Antero Midstream (AM) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		479,678,273
Entity Central Index Key	0001623925
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Consolid

Condensed Consolidated Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Income tax receivable	$ 940	$ 940
Other current assets	795	1,326
Total current assets	93,906	88,993
Property and equipment, net	3,756,496	3,751,431
Investments in unconsolidated affiliates	639,887	652,767
Customer relationships	1,250,767	1,286,103
Other assets, net	11,827	12,026
Total assets	5,752,883	5,791,320
Current liabilities:
Accrued liabilities	74,924	72,715
Other current liabilities	817	1,061
Total current liabilities	96,609	102,077
Long-term liabilities:
Long-term debt	3,306,667	3,361,282
Deferred income tax liability	191,979	131,215
Other	4,589	4,428
Total liabilities	3,599,844	3,599,002
Stockholders' Equity:
Preferred stock
Common stock, $0.01 par value; 2,000,000 authorized; 478,497 and 479,656 issued and outstanding as of December 31, 2022 and June 30, 2023, respectively	4,797	4,785
Additional paid-in capital	2,061,230	2,104,740
Retained earnings	87,012	82,793
Total stockholders' equity	2,153,039	2,192,318
Total liabilities and stockholders' equity	5,752,883	5,791,320
Affiliated Entity
Current assets:
Accounts receivable	91,621	86,152
Current liabilities:
Accounts payable	2,921	5,436
Nonrelated Party
Current assets:
Accounts receivable	550	575
Current liabilities:
Accounts payable	17,947	22,865
Series A Preferred Stock
Stockholders' Equity:
Preferred stock

Condensed Consolidated Consol_2

Condensed Consolidated Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	479,656,000	478,497,000
Common stock, shares outstanding	479,656,000	478,497,000
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 Consol_3

Condensed Consolidated Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Amortization of customer relationships	$ (17,668)	$ (17,668)	$ (35,336)	$ (35,336)
Total revenue	258,287	228,907	517,762	447,398
Operating expenses:
Direct operating	52,595	43,299	110,468	85,311
General and administrative	18,162	16,079	35,509	34,010
Facility idling	637	1,185	1,211	2,333
Depreciation	35,233	35,675	70,429	63,975
Impairment of property and equipment		3,702		3,702
Accretion of asset retirement obligations	44	64	88	128
Loss on settlement of asset retirement obligations	279	539	620	539
Loss (gain) on asset sale	5,814	(32)	5,569	(150)
Total operating expenses	112,764	100,511	223,894	189,848
Operating income	145,523	128,396	293,868	257,550
Other income (expense):
Interest expense, net	(55,388)	(45,426)	(110,012)	(89,705)
Equity in earnings of unconsolidated affiliates	25,972	22,824	50,428	46,056
Total other expense	(29,416)	(22,602)	(59,584)	(43,649)
Income before income taxes	116,107	105,794	234,284	213,901
Income tax expense	(29,095)	(26,399)	(60,765)	(54,466)
Net income and comprehensive income	$ 87,012	$ 79,395	$ 173,519	$ 159,435
Net income per share-basic (in dollars per share)	$ 0.18	$ 0.17	$ 0.36	$ 0.33
Net income per share-diluted (in dollars per share)	$ 0.18	$ 0.17	$ 0.36	$ 0.33
Weighted average common shares outstanding:
Basic (in shares)	479,502	478,317	479,059	477,983
Diluted (in shares)	481,512	480,270	481,420	480,329
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Total operating revenues	$ 211,068	$ 184,071	$ 410,644	$ 366,514
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Total operating revenues	64,613	62,262	141,908	115,583
Natural Gas Water Handling and Treatment
Revenue:
Total operating revenues	$ 274	$ 242	$ 546	$ 637

Condensed Consolidated Consol_4

Condensed Consolidated Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Consolidated Statements of Operations and Comprehensive Income
Equity-based compensation	$ 8,499	$ 5,641	$ 14,826	$ 8,473

Condensed Consolidated Consol_5

Condensed Consolidated Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 4,775	$ 2,414,398	$ (132,475)	$ 2,286,698
Balance (shares) at Dec. 31, 2021	477,495
Dividends to stockholders		(108,287)		(108,287)
Equity-based compensation		2,832		2,832
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 2	(1,331)		(1,329)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	188
Net income and comprehensive income			80,040	80,040
Balance at Mar. 31, 2022	$ 4,777	2,307,612	(52,435)	2,259,954
Balance (shares) at Mar. 31, 2022	477,683
Balance at Dec. 31, 2021	$ 4,775	2,414,398	(132,475)	2,286,698
Balance (shares) at Dec. 31, 2021	477,495
Net income and comprehensive income				159,435
Balance at Jun. 30, 2022	$ 4,784	2,198,375	26,960	2,230,119
Balance (shares) at Jun. 30, 2022	478,437
Balance at Mar. 31, 2022	$ 4,777	2,307,612	(52,435)	2,259,954
Balance (shares) at Mar. 31, 2022	477,683
Dividends to stockholders		(109,433)		(109,433)
Equity-based compensation		5,641		5,641
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 7	(5,445)		(5,438)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	754
Net income and comprehensive income			79,395	79,395
Balance at Jun. 30, 2022	$ 4,784	2,198,375	26,960	2,230,119
Balance (shares) at Jun. 30, 2022	478,437
Balance at Dec. 31, 2022	$ 4,785	2,104,740	82,793	$ 2,192,318
Balance (shares) at Dec. 31, 2022	478,497			478,497
Dividends to stockholders		(25,709)	(82,793)	$ (108,502)
Equity-based compensation		6,327		6,327
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 1	(1,167)		(1,166)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	148
Net income and comprehensive income			86,507	86,507
Balance at Mar. 31, 2023	$ 4,786	2,084,191	86,507	2,175,484
Balance (shares) at Mar. 31, 2023	478,645
Balance at Dec. 31, 2022	$ 4,785	2,104,740	82,793	$ 2,192,318
Balance (shares) at Dec. 31, 2022	478,497			478,497
Net income and comprehensive income				$ 173,519
Balance at Jun. 30, 2023	$ 4,797	2,061,230	87,012	$ 2,153,039
Balance (shares) at Jun. 30, 2023	479,656			479,656
Balance at Mar. 31, 2023	$ 4,786	2,084,191	86,507	$ 2,175,484
Balance (shares) at Mar. 31, 2023	478,645
Dividends to stockholders		(24,267)	(86,507)	(110,774)
Equity-based compensation		8,499		8,499
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	$ 11	(7,193)		(7,182)
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes (in shares)	1,011
Net income and comprehensive income			87,012	87,012
Balance at Jun. 30, 2023	$ 4,797	$ 2,061,230	$ 87,012	$ 2,153,039
Balance (shares) at Jun. 30, 2023	479,656			479,656

Condensed Consolidated Consol_6

Condensed Consolidated Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows provided by (used in) operating activities:
Net income	$ 87,012	$ 79,395	$ 173,519	$ 159,435
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	35,233	35,675	70,429	63,975
Accretion of asset retirement obligations	44	64	88	128
Impairment of property and equipment				3,702
Deferred income tax expense			60,765	54,466
Equity-based compensation	8,499	5,641	14,826	8,473
Equity in earnings of unconsolidated affiliates	(25,972)	(22,824)	(50,428)	(46,056)
Distributions from unconsolidated affiliates			63,570	60,505
Amortization of customer relationships	17,668	17,668	35,336	35,336
Amortization of deferred financing costs			2,957	2,828
Settlement of asset retirement obligations			(695)	(916)
Loss on settlement of asset retirement obligations	279	539	620	539
Loss (gain) on asset sale	5,814	(32)	5,569	(150)
Changes in assets and liabilities:
Accounts receivable-Antero Resources			(5,470)	6,099
Accounts receivable-third party			481	517
Other current assets			(800)	158
Accounts payable-Antero Resources			(2,515)	(2,427)
Accounts payable-third party			(889)	9,480
Accrued liabilities			942	(1,911)
Net cash provided by operating activities			368,305	354,181
Cash flows provided by (used in) investing activities:
Investments in unconsolidated affiliates			(262)
Acquisition of gathering systems and facilities			(266)
Cash received in asset sale			1,071	147
Change in other assets			(15)
Change in other liabilities				(805)
Net cash used in investing activities			(84,211)	(162,692)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders			(218,971)	(217,445)
Dividends to preferred stockholders			(275)	(275)
Payments of deferred financing costs				(302)
Borrowings (repayments) on bank credit facilities, net			(56,500)	33,300
Employee tax withholding for settlement of equity compensation awards			(8,348)	(6,767)
Net cash used in financing activities			(284,094)	(191,489)
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			107,607	86,688
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment			(2,814)	2,822
Gathering systems and facilities
Cash flows provided by (used in) investing activities:
Additions			(59,156)	(131,665)
Water handling systems
Cash flows provided by (used in) investing activities:
Additions			$ (25,583)	$ (30,369)

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization
Organization	(1 ) Organization Antero Midstream Corporation together with its consolidated subsidiaries (the “Company” or “Antero Midstream”) is a growth-oriented midstream company formed to own, operate and develop midstream energy infrastructure primarily to service Antero Resources and its production and completion activity in the Appalachian Basin. The Company’s assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants and water handling assets. Antero Midstream provides midstream services to Antero Resources under long-term contracts. The Company’s corporate headquarters is located in Denver, Colorado. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022 consolidated financial statements were included in the Company’s 2022 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, 2022 and June 30, 2023, the results of the Company’s operations for the three and six months ended June 30, 2022 and 2023, and the Company’s cash flows for the six months ended June 30, 2022 and 2023. The Company has no items of other comprehensive income; therefore, net income is equal to comprehensive income. 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.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2023
Intangibles
Intangibles	(3) Intangibles All customer relationships are subject to amortization and are amortized over a weighted average period of 19 years, which reflects the remaining economic life of the relationships as of June 30, 2023. ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2022 ​ $ 1,286,103 ​ Amortization of customer relationships ​ ​ (35,336) ​ Customer relationships as of June 30, 2023 ​ $ 1,250,767 ​ ​ Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2023 ​ $ 35,336 ​ Year ending December 31, 2024 ​ ​ 70,672 ​ Year ending December 31, 2025 ​ ​ 70,672 ​ Year ending December 31, 2026 ​ ​ 70,672 ​ Year ending December 31, 2027 ​ ​ 70,672 ​ Thereafter ​ ​ 932,743 ​ Total ​ $ 1,250,767 ​ ​

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2023
Transactions with Affiliates
Transactions with Affiliates	(4) Transactions with Affiliates (a) Revenues Substantially all revenues earned in the three and six months ended June 30, 2022 and 2023 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and compression services consist 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 $3 million and $4 million during the three months ended June 30, 2022 and 2023, respectively and $7 million and $9 million during the six months ended June 30, 2022 and 2023, 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 ​

