Antero Resources (AR) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
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	Mar. 31, 2016
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		277,408,453
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 39,870	$ 23,473	$ 185,491	$ 245,979
Accounts receivable, net of allowance for doubtful accounts of $1,251 in 2014 and $1,195 in 2015	78,753	79,404
Accrued revenue	136,446	128,242
Derivative instruments	975,199	1,009,030
Other current assets	8,072	8,087
Total current assets	1,238,340	1,248,236
Natural gas properties, at cost (successful efforts method):
Unproved properties	1,994,377	1,996,081
Proved properties	8,531,113	8,211,106
Water handling and treatment systems	582,331	565,616
Gathering systems and facilities	1,543,766	1,502,396
Other property and equipment	46,741	46,415
Property and equipment, gross	12,698,328	12,321,614
Less accumulated depletion, depreciation, and amortization	(1,780,526)	(1,589,372)
Property and equipment, net	10,917,802	10,732,242
Derivative instruments	2,098,233	2,108,450
Other assets	34,337	26,565
Total assets	14,288,712	14,115,493
Current liabilities:
Accounts payable	250,797	364,160
Accrued liabilities	241,676	194,076
Revenue distributions payable	132,918	129,949
Other current liabilities	19,693	19,085
Total current liabilities	645,084	707,270
Long-term liabilities:
Long-term debt	4,702,809	4,668,782
Deferred income tax liability	1,439,825	1,370,686
Derivative instruments	375
Other liabilities	80,275	82,077
Total liabilities	6,868,368	6,828,815
Equity:
Common stock, $0.01 par value; authorized - 1,000,000,000 shares; issued and outstanding 277,035,558 shares and 277,061,336 shares, respectively	2,771	2,770
Additional paid-in capital	4,251,755	4,122,811
Accumulated earnings	1,803,756	1,808,811
Total stockholders' equity	6,058,282	5,934,392
Noncontrolling interest in consolidated subsidiary	1,362,062	1,352,286
Total equity	7,420,344	7,286,678
Total liabilities and equity	$ 14,288,712	$ 14,115,493

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 1,195	$ 1,195
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	277,061,336	277,035,558
Common stock, shares outstanding	277,061,336	277,035,558
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
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Natural gas sales	$ 254,776	$ 314,942
Natural gas liquids sales	73,065	78,786
Oil sales	10,179	12,457
Gathering, compression and water distribution	3,844	6,168
Marketing	99,216	57,780
Commodity derivative fair value gains	279,924	759,554
Total revenue	721,004	1,229,687
Operating expenses:
Lease operating	11,293	8,102
Gathering, compression, processing, and transportation	208,738	163,662
Production and ad valorem taxes	19,284	24,218
Marketing	137,933	73,349
Exploration	1,014	1,371
Impairment of unproved properties	15,526	8,577
Depletion, depreciation, and amortization	191,582	182,300
Accretion of asset retirement obligations	598	400
General and administrative (including equity-based compensation expense of $27,783 and $23,470 in 2015 and 2016, respectively)	56,287	59,049
Contract termination and rig stacking		8,965
Total operating expenses	642,255	529,993
Operating income	78,749	699,694
Other expenses:
Interest	(63,284)	(53,185)
Total other expenses	(63,284)	(53,185)
Income before income taxes	15,465	646,509
Provision for income tax expense	(4,815)	(247,338)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	10,650	399,171
Net income and comprehensive income attributable to noncontrolling interest	15,705	4,740
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (5,055)	$ 394,431
Earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.02)	$ 1.49
Earnings (loss) per common share assuming dilution:
Continuing operation (in dollars per share)	$ (0.02)	$ 1.49
Weighted average number of shares outstanding
Basic (in shares)	277,050,344	265,294,794
Diluted (in shares)	277,050,344	265,300,080

Consolidated Statements of Ope5

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 23,470	$ 27,783

Consolidated Statements of Equi

Consolidated Statements of Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balances at Dec. 31, 2015	$ 2,770	$ 4,122,811	$ 1,808,811	$ 1,352,286	$ 7,286,678
Shares Issued, Beginning Balance at Dec. 31, 2015	277,036
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 1	(118)			(117)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	25
Increase in noncontrolling interest from sale of parent's equity interest		107,257		6,419	113,676
Equity-based compensation		21,805		1,665	23,470
Net income (loss) and including noncontrolling interest			(5,055)	15,705	10,650
Distributions to non-controlling interests				(14,013)	(14,013)
Balances at Mar. 31, 2016	$ 2,771	$ 4,251,755	$ 1,803,756	$ 1,362,062	$ 7,420,344
Shares Issued, Ending Balance at Mar. 31, 2016	277,061

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 10,650	$ 399,171
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	192,180	182,700
Impairment of unproved properties	15,526	8,577
Derivative fair value (gains) losses	(279,924)	(759,554)
Gains (losses) on settled derivatives	324,347	184,840
Deferred income tax expense (benefit)	4,815	247,338
Equity-based compensation expense	23,470	27,783
Other	274	1,602
Changes in current assets and liabilities:
Accounts receivable	651	(42,207)
Accrued revenue	(8,204)	25,654
Other current assets	15	1,607
Accounts payable	5,643	(513)
Accrued liabilities	47,785	72,634
Revenue distributions payable	2,969	1,103
Other current liabilities	(29)	705
Net cash provided by operating activities	340,168	351,440
Cash flows used in investing activities:
Additions to unproved properties	(28,675)	(51,541)
Drilling and completion costs	(395,185)	(569,068)
Additions to water handling and treatment systems	(37,036)	(22,126)
Additions to gathering systems and facilities	(48,686)	(125,988)
Additions to other property and equipment	(541)	(2,103)
Change in other assets	(9,172)	(8,410)
Proceeds from asset sales		40,000
Net cash used in investing activities	(519,295)	(739,236)
Cash flows from financing activities:
Issuance of common stock		537,875
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	178,000
Issuance of senior notes		750,000
Borrowings (repayments) on bank credit facility, net	33,000	(940,000)
Payments of deferred financing costs	(64)	(15,022)
Distributions to noncontrolling interest in consolidated subsidiary	(14,013)	(4,338)
Payments Related to Tax Withholding for Share-based Compensation	(117)	(46)
Other	(1,282)	(1,161)
Net cash provided by financing activities	195,524	327,308
Net increase (decrease) in cash and cash equivalents	16,397	(60,488)
Cash and cash equivalents, beginning of period	23,473	245,979
Cash and cash equivalents, end of period	39,870	185,491
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	14,350	14,563
Supplemental disclosure of noncash investing activities:
Decrease in accounts payable and accrued liabilities for additions to property and equipment	$ (119,191)	$ (184,753)

