Antero Resources (AR) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information
Entity Registrant Name	ANTERO RESOURCES Corp
Entity Central Index Key	1,433,270
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		277,029,931
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 143,286	$ 245,979	$ 19,273	$ 17,487
Accounts receivable, net of allowance for doubtful accounts of $1,251 in 2014 and 2015, respectively	79,190	116,203
Accrued revenue	125,467	191,558
Derivative instruments	664,417	692,554
Other current assets	4,819	5,866
Total current assets	1,017,179	1,252,160
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,080,491	2,060,936
Proved properties	7,462,080	6,515,221
Fresh water distribution systems	441,692	421,012
Gathering systems and facilities	1,341,661	1,197,239
Other property and equipment	42,842	37,687
Property and equipment, gross	11,368,766	10,232,095
Less accumulated depletion, depreciation, and amortization	(1,238,989)	(879,643)
Property and equipment, net	10,129,777	9,352,452
Derivative instruments	1,305,392	899,997
Other assets	80,133	68,886
Total assets	12,532,481	11,573,495
Current liabilities:
Accounts payable	326,638	531,564
Accrued liabilities	183,319	168,614
Revenue distributions payable	190,881	182,352
Deferred income tax liability	251,097	260,373
Other current liabilities	14,248	12,202
Total current liabilities	966,183	1,155,105
Long-term liabilities:
Long-term debt	4,500,038	4,362,550
Deferred income tax liability	706,948	534,423
Derivative instruments	651
Other liabilities	49,215	47,587
Total liabilities	6,223,035	6,099,665
Stockholders' Equity:
Common stock, $0.01 par value; authorized - 1,000,000,000 shares; issued and outstanding 262,071,642 shares and 277,025,288 shares, respectively	2,770	2,621
Additional paid-in capital	4,099,718	3,513,725
Accumulated earnings	1,116,505	867,447
Total stockholders' equity	5,218,993	4,383,793
Noncontrolling interest in consolidated subsidiary	1,090,453	1,090,037
Total equity	6,309,446	5,473,830
Total liabilities and equity	$ 12,532,481	$ 11,573,495

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 1,251	$ 1,251
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	1,000,000,000	1,000,000,000
Common stock, shares issued	277,025,288	262,071,642
Common stock, shares outstanding	277,025,288	262,071,642
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000,000	50,000,000
Preferred stock, shares issued	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Natural gas sales	$ 242,065	$ 314,151	$ 557,007	$ 626,487
Natural gas liquids sales	59,525	79,768	138,311	153,696
Oil sales	23,032	35,633	35,489	59,755
Gathering, compression and water distribution	4,490	3,565	10,658	7,089
Marketing	49,829	1,987	107,609	5,213
Commodity derivative fair value losses	(2,227)	(123,766)	757,327	(372,695)
Total revenue	376,714	311,338	1,606,401	479,545
Operating expenses:
Lease operating	6,673	5,021	14,775	9,890
Gathering, compression, processing, and transportation	166,669	103,837	330,331	187,347
Production and ad valorem taxes	22,519	21,358	46,737	42,397
Marketing	79,053	13,946	152,402	25,927
Exploration	628	6,703	1,999	13,700
Impairment of unproved properties	26,339	1,956	34,916	3,353
Depletion, depreciation, and amortization	177,046	105,154	359,346	196,360
Accretion of asset retirement obligations	408	309	808	611
General and administrative (including equity-based compensation expense of $32,474 and $27,582 for the three months ended 2014 and 2015, respectively and $61,611 and $55,365 for the six months ended 2014 and 2015 respectively)	59,191	58,357	118,240	109,342
Contract termination and rig stacking	1,937		10,902
Total operating expenses	540,463	316,641	1,070,456	588,927
Operating income (loss)	(163,749)	(5,303)	535,945	(109,382)
Other expenses:
Interest	(59,823)	(37,260)	(113,008)	(68,602)
Loss on early extinguishment of debt		(20,386)		(20,386)
Total other expenses	(59,823)	(57,646)	(113,008)	(88,988)
Income (loss) from continuing operations before income taxes and discontinued operations	(223,572)	(62,949)	422,937	(198,370)
Provision for income tax (expense) benefit	84,089	18,454	(163,249)	59,116
Income (loss) from continuing operations	(139,483)	(44,495)	259,688	(139,254)
Discontinued operations:
Income from sale of discontinued operations, net of income tax expense of $1,354		2,210		2,210
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(139,483)	(42,285)	259,688	(137,044)
Net income and comprehensive income attributable to noncontrolling interest	5,890		10,630
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (145,373)	$ (42,285)	$ 249,058	$ (137,044)
Earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.52)	$ (0.17)	$ 0.92	$ (0.53)
Discontinued operations (in dollars per share)		0.01		0.01
Total (in dollars per share)	(0.52)	(0.16)	0.92	(0.52)
Earnings (loss) per common share—assuming dilution
Continuing operation (in dollars per share)	(0.52)	(0.17)	0.92	(0.53)
Discontinued operations (in dollars per share)		0.01		0.01
Total (in dollars per share)	$ (0.52)	$ (0.16)	$ 0.92	$ (0.52)
Weighted average number of shares outstanding
Basic (in shares)	277,002,786	262,049,659	271,181,132	262,049,659
Diluted (in shares)	277,002,786	262,049,659	271,192,089	262,049,659

Consolidated Statements of Ope5

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Operations and Comprehensive Loss
Equity-based compensation expense	$ 27,582	$ 32,474	$ 55,365	$ 61,611
Deferred income tax expense—discontinued operations		$ 1,354		$ 1,354

Consolidated Statements of Equi

Consolidated Statements of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated (deficit) earnings	Noncontrolling Interests	Total
Balances at Dec. 31, 2014	$ 2,621	$ 3,513,725	$ 867,447	$ 1,090,037	$ 5,473,830
Increase (Decrease) in Stockholders' Equity
Issuance of 14,700,000 shares of common stock in public offering, net of underwriter discounts and offering costs	147	537,546			537,693
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	2	(4,515)			(4,513)
Equity-based compensation		52,962		2,403	55,365
Net income (loss) and including noncontrolling interest			249,058	10,630	259,688
Distributions to non-controlling interests				(12,617)	(12,617)
Balances at Jun. 30, 2015	$ 2,770	$ 4,099,718	$ 1,116,505	$ 1,090,453	$ 6,309,446

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2015shares
Increase (Decrease) in Stockholders' Equity
Number of additional shares of common stock issued (in shares)	14,700,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 259,688	$ (137,044)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	360,154	196,971
Impairment of unproved properties	34,916	3,353
Derivative fair value (gains) losses	(757,327)	372,695
Gains (losses) on settled derivatives	380,720	(118)
Deferred income tax expense (benefit)	163,249	(59,116)
Equity-based compensation expense	55,365	61,611
Loss on early extinguishment of debt		20,386
Gain on sale of discontinued operations		(3,564)
Deferred income tax expense—discontinued operations		1,354
Other	3,999	969
Changes in current assets and liabilities:
Accounts receivable	(2,987)	(15,922)
Accrued revenue	66,091	(42,728)
Other current assets	1,047	(942)
Accounts payable	4,579	3,477
Accrued liabilities	10,904	42,475
Revenue distributions payable	8,529	57,503
Other current liabilities	1,668	(3,331)
Net cash provided by operating activities	590,595	498,029
Cash flows used in investing activities:
Additions to unproved properties	(131,683)	(239,152)
Drilling and completion costs	(1,009,421)	(1,103,017)
Additions to fresh water distribution systems	(34,076)	(99,927)
Additions to gathering systems and facilities	(200,045)	(261,667)
Additions to other property and equipment	(2,794)	(11,041)
Change in other assets	(759)	(39,067)
Proceeds from asset sales	40,000
Net cash used in investing activities	(1,338,778)	(1,753,871)
Cash flows from financing activities:
Issuance of common stock	537,693
Issuance of senior notes	750,000	600,000
Repayment of senior notes		(260,000)
Borrowings (repayments) on bank credit facility, net	(612,000)	952,000
Make-whole premium on debt extinguished		(17,383)
Payments of deferred financing costs	(15,254)	(16,989)
Distributions to noncontrolling interest in consolidated subsidiary	12,617
Other	(2,332)
Net cash provided by financing activities	645,490	1,257,628
Net increase (decrease) in cash and cash equivalents	(102,693)	1,786
Cash and cash equivalents, beginning of period	245,979	17,487
Cash and cash equivalents, end of period	143,286	19,273
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	103,133	60,031
Supplemental disclosure of noncash investing activities:
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ (210,217)	$ 126,657

