Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.01 | |
Trading Symbol | AM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 477,357,880 | |
Entity Central Index Key | 0001623925 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 261 | $ 640 |
Accounts receivable - Antero Resources | 88,773 | 73,722 |
Accounts receivable - third party | 227 | 839 |
Income tax receivable | 940 | 17,251 |
Other current assets | 966 | 1,479 |
Total current assets | 91,167 | 93,931 |
Property and equipment, net | 3,249,726 | 3,254,044 |
Investments in unconsolidated affiliates | 712,069 | 722,478 |
Deferred tax asset | 75,378 | 103,402 |
Customer relationships | 1,409,779 | 1,427,447 |
Other assets, net | 8,641 | 9,610 |
Total assets | 5,546,760 | 5,610,912 |
Current liabilities: | ||
Accounts payable - Antero Resources | 2,927 | 3,862 |
Accounts payable - third party | 14,898 | 9,495 |
Accrued liabilities | 56,598 | 74,947 |
Other current liabilities | 5,327 | 5,701 |
Total current liabilities | 79,750 | 94,005 |
Long-term liabilities: | ||
Long-term debt | 3,103,428 | 3,091,626 |
Other | 6,716 | 6,995 |
Total liabilities | 3,189,894 | 3,192,626 |
Stockholders' Equity: | ||
Preferred stock | ||
Common stock, $0.01 par value; 2,000,000 authorized; 476,639 and 476,907 issued and outstanding as of December 31, 2020 and March 31, 2021, respectively | 4,769 | 4,766 |
Additional paid-in capital | 2,732,748 | 2,877,612 |
Accumulated deficit | (380,651) | (464,092) |
Total stockholders' equity | 2,356,866 | 2,418,286 |
Total liabilities and stockholders' equity | 5,546,760 | 5,610,912 |
Series A Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 476,907,000 | 476,639,000 |
Common stock, shares outstanding | 476,907,000 | 476,639,000 |
Series A Preferred Stock | ||
Preferred stock, authorized shares | 12,000 | 12,000 |
Preferred stock, shares issued | 10,000 | 10,000 |
Preferred stock, shares outstanding | 10,000 | 10,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Amortization of customer relationships | $ (17,668) | $ (17,605) |
Total revenue | 224,121 | 243,708 |
Operating expenses: | ||
Direct operating | 39,314 | 48,728 |
General and administrative (including $3,338 and $4,012 of equity-based compensation in 2020 and 2021, respectively) | 17,930 | 13,537 |
Facility idling | 1,179 | 8,678 |
Impairment of goodwill | 575,461 | |
Impairment of property and equipment | 1,379 | 89,083 |
Depreciation | 26,850 | 27,343 |
Accretion of asset retirement obligations | 119 | 42 |
Loss on asset sale | 3,763 | |
Total operating expenses | 90,534 | 762,872 |
Operating income (loss) | 133,587 | (519,164) |
Interest expense, net | (42,866) | (37,631) |
Equity in earnings of unconsolidated affiliates | 20,744 | 19,077 |
Income (loss) before income taxes | 111,465 | (537,718) |
Provision for income tax benefit (expense) | (28,024) | 144,785 |
Net income (loss) and comprehensive income (loss) | $ 83,441 | $ (392,933) |
Net income (loss) per share-basic (in dollars per share) | $ 0.17 | $ (0.81) |
Net income (loss) per share-diluted (in dollars per share) | $ 0.17 | $ (0.81) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 476,850 | 483,103 |
Diluted (in shares) | 479,272 | 483,103 |
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate | ||
Revenue: | ||
Total operating revenues | $ 185,161 | $ 163,129 |
Natural Gas Water Handling and Treatment - Affiliate | ||
Revenue: | ||
Total operating revenues | 56,603 | $ 98,184 |
Natural Gas Water Handling and Treatment | ||
Revenue: | ||
Total operating revenues | $ 25 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Consolidated Statements of Operations and Comprehensive Income | ||
Equity-based compensation | $ 4,012 | $ 3,338 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Earnings | Total |
Balance at Dec. 31, 2019 | $ 4,840 | $ 3,480,139 | $ (341,565) | $ 3,143,414 |
Balance (shares) at Dec. 31, 2019 | 484,042 | |||
Stockholders' Equity | ||||
Dividends to stockholders | (149,014) | (149,014) | ||
Equity-based compensation | 3,338 | 3,338 | ||
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes | (26) | (26) | ||
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares) | 43 | |||
Repurchases and retirement of common stock | $ (46) | (15,778) | (15,824) | |
Repurchases and retirement of common stock (in shares) | (4,700) | |||
Net income (loss) and comprehensive income (loss) | (392,933) | (392,933) | ||
Balance at Mar. 31, 2020 | $ 4,794 | 3,318,659 | (734,498) | 2,588,955 |
Balance (shares) at Mar. 31, 2020 | 479,385 | |||
Balance at Dec. 31, 2020 | $ 4,766 | 2,877,612 | (464,092) | $ 2,418,286 |
Balance (shares) at Dec. 31, 2020 | 476,639 | 476,639,000 | ||
Stockholders' Equity | ||||
Dividends to stockholders | (147,332) | $ (147,332) | ||
Equity-based compensation | 4,012 | 4,012 | ||
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes | $ 3 | (1,544) | (1,541) | |
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares) | 268 | |||
Net income (loss) and comprehensive income (loss) | 83,441 | 83,441 | ||
Balance at Mar. 31, 2021 | $ 4,769 | $ 2,732,748 | $ (380,651) | $ 2,356,866 |
Balance (shares) at Mar. 31, 2021 | 476,907 | 476,907,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows provided by (used in) operating activities: | ||
Net income (loss) | $ 83,441 | $ (392,933) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 26,850 | 27,343 |
Payment of contingent consideration in excess of acquisition date fair value | (8,076) | |
Accretion of asset retirement obligations | 119 | 42 |
Impairment | 1,379 | 664,544 |
Deferred income tax expense (benefit) | 28,024 | (88,328) |
Equity-based compensation | 4,012 | 3,338 |
Equity in earnings of unconsolidated affiliates | (20,744) | (19,077) |
Distributions from unconsolidated affiliates | 31,910 | 23,628 |
Amortization of customer relationships | 17,668 | 17,605 |
Amortization of deferred financing costs | 1,388 | 1,090 |
Settlement of asset retirement obligations | (408) | |
Loss on asset sale | 3,763 | |
Changes in assets and liabilities: | ||
Accounts receivable-Antero Resources | (15,051) | 10,460 |
Accounts receivable-third party | 808 | 998 |
Income tax receivable | 16,311 | (56,457) |
Other current assets | 593 | 517 |
Accounts payable-Antero Resources | (935) | (1,470) |
Accounts payable-third party | 4,786 | 6,614 |
Accrued liabilities | (18,213) | (42,852) |
Net cash provided by operating activities | 165,701 | 146,986 |
Cash flows provided by (used in) investing activities: | ||
Additions to gathering systems and facilities | (15,059) | (54,659) |
Additions to water handling systems | (13,330) | (13,324) |
Investments in unconsolidated affiliates | (757) | (11,690) |
Cash received in asset sale | 1,493 | |
Change in other assets | 2,296 | |
Net cash used in investing activities | (27,653) | (77,377) |
Cash flows provided by (used in) financing activities: | ||
Dividends to stockholders | (147,194) | (148,876) |
Distributions to preferred stockholders | (138) | (138) |
Repurchases of common stock | (15,824) | |
Payments of deferred financing costs | (543) | |
Borrowings on bank credit facilities, net | 11,000 | 211,000 |
Payment of contingent acquisition consideration | (116,924) | |
Employee tax withholding for settlement of equity compensation awards | (1,541) | (26) |
Other | (11) | (56) |
Net cash used in financing activities | (138,427) | (70,844) |
Net decrease in cash and cash equivalents | (379) | (1,235) |
Cash and cash equivalents, beginning of period | 640 | |
Cash and cash equivalents, end of period | 261 | 1,235 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 58,739 | 67,609 |
Cash received during the period for income taxes | 16,913 | |
Increase in accrued capital expenditures and accounts payable for property and equipment | $ 780 | $ 3,266 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization | |
Organization | (1 ) Organization Antero Midstream Corporation (together with its consolidated subsidiaries, “Antero Midstream,” “AM” or the “Company”) is a growth-oriented midstream company formed to own, operate and develop midstream energy infrastructure primarily to service Antero Resources Corporation (“Antero Resources”) and its production and completion activity in the Appalachian Basin’s Marcellus Shale and Utica Shale located in West Virginia and Ohio. The Company’s assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants and water handling assets. Antero Midstream provides midstream services to Antero Resources under long-term contracts. The Company’s corporate headquarters are located in Denver, Colorado. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2020 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The Company’s December 31, 2020 consolidated financial statements were included in the Company’s 2020 Annual Report on Form 10-K, which was filed with the SEC. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2020 and March 31, 2021, and the results of the Company’s operations and cash flows for the three months ended March 31, 2020 and 2021. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to 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 4—Transactions with Affiliates). (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Midstream Corporation and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. (c) Immaterial Correction of Prior Period Financial Statements The Company identified that it incorrectly classified the cash flows related to the contingent acquisition consideration paid in the first quarter of 2020, and the amounts previously reflected in the Company’s net cash provided by operating activities and cash used in financing activities were incorrect. The error had no impact to total net change in cash or to the Company’s condensed consolidated balance sheets or condensed consolidated statements of operations and comprehensive income (loss). The Company corrected the presentation for the three months ended March 31, 2020 in the accompanying condensed consolidated statements of cash flows. (d) Recently Adopted Accounting Standard In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangibles | |
Goodwill and Intangibles | (3) Goodwill and Intangibles 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 first quarter of 2020, the Company performed an interim impairment analysis of the goodwill due to changes in Antero Resources’ drilling plans as a result of the decline in commodity prices. As a result of this evaluation, the Company impaired all remaining goodwill of All customer relationships are subject to amortization and are amortized over a weighted-average period of 21 years, which reflects the remaining economic life of the relationships as of March 31, 2021. The changes in the carrying amount of customer relationships for the three months ended March 31, 2021 were as follows (in thousands): Customer relationships as of December 31, 2020 $ 1,427,447 Amortization of customer relationships (17,668) Customer relationships as of March 31, 2021 $ 1,409,779 Future amortization expense is as follows (in thousands): Remainder of year ending December 31, 2021 $ 53,004 Year ending December 31, 2022 70,672 Year ending December 31, 2023 70,672 Year ending December 31, 2024 70,672 Year ending December 31, 2025 70,672 Thereafter 1,074,087 Total $ 1,409,779 |
Transactions with Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Transactions with Affiliates | |
Transactions with Affiliates | (4) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three months ended March 31, 2020 and 2021 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and processing services consists of lease income. (b) Accounts receivable—Antero Resources and Accounts payable—Antero Resources Accounts receivable—Antero Resources represents amounts due from Antero Resources, primarily related to gathering and compression services and water handling services. Accounts payable—Antero Resources represents amounts due to Antero Resources for general and administrative and other costs. (c) Allocation of Costs Charged by Antero Resources The employees supporting the Company’s operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Company of $2 million and $3 million during the three months ended March 31, 2020 and 2021, respectively. These costs were for services provided by employees associated with the operation of the Company’s gathering lines, compressor stations, and water handling assets. General and administrative expense includes costs charged to the Company by Antero Resources of $6 million and $9 million during the three months ended March 31, 2020 and 2021, 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 certain equity-based compensation. These expenses are charged to the Company based on (i) 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, and (ii) an annual management services fee. The Company reimburses Antero Resources directly for all general and administrative costs charged to it. See Note 9—Equity-Based Compensation and Cash Awards. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue | |
Revenue | (5) Revenue (a) Revenue from Contracts with Customers All of the Company’s revenues are currently 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 gathering and compression agreement with Antero Resources, Antero Resources has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to the Company for gathering and compression services 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 In December 2019, the Company and Antero Resources agreed to extend the initial term of the gathering and compression agreement to 2038 and established a growth incentive fee program whereby low pressure gathering fees will be reduced from 2020 through 2023 to the extent Antero Resources achieves certain quarterly volumetric targets during such time. Antero Resources achieved the first level volumetric target for the three months ended March 31, 2020 and earned a rebate of $12 million from the Company. Antero Resources did not achieve the volumetric target for the three months ended March 31, 2021. Upon completion of the initial contract term, the gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by either the Company or Antero Resources on or before the 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 annual 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 because 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 connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline or plant. The gathering system is considered a single lease due to the interrelated network of the assets. When a modification to the gathering and compression agreement occurs, the Company reassesses the classification of this lease. The Company accounts for its lease and non-lease components as a single lease component as the lease component is the predominant component. The non-lease components consist of operating, oversight and maintenance of the gathering system, which are performed on time-elapsed measures. The Company recognizes revenue when low pressure volumes are delivered to a compressor station, compression volumes are delivered to a high pressure line and high pressure volumes 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 The Company is party to a water services agreement with Antero Resources, whereby the Company provides certain water handling services to Antero Resources within an area of dedication in defined service areas in West Virginia and Ohio. Upon completion of the initial term in 2035, the water services agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by either the Company or Antero Resources on or before the th day prior to the anniversary of such effective date. Under the agreement, the Company receives a fixed fee per barrel for fresh water delivered 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. For flowback and produced water blending services, the Company receives a cost of service fee based on the costs incurred by the Company. All such fees under the agreement are subject to annual CPI-based adjustments and additional fees based on certain costs. 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 or when flowback and produced water blending services have been completed . The Company invoices the customer the month after water services are performed, and payment is due in the same month. For services contracted through third-party providers, the Company’s performance obligation is satisfied when the service to be performed by the third-party provider has been completed. The Company invoices the customer after the third-party provider billing is received, and payment is due in the same month. Minimum Volume Commitments The gathering and compression agreement includes 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 options at the Company’s election for either (i) minimum volume commitments that . The Company recognizes lease income from its minimum volume commitments under its gathering and compression agreement on a straight-line basis and additional operating lease income is earned when excess volumes are delivered under the contract. Minimum revenue amounts under the gathering and compression minimum volume commitments as of March 31, 2021 are as follows (in thousands): Remainder of year ending December 31, 2021 $ 170,459 Year ending December 31, 2022 249,029 Year ending December 31, 2023 249,029 Year ending December 31, 2024 249,712 Year ending December 31, 2025 235,940 Thereafter 558,290 Total $ 1,712,459 (b) Disaggregation of Revenue In the following table, revenue is disaggregated by type of service and type of fee and is identified by the reportable segment to which such revenues relate. For more information on reportable segments, see Note 14—Reportable Segments. Three Months Ended March 31, (in thousands) 2020 2021 Reportable segment Revenue from contracts with customers Type of service Gathering—low pressure $ 81,148 86,306 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — Gathering and Processing (1) Gathering—high pressure 48,913 50,718 Gathering and Processing (1) Compression 45,068 48,137 Gathering and Processing (1) Fresh water delivery 65,818 37,358 Water Handling Other fluid handling 32,366 19,270 Water Handling Amortization of customer relationships (9,238) (9,271) Gathering and Processing Amortization of customer relationships (8,367) (8,397) Water Handling Total $ 243,708 224,121 Type of contract Per Unit Fixed Fee $ 175,129 185,161 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — Gathering and Processing (1) Per Unit Fixed Fee 65,818 37,358 Water Handling Cost plus 3% 30,945 15,350 Water Handling Cost of service fee 1,421 3,920 Water Handling Amortization of customer relationships (9,238) (9,271) Gathering and Processing Amortization of customer relationships (8,367) (8,397) Water Handling Total $ 243,708 224,121 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering system. (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 the Company’s 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 December 31, 2020 and March 31, 2021, the Company’s receivables with customers were million, respectively. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property and Equipment | |
