Antero Midstream (AM) 10-Q27 Oct 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 22, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		477,503,787
Entity Central Index Key	0001623925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 640
Accounts receivable - Antero Resources	$ 85,152	73,722
Accounts receivable - third party	857	839
Income tax receivable	940	17,251
Other current assets	541	1,479
Total current assets	87,490	93,931
Property and equipment, net	3,345,843	3,254,044
Investments in unconsolidated affiliates	703,780	722,478
Deferred tax asset	14,855	103,402
Customer relationships	1,374,443	1,427,447
Other assets, net	7,222	9,610
Total assets	5,533,633	5,610,912
Current liabilities:
Accounts payable - Antero Resources	3,157	3,862
Accounts payable - third party	24,944	9,495
Accrued liabilities	85,576	74,947
Other current liabilities	5,013	5,701
Total current liabilities	118,690	94,005
Long-term liabilities:
Long-term debt	3,095,560	3,091,626
Other	6,790	6,995
Total liabilities	3,221,040	3,192,626
Stockholders' Equity:
Preferred stock
Common stock, $0.01 par value; 2,000,000 authorized; 476,639 and 477,460 issued and outstanding as of December 31, 2020 and September 30, 2021, respectively	4,775	4,766
Additional paid-in capital	2,518,919	2,877,612
Accumulated deficit	(211,101)	(464,092)
Total stockholders' equity	2,312,593	2,418,286
Total liabilities and stockholders' equity	5,533,633	5,610,912
Series A Preferred Stock
Stockholders' Equity:
Preferred stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	477,460,000	476,639,000
Common stock, shares outstanding	477,460,000	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Amortization of customer relationships	$ (17,668)	$ (17,800)	$ (53,004)	$ (53,011)
Total revenue	224,804	233,415	681,712	696,859
Operating expenses:
Direct operating	39,499	38,052	118,368	128,847
General and administrative	14,810	13,232	46,991	39,191
Facility idling	870	2,527	3,033	13,680
Impairment of goodwill				575,461
Impairment of property and equipment	203	947	1,582	90,030
Depreciation	27,487	26,801	80,956	81,889
Accretion of asset retirement obligations	114	39	347	142
Loss on asset sale			3,628	240
Total operating expenses	82,983	81,598	254,905	929,480
Operating income (loss)	141,821	151,817	426,807	(232,621)
Interest expense, net	(44,544)	(34,501)	(130,915)	(107,443)
Equity in earnings of unconsolidated affiliates	24,088	23,173	66,347	63,197
Loss on early extinguishment of debt			(20,701)
Total other expense	(20,456)	(11,328)	(85,269)	(44,246)
Income (loss) before income taxes	121,365	140,489	341,538	(276,867)
Provision for income tax benefit (expense)	(32,038)	(34,982)	(88,547)	77,882
Net income (loss) and comprehensive income (loss)	$ 89,327	$ 105,507	$ 252,991	$ (198,985)
Net income (loss) per share-basic (in dollars per share)	$ 0.19	$ 0.22	$ 0.53	$ (0.42)
Net income (loss) per share-diluted (in dollars per share)	$ 0.19	$ 0.22	$ 0.53	$ (0.42)
Weighted average common shares outstanding:
Basic (in shares)	477,442	476,578	477,196	478,831
Diluted (in shares)	479,695	478,694	479,501	478,831
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Total operating revenues	$ 188,716	$ 190,214	$ 566,544	$ 527,334
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Total operating revenues	53,511	$ 61,001	167,832	$ 222,536
Natural Gas Water Handling and Treatment
Revenue:
Total operating revenues	$ 245		$ 340

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Operations and Comprehensive Income
Equity-based compensation	$ 3,255	$ 3,678	$ 10,326	$ 9,713

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ 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
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
Net income (loss) and comprehensive income (loss)				(198,985)
Balance at Sep. 30, 2020	$ 4,766	3,021,275	(540,550)	2,485,491
Balance (shares) at Sep. 30, 2020	476,597
Balance at Mar. 31, 2020	$ 4,794	3,318,659	(734,498)	2,588,955
Balance (shares) at Mar. 31, 2020	479,385
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
Dividends to stockholders		(146,802)		(146,802)
Equity-based compensation		3,678		3,678
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 1	(75)		(74)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	111
Net income (loss) and comprehensive income (loss)			105,507	105,507
Balance at Sep. 30, 2020	$ 4,766	3,021,275	(540,550)	2,485,491
Balance (shares) at Sep. 30, 2020	476,597
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
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
Net income (loss) and comprehensive income (loss)				$ 252,991
Balance at Sep. 30, 2021	$ 4,775	2,518,919	(211,101)	$ 2,312,593
Balance (shares) at Sep. 30, 2021	477,460			477,460
Balance at Mar. 31, 2021	$ 4,769	2,732,748	(380,651)	$ 2,356,866
Balance (shares) at Mar. 31, 2021	476,907
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
Dividends to stockholders		(107,857)		(107,857)
Equity-based compensation		3,255		3,255
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 1	(569)		(568)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	102
Net income (loss) and comprehensive income (loss)			89,327	89,327
Balance at Sep. 30, 2021	$ 4,775	$ 2,518,919	$ (211,101)	$ 2,312,593
Balance (shares) at Sep. 30, 2021	477,460			477,460

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 252,991	$ (198,985)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	80,956	81,889
Payment of contingent consideration in excess of acquisition date fair value		(8,076)
Accretion of asset retirement obligations	347	142
Impairment	1,582	665,491
Deferred income tax expense (benefit)	88,547	(21,425)
Equity-based compensation	10,326	9,713
Equity in earnings of unconsolidated affiliates	(66,347)	(63,197)
Distributions from unconsolidated affiliates	87,115	69,313
Amortization of customer relationships	53,004	53,011
Amortization of deferred financing costs	4,152	3,299
Loss on early extinguishment of debt	20,701
Settlement of asset retirement obligations	(814)	(1,517)
Loss on asset sale	3,628	240
Changes in assets and liabilities:
Accounts receivable-Antero Resources	(11,429)	17,081
Accounts receivable-third party	594	1,139
Income tax receivable	16,311	(17,547)
Other current assets	810	1,036
Accounts payable-Antero Resources	(705)	(717)
Accounts payable-third party	11,058	6,239
Accrued liabilities	(7,337)	(50,240)
Net cash provided by operating activities	545,490	546,889
Cash flows provided by (used in) investing activities:
Investments in unconsolidated affiliates	(2,070)	(24,802)
Cash received in asset sale	1,653	123
Change in other assets		1,938
Net cash used in investing activities	(157,365)	(188,006)
Cash flows provided by (used in) financing activities:
Dividends to stockholders	(363,712)	(443,059)
Dividends to preferred stockholders	(413)	(413)
Repurchases of common stock		(24,713)
Issuance of senior notes	750,000
Redemption of senior notes	(667,472)
Payments of deferred financing costs	(9,449)
Borrowings (repayments) on bank credit facilities, net	(92,800)	228,000
Payment of contingent acquisition consideration		(116,924)
Employee tax withholding for settlement of equity compensation awards	(4,885)	(466)
Other	(34)	(150)
Net cash used in financing activities	(388,765)	(357,725)
Net increase (decrease) in cash and cash equivalents	(640)	1,158
Cash and cash equivalents, beginning of period	640	1,235
Cash and cash equivalents, end of period		2,393
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	132,630	135,426
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	22,675	(11,318)
Gathering systems and facilities
Cash flows provided by (used in) investing activities:
Additions	(120,727)	(137,978)
Water handling systems
Cash flows provided by (used in) investing activities:
Additions	$ (36,221)	$ (27,287)