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue
Revenue	(5) Revenue All of the Company’s gathering and compression revenues are derived from operating lease agreements, and all of the Company’s water handling revenues are derived from service contracts with customers. The Company currently earns substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Company’s gathering and compression service agreements with Antero Resources include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) the gathering and compression agreements acquired with the Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) assets (the “Marcellus gathering and compression agreements”) and (iii) a compression agreement acquired with the EnLink Midstream LLC (NYSE: ENLC) (“EnLink”) assets (the “Utica compression agreement,” and together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreements, the “gathering and compression agreements”). See Note 6—Property and Equipment for additional information. The 2019 gathering and compression agreement has an initial term through 2038, the Marcellus gathering and compression agreements expire between 2023 and 2031, and the Utica compression agreement has two dedicated areas that expire in 2024 and 2030. Upon expiration of each of the Marcellus gathering and compression service agreements and the Utica compression agreement, the Company will continue to provide gathering and compression services under the 2019 gathering and compression agreement. Pursuant to the gathering and compression agreements, 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. The Company also has an option to gather and compress natural gas produced by Antero Resources on any additional acreage it acquires during the term of the 2019 gathering and compression agreement outside of West Virginia, Ohio and Pennsylvania on the same terms and conditions as the 2019 gathering and compression agreement. The 2019 gathering and compression agreement includes a growth incentive fee program whereby low pressure gathering fees will be reduced from 2020 through 2023 to the extent Antero Resources achieves certain quarterly volumetric targets during such time. Antero Resources’ throughput gathered under the Marcellus gathering and compression agreements is not considered in low pressure gathering volume targets. Antero Resources achieved the first level volumetric target during each of the first and second quarters of 2022 and 2023. Accordingly, Antero Resources earned rebates of $ 30, 2022 and 2023. Upon completion of the initial contract term in 2038, the 2019 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 Under the gathering and compression agreements, the Company receives, where applicable, a low pressure gathering fee, a high pressure gathering fee and a compression fee, substantially all of which are subject to annual Consumer Price Index (“CPI”)-based adjustments (or, in the case of the 2019 gathering and compression agreement, the option in certain cases to elect a cost of service fee when such assets are placed in-service). In addition, under the 2019 gathering and compression agreement, the Company receives a reimbursement for certain variable costs, such as electricity and operating expenses. The Company determined that its gathering and compression agreements are operating leases as Antero Resources obtains substantially all of the economic benefit of the assets and has the right to direct the use of the assets. Each gathering and compression system is an identifiable asset, and consists of a network of assets that may include underground low pressure pipelines that connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each compression system is an identifiable asset, and consists of a network of assets that include compressor stations that connect to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each set of assets in an agreement is considered to be a single lease due to the interrelated network of the assets required to provide services under each respective agreement. When a modification to an agreement occurs, the Company reassesses the classification of the 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 systems, which are performed on time-elapsed measures. The 2019 gathering and compression agreement and certain of the Marcellus gathering and compression agreements include fixed fee provisions. If and to the extent Antero Resources requests that the Company construct new low pressure lines, high pressure lines and/or compressor stations, the 2019 gathering and compression agreement contains options at the Company’s election for either (i) minimum volume commitments that , which election is made individually for each piece of equipment placed in service. In addition, certain of the Marcellus gathering and compression agreements provide for a minimum volume commitment that requires Antero Resources to utilize or pay for . All lease payments under the minimum volume commitments and cost of service fees are considered to be in-substance fixed lease payments under the gathering and compression agreements. The Company recognizes lease income from its minimum volume commitments and cost of service fees under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments are delivered under the contract. The Company recognizes variable lease income when low pressure volumes are delivered to a compressor station, compression volumes are delivered to a high pressure line and high pressure are delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments are aggregated such that there is a single minimum volume commitment for the respective service each year for each agreement. The Company invoices the customer the month after each service is performed, and payment is due in the same month. Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of June 30, 2023 are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2023 ​ $ 144,632 ​ Year ending December 31, 2024 ​ ​ 316,492 ​ Year ending December 31, 2025 ​ ​ 298,143 ​ Year ending December 31, 2026 ​ ​ 284,327 ​ Year ending December 31, 2027 ​ ​ 224,150 ​ Thereafter ​ ​ 382,434 ​ Total ​ $ 1,650,178 ​ ​ (b) Water Handling 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. The initial term of the water services agreement runs to 2035. 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 for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Company also provides other fluid handling services. These operations, along with the Company’s fresh water delivery systems, support well completion and production operations for Antero Resources. These services are provided by the Company directly or through third-parties with which the Company contracts. For these other fluid handling services provided by third-parties, Antero Resources reimburses the Company’s third-party out-of-pocket costs plus . For these other fluid handling services provided by the Company, the Company charges Antero Resources a cost of service fee. The Company satisfies its performance obligations and recognizes revenue when (i) the fresh water volumes have been delivered to the hydration unit of a specified well pad or (ii) other fluid handling 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. Transaction Price Allocated to Remaining Performance Obligations The Company’s water service agreement with Antero Resources has a term greater than one year. 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 this contract, 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 Company also performs water services for third-party customers and such contracts 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 Contract Balances Under the Company’s water service contracts, the Company invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s water service contracts do not give rise to contract assets or liabilities. (c) 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 additional information on reportable segments, see Note 15—Reportable Segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ (in thousands) ​ 2022 ​ 2023 2022 ​ 2023 Reportable Segment ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 91,660 ​ ​ 105,042 ​ ​ 181,097 ​ ​ 204,679 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Compression ​ ​ 51,486 ​ ​ 61,565 ​ ​ 103,098 ​ ​ 119,955 ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 52,925 ​ ​ 56,461 ​ ​ 106,319 ​ ​ 110,010 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 41,120 ​ ​ 40,399 ​ ​ 73,164 ​ ​ 87,225 ​ Water Handling ​ Other fluid handling ​ ​ 21,384 ​ ​ 24,488 ​ ​ 43,056 ​ ​ 55,229 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 196,071 ​ ​ 223,068 ​ ​ 390,514 ​ ​ 434,644 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 41,362 ​ ​ 40,673 ​ ​ 73,801 ​ ​ 87,772 ​ Water Handling ​ Cost plus 3% ​ ​ 16,400 ​ ​ 18,797 ​ ​ 32,038 ​ ​ 43,242 ​ Water Handling ​ Cost of service fee ​ ​ 4,742 ​ ​ 5,417 ​ ​ 10,381 ​ ​ 11,440 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. The Company’s receivables from its contracts with customers and operating leases as of December 31, 2022 and June 30, 2023, were $86 million and $92 million, respectively.
Lessor, Operating Leases	(5) Revenue All of the Company’s gathering and compression revenues are derived from operating lease agreements, and all of the Company’s water handling revenues are derived from service contracts with customers. The Company currently earns substantially all of its revenues from Antero Resources. (a) Gathering and Compression The Company’s gathering and compression service agreements with Antero Resources include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) the gathering and compression agreements acquired with the Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) assets (the “Marcellus gathering and compression agreements”) and (iii) a compression agreement acquired with the EnLink Midstream LLC (NYSE: ENLC) (“EnLink”) assets (the “Utica compression agreement,” and together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreements, the “gathering and compression agreements”). See Note 6—Property and Equipment for additional information. The 2019 gathering and compression agreement has an initial term through 2038, the Marcellus gathering and compression agreements expire between 2023 and 2031, and the Utica compression agreement has two dedicated areas that expire in 2024 and 2030. Upon expiration of each of the Marcellus gathering and compression service agreements and the Utica compression agreement, the Company will continue to provide gathering and compression services under the 2019 gathering and compression agreement. Pursuant to the gathering and compression agreements, 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. The Company also has an option to gather and compress natural gas produced by Antero Resources on any additional acreage it acquires during the term of the 2019 gathering and compression agreement outside of West Virginia, Ohio and Pennsylvania on the same terms and conditions as the 2019 gathering and compression agreement. The 2019 gathering and compression agreement includes a growth incentive fee program whereby low pressure gathering fees will be reduced from 2020 through 2023 to the extent Antero Resources achieves certain quarterly volumetric targets during such time. Antero Resources’ throughput gathered under the Marcellus gathering and compression agreements is not considered in low pressure gathering volume targets. Antero Resources achieved the first level volumetric target during each of the first and second quarters of 2022 and 2023. Accordingly, Antero Resources earned rebates of $ 30, 2022 and 2023. Upon completion of the initial contract term in 2038, the 2019 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 Under the gathering and compression agreements, the Company receives, where applicable, a low pressure gathering fee, a high pressure gathering fee and a compression fee, substantially all of which are subject to annual Consumer Price Index (“CPI”)-based adjustments (or, in the case of the 2019 gathering and compression agreement, the option in certain cases to elect a cost of service fee when such assets are placed in-service). In addition, under the 2019 gathering and compression agreement, the Company receives a reimbursement for certain variable costs, such as electricity and operating expenses. The Company determined that its gathering and compression agreements are operating leases as Antero Resources obtains substantially all of the economic benefit of the assets and has the right to direct the use of the assets. Each gathering and compression system is an identifiable asset, and consists of a network of assets that may include underground low pressure pipelines that connect and deliver gas from specific well pads to compressor stations to compress the gas before delivery to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each compression system is an identifiable asset, and consists of a network of assets that include compressor stations that connect to underground high pressure pipelines that transport the gas to a third-party pipeline, third-party processing plant or a Joint Venture processing plant. Each set of assets in an agreement is considered to be a single lease due to the interrelated network of the assets required to provide services under each respective agreement. When a modification to an agreement occurs, the Company reassesses the classification of the 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 systems, which are performed on time-elapsed measures. The 2019 gathering and compression agreement and certain of the Marcellus gathering and compression agreements include fixed fee provisions. If and to the extent Antero Resources requests that the Company construct new low pressure lines, high pressure lines and/or compressor stations, the 2019 gathering and compression agreement contains options at the Company’s election for either (i) minimum volume commitments that , which election is made individually for each piece of equipment placed in service. In addition, certain of the Marcellus gathering and compression agreements provide for a minimum volume commitment that requires Antero Resources to utilize or pay for . All lease payments under the minimum volume commitments and cost of service fees are considered to be in-substance fixed lease payments under the gathering and compression agreements. The Company recognizes lease income from its minimum volume commitments and cost of service fees under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments are delivered under the contract. The Company recognizes variable lease income when low pressure volumes are delivered to a compressor station, compression volumes are delivered to a high pressure line and high pressure are delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments are aggregated such that there is a single minimum volume commitment for the respective service each year for each agreement. The Company invoices the customer the month after each service is performed, and payment is due in the same month. Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of June 30, 2023 are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2023 ​ $ 144,632 ​ Year ending December 31, 2024 ​ ​ 316,492 ​ Year ending December 31, 2025 ​ ​ 298,143 ​ Year ending December 31, 2026 ​ ​ 284,327 ​ Year ending December 31, 2027 ​ ​ 224,150 ​ Thereafter ​ ​ 382,434 ​ Total ​ $ 1,650,178 ​ ​ (b) Water Handling 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. The initial term of the water services agreement runs to 2035. 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 for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Company also provides other fluid handling services. These operations, along with the Company’s fresh water delivery systems, support well completion and production operations for Antero Resources. These services are provided by the Company directly or through third-parties with which the Company contracts. For these other fluid handling services provided by third-parties, Antero Resources reimburses the Company’s third-party out-of-pocket costs plus . For these other fluid handling services provided by the Company, the Company charges Antero Resources a cost of service fee. The Company satisfies its performance obligations and recognizes revenue when (i) the fresh water volumes have been delivered to the hydration unit of a specified well pad or (ii) other fluid handling 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. Transaction Price Allocated to Remaining Performance Obligations The Company’s water service agreement with Antero Resources has a term greater than one year. 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 this contract, 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 Company also performs water services for third-party customers and such contracts 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 Contract Balances Under the Company’s water service contracts, the Company invoices customers after the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s water service contracts do not give rise to contract assets or liabilities. (c) 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 additional information on reportable segments, see Note 15—Reportable Segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ (in thousands) ​ 2022 ​ 2023 2022 ​ 2023 Reportable Segment ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 91,660 ​ ​ 105,042 ​ ​ 181,097 ​ ​ 204,679 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Compression ​ ​ 51,486 ​ ​ 61,565 ​ ​ 103,098 ​ ​ 119,955 ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 52,925 ​ ​ 56,461 ​ ​ 106,319 ​ ​ 110,010 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 41,120 ​ ​ 40,399 ​ ​ 73,164 ​ ​ 87,225 ​ Water Handling ​ Other fluid handling ​ ​ 21,384 ​ ​ 24,488 ​ ​ 43,056 ​ ​ 55,229 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 196,071 ​ ​ 223,068 ​ ​ 390,514 ​ ​ 434,644 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 41,362 ​ ​ 40,673 ​ ​ 73,801 ​ ​ 87,772 ​ Water Handling ​ Cost plus 3% ​ ​ 16,400 ​ ​ 18,797 ​ ​ 32,038 ​ ​ 43,242 ​ Water Handling ​ Cost of service fee ​ ​ 4,742 ​ ​ 5,417 ​ ​ 10,381 ​ ​ 11,440 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems. The Company’s receivables from its contracts with customers and operating leases as of December 31, 2022 and June 30, 2023, were $86 million and $92 million, respectively.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Property and Equipment	(6) Property and Equipment ​ (a) Summary of Property and Equipment Property and equipment, net consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ Estimated ​ December 31, June 30, ​ (in thousands) Useful Lives 2022 2023 ​ Land n/a $ 31,668 ​ 31,668 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 3,281,872 ​ ​ 3,317,470 ​ Permanent buried pipelines and equipment ​ 7-20 years ​ ​ 601,347 ​ ​ 632,748 ​ Surface pipelines and equipment ​ 1-7 years ​ ​ 66,726 ​ ​ 77,858 ​ Heavy trucks and equipment ​ 3-5 years ​ ​ 5,157 ​ ​ 5,157 ​ Above ground storage tanks ​ 5-10 years ​ ​ 2,953 ​ ​ 5,130 ​ Construction-in-progress ​ n/a ​ 158,977 ​ ​ 153,412 ​ Total property and equipment ​ ​ ​ ​ 4,148,700 ​ ​ 4,223,443 ​ Less accumulated depreciation ​ ​ ​ ​ (397,269) ​ ​ (466,947) ​ Property and equipment, net ​ ​ ​ $ 3,751,431 ​ ​ 3,756,496 ​ (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value. (b) Asset Acquisitions On October 25, 2022, the Company acquired certain Marcellus gas gathering and compression assets from Crestwood for $205 million in cash, before closing adjustments. These assets included MMcf/d of compression capacity. The cash consideration for this asset acquisition was allocated to land and gathering systems and facilities, included in Property and equipment in the condensed consolidated balance sheets, for ​ Additionally, on December 21, 2022, the Company acquired certain Utica compression assets from EnLink for $10 million in cash, before closing adjustments. These assets included MMcf/d of compression capacity. The acquired compression assets are interconnected with the Company’s existing low pressure and high pressure gathering systems and service Antero Resources’ production. The cash consideration for this asset acquisition was allocated to gathering systems and facilities included in Property and equipment in the condensed consolidated balance sheets.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, June 30, ​ (in thousands) ​ 2022 2023 ​ Credit Facility (a) $ 782,000 ​ 725,500 ​ 7.875% senior notes due 2026 (b) ​ ​ 550,000 ​ ​ 550,000 ​ 5.75% senior notes due 2027 (c) ​ ​ 650,000 ​ ​ 650,000 ​ 5.75% senior notes due 2028 (d) ​ ​ 650,000 ​ ​ 650,000 ​ 5.375% senior notes due 2029 (e) ​ ​ 750,000 ​ ​ 750,000 ​ Total principal ​ ​ 3,382,000 ​ ​ 3,325,500 ​ Unamortized debt premiums ​ ​ 1,698 ​ ​ 1,496 ​ Unamortized debt issuance costs ​ ​ (22,416) ​ ​ (20,329) ​ Total long-term debt ​ $ 3,361,282 ​ ​ 3,306,667 ​ ​ (a) Credit Facility Antero Midstream Partners LP (“Antero Midstream Partners”), an indirect, wholly owned subsidiary of Antero Midstream Corporation, as borrower (the “Borrower”), has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of banks. Lender commitments under the Credit Facility were 30, 2023. The Credit Facility matures on October 26, 2026; provided that if on November 17, 2025 any of the 2026 Notes (as defined below) are outstanding, the Credit Facility will mature on such date. As of June 30, 2023, the Credit Facility had an available borrowing capacity of 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 Borrower’s organizational documents. The Borrower was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2022 and June 30, 2023. The Credit Facility provides for borrowing under either the Adjusted Term Secured Overnight Financing Rate (“SOFR”) or the Base Rate (as each term is defined in the 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) SOFR Loans at the end of the applicable interest period if three months (or shorter, if applicable), or every three months if the applicable interest period is longer than three months. Interest is payable at a variable rate based on SOFR or the Base Rate, determined by election at the time of borrowing, plus an applicable margin rate under the 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, 2022, the Borrower had outstanding borrowings under the Credit Facility of $782 million with a weighted average interest rate of 6.17 %. As of June 30, 2023, the Borrower had outstanding borrowings under the Credit Facility of %. (b) 7.875% Senior Notes Due 2026 On November 10, 2020, Antero Midstream Partners and its wholly owned subsidiary, Antero Midstream Finance Corp (“Finance Corp,” and together with Antero Midstream Partners, 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 Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2026 Notes is payable on May 15 and November 15 of each year. Antero Midstream Partners may redeem all or part of the 2026 Notes at any time on or after May 15, 2023 at redemption prices ranging from on or after May 15, 2025. 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 (c) 5.75% Senior Notes Due 2027 On February 25, 2019, the Issuers issued $650 million in aggregate principal amount of 5.75% senior notes due March 1, 2027 (the “2027 Notes”) at par. The 2027 Notes were recorded at their fair value of million will be amortized into interest expense over the life of the 2027 Notes. The 2027 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2027 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2027 Notes is payable on March 1 and September 1 of each year. Antero Midstream Partners may redeem all or part of the 2027 Notes at any time on or after March 1, 2022 at redemption prices ranging from of the principal amount of the 2027 Notes, plus accrued and unpaid interest. (d) 5.75% Senior Notes Due 2028 On June 28, 2019, the Issuers issued $650 million in aggregate principal amount of 5.75% senior notes due January 15, 2028 (the “2028 Notes”) at par. The 2028 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2028 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by Antero Midstream Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2028 Notes is payable on January 15 and July 15 of each year. Antero Midstream Partners may redeem all or part of the 2028 Notes at any time on or after January 15, 2023 at redemption prices ranging from 102.875% currently to 100.00% on or after January 15, 2026. 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 ​ (e) 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 Corporation, Antero Midstream Partners’ wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2029 Notes is payable on June 15 and December 15 of each year. Antero Midstream Partners may redeem all or part of the 2029 Notes at any time on or after June 15, 2024 at redemption prices ranging from on or after June 15, 2026. In addition, prior to June 15, 2024, Antero Midstream Partners may redeem up to of the principal amount of the 2029 Notes, plus accrued and unpaid interest. At any time prior to June 15, 2024, Antero Midstream Partners may also redeem the 2029 Notes, in whole or in part, at a price equal to of the principal amount of the 2029 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2029 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2029 Notes at a price equal to (f) Senior Notes Guarantors The Company and each of the Company’s wholly owned subsidiaries (except for the Issuers) has fully and unconditionally guaranteed the 2026 Notes, 2027 Notes, 2028 Notes and 2029 Notes (collectively the “Senior Notes”). In the event a guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its capital stock so that it no longer qualifies as a Restricted Subsidiary (as defined in the applicable indenture governing the series of Senior Notes) of the Issuer or the sale of all or substantially all of its assets) and whether or not the guarantor is the surviving entity in such transaction to a person that is not an Issuer or a Restricted Subsidiary of an Issuer, such guarantor will be released from its obligations under its guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the applicable Senior Notes. In addition, a guarantor will be released from its obligations under the applicable indenture and its guarantee, upon the release or discharge of the guarantee of other indebtedness under a credit facility that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee; if the Issuers designate such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indenture governing the applicable Senior Notes or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the applicable Senior Notes. During the three and six months ended June 30, 2022 and 2023, all of the Company’s assets and operations are attributable to the Issuers and its guarantors.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities
Accrued Liabilities	(8) Accrued Liabilities Accrued liabilities consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, June 30, ​ (in thousands) 2022 2023 Capital expenditures ​ $ 16,597 ​ ​ 17,811 ​ Operating expenses ​ ​ 11,118 ​ ​ 10,764 ​ Interest expense ​ ​ 37,947 ​ ​ 37,395 ​ Ad valorem taxes ​ ​ 5,661 ​ ​ 6,918 ​ Other ​ ​ 1,392 ​ ​ 2,036 ​ Total accrued liabilities ​ $ 72,715 ​ ​ 74,924 ​ ​

