Antero Resources (AR) 10-Q24 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36120
Entity Registrant Name	ANTERO RESOURCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0162034
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	AR
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		310,807
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001433270
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable	$ 40,121	$ 42,619
Accrued revenue	326,218	400,805
Derivative instruments	6,579	5,175
Prepaid expenses	12,326	12,901
Other current assets	17,468	14,192
Total current assets	402,712	475,692
Oil and gas properties, at cost (successful efforts method):
Unproved properties	962,738	974,642
Proved properties	14,060,385	13,908,804
Gathering systems and facilities	5,802	5,802
Other property and equipment	104,409	98,668
Property and equipment, gross	15,133,334	14,987,916
Less accumulated depletion, depreciation and amortization	(5,179,844)	(5,063,274)
Property and equipment, net	9,953,490	9,924,642
Operating leases right-of-use assets	2,932,501	2,965,880
Derivative instruments	3,929	5,570
Investment in unconsolidated affiliate	226,034	222,255
Other assets	29,828	25,375
Total assets	13,548,494	13,619,414
Current liabilities:
Accrued liabilities	314,957	381,340
Revenue distributions payable	358,560	361,782
Derivative instruments	14,148	15,236
Short-term lease liabilities	535,617	540,060
Deferred revenue, VPP	26,593	27,101
Other current liabilities	1,240	1,295
Total current liabilities	1,382,903	1,452,091
Long-term liabilities:
Long-term debt	1,510,109	1,537,596
Deferred income tax liability, net	844,230	834,268
Derivative instruments	25,538	32,764
Long-term lease liabilities	2,399,274	2,428,450
Deferred revenue, VPP	54,482	60,712
Other liabilities	60,082	59,431
Total liabilities	6,276,618	6,405,312
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 303,544 and 310,170 shares issued and outstanding as of December 31, 2023 and March 31, 2024, respectively	3,102	3,035
Additional paid-in capital	5,879,578	5,846,541
Retained earnings	1,168,173	1,131,828
Total stockholders' equity	7,050,853	6,981,404
Noncontrolling interests	221,023	232,698
Total equity	7,271,876	7,214,102
Total liabilities and equity	13,548,494	13,619,414
Affiliated Entity
Current liabilities:
Accounts payable	93,707	86,284
Nonrelated Party
Current liabilities:
Accounts payable	$ 38,081	$ 38,993

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000	50,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	1,000,000	1,000,000
Common stock, shares issued	310,170	303,544
Common stock, shares outstanding	310,170	303,544

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue and other:
Total revenue	$ 1,122,271	$ 1,408,348
Operating expenses:
Lease operating	29,121	29,321
Production and ad valorem taxes	58,168	49,276
General and administrative (including equity-based compensation expense of $13,018 and $16,077 in 2023 and 2024, respectively)	55,862	57,261
Depletion, depreciation and amortization	173,054	167,582
Impairment of property and equipment	5,190	15,560
Accretion of asset retirement obligations	776	878
Contract termination and loss contingency	2,039	29,550
Loss (gain) on sale of assets	188	(91)
Other operating expense	17	225
Total operating expenses	1,057,111	1,076,858
Operating income	65,160	331,490
Other income (expense):
Interest expense, net	(30,187)	(25,700)
Equity in earnings of unconsolidated affiliate	23,347	17,681
Loss on convertible note inducements		(86)
Total other expense	(6,840)	(8,105)
Income before income taxes	58,320	323,385
Income tax expense	(10,033)	(62,183)
Net income and comprehensive income including noncontrolling interests	48,287	261,202
Less: net income and comprehensive income attributable to noncontrolling interests	11,942	47,771
Net income and comprehensive income attributable to Antero Resources Corporation	$ 36,345	$ 213,431
Net income per common share-basic (in dollars per share)	$ 0.12	$ 0.72
Net income per common share-diluted (in dollars per share)	$ 0.12	$ 0.69
Weighted average number of common shares outstanding:
Basic (in shares)	304,943	296,763
Diluted (in shares)	312,503	311,846
Natural gas sales
Revenue and other:
Total revenue	$ 474,133	$ 668,315
Natural gas liquids sales
Revenue and other:
Total revenue	517,862	495,435
Oil sales
Revenue and other:
Total revenue	64,717	51,811
Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	672,281	645,172
Commodity derivative fair value gains
Revenue and other:
Total revenue	9,446	126,192
Marketing.
Revenue and other:
Total revenue	48,520	58,529
Operating expenses:
Cost of goods and services sold	59,813	81,361
Amortization of deferred revenue, VPP
Revenue and other:
Total revenue	6,738	7,533
Other revenue and income
Revenue and other:
Total revenue	855	533
Exploration and mine expenses
Operating expenses:
Cost of goods and services sold	$ 602	$ 763

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 16,077	$ 13,018

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit).	Treasury Stock	Noncontrolling Interests	Total
Balances at Dec. 31, 2022	$ 2,974	$ 5,838,848	$ 913,896	$ (1,160)	$ 262,596	$ 7,017,154
Balances (in shares) at Dec. 31, 2022	297,393			(34)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 5	(11,464)				(11,459)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	514
Conversion of 2026 Convertible Notes	$ 40	17,132				17,172
Conversion of 2026 Convertible Notes (in shares)	4,030
Repurchases and retirements of common stock	$ (26)	(51,503)	(24,987)	$ 1,160		(75,356)
Repurchases and retirements of common stock (in shares)	(2,616)			34
Equity-based compensation		13,018				13,018
Distributions to non-controlling interest					(51,339)	(51,339)
Net income and comprehensive income			213,431		47,771	261,202
Balance at Mar. 31, 2023	$ 2,993	5,806,031	1,102,340		259,028	7,170,392
Balance (in shares) at Mar. 31, 2023	299,321
Balances at Dec. 31, 2023	$ 3,035	5,846,541	1,131,828		232,698	7,214,102
Balances (in shares) at Dec. 31, 2023	303,544
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 6	(9,030)				(9,024)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	552
Conversion of 2026 Convertible Notes	$ 61	25,990				26,051
Conversion of 2026 Convertible Notes (in shares)	6,074
Equity-based compensation		16,077				16,077
Distributions to non-controlling interest					(23,617)	(23,617)
Net income and comprehensive income			36,345		11,942	48,287
Balance at Mar. 31, 2024	$ 3,102	$ 5,879,578	$ 1,168,173		$ 221,023	$ 7,271,876
Balance (in shares) at Mar. 31, 2024	310,170

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	$ 48,287	$ 261,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization and accretion	173,830	168,460
Impairments	5,190	15,560
Commodity derivative fair value gains	(9,446)	(126,192)
Gains (losses) on settled commodity derivatives	1,368	(14,268)
Payments for derivative monetizations		(202,339)
Deferred income tax expense	9,962	62,149
Equity-based compensation expense	16,077	13,018
Equity in earnings of unconsolidated affiliate	(23,347)	(17,681)
Dividends of earnings from unconsolidated affiliate	31,285	31,285
Amortization of deferred revenue	(6,738)	(7,533)
Amortization of debt issuance costs and other	715	871
Settlement of asset retirement obligations	(322)	(308)
Contract termination and loss contingency	200
Loss (gain) on sale of assets	188	(91)
Loss on convertible note inducements		86
Changes in current assets and liabilities:
Accounts receivable	2,498	5,282
Accrued revenue	74,587	328,349
Prepaid expenses and other current assets	(2,701)	20,596
Accounts payable including related parties	3,244	34,604
Accrued liabilities	(60,825)	(143,346)
Revenue distributions payable	(3,222)	(86,331)
Other current liabilities	780	529
Net cash provided by operating activities	261,610	343,902
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(27,044)	(73,527)
Drilling and completion costs	(188,905)	(273,154)
Additions to other property and equipment	(6,500)	(4,631)
Proceeds from asset sales	363	91
Change in other assets	(4,724)	417
Net cash used in investing activities	(226,810)	(350,804)
Cash flows provided by (used in) financing activities:
Repurchases of common stock		(75,356)
Borrowings on Credit Facility	1,125,700	1,492,700
Repayments on Credit Facility	(1,127,600)	(1,347,400)
Convertible note inducements		(86)
Distributions to noncontrolling interests in Martica Holdings LLC	(23,617)	(51,339)
Employee tax withholding for settlement of equity compensation awards	(9,024)	(11,459)
Other	(259)	(158)
Net cash provided by (used in) financing activities	(34,800)	6,902
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period		0
Cash and cash equivalents, end of period	0	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	48,252	43,239
Decrease in accounts payable and accrued liabilities for additions to property and equipment	$ (3,275)	$ (9,918)

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization
Organization	(1) Organization Antero Resources Corporation (individually referred to as “Antero” and together with its consolidated subsidiaries “Antero Resources,” or the “Company”) is engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties in the Appalachian Basin in West Virginia and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. The Company’s corporate headquarters is located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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, 2023 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, 2023 consolidated financial statements were included in Antero Resources’ 2023 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, 2023 and March 31, 2024, results of operations and cash flows for the three months ended March 31, 2023 and 2024. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments and other factors. (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly owned subsidiaries and its variable interest entity (“VIE”), Martica Holdings LLC, (“Martica”), for which the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. (c) Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable and revenue distributions payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2023, the book overdrafts included within accounts payable and revenue distributions payable were million, respectively. As of March 31, 2024, the book overdrafts included within accounts payable and revenue distributions payable were (d) Net Income Per Common Share Net income per common share—basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of common shares outstanding during the period. Net income per common share—diluted for each period is computed after giving consideration to the potential dilution from (i) outstanding equity awards using the treasury stock method and (ii) shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt) using the if-converted method. The Company includes restricted stock unit (“RSU”) awards, performance share unit (“PSU”) awards and stock options in the calculation of diluted weighted average common shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of the awards. During periods in which the Company incurs a net loss, diluted weighted average common shares outstanding are equal to basic weighted average common shares outstanding because the effects of all equity awards and the 2026 Convertible Notes are anti-dilutive. The following is a reconciliation of the Company’s income attributable to common stockholders for basic and diluted net income per common share (in thousands): Three Months Ended March 31, 2023 2024 Net income attributable to Antero Resources Corporation—common shareholders $ 213,431 36,345 Add: Interest expense for 2026 Convertible Notes 616 256 Less: Tax-effect of interest expense for 2026 Convertible Notes (132) (56) Net income attributable to Antero Resources Corporation—common shareholders and assumed conversions $ 213,915 36,545 Net income per common share—basic $ 0.72 0.12 Net income per common share—diluted $ 0.69 0.12 Weighted average common shares outstanding—basic 296,763 304,943 Weighted average common shares outstanding—diluted 311,846 312,503 The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding during the periods presented (in thousands): Three Months Ended March 31, 2023 2024 Basic weighted average number of common shares outstanding 296,763 304,943 Add: Dilutive effect of RSUs 2,150 1,307 Add: Dilutive effect of PSUs 1,060 1,389 Add: Dilutive effect of 2026 Convertible Notes 11,873 4,864 Diluted weighted average number of common shares outstanding 311,846 312,503 Weighted average number of outstanding securities excluded from calculation of diluted net income per common share (1) RSUs 969 371 PSUs 414 — Stock options 324 259 (1) The potential dilutive effects of these awards were excluded from the computation of net income per common share—diluted because the inclusion of these awards would have been anti-dilutive. (e) Recently Issued Accounting Standards Reportable Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures primarily through enhanced disclosure of reportable segment expenses. This ASU is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact that ASU 2023-07 will have on the financial statements and its plans for adoption, including the adoption date. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax expense (benefit) and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. This ASU is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the financial statements and its plans for adoption, including the adoption date and transition method