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization
Organization	(1) Organization (a) Business and Organization Antero Resources Corporation (individually referred to as “Antero”) and its consolidated subsidiaries (collectively referred to as the “Company”) are engaged in the exploitation, development, and acquisition of natural gas, natural gas liquids (“NGLs”), and oil properties in the Appalachian Basin in West Virginia, Ohio, and Pennsylvania. 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 has fresh water distribution operations in the Appalachian Basin, as well as gathering and compression operations through its consolidated subsidiary, Antero Midstream Partners LP (“Antero Midstream”), a publicly-traded limited partnership. The Company’s corporate headquarters are in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information and should be read in the context of the December 31, 2014 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2014 consolidated financial statements have been filed with the SEC in the Company’s 2014 Form 10-K. The accompanying 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, the accompanying 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 June 30, 2015 , the results of its operations for the three and six months ended June 30, 2014 and 2015 , and its cash flows for the six months ended June 30, 2014 and 2015 . The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the period ended June 30, 2015 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, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified . (b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly-owned subsidiaries, and any entities in which the Company owns a controlling interest. All significant intercompany accounts and transactions have been eliminated in the Company’s consolidated financial statements. Noncontrolling interest in the Company’s consolidated financial statements represents the interests in Antero Midstream which are owned by third-party individuals or entities. An affiliate of the Company owns the general partner interest in Antero Midstream, as well as all of the incentive distribution rights. Noncontrolling interest is included as a component of equity in the Company’s consolidated balance sheets. (c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates. The Company’s condensed consolidated financial statements are based on a number of significant estimates including estimates of natural gas, NGLs, and oil reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates by their nature are inherently imprecise. Other items in the Company’s consolidated financial statements which involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred income taxes, equity-based compensation, asset retirement obligations, depreciation, amortization, and commitments and contingencies. (d) Risks and Uncertainties Historically, the market for natural gas, NGLs, and oil has experienced significant price fluctuations. Price fluctuations can result from variations in weather, levels of production in the region, availability of transportation capacity to other regions of the country, and various other factors. Increases or decreases in the prices the Company receives for its production could have a significant impact on the Company’s future results of operations and reserve quantities. (e) 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. (f) Derivative Financial Instruments In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, including commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements relating to the price risk associated with a portion of its production. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company has exposure to credit risk to the extent the counterparty is unable to satisfy its settlement obligations. The fair value of our commodity derivative contracts of approximately $2.0 billion at June 30, 2015 includes the following values by bank counterparty: Citigroup - $402 million; Barclays - $358 million; JP Morgan - $319 million; Morgan Stanley - $261 million; Wells Fargo - $231 million; BNP Paribas - $193 million; Scotiabank - $115 million; Toronto Dominion - $44 million; Fifth Third - $35 million; Canadian Imperial Bank of Commerce - $8 million; and Bank of Montreal - $3 million. The credit ratings of certain of these banks were downgraded in recent years because of the sovereign debt crisis in Europe. The Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative position. The Company records derivative instruments on the consolidated balance sheets as either an asset or liability measured at fair value and records changes in the fair value of derivatives in current earnings as they occur. Changes in the fair value of commodity derivatives are classified as revenues on the Company’s condensed consolidated statements of operations. The Company’s derivatives have not been designated as hedges for accounting purposes. (g) Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in the tax laws or tax rates is recognized in income in the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Unrecognized tax benefits represent potential future tax obligations for uncertain tax positions taken on previously filed tax returns that may not ultimately be sustained. The Company recognizes interest expense related to unrecognized tax benefits in interest expense and fines and penalties for tax-related matters as income tax expense. (h) Fair Value Measurements Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , clarifies the definition of fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This guidance also relates to all nonfinancial assets and liabilities that are not recognized or disclosed on a recurring basis (e.g., those measured at fair value in a business combination, the initial recognition of asset retirement obligations, and impairments of proved oil and gas properties, and other long-lived assets). Fair value is the price that the Company estimates would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to prioritize inputs to valuation techniques used to estimate fair value. An asset or liability subject to the fair value requirements is categorized within the hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The highest priority (Level 1) is given to unadjusted, quoted market prices in active markets for identical assets or liabilities, and the lowest priority (Level 3) is given to unobservable inputs. Level 2 inputs are data, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. Instruments which are valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter commodity price swaps and basis swaps. Valuation models used to measure fair value of these instruments consider various Level 2 inputs including (i) quoted forward prices for commodities, (ii) time value, (iii) quoted forward interest rates, (iv) current market prices and contractual prices for the underlying instruments, (v) risk of nonperformance by the Company and the counterparty, and (vi) other relevant economic measures. (i) Industry Segments and Geographic Information Management has evaluated how the Company is organized and managed and has identified the following segments: (1) the exploration, development, and production of natural gas, NGLs, and oil; (2) gathering and compression; (3) fresh water distribution; and (4) marketing of excess firm transportation capacity. All of the Company’s assets are located in the United States and substantially all of its production revenues are attributable to customers located in the United States. (j) Marketing Revenues and Expenses In 2014, the Company commenced activities to purchase and sell third-party natural gas and NGLs and to market its excess firm transportation capacity in order to utilize this excess capacity. Marketing revenues include sales of purchased third-party gas and NGLs, as well as revenues from the release of firm transportation capacity to others. Marketing expenses include the cost of purchased third-party natural gas and NGLs. The Company classifies firm transportation costs related to capacity contracted for in advance of having sufficient production and infrastructure to fully utilize the capacity (excess capacity) as marketing expenses since it is marketing this excess capacity to third parties. Firm transportation for which the Company has sufficient production capacity (even though it may not use the transportation capacity because of alternative delivery points with more favorable pricing) is considered unutilized capacity. The costs of unutilized capacity are charged to transportation expense. (k) Earnings (loss) per common share Earnings (loss) per common share for each period is computed by dividing net income (loss) from continuing operations attributable to Antero or income (loss) from discontinued operations, as applicable, by the basic weighted average number of shares outstanding during such period. Earnings (loss) per common share—assuming dilution for each period is computed giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented: Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Basic weighted average number of shares outstanding Add: Dilutive effect of non-vested restricted stock and restricted stock units — — — Add: Dilutive effect of outstanding stock options — — — — Diluted weighted average number of shares outstanding Weighted average number of outstanding equity awards excluded from calculation of diluted earnings (loss) per common share(1): Non-vested restricted stock and restricted stock units Outstanding stock options (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-Term Debt.
Long-Term Debt	(3) Long-Term Debt Long-term debt was as follows at December 31, 2014 and June 30, 2015 (in thousands ): 2014 2015 Antero: Bank credit facility(a) $ 6.00% senior notes due 2020(c) 5.375% senior notes due 2021(d) 5.125% senior notes due 2022(e) 5.625% senior notes due 2023(f) — Net unamortized premium $ Antero Midstream: Bank credit facility(b) $ — $ — (a) Senior Secured Revolving Credit Facility Antero has a senior secured revolving bank 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’s proved properties and commodity hedge positions and are subject to regular semiannual redeterminations. At June 30, 2015 , the borrowing base was $4.0 billion and lender commitments were $4.0 billion, including $200 million of commitments under the Water Facility described below. The next redetermination of the borrowing base is scheduled to occur in October 2015. The maturity date of the Credit Facility is May 5, 2019. On November 10, 2014, Antero and Antero Water LLC (“Antero Water”) entered into a water credit facility (the “Water Facility”), in order to provide for separate borrowings attributable to Antero’s fresh water distribution business, which contains covenants that are substantially identical to those under the Credit Facility. Borrowings under the Water Facility reduce availability under the Credit Facility on a dollar-for-dollar basis. The Water Facility will mature at the earlier of the sale of Antero Water or its assets to Antero Midstream, or May 12, 2016. The Credit Facility and the Water Facility are ratably secured by mortgages on substantially all of Antero’s properties and guarantees from Antero’s restricted subsidiaries, as applicable. The Credit Facility and the Water Facility contain certain covenants, including restrictions on indebtedness and dividends, and, in the case of the Credit Facility, requirements with respect to working capital and interest coverage ratios. Interest is payable at a variable rate based on LIBOR or t he prime rate , determined by Antero’s election at the time of borrowing. Antero was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2014 and June 30, 2015 . As of December 31, 2014 , Antero had an outstanding balance under the Credit Facility and Water Facility of $1.73 billion, with a weighted average interest rate of 2.06% , and outstanding letters of credit of $387 million. As of June 30, 2015 , Antero had a total outstanding balance under the Credit Facility and Water Facility of $ 1.12 billion, with a weighted average interest rate of 2.07 % , and outstanding letters of credit of $475 million. Commitment fees on the unused portion of the Credit Facility and the Water Facility are due quarterly at rates ranging from 0.375% to 0.50% of the unused portion of the facilities based on utilization. (b) Senior Secured Revolving Credit Facility – Antero Midstream On November 10, 2014, Antero Midstream entered into a senior secured revolving bank credit facility (the “Midstream Facility”) with a consortium of bank lenders. At June 30, 2015 , the maximum amount of the facility was $1.0 billion. The maturity date of the Midstream Facility is November 10, 2019. The Midstream Facility is ratably secured by mortgages on substantially all of the properties of Antero Midstream and guarantees from its restricted subsidiaries, as applicable. The Midstream Facility contains certain covenants, including restrictions on indebtedness and certain distributions to owners, and requirements with respect to leverage and interest coverage ratios. Interest is payable at a variable rate based on LIBOR or the prime rate, determined by election at the time of borrowing. Antero Midstream was in compliance with all of the financial covenants under the Midstream Facility as of December 31, 2014 and June 30, 2015 . As of December 31, 2014 and June 30, 2015 , Antero Midstream did not have a balance outstanding under the Midstream Facility. Commitment fees on the unused portion of the Midstream Facility are due quarterly at rates ranging from 0.25% to 0.375% of the unused facility based on utilization. (c) 6.00% Senior Notes Due 2020 On November 19, 2012, Antero issued $300 million of 6.00% senior notes due December 1, 2020 (the “2020 notes”) at par. On February 4, 2013, Antero issued an additional $225 million of the 2020 notes at 103% of par. The 2020 notes are unsecured and effectively subordinated to the Credit Facility and the Water Facility to the extent of the value of the collateral securing such facilities. The 2020 notes rank pari passu to Antero’s other outstanding senior notes. The 2020 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2020 notes is payable on June 1 and December 1 of each year. Antero may redeem all or part of the 2020 notes at any time on or after December 1, 2015 at redemption prices ranging from 104.50% on or after December 1, 2015 to 100.00% on or after December 1, 2018. In addition, on or before December 1, 2015, Antero may redeem up to 35% of the aggregate principal amount of the 2020 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 106.00% of the principal amount of the 2020 notes, plus accrued interest. At any time prior to December 1, 2015, Antero may redeem the 2020 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2020 notes, plus a “make-whole” premium and accrued interest. If Antero undergoes a change of control, the holders of the 2020 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2020 notes, plus accrued interest. (d) 5.375% Senior Notes Due 2021 On November 5, 2013, Antero issued $1 billion of 5.375% senior notes due November 21, 2021 (the “2021 notes”) at par. The 2021 notes are unsecured and effectively subordinated to the Credit Facility and the Water Facility to the extent of the value of the collateral securing such facilities. The 2021 notes rank pari passu to Antero’s other outstanding senior notes. The 2021 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2021 notes is payable on May 1 and November 1 of each year. Antero may redeem all or part of the 2021 notes at any time on or after November 1, 2016 at redemption prices ranging from 104.031% on or after November 1, 2016 to 100.00% on or after November 1, 2019. In addition, on or before November 1, 2016, Antero may redeem up to 35% of the aggregate principal amount of the 2021 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.375% of the principal amount of the 2021 notes, plus accrued interest. At any time prior to November 1, 2016, Antero may also redeem the 2021 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2021 notes plus a “make-whole” premium and accrued interest. If Antero undergoes a change of control, the holders of the 2021 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2021 notes, plus accrued interest. (e) 5.125% Senior Notes Due 2022 On May 6, 2014, Antero issued $600 million of 5.125% senior notes due December 1, 2022 (the “2022 notes”) at par. On September 18, 2014, Antero issued an additional $500 million of the 2022 notes at 100.5% of par. The 2022 notes are unsecured and effectively subordinated to the Credit Facility and the Water Facility to the extent of the value of the collateral securing such facilities. The 2022 notes rank pari passu to Antero’s other outstanding senior notes. The 2022 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2022 notes is payable on June 1 and December 1 of each year. Antero may redeem all or part of the 2022 notes at any time on or after June 1, 2017 at redemption prices ranging from 103.844% on or after June 1, 2017 to 100.00% on or after June 1, 2020. In addition, on or before June 1, 2017, Antero may redeem up to 35% of the aggregate principal amount of the 2022 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.125% of the principal amount of the 2022 notes, plus accrued interest. At any time prior to June 1, 2017, Antero may also redeem the 2022 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2022 notes plus a “make-whole” premium and accrued interest. If Antero undergoes a change of control prior to December 1, 2015, it may redeem all, but not less than all, of the 2022 notes at a redemption price equal to 110% of the principal amount of the 2022 notes. If Antero undergoes a change of control, the holders of the 2022 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2022 notes, plus accrued interest. (f) 5.625% Senior Notes Due 2023 On March 17, 2015, Antero issued $750 million of 5.625% senior notes due June 1, 2023 (the “2023 notes”) at par. The 2023 notes are unsecured and effectively subordinated to the Credit Facility and the Water Facility to the extent of the value of the collateral securing such facilities. The 2023 notes rank pari passu to Antero’s other outstanding senior notes. The 2023 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2023 notes is payable on June 1 and December 1 of each year. Antero may redeem all or part of the 2023 notes at any time on or after June 1, 2018 at redemption prices ranging from 104.219% on or after June 1, 2018 to 100.00% on or after June 1, 2021. In addition, on or before June 1, 2018, Antero may redeem up to 35% of the aggregate principal amount of the 2023 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.625% of the principal amount of the 2023 notes, plus accrued interest. At any time prior to June 1, 2018, Antero may also redeem the 2023 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2023 notes plus a “make-whole” premium and accrued interest. If Antero undergoes a change of control prior to June 1, 2016, it may redeem all, but not less than all, of the 2023 notes at a redemption price equal to 110% of the principal amount of the 2023 notes. If Antero undergoes a change of control, the holders of the 2023 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2023 notes, plus accrued interest. (g) Treasury Management Facility Antero has a stand-alone revolving note with a lender under the Credit Facility which provides for up to $25 million of cash management obligations in order to facilitate Antero’s daily treasury management. Borrowings under the revolving note are secured by the collateral for the Credit Facility. Borrowings under the facility bear interest at the lender’s prime rate plus 1.0% . The note matures on May 1, 2016. At December 31, 2014 and June 30, 2015 , there were no outstanding borrowings under this facility.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligations