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2016
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 exploration, development, and acquisition of natural gas, 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 and treatment operations and gathering and compression operations in the Appalachian Basin. The Company’s corporate headquarters are located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2015 consolidated financial statements have been filed with the SEC in the Company’s 2015 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 March 31, 2016 , the results of its operations for the three months ended March 31, 2015 and 2016 , and its cash flows for the three months ended March 31, 2015 and 2016 . 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 March 31, 2016 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. (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. The Company consolidates Antero Midstream as it determined that it is the primary beneficiary based on its significant ownership interest in Antero Midstream, the significance of the Company’s activities to Antero Midstream, and its influence over Antero Midstream through the presence of Company executives on the board of directors of Antero Midstream’s general partner. 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 Antero Midstream’s 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, as well as 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 that the counterparty is unable to satisfy its settlement obligations. The fair value of the Company’s commodity derivative contracts of approximately $3.1 billion at March 31, 2016 includes the following values by bank counterparty: Morgan Stanley - $707 million; Barclays - $600 million; JP Morgan - $586 million; Citigroup - $321 million; Wells Fargo - $273 million; Scotiabank - $215 million; BNP Paribas - $160 million; Toronto Dominion - $77 million; Canadian Imperial Bank of Commerce - $39 million; Fifth Third - $35 million; Bank of Montreal - $31 million; SunTrust - $19 million; Capital One - $9 million; and Natixis - $1 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 and production of natural gas, NGLs, and oil; (2) gathering and compression; (3) water handling and treatment; 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 Marketing revenues and expenses represent activities undertaken by the Company to purchase and sell third-party natural gas and NGLs and to market its excess firm transportation capacity in order to utilize this excess capacity. Marketing revenues include sales of purchased third-party gas and NGLs, as well as revenues from the release of firm transportation capacity to others. Marketing expenses include the cost of purchased third-party natural gas and NGLs. The Company classifies firm transportation costs related to capacity contracted for in advance of having sufficient production and infrastructure to fully utilize the capacity (excess capacity) as marketing expenses since it is marketing this excess capacity to third parties. Firm transportation for which the Company has sufficient production capacity (even though it may not use the transportation capacity because of alternative delivery points with more favorable pricing) is considered unutilized capacity. The costs of unutilized capacity are charged to transportation expense. (k) Earnings (Loss) per Common Share Earnings per common share for each period is computed by dividing net income from continuing operations attributable to Antero 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. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if March 31, 2016 was the end of the performance period. 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 March 31, 2015 2016 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 — — Add: Dilutive effect of performance stock units — — 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 Performance stock units — (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. (l) Adoption of New Accounting Principles On April 7, 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that liability. The Company adopted this standard as of January 1, 2016 and has applied the standard retrospectively. As a result of adoption, the Company has classified debt issuance costs related to its senior unsecured debt from other assets to long-term debt on its consolidated balance sheet. The retrospective adjustment to the December 31, 2015 consolidated balance sheet is as follows: As Previously Reported Adjustment As Adjusted December 31, 2015 Effect December 31, 2015 Other assets $ Long-term debt On March 30, 2016, the FASB issued ASU No. 2016-09, Stock Compensation–Improvements to Employee Share-Based Payment Accounting . This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The Company has elected to early-adopt the standard as of January 1, 2016. As permitted by this standard, the Company has elected to account for forfeitures in compensation cost as they occur. This standard also permits an entity to withhold income taxes upon settlement of equity-classified awards at up to the maximum statutory tax rate and requires that such payments be classified as financing activities on the statement of cash flows. As a result of adopting this standard, cash outflows attributable to tax withholdings on the net settlement of equity-classified awards have been reclassified from operating cash flows to financing cash flows. The retrospective adjustment to the condensed consolidated statement of cash flows for the three months ended March 31, 2015 is as follows: As Previously Reported As Adjusted Three months ended March 31, 2015 Adjustment Effect Three months ended March 31, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Antero Midstream Partners LP

Antero Midstream Partners LP	3 Months Ended
	Mar. 31, 2016
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 assets to service Antero’s production. Antero Midstream’s assets consist of gathering pipelines, compressor stations, and water handling and treatment 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 Resources 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 and its subsidiaries are not guarantors of Antero’s obligations, and Antero is not a guarantor of Antero Midstream’s obligations (see note 12). On September 23, 2015, 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 waste water 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 Midstream delivers 176,295,000 barrels or more of fresh water during the period between January 1, 2017 and December 31, 2019 and (b) an additional $125 million in cash if Antero Midstream delivers 219,200,000 barrels or more of fresh water 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. On March 30, 2016, Antero sold 8,000,000 common units representing limited partnership interests in Antero Midstream for $178 million. Antero owned approximately 66.3% and 61.8% of the limited partner interests of Antero Midstream at December 31, 2015 and March 31, 2016 , respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Long-Term Debt
Long-Term Debt	(4) Long-Term Debt Long-term debt was as follows at December 31, 2015 and March 31, 2016 (in thousands ): 2015 2016 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 Net unamortized debt issuance costs 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 assets and are subject to regular semiannual redeterminations. At March 31, 2016 , the borrowing base was $4.5 billion and lender commitments were $4.0 billion. In April 2016, the borrowing base was reaffirmed at $4.5 billion, and lender commitments remain at $4.0 billion. The next redetermination of the borrowing base is scheduled to occur in October 2016. The maturity date of the Credit Facility is May 5, 2019. The Credit Facility is ratably secured by mortgages on substantially all of Antero’s properties and guarantees from Antero’s restricted subsidiaries, as applicable. The Credit Facility contains certain covenants, including restrictions on indebtedness and dividends, 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, 2015 and March 31, 2016 . As of March 31, 2016 , Antero had a total outstanding balance under the Credit Facility of $ 680 million, with a weighted average interest rate of 2.38% , and outstanding letters of credit of $702 million. As of December 31, 2015 , Antero had an outstanding balance under the Credit Facility of $ 707 million, with a weighted average interest rate of 2.32% , and outstanding letters of credit of $702 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 March 31, 2016 , lender commitments were $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, 2015 and March 31, 2016 . As of March 31, 2016 , Antero Midstream had an outstanding balance under the Midstream Facility of $680 million with a weighted average interest rate of 1.94% . As of December 31, 2015 , Antero Midstream had a total outstanding balance under the Midstream Facility of $620 million with a weighted average interest rate of 1.92% . 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 at redemption prices ranging from 104.50% currently to 100.00% on or after December 1, 2018. 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, 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, 2015 and March 31, 2016 , there were no outstanding borrowings under this facility.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligations
Asset Retirement Obligations	(5) Asset Retirement Obligations The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2016 (in thousands). Asset retirement obligations—December 31, 2015 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations—March 31, 2016 $ Asset retirement obligations are included in other liabilities on the condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 8,614,973 shares were available for future grant under the Plan as of March 31, 2016 . In connection with the Antero Midstream initial public offering (“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 7,953,111 common units are available for future grant under the Midstream Plan as of March 31, 2016 . The Company’s equity-based compensation expense was as follows for the three months ended March 31, 2015 and 2016 (in thousands): Three months ended March 31, 2015 2016 Profits interests awards $ — Restricted stock unit awards Performance share unit awards — Stock options Antero Midstream phantom and restricted unit awards Equity awards issued to directors 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 provided 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 provided a mechanism that determines how the shares of the Company’s common stock held by Antero Investment would be allocated among its members, 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 recognized approximately $486 million of equity-based compensation expense for the vested profits interests from the fourth quarter of 2013 through the fourth quarter of 2015. The profits interest awards were fully vested as of December 31, 2015. Because consideration for the profits interest awards was deemed given by Antero Investment, the charge to equity-based compensation expense was 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 Company’s IPO, and no additional profits interest awards have been made since the Company’s IPO. 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. Forfeitures are accounted for as they occur through reversal of expense on awards that were forfeited during the period. 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 three months ended March 31, 2016 is as follows: Weighted average Aggregate Number of shares grant date fair value intrinsic value (in thousands) Total awarded and unvested—December 31, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—March 31, 2016 $ $ Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. Unamortized expense of $170.5 million at March 31, 2016 is expected to be recognized over a weighted average period of approximately 2.5 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. Forfeitures are accounted for as they occur through reversal of expense on awards that were forfeited during the period. 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 three months ended March 31, 2016 is as follows: Weighted Weighted average average remaining Intrinsic Stock options exercise price contractual life value (in thousands) Outstanding at December 31, 2015 $ $ — Granted — $ — Exercised — — Forfeited $ Expired — — Outstanding at March 31, 2016 $ $ — Vested or expected to vest as of March 31, 2016 $ $ — Exercisable at March 31, 2016 $ $ — 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 was 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 2015 and the assumptions used to determine fair value. Year ended December 31, 2015 Dividend yield — % Volatility % Risk-free interest rate % Expected life (years) Weighted average fair value of options granted $ As of March 31, 2016 , there was $7.6 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 2.9 years. Performance Share Unit Awards In the first quarter of 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers. PSUs vest conditioned on the closing price of the Company’s common stock achieving specific thresholds over 10 -day periods, subject to the following vesting restrictions: no PSUs may vest before the first anniversary of the grant date; no more than one -third of the PSUs may vest before the second anniversary of the grant date; and no more than two -thirds of the PSUs may vest before the third anniversary of the grant date. Any PSUs which have not vested by the fifth anniversary of the grant date will expire. Expense related to PSUs is recognized on a graded basis over three years. A summary of PSU activity for the three months ended March 31, 2016 is as follows: Number of units Weighted average grant date fair value Total awarded and unvested—December 31, 2015 — $ — Granted $ Vested — $ — Forfeited — $ — Total awarded and unvested—March 31, 2016 $ The grant-date fair value of PSUs was determined using a Monte Carlo simulation, which uses a probabilistic approach for estimating the fair value of the awards. 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 yield available for zero-coupon U.S. government issues with a remaining term of five years. A dividend yield of zero was assumed. The following table presents information regarding the weighted average fair value for PSUs granted during the three months ended March 31, 2016 and the assumptions used to determine fair value. Three months ended March 31, 2016 Dividend yield — % Volatility % Risk-free interest rate % Weighted average fair value of awards granted $ As of March 31, 2016 , there was $8.9 million of unrecognized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 1.9 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. Forfeitures are accounted for as they occur through reversal of expense on awards that were forfeited during the period. 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 three months ended March 31, 2016 is as follows: Number of units Weighted average grant date fair value Aggregate intrinsic value (in thousands) Total awarded and unvested—December 31, 2015 $ $ Granted — $ — Vested — $ — Forfeited $ Total awarded and unvested—March 31, 2016 $ $ Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. Unamortized expense of $41.8 million at March 31, 2016 is expected to be recognized over a weighted average period of approximately 2.6 years.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Financial Instruments
Financial Instruments	(7) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2015 and March 31, 2016 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, 2015 and March 31, 2016 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 $2.6 billion at December 31, 2015 and $3.1 billion at March 31, 2016 . See note 8 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
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 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. During the three months ended March 31, 2015 and 2016 , 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 March 31, 2016 , the Company’s fixed price natural gas and NGLs swap positions from April 1, 2016 through December 31, 2022 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; Mont Belvieu-TET=Mont Belvieu Propane): Natural gas MMbtu/day Propane Bbls/day Weighted average index price Three months ending June 30, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Three months ending September 30, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Three months 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) $ Year ending December 31, 2022: NYMEX ($/MMBtu) $ As of March 31, 2016 , 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, were as follows: Natural gas MMbtu/day Hedged Differential Nine months ending December 31, 2016: $ Year ending December 31, 2017: $ As of March 31, 2016 , 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, were as follows: Natural gas MMbtu/day Hedged Differential Nine months 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, 2015 and March 31, 2016 . None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2015 March 31, 2016 Balance sheet location Fair value Balance sheet location Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ Current assets $ Commodity contracts Long-term assets Long-term assets Total asset derivatives Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities — Current liabilities — Commodity contracts Long-term liabilities — Long-term liabilities Total liability derivatives — Net derivatives $ $ The following table presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2015 March 31, 2016 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 on balance sheet Commodity derivative assets $ $ Commodity derivative liabilities $ — — — $ — The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for three months ended March 31, 2015 and 2016 (in thousands): Statement of operations Three months ended March 31, location 2015 2016 Commodity derivative fair value gains Revenue $ The fair value of c ommodity derivative instruments was determined using Level 2 inputs.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Contingencies
Contingencies	(9) Contingencies The Company is the plaintiff in two nearly identical lawsuits against South Jersey Gas Company and South Jersey Resources Group, LLC (collectively “SJGC”) pending in United States District Court in Colorado. The Company filed suit against SJGC seeking relief for breach of contract and damages in the amounts that SJGC has short paid and continues to short pay, the Company in connection with two long term gas contracts. Under those contracts, SJGC are long term purchasers of some of the Company’s natural gas production. Deliveries under the contracts began in October 2011 and the delivery obligation continues through October 2019. SJGC unilaterally breached the contracts claiming 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. Beginning in October 2014, SJGC began short paying the Company based on indexes unilaterally selected by SJGC and not the index specified in the contract. The Company contends that no market disruption event has occurred and that SJGC have breached the contracts by failing to pay the Company based on the express price terms of the contracts. Through March 31, 2016 , the Company estimates that it is owed approximately $43 million more than SJGC has paid using the indexes unilaterally selected by them. The Company and Washington Gas Light Company and WGL Midstream, Ind. (collectively “WGL”) are also involved in a pricing dispute involving contracts that the Company began delivering gas under in January 2016. The Company has invoiced WGL at the index price specified in the contract and WGL has paid the Company based on that invoice price; however, WGL maintains that the index price is no longer appropriate under the contracts and that an undefined alternative index is more appropriate for the delivery point of the gas. We expect that the matter will be submitted to arbitration. The Company believes that there is no basis for WGL’s position and intends to vigorously dispute the WGL claim in arbitration and the courts. 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 cash flows.