Transactions

Transactions	3 Months Ended
Transactions	Mar. 31, 2024
Transactions
Transactions	(3) Transactions (a) Conveyance of Overriding Royalty Interest On June 15, 2020, the Company announced the consummation of a transaction with an affiliate of Sixth Street Partners, LLC (“Sixth Street”) relating to certain overriding royalty interests across the Company’s existing asset base (the “ORRIs”). In connection with the transaction, the Company contributed the ORRIs to Martica and Sixth Street contributed million in cash if certain production thresholds attributable to the ORRIs were achieved in 2020 and 2021. The Company met these production thresholds and received the million of additional contributions from Sixth Street during 2020 and 2021. All cash contributed by Sixth Street at the initial closing and received as part of these additional contributions was distributed to the Company. The ORRIs include an overriding royalty interest of 1.25% of the Company’s working interest in all of its operated proved developed properties in West Virginia and Ohio, subject to certain excluded wells (the “Initial PDP Override”), and an overriding royalty interest of 3.75% of the Company’s working interest in all of its undeveloped properties in West Virginia and Ohio (the “Development Override”). Wells turned to sales after April 1, 2020 and prior to the later of (a) the date on which the Company turns to sales million lateral feet (net to the Company’s interest) of horizontal wells are subject to the Development Override. As of April 1, 2023, Sixth Street no longer has the right to participate in any new wells, and Martica reconveyed the Development Override to the Company, except for the portion relating to wells turned to sales prior to April 1, 2023. The ORRIs also include an additional overriding royalty interest of 2.00% of the Company’s working interest in the properties underlying the Initial PDP Override (the “Incremental Override”). The Incremental Override (or a portion thereof, as applicable) may be re-conveyed to the Company (at the Company’s election) if certain production targets attributable to the ORRIs are achieved through March 31, 2023. Any portion of the Incremental Override that may not be re-conveyed to the Company based on the Company failing to achieve such production volumes through March 31, 2023 will remain with Martica. As of March 31, 2023, Prior to Sixth Street achieving an internal rate of return of 13% and 1.5x cash-on-cash return (the “Hurdle”), Sixth Street will receive all distributions in respect of the Initial PDP Override and the Development Override, and 24% of all distributions in respect of the Incremental Override, and the Company will receive 76% of all distributions in respect of the Incremental Override. Following Sixth Street achieving the Hurdle, the Company will receive (b) Drilling Partnership On February 17, 2021, Antero Resources announced the formation of a drilling partnership with QL Capital Partners (“QL”), an affiliate of Quantum Energy Partners, for the Company’s 2021 through 2024 drilling program. Under the terms of the arrangement, each year in which QL participates represents an annual tranche, and QL will be conveyed a working interest in any wells spud by Antero Resources during such tranche year. For 2021 through 2024, Antero Resources and QL agreed to the estimated internal rate of return (“IRR”) of the Company’s capital budget for each annual tranche, and QL agreed to participate in all annual tranches. Antero Resources develops and manages the drilling program associated with each tranche, including the selection of wells. Additionally, for each annual tranche, Antero Resources and QL will enter into assignments, bills of sale and conveyances pursuant to which QL will be conveyed a proportionate working interest percentage in each well spud in that year, which conveyances will not be subject to any reversion. Under the terms of the arrangement, QL funded development capital of 20%, 15% and 15% for wells spud in 2021, 2022 and 2023, respectively, and will fund 20% of development capital for wells spud in 2024, which funding amounts represent QL’s proportionate working interest in such wells. Additionally, Antero Resources may receive a carry in the form of a one-time payment from QL for each annual tranche if the IRR for such tranche exceeds certain specified returns, which will be determined no earlier than October 31 and no later than December 1 following the end of each tranche year. The Company received a carry of million for each of the 2021 and 2022 tranches during the three months ended December 31, 2022 and 2023. All of the wells spud during each calendar year period will be a separate annual tranche. Capital costs in excess of, and cost savings below, a specified percentage of budgeted amounts for each annual tranche will be for Antero Resources’ account. Subject to the preceding sentence, for any wells included in a tranche, QL is obligated and responsible for its working interest share of costs and liabilities, and is entitled to its working interest share of revenues, associated with such wells for the life of such wells. The Company has accounted for the drilling partnership as a conveyance under FASB Accounting Standards Codification (“ASC”) Topic 932, Extractive Activities—Oil and Gas , and such conveyances are recorded in the unaudited condensed consolidated financial statements as QL obtains its proportionate working interest in each well. No gain or loss was recognized for the interests conveyed during the three months ended March 31, 2023 and 2024.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue
Revenue	(4) Revenue (a) Disaggregation of Revenue The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for more information on reportable segments. Three Months Ended March 31, 2023 2024 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 668,315 474,133 Exploration and production Natural gas liquids sales (ethane) 72,050 63,030 Exploration and production Natural gas liquids sales (C3+ NGLs) 423,385 454,832 Exploration and production Oil sales 51,811 64,717 Exploration and production Marketing 58,529 48,520 Marketing Other revenue 175 273 Exploration and production Total revenue from contracts with customers 1,274,265 1,105,505 Income from derivatives, deferred revenue and other sources, net 134,083 16,766 Total revenue $ 1,408,348 1,122,271 (b) Transaction Price Allocated to Remaining Performance Obligations For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the 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 (c) Contract Balances Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2023 and March 31, 2024, the Company’s receivables from contracts with customers were $

Equity Method Investment

Equity Method Investment	3 Months Ended
Equity Method Investment	Mar. 31, 2024
Equity Method Investment
Equity Method Investment	(5) Equity Method Investment As of March 31, 2024, Antero owned 28.9% of Antero Midstream’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 (in thousands): Balance as of December 31, 2023 (1) $ 222,255 Equity in earnings of unconsolidated affiliate 23,347 Dividends from unconsolidated affiliate (31,285) Elimination of intercompany profit 11,717 Balance as of March 31, 2024 (1) $ 226,034 (1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2023 and March 31, 2024 was $ 1.7 billion and $ 2.0 billion, respectively, based on the quoted market share price of Antero Midstream .

Accrued Liabilities

Accrued Liabilities	3 Months Ended
Accrued Liabilities	Mar. 31, 2024
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities consisted of the following items (in thousands): (Unaudited) December 31, March 31, 2023 2024 Capital expenditures $ 38,848 28,755 Gathering, compression, processing and transportation expenses 160,758 159,657 Marketing expenses 36,428 18,667 Interest expense, net 33,066 14,331 Production and ad valorem taxes 51,516 48,004 General and administrative expense 35,641 21,988 Derivative settlements payable 1,037 269 Other 24,046 23,286 Total accrued liabilities $ 381,340 314,957

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt consisted of the following items (in thousands): (Unaudited) December 31, March 31, 2023 2024 Credit Facility (a) $ 417,200 415,300 8.375% senior notes due 2026 (b) 96,870 96,870 7.625% senior notes due 2029 (c) 407,115 407,115 5.375% senior notes due 2030 (d) 600,000 600,000 4.25% convertible senior notes due 2026 (e) 26,386 — Total principal 1,547,571 1,519,285 Unamortized debt issuance costs (9,975) (9,176) Long-term debt $ 1,537,596 1,510,109 (a) Senior Secured Revolving Credit Facility Antero Resources has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of bank lenders. Borrowings under the Credit Facility are subject to borrowing base limitations based on the collateral value of Antero Resources’ assets and are subject to regular semi-annual redeterminations. As of December 31, 2023 and March 31, 2024, the Credit Facility had a borrowing base of billion. The borrowing base was re-affirmed in the semi-annual redetermination in April 2024. The maturity date of the Credit Facility is the earlier of (i) October 26, 2026 and (ii) the date that is prior to the earliest stated redemption date of any series of the Company’s then outstanding senior notes. As of March 31, 2024, the Credit Facility had an available borrowing capacity of The Credit Facility contains requirements with respect to leverage and current ratios, and certain covenants, including restrictions on our ability to incur debt and limitations on our ability to pay dividends unless certain customary conditions are met, in each case, subject to customary carve-outs and exceptions. Antero Resources was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2023 and March 31, 2024. The Credit Facility provides for borrowing at either an Adjusted Term Secured Overnight Financing Rate (“SOFR”), an Adjusted Daily Simple SOFR or an Alternate Base Rate (each as defined in the Credit Facility). The Credit Facility provides for interest only payments until maturity at which time all outstanding borrowings are due. Interest is payable at a variable rate based on SOFR or the Alternate 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 Antero Resources’ 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 with respect to the Credit Facility, determined with reference to borrowing base utilization, subject to certain exceptions based on the leverage ratio then in effect. The Credit Facility includes fall away covenants, lower interest rates and reduced collateral requirements that Antero Resources may elect if Antero Resources is assigned an Investment Grade Rating (as defined in the Credit Facility). As of December 31, 2023, Antero Resources had an outstanding balance under the Credit Facility of $417 million, with a weighted average interest rate of 7.71%, and outstanding letters of credit of $501 million. As of March 31, 2024, Antero Resources had an outstanding balance under the Credit Facility of (b) 8.375% Senior Notes Due 2026 On January 4, 2021, Antero Resources issued $500 million of 8.375% senior notes due July 15, 2026 (the “2026 Notes”) at par . The Company redeemed or otherwise repurchased million principal amount of the 2026 Notes remained outstanding. 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 rank pari passu to Antero Resources’ other outstanding senior notes. The 2026 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2026 Notes is payable on January 15 and July 15 of each year. Antero Resources may redeem all or part of the 2026 Notes at any time at redemption prices ranging from on or after January 15, 2026. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2026 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (c) 7.625% Senior Notes Due 2029 On January 26, 2021, Antero Resources issued $700 million of 7.625% senior notes due February 1, 2029 (the “2029 Notes”) at par . The Company redeemed or otherwise repurchased million principal amount of the 2029 Notes remained outstanding. 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 rank pari passu to Antero Resources’ other outstanding senior notes. The 2029 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2029 Notes is payable on February 1 and August 1 of each year. Antero Resources may redeem all or part of the 2029 Notes at any time at redemption prices ranging from on or after February 1, 2027. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2029 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (d) 5.375% Senior Notes Due 2030 On June 1, 2021, Antero Resources issued $600 million of 5.375% senior notes due March 1, 2030 (the “2030 Notes”) at par . The 2030 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2030 Notes rank pari passu to Antero Resources’ other outstanding senior notes. The 2030 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2030 Notes is payable on March 1 and September 1 of each year. Antero Resources may redeem all or part of the 2030 Notes at any time on or after March 1, 2025 at redemption prices ranging from on or after March 1, 2028. In addition, on or before March 1, 2025, Antero Resources may redeem up to of the principal amount of the 2030 Notes, plus accrued and unpaid interest. At any time prior to March 1, 2025, Antero Resources may also redeem the 2030 Notes, in whole or in part, at a price equal to of the principal amount of the 2030 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2030 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (e) 4.25% Convertible Senior Notes Due 2026 On August 21, 2020, Antero Resources issued $250 million in aggregate principal amount of 4.25% convertible senior notes due September 1, 2026 (the “2026 Convertible Notes”). On September 2, 2020, Antero Resources issued an additional million of the 2026 Convertible Notes. Proceeds from the issuance of the 2026 Convertible Notes totaled million. Transaction costs related to the 2026 Convertible Notes were recorded within debt issuance costs on the condensed consolidated balance sheet and were amortized over the term of the 2026 Convertible Notes using the effective interest method. The Company extinguished million principal amount of the 2026 Convertible Notes in 2021. In addition, between 2022 and the first quarter of 2024, no 2026 Convertible Notes remained outstanding. See “—Conversions and Inducements,” for more information. The 2026 Convertible Notes bore interest at a fixed rate of 4.25% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. The initial conversion rate was shares of Antero Resources’ common stock per $1,000 principal amount of 2026 Convertible Notes, and such conversion rate was not adjusted during the term for which the 2026 Convertible Notes were outstanding. The noteholders had the right to convert their 2026 Convertible Notes only upon the occurrence of certain events pursuant to the terms and conditions provided in the indenture governing the 2026 Convertible Notes. Upon conversion, Antero Resources could satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of Antero Resources’ common stock or a combination of cash and shares of Antero Resources’ common stock, at Antero Resources’ election, in the manner and subject to the terms and conditions provided in the indenture governing the 2026 Convertible Notes. Conversions and Inducements During the three months ended March 31, 2023, $9 million aggregate principal amount of the 2026 Convertible Notes were converted pursuant to their terms, and an additional $9 million aggregate principal amount of the 2026 Convertible Notes were induced into conversion by the Company. The Company elected to settle these conversions by issuing On March 11, 2024, the Company called the of the principal amount thereof, plus accrued and unpaid interest. The Company’s election to call the remaining 2026 Convertible Notes allowed holders of the 2026 Convertible Notes to exercise their conversion right through March 28, 2024. During the three months ended March 31, 2024, all remaining million aggregate principal amount of the 2026 Convertible Notes converted pursuant to their terms. The Company elected to settle these conversions by issuing

