Antero Resources (AR) 10-Q 26 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 21, 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	Sep. 30, 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		313,937,299
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 18,512	$ 23,473	$ 27,410	$ 245,979
Accounts receivable, net of allowance for doubtful accounts of $1,195 in 2015 and 2016	59,462	79,404
Accrued revenue	196,490	128,242
Derivative instruments	417,605	1,009,030
Other current assets	3,402	8,087
Total current assets	695,471	1,248,236
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,449,995	1,996,081
Proved properties	9,180,705	8,211,106
Water handling and treatment systems	681,062	565,616
Gathering systems and facilities	1,656,676	1,502,396
Other property and equipment	45,571	46,415
Property and equipment, gross	14,014,009	12,321,614
Less accumulated depletion, depreciation, and amortization	(2,176,793)	(1,589,372)
Property and equipment, net	11,837,216	10,732,242
Derivative instruments	2,015,090	2,108,450
Other assets	81,476	26,565
Total assets	14,629,253	14,115,493
Current liabilities:
Accounts payable	172,293	364,160
Accrued liabilities	245,174	194,076
Revenue distributions payable	172,202	129,949
Derivative instruments	3,110
Other current liabilities	19,125	19,085
Total current liabilities	611,904	707,270
Long-term liabilities:
Long-term debt	4,759,904	4,668,782
Deferred income tax liability	1,215,240	1,370,686
Derivative instruments	40
Other liabilities	61,883	82,077
Total liabilities	6,648,971	6,828,815
Equity:
Common stock, $0.01 par value; authorized - 1,000,000 shares; issued and outstanding 277,036 shares and 307,188 shares, respectively	3,072	2,770
Additional paid-in capital	5,131,909	4,122,811
Accumulated earnings	1,445,767	1,808,811
Total stockholders' equity	6,580,748	5,934,392
Noncontrolling interest in consolidated subsidiary	1,399,534	1,352,286
Total equity	7,980,282	7,286,678
Total liabilities and equity	$ 14,629,253	$ 14,115,493

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 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	307,188,000	277,036,000
Common stock, shares outstanding	307,188,000	277,036,000
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Natural gas sales	$ 364,373	$ 253,975	$ 848,936	$ 810,982
Natural gas liquids sales	106,958	50,092	274,736	188,403
Oil sales	14,793	20,138	41,712	55,627
Gathering, compression, and water handling and treatment	2,969	4,426	10,107	15,084
Marketing	97,076	35,633	287,194	143,242
Commodity derivative fair value gains	530,334	1,079,071	125,624	1,836,398
Total revenue	1,116,503	1,443,335	1,588,309	3,049,736
Operating expenses:
Lease operating	13,854	10,786	37,190	25,561
Gathering, compression, processing, and transportation	234,915	160,302	649,713	490,633
Production and ad valorem taxes	15,554	10,721	52,296	57,458
Marketing	114,611	61,799	378,521	214,201
Exploration	1,166	1,087	3,289	3,086
Impairment of unproved properties	11,753	8,754	47,223	43,670
Depletion, depreciation, and amortization	199,113	188,667	588,057	548,013
Accretion of asset retirement obligations	628	419	1,846	1,227
General and administrative	57,577	59,685	173,966	177,925
Contract termination and rig stacking				10,902
Total operating expenses	649,171	502,220	1,932,101	1,572,676
Operating income	467,332	941,115	(343,792)	1,477,060
Other income (expenses):
Equity in earnings of unconsolidated affiliate	1,543		2,027
Interest	(59,755)	(60,921)	(185,634)	(173,929)
Total other expenses	(58,212)	(60,921)	(183,607)	(173,929)
Income (loss) before income taxes	409,120	880,194	(527,399)	1,303,131
Provision for income tax (expense) benefit	(140,924)	(335,460)	230,755	(498,709)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	268,196	544,734	(296,644)	804,422
Net income and comprehensive income attributable to noncontrolling interest	29,941	10,892	66,400	21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 238,255	$ 533,842	$ (363,044)	$ 782,900
Earnings (loss) per common share:
Earnings per common share - basic	$ 0.78	$ 1.93	$ (1.26)	$ 2.87
Earnings (loss) per common share assuming dilution:
Earnings per common share—assuming dilution	$ 0.77	$ 1.93	$ (1.26)	$ 2.87
Weighted average number of shares outstanding
Basic (in shares)	306,785	277,007	288,607	273,145
Diluted (in shares)	308,657	277,015	288,607	273,154

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 26,381	$ 23,915	$ 75,667	$ 79,280

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Accumulated (deficit) 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 shares of common stock in public offering, net of underwriter discounts and offering costs	$ 298	837,116			837,414
Issuance of shares of common stock in public offering, net of underwriter discounts and offering costs (in shares)	29,762
