Antero Midstream (AM) 10-Q 28 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		477,459,735
Entity Central Index Key	0001623925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 678	$ 640
Accounts receivable - Antero Resources	89,996	73,722
Accounts receivable - third party	466	839
Income tax receivable	940	17,251
Other current assets	358	1,479
Total current assets	92,438	93,931
Property and equipment, net	3,293,791	3,254,044
Investments in unconsolidated affiliates	707,518	722,478
Deferred tax asset	46,893	103,402
Customer relationships	1,392,111	1,427,447
Other assets, net	7,991	9,610
Total assets	5,540,742	5,610,912
Current liabilities:
Accounts payable - Antero Resources	4,238	3,862
Accounts payable - third party	24,785	9,495
Accrued liabilities	83,620	74,947
Other current liabilities	5,194	5,701
Total current liabilities	117,837	94,005
Long-term liabilities:
Long-term debt	3,087,734	3,091,626
Other	6,735	6,995
Total liabilities	3,212,306	3,192,626
Stockholders' Equity:
Preferred stock
Common stock, $0.01 par value; 2,000,000 authorized; 476,639 and 477,358 issued and outstanding as of December 31, 2020 and June 30, 2021, respectively	4,774	4,766
Additional paid-in capital	2,624,090	2,877,612
Accumulated deficit	(300,428)	(464,092)
Total stockholders' equity	2,328,436	2,418,286
Total liabilities and stockholders' equity	5,540,742	5,610,912
Series A Preferred Stock
Stockholders' Equity:
Preferred stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	477,358,000	476,639,000
Common stock, shares outstanding	477,358,000	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Amortization of customer relationships	$ (17,668)	$ (17,606)	$ (35,336)	$ (35,211)
Total revenue	232,787	219,736	456,908	463,444
Operating expenses:
Direct operating	39,555	42,067	78,869	90,795
General and administrative	14,251	12,422	32,181	25,959
Facility idling	984	2,475	2,163	11,153
Impairment of goodwill				575,461
Impairment of property and equipment			1,379	89,083
Depreciation	26,619	27,745	53,469	55,088
Accretion of asset retirement obligations	114	61	233	103
Loss (gain) on asset sale	(135)	240	3,628	240
Total operating expenses	81,388	85,010	171,922	847,882
Operating income (loss)	151,399	134,726	284,986	(384,438)
Interest expense, net	(43,505)	(35,311)	(86,371)	(72,942)
Equity in earnings of unconsolidated affiliates	21,515	20,947	42,259	40,024
Loss on early extinguishment of debt	(20,701)		(20,701)
Total other expense	(42,691)	(14,364)	(64,813)	(32,918)
Income (loss) before income taxes	108,708	120,362	220,173	(417,356)
Provision for income tax benefit (expense)	(28,485)	(31,921)	(56,509)	112,864
Net income (loss) and comprehensive income (loss)	$ 80,223	$ 88,441	$ 163,664	$ (304,492)
Net income (loss) per share-basic (in dollars per share)	$ 0.17	$ 0.19	$ 0.34	$ (0.63)
Net income (loss) per share-diluted (in dollars per share)	$ 0.17	$ 0.18	$ 0.34	$ (0.63)
Weighted average common shares outstanding:
Basic (in shares)	477,290	476,836	477,071	479,969
Diluted (in shares)	479,530	478,837	479,382	479,969
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Total operating revenues	$ 192,667	$ 173,991	$ 377,828	$ 337,120
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Total operating revenues	57,718	$ 63,351	114,321	$ 161,535
Natural Gas Water Handling and Treatment
Revenue:
Total operating revenues	$ 70		$ 95

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Operations and Comprehensive Income
Equity-based compensation	$ 3,059	$ 2,697	$ 7,071	$ 6,035

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, 2019	$ 4,840	3,480,139	(341,565)	3,143,414
Balance (shares) at Dec. 31, 2019	484,042
Stockholders' Equity
Net income (loss) and comprehensive income (loss)				(304,492)
Balance at Jun. 30, 2020	$ 4,765	3,164,474	(646,057)	2,523,182
Balance (shares) at Jun. 30, 2020	476,486
Balance at Mar. 31, 2020	$ 4,794	3,318,659	(734,498)	2,588,955
Balance (shares) at Mar. 31, 2020	479,385
Stockholders' Equity
Dividends to stockholders		(147,656)		(147,656)
Equity-based compensation		2,697		2,697
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 4	(370)		(366)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	311
Repurchases and retirement of common stock	$ (33)	(8,856)		(8,889)
Repurchases and retirement of common stock (in shares)	(3,210)
Net income (loss) and comprehensive income (loss)			88,441	88,441
Balance at Jun. 30, 2020	$ 4,765	3,164,474	(646,057)	2,523,182
Balance (shares) at Jun. 30, 2020	476,486
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
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
Net income (loss) and comprehensive income (loss)				$ 163,664
Balance at Jun. 30, 2021	$ 4,774	2,624,090	(300,428)	$ 2,328,436
Balance (shares) at Jun. 30, 2021	477,358			477,358,000
Balance at Mar. 31, 2021	$ 4,769	2,732,748	(380,651)	$ 2,356,866
Balance (shares) at Mar. 31, 2021	476,907
Stockholders' Equity
Dividends to stockholders		(108,936)		(108,936)
Equity-based compensation		3,059		3,059
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 5	(2,781)		(2,776)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	451
Net income (loss) and comprehensive income (loss)			80,223	80,223
Balance at Jun. 30, 2021	$ 4,774	$ 2,624,090	$ (300,428)	$ 2,328,436
Balance (shares) at Jun. 30, 2021	477,358			477,358,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 163,664	$ (304,492)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	53,469	55,088
Payment of contingent consideration in excess of acquisition date fair value		(8,076)
Accretion of asset retirement obligations	233	103
Impairment	1,379	664,544
Deferred income tax expense (benefit)	56,509	(56,408)
Equity-based compensation	7,071	6,035
Equity in earnings of unconsolidated affiliates	(42,259)	(40,024)
Distributions from unconsolidated affiliates	58,185	41,828
Amortization of customer relationships	35,336	35,211
Amortization of deferred financing costs	2,733	2,190
Loss on early extinguishment of debt	20,701
Settlement of asset retirement obligations	(602)	(601)
Loss on asset sale	3,628	240
Changes in assets and liabilities:
Accounts receivable-Antero Resources	(16,274)	24,941
Accounts receivable-third party	777	1,089
Income tax receivable	16,311	(17,547)
Other current assets	1,070	930
Accounts payable-Antero Resources	376	(432)
Accounts payable-third party	5,365	5,495
Accrued liabilities	(7,297)	(21,701)
Net cash provided by operating activities	360,375	388,413
Cash flows provided by (used in) investing activities:
Additions to gathering systems and facilities	(51,658)	(103,937)
Additions to water handling systems	(22,707)	(19,477)
Investments in unconsolidated affiliates	(966)	(21,988)
Cash received in asset sale	1,627	123
Change in other assets		1,938
Net cash used in investing activities	(73,704)	(143,341)
Cash flows provided by (used in) financing activities:
Dividends to stockholders	(255,993)	(296,395)
Dividends to preferred stockholders	(275)	(275)
Repurchases of common stock		(24,713)
Issuance of senior notes	750,000
Redemption of senior notes	(667,472)
Payments of deferred financing costs	(8,755)
Borrowings (repayments) on bank credit facilities, net	(99,800)	195,500
Payment of contingent acquisition consideration		(116,924)
Employee tax withholding for settlement of equity compensation awards	(4,317)	(392)
Other	(21)	(111)
Net cash used in financing activities	(286,633)	(243,310)
Net increase in cash and cash equivalents	38	1,762
Cash and cash equivalents, beginning of period	640	1,235
Cash and cash equivalents, end of period	678	2,997
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	91,608	74,665
Cash received during the period for income taxes	16,913	38,910
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment	$ 25,490	$ (3,461)