Organization

Organization	9 Months Ended
Organization	Sep. 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 September 30, 2021, the results of the Company’s operations for the three and nine months ended September 30, 2020 and 2021, and cash flows for the nine months ended September 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) 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 amending existing guidance. It is effective for interim and annual reporting periods after December 15, 2020. The Company adopted this ASU on January 1, 2021, and it did not have a material impact on the Company's consolidated financial statements.

Goodwill and Intangibles

Goodwill and Intangibles	9 Months Ended
Goodwill and Intangibles	Sep. 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 20 years, which reflects the remaining economic life of the relationships as of September 30, 2021. The changes in the carrying amount of customer relationships for the nine months ended September 30, 2021 were as follows (in thousands): Customer relationships as of December 31, 2020 $ 1,427,447 Amortization of customer relationships (53,004) Customer relationships as of September 30, 2021 $ 1,374,443 Future amortization expense is as follows (in thousands): Remainder of year ending December 31, 2021 $ 17,668 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 $ 1,374,443

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
Transactions with Affiliates	Sep. 30, 2021
Transactions with Affiliates
Transactions with Affiliates	(4) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three and nine months ended September 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 $2 million during both the three months ended September 30, 2020 and 2021, and $5 million and $7 million during the nine months ended September 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 $8 million during the three months ended September 30, 2020 and 2021, respectively, and $18 million and $24 million during the nine months ended September 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	9 Months Ended
Revenue	Sep. 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 nine months ended September 30, 2020, Antero Resources earned rebates of $12 million and $36 million, respectively, from the Company by achieving the first level volumetric target during the first, second and third quarters of 2020. Antero Resources did no 30, 2021 since Antero Resources did not achieve any volumetric targets during the first, second or third 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 September 30, 2021 are as follows (in thousands): Remainder of year ending December 31, 2021 $ 23,119 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 558,288 Total $ 1,565,117 (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 Nine Months Ended September 30, September 30, (in thousands) 2020 2021 2020 2021 Reportable Segment Revenue from contracts with customers Type of service Gathering—low pressure $ 92,673 87,139 259,612 265,206 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — (36,000) — Gathering and Processing (1) Gathering—high pressure 57,665 51,812 158,155 154,065 Gathering and Processing (1) Compression 51,876 49,765 145,567 147,273 Gathering and Processing (1) Fresh water delivery 40,398 33,004 143,116 108,113 Water Handling Other fluid handling 20,603 20,752 79,420 60,059 Water Handling Amortization of customer relationships (9,342) (9,271) (27,819) (27,813) Gathering and Processing Amortization of customer relationships (8,458) (8,397) (25,192) (25,191) Water Handling Total $ 233,415 224,804 696,859 681,712 Type of contract Per Unit Fixed Fee $ 202,214 188,716 563,334 566,544 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — (36,000) — Gathering and Processing (1) Per Unit Fixed Fee 40,398 33,004 143,116 108,113 Water Handling Cost plus 3% 17,743 16,952 72,430 48,727 Water Handling Cost of service fee 2,860 3,800 6,990 11,332 Water Handling Amortization of customer relationships (9,342) (9,271) (27,819) (27,813) Gathering and Processing Amortization of customer relationships (8,458) (8,397) (25,192) (25,191) Water Handling Total $ 233,415 224,804 696,859 681,712 (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 September 30, 2021, the Company’s receivables with customers were million, respectively.

Property and Equipment

Property and Equipment	9 Months Ended
Property and Equipment	Sep. 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, September 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 2,688,091 Permanent buried pipelines and equipment 7-20 years 545,419 567,376 Surface pipelines and equipment 1-7 years 50,916 54,456 Heavy trucks and equipment 3-5 years 5,919 5,157 Above ground storage tanks 5-10 years 2,483 2,871 Construction-in-progress n/a 139,506 242,627 Total property and equipment 3,411,752 3,583,947 Less accumulated depreciation (157,708) (238,104) Property and equipment, net $ 3,254,044 3,345,843 (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 $3 million and $1 million during the three months ended September 30, 2020 and 2021, respectively, and $14 million and $3 million during the nine months ended September 30, 2020 and 2021, respectively. The Clearwater Facility was fully impaired when it was idled in September 2019.