Property and Equipment | (6) Property and Equipment The Company’s investment in property and equipment for the periods presented is as follows: (Unaudited) Estimated December 31, March 31, (in thousands) useful lives 2020 2021 Land n/a $ 23,582 23,272 Gathering systems and facilities 40-50 years (1) 2,643,927 2,653,975 Permanent buried pipelines and equipment 7-20 years 545,419 551,983 Surface pipelines and equipment 1-7 years 50,916 51,743 Heavy trucks and equipment 3-5 years 5,919 5,919 Above ground storage tanks 5-10 years 2,483 2,483 Construction-in-progress n/a 139,506 144,909 Total property and equipment 3,411,752 3,434,284 Less accumulated depreciation (157,708) (184,558) Property and equipment, net $ 3,254,044 3,249,726 (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. Due to the decline in the industry environment as a result of low commodity prices, the Company evaluated its assets for impairment during the first quarter of 2020. As a result of this evaluation, the Company recorded an impairment expense of Additionally, the Company incurred $9 million and $1 million in facility idling costs for the care and maintenance of its wastewater treatment facility and related landfill (collectively, the “Clearwater Facility”) during the three months ended March 31, 2020 and 2021, respectively. The Clearwater Facility was fully impaired when it was idled in September 2019. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt. | |
Long-Term Debt | (7) Long-Term Debt The Company’s long-term debt as of December 31, 2020 and March 31, 2021 was as follows: (Unaudited) December 31, March 31, (in thousands) 2020 2021 Credit Facility (a) $ 613,500 624,500 5.375% senior notes due 2024 (b) 650,000 650,000 7.875% senior notes due 2026 (c) 550,000 550,000 5.75% senior notes due 2027 (d) 650,000 650,000 5.75% senior notes due 2028 (e) 650,000 650,000 Total principal 3,113,500 3,124,500 Unamortized debt premiums 4,261 4,045 Unamortized debt issuance costs (26,135) (25,117) Total long-term debt $ 3,091,626 3,103,428 (a) Credit Facility Antero Midstream Partners LP (“Antero Midstream Partners”), an indirect, wholly owned subsidiary of Antero Midstream Corporation, as borrower (the “Borrower”), has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of banks. Lender commitments under the Credit Facility are currently billion. As of December 31, 2020, the Borrower had outstanding borrowings under the Credit Facility of %. As of March 31, 2021, the Borrower had outstanding borrowings under the Credit Facility of million with a weighted average interest rate of %. 31, 2021. 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 in the Credit Facility). The Credit Facility contains certain covenants including restrictions on indebtedness, and requirements with respect to leverage and interest coverage ratios. The Credit Facility permits distributions to the holders of the Borrower’s equity interests in accordance with the cash distribution policy 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 the Company’s organizational documents. The Borrower was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2020 and March 31, 2021. 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 the Borrower’s then-current leverage ratio subject to certain exceptions. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from (b) 5.375% Senior Notes Due 2024 On September 13, 2016, Antero Midstream Partners and its wholly owned subsidiary, Antero Midstream Finance Corporation (“Finance Corp,” and 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 were recorded at their fair value of $652.6 million as of March 12, 2019, and the related premium of $2.6 million will be amortized into interest expense over the life of the 2024 Notes. 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 (c) 7.875% Senior Notes Due 2026 On November 10, 2020, the Issuers issued $550 million in aggregate principal amount of 7.875% senior notes due May 15, 2026 (the “2026 Notes”) at par. The 2026 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2026 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2026 Notes is payable on May 15 and November 15 of each year. Antero Midstream Partners may redeem all or part of the 2026 Notes at any time on or after May 15, 2023 at redemption prices ranging from on or after May 15, 2025. In addition, prior to May 15, 2023, Antero Midstream Partners may redeem up to of the principal amount of the 2026 Notes, plus accrued and unpaid interest. At any time prior to May 15, 2023, Antero Midstream Partners may also redeem the 2026 Notes, in whole or in part, at a price equal to of the principal amount of the 2026 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 2026 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2026 Notes at a price equal to (d) 5.75% Senior Notes Due 2027 On February 25, 2019, the Issuers issued $650 million in aggregate principal amount of 5.75% senior notes due March 1, 2027 (the “2027 Notes”) at par. The 2027 Notes were recorded at their fair value of $653.3 million as of March 12, 2019, and the related premium of $3.3 million will be amortized into interest expense over the life of the 2027 Notes. The 2027 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2027 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2027 Notes is payable on March 1 and September 1 of each year. Antero Midstream Partners may redeem all or part of the 2027 Notes at any time 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. (e) 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. (f) Senior Notes Guarantors The Company and each of the Company’s wholly owned subsidiaries (except for the Issuers) have fully and unconditionally guaranteed the 2024 Notes, 2026 Notes, 2027 Notes and 2028 Notes (collectively the “Senior Notes”). In the event a guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its capital stock so that it no longer qualifies as a Restricted Subsidiary (as defined in the applicable indenture governing the series of Senior Notes) of the Issuer or the sale of all or substantially all of its assets) and whether or not the guarantor is the surviving entity in such transaction to a person that is not an Issuer or a Restricted Subsidiary of an Issuer, such guarantor will be released from its obligations under its guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the applicable Senior Notes. In addition, a guarantor will be released from its obligations under the applicable indenture and its guarantee, upon the release or discharge of the guarantee of other indebtedness under a credit facility that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee; if the Issuers designate such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indenture governing the applicable Senior Notes or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the applicable Senior Notes. During the three months ended March 31, 2020 and 2021, all of the Company’s assets and operations are attributable to the Issuers and its guarantors. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities | |
Accrued Liabilities | (8) Accrued Liabilities Accrued liabilities as of December 31, 2020 and March 31, 2021 consisted of the following items: (Unaudited) December 31, March 31, (in thousands) 2020 2021 Capital expenditures $ 11,307 11,469 Operating expenses 10,038 9,338 Interest expense 46,209 29,549 Production taxes 3,368 2,858 Other 4,025 3,384 Total accrued liabilities $ 74,947 56,598 |
Equity-Based Compensation and C
Equity-Based Compensation and Cash Awards | 3 Months Ended |
Mar. 31, 2021 | |
Equity-Based Compensation and Cash Awards | |