Equity-Based Compensation and C

Equity-Based Compensation and Cash Awards	6 Months Ended
	Jun. 30, 2023
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 Antero Midstream from Antero Resources, which includes expense related to the Converted AM RSU Awards (as defined below), for the three and six months ended June 30, 2022 was $0.1 million and $0.3 million, respectively, and for the three and six months ended June 30, 2023 was zero and less than $0.1 million, respectively. All grants made prior to March 12, 2019 were fully amortized during the first quarter of 2023. Therefore, there will be no further allocation of equity-based compensation expense from Antero Resources to the Company. The Company does not reimburse Antero Resources for noncash equity compensation allocated to it for awards issued under the AR LTIP. AM LTIP Effective March 12, 2019, the Board of Directors of Antero Midstream Corporation (the “Board”) adopted the AM LTIP under which awards may be granted to employees, directors, and other service providers of the Company and its affiliates. The Company is authorized to grant up to 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 June 30, 2023, a total of The Company’s equity-based compensation expense, by type of award, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ Restricted stock units (1) ​ $ 4,425 ​ ​ 6,549 ​ ​ 6,913 ​ ​ 11,610 ​ Performance share units (1) ​ ​ 988 ​ ​ 1,723 ​ ​ 1,105 ​ ​ 2,784 ​ Equity awards issued to directors ​ ​ 228 ​ ​ 227 ​ ​ 455 ​ ​ 432 ​ Total expense ​ $ 5,641 ​ ​ 8,499 ​ ​ 8,473 ​ ​ 14,826 ​ (1) Amounts include equity-based compensation expense allocated to the Company by Antero Resources. ​ (b) Restricted Stock Unit Awards The Company’s RSU awards included the unvested outstanding phantom units granted under the Antero Midstream Partners Long Term Incentive Plan which were assumed by the Company on March 12, 2019, and converted into 1.8926 RSUs under the AM LTIP representing a right to receive shares of the Company’s common stock for each converted phantom unit (all such RSUs, the “Converted AM RSU Awards”). The Converted AM RSU Awards were accounted for as if they were distributed by Antero Midstream Partners to Antero Resources. Therefore, the expense related to the Converted AM RSU Awards was subject to allocation by Antero Resources. All remaining Converted AM RSU Awards vested during the first quarter of 2023. ​ A summary of the RSU awards activity, which included the Converted AM RSU Awards, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value ​ Total AM LTIP RSUs awarded and unvested—December 31, 2022 ​ 4,877,258 ​ $ 9.79 ​ Granted ​ 3,103,722 ​ ​ 10.59 ​ Vested ​ (1,900,773) ​ ​ 9.59 ​ Forfeited ​ (74,520) ​ ​ 10.21 ​ Total AM LTIP RSUs awarded and unvested—June 30, 2023 ​ 6,005,687 ​ $ 10.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023, unamortized equity-based compensation expense of $55 million related to the unvested RSUs is expected to be recognized over a weighted average period of 2.2 years. (c) Performance Share Unit Awards 2023 Performance Share Unit Awards In March 2023, the Company granted PSUs to certain of its executive officers that vest based on the Company’s actual ROIC (as defined in the award agreement) over a three-year period concluding on December 31, 2025 as compared to a targeted ROIC (“2023 ROIC PSUs”). The number of shares of the Company’s common stock that can be earned with respect to the 2023 ROIC PSUs ranges from of the target number of 2023 ROIC PSUs originally granted. The grant date fair value of these awards was based on the closing price of the Company’s common stock on the date of the grant, assuming target achievement of the performance condition. Expense related to the 2023 ROIC PSUs is recognized based on the number of shares of the Company’s common stock that are expected to be issued at the end of the measurement period, and such expense is reversed if the likelihood of achieving the performance condition decreases. The likelihood of achieving the performance conditions related to 2023 ROIC PSU awards was probable as of June 30, 2023. Summary Information for Performance Share Unit Awards A summary of the PSU awards activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value ​ Total AM LTIP PSUs awarded and unvested—December 31, 2022 ​ 439,935 ​ $ 11.28 ​ Granted ​ 512,166 ​ ​ 10.58 ​ Total AM LTIP PSUs awarded and unvested—June 30, 2023 ​ 952,101 ​ $ 10.90 ​ ​ As of June 30, 2023, unamortized equity-based compensation expense of $16 million related to the unvested PSUs is expected to be recognized over a weighted average period of 2.3 years. (d) Cash Awards ​ In January 2020, the Company granted cash awards of $2.2 million to certain executives under the AM LTIP that vested ratably over a period of up to three years . In July 2020, the Company granted additional cash awards of . The compensation expense for these awards is recognized ratably over the applicable vesting period. As of December 31, 2022 and June 30, 2023, the Company has accrued