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
Asset Retirement Obligations	Mar. 31, 2024
Asset Retirement Obligations
Asset Retirement Obligations	(8) Asset Retirement Obligations The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands): Asset retirement obligations—December 31, 2023 $ 59,214 Obligations incurred 131 Accretion expense 776 Settlement of obligations (322) Revisions to prior estimates 55 Asset retirement obligations—March 31, 2024 $ 59,854 Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2024
Equity-Based Compensation
Equity-Based Compensation	(9) Equity-Based Compensation On June 17, 2020, Antero Resources’ stockholders approved the Antero Resources Corporation 2020 Long-Term Incentive Plan (the “2020 Plan”), which replaced the Antero Resources Corporation Long-Term Incentive Plan (the “2013 Plan”), and the 2020 Plan became effective as of such date. The 2020 Plan provides for grants of stock options (including incentive stock options), stock appreciation rights, restricted stock awards, RSU awards, vested stock awards, dividend equivalent awards and other stock-based and cash awards. The terms and conditions of the awards granted are established by the Compensation Committee of Antero Resources’ Board of Directors. Employees, officers, non-employee directors and other service providers of the Company and its affiliates are eligible to receive awards under the 2020 Plan. The 2020 Plan provides for the reservation of 10,050,000 shares of the Company’s common stock, plus the number of certain shares that become available again for delivery from the 2013 Plan in accordance with the share recycling provisions described below. The share recycling provisions allow for all or any portion of an award (including an award granted under the 2013 Plan that was outstanding as of June 17, 2020) that expires or is cancelled, forfeited, exchanged, settled for cash or otherwise terminated without actual delivery of the shares to be considered not delivered and thus, available for new awards under the 2020 Plan. Further, any shares withheld or surrendered in payment of any taxes relating to awards that were outstanding under either the 2013 Plan as of June 17, 2020 or are granted under the 2020 Plan (other than stock options and stock appreciation rights), will again be available for new awards under the 2020 Plan. A total of 5,507,361 shares were available for future grant under the 2020 Plan as of March 31, 2024. The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): Three Months Ended March 31, 2023 2024 RSU awards $ 7,262 9,261 PSU awards 5,405 6,440 Converted AM RSU Awards (1) 1 — Equity awards issued to directors 350 376 Total expense $ 13,018 16,077 (1) Antero Resources recognized compensation expense for equity awards granted by Antero Midstream Partners LP’s (‘Antero Midstream Partners”) under its equity compensation plans prior to March 12, 2019 (date of deconsolidation) because the awards under such plans were accounted for as if they were distributed by Antero Midstream Partners to Antero Resources. Antero Resources allocated a portion of equity-based compensation expense related to grants prior to March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. As of March 31, 2023, all such awards were fully vested, and there is no remaining unamortized expense attributable to these awards after such date . (a) Restricted Stock Unit Awards A summary of RSU award activity is as follows: Weighted Average Number Grant Date of Units Fair Value Total awarded and unvested—December 31, 2023 3,521,050 $ 22.40 Granted 1,384,318 26.48 Vested (468,325) 25.66 Forfeited (1,058) 26.01 Total awarded and unvested—March 31, 2024 4,435,985 $ 23.33 As of March 31, 2024, there was $84 million of unamortized equity-based compensation expense related to unvested RSUs. That expense is expected to be recognized over a weighted average period of (b) Performance Share Unit Awards Performance Share Unit Awards Based on Total Shareholder Return In March 2024, the Company granted PSU awards to certain of its senior management and executive officers that vest based on Antero Resources’ absolute total shareholder return (“TSR”) determined as of the last day of each of three one-year performance periods ending on March 7, 2025, March 7, 2026 and March 7, 2027, and one cumulative three-year performance period ending on March 7, 2027, in each case, subject to certain continued employment criteria (“2024 Absolute TSR PSUs”). The number of shares of common stock that may ultimately be earned following the end of the cumulative three-year performance period with respect to the 2024 Absolute TSR PSUs ranges from zero to 200% of the target number of 2024 Absolute TSR PSUs originally granted. Expense related to these PSUs is recognized on a graded-vested basis over the term of each performance period. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. The following table presents the assumptions used in the Monte Carlo valuation model and the grant date fair value information for the 2024 Absolute TSR PSUs: Dividend yield — % Volatility 55 % Risk-free interest rate 4.23 % Weighted average fair value of awards granted $ 32.29 Performance Share Unit Awards Based on Leverage Ratio In 2021, the Company granted PSUs to certain of its senior management and executive officers that vest based on the Company’s total debt less cash and cash equivalents divided by the Company’s Adjusted EBITDAX (as defined in the award agreement) determined as of the last day of each of three one-year performance periods ending on December 31, 2021, December 31, 2022, and December 31, 2023, in each case, subject to certain continued employment criteria (“2021 Leverage Ratio PSUs”). The number of shares of common stock that could ultimately be earned ranged from zero to 200% of the target number of PSUs granted. The performance conditions for the performance periods ended December 31, 2021, 2022 and 2023 were met at 200% of target. During the first quarter of 2024, the 2021 Leverage Ratio PSUs vested and converted into approximately 0.4 million shares of common stock. In March 2024, the Company granted PSUs to certain of its senior management and executive officers that vest based on the Company’s total debt less cash and cash equivalents divided by the Company’s Adjusted EBITDAX (as defined in the award agreement) determined as of the last day of each of three one-year performance periods ending on December 31, 2024 December 31, 2025 and December 31, 2026, in each case, subject to certain continued employment criteria (“2024 Leverage Ratio PSUs”). The number of shares of common stock that may ultimately be earned following the end of the third performance period with respect to the 2024 Leverage Ratio PSUs ranges from zero to 200% of the target number of 2024 Leverage Ratio PSUs originally granted. Expense related to the 2024 Leverage Ratio PSUs is recognized on a graded-vested basis over the term of each performance period that reflects the number of shares of common stock that are expected to be issued at the end of each measurement period, and such expense is reversed if the likelihood of achieving the performance condition becomes improbable. As of March 31, 2024, the likelihood of achieving the performance conditions related to the 2024 Leverage Ratio PSUs was probable. Summary Information for Performance Share Unit Awards A summary of PSU activity is as follows: Weighted Average Number Grant Date of Units Fair Value Total awarded and unvested—December 31, 2023 1,412,191 $ 29.54 Granted 354,016 29.39 Vested (207,456) 9.52 Total awarded and unvested—March 31, 2024 1,558,751 $ 32.17 As of March 31, 2024, there was $29 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2024
Fair Value.
Fair Value	(10) Fair Value The carrying values of accounts receivable and accounts payable as of December 31, 2023 and March 31, 2024 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility as of December 31, 2023 and March 31, 2024 approximated fair value because the variable interest rates are reflective of current market conditions. The following table sets forth the fair value and carrying value of the senior notes and 2026 Convertible Notes (in thousands): (Unaudited) December 31, 2023 March 31, 2024 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2026 Notes $ 99,534 96,351 100,503 96,412 2029 Notes 417,781 403,441 416,764 403,590 2030 Notes 573,720 594,622 574,380 594,807 2026 Convertible Notes 138,337 25,982 — — Total $ 1,229,372 1,120,396 1,091,647 1,094,809 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for information regarding the fair value of equity-based awards. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2024
Derivative Instruments.
Derivative Instruments	(11) Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations, and it may use derivative instruments to manage its commodity price risk. In addition, the Company periodically enters into contracts that contain embedded features that are required to be bifurcated and accounted for separately as derivatives. (a) Commodity Derivative Positions The Company periodically enters into natural gas, NGLs and oil derivative contracts with counterparties to hedge the price risk associated with its production. These derivatives are not entered into for trading purposes. To the extent that changes occur in the market prices of natural gas, NGLs and oil, the Company is exposed to market risk on these open contracts. This market risk exposure is generally offset by the change in market prices of natural gas, NGLs and oil recognized upon the ultimate sale of the Company’s production. The Company was party to various fixed price commodity swap contracts that settled during the three months ended March 31, 2023 and 2024. The Company enters into these swap contracts when management believes that favorable future sales prices for the Company’s production can be secured. Under these swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company receives the difference from the counterparty. In addition, the Company has entered into basis swap contracts in order to hedge the difference between the New York Mercantile Exchange (“NYMEX”) index price and a local index price. Under these basis swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company receives the difference from the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company pays the difference to the counterparty. The Company’s derivative contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations and comprehensive income. As of March 31, 2024, the Company’s fixed price swap positions excluding Martica, the Company’s consolidated VIE, were as follows: Weighted Average Commodity / Settlement Period Index Contracted Volume Price Propane April-December 2024 Mont Belvieu Propane-OPIS TET 10,000 Bbl/day $ 33.67 /Bbl The Company has a call option and an embedded put option tied to NYMEX pricing for the production volumes associated with the Company’s retained interest in the volumetric production payment transaction (“VPP”) properties. The put option was embedded within another contract, and since the embedded put option was not clearly and closely related to its host contract, the Company bifurcated this derivative instrument and reflects it at fair value in the unaudited condensed consolidated financial statements. As of March 31, 2024, the Company’s call option and embedded put option arrangements were as follows: Embedded Call Option Put Option Commodity / Settlement Period Index Contracted Volume Strike Price Strike Price Natural Gas April-December 2024 Henry Hub 53,000 MMBtu/day $ 2.477 /MMBtu $ 2.527 /MMBtu January-December 2025 Henry Hub 44,000 MMBtu/day 2.564 /MMBtu 2.614 /MMBtu January-December 2026 Henry Hub 32,000 MMBtu/day 2.629 /MMBtu 2.679 /MMBtu As of March 31, 2024, the Company’s natural gas basis swap positions, which settle on the pricing index to basis differential of the Columbia Gas Transmission pipeline (“TCO”) to the NYMEX Henry Hub natural gas price were as follows: Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Hedged Differential Natural Gas April-December 2024 NYMEX to TCO 50,000 MMBtu/day $ 0.530 /MMBtu As of March 31, 2024, the Company’s fixed price swap positions for Martica, the Company’s consolidated VIE, were as follows: Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas April-December 2024 Henry Hub 23,216 MMBtu/day $ 2.33 /MMBtu January-March 2025 Henry Hub 18,021 MMBtu/day 2.53 /MMBtu Oil April-December 2024 West Texas Intermediate 41 Bbl/day $ 44.02 /Bbl January-March 2025 West Texas Intermediate 39 Bbl/day 45.06 /Bbl (b) Summary The table below presents a summary of the fair values of the Company’s derivative instruments and where such values are recorded in the condensed consolidated balance sheets (in thousands). (Unaudited) Balance Sheet Location December 31, 2023 March 31, 2024 Asset derivatives not designated as hedges for accounting purposes: Embedded derivatives—current Derivative instruments $ 5,175 6,579 Embedded derivatives—noncurrent Derivative instruments 5,570 3,929 Total asset derivatives (1) 10,745 10,508 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives—current (2) Derivative instruments 15,236 14,148 Commodity derivatives—noncurrent (2) Derivative instruments 32,764 25,538 Total liability derivatives (1) 48,000 39,686 Net derivatives liability (1) $ (37,255) (29,178) (1) The fair value of derivative instruments was determined using Level 2 inputs. (2) As of December 31, 2023, approximately $5 million of commodity derivative liabilities, including $3 million of current commodity derivatives and $2 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of March 31, 2024, $2 million of current commodity derivative liabilities are attributable to the Company’s consolidated VIE, Martica. The following table sets forth the gross values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets as of the dates presented, all at fair value (in thousands): (Unaudited) December 31, 2023 March 31, 2024 Net Amounts of Net Amounts of Gross Gross Assets Gross Gross Assets Amounts Amounts Offset (Liabilities) on Amounts Amounts Offset (Liabilities) on Recognized Recognized Balance Sheet Recognized Recognized Balance Sheet Commodity derivative assets $ 406 (406) — 2,310 (2,310) — Embedded derivative assets 10,745 — 10,745 10,508 — 10,508 Commodity derivative liabilities (48,406) 406 (48,000) (41,996) 2,310 (39,686) The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (in thousands): Statement of Operations Three Months Ended March 31, Location 2023 2024 Commodity derivative fair value gains (1) Revenue $ 127,080 8,266 Embedded derivative fair value gains (losses) (1) Revenue (888) 1,180 (1) The fair value of derivative instruments was determined using Level 2 inputs . Commodity derivative fair value gains for the three months ended March 31, 2023, includes a loss of $202 million related to the early settlement of the Company’s natural gas swaption agreement. The payment for this early settlement is classified as an operating cash flow on the Company’s condensed consolidated statement of cash flows.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases
Leases	(12) Leases The Company leases certain office space, processing plants, drilling rigs and completion services, gas gathering lines, compressor stations, and other office and field equipment. Leases with an initial term of 12 months or less are considered short-term and are not recorded on the balance sheet. Instead, the short-term leases are recognized in expense on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease from one or more. The exercise of the lease renewal options is at the Company’s sole discretion. The depreciable lives of the leased assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of the Company’s lease agreements include minimum payments based on a percentage of produced volumes over contractual levels and others include rental payments adjusted periodically for inflation. The Company considers all contracts that have assets specified in the contract, either explicitly or implicitly, that the Company has substantially all of the capacity of the asset, and has the right to obtain substantially all of the economic benefits of that asset, without the lessor’s ability to have a substantive right to substitute that asset, as leased assets. For any contract deemed to include a leased asset, that asset is capitalized on the balance sheet as a right-of-use asset and a corresponding lease liability is recorded at the present value of the known future minimum payments of the contract using a discount rate on the date of commencement. The leased asset classification is determined at the date of recording as either operating or financing, depending upon certain criteria of the contract. The discount rate used for present value calculations is the discount rate implicit in the contract. If an implicit rate is not determinable, a collateralized incremental borrowing rate is used at the date of commencement. As new leases commence or previous leases are modified the discount rate used in the present value calculation is the current period applicable discount rate. The Company has made an accounting policy election to adopt the practical expedient for combining lease and non-lease components on an asset class basis. This expedient allows the Company to combine non-lease components such as real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises with the lease component of a lease agreement on an asset class basis when the non-lease components of the agreement cannot be easily bifurcated from the lease payment. Currently, the Company is only applying this expedient to certain office space agreements. (a) Supplemental Balance Sheet Information Related to Leases The Company’s lease assets and liabilities consisted of the following items (in thousands): (Unaudited) December 31, March 31, Leases Balance Sheet Classification 2023 2024 Operating Leases Operating lease right-of-use assets: Processing plants Operating lease right-of-use assets $ 1,611,903 1,550,542 Drilling rigs and completion services Operating lease right-of-use assets 32,187 24,567 Gas gathering lines and compressor stations (1) Operating lease right-of-use assets 1,283,668 1,320,473 Office space Operating lease right-of-use assets 37,706 36,592 Other office and field equipment Operating lease right-of-use assets 416 327 Total operating lease right-of-use assets $ 2,965,880 2,932,501 Operating lease liabilities: Short-term operating lease liabilities Short-term lease liabilities $ 538,954 534,463 Long-term operating lease liabilities Long-term lease liabilities 2,425,785 2,396,916 Total operating lease liabilities $ 2,964,739 2,931,379 Finance Leases Finance lease right-of-use assets: Vehicles Other property and equipment $ 3,771 3,512 Total finance lease right-of-use assets (2) $ 3,771 3,512 Finance lease liabilities: Short-term finance lease liabilities Short-term lease liabilities $ 1,106 1,154 Long-term finance lease liabilities Long-term lease liabilities 2,665 2,358 Total finance lease liabilities $ 3,771 3,512 (1) Gas gathering lines and compressor stations includes $1.3 billion related to Antero Midstream as of December 31, 2023 and March 31, 2024. See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $1 million and $2 million as of December 31, 2023 and March 31, 2024 , respectively. The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under FASB ASC Topic 842, Leases (b) Supplemental Information Related to Leases Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive income (in thousands): Three Months Ended March 31, Cost Classification Location 2023 2024 Operating lease cost Statement of operations Gathering, compression, processing and transportation $ 381,283 422,068 Operating lease cost Statement of operations General and administrative 2,937 3,083 Operating lease cost Statement of operations Contract termination 1,122 — Operating lease cost Statement of operations Lease operating 21 21 Operating lease cost Balance sheet Proved properties (1) 39,770 33,412 Total operating lease cost $ 425,133 458,584 Finance lease cost: Amortization of right-of-use assets Statement of operations Depletion, depreciation and amortization $ 92 430 Interest on lease liabilities Statement of operations Interest expense 114 148 Total finance lease cost $ 206 578 Short-term lease payments $ 37,701 29,443 (1) Capitalized costs related to drilling and completion activities. (c) Supplemental Cash Flow Information Related to Leases The following table presents the Company’s supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2023 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 315,665 350,925 Operating cash flows from finance leases 114 148 Investing cash flows from operating leases 32,880 27,976 Financing cash flows from finance leases 158 259 Noncash activities: Right-of-use assets obtained in exchange for new operating lease obligations $ 51,208 97,137 Increase to existing right-of-use assets and lease obligations from operating lease modifications, net (1) $ 40,130 4,511 (1) During the three months ended March 31, 2023, the weighted average discount rate for remeasured operating leases increased from 5.2% as of December 31, 2022 to 5.8% as of March 31, 2023. During the three months ended March 31, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5% as of December 31, 2023 to 5.9% as of March 31, 2024. (d) Maturities of Lease Liabilities The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2024 (in thousands): Operating Leases Financing Leases Total Remainder of 2024 $ 529,813 1,221 531,034 2025 617,055 1,585 618,640 2026 564,617 1,229 565,846 2027 465,509 197 465,706 2028 388,720 23 388,743 Thereafter 943,220 10 943,230 Total lease payments 3,508,934 4,265 3,513,199 Less: imputed interest (577,555) (753) (578,308) Total $ 2,931,379 3,512 2,934,891 (e) Lease Term and Discount Rate The following table sets forth the Company’s weighted average remaining lease term and discount rate: December 31, 2023 March 31, 2024 Operating Leases Finance Leases Operating Leases Finance Leases Weighted average remaining lease term 6.5 years 3.0 years 6.5 years 2.7 years Weighted average discount rate 5.9 % 8.3 % 5.7 % 8.3 % (f) Related Party Lease Disclosure The Company has gathering and compression service agreements with Antero Midstream that include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) a gathering and compression agreement from Antero Midstream’s acquisition of certain Marcellus gathering and compression assets (the “Marcellus gathering and compression agreement”) and (iii) a compression agreement from Antero Midstream’s acquisition of certain Utica compressors (the “Utica compression agreement” and, together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreement, the “gathering and compression agreements”). Pursuant to the gathering and compression agreements with Antero Midstream, the Company has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to Antero Midstream for gathering and compression services. The 2019 gathering and compression agreement has an initial term through 2038, the Marcellus gathering and compression agreement expires in 2031 and the Utica compression agreement has dedicated areas that expire in 2024 and 2030. Upon expiration of each of the Marcellus gathering and compression agreement and the Utica compression agreement, Antero Midstream will continue to provide gathering and compression services under the 2019 gathering and compression agreement. Under the gathering and compression agreements, Antero Midstream receives a low pressure gathering fee per Mcf, a high pressure gathering fee per Mcf and a compression fee per Mcf, as applicable, subject to annual Consumer Price Index (“CPI”)-based adjustments. If and to the extent the Company requests that Antero Midstream construct new low pressure lines, high pressure lines and compressor stations, the 2019 gathering and compression agreement contains options at Antero Midstream’s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for . In addition, the Marcellus gathering and compression agreement provides for a minimum volume commitment that requires the Company to utilize or pay for from the in-service date. The 2019 gathering and compression agreement includes a growth incentive fee program that expired on December 31, 2023 whereby low pressure gathering fees were reduced during the three months ended March 31, 2023 to the extent the Company achieved certain quarterly volumetric targets. The Company’s throughput gathered under the Marcellus gathering and compression assets acquired by the Company was not considered in the low pressure gathering volume targets. Upon completion of the initial contract term, 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 notice from either the Company or Antero Midstream to the other party on or before the th day prior to the anniversary of such agreement. The Company earned fee rebates for the three months ended March 31, 2023 of Gathering and compression fees paid by Antero related to these agreements were $176 million and $199 million for the three months ended March 31, 2023 and 2024, respectively. As of December 31, 2023 and March 31, 2024,

