108,466
Compression
Disaggregation of Revenue
Revenue from contracts with customers	43,544	94,337
Fresh water delivery
Disaggregation of Revenue
Revenue from contracts with customers	50,434	104,638
Wastewater treatment
Disaggregation of Revenue
Revenue from contracts with customers	10,617	25,059
Other fluid handling
Disaggregation of Revenue
Revenue from contracts with customers	35,888	84,824
Cost plus 3%
Disaggregation of Revenue
Revenue from contracts with customers	35,888	84,824
Gathering And Processing
Disaggregation of Revenue
Amortization of customer relationships	(16,363)	(19,266)
Gathering And Processing | Fixed Fee
Disaggregation of Revenue
Revenue from contracts with customers	175,719	378,178
Water Handling and Treatment
Disaggregation of Revenue
Amortization of customer relationships	(12,500)	(19,912)
Water Handling and Treatment | Fixed Fee
Disaggregation of Revenue
Revenue from contracts with customers	$ 61,051	$ 129,697

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 105	$ 0

Property and Equipment (Details

Property and Equipment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Property and Equipment
Total property and equipment	$ 3,276,657
Less accumulated depreciation	(60,679)
Property and equipment, net	3,215,978
Land
Property and Equipment
Total property and equipment	22,660
Gathering systems and facilities
Property and Equipment
Total property and equipment	2,353,614
Residual value	$ 0
Gathering systems and facilities | Minimum
Property and Equipment
Estimated useful lives	40 years
Gathering systems and facilities | Maximum
Property and Equipment
Estimated useful lives	50 years
Fresh water permanent buried pipelines and equipment
Property and Equipment
Total property and equipment	$ 561,975
Fresh water permanent buried pipelines and equipment | Minimum
Property and Equipment
Estimated useful lives	10 years
Fresh water permanent buried pipelines and equipment | Maximum
Property and Equipment
Estimated useful lives	20 years
Fresh water surface pipelines and equipment
Property and Equipment
Total property and equipment	$ 39,637
Fresh water surface pipelines and equipment | Minimum
Property and Equipment
Estimated useful lives	1 year
Fresh water surface pipelines and equipment | Maximum
Property and Equipment
Estimated useful lives	5 years
Landfill
Property and Equipment
Total property and equipment	$ 1,244
Heavy trucks and equipment
Property and Equipment
Total property and equipment	$ 6,245
Heavy trucks and equipment | Minimum
Property and Equipment
Estimated useful lives	3 years
Heavy trucks and equipment | Maximum
Property and Equipment
Estimated useful lives	5 years
Above ground storage tanks
Property and Equipment
Total property and equipment	$ 3,418
Above ground storage tanks | Minimum
Property and Equipment
Estimated useful lives	5 years
Above ground storage tanks | Maximum
Property and Equipment
Estimated useful lives	10 years
Construction-in-progress
Property and Equipment
Total property and equipment	$ 287,864

