Antero Resources (AR) 10-Q 28 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 22, 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	Sep. 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		277,049,261
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 27,410	$ 245,979	$ 6,308	$ 17,487
Accounts receivable, net of allowance for doubtful accounts of $1,251 in 2014 and 2015, respectively	60,904	116,203
Accrued revenue	115,793	191,558
Derivative instruments	834,482	692,554
Other current assets	1,739	5,866
Total current assets	1,040,328	1,252,160
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,072,475	2,060,936
Proved properties	7,805,203	6,515,221
Water handling systems	517,513	421,012
Gathering systems and facilities	1,448,404	1,197,239
Other property and equipment	45,494	37,687
Property and equipment, gross	11,889,089	10,232,095
Less accumulated depletion, depreciation, and amortization	(1,427,656)	(879,643)
Property and equipment, net	10,461,433	9,352,452
Derivative instruments	2,007,828	899,997
Other assets	67,485	68,886
Total assets	13,577,074	11,573,495
Current liabilities:
Accounts payable	337,493	531,564
Accrued liabilities	202,186	168,614
Revenue distributions payable	161,513	182,352
Deferred income tax liability	315,366	260,373
Other current liabilities	9,211	12,202
Total current liabilities	1,025,769	1,155,105
Long-term liabilities:
Long-term debt	4,406,777	4,362,550
Deferred income tax liability	978,139	534,423
Other liabilities	55,965	47,587
Total liabilities	6,466,650	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 277,029,931 shares, respectively	2,770	2,621
Additional paid-in capital	4,122,747	3,513,725
Accumulated earnings	1,650,347	867,447
Total stockholders' equity	5,775,864	4,383,793
Noncontrolling interest in consolidated subsidiary	1,334,560	1,090,037
Total equity	7,110,424	5,473,830
Total liabilities and equity	$ 13,577,074	$ 11,573,495

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 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	277,029,931	262,071,642
Common stock, shares outstanding	277,029,931	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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Natural gas sales	$ 253,975	$ 310,390	$ 810,982	$ 936,877
Natural gas liquids sales	50,092	91,111	188,403	244,807
Oil sales	20,138	29,304	55,627	89,059
Gathering, compression and water distribution	4,426	4,875	15,084	11,964
Marketing	35,633	17,835	143,242	23,048
Commodity derivative fair value losses	1,079,071	308,975	1,836,398	(63,720)
Total revenue	1,443,335	762,490	3,049,736	1,242,035
Operating expenses:
Lease operating	10,786	8,680	25,561	18,570
Gathering, compression, processing, and transportation	160,302	128,531	490,633	315,878
Production and ad valorem taxes	10,721	21,726	57,458	64,123
Marketing	61,799	32,192	214,201	58,119
Exploration	1,087	7,476	3,086	21,176
Impairment of unproved properties	8,754	4,542	43,670	7,895
Depletion, depreciation, and amortization	188,667	124,624	548,013	320,984
Accretion of asset retirement obligations	419	320	1,227	931
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)	59,685	53,000	177,925	162,342
Contract termination and rig stacking			10,902
Total operating expenses	502,220	381,091	1,572,676	970,018
Operating income (loss)	941,115	381,399	1,477,060	272,017
Other expenses:
Interest	(60,921)	(42,455)	(173,929)	(111,057)
Loss on early extinguishment of debt				(20,386)
Total other expenses	(60,921)		(173,929)	(131,443)
Income (loss) from continuing operations before income taxes and discontinued operations	880,194	338,944	1,303,131	140,574
Provision for income tax (expense) benefit	(335,460)	(135,035)	(498,709)	(75,919)
Income (loss) from continuing operations			804,422	64,655
Discontinued Operations:
Income from sale of discontinued operations, net of income tax expense				2,210
Net income (loss) and comprehensive income (loss) including noncontrolling interest	544,734	203,909	804,422	66,865
Net income and comprehensive income attributable to noncontrolling interest	10,892		21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 533,842	$ 203,909	$ 782,900	$ 66,865
Earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 1.93	$ 0.78	$ 2.87	$ 0.25
Discontinued operations (in dollars per share)				0.01
Total (in dollars per share)			2.87	0.26
Earnings (loss) per common share assuming dilution
Continuing operation (in dollars per share)	$ 1.93	$ 0.78	2.87	0.25
Discontinued operations (in dollars per share)				0.01
Total (in dollars per share)			$ 2.87	$ 0.26
Weighted average number of shares outstanding
Basic (in shares)	277,007,427	262,049,948	273,144,573	262,049,756
Diluted (in shares)	277,014,756	262,069,878	273,153,965	262,066,632

Consolidated Statements of Ope5

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Operations and Comprehensive Loss
Equity-based compensation expense	$ 23,915	$ 24,285	$ 79,280	$ 85,896
Deferred income tax expense - discontinued operations				$ 1,354

Consolidated Statements of Equi

Consolidated Statements of Equity - 9 months ended Sep. 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	537,685			537,832
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	2	(4,556)			(4,554)
Equity-based compensation		75,893		3,387	79,280
Issuance of common units in subsidiary - Antero Midstream Partners LP				240,972	240,972
Net income (loss) and including noncontrolling interest			782,900	21,522	804,422
Distributions to non-controlling interests				(21,358)	(21,358)
Balances at Sep. 30, 2015	$ 2,770	$ 4,122,747	$ 1,650,347	$ 1,334,560	$ 7,110,424

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parenthetical)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 804,422	$ 66,865
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	549,240	321,915
Impairment of unproved properties	43,670	7,895
Derivative fair value (gains) losses	(1,836,398)	63,720
Gains (losses) on settled derivatives	586,639	57,333
Deferred income tax expense (benefit)	498,709	75,919
Equity-based compensation expense	79,280	85,896
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	12,129	4,874
Changes in current assets and liabilities:
Accounts receivable	15,299	(36,145)
Accrued revenue	75,765	(47,189)
Other current assets	4,127	975
Accounts payable	(1,302)	530
Accrued liabilities	29,537	105,278
Revenue distributions payable	(20,839)	72,857
Other current liabilities	(3,678)	(153)
Net cash provided by operating activities	836,600	798,746
Cash flows used in investing activities:
Additions to unproved properties	(170,291)	(518,247)
Drilling and completion costs	(1,350,498)	(1,723,657)
Additions to water handling systems	(79,227)	(156,467)
Additions to gathering systems and facilities	(282,813)	(406,666)
Additions to other property and equipment	(5,225)	(12,539)
Change in other assets	11,190	(6,896)
Proceeds from asset sales	40,000
Net cash used in investing activities	(1,836,864)	(2,824,472)
Cash flows from financing activities:
Issuance of common stock	537,832
Issuance of common units in Antero Midstream Partners LP	240,972
Issuance of senior notes	750,000	1,102,500
Repayment of senior notes		(260,000)
Borrowings (repayments) on bank credit facility, net	(705,000)	1,217,000
Make-whole premium on debt extinguished		(17,383)
Payments of deferred financing costs	(17,190)	(27,570)
Distributions to noncontrolling interest in consolidated subsidiary	(21,358)
Other	(3,561)
Net cash provided by (used in) financing activities	781,695	2,014,547
Net increase (decrease) in cash and cash equivalents	(218,569)	(11,179)
Cash and cash equivalents, beginning of period	245,979	17,487
Cash and cash equivalents, end of period	27,410	6,308
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	116,579	67,299
Supplemental disclosure of noncash investing activities:
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ (193,288)	$ 227,368