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2021
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt The Company’s long-term debt as of December 31, 2020 and September 30, 2021 was as follows: (Unaudited) December 31, September 30, (in thousands) 2020 2021 Credit Facility (a) $ 613,500 520,700 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 3,120,700 Unamortized debt premiums 4,261 2,208 Unamortized debt issuance costs (26,135) (27,348) Total long-term debt $ 3,091,626 3,095,560 (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 with a consortium of banks. On October 26, 2021, the Company entered into an amended and restated senior secured revolving credit facility. References in the notes to the condensed consolidated financial statements to the (i) “Prior Credit Facility” refers to the senior secured revolving credit facility in effect for periods before October 26, 2021, (ii) “New Credit Facility” refers to the senior secured revolving credit facility in effect on or after October 26, 2021 and (ii) “Credit Facility” refers to Prior Credit Facility and New Credit Facility collectively. As of September 30, 2021, lender commitments under the Prior Credit Facility were billion. As of October 26, 2021, the New Credit Facility has lender commitments of billion and matures on October 26, 2026; provided that if on November 17, 2025 any of the 2026 Notes (as defined below) are outstanding, the New Credit Facility will mature on such date. The Credit Facility contains certain covenants including restrictions on indebtedness, and requirements with respect to leverage and interest coverage ratios. The Credit Facility permits distributions to the holders of the Borrower’s equity interests in accordance with the cash distribution policy, provided that no event of default exists or would be caused thereby, and only to the extent permitted by the Company’s organizational documents. The Borrower was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2020 and September 30, 2021. The Prior Credit Facility provides for borrowing under either a Base Rate or Eurodollar Rate Loan (as each term is defined in the Prior Credit Facility), and the New Credit Facility provides for borrowing under either Adjusted Term Secured Overnight Financing Rate (“SOFR”) or the Base Rate (as each term is defined in the New Credit Facility). Principal amounts borrowed are payable on the maturity date with such borrowings bearing interest that is payable with respect to (i) base rate loans, quarterly and (ii) Eurodollar Rate Loans or SOFR Loans at the end of the applicable interest period if three months or shorter or every three months if the applicable interest period is longer than three months. Interest is payable at a variable rate based on (i) LIBOR or the base rate, determined by election at the time of borrowing, plus an applicable margin rate under the Prior Credit Facility or (ii) SOFR or the base rate, determined by election at the time of borrowing, plus an applicable margin rate under the New Credit Facility. Interest at the time of borrowing is determined with reference to the Borrower’s then-current leverage ratio subject to certain exceptions. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from As of December 31, 2020, the Borrower had outstanding borrowings under the Prior Credit Facility of $614 million with a weighted average interest rate of 1.66 %. As of September 30, 2021, the Borrower had outstanding borrowings under the Prior Credit Facility of million with a weighted average interest rate of %. (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 (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 103.938% on or after May 15, 2023 to 100.00% 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 102.688% on or after June 15, 2024 to 100.00% 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 nine months ended September 30, 2020 and 2021, all of the Company’s assets and operations are attributable to the Issuers and its guarantors.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2021
Accrued Liabilities
Accrued Liabilities	(8) Accrued Liabilities Accrued liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items: (Unaudited) December 31, September 30, (in thousands) 2020 2021 Capital expenditures $ 11,307 29,591 Operating expenses 10,038 9,372 Interest expense 46,209 40,944 Production taxes 3,368 2,929 Other 4,025 2,740 Total accrued liabilities $ 74,947 85,576

Equity-Based Compensation and C

Equity-Based Compensation and Cash Awards	9 Months Ended
Equity-Based Compensation and Cash Awards	Sep. 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. AR LTIP Equity-based compensation expense allocated to the Company from Antero Resources was $1.2 million and $0.3 million for the three months ended September 30, 2020 and 2021, respectively and $4.5 million and $1.8 million for the nine months ended September 30, 2020 and 2021, 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 30, 2021. A portion of this unamortized cost will be allocated to Antero Midstream as it is amortized over the remaining service period of the related awards. The Company does not reimburse Antero Resources for noncash equity compensation allocated to it for awards issued under the AR LTIP or the Antero Resources Corporation 2020 Long-Term Incentive Plan following March 12, 2019. AM LTIP The Company is authorized to grant up to 15,398,901 shares of AM common stock to employees and directors under the AM LTIP. The AM LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), dividend equivalents, other stock-based awards, cash awards and substitute awards. The terms and conditions of the awards granted are established by the compensation committee of the Board of Directors (the “Board”). As of September 30, 2021, a total 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 nine months ended September 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 1,791,444 8.71 Vested (1,267,750) 9.07 Forfeited (221,710) 7.36 Total AM LTIP RSUs awarded and unvested—September 30, 2021 3,616,939 $ 8.10 As of September 30, 2021, unamortized expense of $24.1 million related to the unvested RSUs is expected to be recognized over a weighted average period of approximately 2.8 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 nine months ended September 30, 2020 and 2021. The Company recognized expense of $0.1 million for both the three months ended September 30, 2020 and 2021, and $0.2 million and $0.7 million for the nine months ended September 30, 2020 and 2021, respectively. As of September 30, 2021, there was $0.3 million of unamortized equity-based compensation expense related to unvested PSUs that is expected to be recognized over a weighted average period of 0.5 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 December 31, 2020 and September 30, 2021, the Company has recorded $1.8 million and $1.0 million, respectively, in other liabilities in the condensed consolidated balance sheets related to unvested cash awards.

Cash Dividends

Cash Dividends	9 Months Ended
Cash Dividends	Sep. 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 * Q2 2021 July 28, 2021 August 11, 2021 107,719 0.2250 * August 16, 2021 August 16, 2021 138 * Total 2021 $ 364,125 * 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 October 13, 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 September 30, 2021. The dividend will be payable on November 10, 2021 to stockholders of record as of October 27, 2021. The Board also declared a cash dividend of $138 thousand on the shares of Series A Preferred Stock of Antero Midstream to be paid on November 15, 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 September 30, 2021, there were dividends in the amount of $ thousand accumulated in arrears on the Company’s Series A Preferred Stock.

Equity and Earnings Per Common

Equity and Earnings Per Common Share	9 Months Ended
Equity and Earnings Per Common Share	Sep. 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 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 Nine Months Ended September 30, September 30, (in thousands) 2020 2021 2020 2021 Basic weighted average number of shares outstanding 476,578 477,442 478,831 477,196 Add: Dilutive effect of RSUs 254 1,093 — 1,113 Add: Dilutive effect of PSUs — 200 — 232 Add: Dilutive effect of Series A Preferred Stock 1,862 960 — 960 Diluted weighted average number of shares outstanding 478,694 479,695 478,831 479,501 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): RSUs 2,995 235 2,168 283 Series A Preferred Shares — — 1,862 — (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 Nine Months Ended September 30, September 30, (in thousands, except per share amounts) 2020 2021 2020 2021 Net income (loss) $ 105,507 89,327 (198,985) 252,991 Less preferred stock dividends (138) (138) (413) (413) Net income (loss) available to common shareholders $ 105,369 89,189 (199,398) 252,578 Net income (loss) per share–basic $ 0.22 0.19 (0.42) 0.53 Net income (loss) per share–diluted $ 0.22 0.19 (0.42) 0.53 Weighted average common shares outstanding–basic 476,578 477,442 478,831 477,196 Weighted average common shares outstanding–diluted 478,694 479,695 478,831 479,501