Cash Dividends

Cash Dividends	6 Months Ended
	Jun. 30, 2023
Cash Dividends
Cash Dividends	(10) Cash Dividends The Company paid cash dividends for the quarter indicated as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ Period Record Date Dividend Date Dividends per Share ​ Q4 2021 ​ January 26, 2022 ​ February 9, 2022 ​ $ 108,149 ​ $ 0.2250 ​ * ​ February 14, 2022 ​ February 14, 2022 ​ ​ 138 ​ ​ * ​ Q1 2022 ​ April 27, 2022 ​ May 11, 2022 ​ ​ 109,296 ​ ​ 0.2250 ​ * ​ May 16, 2022 ​ May 16, 2022 ​ ​ 137 ​ ​ * ​ Q2 2022 ​ July 27, 2022 ​ August 10, 2022 ​ ​ 107,675 ​ ​ 0.2250 ​ * ​ August 15, 2022 ​ August 15, 2022 ​ ​ 138 ​ ​ * ​ Q3 2022 ​ October 26, 2022 ​ November 9, 2022 ​ ​ 107,705 ​ ​ 0.2250 ​ * ​ November 14, 2022 ​ November 14, 2022 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2022 ​ ​ ​ $ 433,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q4 2022 ​ January 25, 2023 ​ February 8, 2023 ​ $ 108,364 ​ $ 0.2250 ​ * ​ February 14, 2023 ​ February 14, 2023 ​ ​ 138 ​ ​ * ​ Q1 2023 ​ April 26, 2023 ​ May 10, 2023 ​ ​ 110,607 ​ ​ 0.2250 ​ * ​ May 15, 2023 ​ May 15, 2023 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2023 ​ ​ ​ $ 219,246 ​ ​ ​ ​ * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Earnings Per Common Share. ​ On July 12, 2023, the Board announced the declaration of a cash dividend on the shares of AM common stock of $0.2250 per share for the quarter ended June 30, 2023. The dividend is payable on August 9, 2023 to stockholders of record as of July 26, 2023. The Company pays dividends (i) out of surplus or (ii) if there is no surplus, out of the net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year, as provided under Delaware law. The Board also declared a cash dividend of $138 thousand on the shares of Series A Preferred Stock of Antero Midstream that is payable on August 14, 2023 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 June 30, 2023, 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	6 Months Ended
	Jun. 30, 2023
Equity and Earnings Per Common Share
Equity and Earnings Per Common Share	(11) Equity and Earnings Per Common Share (a) Preferred Stock The Board authorized 100,000,000 shares of preferred stock on March 12, 2019, and issued 10,000 shares of preferred stock designated as "5.5% Series A Non-Voting Perpetual Preferred Stock" (the "Series A Preferred Stock"), to The Antero Foundation on that date. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable in cash on the th on (i) the liquidation preference per share of Series A Preferred Stock (as described below) and (ii) the amount of accrued and unpaid dividends for any prior dividend period on such share of Series A Preferred Stock, if any . At any time following the date of issue, in the event of a change of control, or at any time on or after March 12, 2029, the Company may redeem the Series A Preferred Stock at a price equal to per share, plus any accrued but unpaid dividends, and (ii) the fair market value of the Series A Preferred Stock. On or after March 12, 2029, the holder of each share of Series A Preferred Stock (other than The Antero Foundation) may convert such shares, at any time and from time to time, at the option of the holder into a number of shares of AM common stock equal to the conversion ratio in effect on the applicable conversion date, subject to certain limitations. The Series A Preferred Stock ranks senior to the AM common stock as to dividend rights, as well as with respect to rights upon liquidation, winding-up or dissolution of the Company. Holders of the Series A Preferred Stock do not have any voting rights in the Company, except as required by law, or any preemptive rights. (b) Weighted Average Shares Outstanding The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2022 ​ 2023 2022 ​ 2023 ​ Basic weighted average number of shares outstanding ​ ​ 478,317 ​ ​ 479,502 ​ ​ 477,983 ​ ​ 479,059 ​ Add: Dilutive effect of RSUs ​ ​ 794 ​ ​ 797 ​ ​ 1,081 ​ ​ 1,225 ​ Add: Dilutive effect of PSUs ​ ​ 54 ​ ​ 351 ​ ​ 160 ​ ​ 274 ​ Add: Dilutive effect of Series A Preferred Stock ​ ​ 1,105 ​ ​ 862 ​ ​ 1,105 ​ ​ 862 ​ Diluted weighted average number of shares outstanding ​ ​ 480,270 ​ ​ 481,512 ​ ​ 480,329 ​ ​ 481,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding equity awards excluded from calculation of net income per share—diluted (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 2,457 ​ ​ — ​ ​ 1,170 ​ ​ — ​ PSUs ​ ​ 744 ​ ​ — ​ ​ 375 ​ ​ — ​ (1) The potential dilutive effects of these awards were excluded from the computation of net income per share—diluted because the inclusion of these awards would have been anti-dilutive. (c) Net Income Per Share Net income per share—basic for each period is computed by dividing the net income or loss attributable to the Company by the basic weighted average number of shares outstanding during the period. Net income per share—diluted for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except per share amounts) 2022 ​ 2023 2022 ​ 2023 ​ Net income ​ $ 79,395 ​ ​ 87,012 ​ ​ 159,435 ​ ​ 173,519 ​ Less preferred stock dividends ​ ​ (137) ​ ​ (137) ​ ​ (275) ​ ​ (275) ​ Net income available to common shareholders ​ $ 79,258 ​ ​ 86,875 ​ ​ 159,160 ​ ​ 173,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share–basic ​ $ 0.17 ​ ​ 0.18 ​ ​ 0.33 ​ ​ 0.36 ​ Net income per share–diluted ​ $ 0.17 ​ ​ 0.18 ​ ​ 0.33 ​ ​ 0.36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding–basic ​ ​ 478,317 ​ ​ 479,502 ​ ​ 477,983 ​ ​ 479,059 ​ Weighted average common shares outstanding–diluted ​ ​ 480,270 ​ ​ 481,512 ​ ​ 480,329 ​ ​ 481,420 ​ ​

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement
Fair Value Measurement	(12) Fair Value Measurement (a) Senior Unsecured Notes The fair value and carrying value of the Company’s Senior Notes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ June 30, 2023 ​ (in thousands) ​ Fair Value (1) ​ Carrying Value (2) ​ Fair Value (1) ​ Carrying Value (2) ​ 2026 Notes ​ $ 556,985 ​ ​ 545,416 ​ ​ 555,500 ​ ​ 546,012 ​ 2027 Notes ​ ​ 612,365 ​ ​ 646,610 ​ ​ 624,065 ​ ​ 646,955 ​ 2028 Notes ​ ​ 601,575 ​ ​ 644,776 ​ ​ 615,875 ​ ​ 645,232 ​ 2029 Notes ​ ​ 685,650 ​ ​ 742,480 ​ ​ 696,600 ​ ​ 742,968 ​ Total ​ $ 2,456,575 ​ ​ 2,579,282 ​ ​ 2,492,040 ​ ​ 2,581,167 ​ (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. (b) Other Assets and Liabilities The carrying values of accounts receivable and accounts payable as of December 31, 2022 and June 30, 2023 approximated fair value because of their short-term nature. The carrying value of the amounts under the Credit Facility as of December 31, 2022 and June 30, 2023 approximated fair value because the variable interest rates are reflective of current market conditions.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2023
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	(13) Investments in Unconsolidated Affiliates 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 also 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’s net income includes its proportionate share of the net income of the Joint Venture and Stonewall. When the Company records its proportionate share of net income, it increases equity income in the unaudited condensed consolidated statements of operations and comprehensive income and the carrying value of that investment on its condensed consolidated 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 unaudited 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 the Joint Venture and Stonewall 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 the Joint Venture and Stonewall. The following table is a reconciliation of the Company’s investments in these unconsolidated affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ in Unconsolidated ​ (in thousands) Joint Venture Stonewall Affiliates ​ Balance as of December 31, 2022 ​ $ 526,652 ​ ​ 126,115 ​ ​ 652,767 ​ Additional investments ​ ​ — ​ ​ 262 ​ ​ 262 ​ Equity in earnings of unconsolidated affiliates (1) ​ ​ 46,754 ​ ​ 3,674 ​ ​ 50,428 ​ Distributions from unconsolidated affiliates ​ ​ (54,345) ​ ​ (9,225) ​ ​ (63,570) ​ Balance as of June 30, 2023 ​ $ 519,061 ​ ​ 120,826 ​ ​ 639,887 ​ (1) As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Contingencies
Contingencies	(14) Contingencies ​ The Company is currently involved in a consolidated lawsuit with Veolia Water Technologies, Inc. (“Veolia”) relating to the Clearwater Facility. On March 13, 2020, Antero Treatment LLC (“Antero Treatment”), a wholly owned subsidiary of the Company, filed suit against Veolia in the district court of Denver County, Colorado (the “Court”), asserting claims of fraud, breach of contract and other related claims. Antero Treatment alleges that Veolia failed to meet its contractual obligations to design and build a “turnkey” wastewater disposal facility under a Design/Build Agreement dated August 18, 2015 (the “DBA”), and that Veolia fraudulently concealed certain miscalculations and design flaws during contract negotiations and continued to conceal and fraudulently misrepresent the impact of certain design changes post-execution of the DBA. On March 13, 2020, Veolia filed a separate suit against the Company, Antero Resources, and certain of the Company’s wholly owned subsidiaries (collectively, the “Antero Defendants”) in Denver County, Colorado. In its lawsuit, Veolia asserted breach of contract and equitable claims against the Antero Defendants for alleged failures under the DBA. Veolia’s suit was consolidated into the action filed by Antero Treatment. Veolia and the Antero Defendants each filed partial motions to dismiss and motions for summary judgment directed at certain claims asserted by the opposing party. A bench trial on the remaining claims was held from January 24 through February 10, 2022 and concluded on February 24, 2022. At trial, Antero Treatment sought damages from Veolia of million, which represents the Company’s out-of-pocket costs associated with the Clearwater Facility project. In the alternative, Antero Treatment sought damages related to multiple breaches of the DBA, totaling million. Also at trial, Veolia sought monetary damages of On January 3, 2023, the Court found that Antero Treatment had prevailed on its claims for breach of contract and fraud, and awarded $242 million in damages to Antero Treatment, plus pre- and post-judgment interest and reasonable costs and attorneys’ fees. The Court also found in Antero Defendants’ favor on all of Veolia’s affirmative claims. On January 27, 2023, the Court entered judgment in favor of Antero Treatment in the amount of $309 million in damages, which includes pre-judgment interest. On April 10, 2023, the Court issued an order identifying an error in its previously entered judgment, and on May 3, 2023, the Court entered an amended final judgment in favor of Antero Treatment in the amount of $280 million in damages, which includes pre-judgment interest through April 30, 2023. Antero Treatment was also awarded costs and attorneys’ fees, the amount of which will be determined in separate proceedings. On May 26, 2023, Veolia filed a notice of appeal of the final judgment. On June 9, 2023, Antero Treatment filed a notice of cross-appeal.