Organization

Organization	9 Months Ended
	Sep. 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. Through its consolidated subsidiary, Antero Midstream Partners LP, a publicly-traded limited partnership (“Antero Midstream”), the Company has water handling operations and gathering and compression operations in the Appalachian Basin. The Company’s corporate headquarters are in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2015 , the results of its operations for the three and nine months ended September 30, 2014 and 2015 , and its cash flows for the nine months ended September 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 September 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, the fair value of derivative instruments, 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, except for the increase in the borrowing base under the revolving credit facility described in note 4(a) to the condensed consolidated financial statements. (b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities in which the Company is the primary beneficiary. 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, or the general partner. An affiliate of the Company owns the general partner interest in Antero Midstream. 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 markets for natural gas, NGLs, and oil have 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 $2.8 billion at September 30, 2015 includes the following values by bank counterparty: Citigroup - $554 million; Barclays - $539 million; JP Morgan - $507 million; Morgan Stanley - $395 million; Wells Fargo - $277 million; BNP Paribas - $199 million; Scotiabank - $196 million; Toronto Dominion - $67 million; Fifth Third - $40 million; Canadian Imperial Bank of Commerce - $31 million; Bank of Montreal - $21 million; SunTrust - $11 million; and Capital One - $5 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) water handling; 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 per Common Share Earnings per common share for each period is computed by dividing net income from continuing operations attributable to Antero or income from discontinued operations, as applicable, by the basic weighted average number of shares outstanding during such period. Earnings 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 September 30, Nine months ended September 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 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 per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Antero Midstream Partners LP

Antero Midstream Partners LP	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Antero Midstream Partners LP	(3) Antero Midstream Partners LP In 2014, the Company formed Antero Midstream to own, operate, and develop midstream energy assets to service Antero’s production. Antero Midstream’s assets consist of gathering pipelines and compressor stations, and water handling facilities, through which it provides services to Antero under long-term, fixed-fee contracts. Antero Resources Midstream Management LLC (“Midstream Management”), a wholly-owned subsidiary of Antero Investment LLC (“Antero Investment”), owns the general partnership interest in Antero Midstream, which allows Midstream Management to manage the business and affairs of Antero Midstream. Midstream Management also holds the incentive distribution rights in Antero Midstream. Antero Midstream is an unrestricted subsidiary as defined by Antero’s bank credit facility and, as such, Antero Midstream is not a guarantor of Antero’s obligations, and Antero is not a guarantor of Antero Midstream’s obligations (see note 12). On September 23, 2015, Antero completed the previously announced transaction by which Antero contributed (i) all of the outstanding limited liability company interests of Antero Water LLC (“Antero Water”) to Antero Midstream and (ii) all of the assets, contracts, rights, permits and properties owned or leased by Antero and used primarily in connection with the construction, ownership, operation, use or maintenance of Antero’s advanced wastewater treatment complex to be constructed in Doddridge County, West Virginia, to Antero Treatment LLC (“Antero Treatment”), a subsidiary of Antero Midstream (collectively, (i) and (ii) are referred to herein as the “Contributed Assets”). In consideration for the Contributed Assets, Antero Midstream (i) paid to Antero a cash distribution equal to $552 million, less $171 million of assumed debt, (ii) issued to Antero 10,988,421 common units representing limited partner interests in Antero Midstream, (iii) distributed to Antero proceeds of approximately $241 million from a private placement of Antero Midstream common units, and (iv) has agreed to pay Antero (a) $125 million in cash if Antero purchases 176,295,000 barrels or more of fresh water from Antero Midstream during the period between January 1, 2017 and December 31, 2019 and (b) an additional $125 million in cash if Antero purchases 219,200,000 barrels or more of fresh water from Antero Midstream during the period between January 1, 2018 and December 31, 2020. Antero Midstream borrowed $525 million on its bank credit facility in connection with this transaction. The transaction was accounted for as a transaction between entities under common control. As a result, the Contributed Assets have been recorded by Antero Midstream at their historical cost. The difference between the historical cost and the consideration transferred to Antero was recorded as an adjustment to partners’ capital on the balance sheet of Antero Midstream. After giving effect to the transaction, Antero owns approximately 66.5% of the limited partner interests of Antero Midstream.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Long-Term Debt.
Long-Term Debt	( 4 ) Long-Term Debt Long-term debt was as follows at December 31, 2014 and September 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 September 30, 2015 , the borrowing base was $4.0 billion and lender commitments were $4.0 billion . Effective October 26 , 2015, the borrowing base was increased to $4.5 billion, and lender commitments remain at $4.0 billion. The next redetermination of the borrowing base is scheduled to occur in April 2016 . The maturity date of the Credit Facility is May 5, 2019. The Credit Faci lity is ratably secured by mortgages on substantially all of Antero’s properties and guarantees from Antero’s restricted subsidiaries, as applicable. The Credit Facility contain s certain covenants, including restrictions on indebtedness and di vidends, and 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 September 30, 2015 . As of December 31, 2014 , Antero had an outstanding balance under the Cre dit Facility of $1.7 billion, with a weighted average interest rate of 2.06% , and outstanding letters of credit of $387 million. As of September 30, 2015 , Antero had a total outstanding balance under the Cre dit Facility of $ 500 m illion, with a weighted average interest rate of 2.02% , and outstanding letters of credit of $535 million. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from 0.375% to 0.50% of the unused portion 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 September 30, 2015 , the maximum amount of the facility was $1.5 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 September 30, 2015 . As of December 31, 2014 , Antero Midstream did not have a balance outstanding under the Midstream Facility. As of September 30, 2015, Antero Midstream had a total outstanding balance under the Midstream Facility of $525 million, with a weighted average interest rate of 1.7 %. 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 portion 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 to the extent of the value of the collateral securing the Credit Facility . 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 to the extent of the value of the collateral securing the Credit Facility . 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 to the extent of the value of the collateral securing the Credit Facility . 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 to the extent of the value of the collateral securing the Credit Facility . 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 September 30, 2015 , there were no outstanding borrowings under this facility.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligations
Asset Retirement Obligations	( 5 ) Asset Retirement Obligations The following is a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2015 (in thousands). Asset retirement obligations at December 31, 2014 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations at September 30, 2015 $ Asset retirement obligations are included in other liabilities on the condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2015
Equity-Based Compensation
Equity-Based Compensation	(6) 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 13,410,574 shares were available for future grant under the Plan as of September 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 7,658,363 common units are available for future grant under the Midstream Plan as of September 30, 2015 . The Company’s equity-based compensation expense was as follows for the three and nine months ended September 30, 2014 and 2015 (in thousands): Three months ended September 30, Nine months ended September 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 $484 million of equity-based compensation expense for the vested profits interests through September 30, 2015 and will recognize approximately $3 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 nine months ended September 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—September 30, 2015 $ $ Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. Unamortized expense of $109.9 million at September 30, 2015 is expected to be recognized over a weighted average period of approximately 2.8 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 nine months ended September 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 September 30, 2015 $ $ — Vested or expected to vest as of September 30, 2015 $ $ — Exercisable at September 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 September 30, 2015 , there was $9.3 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 3.4 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 nine months ended September 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—September 30, 2015 $ $ Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. Unamortized expense of $52.5 million at September 30, 2015 is expected to be recognized over a weighted average period of approximately 3.1 years.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Financial Instruments
Financial Instruments	( 7 ) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2014 and September 30, 2015 approximated market value because of their short-term nature . The carrying values of the amounts outstanding under the Credit Facility and Midstream Facility at December 31, 2014 and September 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 $3.0 billion at September 30, 2015 . See note 8 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments
Derivative Instruments	( 8 ) 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 nine months ended September 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 September 30, 2015 , the Company’s fixed price natural gas, NGLs, and oil swap positions from October 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 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 September 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 Three months ending December 31, 2015: $ Year ending December 31, 2016: $ Year ending December 31, 2017: $ As of September 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 Three months ending December 31, 2015: $ 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 September 30, 2015 . None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2014 September 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 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 September 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 nine months ended September 30, 2014 and 2015 (in thousands): Statement of operations Three months ended September 30, Nine months ended September 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	9 Months Ended
	Sep. 30, 2015
Contingencies
Contingencies	(9) 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 September 30, 2015 , the Company estimates that it is owed approximately $33 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	9 Months Ended
	Sep. 30, 2015
Contingencies
Contract Termination and Rig Stacking	( 10 ) Contract Termination and Rig Stacking During the nine months ended September 30, 2015 , the Co mpany incurred $10.9 million of costs for the delay or cancelation of drilling contracts with third-party contractors.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Information
Segment Information	(1 1 ) 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 water handling 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 September 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Water handling Marketing Elimination of intersegment transactions Consolidated total Three months ended September 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 Water handling Marketing Elimination of intersegment transactions Consolidated total Three months ended September 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 nine months ended September 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Water handling Marketing Elimination of intersegment transactions Consolidated total Nine months ended September 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 Water handling Marketing Elimination of intersegment transactions Consolidated total Nine months ended September 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	9 Months Ended
	Sep. 30, 2015
Subsidiary Guarantors
Subsidiary Guarantors	(1 2 ) Subsidiary Guarantors Antero’s wholly-owned subsidiaries each have fully and unconditionally guaranteed Antero’s senior notes. Antero Midstream and its subsidiar ies 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 4 ). 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 September 30, 2015 , and the related statements of operations and comprehensive income (loss) and statements of cash flows for the three and nine months ended September 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 nine months ended September 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 — — — Water handling 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 September 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 — — — Water handling systems — — Gathering systems and facilities — — Other property and equipment — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — Derivative instruments — — — Investments in subsidiaries — — — Contingent acquisition consideration — — — 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 — — — Contingent acquisition consideration — — — Other liabilities — — Total liabilities — Equity: Stockholders' equity: 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 September 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 handling — 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 — 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 Nine Months Ended September 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 handling — 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 Nine Months Ended September 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 water handling systems — — — Additions to gathering systems and facilities — — Additions to other property and equipment — — — Change in other assets — — Net distributions from guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from contribution of assets to 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 common units in Antero Midstream Partners LP — — — 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 $ — —