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 4	(4,863)			(4,859)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	390
Sale of common units of Antero Midstream Partners LP held by Antero Resources Corporation		107,257		6,419	113,676
Equity-based compensation		69,746		5,921	75,667
Issuance of common units by subsidiary - Antero Midstream Partners LP				19,605	19,605
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(158)		141	(17)
Net income (loss) and including noncontrolling interest			(363,044)	66,400	(296,644)
Distributions to non-controlling interests				(51,238)	(51,238)
Balances at Sep. 30, 2016	$ 3,072	$ 5,131,909	$ 1,445,767	$ 1,399,534	$ 7,980,282
Shares Issued, Ending Balance at Sep. 30, 2016	307,188

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ (296,644)	$ 804,422
Adjustment to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	589,903	549,240
Impairment of unproved properties	47,223	43,670
Derivative fair value (gains) losses	(125,624)	(1,836,398)
Gains (losses) on settled derivatives	813,559	586,639
Deferred income tax expense (benefit)	(230,755)	498,709
Equity in earnings of unconsolidated affiliate	(2,027)
Equity-based compensation expense	75,667	79,280
Other	(1,544)	12,129
Changes in current assets and liabilities:
Accounts receivable	10,077	15,299
Accrued revenue	(68,248)	75,765
Other current assets	4,685	4,127
Accounts payable	(7,415)	(1,302)
Accrued liabilities	54,484	34,091
Revenue distributions payable	42,253	(20,839)
Other current liabilities	103	(3,678)
Net cash provided by operating activities	905,697	841,154
Cash flows used in investing activities:
Additions to proved properties	(64,789)
Additions to unproved properties	(559,572)	(170,291)
Drilling and completion costs	(1,009,851)	(1,350,498)
Additions to water handling and treatment systems	(137,355)	(79,227)
Additions to gathering systems and facilities	(154,136)	(282,813)
Additions to other property and equipment	(1,747)	(5,225)
Investment in unconsolidated affiliate	(45,044)
Change in other assets	(2,173)	11,190
Proceeds from asset sales		40,000
Net cash used in investing activities	(1,974,667)	(1,836,864)
Cash flows from financing activities:
Issuance of common stock	837,414	537,832
Issuance of common units by Antero Midstream Partners LP	19,605	240,972
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	178,000
Issuance of senior notes	650,000	750,000
Repayments on bank credit facility, net	(552,000)	(705,000)
Payments of deferred financing costs	(9,029)	(17,190)
Distributions to noncontrolling interest in consolidated subsidiary	(51,238)	(21,358)
Employee tax withholding for settlement of equity compensation awards	(4,876)	(4,554)
Other	(3,867)	(3,561)
Net cash provided by financing activities	1,064,009	777,141
Net increase (decrease) in cash and cash equivalents	(4,961)	(218,569)
Cash and cash equivalents, beginning of period	23,473	245,979
Cash and cash equivalents, end of period	18,512	27,410
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	132,928	116,579
Supplemental disclosure of noncash investing activities:
Decrease in accounts payable and accrued liabilities for additions to property and equipment	$ (189,234)	$ (193,288)

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization
Organization	(1) (a) 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” or “the Partnership”), 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	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) (a) 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 December 31, 2015 and September 30, 2016, the results of its operations for the three and nine months ended September 30, 2015 and 2016, and its cash flows for the nine months ended September 30, 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 September 30, 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, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified except for the following items: · On October 7, 2016, the Company issued 6,730,769 shares of the Company’s common stock in a private placement, resulting in gross proceeds of approximately $175 million. The Company used the proceeds to repay a portion of outstanding borrowings under its revolving credit facility and for general corporate purposes. · On October 12, 2016, Antero Midstream declared a distribution of $0.265 per unit that will be paid in November 2016. · As discussed in note 4(a), in October 2016 the borrowing base under the Company’s revolving credit facility was increased from $4.5 billion to $4.75 billion. (b) The accompanying condensed consolidated financial statements include the accounts of Antero, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities for 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 and directors that serve on the board of directors of Antero Midstream’s general partner. All significant intercompany accounts and transactions have been eliminated