Commitments

Commitments	3 Months Ended
Commitments	Mar. 31, 2024
Commitments
Commitments	(13) Commitments The following table sets forth a schedule of future minimum payments for the Company’s contractual obligations, which include leases that have a lease term in excess of one year as of March 31, 2024 (in thousands): Processing, Gathering, Firm Compression Operating and Imputed Interest Transportation and Water Service Financing Leases for Leases Other (a) (b) (c) (c) (d) Total Remainder of 2024 $ 888,016 52,558 414,011 117,023 6,924 1,478,532 2025 1,171,660 58,664 488,686 129,954 5,692 1,854,656 2026 1,169,189 25,487 463,053 102,794 3,067 1,763,590 2027 1,164,202 24,198 387,672 78,034 375 1,654,481 2028 1,105,766 22,865 331,264 57,477 — 1,517,372 Thereafter 4,413,811 83,609 850,205 93,026 — 5,440,651 Total $ 9,912,644 267,381 2,934,891 578,308 16,058 13,709,282 (a) Firm Transportation The Company has entered into firm transportation agreements with various pipelines in order to facilitate the delivery of its production to market. These contracts commit the Company to transport minimum daily natural gas or NGLs volumes at negotiated rates or pay for any deficiencies at specified reservation fee rates. The amounts in this table are based on the Company’s minimum daily volumes at the reservation fee rate. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the unaudited condensed consolidated financial statements its proportionate share of costs based on its working interest. (b) Processing, Gathering, Compression and Water Service Commitments The Company has entered into various long- term gas processing, gathering, compression and water service agreements. Certain of these agreements were determined to be leases. The minimum payment obligations under the agreements that are not leases are presented in this column. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the unaudited condensed consolidated financial statements its proportionate share of costs based on its working interest. (c) Operating and Finance Leases, including Imputed Interest The Company has obligations under contracts for services provided by drilling rigs and completion fleets, processing, gathering, and compression services agreements, and office and equipment leases. The values in the table represent the gross amounts that Antero Resources is committed to pay; however, the Company will record in its financial statements its proportionate share of costs based on its working interests. See Note 12—Leases to the unaudited condensed consolidated financial statements for more information on the Company’s operating and finance leases. (d) Other The Company has entered into various land acquisition and sand supply agreements. Certain of these agreements contain minimum payment obligations over various terms. The values in the table represent the minimum payments due under these arrangements. None of these agreements were determined to be leases. (e) Contract Terminations The Company incurs costs associated with the delay or cancellation of certain contracts with third-parties. These costs are recorded in contract termination and loss contingency in the statements of operations and comprehensive income. During the first quarter of 2023, the Company executed an early termination of its firm transportation commitment of million. There are no remaining payment obligations related to any delayed or cancelled contracts as of March 31, 2024.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Contingencies
Contingencies	(14) Contingencies (a) Environmental In June 2018, the Company received a Notice of Violation (“NOV”) from the U.S. Environmental Protection Agency (“EPA”) Region III for alleged violations of the federal Clean Air Act and the West Virginia State Implementation Plan. The NOV alleges that combustion devices at these facilities did not meet applicable air permitting requirements. Separately, in June 2018, the Company received an information request from the EPA Region III pursuant to Section 114(a) of the Clean Air Act relating to the facilities that were inspected in September 2017 as well as additional Antero Resources facilities for the purpose of determining if the additional facilities have the same alleged compliance issues that were identified during the September 2017 inspections. Subsequently, the West Virginia Department of Environmental Protection (“WVDEP”) and the EPA Region V (covering Ohio facilities) each conducted its own inspections, and the Company has separately received NOVs from WVDEP and EPA Region V related to similar issues being investigated by the EPA Region III. The Company continues to negotiate with the EPA and WVDEP to resolve the issues alleged in the NOVs and the information request. The Company’s operations at these facilities are not suspended, and management does not expect these matters to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. (b) Other The Company is party to various other legal proceedings and claims in the ordinary course of its business. The Company believes that certain of these matters will be covered by insurance and that the outcome of other matters will not have a material adverse effect on the Company’s unaudited condensed consolidated financial position, results of operations or cash flows. In addition, pending litigation against the Company and other similarly situated peer operators could have an impact on the methods for determining the amount of permitted post-production costs and types of costs that have been, and may be, deducted from royalty payments, among other things. While the amounts claimed could be material, we are unable to predict with certainty the ultimate outcome of such claims and proceedings. Rulings were recently received in two cases to which the Company is a party, and where the plaintiffs alleged, and the court found, that certain post-production costs may not be deducted: a non-class action lawsuit in West Virginia and a class action lawsuit in Ohio. In each case, the alleged damages were not material. The Company will continue to challenge the legal conclusions reached in each of these cases with respect to deductibility of post-production costs, and continues to analyze how these decisions may impact other cases to which the Company is a party. At this time, the Company cannot predict how these issues may ultimately be resolved, and therefore is also unable to estimate any potential damages, if any, that may result. The Company accrues for litigation, claims and proceedings when liability is both probable and the amount can be reasonably estimated, and does not currently have any material amounts accrued with respect to its pending litigation matters.

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2024
Related Parties
Related Parties	(15) Related Parties Substantially all of Antero Midstream’s revenues were and are derived from transactions with Antero Resources. See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for the operating results of the Company’s reportable segments.

Reportable Segments

Reportable Segments	3 Months Ended
Reportable Segments	Mar. 31, 2024
Reportable Segments
Reportable Segments	(16) Reportable Segments (a) Summary of Reportable Segments The Company’s operations, which are located in the United States, are organized into three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii) marketing and utilization of excess firm transportation capacity and (iii) midstream services through the Company’s equity method investment in Antero Midstream. Substantially all of the Company’s production revenues are attributable to customers located in the United States; however, some of the Company’s production revenues are attributable to customers who then transport the Company’s production to foreign countries for resale or consumption. 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 (loss). General and administrative expenses were allocated to the midstream segment based on the nature of the expenses and on a combination of the segments’ proportionate share of the Company’s consolidated property and equipment, capital expenditures and labor costs, as applicable. General and administrative expenses related to the marketing segment are not allocated because they are immaterial. Other income, income taxes and interest expense are primarily managed and evaluated on a consolidated basis. Intersegment sales were transacted at prices which approximate market. Accounting policies for each segment are the same as the Company’s accounting policies described in Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements. Exploration and Production The exploration and production segment is engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. Marketing Where feasible, the Company purchases and sells third-party natural gas and NGLs and markets its excess firm transportation capacity, or engages third parties to conduct these activities on the Company’s behalf, in order to optimize the revenues from these transportation agreements. The Company has entered into long-term firm transportation agreements for a significant portion of its current and expected future production in order to secure guaranteed capacity to favorable markets. Equity Method Investment in Antero Midstream The Company receives midstream services through its equity method investment in Antero Midstream. Antero Midstream owns, operates and develops midstream energy infrastructure primarily to service the Company’s production and completion activity in the Appalachian Basin. Antero Midstream’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. (b) Reportable Segments Financial Information The operating results and assets of the Company’s reportable segments were as follows (in thousands): Three Months Ended March 31, 2023 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Sales and revenues: Third-party $ 1,349,476 58,529 272 (272) 1,408,005 Intersegment 343 — 259,203 (259,203) 343 Total revenue 1,349,819 58,529 259,475 (259,475) 1,408,348 Operating expenses: Lease operating 29,321 — — — 29,321 Gathering, compression, processing, transportation and water handling 645,172 — 57,873 (57,873) 645,172 General and administrative 57,261 — 17,347 (17,347) 57,261 Depletion, depreciation and amortization 167,582 — 35,196 (35,196) 167,582 Impairment of property and equipment 15,560 — — — 15,560 Other 56,838 105,124 714 (714) 161,962 Total operating expenses 971,734 105,124 111,130 (111,130) 1,076,858 Operating income (loss) $ 378,085 (46,595) 148,345 (148,345) 331,490 Equity in earnings of unconsolidated affiliates $ 17,681 — 24,456 (24,456) 17,681 Capital expenditures for segment assets $ 351,312 — 42,279 (42,279) 351,312 Three Months Ended March 31, 2024 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Sales and revenues: Third-party $ 1,073,169 48,520 671 (671) 1,121,689 Intersegment 582 — 278,380 (278,380) 582 Total revenue 1,073,751 48,520 279,051 (279,051) 1,122,271 Operating expenses: Lease operating 29,121 — — — 29,121 Gathering, compression, processing, transportation and water handling 672,281 — 53,918 (53,918) 672,281 General and administrative 55,862 — 21,221 (21,221) 55,862 Depletion, depreciation and amortization 173,054 — 37,095 (37,095) 173,054 Impairment of property and equipment 5,190 — — — 5,190 Other 61,790 59,813 566 (566) 121,603 Total operating expenses 997,298 59,813 112,800 (112,800) 1,057,111 Operating income (loss) $ 76,453 (11,293) 166,251 (166,251) 65,160 Equity in earnings of unconsolidated affiliates $ 23,347 — 27,530 (27,530) 23,347 Capital expenditures for segment assets $ 222,449 — 35,073 (35,073) 222,449 The summarized assets of the Company’s reportable segments are as follows (in thousands): As of December 31, 2023 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates $ 222,255 — 626,650 (626,650) 222,255 Total assets 13,602,297 17,117 5,737,618 (5,737,618) 13,619,414 (Unaudited) As of March 31, 2024 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates $ 226,034 — 619,220 (619,220) 226,034 Total assets 13,536,624 11,870 5,749,241 (5,749,241) 13,548,494