Organization

Organization	6 Months Ended
	Jun. 30, 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 is located in Denver, Colorado. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2021, the results of the Company’s operations for the three and six months ended June 30, 2020 and 2021, and cash flows for the six months ended June 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangibles
Goodwill and Intangibles	(3) Goodwill and Intangibles During the first quarter of 2020, the Company performed an interim impairment analysis of its 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 million associated with its gathering and processing segment in the first quarter of 2020. Significant assumptions used to estimate the reporting units’ fair value included the discount rate as well as estimates of future cash flows, which were impacted primarily by commodity prices and producer customers’ development plans (which impact volumes and capital requirements). 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 June 30, 2021. The changes in the carrying amount of customer relationships for the six months ended June 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2020 ​ $ 1,427,447 ​ Amortization of customer relationships ​ ​ (35,336) ​ Customer relationships as of June 30, 2021 ​ $ 1,392,111 ​ ​ Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2021 ​ $ 35,336 ​ 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 ​ $ 1,392,111 ​ ​

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2021
Transactions with Affiliates
Transactions with Affiliates	(4) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three and six months ended June 30, 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 $1 million and $2 million during the three months ended June 30, 2020 and 2021, respectively, and $3 million and $5 million during the six months ended June 30, 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 $7 million during the three months ended June 30, 2020 and 2021, respectively, and $13 million and $16 million during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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. For the three and six months ended June 30, 2020, Antero Resources earned rebates of $12 million and $24 million, respectively, from the Company by achieving the first level volumetric target during the first and second quarters of 2020. Antero Resources did no 30, 2021 since Antero Resources did not achieve any volumetric targets during the first or second quarters of 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 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 June 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2021 ​ $ 94,838 ​ 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 ​ $ 1,636,838 ​ ​ (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 ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ (in thousands) ​ 2020 ​ 2021 ​ 2020 ​ 2021 Reportable Segment ​ Revenue from contracts with customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 85,791 ​ ​ 91,761 ​ ​ 166,939 ​ ​ 178,067 ​ Gathering and Processing (1) ​ Gathering—low pressure rebate ​ ​ (12,000) ​ ​ — ​ ​ (24,000) ​ ​ — ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 51,577 ​ ​ 51,535 ​ ​ 100,490 ​ ​ 102,253 ​ Gathering and Processing (1) ​ Compression ​ ​ 48,623 ​ ​ 49,371 ​ ​ 93,691 ​ ​ 97,508 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 36,900 ​ ​ 37,751 ​ ​ 102,718 ​ ​ 75,109 ​ Water Handling ​ Other fluid handling ​ ​ 26,451 ​ ​ 20,037 ​ ​ 58,817 ​ ​ 39,307 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (9,271) ​ ​ (18,477) ​ ​ (18,542) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,367) ​ ​ (8,397) ​ ​ (16,734) ​ ​ (16,794) ​ Water Handling ​ Total ​ $ 219,736 ​ ​ 232,787 ​ ​ 463,444 ​ ​ 456,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 185,991 ​ ​ 192,667 ​ ​ 361,120 ​ ​ 377,828 ​ Gathering and Processing (1) ​ Gathering—low pressure rebate ​ ​ (12,000) ​ ​ — ​ ​ (24,000) ​ ​ — ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 36,900 ​ ​ 37,751 ​ ​ 102,718 ​ ​ 75,109 ​ Water Handling ​ Cost plus 3% ​ ​ 23,742 ​ ​ 16,425 ​ ​ 54,687 ​ ​ 31,775 ​ Water Handling ​ Cost of service fee ​ ​ 2,709 ​ ​ 3,612 ​ ​ 4,130 ​ ​ 7,532 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (9,271) ​ ​ (18,477) ​ ​ (18,542) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,367) ​ ​ (8,397) ​ ​ (16,734) ​ ​ (16,794) ​ Water Handling ​ Total ​ $ 219,736 ​ ​ 232,787 ​ ​ 463,444 ​ ​ 456,908 ​ ​ ​ (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 June 30, 2021, the Company’s receivables with customers were million, respectively.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 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, ​ June 30, ​ (in thousands) Useful Lives 2020 ​ 2021 ​ Land n/a $ 23,582 ​ 23,369 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 2,643,927 ​ ​ 2,672,545 ​ Permanent buried pipelines and equipment ​ 7-20 years ​ ​ 545,419 ​ ​ 565,472 ​ Surface pipelines and equipment ​ 1-7 years ​ ​ 50,916 ​ ​ 52,569 ​ 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 ​ ​ 182,611 ​ Total property and equipment ​ ​ ​ ​ 3,411,752 ​ ​ 3,504,968 ​ Less accumulated depreciation ​ ​ ​ ​ (157,708) ​ ​ (211,177) ​ Property and equipment, net ​ ​ ​ $ 3,254,044 ​ ​ 3,293,791 ​ (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 facility idling costs for the care and maintenance of its wastewater treatment facility and related landfill (collectively, the “Clearwater Facility”) of $2 million and $1 million during the three months ended June 30, 2020 and 2021, respectively, and $11 million and $2 million during the six months ended June 30, 2020 and 2021, respectively. The Clearwater Facility was fully impaired when it was idled in September 2019. ​

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt The Company’s long-term debt as of December 31, 2020 and June 30, 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ June 30, ​ (in thousands) ​ 2020 ​ 2021 ​ Credit Facility (a) $ 613,500 ​ 513,700 ​ 5.375% senior notes due 2024 (b) ​ ​ 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 ​ 5.375% senior notes due 2029 (f) ​ ​ — ​ ​ 750,000 ​ Total principal ​ ​ 3,113,500 ​ ​ 3,113,700 ​ Unamortized debt premiums ​ ​ 4,261 ​ ​ 2,311 ​ Unamortized debt issuance costs ​ ​ (26,135) ​ ​ (28,277) ​ Total long-term debt ​ $ 3,091,626 ​ ​ 3,087,734 ​ ​ (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 . As of million with a weighted average interest rate of . . 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 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, which included a premium of $2.6 million that was amortized into interest expense over the contractual life of the 2024 Notes. The Issuers redeemed all to the extent of the value of the collateral securing the Credit Facility. The 2024 Notes were 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 was payable on March 15 and September 15 of each year. (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 contractual 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) 5.375% Senior Notes Due 2029 On June 8, 2021, the Issuers issued $750 million in aggregate principal amount of 5.375% senior notes due June 15, 2029 (the “2029 Notes”) at par. The 2029 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2029 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2029 Notes is payable on June 15 and December 15 of each year. Antero Midstream Partners may redeem all or part of the 2029 Notes at any time on or after June 15, 2024 at redemption prices ranging from on or after June 15, 2026. In addition, prior to June 15, 2024, Antero Midstream Partners may redeem up to of the principal amount of the 2029 Notes, plus accrued and unpaid interest. At any time prior to June 15, 2024, Antero Midstream Partners may also redeem the 2029 Notes, in whole or in part, at a price equal to of the principal amount of the 2029 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2029 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2029 Notes at a price equal to ​ (g) Senior Notes Guarantors The Company and each of the Company’s wholly owned subsidiaries (except for the Issuers) fully and unconditionally guaranteed the 2024 Notes, 2026 Notes, 2027 Notes, 2028 Notes and 2029 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 and six months ended June 30, 2020 and 2021, all of the Company’s assets and operations are attributable to the Issuers and its guarantors. ​

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities
Accrued Liabilities	(8) Accrued Liabilities Accrued liabilities as of December 31, 2020 and June 30, 2021 consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ June 30, ​ (in thousands) 2020 2021 Capital expenditures ​ $ 11,307 ​ ​ 26,871 ​ Operating expenses ​ ​ 10,038 ​ ​ 10,127 ​ Interest expense ​ ​ 46,209 ​ ​ 37,704 ​ Production taxes ​ ​ 3,368 ​ ​ 5,601 ​ Other ​ ​ 4,025 ​ ​ 3,317 ​ Total accrued liabilities ​ $ 74,947 ​ ​ 83,620 ​ ​