Commitments

Commitments	9 Months Ended
	Sep. 30, 2015
Commitments
Commitments	(13) Commitments The following is a schedule of future minimum payments for firm transportation, drilling rig and hydraulic fracturing, and processing gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year as of September 30, 2015 (in millions). Firm transportation Processing, gathering and compression Drilling rigs and frac services Office and equipment (a) (b) (c) (d) Total Year ending September 30: 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total $ (a)   Firm Transportation The Company has entered into firm transportation agreements with various pipelines in order to facilitate the delivery of its production to market. These contracts commit the Company to transport minimum daily natural gas or NGLs volumes at negotiated rates, or pay for any deficiencies at specified reservation fee rates. The amounts in this table represent the Company’s minimum daily volumes at the reservation fee rate. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (b)   Processing and Compression Service Commitments The Company has entered into various long ‑term gas processing agreements for certain of its production that will allow it to realize the value of its NGLs. The minimum payment obligations under the agreements are presented in the table. The Company has various compressor service agreements with third parties that provide for payments based on volumes compressed and have minimum payment obligations which are presented in the table. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (c)   Drilling Rig Service Commitments The Company has obligations under agreements with service providers to procure drilling rigs and hydraulic fracturing services. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (d)   Office and Equipment Leases The Company leases various office space and equipment, as well as field equipment, under operating lease arrangements.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2015 , the results of its operations for the three and nine months ended September 30, 2014 and 2015 , and its cash flows for the nine months ended September 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 September 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, the fair value of derivative instruments, 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, except for the increase in the borrowing base under the revolving credit facility described in note 4(a) to the condensed consolidated financial statements.
Principles of Consolidation	(b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities in which the Company is the primary beneficiary. 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, or the general partner. An affiliate of the Company owns the general partner interest in Antero Midstream. 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 markets for natural gas, NGLs, and oil have 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 $2.8 billion at September 30, 2015 includes the following values by bank counterparty: Citigroup - $554 million; Barclays - $539 million; JP Morgan - $507 million; Morgan Stanley - $395 million; Wells Fargo - $277 million; BNP Paribas - $199 million; Scotiabank - $196 million; Toronto Dominion - $67 million; Fifth Third - $40 million; Canadian Imperial Bank of Commerce - $31 million; Bank of Montreal - $21 million; SunTrust - $11 million; and Capital One - $5 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) water handling; 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 per common share	(k) Earnings per Common Share Earnings per common share for each period is computed by dividing net income from continuing operations attributable to Antero or income from discontinued operations, as applicable, by the basic weighted average number of shares outstanding during such period. Earnings 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 September 30, Nine months ended September 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 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 per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three months ended September 30, Nine months ended September 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 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 per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2014 and September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 (in thousands). Asset retirement obligations at December 31, 2014 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations at September 30, 2015 $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense was as follows for the three and nine months ended September 30, 2014 and 2015 (in thousands): Three months ended September 30, Nine months ended September 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—September 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 September 30, 2015 $ $ — Vested or expected to vest as of September 30, 2015 $ $ — Exercisable at September 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—September 30, 2015 $ $

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of outstanding commodity derivatives	Natural gas MMbtu/day Oil Bbls/day Propane Bbls/day Weighted average index price 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 September 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 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 September 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 nine months ended September 30, 2014 and 2015 (in thousands): Statement of operations Three months ended September 30, Nine months ended September 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 Three months 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 NYMEX Henry Hub to the Columbia Gas (TCO) natural gas price	Natural gas MMbtu/day Hedged Differential Three months ending December 31, 2015: $ Year ending December 31, 2016: $ Year ending December 31, 2017: $