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
Subsidiary Guarantors	Mar. 31, 2024
Subsidiary Guarantors
Subsidiary Guarantors	(17) Subsidiary Guarantors Antero Resources’ senior notes are fully and unconditionally guaranteed by Antero Resources’ existing subsidiaries that guarantee the Credit Facility. In the event a subsidiary 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 “Subsidiary” of Antero (as defined in the indentures governing the notes) or the sale of all or substantially all of its assets (other than by lease)) and whether or not the subsidiary guarantor is the surviving entity in such transaction to a person that is not Antero or a restricted subsidiary of Antero, such subsidiary guarantor will be released from its obligations under its subsidiary guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the notes. In addition, a subsidiary guarantor will be released from its obligations under the indentures and its guarantee (i) upon the release or discharge of the guarantee of other Indebtedness (as defined in the indentures governing the notes) that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee, (ii) if Antero designates such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indentures governing the notes or (iii) in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the notes. The tables set forth below present summarized financial information of Antero, as parent, and its guarantor subsidiaries (in thousands). The Company Balance Sheets (Unaudited) December 31, 2023 March 31, 2024 Accounts receivable, non-guarantor subsidiaries $ — 2,097 Other current assets 453,581 382,957 Total current assets 453,581 385,054 Noncurrent assets 12,562,439 12,575,551 Total assets $ 13,016,020 12,960,605 Accounts payable, related parties $ 86,284 93,707 Other current liabilities 1,360,102 1,282,960 Total current liabilities 1,446,386 1,376,667 Noncurrent liabilities 4,951,464 4,893,715 Total liabilities $ 6,397,850 6,270,382 Statement of Operations Three Months Ended March 31, 2024 Revenues $ 1,099,934 Operating expenses 1,046,716 Income from operations 53,218 Net income and comprehensive income including noncontrolling interests 36,345 Net income and comprehensive income attributable to Antero Resources Corporation $ 36,345

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
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, 2023 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, 2023 consolidated financial statements were included in Antero Resources’ 2023 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, 2023 and March 31, 2024, results of operations and cash flows for the three months ended March 31, 2023 and 2024. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments and other factors.
Principles of Consolidation	(b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly owned subsidiaries and its variable interest entity (“VIE”), Martica Holdings LLC, (“Martica”), for which the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements.
Cash and Cash Equivalents	(c) Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable and revenue distributions payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2023, the book overdrafts included within accounts payable and revenue distributions payable were million, respectively. As of March 31, 2024, the book overdrafts included within accounts payable and revenue distributions payable were
Net Income Per Common Share	(d) Net Income Per Common Share Net income per common share—basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of common shares outstanding during the period. Net income per common share—diluted for each period is computed after giving consideration to the potential dilution from (i) outstanding equity awards using the treasury stock method and (ii) shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt) using the if-converted method. The Company includes restricted stock unit (“RSU”) awards, performance share unit (“PSU”) awards and stock options in the calculation of diluted weighted average common shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of the awards. During periods in which the Company incurs a net loss, diluted weighted average common shares outstanding are equal to basic weighted average common shares outstanding because the effects of all equity awards and the 2026 Convertible Notes are anti-dilutive. The following is a reconciliation of the Company’s income attributable to common stockholders for basic and diluted net income per common share (in thousands): Three Months Ended March 31, 2023 2024 Net income attributable to Antero Resources Corporation—common shareholders $ 213,431 36,345 Add: Interest expense for 2026 Convertible Notes 616 256 Less: Tax-effect of interest expense for 2026 Convertible Notes (132) (56) Net income attributable to Antero Resources Corporation—common shareholders and assumed conversions $ 213,915 36,545 Net income per common share—basic $ 0.72 0.12 Net income per common share—diluted $ 0.69 0.12 Weighted average common shares outstanding—basic 296,763 304,943 Weighted average common shares outstanding—diluted 311,846 312,503 The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding during the periods presented (in thousands): Three Months Ended March 31, 2023 2024 Basic weighted average number of common shares outstanding 296,763 304,943 Add: Dilutive effect of RSUs 2,150 1,307 Add: Dilutive effect of PSUs 1,060 1,389 Add: Dilutive effect of 2026 Convertible Notes 11,873 4,864 Diluted weighted average number of common shares outstanding 311,846 312,503 Weighted average number of outstanding securities excluded from calculation of diluted net income per common share (1) RSUs 969 371 PSUs 414 — Stock options 324 259 (1) The potential dilutive effects of these awards were excluded from the computation of net income per common share—diluted because the inclusion of these awards would have been anti-dilutive.
Recently Issued Accounting Standards	(e) Recently Issued Accounting Standards Reportable Segments In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures primarily through enhanced disclosure of reportable segment expenses. This ASU is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact that ASU 2023-07 will have on the financial statements and its plans for adoption, including the adoption date. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax expense (benefit) and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. This ASU is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the financial statements and its plans for adoption, including the adoption date and transition method

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2024
Summary of Significant Accounting Policies
Reconciliation of income attributable to common stockholders for basic and diluted income per share	The following is a reconciliation of the Company’s income attributable to common stockholders for basic and diluted net income per common share (in thousands): Three Months Ended March 31, 2023 2024 Net income attributable to Antero Resources Corporation—common shareholders $ 213,431 36,345 Add: Interest expense for 2026 Convertible Notes 616 256 Less: Tax-effect of interest expense for 2026 Convertible Notes (132) (56) Net income attributable to Antero Resources Corporation—common shareholders and assumed conversions $ 213,915 36,545 Net income per common share—basic $ 0.72 0.12 Net income per common share—diluted $ 0.69 0.12 Weighted average common shares outstanding—basic 296,763 304,943 Weighted average common shares outstanding—diluted 311,846 312,503
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding during the periods presented (in thousands): Three Months Ended March 31, 2023 2024 Basic weighted average number of common shares outstanding 296,763 304,943 Add: Dilutive effect of RSUs 2,150 1,307 Add: Dilutive effect of PSUs 1,060 1,389 Add: Dilutive effect of 2026 Convertible Notes 11,873 4,864 Diluted weighted average number of common shares outstanding 311,846 312,503 Weighted average number of outstanding securities excluded from calculation of diluted net income per common share (1) RSUs 969 371 PSUs 414 — Stock options 324 259 (1) The potential dilutive effects of these awards were excluded from the computation of net income per common share—diluted because the inclusion of these awards would have been anti-dilutive.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue
Schedule of disaggregation of revenue	The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for more information on reportable segments. Three Months Ended March 31, 2023 2024 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 668,315 474,133 Exploration and production Natural gas liquids sales (ethane) 72,050 63,030 Exploration and production Natural gas liquids sales (C3+ NGLs) 423,385 454,832 Exploration and production Oil sales 51,811 64,717 Exploration and production Marketing 58,529 48,520 Marketing Other revenue 175 273 Exploration and production Total revenue from contracts with customers 1,274,265 1,105,505 Income from derivatives, deferred revenue and other sources, net 134,083 16,766 Total revenue $ 1,408,348 1,122,271

Equity Method Investment (Table

Equity Method Investment (Tables)	3 Months Ended
Equity Method Investment (Tables)	Mar. 31, 2024
Antero Midstream Corporation
Equity Method Investments
Schedule of reconciliation of investments in unconsolidated affiliate	The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate (in thousands): Balance as of December 31, 2023 (1) $ 222,255 Equity in earnings of unconsolidated affiliate 23,347 Dividends from unconsolidated affiliate (31,285) Elimination of intercompany profit 11,717 Balance as of March 31, 2024 (1) $ 226,034 (1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2023 and March 31, 2024 was $ 1.7 billion and $ 2.0 billion, respectively, based on the quoted market share price of Antero Midstream .

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
Accrued Liabilities (Tables)	Mar. 31, 2024
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consisted of the following items (in thousands): (Unaudited) December 31, March 31, 2023 2024 Capital expenditures $ 38,848 28,755 Gathering, compression, processing and transportation expenses 160,758 159,657 Marketing expenses 36,428 18,667 Interest expense, net 33,066 14,331 Production and ad valorem taxes 51,516 48,004 General and administrative expense 35,641 21,988 Derivative settlements payable 1,037 269 Other 24,046 23,286 Total accrued liabilities $ 381,340 314,957

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Long-Term Debt.
Schedule of long-term debt	Long-term debt consisted of the following items (in thousands): (Unaudited) December 31, March 31, 2023 2024 Credit Facility (a) $ 417,200 415,300 8.375% senior notes due 2026 (b) 96,870 96,870 7.625% senior notes due 2029 (c) 407,115 407,115 5.375% senior notes due 2030 (d) 600,000 600,000 4.25% convertible senior notes due 2026 (e) 26,386 — Total principal 1,547,571 1,519,285 Unamortized debt issuance costs (9,975) (9,176) Long-term debt $ 1,537,596 1,510,109

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
Asset Retirement Obligations (Tables)	Mar. 31, 2024
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands): Asset retirement obligations—December 31, 2023 $ 59,214 Obligations incurred 131 Accretion expense 776 Settlement of obligations (322) Revisions to prior estimates 55 Asset retirement obligations—March 31, 2024 $ 59,854

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2024
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): Three Months Ended March 31, 2023 2024 RSU awards $ 7,262 9,261 PSU awards 5,405 6,440 Converted AM RSU Awards (1) 1 — Equity awards issued to directors 350 376 Total expense $ 13,018 16,077 (1) Antero Resources recognized compensation expense for equity awards granted by Antero Midstream Partners LP’s (‘Antero Midstream Partners”) under its equity compensation plans prior to March 12, 2019 (date of deconsolidation) because the awards under such plans were accounted for as if they were distributed by Antero Midstream Partners to Antero Resources. Antero Resources allocated a portion of equity-based compensation expense related to grants prior to March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. As of March 31, 2023, all such awards were fully vested, and there is no remaining unamortized expense attributable to these awards after such date .
Summary of RSU award activity	Weighted Average Number Grant Date of Units Fair Value Total awarded and unvested—December 31, 2023 3,521,050 $ 22.40 Granted 1,384,318 26.48 Vested (468,325) 25.66 Forfeited (1,058) 26.01 Total awarded and unvested—March 31, 2024 4,435,985 $ 23.33
Schedule of weighted average fair value assumptions used for PSUs granted	Dividend yield — % Volatility 55 % Risk-free interest rate 4.23 % Weighted average fair value of awards granted $ 32.29
Summary of PSU award activity	Weighted Average Number Grant Date of Units Fair Value Total awarded and unvested—December 31, 2023 1,412,191 $ 29.54 Granted 354,016 29.39 Vested (207,456) 9.52 Total awarded and unvested—March 31, 2024 1,558,751 $ 32.17

Fair value (Tables)

