Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.21.1
Equity Method Investments
3 Months Ended
Mar. 31, 2021
Equity Method Investments.  
Equity Method Investments

(5) Equity Method Investment

(a)

Summary of Equity Method Investment

As of March 31, 2021, Antero owned approximately 29.2% of Antero Midstream Corporation’s common stock, which is reflected in Antero’s unaudited condensed consolidated financial statements using the equity method of accounting.

The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate for the three months ended March 31, 2021 (in thousands):

Balance as of December 31, 2020 (1)

$

255,082

Equity in loss of unconsolidated affiliate

18,694

Dividends from unconsolidated affiliate

(42,756)

Elimination of intercompany profit

10,138

Balance as of March 31, 2021 (1)

$

241,158

(1) The Company’s investment in Antero Midstream Corporation as of December 31, 2020 and March 31, 2021 was $1.1 billion and $1.3 billion, respectively, based on the quoted market share price of Antero Midstream Corporation.

(b)

Summarized Financial Information of Antero Midstream Corporation

The tables set forth below present summarized financial information of Antero Midstream Corporation (in thousands).

Balance Sheet

December 31,

March 31,

   

2020

   

2021

Current assets

$

93,931

91,167

Noncurrent assets

5,516,981

5,455,593

Total assets

$

5,610,912

5,546,760

Current liabilities

$

94,005

79,750

Noncurrent liabilities

3,098,621

3,110,144

Stockholders' equity

2,418,286

2,356,866

Total liabilities and stockholders' equity

$

5,610,912

5,546,760

Statement of Operations

Three Months Ended March 31,

   

2020

   

2021

Revenues

$

243,708

224,121

Operating expenses

762,872

90,534

Income (loss) from operations

(519,164)

133,587

Income (loss) attributable to the equity method investment

(392,933)

83,441