Equity-Based Compensation and C

Equity-Based Compensation and Cash Awards	6 Months Ended
	Jun. 30, 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 , respectively. 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 . 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 shares were available for future grant under the AM LTIP. The Company recognized expense related to these awards, which does not include expense for the Company’s performance share unit (“PSU”) awards, of (b) Restricted Stock Unit Awards A summary of the RSU awards activity during the six months ended June 30, 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 ​ 1,788,937 ​ ​ 8.71 ​ Vested ​ (1,129,501) ​ ​ 9.11 ​ Forfeited ​ (200,473) ​ ​ 7.20 ​ Total AM LTIP RSUs awarded and unvested—June 30, 2021 ​ 3,773,918 ​ $ 8.13 ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021, unamortized expense of $27.1 million related to the unvested RSUs is expected to be recognized over a weighted average period of approximately 3.0 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 and six months ended June 30, 2020 and 2021. The Company recognized expense of $0.1 million and a credit of $0.1 million for the three months ended June 30, 2020 and 2021, respectively, which credit is a result of forfeitures during the second quarter of 2021. For the six months ended June 30, 2020 and 2021, the Company recognized expense of $0.2 million and $0.5 million, respectively. As of June 30, 2021, there was $0.4 million of unamortized equity-based compensation expense related to unvested PSUs that is expected to be recognized over a weighted average period of 0.8 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 June 30, 2021, the Company has recorded $1.1 million in other liabilities in the unaudited condensed consolidated balance sheet related to unvested cash awards.

Cash Dividends

Cash Dividends	6 Months Ended
	Jun. 30, 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 ​ ​ * ​ Q1 2021 ​ April 28, 2021 ​ May 12, 2021 ​ ​ 108,799 ​ ​ 0.2250 ​ * ​ May 17, 2021 ​ May 17, 2021 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2021 ​ ​ ​ $ 256,268 ​ ​ ​ ​ * 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 July 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 June 30, 2021 . The dividend will be payable on 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 August 16, 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 thousand accumulated in arrears on the Company’s Series A Preferred Stock.

Equity and Earnings Per Common

Equity and Earnings Per Common Share	6 Months Ended
	Jun. 30, 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 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2020 2021 2020 2021 ​ Basic weighted average number of shares outstanding ​ ​ 476,836 ​ ​ 477,290 ​ ​ 479,969 ​ ​ 477,071 ​ Add: Dilutive effect of RSUs ​ ​ 40 ​ ​ 1,063 ​ ​ — ​ ​ 1,109 ​ Add: Dilutive effect of PSUs ​ ​ — ​ ​ 215 ​ ​ — ​ ​ 240 ​ Add: Dilutive effect of Series A Preferred Stock ​ ​ 1,961 ​ ​ 962 ​ ​ — ​ ​ 962 ​ Diluted weighted average number of shares outstanding ​ ​ 478,837 ​ ​ 479,530 ​ ​ 479,969 ​ ​ 479,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 1,734 ​ ​ 341 ​ ​ 1,712 ​ ​ 310 ​ Series A Preferred Shares ​ ​ — ​ ​ — ​ ​ 1,961 ​ ​ — ​ (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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except per share amounts) 2020 2021 2020 2021 ​ Net income (loss) ​ $ 88,441 ​ ​ 80,223 ​ ​ (304,492) ​ ​ 163,664 ​ Less preferred stock dividends ​ ​ (137) ​ ​ (137) ​ ​ (275) ​ ​ (275) ​ Net income (loss) available to common shareholders ​ $ 88,304 ​ ​ 80,086 ​ ​ (304,767) ​ ​ 163,389 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share–basic ​ $ 0.19 ​ ​ 0.17 ​ ​ (0.63) ​ ​ 0.34 ​ Net income (loss) per share–diluted ​ $ 0.18 ​ ​ 0.17 ​ ​ (0.63) ​ ​ 0.34 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding–basic ​ ​ 476,836 ​ ​ 477,290 ​ ​ 479,969 ​ ​ 477,071 ​ Weighted average common shares outstanding–diluted ​ ​ 478,837 ​ ​ 479,530 ​ ​ 479,969 ​ ​ 479,382 ​ ​

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 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 June 30, 2021, the fair value and carrying value of the Company’s Senior Notes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2020 ​ June 30, 2021 ​ (in thousands) ​ Fair Value (1) ​ Carrying Value (2) ​ Fair Value (1) ​ Carrying Value (2) ​ 2024 Notes ​ $ 633,750 ​ ​ 646,391 ​ ​ — ​ ​ — ​ 2026 Notes ​ ​ 569,250 ​ ​ 543,267 ​ ​ 614,680 ​ ​ 543,766 ​ 2027 Notes ​ ​ 637,000 ​ ​ 645,390 ​ ​ 674,375 ​ ​ 645,675 ​ 2028 Notes ​ ​ 624,000 ​ ​ 643,078 ​ ​ 681,655 ​ ​ 643,484 ​ 2029 Notes ​ ​ — ​ ​ — ​ ​ 781,875 ​ ​ 741,109 ​ Total ​ $ 2,464,000 ​ ​ 2,478,126 ​ ​ 2,752,585 ​ ​ 2,574,034 ​ (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 June 30, 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 June 30, 2021 approximated fair value because the variable interest rates are reflective of current market conditions.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 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 ​ ​ — ​ ​ 966 ​ ​ 966 ​ Equity in earnings of unconsolidated affiliates ​ ​ 3,168 ​ ​ 39,091 ​ ​ 42,259 ​ Distributions from unconsolidated affiliates ​ ​ (7,095) ​ ​ (51,090) ​ ​ (58,185) ​ Balance at June 30, 2021 ​ $ 133,705 ​ ​ 573,813 ​ ​ 707,518 ​ ​