Asset Retirement Obligations	(4) Asset Retirement Obligations The following is a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2015 (in thousands). Asset retirement obligations at December 31, 2014 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations at June 30, 2015 $ Asset retirement obligations are included in other liabilities on the condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Equity-Based Compensation	(5) Equity-Based Compensation Antero is authorized to grant up to 16,906,500 shares of common stock to employees and directors of the Company under the Antero Resources Corporation Long-Term Incentive Plan (the “Plan”). The Plan allows equity-based compensation awards to be granted in a variety of forms, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, dividend equivalent awards, and other types of awards. The terms and conditions of the awards granted are established by the Compensation Committee of Antero’s Board of Directors. A total of 13,420,672 shares were available for future grant under the Plan as of June 30, 2015 . In connection with the Antero Midstream IPO, Antero Midstream’s general partner adopted the Antero Midstream Partners LP Long-Term Incentive Plan (the “Midstream Plan”), pursuant to which non-employee directors of Antero Midstream’s general partner and certain officers, employees, and consultants of Antero Midstream’s general partner and its affiliates (which include Antero) are eligible to receive awards representing ownership interests in Antero Midstream. An aggregate of 10,000,000 common units may be delivered pursuant to awards under the Midstream Plan, subject to customary adjustments. A total of 7,654,863 common units are available for future grant under the Midstream Plan as of June 30, 2015 . The Company’s equity-based compensation expense was as follows for the three and six months ended June 30, 2014 and 2015 (in thousands): Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Profits interests awards $ Restricted stock awards Stock options Antero Midstream phantom and restricted unit awards — — Common stock issued to directors in lieu of cash compensation — — Total expense $ Profits Interests Awards In connection with its formation in October 2009, Antero Resources LLC issued profits interests to Antero Resources Employee Holdings LLC (“Employee Holdings”), which is owned solely by certain of the Company’s officers and employees. These profits interests provide for the participation in distributions upon liquidation events meeting certain requisite financial return thresholds. In turn, Employee Holdings issued membership interests to certain of the Company’s officers and employees. The Employee Holdings interests in Antero Resources LLC were exchanged for similar interests in Antero Investment in connection with the Company’s initial public offering on October 16, 2013. The limited liability company agreement of Antero Investment provides a mechanism that demonstrates how the shares of the Company’s common stock will be allocated among the members of Antero Investment, including Employee Holdings. As a result of the adoption of the Antero Investment Limited Liability Company Agreement, the satisfaction of all performance and service conditions relative to the profits interest awards held by Employee Holdings in Antero Investment became probable. Accordingly, the Company has recognized approximately $476 million of equity-based compensation expense for the vested profits interests through June 30, 2015 and will recognize approximately $10 million over the remaining service period. Because consideration for the profits interest awards is deemed given by Antero Investment, the charge to equity-based compensation expense is accounted for as a capital contribution by Antero Investment to the Company and credited to additional paid-in capital. All available profits interest awards were made prior to the date of the IPO, and no additional profits interest awards will be made. Restricted Stock and Restricted Stock Unit Awards Restricted stock and restricted stock unit awards vest subject to the satisfaction of service requirements. Expense related to each restricted stock and restricted stock unit award is recognized on a straight-line basis over the requisite service period of the entire award, less awards expected to be forfeited. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the date of the grant. A summary of restricted stock and restricted stock unit awards activity during the six months ended June 30, 2015 is as follows: Weighted average Aggregate Number of shares grant date fair value intrinsic value (in thousands) Total awarded and unvested—December 31, 2014 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—June 30, 2015 $ $ Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. Unamortized expense of $120.4 million at June 30, 2015 is expected to be recognized over a weighted average period of approximately 3.0 years. Stock Options Stock options granted under the Plan vest over periods from one to four years and have a maximum contractual life of 10 years. Expense related to stock options is recognized on a straight-line basis over the requisite service period of the entire award, less awards expected to be forfeited. Stock options are granted with an exercise price equal to or greater than the market price of the Company’s common stock on the date of grant. A summary of stock option activity for the six months ended June 30, 2015 is as follows: Weighted Weighted average average remaining Intrinsic Stock options exercise price contractual life value (in thousands) Outstanding at December 31, 2014 $ $ — Options granted $ Options exercised — — Options cancelled $ Options expired — — Outstanding at June 30, 2015 $ $ — Vested or expected to vest as of June 30, 2015 $ $ — Exercisable at June 30, 2015 $ $ — Intrinsic value is based on the exercise price of the options and the closing price of the Company’s stock on the referenced dates. A Black-Scholes option-pricing model is used to determine the grant-date fair value of the Company’s stock options. Expected volatility was derived from the volatility of the historical stock prices of a peer group of similar publicly traded companies’ stock prices. The risk-free interest rate was determined using the implied yield available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options. A dividend yield of zero was assumed. The following table presents information regarding the weighted average fair value for options granted in 2014 and 2015 and the assumptions used to determine fair value. 2014 2015 Dividend yield — % — % Volatility % % Risk-free interest rate % % Expected life (years) Weighted average fair value of options granted $ $ As of June 30, 2015 , there was $10.0 million of unrecognized equity-based compensation expense related to nonvested stock options. That expense is expected to be recognized over a weighted average period of approximately 3.7 years. Antero Midstream Partners Phantom and Restricted Unit Awards Restricted units and phantom units granted by Antero Midstream vest subject to the satisfaction of service requirements, upon the completion of which common units in Antero Midstream are delivered to the holder of the restricted units or phantom units. These restricted and phantom units are treated, for accounting purposes, as if Antero Midstream distributed the units to Antero. Antero recognizes compensation expense as the units are granted to employees, and a portion of the expense is allocated to Antero Midstream. Expense related to each restricted unit and phantom unit award is recognized on a straight-line basis over the requisite service period of the entire award, less awards expected to be forfeited. The grant date fair values of these awards are determined based on the closing price of Antero Midstream’s common units on the date of grant. A summary of restricted unit and phantom unit awards activity during the six months ended June 30, 2015 is as follows: Number of units Weighted average grant date fair value Aggregate intrinsic value (in thousands) Total awarded and unvested—December 31, 2014 $ $ Granted $ Vested — $ — Forfeited $ Total awarded and unvested—June 30, 2015 $ $ Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. Unamortized expense of $56.7 million at June 30, 2015 is expected to be recognized over a weighted average period of approximately 3.3 years.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Financial Instruments
Financial Instruments	(6) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2014 and June 30, 2015 approximated market value because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility an d Water Facility at December 31, 2014 and June 30, 2015 approximated fair value because the variable interest rates are reflective of current market conditions. Based on Level 2 market data inputs, the fair value of the Company’s senior notes was approximately $2.5 billion at December 31, 2014 and $3.3 billion at June 30, 2015 . See note 7 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments
Derivative Instruments	(7) Derivative Instruments (a) Commodity Derivatives The Company periodically enters into natural gas, NGLs, and oil derivative contracts with counterparties to hedge the price risk associated with a portion of its production. These derivatives are not held 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. For the six months ended June 30, 2014 and 2015 , the Company was party to various natural gas, NGLs, and oil fixed price swap contracts. When actual commodity prices exceed the fixed price provided by the swap contracts, the Company pays the excess to the counterparty. When actual commodity prices are below 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. The Company’s derivative swap contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of June 30, 2015 , the Company’s fixed price natural gas, NGLs, and oil swap positions from July 1, 2015 through December 31, 2021 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: TCO=Columbia Gas Transmission; NYMEX=Henry Hub; CGTLA=Columbia Gas Louisiana Onshore; CCG=Chicago City Gate; NYMEX-WTI=West Texas Intermediate; Mont Belvieu-TET=Mont Belvieu Propane): Natural gas MMbtu/day Oil Bbls/day Propane Bbls/day Weighted average index price Three months ending September 30, 2015: TCO ($/MMBtu) — — $ Dominion South ($/MMBtu) — — $ NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-TET ($/Gallon) — — $ Total Three months ending December 31, 2015: TCO ($/MMBtu) — — $ Dominion South ($/MMBtu) — — $ NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-TET ($/Gallon) — — $ Total Year ending December 31, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2017: NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ CCG ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2018: NYMEX ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2019: NYMEX ($/MMBtu) $ Year ending December 31, 2020: NYMEX ($/MMBtu) $ Year ending December 31, 2021: NYMEX ($/MMBtu) $ As of June 30, 2015 , the Company’s natural gas basis swap positions which settle on the pricing index to basis differential of TCO to the NYMEX Henry Hub natural gas price, are as follows: Natural gas MMbtu/day Hedged Differential Year ending December 31, 2015: $ Year ending December 31, 2016: $ Year ending December 31, 2017: $ As of June 30, 2015 , the Company’s natural gas basis swap positions which settle on the pricing index to basis differential of NYMEX Henry Hub to the TCO natural gas price, are as follows: Natural gas MMbtu/day Hedged Differential Year ending December 31, 2016: $ Year ending December 31, 2017: $ (b) Summary The following is a summary of the fair values of the Company’s derivative instruments and where such values are recorded in the consolidated balance sheets as of December 31, 2014 and June 30, 2015 . None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2014 June 30, 2015 Balance sheet location Fair value Balance sheet location Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ Current assets $ Commodity contracts Long-term assets Long-term assets Total asset derivatives Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities — Current liabilities — Commodity contracts Long-term liabilities — Long-term liabilities Total liability derivatives — Net derivatives $ $ The following table presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2014 June 30, 2015 Gross amounts on balance sheet Gross amounts offset on balance sheet Net amounts of assets on balance sheet Gross amounts on balance sheet Gross amounts offset on balance sheet Net amounts of assets (liabilities) on balance sheet Commodity derivative assets $ $ Commodity derivative liabilities $ — — — $ The following is a summary of derivative fair value gains (losses) and where such values are recorded in the condensed consolidated statements of operations for three and six months ended June 30, 2014 and 2015 (in thousands): Statement of operations Three months ended June 30, Six months ended June 30, location 2014 2015 2014 2015 Commodity derivative fair value gains (losses) Revenue $ The fair value of c ommodity derivative instruments was determined using Level 2 inputs.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Contingencies
Contingencies	(8) Contingencies The Company is the subject of two nearly identical lawsuits brought by South Jersey Gas Company and South Jersey Resources Group, LLC (collectively “SJGC”) filed on February 4, 2015 in the Superior Court of New Jersey. The lawsuits have since been consolidated into one case. SJGC are purchasers of some of the Company’s natural gas production under contracts entered into in 2011. Deliveries under the contracts began in October 2011 and the delivery obligation continues through October 2019. SJGC allege that the index prices specified in the contracts, and the index prices at which SJGC paid for deliveries from 2011 through September 2014, are no longer appropriate under the contracts because a market disruption event (as defined by the contract) has occurred and, as a result, a new index price is to be determined by the parties. The lawsuit seeks a reformation of the contracts, compensatory and punitive damages to be determined at trial, and costs and expenses of the actions. Beginning in October 2014, SJGC began paying the Company under indexes unilaterally selected by SJGC and not specified in the contract. The Company contends that no market disruption event has occurred and that SJGC has breached the contracts by failing to pay the Company based on the express price terms of the contracts. The Company further contends that jurisdiction and venue are improper in New Jersey. On March 30, 2015, the Company filed suit against SJGC in United States District Court in Colorado seeking relief for breach of contract, damages in the amounts that SJGC has short paid and continues to short pay, as well as costs of the suit. Through June 30, 2015 , the Company estimates that it is owed approximately $22.5 million more than SJGC has paid using the indexes unilaterally selected by them. 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 consolidated financial position, results of operations, or liquidity.