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Water handling Marketing Elimination of intersegment transactions Consolidated total Three months ended September 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 Water handling Marketing Elimination of intersegment transactions Consolidated total Three months ended September 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 nine months ended September 30, 2014 and 2015 (in thousands): Exploration and production Gathering and compression Water handling Marketing Elimination of intersegment transactions Consolidated total Nine months ended September 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 Water handling Marketing Elimination of intersegment transactions Consolidated total Nine months ended September 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)	9 Months Ended
	Sep. 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 — — — Water handling 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 September 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 — — — Water handling systems — — Gathering systems and facilities — — Other property and equipment — — — — Less accumulated depletion, depreciation, and amortization — — Property and equipment, net — Derivative instruments — — — Investments in subsidiaries — — — Contingent acquisition consideration — — — 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 — — — Contingent acquisition consideration — — — Other liabilities — — Total liabilities — Equity: Stockholders' equity: 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 September 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 handling — 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 — 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 Nine Months Ended September 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 handling — 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	Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 water handling systems — — — Additions to gathering systems and facilities — — Additions to other property and equipment — — — Change in other assets — — Net distributions from guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from contribution of assets to 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 common units in Antero Midstream Partners LP — — — 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 $ — —

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments
Schedule of future minimum payments for firm transportation, drilling rig and hydraulic fracturing and gas processing gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year	The following is a schedule of future minimum payments for firm transportation, drilling rig and hydraulic fracturing, and processing gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year as of September 30, 2015 (in millions). Firm transportation Processing, gathering and compression Drilling rigs and frac services Office and equipment (a) (b) (c) (d) Total Year ending September 30: 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total $ (a)   Firm Transportation The Company has entered into firm transportation agreements with various pipelines in order to facilitate the delivery of its production to market. These contracts commit the Company to transport minimum daily natural gas or NGLs volumes at negotiated rates, or pay for any deficiencies at specified reservation fee rates. The amounts in this table represent the Company’s minimum daily volumes at the reservation fee rate. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (b)   Processing and Compression Service Commitments The Company has entered into various long ‑term gas processing agreements for certain of its production that will allow it to realize the value of its NGLs. The minimum payment obligations under the agreements are presented in the table. The Company has various compressor service agreements with third parties that provide for payments based on volumes compressed and have minimum payment obligations which are presented in the table. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (c)   Drilling Rig Service Commitments The Company has obligations under agreements with service providers to procure drilling rigs and hydraulic fracturing services. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (d)   Office and Equipment Leases The Company leases various office space and equipment, as well as field equipment, under operating lease arrangements.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)segment
Derivative Financial Instruments
Fair value of commodity derivative contracts	$ 2,800
Industry Segment and Geographic Information
Number of operating segments | segment	4
Other Comprehensive Income or Loss
Other comprehensive income (loss)	$ 0
Citigroup
Derivative Financial Instruments
Fair value of commodity derivative contracts	554
Barclays
Derivative Financial Instruments
Fair value of commodity derivative contracts	539
JP Morgan
Derivative Financial Instruments
Fair value of commodity derivative contracts	507
Wells Fargo
Derivative Financial Instruments
Fair value of commodity derivative contracts	277
BNP Paribas
Derivative Financial Instruments
Fair value of commodity derivative contracts	199
Scotiabank
Derivative Financial Instruments
Fair value of commodity derivative contracts	196
Toronto Dominion Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	67
Fifth Third Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	40
Canadian Imperial Bank of Commerce
Derivative Financial Instruments
Fair value of commodity derivative contracts	31
Bank of Montreal
Derivative Financial Instruments
Fair value of commodity derivative contracts	21
Morgan Stanley
Derivative Financial Instruments
Fair value of commodity derivative contracts	395
SunTrust
Derivative Financial Instruments
Fair value of commodity derivative contracts	11
Capital One
Derivative Financial Instruments
Fair value of commodity derivative contracts	$ 5

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings per share
Weighted Average Number of Shares Outstanding, Basic	277,007,427	262,049,948	273,144,573	262,049,756
Weighted Average Number of Shares Outstanding, Diluted	277,014,756	262,069,878	273,153,965	262,066,632
Restricted Stock and Restricted Stock Unit
Earnings per share
Dilutive effect of equity awards	7,329	19,729	9,392	16,876
Weighted Average Anti-dilutive Awards	2,483,363	1,906,778	2,239,938	929,223
Stock options
Earnings per share
Dilutive effect of equity awards		201
Weighted Average Anti-dilutive Awards	742,554	60,000	491,514	70,339

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Millions	Sep. 23, 2015USD ($)sharesbbl	Sep. 23, 2015USD ($)shares
Antero Midstream Partners LP
Antero Midstream Partners LP
Limited partner ownership interest		66.50%
Antero Midstream Partners LP
Antero Midstream Partners LP
Cash distribution	$ 552
Assumed debt	$ 171	$ 171
Common units issued | shares	10,988,421	10,988,421
Amount borrowed on bank credit facility	$ 525	$ 525
Antero Midstream Partners LP | Contingent Consideration Period One
Antero Midstream Partners LP
Contingent consideration	$ 125	125
Threshold number of barrels of water to trigger contingent consideration payment | bbl	176,295,000
Antero Midstream Partners LP | Contingent Consideration Period Two
Antero Midstream Partners LP
Contingent consideration	$ 125	$ 125
Threshold number of barrels of water to trigger contingent consideration payment | bbl	219,200,000
Antero Midstream Partners LP | Private Placement
Antero Midstream Partners LP
Proceeds from issuance of common units	$ 241

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 17, 2015	Sep. 18, 2014	May. 06, 2014	Nov. 05, 2013	Feb. 04, 2013	Nov. 19, 2012	Sep. 30, 2015	Sep. 30, 2014	Oct. 26, 2015	Dec. 31, 2014
Long- term Debt
Net unamortized premium							$ 6,777			$ 7,550
Long-term debt							4,406,777			4,362,550
Loss on Early Extinguishment of Debt								$ (20,386)
Midstream Credit Facility Member
Long- term Debt
Bank credit facility long-term debt							525,000
Maximum amount of the Credit Facility							$ 1,500,000
Weighted average interest rate (as a percent)							1.70%
Midstream Credit Facility Member | Minimum
Long- term Debt
Commitment fees on the unused portion (as a percent)							0.25%
Midstream Credit Facility Member | Maximum
Long- term Debt
Commitment fees on the unused portion (as a percent)							0.375%
Bank credit facility
Long- term Debt
Bank credit facility long-term debt							$ 500,000			$ 1,730,000
Current borrowing base							4,000,000
Lender commitments							$ 4,000,000
Weighted average interest rate (as a percent)							2.02%			2.06%
Outstanding letters of credit							$ 535,000			$ 387,000
Bank credit facility | Subsequent event
Long- term Debt
Current borrowing base									$ 4,500,000
Lender commitments									$ 4,000,000
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			525,000
Interest rate (as a percent)						6.00%
Senior notes issued					$ 225,000	$ 300,000
Issue price as percentage of par value					103.00%	100.00%
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
Redemption price							100.00%
6.00% senior notes due 2020 | On or before December 1, 2015
Long- term Debt
Redemption price							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							100.00%
5.375% senior notes due 2021
Long- term Debt
Long-term notes payable							$ 1,000,000			1,000,000
Interest rate (as a percent)				5.375%
Senior notes issued				$ 1,000,000
Issue price as percentage of par value				100.00%
5.375% senior notes due 2021 | On or after November 1, 2016
Long- term Debt
Redemption price							104.031%
5.375% senior notes due 2021 | On or after November 1, 2019
Long- term Debt
Redemption price							100.00%
5.375% senior notes due 2021 | On or before November 1, 2016
Long- term Debt
Redemption price							100.00%
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)							105.375%
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%
Stand-alone revolving note
Long- term Debt
Maximum amount of the Credit Facility							$ 25,000
Outstanding balance							$ 0
Stand-alone revolving note | Lender's Prime Rate
Long- term Debt
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			$ 1,100,000
Interest rate (as a percent)			5.125%
Senior notes issued		$ 500,000	$ 600,000
Issue price as percentage of par value		100.50%	100.00%
5.125% senior notes due 2022 | On or after June 1, 2017
Long- term Debt
Redemption price							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
Redemption price							100.00%
5.125% senior notes due 2022 | On or after June 1, 2020
Long- term Debt
Redemption price							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
Interest rate (as a percent)	5.625%
Senior notes issued	$ 750,000
Issue price as percentage of par value	100.00%
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 | On Or After June 1, 2018
Long- term Debt
Redemption price							104.219%
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings							35.00%
5.625% senior notes due 2023 | On Or After June 1, 2021
Long- term Debt
Redemption price							100.00%
5.625% senior notes due 2023 | Prior To June 1, 2018
Long- term Debt
Redemption price							100.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)							105.625%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 16,614
Obligations incurred for wells drilled			2,564
Accretion expense	$ 419	$ 320	1,227	$ 931
Asset retirement obligations - end of period	$ 20,405		$ 20,405