Fair Value Measurement

Fair Value Measurement	9 Months Ended
Fair Value Measurement	Sep. 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 September 30, 2021, the fair value and carrying value of the Company’s Senior Notes were as follows: (Unaudited) December 31, 2020 September 30, 2021 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2024 Notes $ 633,750 646,391 — — 2026 Notes 569,250 543,267 599,500 544,028 2027 Notes 637,000 645,390 667,875 645,820 2028 Notes 624,000 643,078 673,530 643,693 2029 Notes — — 772,500 741,319 Total $ 2,464,000 2,478,126 2,713,405 2,574,860 (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 September 30, 2021 approximated fair value because of their short-term nature. The carrying value of the amounts under the Prior Credit Facility at December 31, 2020 and September 30, 2021 approximated fair value because the variable interest rates are reflective of current market conditions.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
Investments in Unconsolidated Affiliates	Sep. 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 — 2,070 2,070 Equity in earnings of unconsolidated affiliates 4,918 61,429 66,347 Distributions from unconsolidated affiliates (10,215) (76,900) (87,115) Balance at September 30, 2021 $ 132,335 571,445 703,780

Reportable Segments

Reportable Segments	9 Months Ended
Reportable Segments	Sep. 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 nine months ended September 30, 2020 and 2021: Three Months Ended September 30, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 190,214 61,001 — 251,215 Amortization of customer relationships (9,342) (8,458) — (17,800) Total revenues 180,872 52,543 — 233,415 Operating expenses: Direct operating 16,078 21,974 — 38,052 General and administrative 8,137 3,100 1,995 13,232 Facility idling — 2,527 — 2,527 Impairment of property and equipment 947 — — 947 Depreciation 14,900 11,901 — 26,801 Accretion of asset retirement obligations — 39 — 39 Total operating expenses 40,062 39,541 1,995 81,598 Operating income $ 140,810 13,002 (1,995) 151,817 Equity in earnings of unconsolidated affiliates $ 23,173 — — 23,173 Total assets $ 4,383,313 1,146,687 143,504 5,673,504 Additions to property and equipment $ 34,041 7,810 — 41,851 (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 September 30, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 188,716 53,511 — 242,227 Revenue–third-party — 245 — 245 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 179,445 45,359 — 224,804 Operating expenses: Direct operating 16,161 23,338 — 39,499 General and administrative 9,076 4,554 1,180 14,810 Facility idling — 870 — 870 Impairment of property and equipment — 203 — 203 Depreciation 15,151 12,336 — 27,487 Accretion of asset retirement obligations — 114 — 114 Total operating expenses 40,388 41,415 1,180 82,983 Operating income $ 139,057 3,944 (1,180) 141,821 Equity in earnings of unconsolidated affiliates $ 24,088 — — 24,088 Total assets $ 4,416,828 1,100,884 15,921 5,533,633 Additions to property and equipment, net $ 69,069 13,514 — 82,583 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Nine Months Ended September 30, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 527,334 222,536 — 749,870 Amortization of customer relationships (27,819) (25,192) — (53,011) Total revenues 499,515 197,344 — 696,859 Operating expenses: Direct operating 43,528 85,319 — 128,847 General and administrative 23,420 9,685 6,086 39,191 Facility idling — 13,680 — 13,680 Impairment of goodwill 575,461 — — 575,461 Impairment of property and equipment 947 89,083 — 90,030 Depreciation 42,356 39,533 — 81,889 Accretion of asset retirement obligations — 142 — 142 Loss on asset sale — 240 — 240 Total operating expenses 685,712 237,682 6,086 929,480 Operating loss $ (186,197) (40,338) (6,086) (232,621) Equity in earnings of unconsolidated affiliates $ 63,197 — — 63,197 Total assets $ 4,383,313 1,146,687 143,504 5,673,504 Additions to property and equipment $ 137,978 27,287 — 165,265 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Nine Months Ended September 30, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 566,544 167,832 — 734,376 Revenue–third-party — 340 — 340 Amortization of customer relationships (27,813) (25,191) — (53,004) Total revenues 538,731 142,981 — 681,712 Operating expenses: Direct operating 50,409 67,959 — 118,368 General and administrative 26,459 17,107 3,425 46,991 Facility idling — 3,033 — 3,033 Impairment of property and equipment 1,218 364 — 1,582 Depreciation 44,268 36,688 — 80,956 Accretion of asset retirement obligations — 347 — 347 Loss on asset sale 3,628 — — 3,628 Total operating expenses 125,982 125,498 3,425 254,905 Operating income $ 412,749 17,483 (3,425) 426,807 Equity in earnings of unconsolidated affiliates $ 66,347 — — 66,347 Total assets $ 4,416,828 1,100,884 15,921 5,533,633 Additions to property and equipment, net $ 120,727 36,221 — 156,948 (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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 September 30, 2021, the results of the Company’s operations for the three and nine months ended September 30, 2020 and 2021, and cash flows for the nine months ended September 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.
Recently Adopted Accounting Standard	(c) 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 amending existing guidance. It is effective for interim and annual reporting periods after December 15, 2020. The Company adopted this ASU on January 1, 2021, and it did not have a material impact on the Company's consolidated financial statements.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	9 Months Ended
Goodwill and Intangibles (Tables)	Sep. 30, 2021
Goodwill and Intangibles
Schedule of changes in carrying amount of customer relationships	The changes in the carrying amount of customer relationships for the nine months ended September 30, 2021 were as follows (in thousands): Customer relationships as of December 31, 2020 $ 1,427,447 Amortization of customer relationships (53,004) Customer relationships as of September 30, 2021 $ 1,374,443
Schedule of future amortization expense	Future amortization expense is as follows (in thousands): Remainder of year ending December 31, 2021 $ 17,668 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 $ 1,374,443