Contract Termination and Rig St

Contract Termination and Rig Stacking	6 Months Ended
	Jun. 30, 2015
Contingencies
Contract Termination and Rig Stacking	(9) Contract Termination and Rig Stacking During the three and six months ended June 30, 2015 , the Co mpany incurred $1.9 million and $10.9 million of costs, respectively, for the delay or cancelation of drilling contracts with third-party contractors.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	(10) Segment Information See note 2(i) for a description of the Company’s determination of its reportable segments. Operating segments are evaluated based on their contribution to consolidated results, which is determined by the respective operating income of each segment. General and administrative expenses are allocated to the gathering and compression and fresh water distribution segments based on estimates of labor and overhead expenditures on those activities. 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 are transacted at prices which approximate market. Accounting policies for each segment are the same as the Company’s accounting policies described in note 2 to the condensed consolidated financial statements. The operating results and assets of the Company’s reportable s egments were as follows for t he three months ended June 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Three months ended June 30, 2014: Sales and revenues: Third-party $ — Intersegment — — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — — Other operating expenses — — Total Operating income (loss) $ Segment assets $ — Capital expenditures for segment assets $ — Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Three months ended June 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — The operating results and assets of the Company’s reportable segments were as follows for the six months ended June 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Six months ended June 30, 2014: Sales and revenues: Third-party $ — Intersegment — — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — — Other operating expenses — — Total Operating income (loss) $ Segment assets $ — Capital expenditures for segment assets $ — Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Six months ended June 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ —

Subsidiary Guarantors

Subsidiary Guarantors	6 Months Ended
	Jun. 30, 2015
Subsidiary Guarantors
Subsidiary Guarantors	(11) Subsidiary Guarantors Antero’s wholly-owned subsidiaries each have fully and unconditionally guaranteed Antero’s senior notes. Antero Midstream and its subsidiary have been designated unrestricted subsidiaries under the Credit Facility and the indentures governing Antero’s senior notes, and do not guarantee any of Antero’s obligations (see note 3). 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 the Company (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 which 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, 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; 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 in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the notes. The following Condensed Consolidating Balance Sheets at December 31, 2014 and June 30, 2015 , and the related statements of operations and comprehensive income (loss) and statements of cash flows for the three and six months ended June 30, 2015 present financial information for Antero on a stand-alone basis (carrying its investment in wholly-owned subsidiaries using the equity method), financial information for the subsidiary guarantors, financial information for the non-guarantor subsidiaries, and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. Antero’s wholly-owned subsidiaries during the three and six months ended June 30, 2014 had no revenues, expenses, or cash flows. Antero’s wholly-owned subsidiaries are not restricted from making distributions to the Parent. Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — Accounts receivable, net — — — Intercompany receivables — — Accrued revenue — — — Derivative instruments — — — Other current assets Total current assets Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties — — — Proved properties — — — Fresh water distribution systems — — — Gathering systems and facilities — — Other property and equipment — — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — — Derivative instruments — — — Investments in subsidiaries — — — Other assets, net — — Total assets $ Liabilities and Equity Current liabilities: Accounts payable $ — — Intercompany payable — — Accrued liabilities — — Revenue distributions payable — — — Deferred income tax liability — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Other liabilities — — — Total liabilities Equity: Stockholders' equity: Parent net investment — — — Partners' capital — — — Common stock — — — Additional paid-in capital — — — Accumulated earnings — — — Total stockholders' equity Noncontrolling interest in consolidated subsidiary — — — Total equity Total liabilities and equity $ Condensed Consolidating Balance Sheet June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — Accounts receivable, net — — — Intercompany receivables — — Accrued revenue — — — Derivative instruments — — — Other current assets Total current assets Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties — — — Proved properties — — — Fresh water distribution systems — — — Gathering systems and facilities — — Other property and equipment — — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — — Derivative instruments — — — Investments in subsidiaries — — — Other assets, net — — Total assets $ Liabilities and Equity Current liabilities: Accounts payable $ — — Intercompany payable — — Accrued liabilities — — Revenue distributions payable — — — Deferred income tax liability — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Derivative instruments — — — Other liabilities — — — Total liabilities Equity: Stockholders' equity: Parent net investment — — — Partners' capital — — — Common stock — — — Additional paid-in capital — — — Accumulated earnings — — — Total stockholders' equity Noncontrolling interest in consolidated subsidiary — — — Total equity Total liabilities and equity $ Condensed Consolidating Statement of Operations and Comprehensive Income Three months ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water distribution — Marketing — — — Commodity derivative fair value losses — — — Fee income — — — Total revenue — Operating expenses: Lease operating — — — Gathering, compression, processing, and transportation — Production and ad valorem taxes — — Marketing — — — Exploration — — — Impairment of unproved properties — — — Depletion, depreciation, and amortization — — Accretion of asset retirement obligations — — — General and administrative — Contract termination and rig stacking — — — Total operating expenses — Operating income (expense) — — Other income (expenses): Interest — — Equity in net income of subsidiaries — — — Total other expenses — Income (loss) before income taxes — Provision for income tax benefit — — — Net income (loss) and comprehensive income (loss) including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ — Condensed Consolidating Statement of Operations and Comprehensive Income Six months ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water distribution — Marketing — — — Commodity derivative fair value gains — — — Fee income — — — Total revenue — Operating expenses: Lease operating — — — Gathering, compression, processing, and transportation — Production and ad valorem taxes — — Marketing — — — Exploration — — — Impairment of unproved properties — — — Depletion, depreciation, and amortization — — Accretion of asset retirement obligations — — — General and administrative — Contract termination and rig stacking — — — Total operating expenses — Operating income — — Other income (expenses): Interest — — Equity in net income of subsidiaries — — — Total other expenses — Income before income taxes — Provision for income tax expense — — — Net income and comprehensive income including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income and comprehensive income attributable to Antero Resources Corporation $ — Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ — — Cash flows used in investing activities: Additions to unproved properties — — — Drilling and completion costs — — — Additions to fresh water distribution systems — — — Additions to gathering systems and facilities — — Additions to other property and equipment — — — Change in other assets — — Distributions from guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of senior notes — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — Distributions — Other — — — Net cash provided by (used in) financing activities — Net increase (decrease) in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information and should be read in the context of the December 31, 2014 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2014 consolidated financial statements have been filed with the SEC in the Company’s 2014 Form 10-K. The accompanying 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, the accompanying 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 June 30, 2015 , the results of its operations for the three and six months ended June 30, 2014 and 2015 , and its cash flows for the six months ended June 30, 2014 and 2015 . The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the period ended June 30, 2015 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, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified .
Principles of Consolidation	(b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly-owned subsidiaries, and any entities in which the Company owns a controlling interest. All significant intercompany accounts and transactions have been eliminated in the Company’s consolidated financial statements. Noncontrolling interest in the Company’s consolidated financial statements represents the interests in Antero Midstream which are owned by third-party individuals or entities. An affiliate of the Company owns the general partner interest in Antero Midstream, as well as all of the incentive distribution rights. Noncontrolling interest is included as a component of equity in the Company’s consolidated balance sheets.
Use of Estimates	(c) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates. The Company’s condensed consolidated financial statements are based on a number of significant estimates including estimates of natural gas, NGLs, and oil reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates by their nature are inherently imprecise. Other items in the Company’s consolidated financial statements which involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred income taxes, equity-based compensation, asset retirement obligations, depreciation, amortization, and commitments and contingencies.
Risks and Uncertainties	(d) Risks and Uncertainties Historically, the market for natural gas, NGLs, and oil has experienced significant price fluctuations. Price fluctuations can result from variations in weather, levels of production in the region, availability of transportation capacity to other regions of the country, and various other factors. Increases or decreases in the prices the Company receives for its production could have a significant impact on the Company’s future results of operations and reserve quantities.
Cash and Cash Equivalents	(e) 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.
Derivative Financial Instruments	(f) Derivative Financial Instruments In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, including commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements relating to the price risk associated with a portion of its production. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company has exposure to credit risk to the extent the counterparty is unable to satisfy its settlement obligations. The fair value of our commodity derivative contracts of approximately $2.0 billion at June 30, 2015 includes the following values by bank counterparty: Citigroup - $402 million; Barclays - $358 million; JP Morgan - $319 million; Morgan Stanley - $261 million; Wells Fargo - $231 million; BNP Paribas - $193 million; Scotiabank - $115 million; Toronto Dominion - $44 million; Fifth Third - $35 million; Canadian Imperial Bank of Commerce - $8 million; and Bank of Montreal - $3 million. The credit ratings of certain of these banks were downgraded in recent years because of the sovereign debt crisis in Europe. The Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative position. The Company records derivative instruments on the consolidated balance sheets as either an asset or liability measured at fair value and records changes in the fair value of derivatives in current earnings as they occur. Changes in the fair value of commodity derivatives are classified as revenues on the Company’s condensed consolidated statements of operations. The Company’s derivatives have not been designated as hedges for accounting purposes.
Income Taxes	(g) Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in the tax laws or tax rates is recognized in income in the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Unrecognized tax benefits represent potential future tax obligations for uncertain tax positions taken on previously filed tax returns that may not ultimately be sustained. The Company recognizes interest expense related to unrecognized tax benefits in interest expense and fines and penalties for tax-related matters as income tax expense.
Fair Value Measurements	(h) Fair Value Measurements Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , clarifies the definition of fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This guidance also relates to all nonfinancial assets and liabilities that are not recognized or disclosed on a recurring basis (e.g., those measured at fair value in a business combination, the initial recognition of asset retirement obligations, and impairments of proved oil and gas properties, and other long-lived assets). Fair value is the price that the Company estimates would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is used to prioritize inputs to valuation techniques used to estimate fair value. An asset or liability subject to the fair value requirements is categorized within the hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The highest priority (Level 1) is given to unadjusted, quoted market prices in active markets for identical assets or liabilities, and the lowest priority (Level 3) is given to unobservable inputs. Level 2 inputs are data, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. Instruments which are valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter commodity price swaps and basis swaps. Valuation models used to measure fair value of these instruments consider various Level 2 inputs including (i) quoted forward prices for commodities, (ii) time value, (iii) quoted forward interest rates, (iv) current market prices and contractual prices for the underlying instruments, (v) risk of nonperformance by the Company and the counterparty, and (vi) other relevant economic measures.
Industry Segments and Geographic Information	(i) Industry Segments and Geographic Information Management has evaluated how the Company is organized and managed and has identified the following segments: (1) the exploration, development, and production of natural gas, NGLs, and oil; (2) gathering and compression; (3) fresh water distribution; and (4) marketing of excess firm transportation capacity. All of the Company’s assets are located in the United States and substantially all of its production revenues are attributable to customers located in the United States.
Marketing Revenues and Expenses	(j) Marketing Revenues and Expenses In 2014, the Company commenced activities to purchase and sell third-party natural gas and NGLs and to market its excess firm transportation capacity in order to utilize this excess capacity. Marketing revenues include sales of purchased third-party gas and NGLs, as well as revenues from the release of firm transportation capacity to others. Marketing expenses include the cost of purchased third-party natural gas and NGLs. The Company classifies firm transportation costs related to capacity contracted for in advance of having sufficient production and infrastructure to fully utilize the capacity (excess capacity) as marketing expenses since it is marketing this excess capacity to third parties. Firm transportation for which the Company has sufficient production capacity (even though it may not use the transportation capacity because of alternative delivery points with more favorable pricing) is considered unutilized capacity. The costs of unutilized capacity are charged to transportation expense.
Earnings (loss) per common share	(k) Earnings (loss) per common share Earnings (loss) per common share for each period is computed by dividing net income (loss) from continuing operations attributable to Antero or income (loss) from discontinued operations, as applicable, by the basic weighted average number of shares outstanding during such period. Earnings (loss) per common share—assuming dilution for each period is computed giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented: Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Basic weighted average number of shares outstanding Add: Dilutive effect of non-vested restricted stock and restricted stock units — — — Add: Dilutive effect of outstanding stock options — — — — Diluted weighted average number of shares outstanding Weighted average number of outstanding equity awards excluded from calculation of diluted earnings (loss) per common share(1): Non-vested restricted stock and restricted stock units Outstanding stock options (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Basic weighted average number of shares outstanding Add: Dilutive effect of non-vested restricted stock and restricted stock units — — — Add: Dilutive effect of outstanding stock options — — — — Diluted weighted average number of shares outstanding Weighted average number of outstanding equity awards excluded from calculation of diluted earnings (loss) per common share(1): Non-vested restricted stock and restricted stock units Outstanding stock options (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2014 and June 30, 2015 (in thousands ): 2014 2015 Antero: Bank credit facility(a) $ 6.00% senior notes due 2020(c) 5.375% senior notes due 2021(d) 5.125% senior notes due 2022(e) 5.625% senior notes due 2023(f) — Net unamortized premium $ Antero Midstream: Bank credit facility(b) $ — $ —