Equity-Based Compensation and Cash Awards | (9) Equity-Based Compensation and Cash Awards (a) Summary of Equity-Based Compensation The Company’s equity-based compensation includes (i) costs allocated to Antero Midstream by Antero Resources for grants made prior to March 12, 2019 pursuant to the Antero Resources Corporation Long-Term Incentive Plan (the “AR LTIP”) and (ii) costs related to the Antero Midstream Corporation Long-Term Incentive Plan (the “AM LTIP”). Antero Midstream’s equity-based compensation expense is included in general and administrative expenses, and recorded as a credit to the applicable classes of equity. Equity-based compensation expense allocated to the Company from Antero Resources was 31, 2020 and 2021. For grants made prior to March 12, 2019, Antero Resources has total unamortized expense related to its various equity-based compensation plans that can be allocated to the Company of approximately 31, 2021. A portion of this unamortized cost will be allocated to Antero Midstream as it is amortized over the remaining service period of the related awards. The Company does not reimburse Antero Resources for noncash equity compensation allocated to it for awards issued under the AR LTIP or the Antero Resources Corporation 2020 Long-Term Incentive Plan following March 12, 2019. AM LTIP The Company is authorized to grant up to 15,398,901 shares of AM common stock to employees and directors under the AM LTIP. The AM LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), dividend equivalents, other stock-based awards, cash awards and substitute awards. The terms and conditions of the awards granted are established by the compensation committee of the Board of Directors (the “Board”). As of March 31, 2021, a total of shares were available for future grant under the AM LTIP. For the three months ended March 31, 2020 and 2021, the Company recognized expense of million, respectively, related to these awards, which does not include expense for the Company’s performance share unit (“PSU”) awards. (b) Restricted Stock Unit Awards A summary of the RSU awards activity during the three months ended March 31, 2021 is as follows: Weighted Average Number Grant Date of Units Fair Value Total AM LTIP RSUs awarded and unvested—December 31, 2020 3,314,955 $ 8.09 Granted — — Vested (429,593) 7.46 Forfeited (39,414) 7.27 Total AM LTIP RSUs awarded and unvested—March 31, 2021 2,845,948 $ 8.20 As of March 31, 2021, unamortized expense of $16.6 million related to the unvested RSUs is expected to be recognized over a weighted average period of approximately 2.3 years and the Company’s proportionate share will be allocated to it as it is recognized. (c) Performance Share Unit Awards Performance Share Unit Awards Based on Return on Invested Capital The likelihood of achieving the performance conditions related to return on invested capital for the PSU awards outstanding was probable for the three months ended March 31, 2020 and 2021, and, therefore, the Company recognized expense of $0.1 million and $0.7 million, respectively. As of March 31, 2021, there was $0.7 million of unamortized equity-based compensation expense related to unvested PSUs that is expected to be recognized over a weighted average period of 1.1 years. (d) Cash Awards In January 2020, the Company granted cash awards of $2.2 million to certain executives under the AM LTIP that vest ratably over a period of up to three years . In July 2020, the Company granted additional cash awards of $0.7 million to certain non-executive employees under the AM LTIP that vest ratably over a period of four years . The compensation expense for these awards is recognized ratably over the applicable vesting period. As of March 31, 2021, the Company has recorded $1.1 million in other liabilities in the unaudited condensed consolidated balance sheet related to cash awards. |
Cash Dividends
Cash Dividends | 3 Months Ended |
Mar. 31, 2021 | |
Cash Dividends | |
Cash Dividends | (10) Cash Dividends The following table details the amount of distributions and dividends paid with respect to the quarter indicated (in thousands, except per share data): Dividends Period Record Date Dividend Date Dividends per Share Q4 2019 January 31, 2020 February 12, 2020 $ 148,876 $ 0.3075 * February 14, 2020 February 14, 2020 138 * Q1 2020 April 30, 2020 May 12, 2020 147,519 0.3075 * May 15, 2020 May 15, 2020 137 * Q2 2020 July 30, 2020 August 12, 2020 146,664 0.3075 * August 14, 2020 August 14, 2020 138 * Q3 2020 October 29, 2020 November 12, 2020 146,581 0.3075 * November 16, 2020 November 16, 2020 137 * Total 2020 $ 590,190 Q4 2020 February 3, 2021 February 11, 2021 $ 147,194 $ 0.3075 * February 16, 2021 February 16, 2021 138 * Total 2021 $ 147,332 * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Earnings Per Common Share . On April 14, 2021, the Board announced the declaration of a cash dividend on the shares of AM common stock of $0.225 per share for the quarter ended March 31, 2021. The dividend will be payable on May 12, 2021 to stockholders of record as of April 28, 2021. The Board also declared a cash dividend of $138 thousand on the shares of Series A Preferred Stock of Antero Midstream to be paid on May 17, 2021 in accordance with the terms of the Series A Preferred Stock, which are discussed in Note 11—Equity and Earnings Per Common Share. As of March 31, 2021, there were dividends in the amount of thousand accumulated in arrears on the Company’s Series A Preferred Stock. |
Equity and Earnings Per Common
Equity and Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Equity and Earnings Per Common Share | |
Equity and Earnings Per Common Share | (11) Equity and Earnings Per Common Share (a) Preferred Stock The Board authorized 100,000,000 shares of preferred stock on March 12, 2019, and issued 10,000 shares of preferred stock designated as "5.5% Series A Non-Voting Perpetual Preferred Stock" (the "Series A Preferred Stock"), to The Antero Foundation on that date. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable in cash on the 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 AM common stock equal to the conversion ratio in effect on the applicable conversion date, subject to certain limitations. The Series A Preferred Stock ranks senior to the AM common stock as to dividend rights, as well as with respect to rights upon liquidation, winding-up or dissolution of the Company. Holders of the Series A Preferred Stock do not have any voting rights in the Company, except as required by law, or any preemptive rights. (b) Weighted Average Shares Outstanding The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented: Three Months Ended March 31, (in thousands) 2020 2021 Basic weighted average number of shares outstanding 483,103 476,850 Add: Dilutive effect of RSUs — 1,037 Add: Dilutive effect of PSUs — 278 Add: Dilutive effect of Series A Preferred Stock — 1,107 Diluted weighted average number of shares outstanding 483,103 479,272 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): RSUs 2,005 397 Series A Preferred Shares 4,762 — (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 each period is computed by dividing net income (loss) attributable to the Company by the basic weighted average number of shares of AM 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 March 31, (in thousands, except per share amounts) 2020 2021 Net income (loss) $ (392,933) 83,441 Less preferred stock dividends (138) (138) Net income (loss) available to common shareholders $ (393,071) 83,303 Net income (loss) per share–basic $ (0.81) 0.17 Net income (loss) per share–diluted $ (0.81) 0.17 Weighted average common shares outstanding–basic 483,103 476,850 Weighted average common shares outstanding–diluted 483,103 479,272 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurement | |
Fair Value Measurement | (12) Fair Value Measurement Goodwill The Company estimated the fair value of its assets in performing its goodwill impairment analysis in the first quarter of 2020. The Company utilized a combination of approaches to discounted cash flow approach, comparable company method and the market value approach. The Company used a weighted-average cost of capital of Property and equipment The Company estimated the undiscounted future cash flow projections to assess its property and equipment for impairment. The carrying values of certain freshwater permanent buried pipelines and equipment and fresh water surface pipelines and equipment were deemed not recoverable. As a result, the carrying values have been reduced to the estimated fair values, which are based on discounted future cash flows using assumptions as to revenues, costs, and a discount rate typical of third-party market participants of Contingent Acquisition Consideration In connection with Antero Resources’ contribution of Antero Water and certain water handling 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 delivered 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 delivered 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. In January 2020, Antero Midstream Partners paid Antero Resources $125 million and, as of December 31, 2020, no additional contingent acquisition consideration was earned. Senior Unsecured Notes As of December 31, 2020 and March 31, 2021, the fair value and carrying value of the Company’s Senior Notes were as follows: (Unaudited) December 31, 2020 March 31, 2021 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2024 Notes $ 633,750 646,391 656,435 646,606 2026 Notes 569,250 543,267 591,525 543,511 2027 Notes 637,000 645,390 650,130 645,530 2028 Notes 624,000 643,078 647,725 643,281 Total $ 2,464,000 2,478,126 2,545,815 2,478,928 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premiums. Other Assets and Liabilities The carrying values of accounts receivable and accounts payable at December 31, 2020 and March 31, 2021 approximated fair value because of their short-term nature. The carrying value of the amounts under the Credit Facility at December 31, 2020 and March 31, 2021 approximated fair value because the variable interest rates are reflective of current market conditions. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Unconsolidated Affiliates | |