in the Company’s condensed consolidated financial statements. Noncontrolling interest in the Company’s condensed consolidated financial statements represents the interests in Antero Midstream which are owned by the public and 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 condensed consolidated balance sheets. Investments in entities for which the Company exercises significant influence, but not control, are accounted for under the equity method. Such investments are included in other assets on the Company’s condensed consolidated balance sheets. Income from such investments is included in equity in earnings of unconsolidated affiliate on the Company’s condensed consolidated statements of operations and cash flows. (c) 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) Historically, the markets for natural gas, NGLs, and oil have experienced significant price fluctuations. Price fluctuations can result from variations in weather, regional levels of production, 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) In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, which may include commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements related to the price risk associated with a portion of the Company’s 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 Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative position. The Company records derivative instruments on the condensed 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, including gains or losses on settled 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. (f) 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. (g) Earnings (loss) per common share —basic for each period is computed by dividing net income (loss) attributable to Antero by the basic weighted average number of shares outstanding during such period. Earnings (loss) per common share—assuming dilution for each period is computed giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2016 2015 2016 Basic weighted average number of shares outstanding Add: Dilutive effect of non-vested 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. (h) On March 30, 2016, the Financial Accounting Standards Board (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 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 nine months ended September 30, 2015 is as follows (in thousands): As Previously Reported As Adjusted Nine Months Ended September 30, 2015 Adjustment Nine Months Ended September 30, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Antero Midstream Partners LP

Antero Midstream Partners LP	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Antero Midstream Partners LP	(3) 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, 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 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 under construction 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 of its Antero Midstream common units for $178 million. The sale of the units is reflected in stockholders’ equity as additional paid-in capital, net of taxes. On May 26, 2016, Antero Midstream purchased a 15% equity interest in a regional gathering pipeline, in which Antero is an anchor shipper, for approximately $45 million. This investment is accounted for under the equity method. During the third quarter of 2016, the Partnership entered into an Equity Distribution Agreement (the “Distribution Agreement”). Pursuant to the terms of the agreement, the Partnership may sell, from time to time through brokers acting as its sales agents, common units representing limited partner interests having an aggregate offering price of up to $250 million. Sales of the common units are made by means of ordinary brokers’ transactions on the New York Stock Exchange, at market prices, in block transactions, or as otherwise agreed to between the Partnership and the sales agents. Proceeds are used for general partnership purposes, which may include repayment of indebtedness and funding working capital or capital expenditures. The Partnership is under no obligation to offer and sell common units under the Distribution Agreement. During the three months ended September 30, 2016, the Partnership issued and sold 764,739 common units under the Distribution Agreement, resulting in net proceeds of $19.6 million after deducting commissions and other offering costs. The Partnership used the net proceeds from the sales for general partnership purposes. As of September 30, 2016, Antero Midstream had the capacity to issue additional common units under the Distribution Agreement up to an aggregate sales price of $229.8 million. Antero owned approximately 66.3% and 61.5% of the limited partner interests of Antero Midstream at December 31, 2015 and September 30, 2016, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2016
Long-Term Debt.