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Jun. 28, 2019	Feb. 25, 2019	Sep. 13, 2016	Sep. 30, 2019	Dec. 31, 2018	May 09, 2018
Long-term debt
Net unamortized debt issuance costs				$ (23,600,000)
Long-term debt, net				2,657,750,000
AMGP Credit Facility | AMGP
Long-term debt
Long-term debt					$ 0
Maximum borrowing capacity						$ 12,000,000
New revolving credit facility
Long-term debt
Long-term debt				725,500,000
New revolving credit facility | Antero Midstream Partners
Long-term debt
Long-term debt				726,000,000
Maximum borrowing capacity				2,000,000,000
Outstanding balance				$ 0
Weighted average interest rate				3.46%
New revolving credit facility | Investment Grade Period
Long-term debt
Margin rates (in basis points)				0.25%
New revolving credit facility | Investment Grade Period | Minimum
Long-term debt
Commitment fees on the unused portion (as a percent)				0.175%
New revolving credit facility | Investment Grade Period | Maximum
Long-term debt
Commitment fees on the unused portion (as a percent)				0.375%
New revolving credit facility | Not Investment Grade Period | Minimum
Long-term debt
Commitment fees on the unused portion (as a percent)				0.25%
New revolving credit facility | Not Investment Grade Period | Maximum
Long-term debt
Commitment fees on the unused portion (as a percent)				0.375%
5.375% Senior Notes due 2024
Long-term debt
Long-term debt				$ 652,600,000
5.375% Senior Notes due 2024 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Face amount			$ 650,000,000
Interest rate (as a percent)			5.375%
Debt instrument redemption percentage upon change of control			101.00%
5.375% Senior Notes due 2024 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage			104.031%
5.375% Senior Notes due 2024 | Redemption period two | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage			100.00%
5.75% Senior Notes Due 2027
Long-term debt
Long-term debt				653,250,000
Face amount		$ 650,000,000
Interest rate (as a percent)		5.75%
Debt instrument redemption percentage upon change of control		101.00%
5.75% Senior Notes Due 2027 | Maximum
Long-term debt
Percent of aggregate principal amount that can be redeemed		35.00%
5.75% Senior Notes Due 2027 | Redemption period one
Long-term debt
Debt instrument redemption percentage		102.875%
5.75% Senior Notes Due 2027 | Redemption period two
Long-term debt
Debt instrument redemption percentage		100.00%
5.75% Senior Notes Due 2027 | Redemption period three
Long-term debt
Debt instrument redemption percentage		105.75%
Debt instrument redemption percentage with payment of premium and interest		100.00%
5.75% Senior Notes Due 2028
Long-term debt
Long-term debt				$ 650,000,000
Face amount	$ 650,000,000
Interest rate (as a percent)	5.75%
Debt instrument redemption percentage upon change of control	101.00%
5.75% Senior Notes Due 2028 | Maximum
Long-term debt
Percent of aggregate principal amount that can be redeemed	35.00%
5.75% Senior Notes Due 2028 | Redemption period one
Long-term debt
Debt instrument redemption percentage	102.875%
5.75% Senior Notes Due 2028 | Redemption period two
Long-term debt
Debt instrument redemption percentage	100.00%
5.75% Senior Notes Due 2028 | Redemption period three
Long-term debt
Debt instrument redemption percentage	105.75%
Debt instrument redemption percentage with payment of premium and interest	100.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Liabilities
Capital expenditures	$ 48,512
Operating expenses	27,412
Interest expense	16,915
Other	4,105	$ 407
Total accrued liabilities	$ 96,944	$ 407

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Asset Retirement Obligations
Antero Midstream Partners asset retirement obligation assumed-March 12, 2019	$ 5,715
Obligations incurred	223
Accretion expense	133
Asset retirement obligations	$ 6,071