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		24 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Stock-based compensation expense
Equity based compensation expense recognized	$ 23,915	$ 24,285	$ 79,280	$ 85,896
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	13,410,574		13,410,574		13,410,574
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	7,658,363		7,658,363		7,658,363
Profits interests awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 8,140	15,688	$ 35,221	68,456	$ 484,000
Additional equity compensation to be recognized over the remaining period	3,000		3,000		3,000
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	10,686	8,397	29,357	16,993
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	743	125	1,514	372
Antero Midstream Partners Phantom and Restricted Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,271		12,963
Additional equity compensation to be recognized over the remaining period	52,500		52,500		$ 52,500
Common stock issued to directors in lieu of cash compensation
Stock-based compensation expense
Equity based compensation expense recognized	$ 75	$ 75	$ 225	$ 75

Equity-Based Compensation (De37

Equity-Based Compensation (Details 2) - Restricted Stock and Restricted Stock Unit $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Number of shares
Total granted and unvested at the beginning of the period (in shares) | shares	1,983,673
Granted (in shares) | shares	881,617
Vested (in shares) | shares	(358,242)
Forfeited (in shares) | shares	(12,016)
Total awarded and unvested at the end of the period (in shares) | shares	2,495,032
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)	40.82
Vested (in dollars per share)	64.28
Forfeited (in dollars per share)	40.05
Total awarded and unvested at the end of the period (in dollars per share)	$ 56.38
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 | $	52,795
Additional equity compensation to be recognized over the remaining period | $	$ 109,900
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 9 months 18 days

Equity-Based Compensation (De38

Equity-Based Compensation (Details 3) - Stock options - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 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
Outstanding	9 years 4 months 21 days		8 years 11 months 1 day
Expected to vest	9 years 4 months 21 days
Exercisable	8 years 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	$ 9.3
Weighted average period for recognizing unrecognized stock-based compensation expense	3 years 4 months 24 days
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	4 years
Contractual life	10 years

Equity-Based Compensation (De39

Equity-Based Compensation (Details 4) - Antero Midstream Partners Phantom and Restricted Unit Awards $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	2,381,440
Granted (in shares) | shares	12,057
Forfeited (in shares) | shares	(51,860)
Total awarded and unvested at the end of the period (in shares) | shares	2,341,637
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 | $	41,822
Additional equity compensation to be recognized over the remaining period | $	$ 52,500
Weighted average period for recognizing unrecognized stock-based compensation expense	3 years 1 month 6 days

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Billions	Sep. 30, 2015	Dec. 31, 2014
Recurring | Level 2 market data
Financial Instruments
Fair value of senior notes	$ 3	$ 2.5

Derivative Instruments (Details

Derivative Instruments (Details)	Sep. 30, 2015bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
TCOminusNYMEX | Year ending December 31, 2015 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	390,000
Weighted average index price | $ / MMBTU	(0.35)
TCOminusNYMEX | Year ending December 31, 2016 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	290,000
Weighted average index price | $ / MMBTU	(0.42)
TCOminusNYMEX | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	(0.49)
NYMEXminusTCO | Three months ending December 31, 2015 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	10,000
Weighted average index price | $ / MMBTU	0.14
NYMEXminusTCO | Year ending December 31, 2016 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	160,000
Weighted average index price | $ / MMBTU	0.26
NYMEXminusTCO | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	0.30
Swaps | Natural gas | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,160,000
Swaps | Natural gas | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,612,500
Swaps | Natural gas | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,490,000
Swaps | Natural gas | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,732,500
Swaps | Natural gas | TCO | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	120,000
Weighted average index price | $ / MMBTU	5.14
Swaps | Natural gas | TCO | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	60,000
Weighted average index price | $ / MMBTU	4.91
Swaps | Natural gas | Dominion South | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	230,000
Weighted average index price | $ / MMBTU	5.74
Swaps | Natural gas | Dominion South | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	272,500
Weighted average index price | $ / MMBTU	5.35
Swaps | Natural gas | NYMEX | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	770,000
Weighted average index price | $ / MMBTU	3.92
Swaps | Natural gas | NYMEX | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,110,000
Weighted average index price | $ / MMBTU	3.49
Swaps | Natural gas | NYMEX | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,000,000
Weighted average index price | $ / MMBTU	3.58
Swaps | Natural gas | NYMEX | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,732,500
Weighted average index price | $ / MMBTU	4.05
Swaps | Natural gas | NYMEX | Year ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,800,000
Weighted average index price | $ / MMBTU	3.94
Swaps | Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,212,500
Weighted average index price | $ / MMBTU	3.75
Swaps | Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	235,000
Weighted average index price | $ / MMBTU	3.67
Swaps | Natural gas | CGTLA | Three months ending December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	40,000
Weighted average index price | $ / MMBTU	4.09
Swaps | Natural gas | CGTLA | Year ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	4.09
Swaps | Natural gas | CGTLA | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	420,000
Weighted average index price | $ / MMBTU	4.27
Swaps | Natural gas | CCG | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	70,000
Weighted average index price | $ / MMBTU	4.57
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 December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price | $ / bbl	65.67
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 December 31, 2015
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	23,000
Weighted average index price | $ / gal	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 | $ / gal	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 | $ / gal	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 | $ / gal	0.65

Derivative Instruments (Detai42

Derivative Instruments (Details 2) $ in Thousands	Sep. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 834,482	$ 692,554
Noncurrent portion of fair value of derivative assets	2,007,828	899,997
Total asset derivatives	2,842,310	1,592,551
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	834,482	692,554
Noncurrent portion of fair value of derivative assets	2,007,828	899,997
Total asset derivatives	2,842,310	1,592,551
Net derivatives	$ 2,842,310	$ 1,592,551
Derivatives designated as hedges for accounting purposes
Fair value of derivative instruments
Number of derivative instruments held | item	0