Contract Termination and Rig St

Contract Termination and Rig Stacking	3 Months Ended
	Mar. 31, 2016
Contingencies
Contract Termination and Rig Stacking	(10) Contract Termination and Rig Stacking During the three months ended March 31, 2015, the Co mpany incurred $9.0 million of costs for the delay or cancelation of drilling contracts with third-party contractors.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information
Segment Information	(11) Segment Information See note 2(i) for a description of the Company’s determination of its reportable segments. Revenues from gathering and compression and water handling and treatment operations are primarily derived from intersegment transactions for services provided to the Company’s exploration and production operations. Marketing revenues are primarily derived from activities to purchase and sell third-party natural gas and NGLs and to market excess firm transportation capacity to third parties. 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 and treatment 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 segments were as follows for the three months ended March 31, 2015 and 2016 (in thousands): Exploration and production Gathering and compression Water handling and treatment Marketing Elimination of intersegment transactions Consolidated total Three months ended March 31, 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 $ — Exploration and production Gathering and compression Water handling and treatment Marketing Elimination of intersegment transactions Consolidated total Three months ended March 31, 2016: 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	3 Months Ended
	Mar. 31, 2016
Subsidiary Guarantors
Subsidiary Guarantors	(12) Subsidiary Guarantors Antero’s wholly-owned subsidiaries each have fully and unconditionally guaranteed Antero’s senior notes. Antero Midstream and its subsidiaries 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, 2015 and March 31, 2016 , and the related statements of operations and comprehensive income (loss) for the three months ended March 31, 2015 and 2016 and statements of cash flows for the three months ended March 31, 2015 and 2016 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 are not restricted from making distributions to the Parent. Condensed Consolidating Balance Sheets December 31, 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 and treatment 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 — — — 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 Balance Sheet March 31, 2016 (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 and treatment 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 — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Contingent acquisition consideration — — — Derivative instruments — — — 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 March 31, 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 and treatment — Marketing — — — Commodity derivative fair value gains — — — Other 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 Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2016 (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 and treatment — — Marketing — — — Commodity derivative fair value gains — — — Other 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 — Accretion of contingent acquisition consideration — — — 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 (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 Cash Flows Three Months Ended March 31, 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 and treatment 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 asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of senior notes — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — Distributions — Employee tax withholding for settlement of equity compensation awards — — — 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 $ — — Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (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 and treatment systems — — — Additions to gathering systems and facilities — — — Additions to other property and equipment — — — Change in other assets — — Net distributions from subsidiaries — — — Net cash used in investing activities — Cash flows provided by financing activities: Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — — Distributions — — Employee tax withholding for settlement of equity compensation awards — — — Other — — Net cash provided by financing activities — Net increase in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Commitments