Equity Based Compensation (Deta

Equity Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 12, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Additional disclosures
Expense recognized		$ 20,129		$ 3,600	$ 53,095
Unamortized expense		18,000		18,000	18,000
Reversal of recognized expense					200
Common Stock
Additional disclosures
Shares exchanged	5,782,601
Antero Resources
Additional disclosures
Unamortized expense		32,000		32,000	32,000
Midstream LTIP
Additional disclosures
Unamortized expense		$ 15,000		$ 15,000	$ 15,000
Weighted average period for recognizing unrecognized stock-based compensation expense					2 years 7 months 6 days
Restricted unit and phantom unit awards
Number of units
AMP LTIP Awards converted into AMC LTIP Awards					1,068,900
Granted (in shares)					683,807
Vested (in shares)					(400,439)
Forfeited (in shares)					(72,110)
Total awarded and unvested at the end of the period (in shares)		1,280,158		1,280,158	1,280,158
Weighted average grant date fair value
AMP LTIP Awards converted into AMC LTIP Awards (in dollars per unit)		$ 14.58		$ 14.58	$ 14.58
Granted (in dollars per unit)					14.03
Vested (in dollars per unit)					14.18
Forfeited (in dollars per unit)					14.43
Total awarded and unvested at the end of the period (in dollars per unit)		$ 14.41		$ 14.41	$ 14.41
Aggregate intrinsic value
Total awarded and unvested at the end of the period		$ 9,473		$ 9,473	$ 9,473
Series B unit awards
Additional disclosures
Units vested							65,745
2017 AMGP LTIP
Additional disclosures
Expense recognized		0	$ 200		200	$ 500
Shares exchange ratio	1.8926
Awards issued	0
Awards outstanding	0
AMC LTIP
Additional disclosures
Expense recognized		$ 1,400			$ 2,800
Number of stock-based compensation awards authorized	15,398,901
Shares exchange ratio	1.8926
Number of shares available for future grant under the Plan		13,673,136		13,673,136	13,673,136
Series B Unit, Vested and Unvested
Additional disclosures
Shares exchange ratio	176.0041
Exchanged B Units
Additional disclosures
Expense recognized		$ 18,000			$ 47,000
Shares exchanged	17,353,999
Common stock issued in exchange	98,600
Unvested Series B Units
Number of units
AMP LTIP Awards converted into AMC LTIP Awards	32,855
Additional disclosures
Expense recognized		$ 8,000			$ 26,000
ROIC PSUs
Number of units
Granted (in shares)					164,196
Forfeited (in shares)					(15,890)
Total awarded and unvested at the end of the period (in shares)		148,306		148,306	148,306
Weighted average grant date fair value
Granted (in dollars per unit)					$ 14.16
Forfeited (in dollars per unit)					14.16
Total awarded and unvested at the end of the period (in dollars per unit)		$ 14.16		$ 14.16	$ 14.16
Additional disclosures
Unamortized expense		$ 2,100		$ 2,100	$ 2,100
Vesting period					3 years
ROIC PSUs | Minimum
Additional disclosures
Number of shares of common stock that may be earned ultimately.					0.00%
ROIC PSUs | Maximum
Additional disclosures
Number of shares of common stock that may be earned ultimately.					200.00%
IDR LLC
Additional disclosures
Percentage of amount of quarterly distribution in excess of threshold limit							6.00%
Threshold limit for quarterly distribution							$ 7,500
IDR LLC | Series B unit awards
Additional disclosures
Authorized units							98,600
Outstanding units							98,600
Threshold limit for conversion of units to common shares							$ 2,000,000
IDR LLC | Series B unit awards | Maximum
Additional disclosures
Percentage of amount of equity value in excess of threshold limit for conversion of units to common shares							6.00%
IDR LLC | Series B Unit Awards classified as equity
Additional disclosures
Floor equity value	$ 2,000,000
Expected volatility (as a percent)	40.00%
Risk free rate (as a percent)	2.51%
Weighted average cost of capital (as a percent)	7.25%
Estimated value (in dollars per unit)	$ 1,257

Cash Distribution and Dividends

Cash Distribution and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 18, 2019	Aug. 07, 2019	May 15, 2019	May 08, 2019	Feb. 21, 2019	Nov. 21, 2018	Aug. 22, 2018	May 23, 2018	Feb. 20, 2018	Sep. 30, 2019	Dec. 31, 2018
Partnership equity and distributions
Cash dividends declared per common share										$ 0.3075
Antero Midstream GP LP | Common shareholders
Partnership equity and distributions
Distributions	$ 138	$ 154,146	$ 98	$ 152,082	$ 30,543	$ 26,817	$ 23,276	$ 20,109	$ 13,964	$ 337,007	$ 84,166
Distributions per share (in dollars per share)		$ 0.3075		$ 0.3025	$ 0.164	$ 0.144	$ 0.125	$ 0.108	$ 0.075
Series A Preferred Stock
Partnership equity and distributions
Cash dividend declared										138
Dividends in arrears										$ 69