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 173,991 ​ ​ 63,351 ​ ​ — ​ ​ 237,342 ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (8,367) ​ ​ — ​ ​ (17,606) ​ Total revenues ​ ​ 164,752 ​ ​ 54,984 ​ ​ — ​ ​ 219,736 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 14,059 ​ ​ 28,008 ​ ​ — ​ ​ 42,067 ​ General and administrative ​ ​ 7,706 ​ ​ 3,125 ​ ​ 1,591 ​ ​ 12,422 ​ Facility idling ​ ​ — ​ ​ 2,475 ​ ​ — ​ ​ 2,475 ​ Depreciation ​ ​ 14,406 ​ ​ 13,339 ​ ​ — ​ ​ 27,745 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 61 ​ ​ — ​ ​ 61 ​ Loss on asset sale ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 ​ Total operating expenses ​ ​ 36,171 ​ ​ 47,248 ​ ​ 1,591 ​ ​ 85,010 ​ Operating income ​ $ 128,581 ​ ​ 7,736 ​ ​ (1,591) ​ ​ 134,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 20,947 ​ ​ — ​ ​ — ​ ​ 20,947 ​ Total assets ​ $ 4,387,102 ​ ​ 1,149,355 ​ ​ 178,598 ​ ​ 5,715,055 ​ Additions to property and equipment ​ $ 49,278 ​ ​ 6,153 ​ ​ — ​ ​ 55,431 ​ ​ (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 June 30, 2021 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 192,667 ​ ​ 57,718 ​ ​ — ​ ​ 250,385 ​ Revenue–third-party ​ ​ — ​ ​ 70 ​ ​ — ​ ​ 70 ​ Amortization of customer relationships ​ ​ (9,271) ​ ​ (8,397) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 183,396 ​ ​ 49,391 ​ ​ — ​ ​ 232,787 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 17,012 ​ ​ 22,543 ​ ​ — ​ ​ 39,555 ​ General and administrative ​ ​ 8,734 ​ ​ 4,873 ​ ​ 644 ​ ​ 14,251 ​ Facility idling ​ ​ — ​ ​ 984 ​ ​ — ​ ​ 984 ​ Depreciation ​ ​ 14,404 ​ ​ 12,215 ​ ​ — ​ ​ 26,619 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 114 ​ ​ — ​ ​ 114 ​ Gain on asset sale ​ ​ (135) ​ ​ — ​ ​ — ​ ​ (135) ​ Total operating expenses ​ ​ 40,015 ​ ​ 40,729 ​ ​ 644 ​ ​ 81,388 ​ Operating income ​ $ 143,381 ​ ​ 8,662 ​ ​ (644) ​ ​ 151,399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 21,515 ​ ​ — ​ ​ — ​ ​ 21,515 ​ Total assets ​ $ 4,380,817 ​ ​ 1,111,733 ​ ​ 48,192 ​ ​ 5,540,742 ​ Additions to property and equipment, net ​ $ 36,599 ​ ​ 9,377 ​ ​ — ​ ​ 45,976 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 337,120 ​ ​ 161,535 ​ ​ — ​ ​ 498,655 ​ Amortization of customer relationships ​ ​ (18,477) ​ ​ (16,734) ​ ​ — ​ ​ (35,211) ​ Total revenues ​ ​ 318,643 ​ ​ 144,801 ​ ​ — ​ ​ 463,444 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 27,450 ​ ​ 63,345 ​ ​ — ​ ​ 90,795 ​ General and administrative ​ ​ 15,283 ​ ​ 6,585 ​ ​ 4,091 ​ ​ 25,959 ​ Facility idling ​ ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 ​ Impairment of goodwill ​ ​ 575,461 ​ ​ — ​ ​ — ​ ​ 575,461 ​ Impairment of property and equipment ​ ​ — ​ ​ 89,083 ​ ​ — ​ ​ 89,083 ​ Depreciation ​ ​ 27,456 ​ ​ 27,632 ​ ​ — ​ ​ 55,088 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 103 ​ ​ — ​ ​ 103 ​ Loss on asset sale ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 ​ Total operating expenses ​ ​ 645,650 ​ ​ 198,141 ​ ​ 4,091 ​ ​ 847,882 ​ Operating loss ​ $ (327,007) ​ ​ (53,340) ​ ​ (4,091) ​ ​ (384,438) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 40,024 ​ ​ — ​ ​ — ​ ​ 40,024 ​ Total assets ​ $ 4,387,102 ​ ​ 1,149,355 ​ ​ 178,598 ​ ​ 5,715,055 ​ Additions to property and equipment ​ $ 103,937 ​ ​ 19,477 ​ ​ — ​ ​ 123,414 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 377,828 ​ ​ 114,321 ​ ​ — ​ ​ 492,149 ​ Revenue–third-party ​ ​ — ​ ​ 95 ​ ​ — ​ ​ 95 ​ Amortization of customer relationships ​ ​ (18,542) ​ ​ (16,794) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 359,286 ​ ​ 97,622 ​ ​ — ​ ​ 456,908 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 34,248 ​ ​ 44,621 ​ ​ — ​ ​ 78,869 ​ General and administrative ​ ​ 17,383 ​ ​ 12,553 ​ ​ 2,245 ​ ​ 32,181 ​ Facility idling ​ ​ — ​ ​ 2,163 ​ ​ — ​ ​ 2,163 ​ Impairment of property and equipment ​ ​ 1,218 ​ ​ 161 ​ ​ — ​ ​ 1,379 ​ Depreciation ​ ​ 29,117 ​ ​ 24,352 ​ ​ — ​ ​ 53,469 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 233 ​ ​ — ​ ​ 233 ​ Loss on asset sale ​ ​ 3,628 ​ ​ — ​ ​ — ​ ​ 3,628 ​ Total operating expenses ​ ​ 85,594 ​ ​ 84,083 ​ ​ 2,245 ​ ​ 171,922 ​ Operating income ​ $ 273,692 ​ ​ 13,539 ​ ​ (2,245) ​ ​ 284,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 42,259 ​ ​ — ​ ​ — ​ ​ 42,259 ​ Total assets ​ $ 4,380,817 ​ ​ 1,111,733 ​ ​ 48,192 ​ ​ 5,540,742 ​ Additions to property and equipment, net ​ $ 51,658 ​ ​ 22,707 ​ ​ — ​ ​ 74,365 ​ ​ (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)	6 Months Ended
	Jun. 30, 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 June 30, 2021, the results of the Company’s operations for the three and six months ended June 30, 2020 and 2021, and cash flows for the six months ended June 30, 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 six months ended June 30, 2020 in the accompanying condensed consolidated statements of cash flows.
Recently Adopted Accounting Standard	(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)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangibles
Schedule of Finite-Lived Intangible Assets	The changes in the carrying amount of customer relationships for the six months ended June 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2020 ​ $ 1,427,447 ​ Amortization of customer relationships ​ ​ (35,336) ​ Customer relationships as of June 30, 2021 ​ $ 1,392,111 ​
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2021 ​ $ 35,336 ​ 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 ​ $ 1,392,111 ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2021 ​ $ 94,838 ​ 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 ​ $ 1,636,838 ​
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ (in thousands) ​ 2020 ​ 2021 ​ 2020 ​ 2021 Reportable Segment ​ Revenue from contracts with customers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 85,791 ​ ​ 91,761 ​ ​ 166,939 ​ ​ 178,067 ​ Gathering and Processing (1) ​ Gathering—low pressure rebate ​ ​ (12,000) ​ ​ — ​ ​ (24,000) ​ ​ — ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 51,577 ​ ​ 51,535 ​ ​ 100,490 ​ ​ 102,253 ​ Gathering and Processing (1) ​ Compression ​ ​ 48,623 ​ ​ 49,371 ​ ​ 93,691 ​ ​ 97,508 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 36,900 ​ ​ 37,751 ​ ​ 102,718 ​ ​ 75,109 ​ Water Handling ​ Other fluid handling ​ ​ 26,451 ​ ​ 20,037 ​ ​ 58,817 ​ ​ 39,307 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (9,271) ​ ​ (18,477) ​ ​ (18,542) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,367) ​ ​ (8,397) ​ ​ (16,734) ​ ​ (16,794) ​ Water Handling ​ Total ​ $ 219,736 ​ ​ 232,787 ​ ​ 463,444 ​ ​ 456,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 185,991 ​ ​ 192,667 ​ ​ 361,120 ​ ​ 377,828 ​ Gathering and Processing (1) ​ Gathering—low pressure rebate ​ ​ (12,000) ​ ​ — ​ ​ (24,000) ​ ​ — ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 36,900 ​ ​ 37,751 ​ ​ 102,718 ​ ​ 75,109 ​ Water Handling ​ Cost plus 3% ​ ​ 23,742 ​ ​ 16,425 ​ ​ 54,687 ​ ​ 31,775 ​ Water Handling ​ Cost of service fee ​ ​ 2,709 ​ ​ 3,612 ​ ​ 4,130 ​ ​ 7,532 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (9,271) ​ ​ (18,477) ​ ​ (18,542) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,367) ​ ​ (8,397) ​ ​ (16,734) ​ ​ (16,794) ​ Water Handling ​ Total ​ $ 219,736 ​ ​ 232,787 ​ ​ 463,444 ​ ​ 456,908 ​ ​ ​ (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)	6 Months Ended
	Jun. 30, 2021
Property and Equipment
Schedule of investment in property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ Estimated ​ December 31, ​ June 30, ​ (in thousands) Useful Lives 2020 ​ 2021 ​ Land n/a $ 23,582 ​ 23,369 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 2,643,927 ​ ​ 2,672,545 ​ Permanent buried pipelines and equipment ​ 7-20 years ​ ​ 545,419 ​ ​ 565,472 ​ Surface pipelines and equipment ​ 1-7 years ​ ​ 50,916 ​ ​ 52,569 ​ 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 ​ ​ 182,611 ​ Total property and equipment ​ ​ ​ ​ 3,411,752 ​ ​ 3,504,968 ​ Less accumulated depreciation ​ ​ ​ ​ (157,708) ​ ​ (211,177) ​ Property and equipment, net ​ ​ ​ $ 3,254,044 ​ ​ 3,293,791 ​ (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Long-Term Debt.
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ June 30, ​ (in thousands) ​ 2020 ​ 2021 ​ Credit Facility (a) $ 613,500 ​ 513,700 ​ 5.375% senior notes due 2024 (b) ​ ​ 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 ​ 5.375% senior notes due 2029 (f) ​ ​ — ​ ​ 750,000 ​ Total principal ​ ​ 3,113,500 ​ ​ 3,113,700 ​ Unamortized debt premiums ​ ​ 4,261 ​ ​ 2,311 ​ Unamortized debt issuance costs ​ ​ (26,135) ​ ​ (28,277) ​ Total long-term debt ​ $ 3,091,626 ​ ​ 3,087,734 ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2020 and June 30, 2021 consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ June 30, ​ (in thousands) 2020 2021 Capital expenditures ​ $ 11,307 ​ ​ 26,871 ​ Operating expenses ​ ​ 10,038 ​ ​ 10,127 ​ Interest expense ​ ​ 46,209 ​ ​ 37,704 ​ Production taxes ​ ​ 3,368 ​ ​ 5,601 ​ Other ​ ​ 4,025 ​ ​ 3,317 ​ Total accrued liabilities ​ $ 74,947 ​ ​ 83,620 ​