Long-Term Debt	(4) Long-Term Debt Long-term debt was as follows at December 31, 2015 and September 30, 2016 (in thousands): December 31, 2015 September 30, 2016 Antero: Bank credit facility(a) $ 6.00% senior notes due 2020(b) 5.375% senior notes due 2021(c) 5.125% senior notes due 2022(d) 5.625% senior notes due 2023(e) Net unamortized premium Net unamortized debt issuance costs Antero Midstream: Bank credit facility(g) 5.375% senior notes due 2024 (h) — Net unamortized debt issuance costs — $ Antero Resources Corporation (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 September 30, 2016, the borrowing base was $4.5 billion and lender commitments were $4.0 billion. In October 2016, the borrowing base was increased to $4.75 billion, and lender commitments remain at $4.0 billion. The next redetermination of the borrowing base is scheduled to occur in April 2017. 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 the 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 September 30, 2016. As of September 30, 2016, Antero had a total outstanding balance under the Credit Facility of $605 million, with a weighted average interest rate of 2.31%, and outstanding letters of credit of $709 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) 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 and unpaid interest. (c) 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 and unpaid 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 and unpaid 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 and unpaid interest. (d) 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 and unpaid 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 accrued and unpaid 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 and unpaid interest. (e) 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 and unpaid 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 and unpaid interest. 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 and unpaid interest. (f) 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, 2017. At December 31, 2015 and September 30, 2016, there were no outstanding borrowings under this note Antero Midstream Partners LP (g) Senior Secured Revolving Credit Facility – Antero Midstream Antero Midstream has a secured revolving credit facility (the “Midstream Facility”) with a syndicate of bank lenders. At September 30, 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 September 30, 2016. As of September 30, 2016, Antero Midstream had an outstanding balance under the Midstream Facility of $170 million with a weighted average interest rate of 2.03%. 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. (h) 5.375% Senior Notes Due 2024 – Antero Midstream On September 13, 2016, Antero Midstream and its wholly-owned subsidiary, Antero Midstream Finance Corporation (“Midstream Finance Corp.”) as co-issuers, issued $650 million in aggregate principal amount of 5.375% senior notes due September 15, 2024 (the “2024 Midstream notes”) at par. The 2024 Midstream notes are unsecured and effectively subordinated to the Midstream Facility to the extent of the value of the collateral securing the Midstream Facility. The 2024 Midstream notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Midstream’s wholly-owned subsidiaries, excluding Midstream Finance Corp., and certain of Antero Midstream’s future restricted subsidiaries. Interest on the 2024 Midstream notes is payable on March 15 and September 15 of each year. Antero Midstream may redeem all or part of the 2024 Midstream notes at any time on or after September 15, 2019 at redemption prices ranging from 104.031% on or after September 15, 2019 to 100.00% on or after September 15, 2022. In addition, prior to September 15, 2019, Antero Midstream may redeem up to 35% of the aggregate principal amount of the 2024 Midstream notes with an amount of cash not greater than 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 2024 Midstream notes, plus accrued and unpaid interest. At any time prior to September 15, 2019, Antero Midstream may also redeem the 2024 Midstream notes, in whole or in part, at a price equal to 100% of the principal amount of the 2024 Midstream notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream undergoes a change of control, the holders of the 2024 Midstream notes will have the right to require Antero Midstream to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2024 Midstream notes, plus accrued and unpaid interest.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2016
Asset Retirement Obligations
Asset Retirement Obligations	(5) The following is a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2016 (in thousands): Asset retirement obligations—December 31, 2015 $ Obligations incurred for wells drilled and producing properties acquired Accretion expense Asset retirement obligations—September 30, 2016 $ Asset retirement obligations are included in other liabilities on the condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 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 7,809,464 shares were available for future grant under the Plan as of September 30, 2016. Antero Midstream’s general partner is authorized to grant up to 10,000,000 common units representing limited partner interests in Antero Midstream under the Antero Midstream Partners LP Long-Term Incentive Plan (the “Midstream Plan”) to 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). A total of 7,737,934 common units were available for future grant under the Midstream Plan as of September 30, 2016. The Company’s equity-based compensation expense was as follows for the three and nine months ended September 30, 2015 and 2016 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2016 2015 2016 Profits interests awards $ — $ — Restricted stock unit awards Stock options Performance share unit awards — — Antero Midstream phantom unit awards Equity awards issued to directors Total expense $ $ Profits Interests Awards The profits interest awards were fully vested as of December 31, 2015. 