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2023
Reportable Segments
Reportable Segments	(15) Reportable Segments (a) Summary of 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. 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. 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 water from sources including the Ohio River, local reservoirs and several regional waterways. Portions of these water handling systems are also utilized to transport flowback and produced water. The water handling systems consist of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, blending facilities and impoundments to transport water throughout the systems used to deliver water for Antero Resources’ well completions. (b) Reportable Segments Financial Information The summarized operating results of the Company’s reportable segments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 184,071 ​ ​ 62,262 ​ ​ — ​ ​ 246,333 ​ Revenue–third-party ​ ​ — ​ ​ 242 ​ ​ — ​ ​ 242 ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (8,396) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 174,799 ​ ​ 54,108 ​ ​ — ​ ​ 228,907 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 19,343 ​ ​ 23,956 ​ ​ — ​ ​ 43,299 ​ General and administrative ​ ​ 10,490 ​ ​ 3,849 ​ ​ 1,740 ​ ​ 16,079 ​ Facility idling ​ ​ — ​ ​ 1,185 ​ ​ — ​ ​ 1,185 ​ Depreciation ​ ​ 22,854 ​ ​ 12,821 ​ ​ — ​ ​ 35,675 ​ Impairment of property and equipment ​ ​ 1,130 ​ ​ 2,572 ​ ​ — ​ ​ 3,702 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 64 ​ ​ — ​ ​ 64 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 539 ​ ​ — ​ ​ 539 ​ Gain on asset sale ​ ​ (32) ​ ​ — ​ ​ — ​ ​ (32) ​ Total operating expenses ​ ​ 53,785 ​ ​ 44,986 ​ ​ 1,740 ​ ​ 100,511 ​ Operating income ​ $ 121,014 ​ ​ 9,122 ​ ​ (1,740) ​ ​ 128,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 22,824 ​ ​ — ​ ​ — ​ ​ 22,824 ​ Additions to property and equipment ​ $ 60,931 ​ ​ 16,836 ​ ​ — ​ ​ 77,767 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 211,068 ​ ​ 64,613 ​ ​ — ​ ​ 275,681 ​ Revenue–third-party ​ ​ — ​ ​ 274 ​ ​ — ​ ​ 274 ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (8,396) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 201,796 ​ ​ 56,491 ​ ​ — ​ ​ 258,287 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 25,154 ​ ​ 27,441 ​ ​ — ​ ​ 52,595 ​ General and administrative ​ ​ 11,370 ​ ​ 4,861 ​ ​ 1,931 ​ ​ 18,162 ​ Facility idling ​ ​ — ​ ​ 637 ​ ​ — ​ ​ 637 ​ Depreciation ​ ​ 22,196 ​ ​ 13,037 ​ ​ — ​ ​ 35,233 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 44 ​ ​ — ​ ​ 44 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 279 ​ ​ — ​ ​ 279 ​ Loss on asset sale ​ ​ 5,814 ​ ​ — ​ ​ — ​ ​ 5,814 ​ Total operating expenses ​ ​ 64,534 ​ ​ 46,299 ​ ​ 1,931 ​ ​ 112,764 ​ Operating income ​ $ 137,262 ​ ​ 10,192 ​ ​ (1,931) ​ ​ 145,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 25,972 ​ ​ — ​ ​ — ​ ​ 25,972 ​ Additions to property and equipment, net ​ $ 29,959 ​ ​ 11,823 ​ ​ — ​ ​ 41,782 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 366,514 ​ ​ 115,583 ​ ​ — ​ ​ 482,097 ​ Revenue–third-party ​ ​ — ​ ​ 637 ​ ​ — ​ ​ 637 ​ Amortization of customer relationships ​ ​ (18,543) ​ ​ (16,793) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 347,971 ​ ​ 99,427 ​ ​ — ​ ​ 447,398 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 36,525 ​ ​ 48,786 ​ ​ — ​ ​ 85,311 ​ General and administrative ​ ​ 20,191 ​ ​ 10,590 ​ ​ 3,229 ​ ​ 34,010 ​ Facility idling ​ ​ — ​ ​ 2,333 ​ ​ — ​ ​ 2,333 ​ Depreciation ​ ​ 38,661 ​ ​ 25,314 ​ ​ — ​ ​ 63,975 ​ Impairment of property and equipment ​ ​ 1,130 ​ ​ 2,572 ​ ​ — ​ ​ 3,702 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 128 ​ ​ — ​ ​ 128 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 539 ​ ​ — ​ ​ 539 ​ Gain on asset sale ​ ​ (63) ​ ​ (87) ​ ​ — ​ ​ (150) ​ Total operating expenses ​ ​ 96,444 ​ ​ 90,175 ​ ​ 3,229 ​ ​ 189,848 ​ Operating income ​ $ 251,527 ​ ​ 9,252 ​ ​ (3,229) ​ ​ 257,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 46,056 ​ ​ — ​ ​ — ​ ​ 46,056 ​ Additions to property and equipment ​ $ 131,665 ​ ​ 30,369 ​ ​ — ​ ​ 162,034 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 410,644 ​ ​ 141,908 ​ ​ — ​ ​ 552,552 ​ Revenue–third-party ​ ​ — ​ ​ 546 ​ ​ — ​ ​ 546 ​ Amortization of customer relationships ​ ​ (18,543) ​ ​ (16,793) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 392,101 ​ ​ 125,661 ​ ​ — ​ ​ 517,762 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 49,272 ​ ​ 61,196 ​ ​ — ​ ​ 110,468 ​ General and administrative ​ ​ 21,550 ​ ​ 11,069 ​ ​ 2,890 ​ ​ 35,509 ​ Facility idling ​ ​ — ​ ​ 1,211 ​ ​ — ​ ​ 1,211 ​ Depreciation ​ ​ 44,259 ​ ​ 26,170 ​ ​ — ​ ​ 70,429 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 88 ​ ​ — ​ ​ 88 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 620 ​ ​ — ​ ​ 620 ​ Loss (gain) on asset sale ​ ​ 5,572 ​ ​ (3) ​ ​ — ​ ​ 5,569 ​ Total operating expenses ​ ​ 120,653 ​ ​ 100,351 ​ ​ 2,890 ​ ​ 223,894 ​ Operating income ​ $ 271,448 ​ ​ 25,310 ​ ​ (2,890) ​ ​ 293,868 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 50,428 ​ ​ — ​ ​ — ​ ​ 50,428 ​ Additions to property and equipment, net ​ $ 59,156 ​ ​ 25,583 ​ ​ — ​ ​ 84,739 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ The summarized total assets of the Company’s reportable segments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ Gathering and Processing ​ ​ ​ ​ ​ ​ ​ $ 4,711,069 ​ ​ 4,686,552 ​ Water Handling ​ ​ ​ ​ ​ ​ ​ ​ 1,079,297 ​ ​ 1,065,123 ​ Unallocated (1) ​ ​ ​ ​ ​ ​ ​ ​ 954 ​ ​ 1,208 ​ Total assets ​ ​ ​ ​ ​ ​ ​ $ 5,791,320 ​ ​ 5,752,883 ​ (1) Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2022 consolidated financial statements were included in the Company’s 2022 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, 2022 and June 30, 2023, the results of the Company’s operations for the three and six months ended June 30, 2022 and 2023, and the Company’s cash flows for the six months ended June 30, 2022 and 2023. The Company has no items of other comprehensive income; therefore, net income is equal to comprehensive income. 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.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2023
Intangibles
Schedule of changes in carrying amount of customer relationships	The changes in the carrying amount of customer relationships were as follows (in thousands): ​ ​ ​ ​ ​ ​ Customer relationships as of December 31, 2022 ​ $ 1,286,103 ​ Amortization of customer relationships ​ ​ (35,336) ​ Customer relationships as of June 30, 2023 ​ $ 1,250,767 ​
Schedule of future amortization expense	Future amortization expense is as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2023 ​ $ 35,336 ​ Year ending December 31, 2024 ​ ​ 70,672 ​ Year ending December 31, 2025 ​ ​ 70,672 ​ Year ending December 31, 2026 ​ ​ 70,672 ​ Year ending December 31, 2027 ​ ​ 70,672 ​ Thereafter ​ ​ 932,743 ​ Total ​ $ 1,250,767 ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue
Schedule of minimum future lease cash flows to be received by the Company under the gathering and compression agreement	Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of June 30, 2023 are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of year ending December 31, 2023 ​ $ 144,632 ​ Year ending December 31, 2024 ​ ​ 316,492 ​ Year ending December 31, 2025 ​ ​ 298,143 ​ Year ending December 31, 2026 ​ ​ 284,327 ​ Year ending December 31, 2027 ​ ​ 224,150 ​ Thereafter ​ ​ 382,434 ​ Total ​ $ 1,650,178 ​
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ (in thousands) ​ 2022 ​ 2023 2022 ​ 2023 Reportable Segment ​ Type of service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering—low pressure ​ $ 91,660 ​ ​ 105,042 ​ ​ 181,097 ​ ​ 204,679 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Compression ​ ​ 51,486 ​ ​ 61,565 ​ ​ 103,098 ​ ​ 119,955 ​ Gathering and Processing (1) ​ Gathering—high pressure ​ ​ 52,925 ​ ​ 56,461 ​ ​ 106,319 ​ ​ 110,010 ​ Gathering and Processing (1) ​ Fresh water delivery ​ ​ 41,120 ​ ​ 40,399 ​ ​ 73,164 ​ ​ 87,225 ​ Water Handling ​ Other fluid handling ​ ​ 21,384 ​ ​ 24,488 ​ ​ 43,056 ​ ​ 55,229 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of contract ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Unit Fixed Fee ​ $ 196,071 ​ ​ 223,068 ​ ​ 390,514 ​ ​ 434,644 ​ Gathering and Processing (1) ​ Gathering—low pressure fee rebate ​ ​ (12,000) ​ ​ (12,000) ​ ​ (24,000) ​ ​ (24,000) ​ Gathering and Processing (1) ​ Per Unit Fixed Fee ​ ​ 41,362 ​ ​ 40,673 ​ ​ 73,801 ​ ​ 87,772 ​ Water Handling ​ Cost plus 3% ​ ​ 16,400 ​ ​ 18,797 ​ ​ 32,038 ​ ​ 43,242 ​ Water Handling ​ Cost of service fee ​ ​ 4,742 ​ ​ 5,417 ​ ​ 10,381 ​ ​ 11,440 ​ Water Handling ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (9,272) ​ ​ (18,543) ​ ​ (18,543) ​ Gathering and Processing ​ Amortization of customer relationships ​ ​ (8,396) ​ ​ (8,396) ​ ​ (16,793) ​ ​ (16,793) ​ Water Handling ​ Total ​ $ 228,907 ​ ​ 258,287 ​ ​ 447,398 ​ ​ 517,762 ​ ​ ​ (1) Revenue related to the gathering and processing segment is classified as lease income related to the gathering and compression systems.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ Estimated ​ December 31, June 30, ​ (in thousands) Useful Lives 2022 2023 ​ Land n/a $ 31,668 ​ 31,668 ​ Gathering systems and facilities ​ 40-50 years (1) ​ ​ 3,281,872 ​ ​ 3,317,470 ​ Permanent buried pipelines and equipment ​ 7-20 years ​ ​ 601,347 ​ ​ 632,748 ​ Surface pipelines and equipment ​ 1-7 years ​ ​ 66,726 ​ ​ 77,858 ​ Heavy trucks and equipment ​ 3-5 years ​ ​ 5,157 ​ ​ 5,157 ​ Above ground storage tanks ​ 5-10 years ​ ​ 2,953 ​ ​ 5,130 ​ Construction-in-progress ​ n/a ​ 158,977 ​ ​ 153,412 ​ Total property and equipment ​ ​ ​ ​ 4,148,700 ​ ​ 4,223,443 ​ Less accumulated depreciation ​ ​ ​ ​ (397,269) ​ ​ (466,947) ​ Property and equipment, net ​ ​ ​ $ 3,751,431 ​ ​ 3,756,496 ​ (1) Gathering systems and facilities are recognized as a single-leased asset with no residual value.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Long-Term Debt.
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, June 30, ​ (in thousands) ​ 2022 2023 ​ Credit Facility (a) $ 782,000 ​ 725,500 ​ 7.875% senior notes due 2026 (b) ​ ​ 550,000 ​ ​ 550,000 ​ 5.75% senior notes due 2027 (c) ​ ​ 650,000 ​ ​ 650,000 ​ 5.75% senior notes due 2028 (d) ​ ​ 650,000 ​ ​ 650,000 ​ 5.375% senior notes due 2029 (e) ​ ​ 750,000 ​ ​ 750,000 ​ Total principal ​ ​ 3,382,000 ​ ​ 3,325,500 ​ Unamortized debt premiums ​ ​ 1,698 ​ ​ 1,496 ​ Unamortized debt issuance costs ​ ​ (22,416) ​ ​ (20,329) ​ Total long-term debt ​ $ 3,361,282 ​ ​ 3,306,667 ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consisted of the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, June 30, ​ (in thousands) 2022 2023 Capital expenditures ​ $ 16,597 ​ ​ 17,811 ​ Operating expenses ​ ​ 11,118 ​ ​ 10,764 ​ Interest expense ​ ​ 37,947 ​ ​ 37,395 ​ Ad valorem taxes ​ ​ 5,661 ​ ​ 6,918 ​ Other ​ ​ 1,392 ​ ​ 2,036 ​ Total accrued liabilities ​ $ 72,715 ​ ​ 74,924 ​