Investments in Unconsolidated Affiliates | (13) Investments in Unconsolidated Affiliates The Company has a 15% equity interest in a gathering system of Stonewall Gas Gathering LLC (“Stonewall”), which operates a 67-mile pipeline on which Antero Resources is an anchor shipper. The Company has a 50% equity interest in the joint venture to develop processing and fractionation assets with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, LP (the “Joint Venture”). The Joint Venture was formed to develop processing and fractionation assets in Appalachia. MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia and a one The Company’s net income (loss) 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 condensed consolidated balance sheet and are classified as cash inflows from operating activities in accordance with the nature of the distribution approach under FASB ASC Topic 230, Statement of Cash Flows . 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 applicable board of directors and participation in policy-making decisions of Stonewall and the Joint Venture. The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates: Total Investment MarkWest in Unconsolidated (in thousands) Stonewall Joint Venture Affiliates Balance at December 31, 2020 $ 137,632 584,846 722,478 Additional investments — 757 757 Equity in earnings of unconsolidated affiliates 1,443 19,301 20,744 Distributions from unconsolidated affiliates (4,815) (27,095) (31,910) Balance at March 31, 2021 $ 134,260 577,809 712,069 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2021 | |
Reportable Segments | |
Reportable Segments | (14) Reportable Segments The Company’s operations, which are located in the United States, are organized into two reportable segments: (i) gathering and processing and (ii) water handling. Gathering and Processing The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources’ wells in West Virginia and Ohio. The gathering and processing segment also includes equity in earnings from the Company’s investments in the Joint Venture and Stonewall. Water Handling The Company’s water handling segment includes two independent systems that deliver fresh water from sources including the Ohio River, local reservoirs and several regional waterways. The water handling 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 blending. See Note 6—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. The summarized operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2020 and 2021: Three Months Ended March 31, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 163,129 98,184 — 261,313 Amortization of customer relationships (9,238) (8,367) — (17,605) Total revenues 153,891 89,817 — 243,708 Operating expenses: Direct operating 13,391 35,337 — 48,728 General and administrative (excluding equity-based compensation) 5,044 2,905 2,250 10,199 Equity-based compensation 2,533 555 250 3,338 Facility idling — 8,678 — 8,678 Impairment of goodwill 575,461 — — 575,461 Impairment of property and equipment — 89,083 — 89,083 Depreciation 13,050 14,293 — 27,343 Accretion of asset retirement obligations — 42 — 42 Total operating expenses 609,479 150,893 2,500 762,872 Operating loss $ (455,588) (61,076) (2,500) (519,164) Equity in earnings of unconsolidated affiliates $ 19,077 — — 19,077 Total assets $ 4,347,932 1,184,095 249,332 5,781,359 Additions to property and equipment $ 54,659 13,324 — 67,983 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Three Months Ended March 31, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 185,161 56,603 — 241,764 Revenue–third-party — 25 — 25 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 175,890 48,231 — 224,121 Operating expenses: Direct operating 17,236 22,078 — 39,314 General and administrative (excluding equity-based compensation) 5,924 6,620 1,374 13,918 Equity-based compensation 2,725 1,060 227 4,012 Facility idling — 1,179 — 1,179 Impairment of property and equipment 1,218 161 — 1,379 Depreciation 14,713 12,137 — 26,850 Accretion of asset retirement obligations — 119 — 119 Loss on asset sale 3,763 — — 3,763 Total operating expenses 45,579 43,354 1,601 90,534 Operating income $ 130,311 4,877 (1,601) 133,587 Equity in earnings of unconsolidated affiliates $ 20,744 — — 20,744 Total assets $ 4,347,966 1,122,312 76,482 5,546,760 Additions to property and equipment, net $ 15,059 13,330 — 28,389 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | (a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2020 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The Company’s December 31, 2020 consolidated financial statements were included in the Company’s 2020 Annual Report on Form 10-K, which was filed with the SEC. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2020 and March 31, 2021, and the results of the Company’s operations and cash flows for the three months ended March 31, 2020 and 2021. The Company has no items of other comprehensive income (loss); therefore, net income (loss) is equal to 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 4—Transactions with Affiliates). |
Principles of Consolidation | (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Midstream Corporation and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. |
Immaterial Correction of Prior Period Financial Statements | (c) Immaterial Correction of Prior Period Financial Statements The Company identified that it incorrectly classified the cash flows related to the contingent acquisition consideration paid in the first quarter of 2020, and the amounts previously reflected in the Company’s net cash provided by operating activities and cash used in financing activities were incorrect. The error had no impact to total net change in cash or to the Company’s condensed consolidated balance sheets or condensed consolidated statements of operations and comprehensive income (loss). The Company corrected the presentation for the three months ended March 31, 2020 in the accompanying condensed consolidated statements of cash flows. |
Recently Adopted Accounting Pronouncements | (d) Recently Adopted Accounting Standard In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangibles | |
Schedule of Finite-Lived Intangible Assets | The changes in the carrying amount of customer relationships for the three months ended March 31, 2021 were as follows (in thousands): Customer relationships as of December 31, 2020 $ 1,427,447 Amortization of customer relationships (17,668) Customer relationships as of March 31, 2021 $ 1,409,779 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense is as follows (in thousands): Remainder of year ending December 31, 2021 $ 53,004 Year ending December 31, 2022 70,672 Year ending December 31, 2023 70,672 Year ending December 31, 2024 70,672 Year ending December 31, 2025 70,672 Thereafter 1,074,087 Total $ 1,409,779 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue | |
Schedule of minimum revenue amounts under the minimum volume commitments | Minimum revenue amounts under the gathering and compression minimum volume commitments as of March 31, 2021 are as follows (in thousands): Remainder of year ending December 31, 2021 $ 170,459 Year ending December 31, 2022 249,029 Year ending December 31, 2023 249,029 Year ending December 31, 2024 249,712 Year ending December 31, 2025 235,940 Thereafter 558,290 Total $ 1,712,459 |
Schedule of disaggregation of revenue | Three Months Ended March 31, (in thousands) 2020 2021 Reportable segment Revenue from contracts with customers Type of service Gathering—low pressure $ 81,148 86,306 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — Gathering and Processing (1) Gathering—high pressure 48,913 50,718 Gathering and Processing (1) Compression 45,068 48,137 Gathering and Processing (1) Fresh water delivery 65,818 37,358 Water Handling Other fluid handling 32,366 19,270 Water Handling Amortization of customer relationships (9,238) (9,271) Gathering and Processing Amortization of customer relationships (8,367) (8,397) Water Handling Total $ 243,708 224,121 Type of contract Per Unit Fixed Fee $ 175,129 185,161 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — Gathering and Processing (1) Per Unit Fixed Fee 65,818 37,358 Water Handling Cost plus 3% 30,945 15,350 Water Handling Cost of service fee 1,421 3,920 Water Handling Amortization of customer relationships (9,238) (9,271) Gathering and Processing Amortization of customer relationships (8,367) (8,397) Water Handling Total $ 243,708 224,121 (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering system. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property and Equipment | |
Schedule of investment in property and equipment | (Unaudited) Estimated December 31, March 31, (in thousands) useful lives 2020 2021 Land n/a $ 23,582 23,272 Gathering systems and facilities 40-50 years (1) 2,643,927 2,653,975 Permanent buried pipelines and equipment 7-20 years 545,419 551,983 Surface pipelines and equipment 1-7 years 50,916 51,743 Heavy trucks and equipment 3-5 years 5,919 5,919 Above ground storage tanks 5-10 years 2,483 2,483 Construction-in-progress n/a 139,506 144,909 Total property and equipment 3,411,752 3,434,284 Less accumulated depreciation (157,708) (184,558) Property and equipment, net $ 3,254,044 3,249,726 (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt. | |
Schedule of long-term debt | (Unaudited) December 31, March 31, (in thousands) 2020 2021 Credit Facility (a) $ 613,500 624,500 5.375% senior notes due 2024 (b) 650,000 650,000 7.875% senior notes due 2026 (c) 550,000 550,000 5.75% senior notes due 2027 (d) 650,000 650,000 5.75% senior notes due 2028 (e) 650,000 650,000 Total principal 3,113,500 3,124,500 Unamortized debt premiums 4,261 4,045 Unamortized debt issuance costs (26,135) (25,117) Total long-term debt $ 3,091,626 3,103,428 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities | |
Schedule of accrued liabilities | Accrued liabilities as of December 31, 2020 and March 31, 2021 consisted of the following items: (Unaudited) December 31, March 31, (in thousands) 2020 2021 Capital expenditures $ 11,307 11,469 Operating expenses 10,038 9,338 Interest expense 46,209 29,549 Production taxes 3,368 2,858 Other 4,025 3,384 Total accrued liabilities $ 74,947 56,598 |
Equity-Based Compensation and_2
Equity-Based Compensation and Cash Awards (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity-Based Compensation and Cash Awards | |
Summary of RSU awards activity | Weighted Average Number Grant Date of Units Fair Value Total AM LTIP RSUs awarded and unvested—December 31, 2020 3,314,955 $ 8.09 Granted — — Vested (429,593) 7.46 Forfeited (39,414) 7.27 Total AM LTIP RSUs awarded and unvested—March 31, 2021 2,845,948 $ 8.20 |
Cash Dividends (Tables)
Cash Dividends (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash 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): Dividends Period Record Date Dividend Date Dividends per Share Q4 2019 January 31, 2020 February 12, 2020 $ 148,876 $ 0.3075 * February 14, 2020 February 14, 2020 138 * Q1 2020 April 30, 2020 May 12, 2020 147,519 0.3075 * May 15, 2020 May 15, 2020 137 * Q2 2020 July 30, 2020 August 12, 2020 146,664 0.3075 * August 14, 2020 August 14, 2020 138 * Q3 2020 October 29, 2020 November 12, 2020 146,581 0.3075 * November 16, 2020 November 16, 2020 137 * Total 2020 $ 590,190 Q4 2020 February 3, 2021 February 11, 2021 $ 147,194 $ 0.3075 * February 16, 2021 February 16, 2021 138 * Total 2021 $ 147,332 * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Earnings Per Common Share . |
Equity and Earnings Per Commo_2
Equity and Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity and Earnings Per Common Share | |
Schedule of weighted average shares outstanding | Three Months Ended March 31, (in thousands) 2020 2021 Basic weighted average number of shares outstanding 483,103 476,850 Add: Dilutive effect of RSUs — 1,037 Add: Dilutive effect of PSUs — 278 Add: Dilutive effect of Series A Preferred Stock — 1,107 Diluted weighted average number of shares outstanding 483,103 479,272 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): RSUs 2,005 397 Series A Preferred Shares 4,762 — (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 March 31, (in thousands, except per share amounts) 2020 2021 Net income (loss) $ (392,933) 83,441 Less preferred stock dividends (138) (138) Net income (loss) available to common shareholders $ (393,071) 83,303 Net income (loss) per share–basic $ (0.81) 0.17 Net income (loss) per share–diluted $ (0.81) 0.17 Weighted average common shares outstanding–basic 483,103 476,850 Weighted average common shares outstanding–diluted 483,103 479,272 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurement | |
Schedule of fair value and carrying value of senior unsecured notes | (Unaudited) December 31, 2020 March 31, 2021 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2024 Notes $ 633,750 646,391 656,435 646,606 2026 Notes 569,250 543,267 591,525 543,511 2027 Notes 637,000 645,390 650,130 645,530 2028 Notes 624,000 643,078 647,725 643,281 Total $ 2,464,000 2,478,126 2,545,815 2,478,928 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premiums. |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Unconsolidated Affiliates | |
Schedule of reconciliation of investments in unconsolidated affiliates | Total Investment MarkWest in Unconsolidated (in thousands) Stonewall Joint Venture Affiliates Balance at December 31, 2020 $ 137,632 584,846 722,478 Additional investments — 757 757 Equity in earnings of unconsolidated affiliates 1,443 19,301 20,744 Distributions from unconsolidated affiliates (4,815) (27,095) (31,910) Balance at March 31, 2021 $ 134,260 577,809 712,069 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Reportable Segments | |
Schedule of operating results and assets of the Company's reportable segments | Three Months Ended March 31, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 163,129 98,184 — 261,313 Amortization of customer relationships (9,238) (8,367) — (17,605) Total revenues 153,891 89,817 — 243,708 Operating expenses: Direct operating 13,391 35,337 — 48,728 General and administrative (excluding equity-based compensation) 5,044 2,905 2,250 10,199 Equity-based compensation 2,533 555 250 3,338 Facility idling — 8,678 — 8,678 Impairment of goodwill 575,461 — — 575,461 Impairment of property and equipment — 89,083 — 89,083 Depreciation 13,050 14,293 — 27,343 Accretion of asset retirement obligations — 42 — 42 Total operating expenses 609,479 150,893 2,500 762,872 Operating loss $ (455,588) (61,076) (2,500) (519,164) Equity in earnings of unconsolidated affiliates $ 19,077 — — 19,077 Total assets $ 4,347,932 1,184,095 249,332 5,781,359 Additions to property and equipment $ 54,659 13,324 — 67,983 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Three Months Ended March 31, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 185,161 56,603 — 241,764 Revenue–third-party — 25 — 25 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 175,890 48,231 — 224,121 Operating expenses: Direct operating 17,236 22,078 — 39,314 General and administrative (excluding equity-based compensation) 5,924 6,620 1,374 13,918 Equity-based compensation 2,725 1,060 227 4,012 Facility idling — 1,179 — 1,179 Impairment of property and equipment 1,218 161 — 1,379 Depreciation 14,713 12,137 — 26,850 Accretion of asset retirement obligations — 119 — 119 Loss on asset sale 3,763 — — 3,763 Total operating expenses 45,579 43,354 1,601 90,534 Operating income $ 130,311 4,877 (1,601) 133,587 Equity in earnings of unconsolidated affiliates $ 20,744 — — 20,744 Total assets $ 4,347,966 1,122,312 76,482 5,546,760 Additions to property and equipment, net $ 15,059 13,330 — 28,389 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill | |
Impairment of goodwill | $ 575,461 |
Gathering And Processing | |
Goodwill | |
Impairment of goodwill | $ 575,000 |
Goodwill and Intangibles - Cust
Goodwill and Intangibles - Customer Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite lived intangible assets rollforward | ||
Balance - beginning of period | $ 1,427,447 | |
Amortization of customer relationships | (17,668) | $ (17,605) |
Balance - end of period | 1,409,779 | |
Customer relationships | ||
Finite lived intangible assets rollforward | ||
Balance - beginning of period | 1,427,447 | |
Amortization of customer relationships | (17,668) | |
Balance - end of period | $ 1,409,779 | |
Weighted Average | Customer relationships | ||
Finite lived intangible assets | ||
Amortization period | 21 years |
Goodwill and Intangibles - Futu
Goodwill and Intangibles - Future amortization expense (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Future amortization expense | ||
Remainder year ending December 31, 2021 | $ 53,004 | |
Year ending December 31, 2022 | 70,672 | |
Year ending December 31, 2023 | 70,672 | |
Year ending December 31, 2024 | 70,672 | |
Year ending December 31, 2025 | 70,672 | |
Thereafter | 1,074,087 | |
Total | 1,409,779 | $ 1,427,447 |
Customer relationships | ||
Future amortization expense | ||
Total | $ 1,409,779 | $ 1,427,447 |
Transactions with Affiliates (D
Transactions with Affiliates (Details) - Antero Resources - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allocation of costs | ||
Direct labor expenses | $ 3 | $ 2 |
General and administrative expense | $ 9 | $ 6 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gathering And Compression Agreement | ||
Agreements | ||
Notice period | 180 days | |
Rebate issued | $ 12 | |
Water Services Agreement | ||
Agreements | ||
Notice period | 180 days | |
Third party out of pocket costs reimbursement (as a percent) | 3.00% |
Revenue - Minimum Volume Commit
Revenue - Minimum Volume Commitments (Details) - Gathering And Compression Agreement $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Minimum revenue amounts under the minimum volume commitments | |
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 |
Rate of return on new construction from service fee | 13.00% |
Time period to earn targeted rate of return from service fee | 7 years |
Minimum revenue amounts | $ 1,712,459 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Minimum revenue amounts under the minimum volume commitments | |
Expected timing of satisfaction period | 9 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 | $ 249,029 |
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 | $ 249,029 |
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 | $ 249,712 |
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 | $ 235,940 |
Expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Minimum revenue amounts under the minimum volume commitments | |
Minimum revenue amounts | $ 558,290 |
Expected timing of satisfaction period |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue | ||
Amortization of customer relationships | $ (17,668) | $ (17,605) |
Total revenue | 224,121 | 243,708 |
Gathering And Processing | ||
Disaggregation of Revenue | ||
Amortization of customer relationships | (9,271) | (9,238) |
Water Handling | ||
Disaggregation of Revenue | ||
Amortization of customer relationships | (8,397) | (8,367) |
Fixed Fee | Gathering And Processing | ||
Disaggregation of Revenue | ||
Total operating revenues | 185,161 | 175,129 |
Fixed Fee | Water Handling | ||
Disaggregation of Revenue | ||
Total operating revenues | 37,358 | 65,818 |
Cost plus 3% | Water Handling | ||