Derivative Instruments (Detai43

Derivative Instruments (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Commodity derivative assets
Gross amounts on balance sheet	$ 2,885,279	$ 1,621,665
Gross amounts offset on balance sheet	(42,969)	(29,114)
Total asset derivatives	$ 2,842,310	$ 1,592,551

Derivative Instruments (Detai44

Derivative Instruments (Details 4) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 1,079,071	$ 308,975	$ 1,836,398	$ (63,720)
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 1,079,071	$ 308,975	$ 1,836,398	$ (63,720)

Contingencies (Details)

Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)lawsuit	Feb. 04, 2015lawsuit
Contingencies
Number of lawsuits	1	2
Additional accounts receivable | $	$ 33

Contract Termination and Rig 46

Contract Termination and Rig Stacking (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Contract Termination and Rig Stacking Line Items
Contract termination and rig stacking	$ 10,902

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Sales and revenues:
Sales and revenues	$ 1,443,335	$ 762,490	$ 3,049,736	$ 1,242,035
Operating expenses:
Lease operating	10,786	8,680	25,561	18,570
Gathering, compression, processing, and transportation	160,302	128,531	490,633	315,878
Depletion, depreciation, and amortization	188,667	124,624	548,013	320,984
General and administrative expense	59,685	53,000	177,925	162,342
Total operating expenses	502,220	381,091	1,572,676	970,018
Operating income (loss)	941,115	381,399	1,477,060	272,017
Segment assets	13,577,074		13,577,074		$ 11,573,495
Exploration and production
Sales and revenues:
Sales and revenues	1,403,673	739,780	2,892,435	1,207,023
Gathering and compression
Sales and revenues:
Sales and revenues	59,258	26,282	168,094	54,978
Fresh Water Distribution
Sales and revenues:
Sales and revenues	22,446	45,301	87,537	110,578
Marketing
Sales and revenues:
Sales and revenues	35,633	17,835	143,242	23,048
Operating segments
Sales and revenues:
Sales and revenues	1,443,335	762,490	3,049,736	1,242,035
Operating expenses:
Lease operating	10,786	8,680	25,561	18,570
Gathering, compression, processing, and transportation	160,302	128,531	490,633	315,878
Depletion, depreciation, and amortization	188,667	124,624	548,013	320,984
General and administrative expense	59,685	53,000	177,925	162,342
Other operating expenses	82,780	66,256	330,544	152,244
Total operating expenses	502,220	381,091	1,572,676	970,018
Operating income (loss)	941,115	381,399	1,477,060	272,017
Segment assets	13,577,074	9,315,880	13,577,074	9,315,880
Capital expenditures for segment assets	510,035	1,102,772	1,888,054	2,817,576
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	1,403,275	739,780	2,891,410	1,207,023
Operating expenses:
Lease operating	10,721	8,680	24,981	18,570
Gathering, compression, processing, and transportation	211,469	149,405	630,708	359,364
Depletion, depreciation, and amortization	166,900	110,008	483,991	285,245
General and administrative expense	46,165	45,355	140,821	141,155
Other operating expenses	28,044	33,075	113,881	90,749
Total operating expenses	463,299	346,523	1,394,382	895,083
Operating income (loss)	940,374	393,257	1,498,053	311,940
Segment assets	11,940,524	7,946,923	11,940,524	7,946,923
Capital expenditures for segment assets	399,695	935,478	1,590,904	2,335,393
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	3,468	1,884	8,433	4,831
Operating expenses:
Gathering, compression, processing, and transportation	4,699	3,524	19,792	6,661
Depletion, depreciation, and amortization	15,282	10,227	45,255	24,991
General and administrative expense	11,265	5,519	30,685	15,075
Other operating expenses	(7,863)		25
Total operating expenses	23,383	19,270	95,757	46,727
Operating income (loss)	35,875	7,012	72,337	8,251
Segment assets	1,410,920	1,071,273	1,410,920	1,071,273
Capital expenditures for segment assets	82,768	144,999	282,813	406,666
Operating segments | Fresh Water Distribution
Sales and revenues:
Sales and revenues	959	2,991	6,651	7,133
Operating expenses:
Lease operating	3,973	8,065	16,576	22,495
Depletion, depreciation, and amortization	6,485	4,389	18,767	10,748
General and administrative expense	2,577	2,126	7,238	6,112
Other operating expenses	800	989	2,437	3,376
Total operating expenses	13,835	15,569	45,018	42,731
Operating income (loss)	8,611	29,732	42,519	67,847
Segment assets	487,734	396,691	487,734	396,691
Capital expenditures for segment assets	45,151	56,540	79,227	156,467
Operating segments | Marketing
Sales and revenues:
Sales and revenues	35,633	17,835	143,242	23,048
Operating expenses:
Other operating expenses	61,799	32,192	214,201	58,119
Total operating expenses	61,799	32,192	214,201	58,119
Operating income (loss)	(26,166)	(14,357)	(70,959)	(35,071)
Segment assets	5,847	9,084	5,847	9,084
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(77,675)	(66,708)	(241,572)	(153,592)
Operating expenses:
Lease operating	(3,908)	(8,065)	(15,996)	(22,495)
Gathering, compression, processing, and transportation	(55,866)	(24,398)	(159,867)	(50,147)
General and administrative expense	(322)		(819)
Total operating expenses	(60,096)	(32,463)	(176,682)	(72,642)
Operating income (loss)	(17,579)	(34,245)	(64,890)	(80,950)
Segment assets	(267,951)	(108,091)	(267,951)	(108,091)
Capital expenditures for segment assets	(17,579)	(34,245)	(64,890)	(80,950)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	398		1,025
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	55,790	24,398	159,661	50,147
Elimination of intersegment transaction | Fresh Water Distribution
Sales and revenues:
Sales and revenues	$ 21,487	$ 42,310	$ 80,886	$ 103,445

Subsidiary Guarantors (Details)