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 for the nine months ended September 30, 2016 is as follows: Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—September 30, 2016 $ $ Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. Unamortized expense of $149.4 million at September 30, 2016 is expected to be recognized over a weighted average period of approximately 2.2 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 nine months ended September 30, 2016 is as follows: Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2015 $ $ — Granted — $ — Exercised — — Forfeited $ Expired — — Outstanding at September 30, 2016 $ $ — Vested or expected to vest as of September 30, 2016 $ $ — Exercisable at September 30, 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. As of September 30, 2016, there was $6.0 million of unamortized equity-based compensation expense related to nonvested stock options. That expense is expected to be recognized over a weighted average period of approximately 2.5 years. Performance Share Unit Awards Performance Share Unit Awards Based on Price Targets In the first quarter of 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers. These 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 these PSUs is recognized on a graded basis over three years. Performance Share Unit Awards Based on Total Shareholder Return In the second quarter of 2016, the Company granted PSUs to certain of its employees and executive officers which vest based on the total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of a peer group of companies over a three-year performance period. The number of performance shares which may ultimately be earned ranges from zero to 200% of the PSUs granted. Summary Information for Performance Share Unit Awards A summary of PSU activity for the nine months ended September 30, 2016 is as follows: Number of Weighted Total awarded and unvested—December 31, 2015 — $ — Granted $ Vested — $ — Forfeited $ Total awarded and unvested—September 30, 2016 $ The grant-date fair values of PSUs were determined using Monte Carlo simulations, which use a probabilistic approach for estimating the fair values of the awards. Expected volatilities were 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 remaining terms corresponding to the service periods of the PSUs. A dividend yield of zero was assumed. The following table presents information regarding the weighted average fair value for PSUs granted during the nine months ended September 30, 2016 and the assumptions used to determine the fair values. Nine months ended September 30, 2016 Dividend yield — % Volatility % Risk-free interest rate % Weighted average fair value of awards granted $ As of September 30, 2016, there was $17.3 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 2.2 years. Antero Midstream Partners Phantom Unit Awards 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 phantom units. These 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 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 phantom unit awards activity for the nine months ended September 30, 2016 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—September 30, 2016 $ $ Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. Unamortized expense of $37.5 million at September 30, 2016 is expected to be recognized over a weighted average period of approximately 2.3 years.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2016
Financial Instruments
Financial Instruments	(7) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2015 and September 30, 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 September 30, 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 $3.4 billion at September 30, 2016. Based on Level 2 market data inputs, the fair value of Antero Midstream’s senior notes was approximately $656 million at September 30, 2016. See note 8 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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. The Company was party to various fixed price commodity swap contracts that settled during the nine months ended September 30, 2015 and 2016. The Company enters into these swap contracts when management believes that favorable future sales prices for the Company’s production can be secured. Under these swap agreements, when actual commodity prices exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices are below the contractually provided fixed price, the Company receives the difference from the counterparty. In addition to fixed price swap contracts, 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 at which the Company sells a portion of its natural gas production. The Company’s derivative swap contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of September 30, 2016, the Company’s fixed price natural gas and NGLs swap contracts from October 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-Ethane=Mont Belvieu Purity Ethane; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending December 31, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-Propane ($/Gallon) — $ Total Year ending December 31, 2017: NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ CCG ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-Ethane ($/Gallon) — — $ Mont Belvieu-Propane ($/Gallon) — — $ Total Year ending December 31, 2018: NYMEX ($/MMBtu) — $ Mont Belvieu-Propane ($/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 September 30, 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 Hedged Three months ending December 31, 2016: $ Year ending December 31, 2017: $ As of September 30, 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 Hedged Three months ending December 31, 2016: $ Year ending December 31, 2017: $ (b) 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 September 30, 2016. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2015 September 30, 2016 Balance sheet Fair value Balance sheet 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 September 30, 2016 Gross Gross amounts Net amounts of assets on balance sheet Gross Gross amounts Net amounts of assets (liabilities) 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 the three and nine months ended September 30, 2015 and 2016 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2015 2016 2015 2016 Commodity derivative fair value gains Revenue $ $ The fair value of commodity derivative instruments was determined using Level 2 inputs.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2016, the Company estimates that it is owed approximately $51 million more than SJGC has paid using the indexes unilaterally selected by them. The Company and Washington Gas Light Company and WGL Midstream, Inc. (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. The matter has been 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. 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	9 Months Ended
	Sep. 30, 2016
Contingencies
Contract Termination and Rig Stacking	(10) Contract Termination and Rig Stacking During the nine months ended September 30, 2015, the Company incurred $10.9 million of costs, respectively, for the delay or cancelation of drilling contracts with third-party contractors. There were no such costs incurred during the nine months ended September 30, 2016.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Information