Fair value (Tables)	3 Months Ended
Fair value (Tables)	Mar. 31, 2024
Fair Value.
Schedule of fair value and carrying value of senior notes and 2026 Convertible Notes	The following table sets forth the fair value and carrying value of the senior notes and 2026 Convertible Notes (in thousands): (Unaudited) December 31, 2023 March 31, 2024 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2026 Notes $ 99,534 96,351 100,503 96,412 2029 Notes 417,781 403,441 416,764 403,590 2030 Notes 573,720 594,622 574,380 594,807 2026 Convertible Notes 138,337 25,982 — — Total $ 1,229,372 1,120,396 1,091,647 1,094,809 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2024
Schedule of fixed price swap positions excluding Martica	Weighted Average Commodity / Settlement Period Index Contracted Volume Price Propane April-December 2024 Mont Belvieu Propane-OPIS TET 10,000 Bbl/day $ 33.67 /Bbl
Schedule of call option and embedded put option arrangements	Embedded Call Option Put Option Commodity / Settlement Period Index Contracted Volume Strike Price Strike Price Natural Gas April-December 2024 Henry Hub 53,000 MMBtu/day $ 2.477 /MMBtu $ 2.527 /MMBtu January-December 2025 Henry Hub 44,000 MMBtu/day 2.564 /MMBtu 2.614 /MMBtu January-December 2026 Henry Hub 32,000 MMBtu/day 2.629 /MMBtu 2.679 /MMBtu
Schedule of natural gas basis swap positions which settle on pricing index to basis differential of NYMEX to TCO	Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Hedged Differential Natural Gas April-December 2024 NYMEX to TCO 50,000 MMBtu/day $ 0.530 /MMBtu
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	(Unaudited) Balance Sheet Location December 31, 2023 March 31, 2024 Asset derivatives not designated as hedges for accounting purposes: Embedded derivatives—current Derivative instruments $ 5,175 6,579 Embedded derivatives—noncurrent Derivative instruments 5,570 3,929 Total asset derivatives (1) 10,745 10,508 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives—current (2) Derivative instruments 15,236 14,148 Commodity derivatives—noncurrent (2) Derivative instruments 32,764 25,538 Total liability derivatives (1) 48,000 39,686 Net derivatives liability (1) $ (37,255) (29,178) (1) The fair value of derivative instruments was determined using Level 2 inputs. (2) As of December 31, 2023, approximately $5 million of commodity derivative liabilities, including $3 million of current commodity derivatives and $2 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of March 31, 2024, $2 million of current commodity derivative liabilities are attributable to the Company’s consolidated VIE, Martica.
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts	The following table sets forth the gross values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets as of the dates presented, all at fair value (in thousands): (Unaudited) December 31, 2023 March 31, 2024 Net Amounts of Net Amounts of Gross Gross Assets Gross Gross Assets Amounts Amounts Offset (Liabilities) on Amounts Amounts Offset (Liabilities) on Recognized Recognized Balance Sheet Recognized Recognized Balance Sheet Commodity derivative assets $ 406 (406) — 2,310 (2,310) — Embedded derivative assets 10,745 — 10,745 10,508 — 10,508 Commodity derivative liabilities (48,406) 406 (48,000) (41,996) 2,310 (39,686)
Summary of derivative fair value gains (losses)	The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (in thousands): Statement of Operations Three Months Ended March 31, Location 2023 2024 Commodity derivative fair value gains (1) Revenue $ 127,080 8,266 Embedded derivative fair value gains (losses) (1) Revenue (888) 1,180 (1) The fair value of derivative instruments was determined using Level 2 inputs .
VIE, Martica
Schedule of outstanding commodity derivatives	Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas April-December 2024 Henry Hub 23,216 MMBtu/day $ 2.33 /MMBtu January-March 2025 Henry Hub 18,021 MMBtu/day 2.53 /MMBtu Oil April-December 2024 West Texas Intermediate 41 Bbl/day $ 44.02 /Bbl January-March 2025 West Texas Intermediate 39 Bbl/day 45.06 /Bbl

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases
Summary of supplemental balance sheet information related to leases	The Company’s lease assets and liabilities consisted of the following items (in thousands): (Unaudited) December 31, March 31, Leases Balance Sheet Classification 2023 2024 Operating Leases Operating lease right-of-use assets: Processing plants Operating lease right-of-use assets $ 1,611,903 1,550,542 Drilling rigs and completion services Operating lease right-of-use assets 32,187 24,567 Gas gathering lines and compressor stations (1) Operating lease right-of-use assets 1,283,668 1,320,473 Office space Operating lease right-of-use assets 37,706 36,592 Other office and field equipment Operating lease right-of-use assets 416 327 Total operating lease right-of-use assets $ 2,965,880 2,932,501 Operating lease liabilities: Short-term operating lease liabilities Short-term lease liabilities $ 538,954 534,463 Long-term operating lease liabilities Long-term lease liabilities 2,425,785 2,396,916 Total operating lease liabilities $ 2,964,739 2,931,379 Finance Leases Finance lease right-of-use assets: Vehicles Other property and equipment $ 3,771 3,512 Total finance lease right-of-use assets (2) $ 3,771 3,512 Finance lease liabilities: Short-term finance lease liabilities Short-term lease liabilities $ 1,106 1,154 Long-term finance lease liabilities Long-term lease liabilities 2,665 2,358 Total finance lease liabilities $ 3,771 3,512 (1) Gas gathering lines and compressor stations includes $1.3 billion related to Antero Midstream as of December 31, 2023 and March 31, 2024. See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $1 million and $2 million as of December 31, 2023 and March 31, 2024 , respectively.
Summary of costs associated with operating leases and finance leases	Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive income (in thousands): Three Months Ended March 31, Cost Classification Location 2023 2024 Operating lease cost Statement of operations Gathering, compression, processing and transportation $ 381,283 422,068 Operating lease cost Statement of operations General and administrative 2,937 3,083 Operating lease cost Statement of operations Contract termination 1,122 — Operating lease cost Statement of operations Lease operating 21 21 Operating lease cost Balance sheet Proved properties (1) 39,770 33,412 Total operating lease cost $ 425,133 458,584 Finance lease cost: Amortization of right-of-use assets Statement of operations Depletion, depreciation and amortization $ 92 430 Interest on lease liabilities Statement of operations Interest expense 114 148 Total finance lease cost $ 206 578 Short-term lease payments $ 37,701 29,443 (1) Capitalized costs related to drilling and completion activities.
Summary of supplemental cash flow information related to leases	The following table presents the Company’s supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2023 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 315,665 350,925 Operating cash flows from finance leases 114 148 Investing cash flows from operating leases 32,880 27,976 Financing cash flows from finance leases 158 259 Noncash activities: Right-of-use assets obtained in exchange for new operating lease obligations $ 51,208 97,137 Increase to existing right-of-use assets and lease obligations from operating lease modifications, net (1) $ 40,130 4,511 (1) During the three months ended March 31, 2023, the weighted average discount rate for remeasured operating leases increased from 5.2% as of December 31, 2022 to 5.8% as of March 31, 2023. During the three months ended March 31, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5% as of December 31, 2023 to 5.9% as of March 31, 2024.
Summary of maturities of operating lease liabilities	The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2024 (in thousands): Operating Leases Financing Leases Total Remainder of 2024 $ 529,813 1,221 531,034 2025 617,055 1,585 618,640 2026 564,617 1,229 565,846 2027 465,509 197 465,706 2028 388,720 23 388,743 Thereafter 943,220 10 943,230 Total lease payments 3,508,934 4,265 3,513,199 Less: imputed interest (577,555) (753) (578,308) Total $ 2,931,379 3,512 2,934,891
Summary of maturities of financing lease liabilities	The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2024 (in thousands): Operating Leases Financing Leases Total Remainder of 2024 $ 529,813 1,221 531,034 2025 617,055 1,585 618,640 2026 564,617 1,229 565,846 2027 465,509 197 465,706 2028 388,720 23 388,743 Thereafter 943,220 10 943,230 Total lease payments 3,508,934 4,265 3,513,199 Less: imputed interest (577,555) (753) (578,308) Total $ 2,931,379 3,512 2,934,891
Summary of weighted-average remaining lease term and discount rate	December 31, 2023 March 31, 2024 Operating Leases Finance Leases Operating Leases Finance Leases Weighted average remaining lease term 6.5 years 3.0 years 6.5 years 2.7 years Weighted average discount rate 5.9 % 8.3 % 5.7 % 8.3 %

Commitments (Tables)

Commitments (Tables)	3 Months Ended
Commitments (Tables)	Mar. 31, 2024
Commitments
Schedule of future minimum payments which include leases that have remaining lease terms in excess of one year	The following table sets forth a schedule of future minimum payments for the Company’s contractual obligations, which include leases that have a lease term in excess of one year as of March 31, 2024 (in thousands): Processing, Gathering, Firm Compression Operating and Imputed Interest Transportation and Water Service Financing Leases for Leases Other (a) (b) (c) (c) (d) Total Remainder of 2024 $ 888,016 52,558 414,011 117,023 6,924 1,478,532 2025 1,171,660 58,664 488,686 129,954 5,692 1,854,656 2026 1,169,189 25,487 463,053 102,794 3,067 1,763,590 2027 1,164,202 24,198 387,672 78,034 375 1,654,481 2028 1,105,766 22,865 331,264 57,477 — 1,517,372 Thereafter 4,413,811 83,609 850,205 93,026 — 5,440,651 Total $ 9,912,644 267,381 2,934,891 578,308 16,058 13,709,282

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
Reportable Segments (Tables)	Mar. 31, 2024
Reportable Segments
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows (in thousands): Three Months Ended March 31, 2023 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Sales and revenues: Third-party $ 1,349,476 58,529 272 (272) 1,408,005 Intersegment 343 — 259,203 (259,203) 343 Total revenue 1,349,819 58,529 259,475 (259,475) 1,408,348 Operating expenses: Lease operating 29,321 — — — 29,321 Gathering, compression, processing, transportation and water handling 645,172 — 57,873 (57,873) 645,172 General and administrative 57,261 — 17,347 (17,347) 57,261 Depletion, depreciation and amortization 167,582 — 35,196 (35,196) 167,582 Impairment of property and equipment 15,560 — — — 15,560 Other 56,838 105,124 714 (714) 161,962 Total operating expenses 971,734 105,124 111,130 (111,130) 1,076,858 Operating income (loss) $ 378,085 (46,595) 148,345 (148,345) 331,490 Equity in earnings of unconsolidated affiliates $ 17,681 — 24,456 (24,456) 17,681 Capital expenditures for segment assets $ 351,312 — 42,279 (42,279) 351,312 Three Months Ended March 31, 2024 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Sales and revenues: Third-party $ 1,073,169 48,520 671 (671) 1,121,689 Intersegment 582 — 278,380 (278,380) 582 Total revenue 1,073,751 48,520 279,051 (279,051) 1,122,271 Operating expenses: Lease operating 29,121 — — — 29,121 Gathering, compression, processing, transportation and water handling 672,281 — 53,918 (53,918) 672,281 General and administrative 55,862 — 21,221 (21,221) 55,862 Depletion, depreciation and amortization 173,054 — 37,095 (37,095) 173,054 Impairment of property and equipment 5,190 — — — 5,190 Other 61,790 59,813 566 (566) 121,603 Total operating expenses 997,298 59,813 112,800 (112,800) 1,057,111 Operating income (loss) $ 76,453 (11,293) 166,251 (166,251) 65,160 Equity in earnings of unconsolidated affiliates $ 23,347 — 27,530 (27,530) 23,347 Capital expenditures for segment assets $ 222,449 — 35,073 (35,073) 222,449 The summarized assets of the Company’s reportable segments are as follows (in thousands): As of December 31, 2023 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates $ 222,255 — 626,650 (626,650) 222,255 Total assets 13,602,297 17,117 5,737,618 (5,737,618) 13,619,414 (Unaudited) As of March 31, 2024 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates $ 226,034 — 619,220 (619,220) 226,034 Total assets 13,536,624 11,870 5,749,241 (5,749,241) 13,548,494

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
Subsidiary Guarantors (Tables)	Mar. 31, 2024
Subsidiary Guarantors
Schedule of summarized financial information of Antero, as parent, and its guarantor subsidiaries	The tables set forth below present summarized financial information of Antero, as parent, and its guarantor subsidiaries (in thousands). The Company Balance Sheets (Unaudited) December 31, 2023 March 31, 2024 Accounts receivable, non-guarantor subsidiaries $ — 2,097 Other current assets 453,581 382,957 Total current assets 453,581 385,054 Noncurrent assets 12,562,439 12,575,551 Total assets $ 13,016,020 12,960,605 Accounts payable, related parties $ 86,284 93,707 Other current liabilities 1,360,102 1,282,960 Total current liabilities 1,446,386 1,376,667 Noncurrent liabilities 4,951,464 4,893,715 Total liabilities $ 6,397,850 6,270,382 Statement of Operations Three Months Ended March 31, 2024 Revenues $ 1,099,934 Operating expenses 1,046,716 Income from operations 53,218 Net income and comprehensive income including noncontrolling interests 36,345 Net income and comprehensive income attributable to Antero Resources Corporation $ 36,345

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable
Basis of Presentation
Book overdrafts	$ 7	$ 11
Revenue distributions payable
Basis of Presentation
Book overdrafts	$ 24	$ 19

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of Significant Accounting Policies
Net income (loss) attributable to Antero Resources Corporation-common shareholders	$ 36,345	$ 213,431
Add: Interest expense for 2026 Convertible Notes	256	616
Less: Tax-effect of interest expense for 2026 Convertible Notes	(56)	(132)
Net income (loss) attributable to Antero Resources Corporation-common shareholders and assumed conversions	$ 36,545	$ 213,915
Net income per common share-basic (in dollars per share)	$ 0.12	$ 0.72
Net income per common share-diluted (in dollars per share)	$ 0.12	$ 0.69
Weighted average common shares outstanding-basic (in shares)	304,943	296,763
Weighted average common shares outstanding-diluted (in shares)	312,503	311,846

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income per common share
Basic weighted average number of common shares outstanding	304,943	296,763
Diluted weighted average number of common shares outstanding	312,503	311,846
RSUs
Income per common share
Add: Dilutive effect	1,307	2,150
Weighted average number of outstanding securities excluded from calculation of diluted net income per common share	371	969
PSUs
Income per common share
Add: Dilutive effect	1,389	1,060
Weighted average number of outstanding securities excluded from calculation of diluted net income per common share		414
Employee Stock Option [Member]
Income per common share
Weighted average number of outstanding securities excluded from calculation of diluted net income per common share	259	324
4.25% convertible senior notes due 2026
Income per common share
Add: Dilutive effect	4,864	11,873

Transactions (Details)