Equity-Based Compensation and_2

Equity-Based Compensation and Cash Awards (Tables)	6 Months Ended
	Jun. 30, 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 ​ 1,788,937 ​ ​ 8.71 ​ Vested ​ (1,129,501) ​ ​ 9.11 ​ Forfeited ​ (200,473) ​ ​ 7.20 ​ Total AM LTIP RSUs awarded and unvested—June 30, 2021 ​ 3,773,918 ​ $ 8.13 ​ ​ ​ ​ ​ ​ ​ ​

Cash Dividends (Tables)

Cash Dividends (Tables)	6 Months Ended
	Jun. 30, 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 ​ ​ * ​ Q1 2021 ​ April 28, 2021 ​ May 12, 2021 ​ ​ 108,799 ​ ​ 0.2250 ​ * ​ May 17, 2021 ​ May 17, 2021 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2021 ​ ​ ​ $ 256,268 ​ ​ ​ ​ * 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)	6 Months Ended
	Jun. 30, 2021
Equity and Earnings Per Common Share
Schedule of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2020 2021 2020 2021 ​ Basic weighted average number of shares outstanding ​ ​ 476,836 ​ ​ 477,290 ​ ​ 479,969 ​ ​ 477,071 ​ Add: Dilutive effect of RSUs ​ ​ 40 ​ ​ 1,063 ​ ​ — ​ ​ 1,109 ​ Add: Dilutive effect of PSUs ​ ​ — ​ ​ 215 ​ ​ — ​ ​ 240 ​ Add: Dilutive effect of Series A Preferred Stock ​ ​ 1,961 ​ ​ 962 ​ ​ — ​ ​ 962 ​ Diluted weighted average number of shares outstanding ​ ​ 478,837 ​ ​ 479,530 ​ ​ 479,969 ​ ​ 479,382 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 1,734 ​ ​ 341 ​ ​ 1,712 ​ ​ 310 ​ Series A Preferred Shares ​ ​ — ​ ​ — ​ ​ 1,961 ​ ​ — ​ (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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except per share amounts) 2020 2021 2020 2021 ​ Net income (loss) ​ $ 88,441 ​ ​ 80,223 ​ ​ (304,492) ​ ​ 163,664 ​ Less preferred stock dividends ​ ​ (137) ​ ​ (137) ​ ​ (275) ​ ​ (275) ​ Net income (loss) available to common shareholders ​ $ 88,304 ​ ​ 80,086 ​ ​ (304,767) ​ ​ 163,389 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share–basic ​ $ 0.19 ​ ​ 0.17 ​ ​ (0.63) ​ ​ 0.34 ​ Net income (loss) per share–diluted ​ $ 0.18 ​ ​ 0.17 ​ ​ (0.63) ​ ​ 0.34 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding–basic ​ ​ 476,836 ​ ​ 477,290 ​ ​ 479,969 ​ ​ 477,071 ​ Weighted average common shares outstanding–diluted ​ ​ 478,837 ​ ​ 479,530 ​ ​ 479,969 ​ ​ 479,382 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurement
Schedule of fair value and carrying value of senior unsecured notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2020 ​ June 30, 2021 ​ (in thousands) ​ Fair Value (1) ​ Carrying Value (2) ​ Fair Value (1) ​ Carrying Value (2) ​ 2024 Notes ​ $ 633,750 ​ ​ 646,391 ​ ​ — ​ ​ — ​ 2026 Notes ​ ​ 569,250 ​ ​ 543,267 ​ ​ 614,680 ​ ​ 543,766 ​ 2027 Notes ​ ​ 637,000 ​ ​ 645,390 ​ ​ 674,375 ​ ​ 645,675 ​ 2028 Notes ​ ​ 624,000 ​ ​ 643,078 ​ ​ 681,655 ​ ​ 643,484 ​ 2029 Notes ​ ​ — ​ ​ — ​ ​ 781,875 ​ ​ 741,109 ​ Total ​ $ 2,464,000 ​ ​ 2,478,126 ​ ​ 2,752,585 ​ ​ 2,574,034 ​ (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)	6 Months Ended
	Jun. 30, 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 ​ ​ — ​ ​ 966 ​ ​ 966 ​ Equity in earnings of unconsolidated affiliates ​ ​ 3,168 ​ ​ 39,091 ​ ​ 42,259 ​ Distributions from unconsolidated affiliates ​ ​ (7,095) ​ ​ (51,090) ​ ​ (58,185) ​ Balance at June 30, 2021 ​ $ 133,705 ​ ​ 573,813 ​ ​ 707,518 ​