Commitments	3 Months Ended
	Mar. 31, 2016
Commitments
Commitments	(13) Commitments The following is a schedule of future minimum payments for firm transportation, drilling rig, hydraulic fracturing, processing, gathering and compression, and office and equipment agreements, as well as leases that have remaining lease terms in excess of one year as of March 31, 2016 (in millions). Firm transportation Processing, gathering and compression Drilling rigs and completion services Office and equipment (a) (b) (c) (d) Total Year ending March 31: 2017 $ 2018 2019 2020 — 2021 — 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, Gathering, 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 gathering and compression service agreements with third parties that provide for payments based on volumes gathered or compressed. The minimum payment obligations under these agreements 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. The table does not include intracompany commitments. (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 capital and operating lease arrangements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2015 consolidated financial statements have been filed with the SEC in the Company’s 2015 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 March 31, 2016 , the results of its operations for the three months ended March 31, 2015 and 2016 , and its cash flows for the three months ended March 31, 2015 and 2016 . 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 March 31, 2016 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.
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. The Company consolidates Antero Midstream as it determined that it is the primary beneficiary based on its significant ownership interest in Antero Midstream, the significance of the Company’s activities to Antero Midstream, and its influence over Antero Midstream through the presence of Company executives on the board of directors of Antero Midstream’s general partner. 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 Antero Midstream’s 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, as well as 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 that the counterparty is unable to satisfy its settlement obligations. The fair value of the Company’s commodity derivative contracts of approximately $3.1 billion at March 31, 2016 includes the following values by bank counterparty: Morgan Stanley - $707 million; Barclays - $600 million; JP Morgan - $586 million; Citigroup - $321 million; Wells Fargo - $273 million; Scotiabank - $215 million; BNP Paribas - $160 million; Toronto Dominion - $77 million; Canadian Imperial Bank of Commerce - $39 million; Fifth Third - $35 million; Bank of Montreal - $31 million; SunTrust - $19 million; Capital One - $9 million; and Natixis - $1 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 and production of natural gas, NGLs, and oil; (2) gathering and compression; (3) water handling and treatment; 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 Marketing revenues and expenses represent activities undertaken by the Company to purchase and sell third-party natural gas and NGLs and to market its excess firm transportation capacity in order to utilize this excess capacity. Marketing revenues include sales of purchased third-party gas and NGLs, as well as revenues from the release of firm transportation capacity to others. Marketing expenses include the cost of purchased third-party natural gas and NGLs. The Company classifies firm transportation costs related to capacity contracted for in advance of having sufficient production and infrastructure to fully utilize the capacity (excess capacity) as marketing expenses since it is marketing this excess capacity to third parties. Firm transportation for which the Company has sufficient production capacity (even though it may not use the transportation capacity because of alternative delivery points with more favorable pricing) is considered unutilized capacity. The costs of unutilized capacity are charged to transportation expense.
Earnings (loss) per common share	(k) Earnings (Loss) per Common Share Earnings per common share for each period is computed by dividing net income from continuing operations attributable to Antero 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. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if March 31, 2016 was the end of the performance period. 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 March 31, 2015 2016 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 — — Add: Dilutive effect of performance stock units — — 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 Performance stock units — (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.
New Accounting Principles	(l) Adoption of New Accounting Principles On April 7, 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that liability. The Company adopted this standard as of January 1, 2016 and has applied the standard retrospectively. As a result of adoption, the Company has classified debt issuance costs related to its senior unsecured debt from other assets to long-term debt on its consolidated balance sheet. The retrospective adjustment to the December 31, 2015 consolidated balance sheet is as follows: As Previously Reported Adjustment As Adjusted December 31, 2015 Effect December 31, 2015 Other assets $ Long-term debt On March 30, 2016, the FASB issued ASU No. 2016-09, Stock Compensation–Improvements to Employee Share-Based Payment Accounting . This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The Company has elected to early-adopt the standard as of January 1, 2016. As permitted by this standard, the Company has elected to account for forfeitures in compensation cost as they occur. This standard also permits an entity to withhold income taxes upon settlement of equity-classified awards at up to the maximum statutory tax rate and requires that such payments be classified as financing activities on the statement of cash flows. As a result of adopting this standard, cash outflows attributable to tax withholdings on the net settlement of equity-classified awards have been reclassified from operating cash flows to financing cash flows. The retrospective adjustment to the condensed consolidated statement of cash flows for the three months ended March 31, 2015 is as follows: As Previously Reported As Adjusted Three months ended March 31, 2015 Adjustment Effect Three months ended March 31, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three months ended March 31, 2015 2016 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 — — Add: Dilutive effect of performance stock units — — 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 Performance stock units — (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 adjustments from adoption of new accounting pronouncement	As Previously Reported Adjustment As Adjusted December 31, 2015 Effect December 31, 2015 Other assets $ Long-term debt
Summary of adjustments from early adoption of new accounting pronouncement	As Previously Reported As Adjusted Three months ended March 31, 2015 Adjustment Effect Three months ended March 31, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Long-Term Debt
Schedule of long-term debt	Long-term debt was as follows at December 31, 2015 and March 31, 2016 (in thousands ): 2015 2016 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 Net unamortized debt issuance costs Antero Midstream: Bank credit facility(b) $

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2016 (in thousands). Asset retirement obligations—December 31, 2015 $ Obligations incurred for wells drilled Accretion expense Asset retirement obligations—March 31, 2016 $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense was as follows for the three months ended March 31, 2015 and 2016 (in thousands): Three months ended March 31, 2015 2016 Profits interests awards $ — Restricted stock unit awards Performance share unit awards — Stock options Antero Midstream phantom and restricted unit awards Equity awards issued to directors 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, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—March 31, 2016 $ $
Summary of stock option activity	Weighted Weighted average average remaining Intrinsic Stock options exercise price contractual life value (in thousands) Outstanding at December 31, 2015 $ $ — Granted — $ — Exercised — — Forfeited $ Expired — — Outstanding at March 31, 2016 $ $ — Vested or expected to vest as of March 31, 2016 $ $ — Exercisable at March 31, 2016 $ $ —
Schedule of weighted average fair value assumptions used for stock options	Year ended December 31, 2015 Dividend yield — % Volatility % Risk-free interest rate % Expected life (years) Weighted average fair value of options granted $
Summary of Performance Stock Unit activity	Number of units Weighted average grant date fair value Total awarded and unvested—December 31, 2015 — $ — Granted $ Vested — $ — Forfeited — $ — Total awarded and unvested—March 31, 2016 $
Schedule of weighted average fair value assumptions used for PSUs granted	Three months ended March 31, 2016 Dividend yield — % Volatility % Risk-free interest rate % Weighted average fair value of awards 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, 2015 $ $ Granted — $ — Vested — $ — Forfeited $ Total awarded and unvested—March 31, 2016 $ $

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of outstanding commodity derivatives	Natural gas MMbtu/day Propane Bbls/day Weighted average index price Three months ending June 30, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Three months ending September 30, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-TET ($/Gallon) — $ Total Three months 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) $ Year ending December 31, 2022: NYMEX ($/MMBtu) $
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2015 March 31, 2016 Balance sheet location Fair value Balance sheet location Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ Current assets $ Commodity contracts Long-term assets Long-term assets Total asset derivatives Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities — Current liabilities — Commodity contracts Long-term liabilities — Long-term liabilities Total liability derivatives — Net derivatives $ $
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts	The following table presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2015 March 31, 2016 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 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 and where such values are recorded in the condensed consolidated statements of operations for three months ended March 31, 2015 and 2016 (in thousands): Statement of operations Three months ended March 31, location 2015 2016 Commodity derivative fair value gains 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 Nine months 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 Nine months ending December 31, 2016: $ Year ending December 31, 2017: $

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2015 and 2016 (in thousands): Exploration and production Gathering and compression Water handling and treatment Marketing Elimination of intersegment transactions Consolidated total Three months ended March 31, 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 $ — Exploration and production Gathering and compression Water handling and treatment Marketing Elimination of intersegment transactions Consolidated total Three months ended March 31, 2016: 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)	3 Months Ended
	Mar. 31, 2016
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheets December 31, 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 and treatment 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 — — — 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 Balance Sheet March 31, 2016 (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 and treatment 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 — — — Other current liabilities — — Total current liabilities — Long-term liabilities: Long-term debt — — Deferred income tax liability — — — Contingent acquisition consideration — — — Derivative instruments — — — 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 March 31, 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 and treatment — Marketing — — — Commodity derivative fair value gains — — — Other 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 Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2016 (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 and treatment — — Marketing — — — Commodity derivative fair value gains — — — Other 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 — Accretion of contingent acquisition consideration — — — 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 (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 $ —
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 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 and treatment 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 asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of senior notes — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — Distributions — Employee tax withholding for settlement of equity compensation awards — — — 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 $ — — Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (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 and treatment systems — — — Additions to gathering systems and facilities — — — Additions to other property and equipment — — — Change in other assets — — Net distributions from subsidiaries — — — Net cash used in investing activities — Cash flows provided by financing activities: Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation — — — Borrowings (repayments) on bank credit facility, net — — Payments of deferred financing costs — — — Distributions — — Employee tax withholding for settlement of equity compensation awards — — — Other — — Net cash provided by financing activities — Net increase in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments
Schedule of future minimum payments for firm transportation, drilling rig and completion services, gas processing, gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year	Firm transportation Processing, gathering and compression Drilling rigs and completion services Office and equipment (a) (b) (c) (d) Total Year ending March 31: 2017 $ 2018 2019 2020 — 2021 — 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, Gathering, 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 gathering and compression service agreements with third parties that provide for payments based on volumes gathered or compressed. The minimum payment obligations under these agreements 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. The table does not include intracompany commitments. (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 capital and operating lease arrangements.

