Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.21.2
Equity Method Investments
9 Months Ended
Sep. 30, 2021
Equity Method Investments.  
Equity Method Investments

(5) Equity Method Investment

(a)

Summary of Equity Method Investment

As of September 30, 2021, Antero owned approximately 29.1% 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 nine months ended September 30, 2021 (in thousands):

Balance as of December 31, 2020 (1)

$

255,082

Equity in earnings of unconsolidated affiliate

57,621

Dividends from unconsolidated affiliate

(105,325)

Elimination of intercompany profit

29,219

Balance as of September 30, 2021 (1)

$

236,597

(1) The Company’s investment in Antero Midstream Corporation as of December 31, 2020 and September 30, 2021 was $1.1 billion and $1.4 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,

September 30,

   

2020

   

2021

Current assets

$

93,931

87,490

Noncurrent assets

5,516,981

5,446,143

Total assets

$

5,610,912

5,533,633

Current liabilities

$

94,005

118,690

Noncurrent liabilities

3,098,621

3,102,350

Stockholders' equity

2,418,286

2,312,593

Total liabilities and stockholders' equity

$

5,610,912

5,533,633

Statement of Operations

Nine Months Ended September 30,

   

2020

   

2021

Revenues

$

696,859

681,712

Operating expenses

929,480

254,905

Income (loss) from operations

(232,621)

426,807

Net income (loss)

$

(198,985)

252,991