Annual report pursuant to Section 13 and 15(d)

Equity Method Investments (Tables)

v3.19.3.a.u2
Equity Method Investments (Tables)
12 Months Ended
Dec. 31, 2019
Equity Method Investments.  
Schedule of reconciliation of investments in unconsolidated affiliates

The following table is a reconciliation of investments in unconsolidated affiliates for the years ending December 31, 2018 and 2019 in thousands):

MarkWest

Antero Midstream

Stonewall (1)

Joint Venture

Corporation (2)

Total

Balance at December 31, 2017

$

67,128

236,174

303,302

Investments (3)

 

136,475

136,475

Equity in net income of unconsolidated affiliates

10,740

29,540

40,280

Distributions from unconsolidated affiliates

 

(9,765)

(36,650)

(46,415)

Balance at December 31, 2018

$

68,103

365,539

433,642

Investments (3)

 

25,020

25,020

Equity in net income (loss) of unconsolidated affiliates

1,894

10,370

(155,480)

(143,216)

Distributions/dividends from unconsolidated affiliates

 

(3,000)

(9,605)

(145,351)

(157,956)

Return of investment (4)

(208,745)

(208,745)

Impairment (5)

(467,590)

(467,590)

Elimination of intercompany profit

44,548

44,548

Effects of deconsolidation (6)

 

(66,997)

(391,324)

1,987,795

1,529,474

Balance at December 31, 2019

$

1,055,177

1,055,177

(1) Distributions are net of operating and capital requirements retained by Stonewall.
(2) As adjusted for the amortization of the difference between the cost of the equity investment in Antero Midstream Corporation and the amount of underlying equity in the net assets of Antero Midstream Partners as of the date of deconsolidation and as adjusted for the return of investment.
(3) Investments in the Joint Venture during the year ended December 31, 2019 relate to capital contributions for construction of additional processing facilities.
(4) In December 2019, Antero Midstream Corporation repurchased $100 million of its shares of common stock from the Company resulting in a return of investment. The Company recorded an $109 million loss on investment due to the carrying value exceeding the fair value of the stock repurchased.
(5) Other-than-temporary impairment in Antero Midstream Corporation recorded as of December 31, 2019 to reduce the carrying value to fair value.
(6) Effective March 13, 2019, the equity in earnings of Stonewall and the Joint Venture are accounted for in the equity in earnings of Antero Midstream Corporation.
Schedule of summarized financial information of Antero Midstream Corporation

Balance Sheet

December 31,

(in thousands)

2019

Current assets

$

108,558

Noncurrent assets

6,174,320

Total assets

$

6,282,878

Current liabilities

$

242,084

Noncurrent liabilities

2,897,380

Stockholders' equity

3,143,414

Total liabilities and equity

$

6,282,878

Statement of Operations

For the period

March 13, 2019

through

(in thousands)

December 31, 2019

Revenues

$

792,588

Operating expenses

1,177,610

Loss from operations

$

(385,022)

Net loss attributable to the equity method investments

$

(341,565)