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basis of Presentation
Other comprehensive income (loss)	$ 0	$ 0
Derivative Financial Instruments
Fair value of commodity derivative contracts	3,100
Morgan Stanley
Derivative Financial Instruments
Fair value of commodity derivative contracts	707
Barclays
Derivative Financial Instruments
Fair value of commodity derivative contracts	600
JP Morgan
Derivative Financial Instruments
Fair value of commodity derivative contracts	586
Citigroup
Derivative Financial Instruments
Fair value of commodity derivative contracts	321
Wells Fargo
Derivative Financial Instruments
Fair value of commodity derivative contracts	273
Scotiabank
Derivative Financial Instruments
Fair value of commodity derivative contracts	215
BNP Paribas
Derivative Financial Instruments
Fair value of commodity derivative contracts	160
Toronto Dominion Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	77
Canadian Imperial Bank of Commerce
Derivative Financial Instruments
Fair value of commodity derivative contracts	39
Fifth Third Bank
Derivative Financial Instruments
Fair value of commodity derivative contracts	35
Bank of Montreal
Derivative Financial Instruments
Fair value of commodity derivative contracts	31
SunTrust
Derivative Financial Instruments
Fair value of commodity derivative contracts	19
Capital One
Derivative Financial Instruments
Fair value of commodity derivative contracts	9
Natixis
Derivative Financial Instruments
Fair value of commodity derivative contracts	$ 1

Summary of Significant Accoun31

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Earnings per share
Weighted Average Number of Shares Outstanding, Basic	277,050,344	265,294,794
Weighted Average Number of Shares Outstanding, Diluted	277,050,344	265,300,080
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract]
Other Assets, Noncurrent	$ 34,337		$ 26,565
Long-term debt Noncurrent	4,702,809		4,668,782
Changes in accrued liabilities	47,785	$ 72,634
Payments Related to Tax Withholding for Share-based Compensation	$ (117)	(46)
As Previously Reported
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract]
Other Assets, Noncurrent			66,296
Long-term debt Noncurrent			4,708,513
Changes in accrued liabilities		72,588
Adjustment Effect
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract]
Other Assets, Noncurrent			(39,731)
Long-term debt Noncurrent			$ (39,731)
Changes in accrued liabilities		46
Payments Related to Tax Withholding for Share-based Compensation		$ (46)
Restricted Stock and Restricted Stock Unit
Earnings per share
Dilutive effect of equity awards		5,286
Weighted Average Anti-dilutive Awards	6,740,602	1,970,774
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	720,206	81,021
Performance share unit awards
Earnings per share
Weighted Average Anti-dilutive Awards	214,286

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Millions	Mar. 31, 2016	Mar. 30, 2016shares	Dec. 31, 2015	Sep. 23, 2015USD ($)sharesbbl
Antero Resources Corp
Antero Midstream Partners LP
Number of Antero Midstream common units sold to the public by Antero Resources | shares		8,000,000
Antero Resources ownership in Antero Midstream	61.80%		66.30%
Antero Midstream Partners LP
Antero Midstream Partners LP
Cash distribution				$ 552
Assumed debt				$ 171
Common units issued | shares				10,988,421
Amount borrowed on bank credit facility				$ 525
Antero Midstream Partners LP | Contingent Consideration Period One
Antero Midstream Partners LP
Contingent consideration				$ 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
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 (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 17, 2015	Sep. 18, 2014	May. 06, 2014	Nov. 05, 2013	Feb. 04, 2013	Nov. 19, 2012	Mar. 31, 2016	Apr. 08, 2016	Dec. 31, 2015
Long- term Debt
Net unamortized premium							$ 6,245		$ 6,513
Net unamortized debt issuance costs							(38,436)		(39,731)
Long-term debt Noncurrent							4,702,809		4,668,782
Midstream Credit Facility Member
Long- term Debt
Bank credit facility long-term debt							680,000		$ 620,000
Maximum amount of the Credit Facility							$ 1,500,000
Weighted average interest rate (as a percent)							1.94%		1.92%
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							$ 680,000		$ 707,000
Current borrowing base							4,500,000
Lender commitments							$ 4,000,000
Weighted average interest rate (as a percent)							2.38%		2.32%
Outstanding letters of credit							$ 702,000		$ 702,000
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%
Redemption price							104.50%
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%
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
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		$ 750,000
Interest rate (as a percent)	5.625%
Senior notes issued	$ 750,000
Issue price as percentage of par value	100.00%
5.625% senior notes due 2023 | Prior to June 1, 2016
Long- term Debt
Redemption price of the debt instrument in the event of change of control (as a percent)							110.00%
Percentage of principal amount at which notes may be required to be repurchased in event of change of control							101.00%
5.625% senior notes due 2023 | 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
	Mar. 31, 2016	Mar. 31, 2015
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 30,612
Obligations incurred for wells drilled	1,720
Accretion expense	598	$ 400
Asset retirement obligations - end of period	$ 32,930

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		27 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500
Number of shares available for future grant under the Plan	8,614,973
Equity based compensation expense recognized	$ 23,470	$ 27,783
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000
Number of shares available for future grant under the Plan	7,953,111
Profits interests awards
Stock-based compensation expense
Equity based compensation expense recognized		14,718	$ 486,000
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 17,467	8,436
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	883
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	660	129
Antero Midstream Partners Phantom and Restricted Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	3,988	4,425
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 472	$ 75

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted Stock and Restricted Stock Unit $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of shares
Total granted and unvested at the beginning of the period (in shares) | shares	6,529,459
Granted (in shares) | shares	386,394
Vested (in shares) | shares	(13,956)
Forfeited (in shares) | shares	(9,434)
Total awarded and unvested at the end of the period (in shares) | shares	6,892,463
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 33.48
Granted (in dollars per share) | $ / shares	27.52
Vested (in dollars per share) | $ / shares	39.80
Forfeited (in dollars per share) | $ / shares	28.24
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 33.14
Aggregate intrinsic value
Total awarded and unvested at the beginning of the period | $	$ 142,342
Total awarded and unvested at the end of the period | $	171,416
Additional equity compensation to be recognized over the remaining period | $	$ 170,500
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 6 months

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Stock options
Outstanding at the beginning of the period (in shares)	720,887
Options forfeited (in shares)	(1,000)
Outstanding at the end of the period (in shares)	719,887	720,887
Vested or expected to vest (in shares)	719,887
Exercisable (in shares)	51,021
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.44
Options forfeited (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.44	$ 50.44
Vested or expected to vest (in dollars per share)	50.44
Exercisable (in dollars per share)	$ 53.79
Weighted average remaining contractual life
Outstanding	8 years 10 months 21 days	9 years 1 month 21 days
Vested or expected to vest	8 years 10 months 21 days
Exercisable	7 years 9 months
Weighted-average assumptions used to calculate fair value of stock options granted
Volatility (as a percent)		40.00%
Risk-free interest rate (as a percent)		1.66%
Expected life		6 years 3 months
Weighted average fair value of options granted (in dollars per share)		$ 14.74
Additional disclosures
Unrecognized stock-based compensation expense	$ 7.6
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 10 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 - PSU