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2015 (in thousands). Asset retirement obligations at December 31, 2014 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations at June 30, 2015 $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense was as follows for the three and six months ended June 30, 2014 and 2015 (in thousands): Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Profits interests awards $ Restricted stock awards Stock options Antero Midstream phantom and restricted unit awards — — Common stock issued to directors in lieu of cash compensation — — Total expense $
Summary of restricted stock and restricted stock unit awards activity	Weighted average Aggregate Number of shares grant date fair value intrinsic value (in thousands) Total awarded and unvested—December 31, 2014 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—June 30, 2015 $ $
Summary of stock option activity	Weighted Weighted average average remaining Intrinsic Stock options exercise price contractual life value (in thousands) Outstanding at December 31, 2014 $ $ — Options granted $ Options exercised — — Options cancelled $ Options expired — — Outstanding at June 30, 2015 $ $ — Vested or expected to vest as of June 30, 2015 $ $ — Exercisable at June 30, 2015 $ $ —
Schedule of information regarding weighted average fair value of options granted and the assumptions used to determine fair value	2014 2015 Dividend yield — % — % Volatility % % Risk-free interest rate % % Expected life (years) Weighted average fair value of options granted $ $
Schedule of outstanding unvested restricted stock awards vesting schedule	Number of units Weighted average grant date fair value Aggregate intrinsic value (in thousands) Total awarded and unvested—December 31, 2014 $ $ Granted $ Vested — $ — Forfeited $ Total awarded and unvested—June 30, 2015 $ $

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of outstanding commodity derivatives	Natural gas MMbtu/day Oil Bbls/day Propane Bbls/day Weighted average index price Three months ending September 30, 2015: TCO ($/MMBtu) — — $ Dominion South ($/MMBtu) — — $ NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-TET ($/Gallon) — — $ Total Three months ending December 31, 2015: TCO ($/MMBtu) — — $ Dominion South ($/MMBtu) — — $ NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-TET ($/Gallon) — — $ Total Year ending December 31, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2017: NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ CCG ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2018: NYMEX ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Year ending December 31, 2019: NYMEX ($/MMBtu) $ Year ending December 31, 2020: NYMEX ($/MMBtu) $ Year ending December 31, 2021: NYMEX ($/MMBtu) $
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2014 June 30, 2015 Balance sheet location Fair value Balance sheet location Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ Current assets $ Commodity contracts Long-term assets Long-term assets Total asset derivatives Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities — Current liabilities — Commodity contracts Long-term liabilities — Long-term liabilities Total liability derivatives — Net derivatives $ $
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 presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2014 June 30, 2015 Gross amounts on balance sheet Gross amounts offset on balance sheet Net amounts of assets on balance sheet Gross amounts on balance sheet Gross amounts offset on balance sheet Net amounts of assets (liabilities) on balance sheet Commodity derivative assets $ $ Commodity derivative liabilities $ — — — $
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains (losses) and where such values are recorded in the condensed consolidated statements of operations for three and six months ended June 30, 2014 and 2015 (in thousands): Statement of operations Three months ended June 30, Six months ended June 30, location 2014 2015 2014 2015 Commodity derivative fair value gains (losses) Revenue $
TCOminusNYMEX
Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.	Natural gas MMbtu/day Hedged Differential Year ending December 31, 2015: $ Year ending December 31, 2016: $ Year ending December 31, 2017: $
NYMEXminusTCO
Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.	Natural gas MMbtu/day Hedged Differential Year ending December 31, 2016: $ Year ending December 31, 2017: $

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable s egments were as follows for t he three months ended June 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Three months ended June 30, 2014: Sales and revenues: Third-party $ — Intersegment — — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — — Other operating expenses — — Total Operating income (loss) $ Segment assets $ — Capital expenditures for segment assets $ — Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Three months ended June 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — The operating results and assets of the Company’s reportable segments were as follows for the six months ended June 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Six months ended June 30, 2014: Sales and revenues: Third-party $ — Intersegment — — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — — Other operating expenses — — Total Operating income (loss) $ Segment assets $ — Capital expenditures for segment assets $ — Exploration and production Gathering and compression Fresh water distribution Marketing Elimination of intersegment transactions Consolidated total Six months ended June 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ —

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	6 Months Ended
	Jun. 30, 2015
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — Accounts receivable, net — — — Intercompany receivables — — Accrued revenue — — — Derivative instruments — — — Other current assets Total current assets Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties — — — Proved properties — — — Fresh water distribution systems — — — Gathering systems and facilities — — Other property and equipment — — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — — Derivative instruments — — — Investments in subsidiaries — — — Other assets, net — — Total assets $ Liabilities and Equity Current liabilities: Accounts payable $ — — Intercompany payable — — Accrued liabilities — — Revenue distributions payable — — — Deferred income tax liability — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Other liabilities — — — Total liabilities Equity: Stockholders' equity: Parent net investment — — — Partners' capital — — — Common stock — — — Additional paid-in capital — — — Accumulated earnings — — — Total stockholders' equity Noncontrolling interest in consolidated subsidiary — — — Total equity Total liabilities and equity $ Condensed Consolidating Balance Sheet June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — Accounts receivable, net — — — Intercompany receivables — — Accrued revenue — — — Derivative instruments — — — Other current assets Total current assets Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties — — — Proved properties — — — Fresh water distribution systems — — — Gathering systems and facilities — — Other property and equipment — — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — — Derivative instruments — — — Investments in subsidiaries — — — Other assets, net — — Total assets $ Liabilities and Equity Current liabilities: Accounts payable $ — — Intercompany payable — — Accrued liabilities — — Revenue distributions payable — — — Deferred income tax liability — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Derivative instruments — — — Other liabilities — — — Total liabilities Equity: Stockholders' equity: Parent net investment — — — Partners' capital — — — Common stock — — — Additional paid-in capital — — — Accumulated earnings — — — Total stockholders' equity Noncontrolling interest in consolidated subsidiary — — — Total equity Total liabilities and equity $
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income Three months ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water distribution — Marketing — — — Commodity derivative fair value losses — — — Fee income — — — Total revenue — Operating expenses: Lease operating — — — Gathering, compression, processing, and transportation — Production and ad valorem taxes — — Marketing — — — Exploration — — — Impairment of unproved properties — — — Depletion, depreciation, and amortization — — Accretion of asset retirement obligations — — — General and administrative — Contract termination and rig stacking — — — Total operating expenses — Operating income (expense) — — Other income (expenses): Interest — — Equity in net income of subsidiaries — — — Total other expenses — Income (loss) before income taxes — Provision for income tax benefit — — — Net income (loss) and comprehensive income (loss) including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ — Condensed Consolidating Statement of Operations and Comprehensive Income Six months ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water distribution — Marketing — — — Commodity derivative fair value gains — — — Fee income — — — Total revenue — Operating expenses: Lease operating — — — Gathering, compression, processing, and transportation — Production and ad valorem taxes — — Marketing — — — Exploration — — — Impairment of unproved properties — — — Depletion, depreciation, and amortization — — Accretion of asset retirement obligations — — — General and administrative — Contract termination and rig stacking — — — Total operating expenses — Operating income — — Other income (expenses): Interest — — Equity in net income of subsidiaries — — — Total other expenses — Income before income taxes — Provision for income tax expense — — — Net income and comprehensive income including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income and comprehensive income attributable to Antero Resources Corporation $ —
Schedule of condensed consolidated statement of cash flows	Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ — — Cash flows used in investing activities: Additions to unproved properties — — — Drilling and completion costs — — — Additions to fresh water distribution systems — — — Additions to gathering systems and facilities — — Additions to other property and equipment — — — Change in other assets — — Distributions from guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of senior notes — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — Distributions — Other — — — Net cash provided by (used in) financing activities — Net increase (decrease) in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Derivative Financial Instruments
Fair value of commodity derivative contracts	$ 2,000
Earnings per share
Other comprehensive income (loss)	0
Citigroup
Derivative Financial Instruments
Fair value of commodity derivative contracts	402
Barclays
Derivative Financial Instruments
Fair value of commodity derivative contracts	358
JP Morgan
Derivative Financial Instruments
Fair value of commodity derivative contracts	319
Wells Fargo
Derivative Financial Instruments
Fair value of commodity derivative contracts	231
BNP Paribas
Derivative Financial Instruments
Fair value of commodity derivative contracts	193
Scotiabank
Derivative Financial Instruments
Fair value of commodity derivative contracts	115
Toronto Dominion Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	44
Fifth Third Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	35
Canadian Imperial Bank of Commerce [Member]
Derivative Financial Instruments
Fair value of commodity derivative contracts	8
Bank of Montreal
Derivative Financial Instruments
Fair value of commodity derivative contracts	3
Morgan Stanley [Member]
Derivative Financial Instruments
Fair value of commodity derivative contracts	$ 261