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 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 September 30, 2021 are as follows (in thousands): Remainder of year ending December 31, 2021 $ 23,119 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 558,288 Total $ 1,565,117
Schedule of disaggregation of revenue	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2020 2021 2020 2021 Reportable Segment Revenue from contracts with customers Type of service Gathering—low pressure $ 92,673 87,139 259,612 265,206 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — (36,000) — Gathering and Processing (1) Gathering—high pressure 57,665 51,812 158,155 154,065 Gathering and Processing (1) Compression 51,876 49,765 145,567 147,273 Gathering and Processing (1) Fresh water delivery 40,398 33,004 143,116 108,113 Water Handling Other fluid handling 20,603 20,752 79,420 60,059 Water Handling Amortization of customer relationships (9,342) (9,271) (27,819) (27,813) Gathering and Processing Amortization of customer relationships (8,458) (8,397) (25,192) (25,191) Water Handling Total $ 233,415 224,804 696,859 681,712 Type of contract Per Unit Fixed Fee $ 202,214 188,716 563,334 566,544 Gathering and Processing (1) Gathering—low pressure rebate (12,000) — (36,000) — Gathering and Processing (1) Per Unit Fixed Fee 40,398 33,004 143,116 108,113 Water Handling Cost plus 3% 17,743 16,952 72,430 48,727 Water Handling Cost of service fee 2,860 3,800 6,990 11,332 Water Handling Amortization of customer relationships (9,342) (9,271) (27,819) (27,813) Gathering and Processing Amortization of customer relationships (8,458) (8,397) (25,192) (25,191) Water Handling Total $ 233,415 224,804 696,859 681,712 (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)	9 Months Ended
Property and Equipment (Tables)	Sep. 30, 2021
Property and Equipment
Schedule of investment in property and equipment	(Unaudited) Estimated December 31, September 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 2,688,091 Permanent buried pipelines and equipment 7-20 years 545,419 567,376 Surface pipelines and equipment 1-7 years 50,916 54,456 Heavy trucks and equipment 3-5 years 5,919 5,157 Above ground storage tanks 5-10 years 2,483 2,871 Construction-in-progress n/a 139,506 242,627 Total property and equipment 3,411,752 3,583,947 Less accumulated depreciation (157,708) (238,104) Property and equipment, net $ 3,254,044 3,345,843 (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2021
Long-Term Debt.
Schedule of long-term debt	(Unaudited) December 31, September 30, (in thousands) 2020 2021 Credit Facility (a) $ 613,500 520,700 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 3,120,700 Unamortized debt premiums 4,261 2,208 Unamortized debt issuance costs (26,135) (27,348) Total long-term debt $ 3,091,626 3,095,560

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2021
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items: (Unaudited) December 31, September 30, (in thousands) 2020 2021 Capital expenditures $ 11,307 29,591 Operating expenses 10,038 9,372 Interest expense 46,209 40,944 Production taxes 3,368 2,929 Other 4,025 2,740 Total accrued liabilities $ 74,947 85,576

Equity-Based Compensation and_2

Equity-Based Compensation and Cash Awards (Tables)	9 Months Ended
Equity-Based Compensation and Cash Awards (Tables)	Sep. 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 1,791,444 8.71 Vested (1,267,750) 9.07 Forfeited (221,710) 7.36 Total AM LTIP RSUs awarded and unvested—September 30, 2021 3,616,939 $ 8.10

Cash Dividends (Tables)

Cash Dividends (Tables)	9 Months Ended
Cash Dividends (Tables)	Sep. 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 * Q2 2021 July 28, 2021 August 11, 2021 107,719 0.2250 * August 16, 2021 August 16, 2021 138 * Total 2021 $ 364,125 * 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)	9 Months Ended
Equity and Earnings Per Common Share (Tables)	Sep. 30, 2021
Equity and Earnings Per Common Share
Schedule of weighted average shares outstanding	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2020 2021 2020 2021 Basic weighted average number of shares outstanding 476,578 477,442 478,831 477,196 Add: Dilutive effect of RSUs 254 1,093 — 1,113 Add: Dilutive effect of PSUs — 200 — 232 Add: Dilutive effect of Series A Preferred Stock 1,862 960 — 960 Diluted weighted average number of shares outstanding 478,694 479,695 478,831 479,501 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1): RSUs 2,995 235 2,168 283 Series A Preferred Shares — — 1,862 — (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 Nine Months Ended September 30, September 30, (in thousands, except per share amounts) 2020 2021 2020 2021 Net income (loss) $ 105,507 89,327 (198,985) 252,991 Less preferred stock dividends (138) (138) (413) (413) Net income (loss) available to common shareholders $ 105,369 89,189 (199,398) 252,578 Net income (loss) per share–basic $ 0.22 0.19 (0.42) 0.53 Net income (loss) per share–diluted $ 0.22 0.19 (0.42) 0.53 Weighted average common shares outstanding–basic 476,578 477,442 478,831 477,196 Weighted average common shares outstanding–diluted 478,694 479,695 478,831 479,501

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
Fair Value Measurement (Tables)	Sep. 30, 2021
Fair Value Measurement
Schedule of fair value and carrying value of Senior Notes	(Unaudited) December 31, 2020 September 30, 2021 (in thousands) Fair Value (1) Carrying Value (2) Fair Value (1) Carrying Value (2) 2024 Notes $ 633,750 646,391 — — 2026 Notes 569,250 543,267 599,500 544,028 2027 Notes 637,000 645,390 667,875 645,820 2028 Notes 624,000 643,078 673,530 643,693 2029 Notes — — 772,500 741,319 Total $ 2,464,000 2,478,126 2,713,405 2,574,860 (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)	9 Months Ended
Investments in Unconsolidated Affiliates (Tables)	Sep. 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 — 2,070 2,070 Equity in earnings of unconsolidated affiliates 4,918 61,429 66,347 Distributions from unconsolidated affiliates (10,215) (76,900) (87,115) Balance at September 30, 2021 $ 132,335 571,445 703,780