Equity-Based Compensation and_2

Equity-Based Compensation and Cash Awards (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of equity based compensation by type of award	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ Restricted stock units (1) ​ $ 4,425 ​ ​ 6,549 ​ ​ 6,913 ​ ​ 11,610 ​ Performance share units (1) ​ ​ 988 ​ ​ 1,723 ​ ​ 1,105 ​ ​ 2,784 ​ Equity awards issued to directors ​ ​ 228 ​ ​ 227 ​ ​ 455 ​ ​ 432 ​ Total expense ​ $ 5,641 ​ ​ 8,499 ​ ​ 8,473 ​ ​ 14,826 ​ (1) Amounts include equity-based compensation expense allocated to the Company by Antero Resources.
Summary of RSU awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value ​ Total AM LTIP RSUs awarded and unvested—December 31, 2022 ​ 4,877,258 ​ $ 9.79 ​ Granted ​ 3,103,722 ​ ​ 10.59 ​ Vested ​ (1,900,773) ​ ​ 9.59 ​ Forfeited ​ (74,520) ​ ​ 10.21 ​ Total AM LTIP RSUs awarded and unvested—June 30, 2023 ​ 6,005,687 ​ $ 10.26 ​ ​ ​ ​ ​ ​ ​ ​
ROIC PSUs
Summary of PSU awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value ​ Total AM LTIP PSUs awarded and unvested—December 31, 2022 ​ 439,935 ​ $ 11.28 ​ Granted ​ 512,166 ​ ​ 10.58 ​ Total AM LTIP PSUs awarded and unvested—June 30, 2023 ​ 952,101 ​ $ 10.90 ​ ​

Cash Dividends (Tables)

Cash Dividends (Tables)	6 Months Ended
	Jun. 30, 2023
Cash Dividends
Schedule of quarterly distributions and dividends paid	The Company paid cash dividends for the quarter indicated as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ Period Record Date Dividend Date Dividends per Share ​ Q4 2021 ​ January 26, 2022 ​ February 9, 2022 ​ $ 108,149 ​ $ 0.2250 ​ * ​ February 14, 2022 ​ February 14, 2022 ​ ​ 138 ​ ​ * ​ Q1 2022 ​ April 27, 2022 ​ May 11, 2022 ​ ​ 109,296 ​ ​ 0.2250 ​ * ​ May 16, 2022 ​ May 16, 2022 ​ ​ 137 ​ ​ * ​ Q2 2022 ​ July 27, 2022 ​ August 10, 2022 ​ ​ 107,675 ​ ​ 0.2250 ​ * ​ August 15, 2022 ​ August 15, 2022 ​ ​ 138 ​ ​ * ​ Q3 2022 ​ October 26, 2022 ​ November 9, 2022 ​ ​ 107,705 ​ ​ 0.2250 ​ * ​ November 14, 2022 ​ November 14, 2022 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2022 ​ ​ ​ $ 433,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q4 2022 ​ January 25, 2023 ​ February 8, 2023 ​ $ 108,364 ​ $ 0.2250 ​ * ​ February 14, 2023 ​ February 14, 2023 ​ ​ 138 ​ ​ * ​ Q1 2023 ​ April 26, 2023 ​ May 10, 2023 ​ ​ 110,607 ​ ​ 0.2250 ​ * ​ May 15, 2023 ​ May 15, 2023 ​ ​ 137 ​ ​ * ​ ​ ​ Total 2023 ​ ​ ​ $ 219,246 ​ ​ ​ ​ * Dividends are paid in accordance with the terms of the Series A Preferred Stock (as defined below) as discussed in Note 11—Equity and Earnings Per Common Share. ​

Equity and Earnings Per Commo_2

Equity and Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Equity and Earnings Per Common Share
Schedule of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2022 ​ 2023 2022 ​ 2023 ​ Basic weighted average number of shares outstanding ​ ​ 478,317 ​ ​ 479,502 ​ ​ 477,983 ​ ​ 479,059 ​ Add: Dilutive effect of RSUs ​ ​ 794 ​ ​ 797 ​ ​ 1,081 ​ ​ 1,225 ​ Add: Dilutive effect of PSUs ​ ​ 54 ​ ​ 351 ​ ​ 160 ​ ​ 274 ​ Add: Dilutive effect of Series A Preferred Stock ​ ​ 1,105 ​ ​ 862 ​ ​ 1,105 ​ ​ 862 ​ Diluted weighted average number of shares outstanding ​ ​ 480,270 ​ ​ 481,512 ​ ​ 480,329 ​ ​ 481,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding equity awards excluded from calculation of net income per share—diluted (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ 2,457 ​ ​ — ​ ​ 1,170 ​ ​ — ​ PSUs ​ ​ 744 ​ ​ — ​ ​ 375 ​ ​ — ​ (1) The potential dilutive effects of these awards were excluded from the computation of net income per share—diluted because the inclusion of these awards would have been anti-dilutive.
Schedule of earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except per share amounts) 2022 ​ 2023 2022 ​ 2023 ​ Net income ​ $ 79,395 ​ ​ 87,012 ​ ​ 159,435 ​ ​ 173,519 ​ Less preferred stock dividends ​ ​ (137) ​ ​ (137) ​ ​ (275) ​ ​ (275) ​ Net income available to common shareholders ​ $ 79,258 ​ ​ 86,875 ​ ​ 159,160 ​ ​ 173,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share–basic ​ $ 0.17 ​ ​ 0.18 ​ ​ 0.33 ​ ​ 0.36 ​ Net income per share–diluted ​ $ 0.17 ​ ​ 0.18 ​ ​ 0.33 ​ ​ 0.36 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding–basic ​ ​ 478,317 ​ ​ 479,502 ​ ​ 477,983 ​ ​ 479,059 ​ Weighted average common shares outstanding–diluted ​ ​ 480,270 ​ ​ 481,512 ​ ​ 480,329 ​ ​ 481,420 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement
Schedule of fair value and carrying value of Senior Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ June 30, 2023 ​ (in thousands) ​ Fair Value (1) ​ Carrying Value (2) ​ Fair Value (1) ​ Carrying Value (2) ​ 2026 Notes ​ $ 556,985 ​ ​ 545,416 ​ ​ 555,500 ​ ​ 546,012 ​ 2027 Notes ​ ​ 612,365 ​ ​ 646,610 ​ ​ 624,065 ​ ​ 646,955 ​ 2028 Notes ​ ​ 601,575 ​ ​ 644,776 ​ ​ 615,875 ​ ​ 645,232 ​ 2029 Notes ​ ​ 685,650 ​ ​ 742,480 ​ ​ 696,600 ​ ​ 742,968 ​ Total ​ $ 2,456,575 ​ ​ 2,579,282 ​ ​ 2,492,040 ​ ​ 2,581,167 ​ (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt premiums.

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	6 Months Ended
	Jun. 30, 2023
Investments in Unconsolidated Affiliates
Schedule of reconciliation of investments in unconsolidated affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ in Unconsolidated ​ (in thousands) Joint Venture Stonewall Affiliates ​ Balance as of December 31, 2022 ​ $ 526,652 ​ ​ 126,115 ​ ​ 652,767 ​ Additional investments ​ ​ — ​ ​ 262 ​ ​ 262 ​ Equity in earnings of unconsolidated affiliates (1) ​ ​ 46,754 ​ ​ 3,674 ​ ​ 50,428 ​ Distributions from unconsolidated affiliates ​ ​ (54,345) ​ ​ (9,225) ​ ​ (63,570) ​ Balance as of June 30, 2023 ​ $ 519,061 ​ ​ 120,826 ​ ​ 639,887 ​ (1) As adjusted for the amortization of the difference between the cost of the equity investments in Stonewall and the Joint Venture and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019.

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Reportable Segments
Schedule of operating results and assets of the Company's reportable segments	The summarized operating results of the Company’s reportable segments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 184,071 ​ ​ 62,262 ​ ​ — ​ ​ 246,333 ​ Revenue–third-party ​ ​ — ​ ​ 242 ​ ​ — ​ ​ 242 ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (8,396) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 174,799 ​ ​ 54,108 ​ ​ — ​ ​ 228,907 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 19,343 ​ ​ 23,956 ​ ​ — ​ ​ 43,299 ​ General and administrative ​ ​ 10,490 ​ ​ 3,849 ​ ​ 1,740 ​ ​ 16,079 ​ Facility idling ​ ​ — ​ ​ 1,185 ​ ​ — ​ ​ 1,185 ​ Depreciation ​ ​ 22,854 ​ ​ 12,821 ​ ​ — ​ ​ 35,675 ​ Impairment of property and equipment ​ ​ 1,130 ​ ​ 2,572 ​ ​ — ​ ​ 3,702 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 64 ​ ​ — ​ ​ 64 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 539 ​ ​ — ​ ​ 539 ​ Gain on asset sale ​ ​ (32) ​ ​ — ​ ​ — ​ ​ (32) ​ Total operating expenses ​ ​ 53,785 ​ ​ 44,986 ​ ​ 1,740 ​ ​ 100,511 ​ Operating income ​ $ 121,014 ​ ​ 9,122 ​ ​ (1,740) ​ ​ 128,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 22,824 ​ ​ — ​ ​ — ​ ​ 22,824 ​ Additions to property and equipment ​ $ 60,931 ​ ​ 16,836 ​ ​ — ​ ​ 77,767 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 211,068 ​ ​ 64,613 ​ ​ — ​ ​ 275,681 ​ Revenue–third-party ​ ​ — ​ ​ 274 ​ ​ — ​ ​ 274 ​ Amortization of customer relationships ​ ​ (9,272) ​ ​ (8,396) ​ ​ — ​ ​ (17,668) ​ Total revenues ​ ​ 201,796 ​ ​ 56,491 ​ ​ — ​ ​ 258,287 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 25,154 ​ ​ 27,441 ​ ​ — ​ ​ 52,595 ​ General and administrative ​ ​ 11,370 ​ ​ 4,861 ​ ​ 1,931 ​ ​ 18,162 ​ Facility idling ​ ​ — ​ ​ 637 ​ ​ — ​ ​ 637 ​ Depreciation ​ ​ 22,196 ​ ​ 13,037 ​ ​ — ​ ​ 35,233 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 44 ​ ​ — ​ ​ 44 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 279 ​ ​ — ​ ​ 279 ​ Loss on asset sale ​ ​ 5,814 ​ ​ — ​ ​ — ​ ​ 5,814 ​ Total operating expenses ​ ​ 64,534 ​ ​ 46,299 ​ ​ 1,931 ​ ​ 112,764 ​ Operating income ​ $ 137,262 ​ ​ 10,192 ​ ​ (1,931) ​ ​ 145,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 25,972 ​ ​ — ​ ​ — ​ ​ 25,972 ​ Additions to property and equipment, net ​ $ 29,959 ​ ​ 11,823 ​ ​ — ​ ​ 41,782 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 366,514 ​ ​ 115,583 ​ ​ — ​ ​ 482,097 ​ Revenue–third-party ​ ​ — ​ ​ 637 ​ ​ — ​ ​ 637 ​ Amortization of customer relationships ​ ​ (18,543) ​ ​ (16,793) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 347,971 ​ ​ 99,427 ​ ​ — ​ ​ 447,398 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 36,525 ​ ​ 48,786 ​ ​ — ​ ​ 85,311 ​ General and administrative ​ ​ 20,191 ​ ​ 10,590 ​ ​ 3,229 ​ ​ 34,010 ​ Facility idling ​ ​ — ​ ​ 2,333 ​ ​ — ​ ​ 2,333 ​ Depreciation ​ ​ 38,661 ​ ​ 25,314 ​ ​ — ​ ​ 63,975 ​ Impairment of property and equipment ​ ​ 1,130 ​ ​ 2,572 ​ ​ — ​ ​ 3,702 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 128 ​ ​ — ​ ​ 128 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 539 ​ ​ — ​ ​ 539 ​ Gain on asset sale ​ ​ (63) ​ ​ (87) ​ ​ — ​ ​ (150) ​ Total operating expenses ​ ​ 96,444 ​ ​ 90,175 ​ ​ 3,229 ​ ​ 189,848 ​ Operating income ​ $ 251,527 ​ ​ 9,252 ​ ​ (3,229) ​ ​ 257,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 46,056 ​ ​ — ​ ​ — ​ ​ 46,056 ​ Additions to property and equipment ​ $ 131,665 ​ ​ 30,369 ​ ​ — ​ ​ 162,034 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ ​ Gathering and ​ Water ​ ​ ​ Consolidated ​ (in thousands) Processing Handling Unallocated (1) ​ Total ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue–Antero Resources ​ $ 410,644 ​ ​ 141,908 ​ ​ — ​ ​ 552,552 ​ Revenue–third-party ​ ​ — ​ ​ 546 ​ ​ — ​ ​ 546 ​ Amortization of customer relationships ​ ​ (18,543) ​ ​ (16,793) ​ ​ — ​ ​ (35,336) ​ Total revenues ​ ​ 392,101 ​ ​ 125,661 ​ ​ — ​ ​ 517,762 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating ​ ​ 49,272 ​ ​ 61,196 ​ ​ — ​ ​ 110,468 ​ General and administrative ​ ​ 21,550 ​ ​ 11,069 ​ ​ 2,890 ​ ​ 35,509 ​ Facility idling ​ ​ — ​ ​ 1,211 ​ ​ — ​ ​ 1,211 ​ Depreciation ​ ​ 44,259 ​ ​ 26,170 ​ ​ — ​ ​ 70,429 ​ Accretion of asset retirement obligations ​ ​ — ​ ​ 88 ​ ​ — ​ ​ 88 ​ Loss on settlement of asset retirement obligations ​ ​ — ​ ​ 620 ​ ​ — ​ ​ 620 ​ Loss (gain) on asset sale ​ ​ 5,572 ​ ​ (3) ​ ​ — ​ ​ 5,569 ​ Total operating expenses ​ ​ 120,653 ​ ​ 100,351 ​ ​ 2,890 ​ ​ 223,894 ​ Operating income ​ $ 271,448 ​ ​ 25,310 ​ ​ (2,890) ​ ​ 293,868 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 50,428 ​ ​ — ​ ​ — ​ ​ 50,428 ​ Additions to property and equipment, net ​ $ 59,156 ​ ​ 25,583 ​ ​ — ​ ​ 84,739 ​ ​ (1) Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis. ​ The summarized total assets of the Company’s reportable segments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ Gathering and Processing ​ ​ ​ ​ ​ ​ ​ $ 4,711,069 ​ ​ 4,686,552 ​ Water Handling ​ ​ ​ ​ ​ ​ ​ ​ 1,079,297 ​ ​ 1,065,123 ​ Unallocated (1) ​ ​ ​ ​ ​ ​ ​ ​ 954 ​ ​ 1,208 ​ Total assets ​ ​ ​ ​ ​ ​ ​ $ 5,791,320 ​ ​ 5,752,883 ​ (1) Certain assets that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis .