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per share
Weighted Average Number of Shares Outstanding, Basic	277,002,786	262,049,659	271,181,132	262,049,659
Weighted Average Number of Shares Outstanding, Diluted	277,002,786	262,049,659	271,192,089	262,049,659
Restricted Stock and Restricted Stock Unit
Earnings per share
Dilutive effect of equity awards			10,957
Weighted Average Anti-dilutive Awards	2,376,661	1,956,015	2,140,586	1,010,182
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	643,697	70,339	363,913	70,339

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Sep. 18, 2014	Feb. 04, 2013	Jun. 30, 2015	Mar. 31, 2015	Mar. 17, 2015	Dec. 31, 2014	May. 06, 2014	Nov. 05, 2013	Nov. 19, 2012
Long- term Debt
Long-term notes payable			$ 4,500,038,000			$ 4,362,550,000
Net unamortized premium			7,038,000			7,550,000
Long-term debt			4,500,038,000			4,362,550,000
Long-term debt			4,500,038,000			4,362,550,000
Outstanding letters of credit			475,000,000
Midstream Credit Facility
Long- term Debt
Maximum amount of the Credit Facility			$ 1,000,000,000
Description of variable rate basis			LIBOR or the prime rate,
Midstream Credit Facility | Minimum
Long- term Debt
Commitment fees on the unused portion (as a percent)			0.25%
Midstream Credit Facility | Maximum
Long- term Debt
Commitment fees on the unused portion (as a percent)			0.375%
Water Credit Facility Member
Long- term Debt
Lender commitments			$ 200,000,000
Outstanding letters of credit			1,120,000,000
Bank credit facility
Long- term Debt
Bank credit facility long-term debt			1,118,000,000			1,730,000,000
Current borrowing base			4,000,000,000
Outstanding balance						$ 1,730,000,000
Lender commitments			$ 4,000,000,000
Weighted average interest rate (as a percent)			2.07%			2.06%
Outstanding letters of credit						$ 387,000,000
Description of variable rate basis				LIBOR or the prime rate
Bank credit facility | Minimum
Long- term Debt
Commitment fees on the unused portion (as a percent)			0.375%
Bank credit facility | Maximum
Long- term Debt
Commitment fees on the unused portion (as a percent)			0.50%
6.00% senior notes due 2020
Long- term Debt
Long-term notes payable			$ 525,000,000			525,000,000
Long-term debt			$ 525,000,000			525,000,000
Interest rate (as a percent)									6.00%
Senior notes issued		$ 225,000,000							$ 300,000,000
Issue price as percentage of par value		103.00%
Percentage of principal amount at which notes may be required to be repurchased in event of change of control			101.00%
6.00% senior notes due 2020 | On or after December 1, 2018
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			100.00%
6.00% senior notes due 2020 | On or before December 1, 2015
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			104.50%
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings			35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)			106.00%
6.00% senior notes due 2020 | Prior to December 1, 2015
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			100.00%
5.375% senior notes due 2021
Long- term Debt
Long-term notes payable			$ 1,000,000,000			1,000,000,000
Long-term debt			$ 1,000,000,000			1,000,000,000
Interest rate (as a percent)								5.375%
Senior notes issued								$ 1,000,000,000
5.375% senior notes due 2021 | On or after November 1, 2016
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			104.031%
5.375% senior notes due 2021 | On or after November 1, 2019
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			100.00%
5.375% senior notes due 2021 | Prior to November 1, 2016
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			100.00%
5.375% senior notes due 2021 | On or before November 1, 2016
Long- term Debt
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)			105.375%
5.375% senior notes due 2021 | Prior to May 1, 2015
Long- term Debt
Percentage of principal amount at which notes may be required to be repurchased in event of change of control			101.00%
5.375% senior notes due 2021 | Maximum | On or before November 1, 2016
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings			35.00%
Stand-alone revolving note
Long- term Debt
Maximum amount of the Credit Facility			$ 25,000,000
Outstanding balance			$ 0
Description of variable rate basis			lender's prime rate
Basis spread on variable rate (as a percent)			1.00%
5.125% senior notes due 2022
Long- term Debt
Long-term notes payable			$ 1,100,000,000			1,100,000,000
Long-term debt			$ 1,100,000,000			$ 1,100,000,000
Interest rate (as a percent)							5.125%
Senior notes issued	$ 500,000,000						$ 600,000,000
Issue price as percentage of par value	100.50%
5.125% senior notes due 2022 | On or after June 1, 2017
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			103.844%
5.125% senior notes due 2022 | On or before June 1, 2017
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings			35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)			105.125%
5.125% senior notes due 2022 | Prior to June 1, 2017
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			100.00%
5.125% senior notes due 2022 | On or after June 1, 2020
Long- term Debt
Percentage of the principal amount of the debt instrument redeemed			100.00%
5.125% senior notes due 2022 | Prior to December 1, 2015
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			110.00%
Percentage of principal amount at which notes may be required to be repurchased in event of change of control			101.00%
5.625% senior notes due 2023
Long- term Debt
Long-term notes payable			$ 750,000,000
Long-term debt			$ 750,000,000
Interest rate (as a percent)					5.625%
Senior notes issued					$ 750,000,000
5.625% senior notes due 2023 | On or after June 1, 2018
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			104.219%
5.625% senior notes due 2023 | On or before June 1, 2018
Long- term Debt
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)			105.625%
5.625% senior notes due 2023 | Prior to June 1, 2016
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			110.00%
Percentage of principal amount at which notes may be required to be repurchased in event of change of control			101.00%
5.625% senior notes due 2023 | Prior to June 1, 2018
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			100.00%
5.625% senior notes due 2023 | On or after June 1, 2021
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)			100.00%
5.625% senior notes due 2023 | Maximum | On or before June 1, 2018
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings			35.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 16,614
Obligations incurred for wells drilled			1,846
Accretion expense	$ 408	$ 309	808	$ 611
Asset retirement obligations - end of period	$ 19,268		$ 19,268

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Stock-based compensation expense
Equity based compensation expense recognized	$ 27,582	$ 32,474	$ 55,365	$ 61,611
Number of stock-based compensation awards authorized	16,906,500		16,906,500		16,906,500
Number of shares available for future grant under the Plan	13,420,672		13,420,672		13,420,672
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000		10,000,000		10,000,000
Number of shares available for future grant under the Plan	7,654,863		7,654,863		7,654,863
Profits interests awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 12,363	24,079	$ 27,081	52,768	$ 476,000
Additional stock compensation to be recognized over the remaining service period			10,000
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	10,235	8,287	18,671	8,596
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	642	$ 108	771	$ 247
Antero Midstream Partners Phantom and Restricted Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,267		8,692
Common stock issued to directors in lieu of cash compensation
Stock-based compensation expense
Equity based compensation expense recognized	$ 75		$ 150

Equity-Based Compensation (De33

Equity-Based Compensation (Details 2) - Jun. 30, 2015 - Restricted Stock and Restricted Stock Unit - USD ($) $ / shares in Units, $ in Thousands	Total
Number of shares
Total granted and unvested at the beginning of the period (in shares)	1,983,673
Granted (in shares)	871,127
Vested (in shares)	(354,758)
Forfeited (in shares)	(10,465)
Total awarded and unvested at the end of the period (in shares)	2,489,577
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share)	$ 64.71
Granted (in dollars per share)	40.95
Vested (in dollars per share)	64.60
Forfeited (in dollars per share)	39.98
Total awarded and unvested at the end of the period (in dollars per share)	$ 56.54
Aggregate intrinsic value
Total awarded and unvested at the beginning of the period	$ 80,497
Total awarded and unvested at the end of the period	85,492
Unrecognized stock-based compensation expense	$ 120,400
Weighted average period for recognizing unrecognized stock-based compensation expense	3 years

Equity-Based Compensation (De34

Equity-Based Compensation (Details 3) - Stock options - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Stock options
Outstanding at the beginning of the period (in shares)	81,021
Options granted (in shares)	665,366
Options cancelled (in shares)	(3,833)
Outstanding at the end of the period (in shares)	742,554		81,021
Expected to vest (in shares)	742,554
Exercisable (in shares)	25,339
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 53.92
Options granted (in dollars per share)	50
Options cancelled (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.43		$ 53.92
Expected to vest (in dollars per share)	50.43
Exercisable (in dollars per share)	$ 54.15
Weighted average remaining contractual life
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years 7 months 21 days		8 years 11 months 1 day
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years 7 months 21 days		8 years 11 months 1 day
Expected to vest	9 years 7 months 21 days
Exercisable	8 years 3 months 15 days
Weighted-average assumptions used to calculate fair value of stock options granted
Volatility (as a percent)	40.00%	40.00%
Risk-free interest rate (as a percent)	1.66%	1.75%
Expected life	6 years 3 months	5 years 6 months
Weighted average fair value of options granted (in dollars per share)	$ 14.74	$ 20.55
Additional disclosures
Unrecognized stock-based compensation expense	$ 10
Weighted average period for recognizing unrecognized stock-based compensation expense	3 years 8 months 12 days
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	4 years
Contractual life	10 years

Equity-Based Compensation (De35

Equity-Based Compensation (Details 4) - Jun. 30, 2015 - Antero Midstream Partners Phantom and Restricted Unit Awards - USD ($) $ / shares in Units, $ in Thousands	Total
Number of units
Total granted and unvested at the beginning of the period (in shares)	2,381,440
Granted (in shares)	12,057
Forfeited (in shares)	(48,360)
Total awarded and unvested at the end of the period (in shares)	2,345,137
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share)	$ 29
Granted (in dollars per share)	24.88
Forfeited (in dollars per share)	29
Total awarded and unvested at the end of the period (in dollars per share)	$ 28.98
Aggregate intrinsic value
Outstanding at the beginning of the period	$ 65,490
Outstanding at the end of the period	67,165
Unamortized expenses not yet recognized	$ 56,700
Weighted average period for recognizing unrecognized stock-based compensation expense	3 years 3 months 18 days

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Billions	Jun. 30, 2015	Dec. 31, 2014
Recurring | Level 2 market data
Financial Instruments
Fair value of senior notes	$ 3.3	$ 2.5