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Reportable Segments
Schedule of operating results and assets of the Company's reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 173,991 ​ ​ 63,351 ​ ​ — ​ ​ 237,342 ​ Amortization of customer relationships ​ ​ (9,239) ​ ​ (8,367) ​ ​ — ​ ​ (17,606) ​ Total revenues ​ ​ 164,752 ​ ​ 54,984 ​ ​ — ​ ​ 219,736 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 14,059 ​ ​ 28,008 ​ ​ — ​ ​ 42,067 ​ General and administrative ​ ​ 7,706 ​ ​ 3,125 ​ ​ 1,591 ​ ​ 12,422 ​ Facility idling ​ ​ — ​ ​ 2,475 ​ ​ — ​ ​ 2,475 ​ Depreciation ​ ​ 14,406 ​ ​ 13,339 ​ ​ — ​ ​ 27,745 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 61 ​ ​ — ​ ​ 61 ​ Loss on asset sale ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 ​ Total operating expenses ​ ​ 36,171 ​ ​ 47,248 ​ ​ 1,591 ​ ​ 85,010 ​ Operating income ​ $ 128,581 ​ ​ 7,736 ​ ​ (1,591) ​ ​ 134,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 20,947 ​ ​ — ​ ​ — ​ ​ 20,947 ​ Total assets ​ $ 4,387,102 ​ ​ 1,149,355 ​ ​ 178,598 ​ ​ 5,715,055 ​ Additions to property and equipment ​ $ 49,278 ​ ​ 6,153 ​ ​ — ​ ​ 55,431 ​ ​ (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 June 30, 2021 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 192,667 ​ ​ 57,718 ​ ​ — ​ ​ 250,385 ​ Revenue–third-party ​ ​ — ​ ​ 70 ​ ​ — ​ ​ 70 ​ Amortization of customer relationships ​ ​ (9,271) ​ ​ (8,397) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 183,396 ​ ​ 49,391 ​ ​ — ​ ​ 232,787 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 17,012 ​ ​ 22,543 ​ ​ — ​ ​ 39,555 ​ General and administrative ​ ​ 8,734 ​ ​ 4,873 ​ ​ 644 ​ ​ 14,251 ​ Facility idling ​ ​ — ​ ​ 984 ​ ​ — ​ ​ 984 ​ Depreciation ​ ​ 14,404 ​ ​ 12,215 ​ ​ — ​ ​ 26,619 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 114 ​ ​ — ​ ​ 114 ​ Gain on asset sale ​ ​ (135) ​ ​ — ​ ​ — ​ ​ (135) ​ Total operating expenses ​ ​ 40,015 ​ ​ 40,729 ​ ​ 644 ​ ​ 81,388 ​ Operating income ​ $ 143,381 ​ ​ 8,662 ​ ​ (644) ​ ​ 151,399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 21,515 ​ ​ — ​ ​ — ​ ​ 21,515 ​ Total assets ​ $ 4,380,817 ​ ​ 1,111,733 ​ ​ 48,192 ​ ​ 5,540,742 ​ Additions to property and equipment, net ​ $ 36,599 ​ ​ 9,377 ​ ​ — ​ ​ 45,976 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 337,120 ​ ​ 161,535 ​ ​ — ​ ​ 498,655 ​ Amortization of customer relationships ​ ​ (18,477) ​ ​ (16,734) ​ ​ — ​ ​ (35,211) ​ Total revenues ​ ​ 318,643 ​ ​ 144,801 ​ ​ — ​ ​ 463,444 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 27,450 ​ ​ 63,345 ​ ​ — ​ ​ 90,795 ​ General and administrative ​ ​ 15,283 ​ ​ 6,585 ​ ​ 4,091 ​ ​ 25,959 ​ Facility idling ​ ​ — ​ ​ 11,153 ​ ​ — ​ ​ 11,153 ​ Impairment of goodwill ​ ​ 575,461 ​ ​ — ​ ​ — ​ ​ 575,461 ​ Impairment of property and equipment ​ ​ — ​ ​ 89,083 ​ ​ — ​ ​ 89,083 ​ Depreciation ​ ​ 27,456 ​ ​ 27,632 ​ ​ — ​ ​ 55,088 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 103 ​ ​ — ​ ​ 103 ​ Loss on asset sale ​ ​ — ​ ​ 240 ​ ​ — ​ ​ 240 ​ Total operating expenses ​ ​ 645,650 ​ ​ 198,141 ​ ​ 4,091 ​ ​ 847,882 ​ Operating loss ​ $ (327,007) ​ ​ (53,340) ​ ​ (4,091) ​ ​ (384,438) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 40,024 ​ ​ — ​ ​ — ​ ​ 40,024 ​ Total assets ​ $ 4,387,102 ​ ​ 1,149,355 ​ ​ 178,598 ​ ​ 5,715,055 ​ Additions to property and equipment ​ $ 103,937 ​ ​ 19,477 ​ ​ — ​ ​ 123,414 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 377,828 ​ ​ 114,321 ​ ​ — ​ ​ 492,149 ​ Revenue–third-party ​ ​ — ​ ​ 95 ​ ​ — ​ ​ 95 ​ Amortization of customer relationships ​ ​ (18,542) ​ ​ (16,794) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 359,286 ​ ​ 97,622 ​ ​ — ​ ​ 456,908 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 34,248 ​ ​ 44,621 ​ ​ — ​ ​ 78,869 ​ General and administrative ​ ​ 17,383 ​ ​ 12,553 ​ ​ 2,245 ​ ​ 32,181 ​ Facility idling ​ ​ — ​ ​ 2,163 ​ ​ — ​ ​ 2,163 ​ Impairment of property and equipment ​ ​ 1,218 ​ ​ 161 ​ ​ — ​ ​ 1,379 ​ Depreciation ​ ​ 29,117 ​ ​ 24,352 ​ ​ — ​ ​ 53,469 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 233 ​ ​ — ​ ​ 233 ​ Loss on asset sale ​ ​ 3,628 ​ ​ — ​ ​ — ​ ​ 3,628 ​ Total operating expenses ​ ​ 85,594 ​ ​ 84,083 ​ ​ 2,245 ​ ​ 171,922 ​ Operating income ​ $ 273,692 ​ ​ 13,539 ​ ​ (2,245) ​ ​ 284,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 42,259 ​ ​ — ​ ​ — ​ ​ 42,259 ​ Total assets ​ $ 4,380,817 ​ ​ 1,111,733 ​ ​ 48,192 ​ ​ 5,540,742 ​ Additions to property and equipment, net ​ $ 51,658 ​ ​ 22,707 ​ ​ — ​ ​ 74,365 ​ ​ (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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite lived intangible assets rollforward
Balance - beginning of period			$ 1,427,447
Amortization of customer relationships	$ (17,668)	$ (17,606)	(35,336)	$ (35,211)
Balance - end of period	1,392,111		1,392,111
Customer relationships
Finite lived intangible assets rollforward
Balance - beginning of period			1,427,447
Amortization of customer relationships			(35,336)
Balance - end of period	$ 1,392,111		$ 1,392,111
Customer relationships | Weighted Average
Finite lived intangible assets
Amortization period			21 years

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future amortization expense
Remainder year ending December 31, 2021	$ 35,336
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	$ 1,392,111	$ 1,427,447

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Antero Resources - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allocation of costs
Direct labor expenses	$ 2	$ 1	$ 5	$ 3
General and administrative expense	$ 7	$ 6	$ 16	$ 13

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gathering And Compression Agreement
Agreements
Notice period			180 days
Rebate issued	$ 0	$ 12	$ 0	$ 24
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	6 Months Ended
	Jun. 30, 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	$ 1,636,838
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	6 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Amortization of customer relationships	$ (17,668)	$ (17,606)	$ (35,336)	$ (35,211)
Total revenue	232,787	219,736	456,908	463,444
Gathering And Processing
Disaggregation of Revenue
Amortization of customer relationships	(9,271)	(9,239)	(18,542)	(18,477)
Water Handling
Disaggregation of Revenue
Amortization of customer relationships	(8,397)	(8,367)	(16,794)	(16,734)
Fixed Fee | Gathering And Processing
Disaggregation of Revenue
Total operating revenues	192,667	185,991	377,828	361,120
Fixed Fee | Water Handling
Disaggregation of Revenue
Total operating revenues	37,751	36,900	75,109	102,718
Cost plus 3% | Water Handling
Disaggregation of Revenue
Total operating revenues	16,425	23,742	31,775	54,687
Cost of service fee | Water Handling
Disaggregation of Revenue
Total operating revenues	3,612	2,709	7,532	4,130
Gathering-low pressure | Gathering And Processing
Disaggregation of Revenue
Total operating revenues	91,761	85,791	178,067	166,939
Gathering-low pressure rebate | Gathering And Processing
Disaggregation of Revenue
Total operating revenues		(12,000)		(24,000)
Gathering-high pressure | Gathering And Processing
Disaggregation of Revenue
Total operating revenues	51,535	51,577	102,253	100,490
Compression | Gathering And Processing
Disaggregation of Revenue
Total operating revenues	49,371	48,623	97,508	93,691
Fresh water delivery | Water Handling
Disaggregation of Revenue
Total operating revenues	37,751	36,900	75,109	102,718
Other fluid handling | Water Handling
Disaggregation of Revenue
Total operating revenues	$ 20,037	$ 26,451	$ 39,307	$ 58,817

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue
Original expected duration	true
Receivables with customers	$ 90	$ 74

