Antero Midstream (AM) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

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