Derivative Instruments (Details

Derivative Instruments (Details) - Jun. 30, 2015	bbl / dMMBTU / d$ / item
TCOminusNYMEX | Year ending December 31, 2015 | Basis Differential Positions [Member]
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	390,000
Weighted average index price	(0.35)
TCOminusNYMEX | Year ending December 31, 2016 | Basis Differential Positions [Member]
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	290,000
Weighted average index price	(0.42)
TCOminusNYMEX | Year ending December 31, 2017 | Basis Differential Positions [Member]
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	125,000
Weighted average index price	(0.49)
NYMEXminusTCO | Year ending December 31, 2016 | Basis Differential Positions [Member]
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	105,000
Weighted average index price	0.28
NYMEXminusTCO | Year ending December 31, 2017 | Basis Differential Positions [Member]
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	125,000
Weighted average index price	0.30
Swaps | Natural gas | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,160,000
Swaps | Natural gas | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,160,000
Swaps | Natural gas | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,462,500
Swaps | Natural gas | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,150,000
Swaps | Natural gas | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,402,500
Swaps | Natural gas | TCO | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	120,000
Weighted average index price	4.93
Swaps | Natural gas | TCO | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	120,000
Weighted average index price	5.14
Swaps | Natural gas | TCO | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	60,000
Weighted average index price	4.91
Swaps | Natural gas | Dominion South | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	230,000
Weighted average index price	5.48
Swaps | Natural gas | Dominion South | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	230,000
Weighted average index price	5.74
Swaps | Natural gas | Dominion South | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	272,500
Weighted average index price	5.35
Swaps | Natural gas | NYMEX | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	770,000
Weighted average index price	3.79
Swaps | Natural gas | NYMEX | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	770,000
Weighted average index price	3.92
Swaps | Natural gas | NYMEX | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	960,000
Weighted average index price	3.56
Swaps | Natural gas | NYMEX | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	660,000
Weighted average index price	3.81
Swaps | Natural gas | NYMEX | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,402,500
Weighted average index price	4.25
Swaps | Natural gas | NYMEX | Year ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,537,500
Weighted average index price	4.05
Swaps | Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,010,000
Weighted average index price	3.82
Swaps | Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	100,000
Weighted average index price	3.74
Swaps | Natural gas | CGTLA | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	40,000
Weighted average index price	3.93
Swaps | Natural gas | CGTLA | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	40,000
Weighted average index price	4.09
Swaps | Natural gas | CGTLA | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	170,000
Weighted average index price	4.09
Swaps | Natural gas | CGTLA | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	420,000
Weighted average index price	4.27
Swaps | Natural gas | CCG | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	70,000
Weighted average index price	4.57
Swaps | Oil | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | NYMEX-WTI | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price	64.84
Swaps | Oil | NYMEX-WTI | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price	65.67
Swaps | Propane | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	23,000
Swaps | Propane | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	23,000
Swaps | Propane | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Swaps | Propane | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Swaps | Propane | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Swaps | Propane | Mont Belvieu-TET | Three months ending September 30, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	23,000
Weighted average index price	0.62
Swaps | Propane | Mont Belvieu-TET | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	23,000
Weighted average index price	0.64
Swaps | Propane | Mont Belvieu-TET | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Weighted average index price	0.59
Swaps | Propane | Mont Belvieu-TET | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Weighted average index price	0.64
Swaps | Propane | Mont Belvieu-TET | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Weighted average index price	0.65

Derivative Instruments (Detai38

Derivative Instruments (Details 2) - Entity [Domain] $ in Thousands	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 664,417	$ 692,554
Noncurrent portion of fair value of derivative assets	1,305,392	899,997
Total asset derivatives	1,969,809	1,592,551
Noncurrent portion of fair value of derivative liability	651
Total liability derivatives	651
Derivatives not designated as hedges for accounting purposes | Net fair value of commodity derivative assets position
Fair value of derivative instruments
Current portion of fair value of derivative assets	664,417	692,554
Noncurrent portion of fair value of derivative assets	1,305,392	899,997
Total asset derivatives	1,969,809	1,592,551
Noncurrent portion of fair value of derivative liability	651
Total liability derivatives	651
Net derivatives	$ 1,969,158	$ 1,592,551
Derivatives designated as hedges for accounting purposes
Fair value of derivative instruments
Number of derivative instruments held | item	0

Derivative Instruments (Detai39

Derivative Instruments (Details 3) - Derivative Contract [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Commodity derivative assets
Gross amounts on balance sheet	$ 2,020,250	$ 1,621,665
Gross amounts offset on balance sheet	(50,441)	(29,114)
Total asset derivatives	1,969,809	$ 1,592,551
Commodity derivative liabilities
Gross amounts on balance sheet	(1,132)
Gross amounts offset on balance sheet	481
Total liability derivatives	$ (651)

Derivative Instruments (Detai40

Derivative Instruments (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains	$ (2,227)	$ (123,766)	$ 757,327	$ (372,695)

Contingencies (Details)

Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)lawsuit	Feb. 04, 2015lawsuit
Contingencies
Number of lawsuits	1	2
Additional accounts receivable | $	$ 22.5

Contract Termination and Rig 42

Contract Termination and Rig Stacking (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Contract Termination and Rig Stacking Line Items
Contract termination and rig stacking	$ 1,937	$ 10,902

Segment Information (Details)

Segment Information (Details) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Sales and revenues:
Sales and revenues	$ 376,714	$ 311,338	$ 1,606,401	$ 479,545
Operating expenses:
Lease operating	6,673	5,021	14,775	9,890
Gathering, compression, processing, and transportation	166,669	103,837	330,331	187,347
Depletion, depreciation, and amortization	177,046	105,154	359,346	196,360
General and administrative expense	59,191	58,357	118,240	109,342
Total	540,463		1,070,456
Operating income (loss)	(163,749)	(5,303)	535,945	(109,382)
Segment assets	12,532,481		12,532,481		$ 11,573,495
Exploration and production
Sales and revenues:
Sales and revenues	322,672	305,786	1,488,761	467,243
Gathering and compression
Sales and revenues:
Sales and revenues	56,593	16,923	108,836	28,696
Operating expenses:
Gathering, compression, processing, and transportation			15,093
Depletion, depreciation, and amortization			29,973
General and administrative expense			19,418
Other operating expenses			7,888
Total			72,372
Operating income (loss)			36,464
Segment assets	1,408,969		1,408,969
Capital expenditures for segment assets			200,045
Fresh Water Distribution
Sales and revenues:
Sales and revenues	30,662	40,518	65,092	65,277
Operating expenses:
Lease operating			12,603
Depletion, depreciation, and amortization			12,282
General and administrative expense			4,660
Other operating expenses			1,638
Total			31,183
Operating income (loss)			33,909
Segment assets	416,910		416,910
Capital expenditures for segment assets			34,076
Marketing
Sales and revenues:
Sales and revenues	49,829	1,987	107,609	5,213
Operating expenses:
Other operating expenses			152,402
Total			152,402
Operating income (loss)			(44,793)
Segment assets	17,668		17,668
Operating segments
Sales and revenues:
Sales and revenues	376,714	311,338	1,606,401	479,545
Operating expenses:
Lease operating	6,673	5,021	14,775	9,890
Gathering, compression, processing, and transportation	166,669	103,837	330,331	187,347
Depletion, depreciation, and amortization	177,046	105,154	359,346	196,360
General and administrative expense	59,191	58,357	118,240	109,342
Other operating expenses	130,884	44,272	247,764	85,988
Total	540,463	316,641	1,070,456	588,927
Operating income (loss)	(163,749)	(5,303)	535,945	(109,382)
Segment assets	12,532,481	8,045,208	12,532,481	8,045,208
Capital expenditures for segment assets	607,193	983,098	1,378,019	1,714,804
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	322,395	305,786	1,488,134	467,243
Operating expenses:
Lease operating	6,477	5,021	14,260	9,890
Gathering, compression, processing, and transportation	213,560	116,547	419,239	209,959
Depletion, depreciation, and amortization	155,586	93,057	317,091	175,237
General and administrative expense	47,242	50,484	94,659	95,800
Other operating expenses	46,866	28,996	85,836	57,674
Total	469,731	294,105	931,085	548,560
Operating income (loss)	(147,059)	11,681	557,676	(81,317)
Segment assets	10,920,171	6,861,624	10,920,171	6,861,624
Capital expenditures for segment assets	544,367	817,871	1,191,209	1,399,915
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	2,664	2,017	4,965	2,947
Operating expenses:
Gathering, compression, processing, and transportation	7,105	2,196		3,137
Depletion, depreciation, and amortization	15,298	8,656		14,764
General and administrative expense	9,917	5,780		9,556
Other operating expenses	4,187
Total	36,507	16,632		27,457
Operating income (loss)	20,086	291		1,239
Segment assets	1,408,969	898,270	1,408,969	898,270
Capital expenditures for segment assets	74,057	154,144		261,667
Operating segments | Fresh Water Distribution
Sales and revenues:
Sales and revenues	1,826	1,548	5,693	4,142
Operating expenses:
Lease operating	5,851	10,156		14,430
Depletion, depreciation, and amortization	6,162	3,441		6,359
General and administrative expense	2,242	2,093		3,986
Other operating expenses	778	1,330		2,387
Total	15,033	17,020		27,162
Operating income (loss)	15,629	23,498		38,115
Segment assets	416,910	348,629	416,910	348,629
Capital expenditures for segment assets	11,950	39,897		99,927
Operating segments | Marketing
Sales and revenues:
Sales and revenues	49,829	1,987	107,609	5,213
Operating expenses:
Other operating expenses	79,053	13,946		25,927
Total	79,053	13,946		25,927
Operating income (loss)	(29,224)	(11,959)		(20,714)
Segment assets	17,668		17,668
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(83,042)	(53,876)	(163,897)	(86,884)
Operating expenses:
Lease operating	(5,655)	(10,156)	(12,088)	(14,430)
Gathering, compression, processing, and transportation	(53,996)	(14,906)	(104,001)	(25,749)
General and administrative expense	(210)		(497)
Total	(59,861)	(25,062)	(116,586)	(40,179)
Operating income (loss)	(23,181)	(28,814)	(47,311)	(46,705)
Segment assets	(231,237)	(63,315)	(231,237)	(63,315)
Capital expenditures for segment assets	(23,181)	(28,814)	(47,311)	(46,705)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	277		627
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	53,929	14,906	103,871	25,749
Elimination of intersegment transaction | Fresh Water Distribution
Sales and revenues:
Sales and revenues	$ 28,836	$ 38,970	$ 59,399	$ 61,135

Subsidiary Guarantors (Details)