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
Reportable Segments (Tables)	Sep. 30, 2021
Reportable Segments
Schedule of operating results and assets of the Company's reportable segments	Three Months Ended September 30, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 190,214 61,001 — 251,215 Amortization of customer relationships (9,342) (8,458) — (17,800) Total revenues 180,872 52,543 — 233,415 Operating expenses: Direct operating 16,078 21,974 — 38,052 General and administrative 8,137 3,100 1,995 13,232 Facility idling — 2,527 — 2,527 Impairment of property and equipment 947 — — 947 Depreciation 14,900 11,901 — 26,801 Accretion of asset retirement obligations — 39 — 39 Total operating expenses 40,062 39,541 1,995 81,598 Operating income $ 140,810 13,002 (1,995) 151,817 Equity in earnings of unconsolidated affiliates $ 23,173 — — 23,173 Total assets $ 4,383,313 1,146,687 143,504 5,673,504 Additions to property and equipment $ 34,041 7,810 — 41,851 (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 September 30, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 188,716 53,511 — 242,227 Revenue–third-party — 245 — 245 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 179,445 45,359 — 224,804 Operating expenses: Direct operating 16,161 23,338 — 39,499 General and administrative 9,076 4,554 1,180 14,810 Facility idling — 870 — 870 Impairment of property and equipment — 203 — 203 Depreciation 15,151 12,336 — 27,487 Accretion of asset retirement obligations — 114 — 114 Total operating expenses 40,388 41,415 1,180 82,983 Operating income $ 139,057 3,944 (1,180) 141,821 Equity in earnings of unconsolidated affiliates $ 24,088 — — 24,088 Total assets $ 4,416,828 1,100,884 15,921 5,533,633 Additions to property and equipment, net $ 69,069 13,514 — 82,583 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Nine Months Ended September 30, 2020 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 527,334 222,536 — 749,870 Amortization of customer relationships (27,819) (25,192) — (53,011) Total revenues 499,515 197,344 — 696,859 Operating expenses: Direct operating 43,528 85,319 — 128,847 General and administrative 23,420 9,685 6,086 39,191 Facility idling — 13,680 — 13,680 Impairment of goodwill 575,461 — — 575,461 Impairment of property and equipment 947 89,083 — 90,030 Depreciation 42,356 39,533 — 81,889 Accretion of asset retirement obligations — 142 — 142 Loss on asset sale — 240 — 240 Total operating expenses 685,712 237,682 6,086 929,480 Operating loss $ (186,197) (40,338) (6,086) (232,621) Equity in earnings of unconsolidated affiliates $ 63,197 — — 63,197 Total assets $ 4,383,313 1,146,687 143,504 5,673,504 Additions to property and equipment $ 137,978 27,287 — 165,265 (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. Nine Months Ended September 30, 2021 Gathering and Water Consolidated (in thousands) Processing Handling Unallocated (1) Total Revenues: Revenue–Antero Resources $ 566,544 167,832 — 734,376 Revenue–third-party — 340 — 340 Amortization of customer relationships (27,813) (25,191) — (53,004) Total revenues 538,731 142,981 — 681,712 Operating expenses: Direct operating 50,409 67,959 — 118,368 General and administrative 26,459 17,107 3,425 46,991 Facility idling — 3,033 — 3,033 Impairment of property and equipment 1,218 364 — 1,582 Depreciation 44,268 36,688 — 80,956 Accretion of asset retirement obligations — 347 — 347 Loss on asset sale 3,628 — — 3,628 Total operating expenses 125,982 125,498 3,425 254,905 Operating income $ 412,749 17,483 (3,425) 426,807 Equity in earnings of unconsolidated affiliates $ 66,347 — — 66,347 Total assets $ 4,416,828 1,100,884 15,921 5,533,633 Additions to property and equipment, net $ 120,727 36,221 — 156,948 (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	9 Months Ended
Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite lived intangible assets rollforward
Balance - beginning of period			$ 1,427,447
Amortization of customer relationships	$ (17,668)	$ (17,800)	(53,004)	$ (53,011)
Balance - end of period	1,374,443		1,374,443
Customer relationships
Finite lived intangible assets rollforward
Balance - beginning of period			1,427,447
Amortization of customer relationships			(53,004)
Balance - end of period	$ 1,374,443		$ 1,374,443
Customer relationships \| Weighted Average
Finite lived intangible assets
Amortization period			20 years

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future amortization expense
Remainder year ending December 31, 2021	$ 17,668
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	$ 1,374,443	$ 1,427,447

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Antero Resources - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allocation of costs
Direct labor expenses	$ 2	$ 2	$ 7	$ 5
General and administrative expense	$ 8	$ 6	$ 24	$ 18

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gathering And Compression Agreement
Agreements
Notice period			180 days
Rebate issued	$ 0	$ 12	$ 0	$ 36
Water Services Agreement
Agreements
Notice period			180 days
Third party out of pocket costs reimbursement markup (as a percent)			3.00%

Revenue - Minimum Volume Commit

Revenue - Minimum Volume Commitments (Details) - Gathering And Compression Agreement $ in Thousands	9 Months Ended
	Sep. 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	$ 1,565,117
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Minimum revenue amounts under the minimum volume commitments
Minimum revenue amounts	$ 23,119
Expected timing of satisfaction period	3 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	$ 558,288
Expected timing of satisfaction period

Revenue - Disaggregation (Detai

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Disaggregation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Amortization of customer relationships	$ (17,668)	$ (17,800)	$ (53,004)	$ (53,011)
Total revenue	224,804	233,415	681,712	696,859
Gathering And Processing
Disaggregation of Revenue
Amortization of customer relationships	(9,271)	(9,342)	(27,813)	(27,819)
Water Handling
Disaggregation of Revenue
Amortization of customer relationships	(8,397)	(8,458)	(25,191)	(25,192)
Fixed Fee \| Gathering And Processing
Disaggregation of Revenue
Total operating revenues	188,716	202,214	566,544	563,334
Fixed Fee \| Water Handling
Disaggregation of Revenue
Total operating revenues	33,004	40,398	108,113	143,116
Cost plus 3% \| Water Handling
Disaggregation of Revenue
Total operating revenues	16,952	17,743	48,727	72,430
Cost of service fee \| Water Handling
Disaggregation of Revenue
Total operating revenues	3,800	2,860	11,332	6,990
Gathering-low pressure \| Gathering And Processing
Disaggregation of Revenue
Total operating revenues	87,139	92,673	265,206	259,612
Gathering-low pressure rebate \| Gathering And Processing
Disaggregation of Revenue
Total operating revenues		(12,000)		(36,000)
Gathering-high pressure \| Gathering And Processing
Disaggregation of Revenue
Total operating revenues	51,812	57,665	154,065	158,155
Compression \| Gathering And Processing
Disaggregation of Revenue
Total operating revenues	49,765	51,876	147,273	145,567
Fresh water delivery \| Water Handling
Disaggregation of Revenue
Total operating revenues	33,004	40,398	108,113	143,116
Other fluid handling \| Water Handling
Disaggregation of Revenue
Total operating revenues	$ 20,752	$ 20,603	$ 60,059	$ 79,420

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue
Original expected duration	true
Receivables with customers	$ 85	$ 74