Subsidiary Guarantors (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 27,410	$ 245,979	$ 6,308	$ 17,487
Accounts receivable, net	60,904	116,203
Accrued revenue	115,793	191,558
Derivative instruments	834,482	692,554
Other current assets	1,739	5,866
Total current assets	1,040,328	1,252,160
Unproved properties	2,072,475	2,060,936
Proved properties	7,805,203	6,515,221
Water handling systems	517,513	421,012
Gathering systems and facilities	1,448,404	1,197,239
Other property and equipment	45,494	37,687
Property and equipment, gross	11,889,089	10,232,095
Less accumulated depletion, depreciation, and amortization	(1,427,656)	(879,643)
Property and equipment, net	10,461,433	9,352,452
Derivative instruments	2,007,828	899,997
Other assets, net	67,485	68,886
Total assets	13,577,074	11,573,495
Liabilities and Stockholders' Equity
Accounts payable	337,493	531,564
Accrued liabilities	202,186	168,614
Revenue distributions payable	161,513	182,352
Deferred income tax liability	315,366	260,373
Other current liabilities	9,211	12,202
Total current liabilities	1,025,769	1,155,105
Long-term debt	4,406,777	4,362,550
Deferred income tax liability	978,139	534,423
Other liabilities	55,965	47,587
Total liabilities	6,466,650	6,099,665
Common stock	2,770	2,621
Additional paid-in capital	4,122,747	3,513,725
Accumulated earnings	1,650,347	867,447
Total equity	7,110,424	5,473,830
Noncontrolling interest in consolidated subsidiary	1,334,560	1,090,037
Total stockholders' equity	5,775,864	4,383,793
Total liabilities and equity	13,577,074	11,573,495
Eliminations
Current assets:
Accounts receivable, net	5
Intercompany receivables	(45,748)	(19,026)
Other current assets		(1)
Total current assets	(45,743)	(19,027)
Water handling systems	(5)
Property and equipment, gross	(5)
Property and equipment, net	(5)
Investment in subsidiaries	254,880	(137,423)
Contingent acquisition consideration asset	(174,716)
Total assets	34,416	(156,450)
Liabilities and Stockholders' Equity
Intercompany payable	(45,748)	(19,026)
Other current liabilities		(1)
Total current liabilities	(45,748)	(19,027)
Contingent acquisition consideration liability	(174,716)
Total liabilities	(220,464)	(19,027)
Parent net investment		114,999
Partners' capital	(1,079,680)	(1,342,459)
Total equity	254,880	(137,423)
Noncontrolling interest in consolidated subsidiary	1,334,560	1,090,037
Total stockholders' equity	(1,079,680)	(1,227,460)
Total liabilities and equity	34,416	(156,450)
Antero Resources Corp | Reportable legal entity
Current assets:
Cash and cash equivalents	9,900	15,787
Accounts receivable, net	60,235	116,203
Intercompany receivables	3,560	1,380
Accrued revenue	115,793	191,558
Derivative instruments	834,482	692,554
Other current assets	1,677	5,348
Total current assets	1,025,647	1,022,830
Unproved properties	2,072,475	2,060,936
Proved properties	7,805,203	6,515,221
Water handling systems		421,012
Gathering systems and facilities	16,554	16,532
Other property and equipment	45,494	37,687
Property and equipment, gross	9,939,726	9,051,388
Less accumulated depletion, depreciation, and amortization	(1,293,187)	(828,533)
Property and equipment, net	8,646,539	8,222,855
Derivative instruments	2,007,828	899,997
Investment in subsidiaries	(254,880)	137,423
Contingent acquisition consideration asset	174,716
Other assets, net	60,017	51,718
Total assets	11,659,867	10,334,823
Liabilities and Stockholders' Equity
Accounts payable	252,146	485,628
Intercompany payable	42,188	17,646
Accrued liabilities	188,343	163,268
Revenue distributions payable	161,513	182,352
Deferred income tax liability	315,366	260,373
Other current liabilities	9,080	12,203
Total current liabilities	968,636	1,121,470
Long-term debt	3,881,777	4,247,550
Deferred income tax liability	978,139	534,423
Other liabilities	55,451	47,587
Total liabilities	5,884,003	5,951,030
Common stock	2,770	2,621
Additional paid-in capital	4,122,747	3,513,725
Accumulated earnings	1,650,347	867,447
Total equity	5,775,864	4,383,793
Total stockholders' equity	5,775,864	4,383,793
Total liabilities and equity	11,659,867	10,334,823
Guarantor Subsidiaries | Reportable legal entity
Current assets:
Other current assets		1
Total current assets		1
Total assets		1
Liabilities and Stockholders' Equity
Long-term debt		115,000
Total liabilities		115,000
Parent net investment		(114,999)
Total equity		(114,999)
Total stockholders' equity		(114,999)
Total liabilities and equity		1
Non-Guarantor Subsidiaries | Reportable legal entity
Current assets:
Cash and cash equivalents	17,510	230,192
Accounts receivable, net	664
Intercompany receivables	42,188	17,646
Other current assets	62	518
Total current assets	60,424	248,356
Water handling systems	517,518
Gathering systems and facilities	1,431,850	1,180,707
Property and equipment, gross	1,949,368	1,180,707
Less accumulated depletion, depreciation, and amortization	(134,469)	(51,110)
Property and equipment, net	1,814,899	1,129,597
Other assets, net	7,468	17,168
Total assets	1,882,791	1,395,121
Liabilities and Stockholders' Equity
Accounts payable	85,347	45,936
Intercompany payable	3,560	1,380
Accrued liabilities	13,843	5,346
Other current liabilities	131
Total current liabilities	102,881	52,662
Long-term debt	525,000
Contingent acquisition consideration liability	174,716
Other liabilities	514
Total liabilities	803,111	52,662
Partners' capital	1,079,680	1,342,459
Total equity	1,079,680	1,342,459
Total stockholders' equity	1,079,680	1,342,459
Total liabilities and equity	$ 1,882,791	$ 1,395,121

Subsidiary Guarantor (Details 2

Subsidiary Guarantor (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Natural gas sales	$ 253,975	$ 310,390	$ 810,982	$ 936,877
Natural gas liquids sales	50,092	91,111	188,403	244,807
Oil sales	20,138	29,304	55,627	89,059
Gathering, compression and water distribution	4,426	4,875	15,084	11,964
Marketing	35,633	17,835	143,242	23,048
Commodity derivative fair value gains (losses)	1,079,071	308,975	1,836,398	(63,720)
Total revenue	1,443,335	762,490	3,049,736	1,242,035
Operating expenses:
Lease operating	10,786	8,680	25,561	18,570
Gathering, compression, processing, and transportation	160,302	128,531	490,633	315,878
Production and ad valorem taxes	10,721	21,726	57,458	64,123
Marketing	61,799	32,192	214,201	58,119
Exploration	1,087	7,476	3,086	21,176
Impairment of unproved properties	8,754	4,542	43,670	7,895
Depletion, depreciation, and amortization	188,667	124,624	548,013	320,984
Accretion of asset retirement obligations	419	320	1,227	931
General and administrative	59,685	53,000	177,925	162,342
Contract termination and rig stacking			10,902
Total operating expenses	502,220	381,091	1,572,676	970,018
Operating income (loss)	941,115	381,399	1,477,060	272,017
Interest	(60,921)	(42,455)	(173,929)	(111,057)
Loss on early extinguishment of debt				20,386
Total other expenses	(60,921)		(173,929)	(131,443)
Income (loss) from continuing operations before income taxes and discontinued operations	880,194	338,944	1,303,131	140,574
Provision for income tax (expense) benefit	(335,460)	(135,035)	(498,709)	(75,919)
Income (loss) from continuing operations			804,422	64,655
Net income (loss) and comprehensive income (loss) including noncontrolling interest	544,734	203,909	804,422	66,865
Net income and comprehensive income attributable to noncontrolling interest	10,892		21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	533,842	$ 203,909	782,900	$ 66,865
Reportable legal entity | Antero Resources Corp
Revenue:
Natural gas sales	253,975		810,982
Natural gas liquids sales	50,092		188,403
Oil sales	20,138		55,627
Gathering, compression and water distribution	958		6,651
Marketing	35,633		143,242
Commodity derivative fair value gains (losses)	1,079,071		1,836,398
Fee Income	324		824
Total revenue	1,440,191		3,042,127
Equity in earnings of subsidiary	23,913		48,381
Operating expenses:
Lease operating	10,786		25,561
Gathering, compression, processing, and transportation	211,469		630,708
Production and ad valorem taxes	18,584		57,433
Marketing	61,799		214,201
Exploration	1,087		3,086
Impairment of unproved properties	8,754		43,670
Depletion, depreciation, and amortization	173,592		503,265
Accretion of asset retirement obligations	419		1,227
General and administrative	48,666		147,858
Contract termination and rig stacking			10,902
Total operating expenses	535,156		1,637,911
Operating income (loss)	905,035		1,404,216
Interest	(59,647)		(170,989)
Income (Loss) from Equity Method Investments	23,913		48,381
Total other expenses	(35,734)		(122,608)
Income (loss) from continuing operations before income taxes and discontinued operations	869,301		1,281,608
Provision for income tax (expense) benefit	(335,460)		(498,709)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	533,841		782,899
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	533,841		782,899
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue:
Gathering, compression and water distribution	59,258		168,094
Total revenue	59,258		168,094
Operating expenses:
Gathering, compression, processing, and transportation	4,699		19,792
Production and ad valorem taxes			25
Production and ad valorem taxes	(7,863)
Depletion, depreciation, and amortization	15,075		44,748
General and administrative	11,267		30,685
Total operating expenses	23,178		95,250
Operating income (loss)	36,080		72,844
Interest	(1,274)		(2,940)
Total other expenses	(1,274)		(2,940)
Income (loss) from continuing operations before income taxes and discontinued operations	34,806		69,904
Net income (loss) and comprehensive income (loss) including noncontrolling interest	34,806		69,904
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	34,806		69,904
Eliminations
Revenue:
Gathering, compression and water distribution	(55,790)		(159,661)
Fee Income	(324)		(824)
Total revenue	(56,114)		(160,485)
Equity in earnings of subsidiary	(23,913)		(48,381)
Operating expenses:
Gathering, compression, processing, and transportation	(55,866)		(159,867)
General and administrative	(248)		(618)
Total operating expenses	(56,114)		(160,485)
Income (Loss) from Equity Method Investments	(23,913)		(48,381)
Total other expenses	(23,913)		(48,381)
Income (loss) from continuing operations before income taxes and discontinued operations	(23,913)		(48,381)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(23,913)		(48,381)
Net income and comprehensive income attributable to noncontrolling interest	10,892		21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (34,805)		$ (69,903)