Segment Information	(11) See note 2(f) 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 the nature of the expenses and on a combination of the segments’ proportionate share of the Company’s consolidated property and equipment, capital expenditures, and labor costs, as applicable. General and administrative expenses related to the marketing segment are not allocated because they are immaterial. Other income, income taxes, and interest expense are primarily managed and evaluated on a consolidated basis. Intersegment sales 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 nine months ended September 30, 2015 and 2016 (in thousands): Exploration Gathering and Water Marketing Elimination of Consolidated Three months ended September 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — Exploration Gathering and Water Marketing Elimination of Consolidated Three months ended September 30, 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 $ — The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2015 and 2016 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016, and the related Condensed Consolidating Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2015 and 2016 and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 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 Non-Guarantor 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 September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor 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 — — — Derivative instruments — — — 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 September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water handling and treatment — Marketing — — — Commodity derivative fair value losses — — — 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 — 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 Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water handling and treatment — — Marketing — — — Commodity derivative fair value losses — — — 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): Equity in earnings of unconsolidated affiliate — — — Interest — Equity in net income (loss) 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 Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor 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) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor 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 (loss) — Other income (expenses): Equity in earnings of unconsolidated affiliate — — — Interest — Equity in net income of subsidiaries — — — Total other expenses — Income (loss) before income taxes — Provision for income tax benefit — — — Net income (loss) and comprehensive income (loss) including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ — Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor 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 to guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from contribution of assets to non-guarantor subsidiary — — — Proceeds from asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of common units by Antero Midstream Partners LP — — — 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 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 Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ — Cash flows used in investing activities: Additions to proved properties — — — 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 — — — Investments in unconsolidated affiliates — — — Change in other assets — — Net distributions from subsidiaries — — — Net cash used in investing activities — Cash flows provided by financing activities: Issuance of common stock — — — Issuance of common units by Antero Midstream Partners LP — — — Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation — — — Issuance of senior notes — — — 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 (decrease) in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Commitments

Commitments	9 Months Ended
	Sep. 30, 2016
Commitments
Commitments	(13) The following is a schedule of future minimum payments for firm transportation, drilling rig and completion services, 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 September 30, 2016 (in millions): Firm Processing, Drilling rigs and completion Office and equipment (a) (b) (c) (d) Total Remainder of 2016 $ 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 are based on the Company’s minimum daily volumes at the reservation fee rate. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the 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 values in the table also include Antero Midstream’s commitments for the construction of its advanced waste water treatment complex. 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 completion 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)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Basis of Presentation	(a) 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 December 31, 2015 and September 30, 2016, the results of its operations for the three and nine months ended September 30, 2015 and 2016, and its cash flows for the nine months ended September 30, 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 September 30, 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, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified except for the following items: · On October 7, 2016, the Company issued 6,730,769 shares of the Company’s common stock in a private placement, resulting in gross proceeds of approximately $175 million. The Company used the proceeds to repay a portion of outstanding borrowings under its revolving credit facility and for general corporate purposes. · On October 12, 2016, Antero Midstream declared a distribution of $0.265 per unit that will be paid in November 2016. · As discussed in note 4(a), in October 2016 the borrowing base under the Company’s revolving credit facility was increased from $4.5 billion to $4.75 billion.
Principles of Consolidation	(b) The accompanying condensed consolidated financial statements include the accounts of Antero, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities for 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 and directors that serve on the board of directors of Antero Midstream’s general partner. All significant intercompany accounts and transactions have been eliminated in the Company’s condensed consolidated financial statements. Noncontrolling interest in the Company’s condensed consolidated financial statements represents the interests in Antero Midstream which are owned by the public and 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 condensed consolidated balance sheets. Investments in entities for which the Company exercises significant influence, but not control, are accounted for under the equity method. Such investments are included in other assets on the Company’s condensed consolidated balance sheets. Income from such investments is included in equity in earnings of unconsolidated affiliate on the Company’s condensed consolidated statements of operations and cash flows.
Use of Estimates	(c) 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) Historically, the markets for natural gas, NGLs, and oil have experienced significant price fluctuations. Price fluctuations can result from variations in weather, regional levels of production, 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.