Disaggregation of Revenue | ||
Total operating revenues | 15,350 | 30,945 |
Cost of service fee | Water Handling | ||
Disaggregation of Revenue | ||
Total operating revenues | 3,920 | 1,421 |
Gathering-low pressure | Gathering And Processing | ||
Disaggregation of Revenue | ||
Total operating revenues | 86,306 | 81,148 |
Gathering-low pressure rebate | Gathering And Processing | ||
Disaggregation of Revenue | ||
Total operating revenues | (12,000) | |
Gathering-high pressure | Gathering And Processing | ||
Disaggregation of Revenue | ||
Total operating revenues | 50,718 | 48,913 |
Compression | Gathering And Processing | ||
Disaggregation of Revenue | ||
Total operating revenues | 48,137 | 45,068 |
Fresh water delivery | Water Handling | ||
Disaggregation of Revenue | ||
Total operating revenues | 37,358 | 65,818 |
Other fluid handling | Water Handling | ||
Disaggregation of Revenue | ||
Total operating revenues | $ 19,270 | $ 32,366 |
Revenue - Transaction Price All
Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Original expected duration | true | |
Receivables with customers | $ 89 | $ 74 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | |
Property and Equipment | ||||
Total property and equipment | $ 3,434,284 | $ 3,411,752 | $ 3,434,284 | |
Less accumulated depreciation | (184,558) | (157,708) | (184,558) | |
Property and equipment, net | 3,249,726 | 3,254,044 | 3,249,726 | |
Impairment of long-lived assets | 1,379 | $ 89,083 | ||
Facility idling | 1,179 | 8,678 | ||
Clearwater Facility | ||||
Property and Equipment | ||||
Facility idling | 1,000 | 9,000 | ||
Land | ||||
Property and Equipment | ||||
Total property and equipment | 23,272 | 23,582 | 23,272 | |
Gathering systems and facilities | ||||
Property and Equipment | ||||
Total property and equipment | 2,653,975 | $ 2,643,927 | 2,653,975 | |
Residual value | $ 0 | 0 | ||
Gathering systems and facilities | Minimum | ||||
Property and Equipment | ||||
Estimated useful lives | 40 years | 40 years | ||
Gathering systems and facilities | Maximum | ||||
Property and Equipment | ||||
Estimated useful lives | 50 years | 50 years | ||
Permanent buried pipelines and equipment | ||||
Property and Equipment | ||||
Total property and equipment | $ 551,983 | $ 545,419 | 551,983 | |
Impairment of long-lived assets | 83,000 | |||
Permanent buried pipelines and equipment | Minimum | ||||
Property and Equipment | ||||
Estimated useful lives | 7 years | 7 years | ||
Permanent buried pipelines and equipment | Maximum | ||||
Property and Equipment | ||||
Estimated useful lives | 20 years | 20 years | ||
Surface pipelines and equipment | ||||
Property and Equipment | ||||
Total property and equipment | $ 51,743 | $ 50,916 | $ 51,743 | |
Impairment of long-lived assets | $ 6,000 | |||
Surface pipelines and equipment | Minimum | ||||
Property and Equipment | ||||
Estimated useful lives | 1 year | 1 year | ||
Surface pipelines and equipment | Maximum | ||||
Property and Equipment | ||||
Estimated useful lives | 7 years | |||
Heavy trucks and equipment | ||||
Property and Equipment | ||||
Total property and equipment | $ 5,919 | $ 5,919 | $ 5,919 | |
Heavy trucks and equipment | Minimum | ||||
Property and Equipment | ||||
Estimated useful lives | 3 years | 3 years | ||
Heavy trucks and equipment | Maximum | ||||
Property and Equipment | ||||
Estimated useful lives | 5 years | 5 years | ||
Above ground storage tanks | ||||
Property and Equipment | ||||
Total property and equipment | $ 2,483 | $ 2,483 | 2,483 | |
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 | 10 years | ||
Construction-in-progress | ||||
Property and Equipment | ||||
Total property and equipment | $ 144,909 | $ 139,506 | $ 144,909 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Nov. 10, 2020 | Jun. 28, 2019 | Feb. 25, 2019 | Sep. 13, 2016 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 12, 2019 | Sep. 03, 2016 |
Long-term debt | ||||||||
Total principal | $ 3,124,500,000 | $ 3,113,500,000 | ||||||
Unamortized debt premiums | 4,045,000 | 4,261,000 | ||||||
Net unamortized debt issuance costs | (25,117,000) | (26,135,000) | ||||||
Total long-term debt | 3,103,428,000 | 3,091,626,000 | ||||||
New revolving credit facility | ||||||||
Long-term debt | ||||||||
Total principal | 624,500,000 | 613,500,000 | ||||||
New revolving credit facility | Antero Midstream Partners | ||||||||
Long-term debt | ||||||||
Total principal | 625,000,000 | $ 614,000,000 | ||||||
Maximum borrowing capacity | $ 2,130,000,000 | |||||||
Weighted average interest rate (as a percent) | 1.61% | 1.66% | ||||||
Outstanding balance | $ 0 | $ 0 | ||||||
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% Notes Due 2024 | ||||||||
Long-term debt | ||||||||
Total principal | $ 650,000,000 | 650,000,000 | ||||||
Total long-term debt | $ 646,606,000 | 646,391,000 | ||||||
5.375% Notes Due 2024 | Finance Corp and together with Antero Midstream Partners | ||||||||
Long-term debt | ||||||||
Total principal | $ 652,600,000 | |||||||
Unamortized debt premiums | 2,600,000 | |||||||
Interest rate (as a percent) | 5.375% | 5.375% | 5.375% | |||||
Face amount | $ 650,000,000 | |||||||
Debt instrument redemption percentage upon change of control | 101.00% | |||||||
5.375% Notes Due 2024 | Redemption period one | Finance Corp and together with Antero Midstream Partners | ||||||||
Long-term debt | ||||||||
Debt instrument redemption percentage | 102.688% | |||||||
5.375% Notes Due 2024 | Redemption period two | Finance Corp and together with Antero Midstream Partners | ||||||||
Long-term debt | ||||||||
Debt instrument redemption percentage | 100.00% | |||||||
7.875% Senior Notes Due 2026 | ||||||||
Long-term debt | ||||||||
Total principal | $ 550,000,000 | 550,000,000 | ||||||
Total long-term debt | $ 543,511,000 | 543,267,000 | ||||||
Interest rate (as a percent) | 7.875% | 7.875% | ||||||
Debt instrument redemption percentage upon change of control | 101.00% | |||||||
7.875% Senior Notes Due 2026 | Finance Corp and together with Antero Midstream Partners | ||||||||
Long-term debt | ||||||||
Interest rate (as a percent) | 7.875% | |||||||
Face amount | $ 550,000,000 | |||||||
7.875% Senior Notes Due 2026 | Maximum | ||||||||
Long-term debt | ||||||||
Percent of aggregate principal amount that can be redeemed | 35.00% | |||||||
7.875% Senior Notes Due 2026 | Redemption period one | ||||||||
Long-term debt | ||||||||
Debt instrument redemption percentage | 103.938% | |||||||
7.875% Senior Notes Due 2026 | Redemption period two | ||||||||
Long-term debt | ||||||||
Debt instrument redemption percentage | 100.00% | |||||||
7.875% Senior Notes Due 2026 | Redemption period three | ||||||||
Long-term debt | ||||||||
Debt instrument redemption percentage | 107.875% | |||||||
Debt instrument redemption percentage with payment of premium and interest | 100.00% | |||||||
5.75% Senior Notes Due 2027 | ||||||||
Long-term debt | ||||||||
Total principal | $ 650,000,000 | 650,000,000 | ||||||
Unamortized debt premiums | 3,300,000 | |||||||
Total long-term debt | $ 645,530,000 | $ 645,390,000 | ||||||
Interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||
Face amount | $ 650,000,000 | |||||||
Debt instrument fair value | $ 653,300,000 | |||||||
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 | ||||||||
Total principal | $ 650,000,000 | $ 650,000,000 | ||||||
Total long-term debt | $ 643,281,000 | $ 643,078,000 | ||||||
Interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||
Face amount | $ 650,000,000 | |||||||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities | ||
Capital expenditures | $ 11,469 | $ 11,307 |
Operating expenses | 9,338 | 10,038 |
Interest expense | 29,549 | 46,209 |
Production taxes | 2,858 | 3,368 |
Other | 3,384 | 4,025 |
Total accrued liabilities | $ 56,598 | $ 74,947 |
Equity Based Compensation and C
Equity Based Compensation and Cash Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2020 | Jan. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 12, 2019 | |
Additional disclosures | |||||
Expense recognized | $ 4,012 | $ 3,338 | |||
Antero Midstream Partners | |||||
Additional disclosures | |||||
Expense recognized | 1,100 | 1,500 | |||
Antero Resources | |||||
Additional disclosures | |||||
Unamortized expense | 4,400 | ||||
Midstream LTIP | |||||
Additional disclosures | |||||
Unamortized expense | $ 16,600 | ||||
Weighted average period for recognizing unrecognized stock-based compensation expense | 2 years 3 months 18 days | ||||
AM LTIP | |||||
Number of units | |||||
Total awarded and unvested at the beginning of the period (in shares) | 3,314,955 | ||||
Vested (in shares) | (429,593) | ||||
Forfeited (in shares) | (39,414) | ||||
Total awarded and unvested at the end of the period (in shares) | 2,845,948 | ||||
Weighted average grant date fair value | |||||
Total awarded and unvested at the beginning of the period (in dollars per unit) | $ 8.09 | ||||
Vested (in dollars per unit) | 7.46 | ||||
Forfeited (in dollars per unit) | 7.27 | ||||
Total awarded and unvested at the end of the period (in dollars per unit) | $ 8.20 | ||||
Additional disclosures | |||||
Expense recognized | $ 2,300 | 1,400 | |||
Number of stock-based compensation awards authorized | 15,398,901 | ||||
Number of shares available for future grant under the Plan | 11,332,985 | ||||
Cash awards granted | $ 700 | $ 2,200 | |||
Vesting period for cash awards | 4 years | 3 years | |||