Intangibles - Customer Relation

Intangibles - Customer Relationships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite lived intangible assets rollforward
Balance - beginning of period			$ 1,286,103
Amortization of customer relationships	$ (17,668)	$ (17,668)	(35,336)	$ (35,336)
Balance - end of period	1,250,767		1,250,767
Customer relationships
Finite lived intangible assets rollforward
Balance - beginning of period			1,286,103
Amortization of customer relationships			(35,336)
Balance - end of period	$ 1,250,767		$ 1,250,767
Customer relationships | Weighted Average
Finite lived intangible assets
Amortization period	19 years		19 years

Intangibles - Future amortizati

Intangibles - Future amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Future amortization expense
Total	$ 1,250,767	$ 1,286,103
Customer relationships
Future amortization expense
Remainder of year ending December 31, 2023	35,336
Year ending December 31, 2024	70,672
Year ending December 31, 2025	70,672
Year ending December 31, 2026	70,672
Year ending December 31, 2027	70,672
Thereafter	932,743
Total	$ 1,250,767	$ 1,286,103

Transactions with Affiliates (D

Transactions with Affiliates (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allocation of costs
Direct labor expenses	$ 4	$ 3	$ 9	$ 7
General and administrative expense	$ 7	$ 8	$ 15	$ 16

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gathering And Compression Agreement
Agreements
Notice period			180 days
Rebate issued	$ 12	$ 12	$ 24	$ 24
Water Handling Agreement
Agreements
Notice period			180 days
Third party out of pocket costs reimbursement markup (as a percent)			3%

Revenue - Minimum Volume Commit

Revenue - Minimum Volume Commitments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Gathering And Compression Agreement
Lessor, Operating Leases
Minimum volume commitment that require Antero to pay for high pressure lines	75%
Minimum volume commitment that require Antero to pay for compressor stations	70%
Term of new construction	10 years
Rate of return on new construction from service fee	13%
Time period to earn targeted rate of return from service fee	7 years
Minimum future lease cash flows to be received by the Company
Remainder of year ending December 31, 2023	$ 144,632
Year ending December 31, 2024	316,492
Year ending December 31, 2025	298,143
Year ending December 31, 2026	284,327
Year ending December 31, 2027	224,150
Thereafter	382,434
Total	$ 1,650,178
Acquired Gathering and Compression Agreement
Lessor, Operating Leases
Minimum volume commitment that require Antero to pay for compressor stations	25%
Term of new construction	10 years

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue
Original expected duration	true
Receivables from contracts with customers and operating leases	$ 92	$ 86

Revenue - Disaggregation (Detai

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Amortization of customer relationships	$ (17,668)	$ (17,668)	$ (35,336)	$ (35,336)
Total revenue	258,287	228,907	517,762	447,398
Gathering And Processing.
Disaggregation of Revenue
Amortization of customer relationships	(9,272)	(9,272)	(18,543)	(18,543)
Water Handling.
Disaggregation of Revenue
Amortization of customer relationships	(8,396)	(8,396)	(16,793)	(16,793)
Fixed Fee | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	223,068	196,071	434,644	390,514
Fixed Fee | Water Handling.
Disaggregation of Revenue
Total operating revenues	40,673	41,362	87,772	73,801
Cost plus 3% | Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 18,797	$ 16,400	$ 43,242	$ 32,038
Third party out of pocket costs reimbursement markup (as a percent)	3%	3%	3%	3%
Cost of service fee | Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 5,417	$ 4,742	$ 11,440	$ 10,381
Gathering-low pressure | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	105,042	91,660	204,679	181,097
Gathering-low pressure fee rebate | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	(12,000)	(12,000)	(24,000)	(24,000)
Gathering-low pressure fee rebate | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	(12,000)	(12,000)	(24,000)	(24,000)
Gathering-high pressure | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	56,461	52,925	110,010	106,319
Compression | Gathering And Processing.
Disaggregation of Revenue
Total operating revenues	61,565	51,486	119,955	103,098
Fresh water delivery | Water Handling.
Disaggregation of Revenue
Total operating revenues	40,399	41,120	87,225	73,164
Other fluid handling | Water Handling.
Disaggregation of Revenue
Total operating revenues	$ 24,488	$ 21,384	$ 55,229	$ 43,056

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property and Equipment
Total property and equipment	$ 4,223,443	$ 4,148,700
Less accumulated depreciation	(466,947)	(397,269)
Property and equipment, net	3,756,496	3,751,431
Land.
Property and Equipment
Total property and equipment	31,668	31,668
Gathering systems and facilities
Property and Equipment
Total property and equipment	3,317,470	3,281,872
Residual value	$ 0	$ 0
Gathering systems and facilities | Minimum
Property and Equipment
Estimated useful lives	40 years	40 years
Gathering systems and facilities | Maximum
Property and Equipment
Estimated useful lives	50 years	50 years
Permanent buried pipelines and equipment
Property and Equipment
Total property and equipment	$ 632,748	$ 601,347
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
Surface pipelines and equipment
Property and Equipment
Total property and equipment	$ 77,858	$ 66,726
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
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	$ 5,130	$ 2,953
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	$ 153,412	$ 158,977

Property and Equipment - Acquis

Property and Equipment - Acquisitions (Details) $ in Thousands			6 Months Ended
	Dec. 21, 2022 USD ($) MMcf / d item	Oct. 25, 2022 USD ($) MMcf / d item	Jun. 30, 2023 USD ($)
Property and Equipment
Cash payments			$ 266
Crestwood Equity Partners LP | Marcellus gas gathering and compression assets
Property and Equipment
Cash payments		$ 205,000
Number of miles pipeline acquired | item		72
Number of compressor stations acquired | item		9
Dry gas compression capacity | MMcf / d		700
Land		$ 3,000
Gathering systems and facilities		$ 202,000
EnLink | Utica compression assets
Property and Equipment
Cash payments	$ 10,000
Number of compressor stations acquired | item	4
Dry gas compression capacity | MMcf / d	380

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands					6 Months Ended
	Jun. 08, 2021	Nov. 10, 2020	Jun. 28, 2019	Feb. 25, 2019	Jun. 30, 2023	Dec. 31, 2022	Mar. 12, 2019
Long-term debt
Total principal					$ 3,325,500	$ 3,382,000
Unamortized debt premiums					1,496	1,698
Unamortized debt issuance costs					(20,329)	(22,416)
Total long-term debt					$ 3,306,667	3,361,282
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%
Credit Facility | Antero Midstream Partners
Long-term debt
Total principal					$ 725,500	782,000
Outstanding letters of credit					$ 0	$ 0
Weighted average interest rate (as a percent)					6.96%	6.17%
Current borrowing capacity					$ 1,250,000	$ 1,250,000
Available borrowing capacity					$ 524,000
5.375% Senior Notes Due 2024 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Interest rate (as a percent)					7.875%	7.875%
7.875% Senior Notes Due 2026
Long-term debt
Total long-term debt					$ 546,012	$ 545,416
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%			5.75%	5.75%
Face amount		$ 550,000
Debt instrument redemption percentage upon change of control		101%
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%
5.75% Senior Notes Due 2027
Long-term debt
Total long-term debt					$ 646,955	$ 646,610
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%
5.75% Senior Notes Due 2027 | Redemption period one | Finance Corp and together with Antero Midstream Partners
Long-term debt
Debt instrument redemption percentage				101.917%
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%
5.75% Senior Notes Due 2028
Long-term debt
Total long-term debt					$ 645,232	$ 644,776
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%		5.375%	5.375%
Face amount			$ 650,000
Debt instrument redemption percentage upon change of control			101%
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%
5.375% Senior Notes Due 2029
Long-term debt
Total long-term debt					$ 742,968	$ 742,480
5.375% Senior Notes Due 2029 | Finance Corp and together with Antero Midstream Partners
Long-term debt
Total principal	$ 750,000				$ 750,000	$ 750,000
Interest rate (as a percent)	5.375%
Debt instrument redemption percentage upon change of control	101%
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%
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%
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%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities
Capital expenditures	$ 17,811	$ 16,597
Operating expenses	10,764	11,118
Interest expense	37,395	37,947
Ad valorem taxes	6,918	5,661
Other	2,036	1,392
Total accrued liabilities	$ 74,924	$ 72,715

Equity Based Compensation and C

Equity Based Compensation and Cash Awards (Details) - USD ($) $ / shares in Units, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Mar. 19, 2019

Mar. 31, 2023

Jul. 31, 2020

Jan. 31, 2020

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Mar. 12, 2019

Common Stock

Number of units

Issuance of common stock upon conversion of performance share units (in shares)