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property and Equipment
Total property and equipment	$ 3,504,968			$ 3,504,968		$ 3,411,752
Less accumulated depreciation	(211,177)			(211,177)		(157,708)
Property and equipment, net	3,293,791			3,293,791		3,254,044
Impairment of long-lived assets			$ 89,000	1,379	$ 89,083
Facility idling	984	$ 2,475		2,163	11,153
Clearwater Facility
Property and Equipment
Facility idling	1,000	$ 2,000		2,000	$ 11,000
Land
Property and Equipment
Total property and equipment	23,369			23,369		23,582
Gathering systems and facilities
Property and Equipment
Total property and equipment	2,672,545			2,672,545		$ 2,643,927
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	565,472			$ 565,472		$ 545,419
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	52,569			$ 52,569		$ 50,916
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		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
Assets under construction
Property and Equipment
Total property and equipment	$ 182,611			$ 182,611		$ 139,506

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 08, 2021	Nov. 10, 2020	Jun. 28, 2019	Feb. 25, 2019	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Mar. 12, 2019	Sep. 13, 2016
Long-term debt
Total principal					$ 3,113,700	$ 3,113,700	$ 3,113,500
Unamortized debt premiums					2,311	2,311	4,261
Unamortized debt issuance costs					(28,277)	(28,277)	(26,135)
Total long-term debt					3,087,734	3,087,734	3,091,626
Loss on early extinguishment of debt					(20,701)	(20,701)
New revolving credit facility | Antero Midstream Partners
Long-term debt
Total principal					513,700	513,700	$ 613,500
Maximum borrowing capacity					$ 2,130,000	$ 2,130,000
Weighted average interest rate (as a percent)					1.60%	1.60%	1.66%
Outstanding balance					$ 0	$ 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 long-term debt							646,391
5.375% Notes Due 2024 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal							$ 650,000
Unamortized debt premiums								$ 2,600
Interest rate (as a percent)					5.375%	5.375%	5.375%		5.375%
Face amount									$ 650,000
Debt instrument fair value								652,600
Amount of debt redeemed	$ 650,000
Loss on early extinguishment of debt	$ 21,000
Debt instrument redemption percentage	102.688%
7.875% Senior Notes Due 2026
Long-term debt
Total long-term debt					$ 543,766	$ 543,766	$ 543,267
7.875% Senior Notes Due 2026 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal					$ 550,000	$ 550,000	$ 550,000
Interest rate (as a percent)		7.875%			7.875%	7.875%	7.875%
Face amount		$ 550,000
Debt instrument redemption percentage upon change of control		101.00%
7.875% Senior Notes Due 2026 | Maximum | Finance Corp and together with Antero Midstream Partners
Long-term debt
Percent of aggregate principal amount that can be redeemed		35.00%
7.875% Senior Notes Due 2026 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage		103.938%
7.875% Senior Notes Due 2026 | 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 | Redemption period three | Finance Corp and together with Antero Midstream Partners
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 long-term debt					$ 645,675	$ 645,675	$ 645,390
5.75% Senior Notes Due 2027 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal					$ 650,000	$ 650,000	$ 650,000
Unamortized debt premiums								3,300
Interest rate (as a percent)				5.75%	5.75%	5.75%	5.75%
Face amount				$ 650,000
Debt instrument fair value								$ 653,300
Debt instrument redemption percentage upon change of control				101.00%
5.75% Senior Notes Due 2027 | Maximum | Finance Corp and together with Antero Midstream Partners
Long-term debt
Percent of aggregate principal amount that can be redeemed				35.00%
5.75% Senior Notes Due 2027 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage				102.875%
5.75% Senior Notes Due 2027 | Redemption period two | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage				100.00%
5.75% Senior Notes Due 2027 | Redemption period three | Finance Corp and together with Antero Midstream Partners
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 long-term debt					$ 643,484	$ 643,484	$ 643,078
5.75% Senior Notes Due 2028 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal					$ 650,000	$ 650,000	$ 650,000
Interest rate (as a percent)			5.75%		5.75%	5.75%	5.75%
Face amount			$ 650,000
Debt instrument redemption percentage upon change of control			101.00%
5.75% Senior Notes Due 2028 | Maximum | Finance Corp and together with Antero Midstream Partners
Long-term debt
Percent of aggregate principal amount that can be redeemed			35.00%
5.75% Senior Notes Due 2028 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage			102.875%
5.75% Senior Notes Due 2028 | Redemption period two | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage			100.00%
5.75% Senior Notes Due 2028 | Redemption period three | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage			105.75%
Debt instrument redemption percentage with payment of premium and interest			100.00%
5.375% Senior Notes Due 2029
Long-term debt
Total long-term debt					$ 741,109	$ 741,109
5.375% Senior Notes Due 2029 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal	$ 750,000				$ 750,000	$ 750,000
Interest rate (as a percent)	5.375%				5.375%	5.375%	5.375%
Debt instrument redemption percentage upon change of control	101.00%
5.375% Senior Notes Due 2029 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage	102.688%
Percent of aggregate principal amount that can be redeemed	35.00%
5.375% Senior Notes Due 2029 | Redemption period two | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage	100.00%
5.375% Senior Notes Due 2029 | Redemption period three | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage	105.375%
Debt instrument redemption percentage with payment of premium and interest	100.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities
Capital expenditures	$ 26,871	$ 11,307
Operating expenses	10,127	10,038
Interest expense	37,704	46,209
Production taxes	5,601	3,368
Other	3,317	4,025
Total accrued liabilities	$ 83,620	$ 74,947

Equity Based Compensation and C

Equity Based Compensation and Cash Awards (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 12, 2019
Antero Resources
Additional disclosures
Expense recognized			$ 0.4	$ 1.3	$ 1.5	$ 3.2
Unamortized expense			2.9		2.9
Midstream LTIP
Additional disclosures
Unamortized expense			$ 27.1		$ 27.1
Weighted average period for recognizing unrecognized stock-based compensation expense					3 years
AM LTIP
Number of units
Total awarded and unvested at the beginning of the period (in shares)					3,314,955
Granted (in shares)					1,788,937
Vested (in shares)					(1,129,501)
Forfeited (in shares)					(200,473)
Total awarded and unvested at the end of the period (in shares)			3,773,918		3,773,918
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per unit)					$ 8.09
Granted (in dollars per unit)					8.71
Vested (in dollars per unit)					9.11
Forfeited (in dollars per unit)					7.20
Total awarded and unvested at the end of the period (in dollars per unit)			$ 8.13		$ 8.13
Additional disclosures
Expense recognized			$ 2.8	1.3	$ 5	2.7
Number of stock-based compensation awards authorized							15,398,901
Number of shares available for future grant under the Plan			9,985,888		9,985,888
Cash awards granted	$ 0.7	$ 2.2
Vesting period for cash awards	4 years	3 years
Cash awards accrued in other liabilities			$ 1.1		$ 1.1
ROIC PSUs
Additional disclosures
Expense (credit) recognized			(0.1)	$ 0.1	0.5	$ 0.2
Unamortized expense			$ 0.4		$ 0.4
Weighted average period for recognizing unrecognized stock-based compensation expense					9 months 18 days

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 14, 2021	May 17, 2021	May 12, 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	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash dividends
Common stock dividends paid			$ 108,799		$ 147,194		$ 146,581		$ 146,664		$ 147,519		$ 148,876	$ 255,993	$ 296,395
Preferred stock dividends paid														275	$ 275
Dividends paid														256,268		$ 590,190
Common stock dividends (in dollars per share)			$ 0.2250		$ 0.3075		$ 0.3075		$ 0.3075		$ 0.3075		$ 0.3075
Cash dividends declared per common share	$ 0.225
Series A Preferred Stock
Cash dividends
Preferred stock dividends paid		$ 137		$ 138		$ 137		$ 138		$ 137		$ 138
Cash dividend declared	$ 138
Dividends in arrears														$ 69