Subsidiary Guarantors (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 143,286	$ 245,979	$ 19,273	$ 17,487
Accounts receivable, net	79,190	116,203
Accrued revenue	125,467	191,558
Derivative instruments	664,417	692,554
Other current assets	4,819	5,866
Total current assets	1,017,179	1,252,160
Unproved properties	2,080,491	2,060,936
Proved properties	7,462,080	6,515,221
Fresh water distribution systems	441,692	421,012
Gathering systems and facilities	1,341,661	1,197,239
Other property and equipment	42,842	37,687
Property and equipment, gross	11,368,766	10,232,095
Less accumulated depletion, depreciation, and amortization	(1,238,989)	(879,643)
Property and equipment, net	10,129,777	9,352,452
Derivative instruments	1,305,392	899,997
Other assets, net	80,133	68,886
Total assets	12,532,481	11,573,495
Liabilities and Stockholders' Equity
Accounts payable	326,638	531,564
Accrued liabilities	183,319	168,614
Revenue distributions payable	190,881	182,352
Deferred income tax liability	251,097	260,373
Other current liabilities	14,248	12,202
Total current liabilities	966,183	1,155,105
Long-term debt	4,500,038	4,362,550
Deferred income tax liability	706,948	534,423
Derivative instruments	651
Other liabilities	49,215	47,587
Total liabilities	6,223,035	6,099,665
Common stock	2,770	2,621
Additional paid-in capital	4,099,718	3,513,725
Accumulated earnings	1,116,505	867,447
Total equity	6,309,446	5,473,830
Noncontrolling interest in consolidated subsidiary	1,090,453	1,090,037
Total stockholders' equity	5,218,993	4,383,793
Total liabilities and equity	12,532,481	11,573,495
Eliminations
Current assets:
Intercompany receivables	(20,105)	(19,026)
Other current assets	(1)	(1)
Total current assets	(20,106)	(19,027)
Investment in subsidiaries	(102,456)	(137,423)
Total assets	(122,562)	(156,450)
Liabilities and Stockholders' Equity
Intercompany payable	(20,105)	(19,026)
Other current liabilities	(1)	(1)
Total current liabilities	(20,106)	(19,027)
Total liabilities	(20,106)	(19,027)
Parent net investment	152,999	114,999
Partners' capital	(1,345,908)	(1,342,459)
Total equity	(102,456)	(137,423)
Noncontrolling interest in consolidated subsidiary	1,090,453	1,090,037
Total stockholders' equity	(1,192,909)	(1,227,460)
Total liabilities and equity	(122,562)	(156,450)
Antero Resources Corp | Reportable legal entity
Current assets:
Cash and cash equivalents	30,419	15,787
Accounts receivable, net	79,190	116,203
Intercompany receivables	1,430	1,380
Accrued revenue	125,467	191,558
Derivative instruments	664,417	692,554
Other current assets	4,610	5,348
Total current assets	905,533	1,022,830
Unproved properties	2,080,491	2,060,936
Proved properties	7,462,080	6,515,221
Fresh water distribution systems	441,692	421,012
Gathering systems and facilities	16,555	16,532
Other property and equipment	42,842	37,687
Property and equipment, gross	10,043,660	9,051,388
Less accumulated depletion, depreciation, and amortization	(1,158,207)	(828,533)
Property and equipment, net	8,885,453	8,222,855
Derivative instruments	1,305,392	899,997
Investment in subsidiaries	102,456	137,423
Other assets, net	63,310	51,718
Total assets	11,262,144	10,334,823
Liabilities and Stockholders' Equity
Accounts payable	296,114	485,628
Intercompany payable	18,675	17,646
Accrued liabilities	168,283	163,268
Revenue distributions payable	190,881	182,352
Deferred income tax liability	251,097	260,373
Other current liabilities	14,249	12,203
Total current liabilities	939,299	1,121,470
Long-term debt	4,347,038	4,247,550
Deferred income tax liability	706,948	534,423
Derivative instruments	651
Other liabilities	49,215	47,587
Total liabilities	6,043,151	5,951,030
Common stock	2,770	2,621
Additional paid-in capital	4,099,718	3,513,725
Accumulated earnings	1,116,505	867,447
Total equity	5,218,993	4,383,793
Total stockholders' equity	5,218,993	4,383,793
Total liabilities and equity	11,262,144	10,334,823
Guarantor Subsidiaries | Reportable legal entity
Current assets:
Other current assets	1	1
Total current assets	1	1
Total assets	1	1
Liabilities and Stockholders' Equity
Long-term debt	153,000	115,000
Total liabilities	153,000	115,000
Parent net investment	(152,999)	(114,999)
Total equity	(152,999)	(114,999)
Total stockholders' equity	(152,999)	(114,999)
Total liabilities and equity	1	1
Non-Guarantor Subsidiaries | Reportable legal entity
Current assets:
Cash and cash equivalents	112,867	230,192
Intercompany receivables	18,675	17,646
Other current assets	209	518
Total current assets	131,751	248,356
Gathering systems and facilities	1,325,106	1,180,707
Property and equipment, gross	1,325,106	1,180,707
Less accumulated depletion, depreciation, and amortization	(80,782)	(51,110)
Property and equipment, net	1,244,324	1,129,597
Other assets, net	16,823	17,168
Total assets	1,392,898	1,395,121
Liabilities and Stockholders' Equity
Accounts payable	30,524	45,936
Intercompany payable	1,430	1,380
Accrued liabilities	15,036	5,346
Total current liabilities	46,990	52,662
Total liabilities	46,990	52,662
Partners' capital	1,345,908	1,342,459
Total equity	1,345,908	1,342,459
Total stockholders' equity	1,345,908	1,342,459
Total liabilities and equity	$ 1,392,898	$ 1,395,121

Subsidiary Guarantor (Details 2

Subsidiary Guarantor (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Natural gas sales	$ 242,065	$ 314,151	$ 557,007	$ 626,487
Natural gas liquids sales	59,525	79,768	138,311	153,696
Oil sales	23,032		35,489
Gathering, compression and water distribution	4,490	3,565	10,658	7,089
Marketing	49,829	1,987	107,609	5,213
Commodity derivative fair value gains	(2,227)		757,327
Total revenue	376,714	311,338	1,606,401	479,545
Operating expenses:
Lease operating	6,673	5,021	14,775	9,890
Gathering, compression, processing, and transportation	166,669	103,837	330,331	187,347
Production and ad valorem taxes	22,519	21,358	46,737	42,397
Marketing	79,053	13,946	152,402	25,927
Exploration	628	6,703	1,999	13,700
Impairment of unproved properties	26,339	1,956	34,916	3,353
Depletion, depreciation, and amortization	177,046	105,154	359,346	196,360
Accretion of asset retirement obligations	408	309	808	611
General and administrative	59,191	58,357	118,240	109,342
Contract termination and rig stacking	1,937		10,902
Total operating expenses.	540,463		1,070,456
Operating income (loss)	(163,749)	(5,303)	535,945	(109,382)
Interest	(59,823)	(37,260)	(113,008)	(68,602)
Loss on early extinguishment of debt		20,386		20,386
Total other expenses	(59,823)		(113,008)
Income (loss) before income taxes	(223,572)		422,937
Provision for income tax (expense) benefit	84,089	18,454	(163,249)	59,116
Income (loss) from continuing operations	(139,483)	(44,495)	259,688	(139,254)
Discontinued operations:
Income (loss) from discontinued operations		2,210		2,210
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(139,483)	(42,285)	259,688	(137,044)
Net income and comprehensive income attributable to noncontrolling interest	5,890		10,630
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(145,373)	$ (42,285)	249,058	$ (137,044)
Reportable legal entity | Antero Resources Corp
Revenue:
Natural gas sales	242,065		557,007
Natural gas liquids sales	59,525		138,311
Oil sales	23,032		35,489
Gathering, compression and water distribution	1,826		5,693
Marketing	49,829		107,609
Commodity derivative fair value gains	(2,227)		757,327
Fee income	224		500
Total revenue	374,274		1,601,936
Operating expenses:
Lease operating	6,673		14,775
Gathering, compression, processing, and transportation	213,560		419,239
Production and ad valorem taxes	18,332		38,849
Marketing	79,053		152,402
Exploration	628		1,999
Impairment of unproved properties	26,339		34,916
Depletion, depreciation, and amortization	161,955		329,673
Accretion of asset retirement obligations	408		808
General and administrative	49,431		99,192
Contract termination and rig stacking	1,937		10,902
Total operating expenses.	558,316		1,102,755
Operating income (loss)	(184,042)		499,181
Interest	(58,980)		(111,342)
Equity in net income of subsidiaries	13,560		24,468
Total other expenses	(45,420)		(86,874)
Income (loss) before income taxes	(229,462)		412,307
Provision for income tax (expense) benefit	84,089		(163,249)
Discontinued operations:
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(145,373)		249,058
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(145,373)		249,058
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue:
Gathering, compression and water distribution	56,593		108,836
Total revenue	56,593		108,836
Operating expenses:
Gathering, compression, processing, and transportation	7,105		15,093
Production and ad valorem taxes	4,187		7,888
Depletion, depreciation, and amortization	15,091		29,673
General and administrative	9,917		19,418
Total operating expenses.	36,300		72,072
Operating income (loss)	20,293		36,764
Interest	(843)		(1,666)
Total other expenses	(843)		(1,666)
Income (loss) before income taxes	19,450		35,098
Discontinued operations:
Net income (loss) and comprehensive income (loss) including noncontrolling interest	19,450		35,098
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	19,450		35,098
Eliminations
Revenue:
Gathering, compression and water distribution	(53,929)		(103,871)
Fee income	(224)		(500)
Total revenue	(54,153)		(104,371)
Operating expenses:
Gathering, compression, processing, and transportation	(53,996)		(104,001)
General and administrative	(157)		(370)
Total operating expenses.	(54,153)		(104,371)
Equity in net income of subsidiaries	(13,560)		(24,468)
Total other expenses	(13,560)		(24,468)
Income (loss) before income taxes	(13,560)		(24,468)
Discontinued operations:
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(13,560)		(24,468)
Net income and comprehensive income attributable to noncontrolling interest	5,890		10,630
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (19,450)		$ (35,098)

Subsidiary Guarantor (Details 3

Subsidiary Guarantor (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed consolidated statement of cash flows
Net cash provided by operating activities	$ 590,595	$ 498,029
Cash flows used in investing activities:
Additions to unproved properties	(131,683)	(239,152)
Drilling and completion costs	(1,009,421)	(1,103,017)
Additions to fresh water distribution systems	(34,076)
Additions to gathering systems and facilities	(200,045)	(261,667)
Additions to other property and equipment	(2,794)	(11,041)
Change in other assets	(759)	(39,067)
Proceeds from asset sales	40,000
Net cash used in investing activities	(1,338,778)	(1,753,871)
Cash flows from financing activities:
Issuance of common stock	537,693
Issuance of senior notes	750,000	600,000
Repayment of senior notes		(260,000)
Borrowings (repayments) on bank credit facility, net	(612,000)	952,000
Payments of deferred financing costs	(15,254)	(16,989)
Distributions	(12,617)
Other	(2,332)
Net cash provided by financing activities	645,490	1,257,628
Net increase (decrease) in cash and cash equivalents	(102,693)	1,786
Cash and cash equivalents, beginning of period	245,979	17,487
Cash and cash equivalents, end of period	143,286	$ 19,273
Reportable legal entity | Antero Resources Corp
Condensed consolidated statement of cash flows
Net cash provided by operating activities	506,317
Cash flows used in investing activities:
Additions to unproved properties	(131,683)
Drilling and completion costs	(1,009,421)
Additions to fresh water distribution systems	(34,076)
Additions to gathering systems and facilities	(40,247)
Additions to other property and equipment	(2,794)
Change in other assets	(633)
Distributions from guarantor subsidiary	38,000
Distributions from non-guarantor subsidiary	29,043
Proceeds from asset sales	40,000
Net cash used in investing activities	(1,111,811)
Cash flows from financing activities:
Issuance of common stock	537,693
Issuance of senior notes	750,000
Borrowings (repayments) on bank credit facility, net	(650,000)
Payments of deferred financing costs	(15,235)
Other	(2,332)
Net cash provided by financing activities	620,126
Net increase (decrease) in cash and cash equivalents	14,632
Cash and cash equivalents, beginning of period	15,787
Cash and cash equivalents, end of period	30,419
Reportable legal entity | Guarantor Subsidiaries
Cash flows from financing activities:
Borrowings (repayments) on bank credit facility, net	38,000
Distributions	(38,000)
Reportable legal entity | Non-Guarantor Subsidiaries
Condensed consolidated statement of cash flows
Net cash provided by operating activities	84,278
Cash flows used in investing activities:
Additions to gathering systems and facilities	(159,798)
Change in other assets	(126)
Net cash used in investing activities	(159,924)
Cash flows from financing activities:
Payments of deferred financing costs	(19)
Distributions	(41,660)
Net cash provided by financing activities	(41,679)
Net increase (decrease) in cash and cash equivalents	(117,325)
Cash and cash equivalents, beginning of period	230,192
Cash and cash equivalents, end of period	112,867
Eliminations
Cash flows used in investing activities:
Distributions from guarantor subsidiary	(38,000)
Distributions from non-guarantor subsidiary	(29,043)
Net cash used in investing activities	(67,043)
Cash flows from financing activities:
Distributions	67,043
Net cash provided by financing activities	$ 67,043