Equity-Based Compensation - PSU awards (Details) - 3 months ended Mar. 31, 2016 - Performance share unit awards - USD ($) $ / shares in Units, $ in Millions	Total	Total
Number of successive days closing stock price must achieve specific thresholds for PSUs to vest per schedule	10 days
Amortization period of PSU expense	3 years
Number of units
Granted (in shares)	375,000
Total awarded and unvested at the end of the period (in shares)	375,000
Weighted average grant date fair value
Granted (in dollars per share)	$ 26.22
Total awarded and unvested at the end of the period (in dollars per share)	$ 26.22
Additional disclosures
Additional equity compensation to be recognized over the remaining period		$ 8.9
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 10 months 24 days
Weighted-average assumptions used to calculate fair value of performance share units granted
Dividend yield (as a percent)	0.00%
Volatility (as a percent)	46.00%
Risk-free interest rate (as a percent)	1.16%
Weighted average fair value of awards granted (in dollars per share)	$ 26.22	$ 26.22
Vesting on or before first anniversary
Number of PSUs that may vest, as a percent	0.00%
Vesting between the first and second anniversaries | Maximum
Number of PSUs that may vest, as a percent	33.30%
Vesting between the first and third anniversaries | Maximum
Number of PSUs that may vest, as a percent	66.70%

Equity-Based Compensation - Pha

Equity-Based Compensation - Phantom and Restricted Unit Awards (Details) - Antero Midstream Partners Phantom and Restricted Unit Awards $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,667,832
Forfeited (in shares) | shares	(11,820)
Total awarded and unvested at the end of the period (in shares) | shares	1,656,012
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.97
Forfeited (in dollars per share) | $ / shares	29
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.97
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 38,060
Outstanding at the end of the period | $	36,614
Additional equity compensation to be recognized over the remaining period | $	$ 41,800
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 7 months 6 days

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Billions	Mar. 31, 2016	Dec. 31, 2015
Recurring | Level 2 market data
Financial Instruments
Fair value of senior notes	$ 3.1	$ 2.6

Derivative Instruments (Details

Derivative Instruments (Details)	Mar. 31, 2016bbl / dMMBTU / d$ / gal$ / MMBTU
TCOminusNYMEX | Nine months 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 | Nine months ending December 31, 2016 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	0.29
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 June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,612,500
Swaps | Natural gas | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,612,500
Swaps | Natural gas | Three months 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)	1,860,000
Swaps | Natural gas | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	2,002,500
Swaps | Natural gas | TCO | Three months ending June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	60,000
Weighted average index price | $ / MMBTU	4.77
Swaps | Natural gas | TCO | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	60,000
Weighted average index price | $ / MMBTU	4.81
Swaps | Natural gas | TCO | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	60,000
Weighted average index price | $ / MMBTU	5.01
Swaps | Natural gas | Dominion South | Three months ending June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	272,500
Weighted average index price | $ / MMBTU	5.17
Swaps | Natural gas | Dominion South | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	272,500
Weighted average index price | $ / MMBTU	5.24
Swaps | Natural gas | Dominion South | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	272,500
Weighted average index price | $ / MMBTU	5.47
Swaps | Natural gas | NYMEX | Three months ending June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,110,000
Weighted average index price | $ / MMBTU	3.38
Swaps | Natural gas | NYMEX | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,110,000
Weighted average index price | $ / MMBTU	3.44
Swaps | Natural gas | NYMEX | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,110,000
Weighted average index price | $ / MMBTU	3.57
Swaps | Natural gas | NYMEX | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,370,000
Weighted average index price | $ / MMBTU	3.39
Swaps | Natural gas | NYMEX | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	2,002,500
Weighted average index price | $ / MMBTU	3.91
Swaps | Natural gas | NYMEX | Year ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	2,330,000
Weighted average index price | $ / MMBTU	3.70
Swaps | Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,377,500
Weighted average index price | $ / MMBTU	3.66
Swaps | Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	630,000
Weighted average index price | $ / MMBTU	3.36
Swaps | Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	120,000
Weighted average index price | $ / MMBTU	3.24
Swaps | Natural gas | CGTLA | Three months ending June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	3.94
Swaps | Natural gas | CGTLA | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	4.03
Swaps | Natural gas | CGTLA | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	4.20
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 | Propane | Three months ending June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Swaps | Propane | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Swaps | Propane | Three months 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	36,500
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 June 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Weighted average index price | $ / gal	0.57
Swaps | Propane | Mont Belvieu-TET | Three months ending September 30, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Weighted average index price | $ / gal	0.58
Swaps | Propane | Mont Belvieu-TET | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Weighted average index price | $ / gal	0.61
Swaps | Propane | Mont Belvieu-TET | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	36,500
Weighted average index price | $ / gal	0.43
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	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 975,199	$ 1,009,030
Noncurrent portion of fair value of derivative assets	2,098,233	2,108,450
Total asset derivatives	3,073,432	3,117,480
Noncurrent portion of fair value of derivative liability	375
Total liability derivatives	375
Net fair value of commodity derivative assets position
Fair value of derivative instruments
Noncurrent portion of fair value of derivative liability	375
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	975,199	1,009,030
Noncurrent portion of fair value of derivative assets	2,098,233	2,108,450
Total asset derivatives	3,073,432	3,117,480
Total liability derivatives	375
Net derivatives	$ 3,073,057	$ 3,117,480
Derivatives designated as hedges for accounting purposes
Fair value of derivative instruments
Number of derivative instruments held designated as hedges | item	0

Derivative Instruments (Detai43

Derivative Instruments (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Commodity derivative assets
Gross amounts on balance sheet	$ 3,172,511	$ 3,163,639
Gross amounts offset on balance sheet	(99,079)	(46,159)
Total asset derivatives	3,073,432	$ 3,117,480
Commodity derivative liabilities
Gross amounts on balance sheet	(375)
Total liability derivatives	$ (375)

Derivative Instruments (Detai44

Derivative Instruments (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains	$ 279,924	$ 759,554
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains	$ 279,924	$ 759,554

Contingencies (Details)

Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)lawsuit
Contingencies
Number of lawsuits | lawsuit	2
Additional accounts receivable | $	$ 43

Contract Termination and Rig 46

Contract Termination and Rig Stacking (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Contract Termination and Rig Stacking Line Items
Contract termination and rig stacking	$ 8,965

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Sales and revenues:
Sales and revenues	$ 721,004	$ 1,229,687
Operating expenses:
Lease operating	11,293	8,102
Gathering, compression, processing, and transportation	208,738	163,662
Depletion, depreciation, and amortization	191,582	182,300
General and administrative expense	56,287	59,049
Total operating expenses	642,255	529,993
Operating income (loss)	78,749	699,694
Segment assets	14,288,712		$ 14,115,493
Exploration and production
Sales and revenues:
Sales and revenues	621,769	1,166,089
Gathering and compression
Sales and revenues:
Sales and revenues	69,391	52,243
Water handling and treatment
Sales and revenues:
Sales and revenues	66,439	34,430
Marketing
Sales and revenues:
Sales and revenues	99,216	57,780
Operating segments
Sales and revenues:
Sales and revenues	721,004	1,229,687
Operating expenses:
Lease operating	11,293	8,102
Gathering, compression, processing, and transportation	208,738	163,662
Depletion, depreciation, and amortization	191,582	182,300
General and administrative expense	56,287	59,049
Other operating expenses	174,355	116,880
Total operating expenses	642,255	529,993
Operating income (loss)	78,749	699,694
Segment assets	14,288,712	12,481,951
Capital expenditures for segment assets	510,123	770,826
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	617,944	1,165,739
Operating expenses:
Lease operating	11,332	7,783
Gathering, compression, processing, and transportation	267,445	205,679
Depletion, depreciation, and amortization	167,552	161,505
General and administrative expense	43,552	47,417
Other operating expenses	35,165	38,970
Total operating expenses	525,046	461,354
Operating income (loss)	96,723	704,735
Segment assets	12,738,875	10,835,973
Capital expenditures for segment assets	449,830	646,842
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	3,587	2,301
Operating expenses:
Gathering, compression, processing, and transportation	7,170	7,988
Depletion, depreciation, and amortization	17,068	14,675
General and administrative expense	9,335	9,501
Other operating expenses	449	3,701
Total operating expenses	34,022	35,865
Operating income (loss)	35,369	16,378
Segment assets	1,518,554	1,410,631
Capital expenditures for segment assets	48,686	125,988
Operating segments | Water handling and treatment
Sales and revenues:
Sales and revenues	257	3,867
Operating expenses:
Lease operating	40,714	6,752
Depletion, depreciation, and amortization	6,962	6,120
General and administrative expense	3,756	2,418
Other operating expenses	4,204	860
Total operating expenses	55,636	16,150
Operating income (loss)	10,803	18,280
Segment assets	524,348	421,320
Capital expenditures for segment assets	37,036	22,126
Operating segments | Marketing
Sales and revenues:
Sales and revenues	99,216	57,780
Operating expenses:
Other operating expenses	137,933	73,349
Total operating expenses	137,933	73,349
Operating income (loss)	(38,717)	(15,569)
Segment assets	35,983	28,007
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(135,811)	(80,855)
Operating expenses:
Lease operating	(40,753)	(6,433)
Gathering, compression, processing, and transportation	(65,877)	(50,005)
General and administrative expense	(356)	(287)
Other operating expenses	(3,396)
Total operating expenses	(110,382)	(56,725)
Operating income (loss)	(25,429)	(24,130)
Segment assets	(529,048)	(213,980)
Capital expenditures for segment assets	(25,429)	(24,130)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	3,825	350
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	65,804	49,942
Elimination of intersegment transaction | Water handling and treatment
Sales and revenues:
Sales and revenues	$ 66,182	$ 30,563