1,011,000

148,000

754,000

188,000

AR LTIP

Additional disclosures

Equity based compensation expense allocated from Antero Resources

$ 0

$ 0.1

$ 0.3

AR LTIP | Maximum

Additional disclosures

Equity based compensation expense allocated from Antero Resources

$ 0.1

AM LTIP

Additional disclosures

Number of stock-based compensation awards authorized

15,398,901

Number of shares available for future grant under the Plan

4,620,235

4,620,235

Cash awards granted

$ 0.7

$ 2.2

Vesting period for cash awards

4 years

3 years

Cash awards accrued in other liabilities

$ 0.1

$ 0.1

$ 0.5

AM LTIP RSUs

Number of units

Total awarded and unvested at the beginning of the period (in shares)

4,877,258

4,877,258

Granted (in shares)

3,103,722

Vested (in shares)

(1,900,773)

Forfeited (in shares)

(74,520)

Total awarded and unvested at the end of the period (in shares)

6,005,687

6,005,687

Weighted average grant date fair value

Total awarded and unvested at the beginning of the period (in dollars per unit)

$ 9.79

$ 9.79

Granted (in dollars per unit)

10.59

Vested (in dollars per unit)

9.59

Forfeited (in dollars per unit)

10.21

Total awarded and unvested at the end of the period (in dollars per unit)

$ 10.26

$ 10.26

Additional disclosures

Unamortized expense

$ 55

$ 55

Shares exchange ratio

1.8926

Weighted average period for recognizing unrecognized stock-based compensation expense

2 years 2 months 12 days

ROIC PSUs

Number of units

Total awarded and unvested at the beginning of the period (in shares)

439,935

439,935

Granted (in shares)

512,166

Total awarded and unvested at the end of the period (in shares)

952,101

952,101

Weighted average grant date fair value

Total awarded and unvested at the beginning of the period (in dollars per unit)

$ 11.28

$ 11.28

Granted (in dollars per unit)

10.58

Total awarded and unvested at the end of the period (in dollars per unit)

$ 10.90

$ 10.90

Additional disclosures

Unamortized expense

$ 16

$ 16

Weighted average period for recognizing unrecognized stock-based compensation expense

2 years 3 months 18 days

2022 ROIC PSUs

Additional disclosures

Vesting period

3 years

2022 ROIC PSUs | Minimum

Additional disclosures

Percentage of target number of ROIC PSUs originally granted that may ultimately be earned

0%

2022 ROIC PSUs | Maximum

Additional disclosures

Percentage of target number of ROIC PSUs originally granted that may ultimately be earned

200%

Equity Based Compensation and_2

Equity Based Compensation and Cash Awards - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity based compensation
Equity based compensation expense	$ 8,499	$ 5,641	$ 14,826	$ 8,473
AM LTIP RSUs
Equity based compensation
Equity based compensation expense	6,549	4,425	11,610	6,913
ROIC PSUs
Equity based compensation
Equity based compensation expense	1,723	988	2,784	1,105
Equity awards issued to directors
Equity based compensation
Equity based compensation expense	$ 227	$ 228	$ 432	$ 455

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands														6 Months Ended		12 Months Ended
	Jul. 12, 2023	May 15, 2023	May 10, 2023	Feb. 14, 2023	Feb. 08, 2023	Nov. 14, 2022	Nov. 09, 2022	Aug. 15, 2022	Aug. 10, 2022	May 16, 2022	May 11, 2022	Feb. 14, 2022	Feb. 09, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash dividends
Common stock dividends paid			$ 110,607		$ 108,364		$ 107,705		$ 107,675		$ 109,296		$ 108,149	$ 218,971	$ 217,445
Preferred stock dividends paid														275	$ 275
Dividends paid														219,246		$ 433,375
Common stock dividends (in dollars per share)			$ 0.2250		$ 0.2250		$ 0.2250		$ 0.2250		$ 0.2250		$ 0.2250
Cash dividends declared per common share	$ 0.2250
Series A Preferred Stock
Cash dividends
Preferred stock dividends paid		$ 137		$ 138		$ 137		$ 138		$ 137		$ 138
Cash dividend declared	$ 138
Dividends in arrears														$ 69

Equity and Earnings Per Commo_3

Equity and Earnings Per Common Share (Details) - $ / shares	Mar. 12, 2019	Jun. 30, 2023	Dec. 31, 2022
Equity and Earnings Per Common Share
Number of preferred 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted Average Shares Outstanding
Basic weighted average common shares outstanding	479,502	478,317	479,059	477,983
Diluted weighted average number of shares outstanding	481,512	480,270	481,420	480,329
RSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	797	794	1,225	1,081
Antidilutive securities excluded from computation of earnings per share		2,457		1,170
ROIC PSUs
Weighted Average Shares Outstanding
Add: Dilutive effect	351	54	274	160
Antidilutive securities excluded from computation of earnings per share		744		375
Series A Preferred Stock.
Weighted Average Shares Outstanding
Add: Dilutive effect of Series A preferred stock	862	1,105	862	1,105

Equity and Earnings Per Commo_5

Equity and Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity and Earnings Per Common Share
Net income	$ 87,012	$ 86,507	$ 79,395	$ 80,040	$ 173,519	$ 159,435
Less preferred stock dividends	(137)		(137)		(275)	(275)
Net income (loss) available to common shareholders	$ 86,875		$ 79,258		$ 173,244	$ 159,160
Net income per share-basic (in dollars per share)	$ 0.18		$ 0.17		$ 0.36	$ 0.33
Net income per share-diluted (in dollars per share)	$ 0.18		$ 0.17		$ 0.36	$ 0.33
Basic weighted average common shares outstanding	479,502		478,317		479,059	477,983
Weighted average common shares outstanding-diluted	481,512		480,270		481,420	480,329

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurement
Carrying Value	$ 3,306,667	$ 3,361,282
Senior Notes
Fair value measurement
Carrying Value	2,581,167	2,579,282
Senior Notes | Level 2
Fair value measurement
Fair Value	2,492,040	2,456,575
7.875% Senior Notes Due 2026
Fair value measurement
Carrying Value	546,012	545,416
7.875% Senior Notes Due 2026 | Level 2
Fair value measurement
Fair Value	555,500	556,985
5.75% Senior Notes Due 2027
Fair value measurement
Carrying Value	646,955	646,610
5.75% Senior Notes Due 2027 | Level 2
Fair value measurement
Fair Value	624,065	612,365
5.75% Senior Notes Due 2028
Fair value measurement
Carrying Value	645,232	644,776
5.75% Senior Notes Due 2028 | Level 2
Fair value measurement
Fair Value	615,875	601,575
5.375% Senior Notes Due 2029
Fair value measurement
Carrying Value	742,968	742,480
5.375% Senior Notes Due 2029 | Level 2
Fair value measurement
Fair Value	$ 696,600	$ 685,650

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item mi	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item mi	Jun. 30, 2022 USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period			$ 652,767
Additional investments			262
Equity in earnings of unconsolidated affiliates	$ 25,972	$ 22,824	50,428	$ 46,056
Distributions from unconsolidated affiliates			(63,570)	$ (60,505)
Balance at end of period	$ 639,887		$ 639,887
Joint Venture
Equity Method Investments
Ownership percentage	50%		50%
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			$ 526,652
Equity in earnings of unconsolidated affiliates			46,754
Distributions from unconsolidated affiliates			(54,345)
Balance at end of period	$ 519,061		$ 519,061
Stonewall
Equity Method Investments
Ownership percentage	15%		15%
Number of miles of pipeline | mi	67		67
Investments in unconsolidated affiliates
Balance at beginning of period			$ 126,115
Additional investments			262
Equity in earnings of unconsolidated affiliates			3,674
Distributions from unconsolidated affiliates			(9,225)
Balance at end of period	$ 120,826		$ 120,826

Contingencies (Details)

Contingencies (Details) - Lawsuit with Veolia Water Technologies, Inc. - Pending Litigation - USD ($) $ in Millions	May 03, 2023	Jan. 27, 2023	Jan. 03, 2023	Feb. 24, 2022
Contingencies
Antero Treatment damages sought				$ 450
Antero Treatment damages sought related to multiple breaches				370
Veolia damages sought				$ 118
Claims for breach of contract and fraud awarded to Antero		$ 309	$ 242
Amended claims for breach of contract and fraud awarded to Antero	$ 280

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Reporting Segments
Number of reportable segments | segment			2
Revenues:
Amortization of customer relationships	$ (17,668)	$ (17,668)	$ (35,336)	$ (35,336)
Total revenue	258,287	228,907	517,762	447,398
Operating expenses:
Direct operating	52,595	43,299	110,468	85,311
General and administrative	18,162	16,079	35,509	34,010
Facility idling	637	1,185	1,211	2,333
Depreciation	35,233	35,675	70,429	63,975
Impairment of property and equipment		3,702		3,702
Accretion of asset retirement obligations	44	64	88	128
Loss on settlement of asset retirement obligations	279	539	620	539
Gain (loss) on asset sale	5,814	(32)	5,569	(150)
Total operating expenses	112,764	100,511	223,894	189,848
Operating income	145,523	128,396	293,868	257,550
Equity in earnings of unconsolidated affiliates	25,972	22,824	50,428	46,056
Additions to property and equipment, net	41,782	77,767	84,739	162,034
Total assets	5,752,883		5,752,883		$ 5,791,320
Antero
Revenues:
Total operating revenues	275,681	246,333	552,552	482,097
Third party
Revenues:
Total operating revenues	274	242	546	637
Gathering And Processing.
Revenues:
Amortization of customer relationships	(9,272)	(9,272)	$ (18,543)	(18,543)
Water Handling
Reporting Segments
Number of independent fresh water systems | item			2
Revenues:
Amortization of customer relationships	(8,396)	(8,396)	$ (16,793)	(16,793)
Operating Segments | Gathering And Processing.
Revenues:
Amortization of customer relationships	(9,272)	(9,272)	(18,543)	(18,543)
Total revenue	201,796	174,799	392,101	347,971
Operating expenses:
Direct operating	25,154	19,343	49,272	36,525
General and administrative	11,370	10,490	21,550	20,191
Depreciation	22,196	22,854	44,259	38,661
Impairment of property and equipment		1,130		1,130
Gain (loss) on asset sale	5,814	(32)	5,572	(63)
Total operating expenses	64,534	53,785	120,653	96,444
Operating income	137,262	121,014	271,448	251,527
Equity in earnings of unconsolidated affiliates	25,972	22,824	50,428	46,056
Additions to property and equipment, net	29,959	60,931	59,156	131,665
Total assets	4,686,552		4,686,552		4,711,069
Operating Segments | Gathering And Processing. | Antero
Revenues:
Total operating revenues	211,068	184,071	410,644	366,514
Operating Segments | Water Handling
Revenues:
Amortization of customer relationships	(8,396)	(8,396)	(16,793)	(16,793)
Total revenue	56,491	54,108	125,661	99,427
Operating expenses:
Direct operating	27,441	23,956	61,196	48,786
General and administrative	4,861	3,849	11,069	10,590
Facility idling	637	1,185	1,211	2,333
Depreciation	13,037	12,821	26,170	25,314
Impairment of property and equipment		2,572		2,572
Accretion of asset retirement obligations	44	64	88	128
Loss on settlement of asset retirement obligations	279	539	620	539
Gain (loss) on asset sale			(3)	(87)
Total operating expenses	46,299	44,986	100,351	90,175
Operating income	10,192	9,122	25,310	9,252
Additions to property and equipment, net	11,823	16,836	25,583	30,369
Total assets	1,065,123		1,065,123		1,079,297
Operating Segments | Water Handling | Antero
Revenues:
Total operating revenues	64,613	62,262	141,908	115,583
Operating Segments | Water Handling | Third party
Revenues:
Total operating revenues	274	242	546	637
Unallocated
Operating expenses:
General and administrative	1,931	1,740	2,890	3,229
Total operating expenses	1,931	1,740	2,890	3,229
Operating income	(1,931)	$ (1,740)	(2,890)	$ (3,229)
Total assets	$ 1,208		$ 1,208		$ 954