Equity and Earnings Per Commo_3

Equity and Earnings Per Common Share (Details) - $ / shares	Mar. 12, 2019	Sep. 30, 2019	Dec. 31, 2018
Number of shares authorized	100,000,000	100,000,000	0
Series A Preferred Stock
Shares issued for acquisition	10,000
Preferred stock dividend rate	5.50%
Redemption price per share	$ 1,000

Equity and Earnings Per Commo_4

Equity and Earnings Per Common Share - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic weighted average number of shares outstanding	506,419	186,208	423,296	186,199
Diluted weighted average number of shares outstanding	506,419	186,208	423,296	186,199
Restricted unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	34		64
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,351		1,351

Equity and Earnings Per Commo_5

Equity and Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity and Earnings Per Common Share
Net income (loss)	$ (289,477)	$ 18,028	$ 14,387	$ 12,805	$ (210,555)	$ 45,220
Less net income attributable to Series B Units		(598)				(1,517)
Less preferred stock dividends	(138)				(304)
Net income (loss) available to common shareholders	$ (289,615)	$ 17,430			$ (210,859)	$ 43,703
Net income (loss) per share-basic and diluted	$ (0.57)	$ 0.09			$ (0.50)	$ 0.23
Weighted average common shares outstanding-basic	506,419	186,208			423,296	186,199
Weighted average common shares outstanding-diluted	506,419	186,208			423,296	186,199

Fair Value Measurement (Details

Fair Value Measurement (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)bbl	Sep. 30, 2019USD ($)
Level 2 | 5.375% Senior Notes due 2024
Fair value measurement
Debt instrument fair value		$ 585,000
Level 2 | 5.75% Senior Notes Due 2027
Fair value measurement
Debt instrument fair value		542,000
Level 2 | 5.75% Senior Notes Due 2028
Fair value measurement
Debt instrument fair value		535,000
Level 3
Reconciliation of changes in Level 3 financial liabilities measured at fair value on a recurring basis
Contingent acquisition consideration assumed from Antero Midstream Partners		116,924
Accretion and change in fair value		5,323
Ending balance		$ 122,247
Weighted Average | Recurring Member | Discount rate | Discounted cash flow | Level 3
Fair value measurement
Weighted-average cost of capital		0.138
Contribution Agreement | Contingent Consideration Period One
Fair value measurement
Contingent consideration	$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl	176,295,000
Contribution Agreement | Contingent Consideration Period Two
Fair value measurement
Contingent consideration	$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl	219,200,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates (Details) $ in Thousands	2 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Mar. 12, 2019USD ($)	Sep. 30, 2019USD ($)itemmi	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)itemmi	Sep. 30, 2019USD ($)itemmi	Sep. 30, 2018USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period	$ 43,492				$ 43,492
Distributions from unconsolidated affiliates	(43,492)				(43,492)	$ (85,371)
Investments in unconsolidated affiliates acquired from Antero Midstream Partners				$ 562,560
Additional investments				117,339
Equity in net income of unconsolidated affiliates		$ 18,478	$ 37,816	34,981	34,981	$ 99,414
Distributions from unconsolidated affiliates				(42,570)	(42,570)
Balance at end of period		$ 672,310		$ 672,310	672,310
Antero Midstream Partners LP
Investments in unconsolidated affiliates
Balance at beginning of period	43,492				$ 43,492
Distributions from unconsolidated affiliates	$ (43,492)
Stonewall
Equity Method Investments
Ownership percentage		15.00%		15.00%	15.00%
Number of miles of pipeline | mi		67		67	67
Investments in unconsolidated affiliates
Investments in unconsolidated affiliates acquired from Antero Midstream Partners				$ 140,640
Equity in net income of unconsolidated affiliates				3,482
Distributions from unconsolidated affiliates				(3,525)
Balance at end of period		$ 140,597		$ 140,597	$ 140,597
MarkWest Joint venture
Equity Method Investments
Ownership percentage		50.00%		50.00%	50.00%
Percentage of interest held by joint venture in third party fractionator in Ohio					33.33%
Number of fractionators | item		2		2	2
Investments in unconsolidated affiliates
Investments in unconsolidated affiliates acquired from Antero Midstream Partners				$ 421,920
Additional investments				117,339
Equity in net income of unconsolidated affiliates				31,499
Distributions from unconsolidated affiliates				(39,045)
Balance at end of period		$ 531,713		$ 531,713	$ 531,713