Derivative Financial Instruments	(e) In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, which may include commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements related to the price risk associated with a portion of the Company’s 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 Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative position. The Company records derivative instruments on the condensed 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, including gains or losses on settled 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.
Industry Segments and Geographic Information	(f) 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.
Adoption of New Accounting Principle	(h) On March 30, 2016, the Financial Accounting Standards Board (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 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 nine months ended September 30, 2015 is as follows (in thousands): As Previously Reported As Adjusted Nine Months Ended September 30, 2015 Adjustment Nine Months Ended September 30, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three months ended September 30, Nine months ended September 30, 2015 2016 2015 2016 Basic weighted average number of shares outstanding Add: Dilutive effect of non-vested 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 early adoption of new accounting pronouncement	As Previously Reported As Adjusted Nine Months Ended September 30, 2015 Adjustment Nine Months Ended September 30, 2015 Changes in accrued liabilities $ Employee tax withholding for settlement of equity compensation awards —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2015 and September 30, 2016 (in thousands): December 31, 2015 September 30, 2016 Antero: Bank credit facility(a) $ 6.00% senior notes due 2020(b) 5.375% senior notes due 2021(c) 5.125% senior notes due 2022(d) 5.625% senior notes due 2023(e) Net unamortized premium Net unamortized debt issuance costs Antero Midstream: Bank credit facility(g) 5.375% senior notes due 2024 (h) — Net unamortized debt issuance costs — $

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 (in thousands): Asset retirement obligations—December 31, 2015 $ Obligations incurred for wells drilled and producing properties acquired Accretion expense Asset retirement obligations—September 30, 2016 $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense was as follows for the three and nine months ended September 30, 2015 and 2016 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2016 2015 2016 Profits interests awards $ — $ — Restricted stock unit awards Stock options Performance share unit awards — — Antero Midstream phantom unit awards Equity awards issued to directors Total expense $ $
Summary of restricted stock and restricted stock unit awards activity	Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—September 30, 2016 $ $
Summary of stock option activity	Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2015 $ $ — Granted — $ — Exercised — — Forfeited $ Expired — — Outstanding at September 30, 2016 $ $ — Vested or expected to vest as of September 30, 2016 $ $ — Exercisable at September 30, 2016 $ $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2015 — $ — Granted $ Vested — $ — Forfeited $ Total awarded and unvested—September 30, 2016 $
Schedule of weighted average fair value assumptions used for PSUs granted	Nine months ended September 30, 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 Weighted Aggregate Total awarded and unvested—December 31, 2015 $ $ Granted $ Vested $ Forfeited $ Total awarded and unvested—September 30, 2016 $ $

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of outstanding commodity derivatives	As of September 30, 2016, the Company’s fixed price natural gas and NGLs swap contracts from October 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-Ethane=Mont Belvieu Purity Ethane; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending December 31, 2016: TCO ($/MMBtu) — $ Dominion South ($/MMBtu) — $ NYMEX ($/MMBtu) — $ CGTLA ($/MMBtu) — $ Mont Belvieu-Propane ($/Gallon) — $ Total Year ending December 31, 2017: NYMEX ($/MMBtu) — — $ CGTLA ($/MMBtu) — — $ CCG ($/MMBtu) — — $ NYMEX-WTI ($/Bbl) — — $ Mont Belvieu-Ethane ($/Gallon) — — $ Mont Belvieu-Propane ($/Gallon) — — $ Total Year ending December 31, 2018: NYMEX ($/MMBtu) — $ Mont Belvieu-Propane ($/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 September 30, 2016 Balance sheet Fair value Balance sheet 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 September 30, 2016 Gross Gross amounts Net amounts of assets on balance sheet Gross Gross amounts Net amounts of assets (liabilities) on balance sheet Commodity derivative assets $ $ Commodity derivative liabilities $ — — — $
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2016 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2015 2016 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 Hedged Three months ending December 31, 2016: $ Year ending December 31, 2017: $
NYMEXminusTCO
Tabular disclosure of pertinent information about 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 Hedged Three months ending December 31, 2016: $ Year ending December 31, 2017: $