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property and Equipment
Total property and equipment	$ 3,583,947			$ 3,583,947		$ 3,411,752
Less accumulated depreciation	(238,104)			(238,104)		(157,708)
Property and equipment, net	3,345,843			3,345,843		3,254,044
Impairment of long-lived assets	203	$ 947	$ 89,000	1,582	$ 90,030
Facility idling	870	2,527		3,033	13,680
Clearwater Facility
Property and Equipment
Facility idling	1,000	$ 3,000		3,000	$ 14,000
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	2,688,091			2,688,091		2,643,927
Residual value	0			$ 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	567,376			$ 567,376		$ 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	54,456			$ 54,456		$ 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	5,157			$ 5,157		$ 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	2,871			$ 2,871		$ 2,483
Above ground storage tanks \| Minimum
Property and Equipment
Estimated useful lives				5 years		5 years
Above ground storage tanks \| Maximum
Property and Equipment
Estimated useful lives				10 years		10 years
Construction-in-progress
Property and Equipment
Total property and equipment	$ 242,627			$ 242,627		$ 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	Sep. 30, 2021	Oct. 26, 2021	Dec. 31, 2020	Mar. 12, 2019	Sep. 13, 2016
Long-term debt
Total principal					$ 3,120,700		$ 3,113,500
Unamortized debt premiums					2,208		4,261
Unamortized debt issuance costs					(27,348)		(26,135)
Total long-term debt					3,095,560		3,091,626
Loss on early extinguishment of debt					$ (20,701)
Credit Facilities \| Minimum \| Antero Midstream Partners
Long-term debt
Commitment fees on the unused portion (as a percent)					0.25%
Credit Facilities \| Maximum \| Antero Midstream Partners
Long-term debt
Commitment fees on the unused portion (as a percent)					0.375%
Prior Credit Facility \| Antero Midstream Partners
Long-term debt
Total principal					$ 520,700		613,500
Maximum borrowing capacity					2,130,000
Outstanding letters of credit					$ 0		$ 0
Weighted average interest rate (as a percent)					1.59%		1.66%
New Credit Facility \| Finance Corp and together with Antero Midstream Partners
Long-term debt
Current borrowing capacity						$ 1,250,000
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%
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					$ 544,028		$ 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
Interest rate (as a percent)		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 \| 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%
7.875% Senior Notes Due 2026 \| Redemption period three \| 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
Long-term debt
Total long-term debt					$ 645,820		$ 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
Unamortized debt premiums								3,300
Interest rate (as a percent)				5.75%	5.75%		5.75%
Face amount				$ 650,000
Debt instrument fair value								$ 653,300
Debt instrument redemption percentage upon change of control				101.00%
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 2027 \| Redemption period three \| 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
Long-term debt
Total long-term debt					$ 643,693		$ 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
Interest rate (as a percent)			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 \| 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%
5.75% Senior Notes Due 2028 \| Redemption period three \| Maximum \| Finance Corp and together with Antero Midstream Partners
Long-term debt
Percent of aggregate principal amount that can be redeemed			35.00%
5.375% Senior Notes Due 2029
Long-term debt
Total long-term debt					$ 741,319
5.375% Senior Notes Due 2029 \| Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal	$ 750,000				$ 750,000
Interest rate (as a percent)	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%
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%
5.375% Senior Notes Due 2029 \| Redemption period three \| Maximum \| Finance Corp and together with Antero Midstream Partners
Long-term debt
Percent of aggregate principal amount that can be redeemed	35.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities
Capital expenditures	$ 29,591	$ 11,307
Operating expenses	9,372	10,038
Interest expense	40,944	46,209
Production taxes	2,929	3,368
Other	2,740	4,025
Total accrued liabilities	$ 85,576	$ 74,947

Equity Based Compensation and C

Equity Based Compensation and Cash Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 12, 2019
Additional disclosures
Equity-based compensation			$ 3,255	$ 3,678	$ 10,326	$ 9,713
AR LTIP
Additional disclosures
Equity based compensation expense allocated from Antero Resources			300	1,200	1,800	4,500
Unamortized expense allocated from Antero Resources			1,900		1,900
AM LTIP
Additional disclosures
Equity-based compensation			$ 2,800	2,300	$ 7,900	5,000
Number of stock-based compensation awards authorized								15,398,901
Number of shares available for future grant under the Plan			10,041,012		10,041,012
Cash awards granted	$ 700	$ 2,200
Vesting period for cash awards	4 years	3 years
Cash awards accrued in other liabilities			$ 1,000		$ 1,000		$ 1,800
AM LTIP RSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares)					3,314,955
Granted (in shares)					1,791,444
Vested (in shares)					(1,267,750)
Forfeited (in shares)					(221,710)
Total awarded and unvested at the end of the period (in shares)			3,616,939		3,616,939
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)					9.07
Forfeited (in dollars per unit)					7.36
Total awarded and unvested at the end of the period (in dollars per unit)			$ 8.10		$ 8.10
Additional disclosures
Unamortized expense			$ 24,100		$ 24,100
Weighted average period for recognizing unrecognized stock-based compensation expense					2 years 9 months 18 days
ROIC PSUs
Additional disclosures
Equity-based compensation			100	$ 100	$ 700	$ 200
Unamortized expense			$ 300		$ 300
Weighted average period for recognizing unrecognized stock-based compensation expense					6 months

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 13, 2021	Aug. 16, 2021	Aug. 11, 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	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash dividends
Common stock dividends paid			$ 107,719		$ 108,799		$ 147,194		$ 146,581		$ 146,664		$ 147,519		$ 148,876	$ 363,712	$ 443,059
Preferred stock dividends paid																413	$ 413
Dividends paid																364,125		$ 590,190
Common stock dividends (in dollars per share)			$ 0.2250		$ 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		$ 138		$ 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	Sep. 30, 2021	Dec. 31, 2020
Equity and Earnings Per Common Share
Number of shares authorized	100,000,000	100,000,000	100,000,000
Series A Preferred Stock
Equity and Earnings Per Common Share
Preferred stock, shares issued	10,000
Preferred stock dividend rate	5.50%
Dividend payment term	45 days
Redemption price per share	$ 1,000

Equity and Earnings Per Commo_4

Equity and Earnings Per Common Share - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Weighted Average Shares Outstanding
Weighted average common shares outstanding-basic	477,442	476,578	477,196	478,831
Add: Dilutive effect of Series A preferred stock	960	1,862	960
Diluted weighted average number of shares outstanding	479,695	478,694	479,501	478,831
RSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	1,093	254	1,113
Antidilutive securities excluded from computation of earnings per share	235	2,995	283	2,168
ROIC PSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	200		232
Series A Preferred Stock
Weighted Average Shares Outstanding
Antidilutive securities excluded from computation of earnings per share				1,862

Equity and Earnings Per Commo_5

Equity and Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity and Earnings Per Common Share
Net income (loss)	$ 89,327	$ 80,223	$ 83,441	$ 105,507	$ 88,441	$ (392,933)	$ 252,991	$ (198,985)
Less preferred stock dividends	(138)			(138)			(413)	(413)
Net income (loss) available to common shareholders	$ 89,189			$ 105,369			$ 252,578	$ (199,398)
Net income (loss) per share-basic (in dollars per share)	$ 0.19			$ 0.22			$ 0.53	$ (0.42)
Net income (loss) per share-diluted (in dollars per share)	$ 0.19			$ 0.22			$ 0.53	$ (0.42)
Weighted average common shares outstanding-basic	477,442			476,578			477,196	478,831
Weighted average common shares outstanding-diluted	479,695			478,694			479,501	478,831