Subsidiary Guarantor (Details 3

Subsidiary Guarantor (Details 3) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed consolidated statement of cash flows
Net cash provided by operating activities	$ 836,600	$ 798,746
Cash flows used in investing activities:
Additions to unproved properties	(170,291)	(518,247)
Drilling and completion costs	(1,350,498)	(1,723,657)
Additions to water handling systems	(79,227)	(156,467)
Additions to gathering systems and facilities	(282,813)	(406,666)
Additions to other property and equipment	(5,225)	(12,539)
Change in other assets	11,190	(6,896)
Proceeds from asset sales	40,000
Net cash used in investing activities	(1,836,864)	(2,824,472)
Cash flows from financing activities:
Issuance of common stock	537,832
Issuance of common units in Antero Midstream Partners LP	240,972
Issuance of senior notes	750,000	1,102,500
Repayment of senior notes		(260,000)
Borrowings (repayments) on bank credit facility, net	(705,000)	1,217,000
Payments of deferred financing costs	(17,190)	(27,570)
Distributions to noncontrolling interest in consolidated subsidiary	(21,358)
Other	(3,561)
Net cash provided by (used in) financing activities	781,695	2,014,547
Net increase (decrease) in cash and cash equivalents	(218,569)	(11,179)
Cash and cash equivalents, beginning of period	245,979	17,487
Cash and cash equivalents, end of period	27,410	$ 6,308
Reportable legal entity | Antero Resources Corp
Condensed consolidated statement of cash flows
Net cash provided by operating activities	706,466
Cash flows used in investing activities:
Additions to unproved properties	(170,291)
Drilling and completion costs	(1,350,498)
Additions to water handling systems	(79,227)
Additions to gathering systems and facilities	(40,264)
Additions to other property and equipment	(5,225)
Change in other assets	307
Net distributions (to) from guarantor subsidiary	(115,000)
Distributions from non-guarantor subsidiary	49,161
Proceeds from contribution of assets to non-guarantor susidiary	804,630
Proceeds from asset sales	40,000
Net cash used in investing activities	(866,407)
Cash flows from financing activities:
Issuance of common stock	537,832
Issuance of senior notes	750,000
Borrowings (repayments) on bank credit facility, net	(1,115,000)
Payments of deferred financing costs	(15,234)
Other	(3,544)
Net cash provided by (used in) financing activities	154,054
Net increase (decrease) in cash and cash equivalents	(5,887)
Cash and cash equivalents, beginning of period	15,787
Cash and cash equivalents, end of period	9,900
Reportable legal entity | Guarantor Subsidiaries
Cash flows from financing activities:
Borrowings (repayments) on bank credit facility, net	(115,000)
Distributions to noncontrolling interest in consolidated subsidiary	115,000
Reportable legal entity | Non-Guarantor Subsidiaries
Condensed consolidated statement of cash flows
Net cash provided by operating activities	130,134
Cash flows used in investing activities:
Additions to gathering systems and facilities	(242,549)
Change in other assets	10,883
Net cash used in investing activities	(231,666)
Cash flows from financing activities:
Issuance of common units in Antero Midstream Partners LP	240,972
Borrowings (repayments) on bank credit facility, net	525,000
Payments of deferred financing costs	(1,956)
Distributions to noncontrolling interest in consolidated subsidiary	(875,149)
Other	(17)
Net cash provided by (used in) financing activities	(111,150)
Net increase (decrease) in cash and cash equivalents	(212,682)
Cash and cash equivalents, beginning of period	230,192
Cash and cash equivalents, end of period	17,510
Eliminations
Cash flows used in investing activities:
Net distributions (to) from guarantor subsidiary	115,000
Distributions from non-guarantor subsidiary	(49,161)
Proceeds from contribution of assets to non-guarantor susidiary	(804,630)
Net cash used in investing activities	(738,791)
Cash flows from financing activities:
Distributions to noncontrolling interest in consolidated subsidiary	738,791
Net cash provided by (used in) financing activities	$ 738,791

Commitments (Detail)

Commitments (Detail) $ in Millions	Sep. 30, 2015USD ($)
Future minimum payments
2,016	$ 1,021
2,017	1,304
2,018	1,108
2,019	1,242
2,020	1,268
Thereafter	11,959
Total	17,902
Firm transportation
Future minimum payments
2,016	499
2,017	795
2,018	844
2,019	1,039
2,020	1,079
Thereafter	11,044
Total	15,300
Processing, gathering and compression
Future minimum payments
2,016	331
2,017	361
2,018	250
2,019	198
2,020	186
Thereafter	907
Total	2,233
Drilling rigs and frac services
Future minimum payments
2,016	181
2,017	139
2,018	6
Total	326
Office and equipment
Future minimum payments
2,016	10
2,017	9
2,018	8
2,019	5
2,020	3
Thereafter	8
Total	$ 43