Cash awards accrued in other liabilities | $ 1,100 | ||||
ROIC PSUs | |||||
Additional disclosures | |||||
Expense recognized | 700 | $ 100 | |||
Unamortized expense | $ 700 | ||||
Weighted average period for recognizing unrecognized stock-based compensation expense | 1 year 1 month 6 days |
Cash Dividends (Details)
Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 14, 2021 | Feb. 16, 2021 | Feb. 11, 2021 | Nov. 16, 2020 | Nov. 12, 2020 | Aug. 14, 2020 | Aug. 12, 2020 | May 15, 2020 | May 12, 2020 | Feb. 14, 2020 | Feb. 12, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash dividends | |||||||||||||
Cash dividends declared per common share | $ 0.225 | ||||||||||||
Common shareholders | |||||||||||||
Cash dividends | |||||||||||||
Distributions | $ 147,194 | $ 146,581 | $ 146,664 | $ 147,519 | $ 148,876 | $ 147,332 | $ 590,190 | ||||||
Distributions per share (in dollars per share) | $ 0.3075 | $ 0.3075 | $ 0.3075 | $ 0.3075 | $ 0.3075 | ||||||||
Series A Preferred Stock | |||||||||||||
Cash dividends | |||||||||||||
Cash dividend declared | $ 138 | ||||||||||||
Dividends in arrears | $ 69 | ||||||||||||
Series A Preferred Stock | Common shareholders | |||||||||||||
Cash dividends | |||||||||||||
Distributions | $ 138 | $ 137 | $ 138 | $ 137 | $ 138 |
Equity and Earnings Per Commo_3
Equity and Earnings Per Common Share (Details) - $ / shares | Mar. 12, 2019 | Mar. 31, 2021 | Dec. 31, 2020 |
Number of shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted average common shares outstanding-basic | 476,850 | 483,103 |
Add: Dilutive effect of Series A preferred stock | 1,107 | |
Diluted weighted average number of shares outstanding | 479,272 | 483,103 |
RSUs | ||
Add: Dilutive effect | 1,037 | |
Antidilutive securities excluded from computation of earnings per share | 397 | 2,005 |
PSUs | ||
Add: Dilutive effect | 278 | |
Preferred shares | ||
Antidilutive securities excluded from computation of earnings per share | 4,762 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity and Earnings Per Common Share | ||
Net income (loss) | $ 83,441 | $ (392,933) |
Less preferred stock dividends | (138) | (138) |
Net income (loss) available to common shareholders | $ 83,303 | $ (393,071) |
Net income (loss) per share-basic (in dollars per share) | $ 0.17 | $ (0.81) |
Net income (loss) per share-diluted (in dollars per share) | $ 0.17 | $ (0.81) |
Weighted average common shares outstanding-basic | 476,850 | 483,103 |
Weighted average common shares outstanding-diluted | 479,272 | 483,103 |
Fair Value Measurement (Details
Fair Value Measurement (Details) $ in Thousands | 1 Months Ended | |||||
Sep. 30, 2015USD ($)bbl | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020 | Jan. 31, 2020USD ($) | Mar. 12, 2019USD ($) | |
Fair value measurement | ||||||
Carrying Value | $ 3,103,428 | $ 3,091,626 | ||||
Senior Notes | ||||||
Fair value measurement | ||||||
Carrying Value | 2,478,928 | 2,478,126 | ||||
5.375% Notes Due 2024 | ||||||
Fair value measurement | ||||||
Carrying Value | 646,606 | 646,391 | ||||
7.875% Senior Notes Due 2026 | ||||||
Fair value measurement | ||||||
Carrying Value | 543,511 | 543,267 | ||||
5.75% Senior Notes Due 2027 | ||||||
Fair value measurement | ||||||
Fair Value | $ 653,300 | |||||
Carrying Value | 645,530 | 645,390 | ||||
5.75% Senior Notes Due 2028 | ||||||
Fair value measurement | ||||||
Carrying Value | 643,281 | 643,078 | ||||
Level 2 | Senior Notes | ||||||
Fair value measurement | ||||||
Fair Value | 2,545,815 | 2,464,000 | ||||
Level 2 | 5.375% Notes Due 2024 | ||||||
Fair value measurement | ||||||
Fair Value | 656,435 | 633,750 | ||||
Level 2 | 7.875% Senior Notes Due 2026 | ||||||
Fair value measurement | ||||||
Fair Value | 591,525 | 569,250 | ||||
Level 2 | 5.75% Senior Notes Due 2027 | ||||||
Fair value measurement | ||||||
Fair Value | 650,130 | 637,000 | ||||
Level 2 | 5.75% Senior Notes Due 2028 | ||||||
Fair value measurement | ||||||
Fair Value | $ 647,725 | $ 624,000 | ||||
Recurring | Discounted cash flow, comparable company and market value | Level 3 | Weighted Average | ||||||
Fair value measurement | ||||||
Goodwill cost of capital | 0.180 | |||||
Recurring | Discount rate | Third-party market participants | ||||||
Fair value measurement | ||||||
Property and Equipment discount rate | 0.190 | |||||
Contingent Consideration Period One | ||||||
Fair value measurement | ||||||
Contingent consideration | $ 125,000 | $ 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 | 3 Months Ended | |
Mar. 31, 2021USD ($)itemmi | Mar. 31, 2020USD ($) | |
Investments in unconsolidated affiliates | ||
Balance at beginning of period | $ 722,478 | |
Additional investments | 757 | |
Equity in earnings of unconsolidated affiliates | 20,744 | $ 19,077 |
Distributions from unconsolidated affiliates | (31,910) | $ (23,628) |
Balance at end of period | $ 712,069 | |
Stonewall | ||
Equity Method Investments | ||
Ownership percentage | 15.00% | |
Number of miles of pipeline | mi | 67 | |
Investments in unconsolidated affiliates | ||
Balance at beginning of period | $ 137,632 | |
Equity in earnings of unconsolidated affiliates | 1,443 | |
Distributions from unconsolidated affiliates | (4,815) | |
Balance at end of period | $ 134,260 | |
MarkWest Joint Venture | ||
Equity Method Investments | ||
Ownership percentage | 50.00% | |
Percentage of interest held by joint venture in third party fractionator in Ohio | 33.33% | |
Number of fractionators | item | 2 | |
Investments in unconsolidated affiliates | ||
Balance at beginning of period | $ 584,846 | |
Additional investments | 757 | |
Equity in earnings of unconsolidated affiliates | 19,301 | |
Distributions from unconsolidated affiliates | (27,095) | |
Balance at end of period | $ 577,809 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segmentitem | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Reporting Segments | |||
Number of reportable segments | segment | 2 | ||
Revenues: | |||
Amortization of customer relationships | $ (17,668) | $ (17,605) | |
Total revenue | 224,121 | 243,708 | |
Operating expenses: | |||
Direct operating | 39,314 | 48,728 | |
General and administrative (excluding equity-based compensation) | 13,918 | 10,199 | |
Equity-based compensation | 4,012 | 3,338 | |
Facility idling | 1,179 | 8,678 | |
Impairment of goodwill | 575,461 | ||
Impairment of property and equipment | 1,379 | 89,083 | |
Depreciation | 26,850 | 27,343 | |
Accretion of asset retirement obligations | 119 | 42 | |
Loss on asset sale | 3,763 | ||
Total operating expenses | 90,534 | 762,872 | |
Operating income (loss) | 133,587 | (519,164) | |
Equity in earnings of unconsolidated affiliates | 20,744 | 19,077 | |
Total assets | 5,546,760 | 5,781,359 | $ 5,610,912 |
Additions to property and equipment | 28,389 | 67,983 | |
Antero Resources | |||
Revenues: | |||
Total operating revenues | 241,764 | 261,313 | |
Third party | |||
Revenues: | |||
Total operating revenues | 25 | ||
Gathering And Processing | |||
Revenues: | |||
Amortization of customer relationships | $ (9,271) | (9,238) | |
Water Handling | |||
Reporting Segments | |||
Number of independent fresh water systems | item | 2 | ||
Revenues: | |||
Amortization of customer relationships | $ (8,397) | (8,367) | |
Operating Segments | Gathering And Processing | |||
Revenues: | |||
Amortization of customer relationships | (9,271) | (9,238) | |
Total revenue | 175,890 | 153,891 | |
Operating expenses: | |||
Direct operating | 17,236 | 13,391 | |
General and administrative (excluding equity-based compensation) | 5,924 | 5,044 | |
Equity-based compensation | 2,725 | 2,533 | |
Impairment of goodwill | 575,461 | ||
Impairment of property and equipment | 1,218 | ||
Depreciation | 14,713 | 13,050 | |
Loss on asset sale | 3,763 | ||
Total operating expenses | 45,579 | 609,479 | |
Operating income (loss) | 130,311 | (455,588) | |
Equity in earnings of unconsolidated affiliates | 20,744 | 19,077 | |
Total assets | 4,347,966 | 4,347,932 | |
Additions to property and equipment | 15,059 | 54,659 | |
Operating Segments | Gathering And Processing | Antero Resources | |||
Revenues: | |||
Total operating revenues | 185,161 | 163,129 | |
Operating Segments | Water Handling | |||
Revenues: | |||
Amortization of customer relationships | (8,397) | (8,367) | |
Total revenue | 48,231 | 89,817 | |
Operating expenses: | |||
Direct operating | 22,078 | 35,337 | |
General and administrative (excluding equity-based compensation) | 6,620 | 2,905 | |
Equity-based compensation | 1,060 | 555 | |
Facility idling | 1,179 | 8,678 | |
Impairment of property and equipment | 161 | 89,083 | |
Depreciation | 12,137 | 14,293 | |
Accretion of asset retirement obligations | 119 | 42 | |
Total operating expenses | 43,354 | 150,893 | |
Operating income (loss) | 4,877 | (61,076) | |
Total assets | 1,122,312 | 1,184,095 | |
Additions to property and equipment | 13,330 | 13,324 | |
Operating Segments | Water Handling | Antero Resources | |||
Revenues: | |||
Total operating revenues | 56,603 | 98,184 | |
Operating Segments | Water Handling | Third party | |||
Revenues: | |||
Total operating revenues | 25 | ||
Unallocated | |||
Operating expenses: | |||
General and administrative (excluding equity-based compensation) | 1,374 | 2,250 | |
Equity-based compensation | 227 | 250 | |
Total operating expenses | 1,601 | 2,500 | |
Operating income (loss) | (1,601) | (2,500) | |
Total assets | $ 76,482 | $ 249,332 |