Transactions (Details) ft in Thousands, $ in Millions			12 Months Ended
Transactions (Details) ft in Thousands, $ in Millions	Feb. 17, 2021 tranche	Jun. 15, 2020 USD ($) ft	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023
ORRI
Transactions
Initial PDP Override (as a percent)		1.25%
Development Override (as a percent)		3.75%
Horizontal wells turned to sales, threshold one (in lateral feet) \| ft		2,200
Horizontal wells turned to sales, threshold two (in lateral feet) \| ft		3,820
Incremental override (percentage)		2%
Portion Of overriding royalty interest remaining with Martica							0.48%
Portion of Incremental Override remaining with Martica							24%
Percentage of distributions received		85%
Percentage of distributions received on Incremental Override		76%
ORRI \| Sixth Street
Transactions
Cash contribution		$ 300
Additional contribution upon achievement of production target		$ 102
Cash distributions received					$ 102	$ 102
Internal rate of return threshold		13%
Cash on cash return threshold		150%
Percentage of distributions received on Incremental Override		24%
Drilling Partnership \| QL
Transactions
Number of tranches \| tranche	4
Percent of total development capital spending funded by drilling partner			15%	15%	20%
Percent of total development capital spending in the next year to be funded by drilling partner			20%
Amount of carry received from drilling partner.			$ 29	$ 29

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue
Revenue	$ 1,105,505	$ 1,274,265
Income (loss) from derivatives, deferred revenue and other sources, net	16,766	134,083
Total revenue	1,122,271	1,408,348
Natural gas sales
Disaggregation of Revenue
Total revenue	474,133	668,315
Oil sales
Disaggregation of Revenue
Total revenue	64,717	51,811
Marketing
Disaggregation of Revenue
Total revenue	48,520	58,529
Exploration and production \| Natural gas sales
Disaggregation of Revenue
Revenue	474,133	668,315
Exploration and production \| Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenue	63,030	72,050
Exploration and production \| Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenue	454,832	423,385
Exploration and production \| Oil sales
Disaggregation of Revenue
Revenue	64,717	51,811
Exploration and production \| Other
Disaggregation of Revenue
Revenue	273	175
Marketing \| Marketing
Disaggregation of Revenue
Revenue	$ 48,520	$ 58,529

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 326,218	$ 400,805

Equity Method Investment (Detai

Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliate	$ 23,347	$ 17,681
Dividends from unconsolidated affiliate	$ (31,285)	$ (31,285)
Antero Midstream Corporation
Equity Method Investments
Ownership percentage	28.90%
Investments in unconsolidated affiliates
Balance at beginning of period	$ 222,255
Equity in earnings of unconsolidated affiliate	23,347
Dividends from unconsolidated affiliate	(31,285)
Elimination of intercompany profit	11,717
Balance at end of period	226,034
Fair value of investment	$ 2,000,000		$ 1,700,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities
Capital expenditures	$ 28,755	$ 38,848
Gathering, compression, processing, and transportation expenses	159,657	160,758
Marketing expenses	18,667	36,428
Interest expense, net	14,331	33,066
Production and ad valorem taxes	48,004	51,516
General and administrative expense	21,988	35,641
Derivative settlements payable	269	1,037
Other	23,286	24,046
Total accrued liabilities	$ 314,957	$ 381,340

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands							3 Months Ended		12 Months Ended	27 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 05, 2024	Jun. 01, 2021	Jan. 26, 2021	Jan. 04, 2021	Sep. 02, 2020	Aug. 21, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt
Total principal							$ 1,519,285			$ 1,519,285	$ 1,547,571
Unamortized debt issuance costs							(9,176)			(9,176)	(9,975)
Long-term debt							1,510,109			1,510,109	1,537,596
Aggregate principal amount converted							26,051	$ 17,172
Loss on convertible note equitizations								86
Credit Facility
Long-Term Debt
Credit facility							415,300			415,300	417,200
Current borrowing base							3,500,000			3,500,000	3,500,000
Lender commitments							$ 1,600,000			1,600,000	1,600,000
Debt maturity threshold days							180 days
Available borrowing capacity							$ 752,000			752,000
Outstanding letters of credit							$ 443,000			$ 443,000	$ 501,000
Weighted average interest rate (as a percent)							7.68%			7.68%	7.71%
Credit Facility \| Minimum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)							0.375%
Credit Facility \| Maximum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)							0.50%
8.375% Senior Notes Due 2026
Long-Term Debt
Senior notes				$ 500,000			$ 96,870			$ 96,870	$ 96,870
Interest rate (as a percent)				8.375%			8.375%			8.375%	8.375%
Issue price as percentage of par value				100%
Redemption price of the debt instrument in the event of change of control (as a percent)				101%
Amount of debt repurchased												$ 403,000
8.375% Senior Notes Due 2026 \| On or after January 15, 2024
Long-Term Debt
Redemption price				104.188%
8.375% Senior Notes Due 2026 \| On or after January 15, 2026
Long-Term Debt
Redemption price				100%
7.625% Senior Notes Due 2029
Long-Term Debt
Senior notes			$ 700,000				$ 407,115			$ 407,115	$ 407,115
Interest rate (as a percent)			7.625%				7.625%			7.625%	7.625%
Issue price as percentage of par value			100%
Redemption price of the debt instrument in the event of change of control (as a percent)			101%
Amount of debt repurchased												$ 293,000
7.625% Senior Notes Due 2029 \| On or after February 1, 2024
Long-Term Debt
Redemption price			103.813%
7.625% Senior Notes Due 2029 \| On or after February 1, 2027
Long-Term Debt
Redemption price			100%
5.375% senior notes due 2030
Long-Term Debt
Senior notes		$ 600,000					$ 600,000			$ 600,000	$ 600,000
Interest rate (as a percent)		5.375%					5.375%			5.375%	5.375%
Issue price as percentage of par value		100%
Redemption price of the debt instrument in the event of change of control (as a percent)		101%
5.375% senior notes due 2030 \| On or after March 1, 2025
Long-Term Debt
Redemption price		102.688%
5.375% senior notes due 2030 \| On or after March 1, 2028
Long-Term Debt
Redemption price		100%
5.375% senior notes due 2030 \| On or Before March 1, 2025
Long-Term Debt
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)		105.375%
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings		35%
5.375% senior notes due 2030 \| Prior to March 1, 2025
Long-Term Debt
Redemption price		100%
4.25% convertible senior notes due 2026
Long-Term Debt
Amount of debt extinguished									$ 206,000
Convertible senior notes					$ 37,500	$ 250,000	$ 0			$ 0	$ 26,386
Interest rate (as a percent)						4.25%					4.25%
Redemption price	100%
Amount of debt converted										$ 81,000
Shares issued on conversion						230.2026
Issuance of convertible notes					278,500
Payments of deferred financing costs					$ 9,000
Aggregate principal amount converted	$ 26,000						$ 26,000	9,000
Aggregate principal amount induced into conversion								$ 9,000
Shares issued to cover conversions (in shares)							6,000,000	4,000,000
Cash inducement premium								$ 100

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 59,214
Obligations incurred	131
Accretion expense	776
Settlement of obligations	(322)	$ (308)
Revisions to prior estimates	55
Asset retirement obligations - end of period	$ 59,854

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 17, 2020
Stock-based compensation expense
Equity based compensation expense recognized	$ 16,077	$ 13,018
2020 Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized			10,050,000
Number of shares available for future grant under the Plan	5,507,361
RSUs
Stock-based compensation expense
Equity based compensation expense recognized	$ 9,261	7,262
PSUs
Stock-based compensation expense
Equity based compensation expense recognized	6,440	5,405
Converted AM RSU Awards
Stock-based compensation expense
Equity based compensation expense recognized		1
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 376	$ 350

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - RSUs $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of shares
Total awarded and unvested at the beginning of the period (in shares) \| shares	3,521,050
Granted (in shares) \| shares	1,384,318
Vested (in shares) \| shares	(468,325)
Forfeited (in shares) \| shares	(1,058)
Total awarded and unvested at the end of the period (in shares) \| shares	4,435,985
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 22.40
Granted (in dollars per share) \| $ / shares	26.48
Vested (in dollars per share) \| $ / shares	25.66
Forfeited (in dollars per share) \| $ / shares	26.01
Total awarded and unvested at the end of the period (in dollars per share) \| $ / shares	$ 23.33
Unamortized equity-based compensation expense \| $	$ 84
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 days

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) period $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022	Dec. 31, 2021
PSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares) \| shares		1,412,191
Granted (in shares) \| shares		354,016
Vested (in shares) \| shares		(207,456)
Total awarded and unvested at the end of the period (in shares) \| shares	1,558,751	1,558,751	1,412,191
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) \| $ / shares		$ 29.54
Granted (in dollars per share) \| $ / shares		29.39
Vested (in dollars per share) \| $ / shares		9.52
Total awarded and unvested at the end of the period (in dollars per share) \| $ / shares	$ 32.17	$ 32.17	$ 29.54
Additional disclosures
Unamortized equity-based compensation expense \| $	$ 29	$ 29
Weighted average period for recognizing unrecognized stock-based compensation expense		1 year 7 months 6 days
PSU Awards Based on Absolute TSR
Weighted-average assumptions used to calculate fair value of performance share units granted
Volatility (as a percent)		55%
Risk-free interest rate (as a percent)		4.23%
Weighted average fair value of awards granted - Absolute TSR \| $ / shares		$ 32.29
PSU Awards Based on Absolute TSR \| Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0%
PSU Awards Based on Absolute TSR \| Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200%
PSU Awards Based on Absolute TSR \| One Year Period
Stock-based compensation
Service period	1 year
Number of performance periods \| period	3
PSU Awards Based on Absolute TSR \| Three Year Period
Stock-based compensation
Service period	3 years
Number of cumulative performance periods \| period	1
2021 PSU Awards Based on Leverage Ratio
Stock-based compensation
Service period					1 year
Vesting percentage achieved			200%	200%	200%
Shares issued to cover conversions (in shares) \| shares		400,000
Number of performance periods					3
2021 PSU Awards Based on Leverage Ratio \| Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent					0%
2021 PSU Awards Based on Leverage Ratio \| Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent					200%
2024 PSU Awards Based on Leverage Ratio
Stock-based compensation
Service period	1 year
Number of performance periods \| period	3
2024 PSU Awards Based on Leverage Ratio \| Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0%
2024 PSU Awards Based on Leverage Ratio \| Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value \| Level 2 market data
Financial Instruments
Value	$ 1,091,647	$ 1,229,372
Fair value \| Level 2 market data \| 8.375% Senior Notes Due 2026
Financial Instruments
Value	100,503	99,534
Fair value \| Level 2 market data \| 7.625% Senior Notes Due 2029
Financial Instruments
Value	416,764	417,781
Fair value \| Level 2 market data \| 5.375% senior notes due 2030
Financial Instruments
Value	574,380	573,720
Fair value \| Level 2 market data \| 4.25% convertible senior notes due 2026
Financial Instruments
Value		138,337
Carrying value
Financial Instruments
Value	1,094,809	1,120,396
Carrying value \| 8.375% Senior Notes Due 2026
Financial Instruments
Value	96,412	96,351
Carrying value \| 7.625% Senior Notes Due 2029
Financial Instruments
Value	403,590	403,441
Carrying value \| 5.375% senior notes due 2030
Financial Instruments
Value	$ 594,807	594,622
Carrying value \| 4.25% convertible senior notes due 2026
Financial Instruments
Value		$ 25,982

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Mar. 31, 2024 MMBTU / d bbl / d $ / bbl $ / MMBTU
Natural gas. \| Henry Hub \| April-December 2024
Derivative Instruments
Notional amount \| MMBTU / d	53,000
Natural gas. \| Henry Hub \| January-December 2025
Derivative Instruments
Notional amount \| MMBTU / d	44,000
Natural gas. \| Henry Hub \| January-December 2026
Derivative Instruments
Notional amount \| MMBTU / d	32,000
Natural gas. \| NYMEX to TCO \| April-December 2024
Derivative Instruments
Notional amount \| MMBTU / d	50,000
Weighted average hedged differential	0.530
Propane \| Mont Belvieu Propane OPIS TET \| April-December 2024
Derivative Instruments
Notional amount \| bbl / d	10,000
Weighted average index price \| $ / bbl	33.67
Swaps \| Natural gas. \| Henry Hub \| April-December 2024 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	23,216
Weighted average index price	2.33
Swaps \| Natural gas. \| Henry Hub \| January-March 2025 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	18,021
Weighted average index price	2.53
Swaps \| Oil \| West Texas Intermediate \| April-December 2024 \| VIE, Martica
Derivative Instruments
Notional amount \| bbl / d	41
Weighted average index price \| $ / bbl	44.02
Swaps \| Oil \| West Texas Intermediate \| January-March 2025 \| VIE, Martica
Derivative Instruments
Notional amount \| bbl / d	39
Weighted average index price \| $ / bbl	45.06
Call option and embedded put option \| Natural gas. \| Put option \| Henry Hub \| April-December 2024
Derivative Instruments
Strike price	2.527
Call option and embedded put option \| Natural gas. \| Put option \| Henry Hub \| January-December 2025
Derivative Instruments
Strike price	2.614
Call option and embedded put option \| Natural gas. \| Put option \| Henry Hub \| January-December 2026
Derivative Instruments
Strike price	2.679
Call option and embedded put option \| Natural gas. \| Call Option \| Henry Hub \| April-December 2024
Derivative Instruments
Strike price	2.477
Call option and embedded put option \| Natural gas. \| Call Option \| Henry Hub \| January-December 2025
Derivative Instruments
Strike price	2.564
Call option and embedded put option \| Natural gas. \| Call Option \| Henry Hub \| January-December 2026
Derivative Instruments
Strike price	2.629