Fair Value Measurement (Details

Fair Value Measurement (Details) $ in Thousands	1 Months Ended
Fair Value Measurement (Details) $ in Thousands	Jan. 31, 2020USD ($)	Sep. 30, 2015USD ($)bbl	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020
Fair value measurement
Carrying Value			$ 3,095,560	$ 3,091,626
Senior Notes
Fair value measurement
Carrying Value			2,574,860	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			544,028	543,267
5.75% Senior Notes Due 2027
Fair value measurement
Carrying Value			645,820	645,390
5.75% Senior Notes Due 2028
Fair value measurement
Carrying Value			643,693	643,078
5.375% Senior Notes Due 2029
Fair value measurement
Carrying Value			741,319
Level 2 \| Senior Notes
Fair value measurement
Fair Value			2,713,405	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			599,500	569,250
Level 2 \| 5.75% Senior Notes Due 2027
Fair value measurement
Fair Value			667,875	637,000
Level 2 \| 5.75% Senior Notes Due 2028
Fair value measurement
Fair Value			673,530	$ 624,000
Level 2 \| 5.375% Senior Notes Due 2029
Fair value measurement
Fair Value			$ 772,500
Discounted cash flow, comparable company and market value \| Level 3 \| Weighted Average
Fair value measurement
Goodwill cost of capital					0.180
Discount rate \| Third-party market participants \| Level 3
Fair value measurement
Property and Equipment discount rate					0.190
Antero Resources \| Contingent Consideration Period One \| Water Acquisition
Fair value measurement
Contingent consideration		$ 125,000
Contingent consideration paid	$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment \| bbl		176,295,000
Antero Resources \| Contingent Consideration Period Two \| Water Acquisition
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		9 Months Ended
	Sep. 30, 2021USD ($)itemmi	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)itemmi	Sep. 30, 2020USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period			$ 722,478
Additional investments			2,070
Equity in earnings of unconsolidated affiliates	$ 24,088	$ 23,173	66,347	$ 63,197
Distributions from unconsolidated affiliates			(87,115)	$ (69,313)
Balance at end of period	$ 703,780		$ 703,780
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			4,918
Distributions from unconsolidated affiliates			(10,215)
Balance at end of period	$ 132,335		$ 132,335
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			2,070
Equity in earnings of unconsolidated affiliates			61,429
Distributions from unconsolidated affiliates			(76,900)
Balance at end of period	$ 571,445		$ 571,445

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended			9 Months Ended
Reportable Segments (Details) $ in Thousands	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)itemsegment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Reporting Segments
Number of reportable segments \| segment				2
Revenues:
Amortization of customer relationships	$ (17,668)	$ (17,800)		$ (53,004)	$ (53,011)
Total revenue	224,804	233,415		681,712	696,859
Operating expenses:
Direct operating	39,499	38,052		118,368	128,847
General and administrative	14,810	13,232		46,991	39,191
Facility idling	870	2,527		3,033	13,680
Impairment of goodwill					575,461
Impairment of property and equipment	203	947	$ 89,000	1,582	90,030
Depreciation	27,487	26,801		80,956	81,889
Accretion of asset retirement obligations	114	39		347	142
Loss (gain) on asset sale				3,628	240
Total operating expenses	82,983	81,598		254,905	929,480
Operating income (loss)	141,821	151,817		426,807	(232,621)
Equity in earnings of unconsolidated affiliates	24,088	23,173		66,347	63,197
Total assets	5,533,633	5,673,504		5,533,633	5,673,504	$ 5,610,912
Additions to property and equipment	82,583	41,851		156,948	165,265
Antero Resources
Revenues:
Total operating revenues	242,227	251,215		734,376	749,870
Third party
Revenues:
Total operating revenues	245			340
Gathering And Processing
Revenues:
Amortization of customer relationships	(9,271)	(9,342)		$ (27,813)	(27,819)
Water Handling
Reporting Segments
Number of independent fresh water systems \| item				2
Revenues:
Amortization of customer relationships	(8,397)	(8,458)		$ (25,191)	(25,192)
Operating Segments \| Gathering And Processing
Revenues:
Amortization of customer relationships	(9,271)	(9,342)		(27,813)	(27,819)
Total revenue	179,445	180,872		538,731	499,515
Operating expenses:
Direct operating	16,161	16,078		50,409	43,528
General and administrative	9,076	8,137		26,459	23,420
Impairment of goodwill					575,461
Impairment of property and equipment		947		1,218	947
Depreciation	15,151	14,900		44,268	42,356
Loss (gain) on asset sale				3,628
Total operating expenses	40,388	40,062		125,982	685,712
Operating income (loss)	139,057	140,810		412,749	(186,197)
Equity in earnings of unconsolidated affiliates	24,088	23,173		66,347	63,197
Total assets	4,416,828	4,383,313		4,416,828	4,383,313
Additions to property and equipment	69,069	34,041		120,727	137,978
Operating Segments \| Gathering And Processing \| Antero Resources
Revenues:
Total operating revenues	188,716	190,214		566,544	527,334
Operating Segments \| Water Handling
Revenues:
Amortization of customer relationships	(8,397)	(8,458)		(25,191)	(25,192)
Total revenue	45,359	52,543		142,981	197,344
Operating expenses:
Direct operating	23,338	21,974		67,959	85,319
General and administrative	4,554	3,100		17,107	9,685
Facility idling	870	2,527		3,033	13,680
Impairment of property and equipment	203			364	89,083
Depreciation	12,336	11,901		36,688	39,533
Accretion of asset retirement obligations	114	39		347	142
Loss (gain) on asset sale					240
Total operating expenses	41,415	39,541		125,498	237,682
Operating income (loss)	3,944	13,002		17,483	(40,338)
Total assets	1,100,884	1,146,687		1,100,884	1,146,687
Additions to property and equipment	13,514	7,810		36,221	27,287
Operating Segments \| Water Handling \| Antero Resources
Revenues:
Total operating revenues	53,511	61,001		167,832	222,536
Operating Segments \| Water Handling \| Third party
Revenues:
Total operating revenues	245			340
Unallocated
Operating expenses:
General and administrative	1,180	1,995		3,425	6,086
Total operating expenses	1,180	1,995		3,425	6,086
Operating income (loss)	(1,180)	(1,995)		(3,425)	(6,086)
Total assets	$ 15,921	$ 143,504		$ 15,921	$ 143,504