Subsidiary Guarantors (Details)

Subsidiary Guarantors (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 39,870	$ 23,473	$ 185,491	$ 245,979
Accounts receivable, net	78,753	79,404
Accrued revenue	136,446	128,242
Derivative instruments	975,199	1,009,030
Other current assets	8,072	8,087
Total current assets	1,238,340	1,248,236
Unproved properties	1,994,377	1,996,081
Proved properties	8,531,113	8,211,106
Water handling and treatment systems	582,331	565,616
Gathering systems and facilities	1,543,766	1,502,396
Other property and equipment	46,741	46,415
Property and equipment, gross	12,698,328	12,321,614
Less accumulated depletion, depreciation, and amortization	(1,780,526)	(1,589,372)
Property and equipment, net	10,917,802	10,732,242
Derivative instruments	2,098,233	2,108,450
Other assets, net	34,337	26,565
Total assets	14,288,712	14,115,493
Liabilities and Stockholders' Equity
Accounts payable	250,797	364,160
Accrued liabilities	241,676	194,076
Revenue distributions payable	132,918	129,949
Other current liabilities	19,693	19,085
Total current liabilities	645,084	707,270
Long-term debt Noncurrent	4,702,809	4,668,782
Deferred income tax liability	1,439,825	1,370,686
Derivative instruments	375
Other liabilities	80,275	82,077
Total liabilities	6,868,368	6,828,815
Common stock	2,771	2,770
Additional paid-in capital	4,251,755	4,122,811
Accumulated earnings	1,803,756	1,808,811
Total stockholders' equity	6,058,282	5,934,392
Noncontrolling interest in consolidated subsidiary	1,362,062	1,352,286
Total equity	7,420,344	7,286,678
Total liabilities and equity	14,288,712	14,115,493
Eliminations
Current assets:
Intercompany receivables	(67,181)	(67,850)
Total current assets	(67,181)	(67,850)
Proved properties	(58,224)	(32,795)
Property and equipment, gross	(58,224)	(32,795)
Property and equipment, net	(58,224)	(32,795)
Investment in subsidiaries	328,376	302,336
Contingent acquisition consideration asset	(181,445)	(178,049)
Total assets	21,526	23,642
Liabilities and Stockholders' Equity
Intercompany payable	(67,181)	(67,850)
Total current liabilities	(67,181)	(67,850)
Contingent acquisition consideration liability	(181,445)	(178,049)
Total liabilities	(248,626)	(245,899)
Partners' capital	(1,091,910)	(1,082,745)
Total stockholders' equity	(1,091,910)	(1,082,745)
Noncontrolling interest in consolidated subsidiary	1,362,062	1,352,286
Total equity	270,152	269,541
Total liabilities and equity	21,526	23,642
Antero Resources Corp | Reportable legal entity
Current assets:
Cash and cash equivalents	25,392	16,590	23,152	15,787
Accounts receivable, net	77,461	76,697
Intercompany receivables	3,736	2,138
Accrued revenue	136,446	128,242
Derivative instruments	975,199	1,009,030
Other current assets	7,736	8,087
Total current assets	1,225,970	1,240,784
Unproved properties	1,994,377	1,996,081
Proved properties	8,589,337	8,243,901
Gathering systems and facilities	16,561	16,561
Other property and equipment	46,741	46,415
Property and equipment, gross	10,647,016	10,302,958
Less accumulated depletion, depreciation, and amortization	(1,599,078)	(1,431,747)
Property and equipment, net	9,047,938	8,871,211
Derivative instruments	2,098,233	2,108,450
Investment in subsidiaries	(328,376)	(302,336)
Contingent acquisition consideration asset	181,445	178,049
Other assets, net	14,530	15,661
Total assets	12,239,740	12,111,819
Liabilities and Stockholders' Equity
Accounts payable	193,395	303,197
Intercompany payable	63,445	65,712
Accrued liabilities	229,463	158,713
Revenue distributions payable	132,918	129,949
Other current liabilities	19,537	18,935
Total current liabilities	638,758	676,506
Long-term debt Noncurrent	4,022,809	4,048,782
Deferred income tax liability	1,439,825	1,370,686
Derivative instruments	375
Other liabilities	79,691	81,453
Total liabilities	6,181,458	6,177,427
Common stock	2,771	2,770
Additional paid-in capital	4,251,755	4,122,811
Accumulated earnings	1,803,756	1,808,811
Total stockholders' equity	6,058,282	5,934,392
Total equity	6,058,282	5,934,392
Total liabilities and equity	12,239,740	12,111,819
Non-Guarantor Subsidiaries | Reportable legal entity
Current assets:
Cash and cash equivalents	14,478	6,883	$ 162,339	$ 230,192
Accounts receivable, net	1,292	2,707
Intercompany receivables	63,445	65,712
Other current assets	336
Total current assets	79,551	75,302
Water handling and treatment systems	582,331	565,616
Gathering systems and facilities	1,527,205	1,485,835
Property and equipment, gross	2,109,536	2,051,451
Less accumulated depletion, depreciation, and amortization	(181,448)	(157,625)
Property and equipment, net	1,928,088	1,893,826
Other assets, net	19,807	10,904
Total assets	2,027,446	1,980,032
Liabilities and Stockholders' Equity
Accounts payable	57,402	60,963
Intercompany payable	3,736	2,138
Accrued liabilities	12,213	35,363
Other current liabilities	156	150
Total current liabilities	73,507	98,614
Long-term debt Noncurrent	680,000	620,000
Contingent acquisition consideration liability	181,445	178,049
Other liabilities	584	624
Total liabilities	935,536	897,287
Partners' capital	1,091,910	1,082,745
Total stockholders' equity	1,091,910	1,082,745
Total equity	1,091,910	1,082,745
Total liabilities and equity	$ 2,027,446	$ 1,980,032