Equity and Earnings Per Commo_3

Equity and Earnings Per Common Share (Details) - $ / shares	Mar. 12, 2019	Jun. 30, 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%
Dividend payment term	45 days
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average common shares outstanding-basic	477,290	476,836	477,071	479,969
Add: Dilutive effect of Series A preferred stock	962	1,961	962
Diluted weighted average number of shares outstanding	479,530	478,837	479,382	479,969
RSUs
Add: Dilutive effect	1,063	40	1,109
Antidilutive securities excluded from computation of earnings per share	341	1,734	310	1,712
PSUs
Add: Dilutive effect	215		240
Preferred shares
Antidilutive securities excluded from computation of earnings per share				1,961

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity and Earnings Per Common Share
Net income (loss)	$ 80,223	$ 83,441	$ 88,441	$ (392,933)	$ 163,664	$ (304,492)
Less preferred stock dividends	(137)		(137)		(275)	(275)
Net income (loss) available to common shareholders	$ 80,086		$ 88,304		$ 163,389	$ (304,767)
Net income (loss) per share-basic (in dollars per share)	$ 0.17		$ 0.19		$ 0.34	$ (0.63)
Net income (loss) per share-diluted (in dollars per share)	$ 0.17		$ 0.18		$ 0.34	$ (0.63)
Weighted average common shares outstanding-basic	477,290		476,836		477,071	479,969
Weighted average common shares outstanding-diluted	479,530		478,837		479,382	479,969

Fair Value Measurement (Details

Fair Value Measurement (Details) $ in Thousands	1 Months Ended
	Sep. 30, 2015USD ($)bbl	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020	Jan. 31, 2020USD ($)
Fair value measurement
Carrying Value		$ 3,087,734	$ 3,091,626
Senior Notes
Fair value measurement
Carrying Value		2,574,034	2,478,126
5.375% Notes Due 2024
Fair value measurement
Carrying Value			646,391
7.875% Senior Notes Due 2026
Fair value measurement
Carrying Value		543,766	543,267
5.75% Senior Notes Due 2027
Fair value measurement
Carrying Value		645,675	645,390
5.75% Senior Notes Due 2028
Fair value measurement
Carrying Value		643,484	643,078
5.375% Senior Notes Due 2029
Fair value measurement
Carrying Value		741,109
Level 2 | Senior Notes
Fair value measurement
Fair Value		2,752,585	2,464,000
Level 2 | 5.375% Notes Due 2024
Fair value measurement
Fair Value			633,750
Level 2 | 7.875% Senior Notes Due 2026
Fair value measurement
Fair Value		614,680	569,250
Level 2 | 5.75% Senior Notes Due 2027
Fair value measurement
Fair Value		674,375	637,000
Level 2 | 5.75% Senior Notes Due 2028
Fair value measurement
Fair Value		681,655	$ 624,000
Level 2 | 5.375% Senior Notes Due 2029
Fair value measurement
Fair Value		$ 781,875
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 | Antero Midstream Partners
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 | Antero Midstream Partners
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		6 Months Ended
	Jun. 30, 2021USD ($)itemmi	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)itemmi	Jun. 30, 2020USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period			$ 722,478
Additional investments			966
Equity in earnings of unconsolidated affiliates	$ 21,515	$ 20,947	42,259	$ 40,024
Distributions from unconsolidated affiliates			(58,185)	$ (41,828)
Balance at end of period	$ 707,518		$ 707,518
Stonewall
Equity Method Investments
Ownership percentage	15.00%		15.00%
Number of miles of pipeline | mi	67		67
Investments in unconsolidated affiliates
Balance at beginning of period			$ 137,632
Equity in earnings of unconsolidated affiliates			3,168
Distributions from unconsolidated affiliates			(7,095)
Balance at end of period	$ 133,705		$ 133,705
MarkWest Joint Venture
Equity Method Investments
Ownership percentage	50.00%		50.00%
Percentage of interest held by joint venture in third party fractionator in Ohio			33.33%
Number of fractionators | item	2		2
Investments in unconsolidated affiliates
Balance at beginning of period			$ 584,846
Additional investments			966
Equity in earnings of unconsolidated affiliates			39,091
Distributions from unconsolidated affiliates			(51,090)
Balance at end of period	$ 573,813		$ 573,813

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)itemsegment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Reporting Segments
Number of reportable segments | segment				2
Revenues:
Amortization of customer relationships	$ (17,668)	$ (17,606)		$ (35,336)	$ (35,211)
Total revenue	232,787	219,736		456,908	463,444
Operating expenses:
Direct operating	39,555	42,067		78,869	90,795
General and administrative	14,251	12,422		32,181	25,959
Facility idling	984	2,475		2,163	11,153
Impairment of goodwill					575,461
Impairment of property and equipment			$ 89,000	1,379	89,083
Depreciation	26,619	27,745		53,469	55,088
Accretion of asset retirement obligations	114	61		233	103
Loss (gain) on asset sale	(135)	240		3,628	240
Total operating expenses	81,388	85,010		171,922	847,882
Operating income (loss)	151,399	134,726		284,986	(384,438)
Equity in earnings of unconsolidated affiliates	21,515	20,947		42,259	40,024
Total assets	5,540,742	5,715,055		5,540,742	5,715,055	$ 5,610,912
Additions to property and equipment	45,976	55,431		74,365	123,414
Antero Resources
Revenues:
Total operating revenues	250,385	237,342		492,149	498,655
Third party
Revenues:
Total operating revenues	70			95
Gathering And Processing
Revenues:
Amortization of customer relationships	(9,271)	(9,239)		$ (18,542)	(18,477)
Water Handling
Reporting Segments
Number of independent fresh water systems | item				2
Revenues:
Amortization of customer relationships	(8,397)	(8,367)		$ (16,794)	(16,734)
Operating Segments | Gathering And Processing
Revenues:
Amortization of customer relationships	(9,271)	(9,239)		(18,542)	(18,477)
Total revenue	183,396	164,752		359,286	318,643
Operating expenses:
Direct operating	17,012	14,059		34,248	27,450
General and administrative	8,734	7,706		17,383	15,283
Impairment of goodwill					575,461
Impairment of property and equipment				1,218
Depreciation	14,404	14,406		29,117	27,456
Loss (gain) on asset sale	(135)			3,628
Total operating expenses	40,015	36,171		85,594	645,650
Operating income (loss)	143,381	128,581		273,692	(327,007)
Equity in earnings of unconsolidated affiliates	21,515	20,947		42,259	40,024
Total assets	4,380,817	4,387,102		4,380,817	4,387,102
Additions to property and equipment	36,599	49,278		51,658	103,937
Operating Segments | Gathering And Processing | Antero Resources
Revenues:
Total operating revenues	192,667	173,991		377,828	337,120
Operating Segments | Water Handling
Revenues:
Amortization of customer relationships	(8,397)	(8,367)		(16,794)	(16,734)
Total revenue	49,391	54,984		97,622	144,801
Operating expenses:
Direct operating	22,543	28,008		44,621	63,345
General and administrative	4,873	3,125		12,553	6,585
Facility idling	984	2,475		2,163	11,153
Impairment of property and equipment				161	89,083
Depreciation	12,215	13,339		24,352	27,632
Accretion of asset retirement obligations	114	61		233	103
Loss (gain) on asset sale		240			240
Total operating expenses	40,729	47,248		84,083	198,141
Operating income (loss)	8,662	7,736		13,539	(53,340)
Total assets	1,111,733	1,149,355		1,111,733	1,149,355
Additions to property and equipment	9,377	6,153		22,707	19,477
Operating Segments | Water Handling | Antero Resources
Revenues:
Total operating revenues	57,718	63,351		114,321	161,535
Operating Segments | Water Handling | Third party
Revenues:
Total operating revenues	70			95
Unallocated
Operating expenses:
General and administrative	644	1,591		2,245	4,091
Total operating expenses	644	1,591		2,245	4,091
Operating income (loss)	(644)	(1,591)		(2,245)	(4,091)
Total assets	$ 48,192	$ 178,598		$ 48,192	$ 178,598