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 6,579	$ 5,175
Noncurrent portion of fair value of derivative assets	3,929	5,570
Current portion of fair value of derivative liabilities	14,148	15,236
Noncurrent portion of fair value of derivative liabilities	25,538	32,764
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	10,508	10,745
Total liability derivatives	39,686	48,000
Net derivatives liability	(29,178)	(37,255)
Derivatives not designated as hedges for accounting purposes \| Commodity derivatives
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	14,148	15,236
Noncurrent portion of fair value of derivative liabilities	25,538	32,764
Derivatives not designated as hedges for accounting purposes \| Commodity derivatives \| VIE, Martica
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	2,000	3,000
Noncurrent portion of fair value of derivative liabilities		2,000
Total liability derivatives		5,000
Derivatives not designated as hedges for accounting purposes \| Embedded derivatives
Fair value of derivative instruments
Current portion of fair value of derivative assets	6,579	5,175
Noncurrent portion of fair value of derivative assets	$ 3,929	$ 5,570

Derivative Instruments - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commodity derivatives
Commodity derivative assets
Gross amounts on balance sheet	$ 2,310	$ 406
Gross amounts offset on balance sheet	(2,310)	(406)
Commodity derivative liabilities
Gross amounts on balance sheet	(41,996)	(48,406)
Gross amounts offset on balance sheet	2,310	406
Total liability derivatives	(39,686)	(48,000)
Embedded derivatives
Commodity derivative assets
Gross amounts on balance sheet	10,508	10,745
Total asset derivatives	$ 10,508	$ 10,745

Derivative Instruments - Fair_2

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ 9,446	$ 126,192
Loss on early settlement of natural gas swaption agreement		202,339
Commodity derivatives
Summary of realized and unrealized gains (losses) on derivative instruments
Loss on early settlement of natural gas swaption agreement		202,000
Commodity derivatives \| Revenue.
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	8,266	127,080
Embedded derivatives \| Revenue.
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ 1,180	$ (888)

Leases (Details)

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2024
Leases
Options to renew - Operating lease	true
Minimum
Leases
Renewal terms - Operating lease	1 year
Maximum
Leases
Renewal terms - Operating lease	20 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lease Assets
Operating leases right-of-use assets	$ 2,932,501	$ 2,965,880
Short-term operating lease obligation	$ 534,463	$ 538,954
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Long-term operating lease obligation	$ 2,396,916	$ 2,425,785
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Noncurrent	Operating And Finance Lease Liability Noncurrent
Total operating lease obligation	$ 2,931,379	$ 2,964,739
Finance leases, right of use assets	3,512	3,771
Short-term finance lease obligation	$ 1,154	$ 1,106
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Long-term finance lease obligation	$ 2,358	$ 2,665
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Noncurrent	Operating And Finance Lease Liability Noncurrent
Total finance lease obligation	$ 3,512	$ 3,771
Finance leases, accumulated amortization	2,000	1,000
Vehicles
Lease Assets
Finance leases, right of use assets	$ 3,512	$ 3,771
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Other, Gross	Property, Plant and Equipment, Other, Gross
Other office and field equipment
Lease Assets
Operating leases right-of-use assets	$ 327	$ 416
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Processing plants
Lease Assets
Operating leases right-of-use assets	$ 1,550,542	$ 1,611,903
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Drilling rigs and completion services
Lease Assets
Operating leases right-of-use assets	$ 24,567	$ 32,187
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Gas gathering lines and compressor stations
Lease Assets
Operating leases right-of-use assets	$ 1,320,473	$ 1,283,668
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Gas gathering lines and compressor stations \| Antero Midstream Corporation
Lease Assets
Operating leases right-of-use assets		$ 1,300,000
Office space
Lease Assets
Operating leases right-of-use assets	$ 36,592	$ 37,706
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Leases
Total operating lease cost	$ 458,584	$ 425,133
Total finance lease cost	578	206
Short-term lease payments	29,443	37,701
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	350,925	315,665
Operating cash flows from finance leases	148	114
Investing cash flows from operating leases	27,976	32,880
Financing cash flows from finance leases	259	158
Right-of-use assets obtained in exchange for new operating lease obligations	97,137	51,208
Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net	$ 4,511	$ 40,130
Weighted average discount rate for remeasured operating leases (as a percent)	5.90%	5.80%	6.50%	5.20%
Proved properties
Leases
Total operating lease cost	$ 33,412	$ 39,770
Gathering, compression, water handling and treatment, processing, and transportation
Leases
Total operating lease cost	422,068	381,283
General and administrative.
Leases
Total operating lease cost	3,083	2,937
Contract termination
Leases
Total operating lease cost		1,122
Lease operating.
Leases
Total operating lease cost	21	21
Depletion, depreciation and amortization
Leases
Amortization of right-of-use assets	430	92
Interest expense
Leases
Interest on lease liabilities	$ 148	$ 114

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future minimum payments for operating lease liabilities
Remainder of 2024	$ 529,813
2025	617,055
2026	564,617
2027	465,509
2028	388,720
Thereafter	943,220
Total lease payments	3,508,934
Less: imputed interest	(577,555)
Total operating lease obligation	2,931,379	$ 2,964,739
Future minimum payments for financing lease liabilities
Remainder of 2024	1,221
2025	1,585
2026	1,229
2027	197
2028	23
Thereafter	10
Total lease payments	4,265
Less: imputed interest	(753)
Total finance lease obligation	3,512	$ 3,771
Future minimum payments for total lease liabilities
Remainder of 2024	531,034
2025	618,640
2026	565,846
2027	465,706
2028	388,743
Thereafter	943,230
Total lease payments	3,513,199
Less: imputed interest	(578,308)
Total	$ 2,934,891

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases
Weighted-average remaining lease term: Operating lease	6 years 6 months	6 years 6 months
Weighted-average discount rate: Operating lease	5.70%	5.90%
Weighted-average remaining lease term: Finance lease	2 years 8 months 12 days	3 years
Weighted-average discount rate: Finance lease	8.30%	8.30%

Leases - Related Party Lease Di

Leases - Related Party Lease Disclosure (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) area	Mar. 31, 2023 USD ($)	Dec. 31, 2019	Dec. 31, 2023 USD ($)
Antero Midstream Corporation
Leases
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction for high pressure lines (as a percent)			75%
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction of compressor stations (as a percent)			70%
Term of lease			10 years
Notice period			180 days
Rebate received		$ 12,000
Gathering and compression fees paid	$ 199,000	$ 176,000
Percentage of rate of return			13%
Term for rate of return on constructions			7 years
Antero Midstream Corporation \| Marcellus
Leases
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction of compressor stations (as a percent)			25%
Term of lease			10 years
Gathering and Compression Agreement \| Utica
Leases
Number of dedicated areas \| area	2
Affiliated Entity
Leases
Accounts payable	$ 93,707			$ 86,284
Affiliated Entity \| Antero Midstream Corporation
Leases
Accounts payable	$ 78,000			$ 65,000

Commitments (Details)

Commitments (Details) $ in Thousands	3 Months Ended
Commitments (Details) $ in Thousands	Mar. 31, 2023 USD ($) MMBTU / d	Mar. 31, 2024 USD ($)
Future minimum payments
Remainder of 2024		$ 1,478,532
2025		1,854,656
2026		1,763,590
2027		1,654,481
2028		1,517,372
Thereafter		5,440,651
Total		13,709,282
Firm transportation
Future minimum payments
Remainder of 2024		888,016
2025		1,171,660
2026		1,169,189
2027		1,164,202
2028		1,105,766
Thereafter		4,413,811
Total		9,912,644
Commitments
Early termination of commitment per day (in MMBtu/d) \| MMBTU / d	200,000
Cash payment for early termination	$ 24,000
Processing, Gathering, Compression and Water Service
Future minimum payments
Remainder of 2024		52,558
2025		58,664
2026		25,487
2027		24,198
2028		22,865
Thereafter		83,609
Total		267,381
Operating and Financing Leases
Future minimum payments
Remainder of 2024		414,011
2025		488,686
2026		463,053
2027		387,672
2028		331,264
Thereafter		850,205
Total		2,934,891
Imputed Interest for Leases
Future minimum payments
Remainder of 2024		117,023
2025		129,954
2026		102,794
2027		78,034
2028		57,477
Thereafter		93,026
Total		578,308
Other.
Future minimum payments
Remainder of 2024		6,924
2025		5,692
2026		3,067
2027		375
Total		$ 16,058

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended
Reportable Segments (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Operating results and assets of reportable segments
Number of reportable segments \| segment	3
Sales and revenues:
Sales and revenues - Third-party	$ 1,121,689	$ 1,408,005
Sales and revenues - Intersegment	582	343
Revenues	1,122,271	1,408,348
Operating expenses:
Lease operating	29,121	29,321
General and administrative	55,862	57,261
Depletion, depreciation and amortization	173,054	167,582
Impairment of property and equipment	5,190	15,560
Other	121,603	161,962
Total operating expenses	1,057,111	1,076,858
Operating income (loss)	65,160	331,490
Equity in earnings of unconsolidated affiliate	23,347	17,681
Capital expenditures for segment assets	222,449	351,312
Investments in unconsolidated affiliates	226,034		$ 222,255
Total assets	13,548,494		13,619,414
Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	672,281	645,172
Operating segments \| Exploration and production
Sales and revenues:
Sales and revenues - Third-party	1,073,169	1,349,476
Sales and revenues - Intersegment	582	343
Revenues	1,073,751	1,349,819
Operating expenses:
Lease operating	29,121	29,321
General and administrative	55,862	57,261
Depletion, depreciation and amortization	173,054	167,582
Impairment of property and equipment	5,190	15,560
Other	61,790	56,838
Total operating expenses	997,298	971,734
Operating income (loss)	76,453	378,085
Equity in earnings of unconsolidated affiliate	23,347	17,681
Capital expenditures for segment assets	222,449	351,312
Investments in unconsolidated affiliates	226,034		222,255
Total assets	13,536,624		13,602,297
Operating segments \| Exploration and production \| Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	672,281	645,172
Operating segments \| Marketing
Sales and revenues:
Sales and revenues - Third-party	48,520	58,529
Revenues	48,520	58,529
Operating expenses:
Other	59,813	105,124
Total operating expenses	59,813	105,124
Operating income (loss)	(11,293)	(46,595)
Total assets	11,870		17,117
Operating segments \| Antero Midstream Corporation
Sales and revenues:
Sales and revenues - Third-party	671	272
Sales and revenues - Intersegment	278,380	259,203
Revenues	279,051	259,475
Operating expenses:
General and administrative	21,221	17,347
Depletion, depreciation and amortization	37,095	35,196
Other	566	714
Total operating expenses	112,800	111,130
Operating income (loss)	166,251	148,345
Equity in earnings of unconsolidated affiliate	27,530	24,456
Capital expenditures for segment assets	35,073	42,279
Investments in unconsolidated affiliates	619,220		626,650
Total assets	5,749,241		5,737,618
Operating segments \| Antero Midstream Corporation \| Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	53,918	57,873
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues - Third-party	(671)	(272)
Sales and revenues - Intersegment	(278,380)	(259,203)
Revenues	(279,051)	(259,475)
Operating expenses:
General and administrative	(21,221)	(17,347)
Depletion, depreciation and amortization	(37,095)	(35,196)
Other	(566)	(714)
Total operating expenses	(112,800)	(111,130)
Operating income (loss)	(166,251)	(148,345)
Equity in earnings of unconsolidated affiliate	(27,530)	(24,456)
Capital expenditures for segment assets	(35,073)	(42,279)
Investments in unconsolidated affiliates	(619,220)		(626,650)
Total assets	(5,749,241)		$ (5,737,618)
Elimination of intersegment transaction \| Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	$ (53,918)	$ (57,873)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable	$ 40,121	$ 42,619
Other current assets	17,468	14,192
Total current assets	402,712	475,692
Total assets	13,548,494	13,619,414
Liabilities and Stockholders' Equity
Other current liabilities	1,240	1,295
Total current liabilities	1,382,903	1,452,091
Total liabilities	6,276,618	6,405,312
Parent (Antero) And Guarantor Subsidiaries
Current assets:
Accounts receivable	2,097
Other current assets	382,957	453,581
Total current assets	385,054	453,581
Noncurrent assets	12,575,551	12,562,439
Total assets	12,960,605	13,016,020
Liabilities and Stockholders' Equity
Other current liabilities	1,282,960	1,360,102
Total current liabilities	1,376,667	1,446,386
Noncurrent liabilities	4,893,715	4,951,464
Total liabilities	6,270,382	6,397,850
Affiliated Entity
Liabilities and Stockholders' Equity
Accounts payable	93,707	86,284
Affiliated Entity \| Parent (Antero) And Guarantor Subsidiaries
Liabilities and Stockholders' Equity
Accounts payable	$ 93,707	$ 86,284

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Operations
Revenues	$ 1,105,505	$ 1,274,265
Operating expenses	1,057,111	1,076,858
Income from operations	65,160	331,490
Net income and comprehensive income including noncontrolling interests	48,287	261,202
Net income and comprehensive income attributable to Antero Resources Corporation	36,345	$ 213,431
Parent (Antero) And Guarantor Subsidiaries
Statement of Operations
Revenues	1,099,934
Operating expenses	1,046,716
Income from operations	53,218
Net income and comprehensive income including noncontrolling interests	36,345
Net income and comprehensive income attributable to Antero Resources Corporation	$ 36,345

Document Information

Document Information	3 Months Ended
Document Information	Mar. 31, 2024
Document Information:
Document Type	10-Q
Amendment	false
CIK	0001433270
Registrant Name	ANTERO RESOURCES CORPORATION
Period End Date	Mar. 31, 2024

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false