Reporting Segments (Details)

Reporting Segments (Details) $ in Thousands	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)segmentitem	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Reporting Segments
Number of reportable segments | segment					2
Revenues:
Revenue					$ 553,521
Amortization of customer relationships		$ (28,863)			(39,178)
Total revenue		243,795			553,521
Operating expenses:
Direct operating		61,808			140,788
General and administrative (excluding equity-based compensation)		10,466			31,931
Facility idling	$ 2,000	1,512			1,512
Equity-based compensation		20,129		$ 3,600	53,095
Impairment of property and equipment		407,848			408,442
Impairment of goodwill		43,759			43,759
Impairment charge		5,871			5,871
Depreciation		24,460			68,557
Accretion and change in fair value of contingent acquisition consideration		1,977			5,323
Accretion of asset retirement obligations		54			133
Total operating expenses		577,884	$ 10,803		759,411	$ 31,876
Operating income		(334,089)	(10,803)		(205,890)	(31,876)
Equity in earnings of unconsolidated affiliates		18,478	$ 37,816	34,981	34,981	$ 99,414
Total assets	6,445,504	6,445,504		6,445,504	6,445,504		$ 47,705
Additions to property and equipment		120,875			262,065
Antero Resources
Revenues:
Revenue		272,658			592,649
Third party
Revenues:
Revenue					50
Gathering And Processing
Revenues:
Amortization of customer relationships		(16,363)			$ (19,266)
Water Handling and Treatment
Reporting Segments
Number of independent fresh water systems | item					2
Revenues:
Amortization of customer relationships		(12,500)			$ (19,912)
Operating Segments | Gathering And Processing
Revenues:
Amortization of customer relationships		(16,363)			(19,266)
Total revenue		159,356			358,912
Operating expenses:
Direct operating		13,197			28,509
General and administrative (excluding equity-based compensation)		6,741			15,096
Equity-based compensation		1,348			4,011
Impairment of property and equipment					592
Depreciation		11,709			26,990
Total operating expenses		32,995			75,198
Operating income		126,361			283,714
Equity in earnings of unconsolidated affiliates		18,478			34,981
Total assets	4,768,005	4,768,005		4,768,005	4,768,005
Additions to property and equipment		81,715			170,921
Operating Segments | Gathering And Processing | Antero Resources
Revenues:
Revenue		175,719			378,178
Operating Segments | Water Handling and Treatment
Revenues:
Amortization of customer relationships		(12,500)			(19,912)
Total revenue		84,439			194,609
Operating expenses:
Direct operating		48,611			112,279
General and administrative (excluding equity-based compensation)		3,098			7,630
Facility idling		1,512			1,512
Equity-based compensation		450			1,589
Impairment of property and equipment		407,848			407,850
Impairment of goodwill		43,759			43,759
Impairment charge		5,871			5,871
Depreciation		12,751			41,567
Accretion and change in fair value of contingent acquisition consideration		1,977			5,323
Accretion of asset retirement obligations		54			133
Total operating expenses		525,931			627,513
Operating income		(441,492)			(432,904)
Total assets	1,639,295	1,639,295		1,639,295	1,639,295
Additions to property and equipment		39,160			91,144
Operating Segments | Water Handling and Treatment | Antero Resources
Revenues:
Revenue		96,939			214,471
Operating Segments | Water Handling and Treatment | Third party
Revenues:
Revenue					50
Unallocated
Operating expenses:
General and administrative (excluding equity-based compensation)		627			9,205
Equity-based compensation		18,331			47,495
Total operating expenses		18,958			56,700
Operating income		(18,958)			(56,700)
Total assets	$ 38,204	$ 38,204		$ 38,204	$ 38,204