Subsidiary Guarantor (Details 2

Subsidiary Guarantor (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Natural gas sales	$ 254,776	$ 314,942
Natural gas liquids sales	73,065	78,786
Oil sales	10,179	12,457
Gathering, compression and water distribution	3,844	6,168
Marketing	99,216	57,780
Commodity derivative fair value gains	279,924	759,554
Total revenue	721,004	1,229,687
Operating expenses:
Lease operating	11,293	8,102
Gathering, compression, processing, and transportation	208,738	163,662
Production and ad valorem taxes	19,284	24,218
Marketing	137,933	73,349
Exploration	1,014	1,371
Impairment of unproved properties	15,526	8,577
Depletion, depreciation, and amortization	191,582	182,300
Accretion of asset retirement obligations	598	400
General and administrative	56,287	59,049
Contract termination and rig stacking		8,965
Total operating expenses	642,255	529,993
Operating income	78,749	699,694
Interest	(63,284)	(53,185)
Total other expenses	(63,284)	(53,185)
Income before income taxes	15,465	646,509
Provision for income tax expense	(4,815)	(247,338)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	10,650	399,171
Net income and comprehensive income attributable to noncontrolling interest	15,705	4,740
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(5,055)	394,431
Reportable legal entity | Antero Resources Corp
Revenue:
Natural gas sales	254,776	314,942
Natural gas liquids sales	73,065	78,786
Oil sales	10,179	12,457
Gathering, compression and water distribution		3,867
Marketing	99,216	57,780
Commodity derivative fair value gains	279,924	759,554
Other income	3,825	276
Total revenue	720,985	1,227,662
Operating expenses:
Lease operating	11,332	8,102
Gathering, compression, processing, and transportation	267,445	205,679
Production and ad valorem taxes	18,027	20,517
Marketing	137,933	73,349
Exploration	1,014	1,371
Impairment of unproved properties	15,526	8,577
Depletion, depreciation, and amortization	167,759	167,718
Accretion of asset retirement obligations	598	400
General and administrative	43,552	49,761
Contract termination and rig stacking		8,965
Total operating expenses	663,186	544,439
Operating income	57,799	683,223
Interest	(59,823)	(52,362)
Equity in net income of subsidiaries	1,784	10,908
Total other expenses	(58,039)	(41,454)
Income before income taxes	(240)	641,769
Provision for income tax expense	(4,815)	(247,338)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(5,055)	394,431
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(5,055)	394,431
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue:
Gathering, compression and water distribution	135,830	52,243
Total revenue	135,830	52,243
Operating expenses:
Lease operating	40,714
Gathering, compression, processing, and transportation	7,170	7,988
Production and ad valorem taxes	1,257	3,701
Depletion, depreciation, and amortization	23,823	14,582
General and administrative	13,091	9,501
Accretion of contingent acquisition consideration	3,396
Total operating expenses	89,451	35,772
Operating income	46,379	16,471
Interest	(3,461)	(823)
Total other expenses	(3,461)	(823)
Income before income taxes	42,918	15,648
Net income (loss) and comprehensive income (loss) including noncontrolling interest	42,918	15,648
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	42,918	15,648
Eliminations
Revenue:
Gathering, compression and water distribution	(131,986)	(49,942)
Other income	(3,825)	(276)
Total revenue	(135,811)	(50,218)
Operating expenses:
Lease operating	(40,753)
Gathering, compression, processing, and transportation	(65,877)	(50,005)
General and administrative	(356)	(213)
Accretion of contingent acquisition consideration	(3,396)
Total operating expenses	(110,382)	(50,218)
Operating income	(25,429)
Equity in net income of subsidiaries	(1,784)	(10,908)
Total other expenses	(1,784)	(10,908)
Income before income taxes	(27,213)	(10,908)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(27,213)	(10,908)
Net income and comprehensive income attributable to noncontrolling interest	15,705	4,740
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (42,918)	$ (15,648)

Subsidiary Guarantor (Details 3

Subsidiary Guarantor (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed consolidated statement of cash flows
Net cash provided by operating activities	$ 340,168	$ 351,440
Cash flows used in investing activities:
Additions to unproved properties	(28,675)	(51,541)
Drilling and completion costs	(395,185)	(569,068)
Additions to water handling and treatment systems	(37,036)	(22,126)
Additions to gathering systems and facilities	(48,686)	(125,988)
Additions to other property and equipment	(541)	(2,103)
Change in other assets	(9,172)	(8,410)
Proceeds from asset sales		40,000
Net cash used in investing activities	(519,295)	(739,236)
Cash flows from financing activities:
Issuance of common stock		537,875
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	178,000
Issuance of senior notes		750,000
Borrowings (repayments) on bank credit facility, net	33,000	(940,000)
Payments of deferred financing costs	(64)	(15,022)
Distributions to noncontrolling interest in consolidated subsidiary	(14,013)	(4,338)
Payments Related to Tax Withholding for Share-based Compensation	(117)	(46)
Other	(1,282)	(1,161)
Net cash provided by financing activities	195,524	327,308
Net increase (decrease) in cash and cash equivalents	16,397	(60,488)
Cash and cash equivalents, beginning of period	23,473	245,979
Cash and cash equivalents, end of period	39,870	185,491
Reportable legal entity | Antero Resources Corp
Condensed consolidated statement of cash flows
Net cash provided by operating activities	257,820	311,705
Cash flows used in investing activities:
Additions to unproved properties	(28,675)	(51,541)
Drilling and completion costs	(395,185)	(569,068)
Additions to water handling and treatment systems		(22,126)
Additions to gathering systems and facilities		(40,251)
Additions to other property and equipment	(541)	(2,103)
Change in other assets	98	(895)
Net distributions (to) from guarantor subsidiary		20,000
Distributions from non-guarantor subsidiary	25,712	9,984
Proceeds from asset sales		40,000
Net cash used in investing activities	(398,591)	(616,000)
Cash flows from financing activities:
Issuance of common stock		537,875
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	178,000
Issuance of senior notes		750,000
Borrowings (repayments) on bank credit facility, net	(27,000)	(960,000)
Payments of deferred financing costs	(64)	(15,008)
Payments Related to Tax Withholding for Share-based Compensation	(117)	(46)
Other	(1,246)	(1,161)
Net cash provided by financing activities	149,573	311,660
Net increase (decrease) in cash and cash equivalents	8,802	7,365
Cash and cash equivalents, beginning of period	16,590	15,787
Cash and cash equivalents, end of period	25,392	23,152
Reportable legal entity | Guarantor Subsidiaries
Cash flows from financing activities:
Borrowings (repayments) on bank credit facility, net		20,000
Distributions to noncontrolling interest in consolidated subsidiary		(20,000)
Reportable legal entity | Non-Guarantor Subsidiaries
Condensed consolidated statement of cash flows
Net cash provided by operating activities	82,348	39,735
Cash flows used in investing activities:
Additions to water handling and treatment systems	(37,036)
Additions to gathering systems and facilities	(48,686)	(85,737)
Change in other assets	(9,270)	(7,515)
Net cash used in investing activities	(94,992)	(93,252)
Cash flows from financing activities:
Borrowings (repayments) on bank credit facility, net	60,000
Payments of deferred financing costs		(14)
Distributions to noncontrolling interest in consolidated subsidiary	(39,725)	(14,322)
Other	(36)
Net cash provided by financing activities	20,239	(14,336)
Net increase (decrease) in cash and cash equivalents	7,595	(67,853)
Cash and cash equivalents, beginning of period	6,883	230,192
Cash and cash equivalents, end of period	14,478	162,339
Eliminations
Cash flows used in investing activities:
Net distributions (to) from guarantor subsidiary		(20,000)
Distributions from non-guarantor subsidiary	(25,712)	(9,984)
Net cash used in investing activities	(25,712)	(29,984)
Cash flows from financing activities:
Distributions to noncontrolling interest in consolidated subsidiary	25,712	29,984
Net cash provided by financing activities	$ 25,712	$ 29,984

Commitments (Detail)

Commitments (Detail) $ in Millions	Mar. 31, 2016USD ($)
Future minimum payments
2,017	$ 985
2,018	1,194
2,019	1,178
2,020	1,262
2,021	1,272
Thereafter	11,620
Total	17,511
Firm transportation
Future minimum payments
2,017	482
2,018	784
2,019	942
2,020	1,067
2,021	1,079
Thereafter	10,761
Total	15,115
Processing, gathering and compression
Future minimum payments
2,017	332
2,018	326
2,019	223
2,020	186
2,021	186
Thereafter	829
Total	2,082
Drilling rigs and frac services
Future minimum payments
2,017	158
2,018	72
2,019	2
Total	232
Office and equipment
Future minimum payments
2,017	13
2,018	12
2,019	11
2,020	9
2,021	7
Thereafter	30
Total	$ 82