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2015 and 2016 (in thousands): Exploration Gathering and Water Marketing Elimination of Consolidated Three months ended September 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — Exploration Gathering and Water Marketing Elimination of Consolidated Three months ended September 30, 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 $ — The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2015 and 2016 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2015: Sales and revenues: Third-party $ — Intersegment — — Total $ Operating expenses: Lease operating $ — — Gathering, compression, processing, and transportation — — Depletion, depreciation, and amortization — — General and administrative expense — Other operating expenses — Total Operating income (loss) $ Segment assets $ Capital expenditures for segment assets $ — Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2016
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheets December 31, 2015 (In thousands) Parent Guarantor Non-Guarantor 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 September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor 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 — — — Derivative instruments — — — 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 September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water handling and treatment — Marketing — — — Commodity derivative fair value losses — — — 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 — 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 Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ — — — Natural gas liquids sales — — — Oil sales — — — Gathering, compression, and water handling and treatment — — Marketing — — — Commodity derivative fair value losses — — — 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): Equity in earnings of unconsolidated affiliate — — — Interest — Equity in net income (loss) 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 Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor 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) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor 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 (loss) — Other income (expenses): Equity in earnings of unconsolidated affiliate — — — Interest — Equity in net income of subsidiaries — — — Total other expenses — Income (loss) before income taxes — Provision for income tax benefit — — — Net income (loss) and comprehensive income (loss) including noncontrolling interest — Net income and comprehensive income attributable to noncontrolling interest — — — Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ —
Condensed Cash Flow Statement [Table Text Block]	Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Non-Guarantor 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 to guarantor subsidiary — — — Distributions from non-guarantor subsidiary — — — Proceeds from contribution of assets to non-guarantor subsidiary — — — Proceeds from asset sales — — — Net cash used in investing activities — Cash flows provided by (used in) financing activities: Issuance of common stock — — — Issuance of common units by Antero Midstream Partners LP — — — 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 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 Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ — Cash flows used in investing activities: Additions to proved properties — — — 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 — — — Investments in unconsolidated affiliates — — — Change in other assets — — Net distributions from subsidiaries — — — Net cash used in investing activities — Cash flows provided by financing activities: Issuance of common stock — — — Issuance of common units by Antero Midstream Partners LP — — — Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation — — — Issuance of senior notes — — — 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 (decrease) in cash and cash equivalents — — Cash and cash equivalents, beginning of period — — Cash and cash equivalents, end of period $ — —

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Fair Value of Derivative Contracts (Details) - USD ($)	Oct. 12, 2016	Oct. 07, 2016	Sep. 30, 2016	Sep. 30, 2015	Oct. 24, 2016
Basis of Presentation
Other comprehensive income (loss)			$ 0	$ 0
Proceeds from issuance of stock			837,414,000
Subsequent event
Basis of Presentation
Sale of common stock (in shares)		6,730,769
Proceeds from issuance of stock		$ 175,000,000
Bank credit facility
Basis of Presentation
Current borrowing base			4,500,000,000
Bank credit facility | Subsequent event
Basis of Presentation
Current borrowing base					$ 4,750,000,000
Antero Resources Corp | Bank credit facility
Basis of Presentation
Current borrowing base			$ 4,500,000,000
Antero Resources Corp | Bank credit facility | Subsequent event
Basis of Presentation
Current borrowing base					$ 4,750,000,000
Antero Midstream Partners LP | Subsequent event
Basis of Presentation
Distribution per unit	$ 0.265

Summary of Significant Accoun30

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Earnings per share
Weighted Average Number of Shares Outstanding, Basic	306,785	277,007	288,607	273,145
Weighted Average Number of Shares Outstanding, Diluted	308,657	277,015	288,607	273,154
Other Assets, Noncurrent	$ 81,476		$ 81,476		$ 26,565
Long-term debt	$ 4,759,904		4,759,904		$ 4,668,782
Changes in accrued liabilities			54,484	$ 34,091
Employee tax withholding for settlement of equity compensation awards			$ (4,876)	(4,554)
As Previously Reported
Earnings per share
Changes in accrued liabilities				29,537
Adjustment Effect
Earnings per share
Changes in accrued liabilities				4,554
Employee tax withholding for settlement of equity compensation awards				$ (4,554)
Restricted stock and restricted stock unit
Earnings per share
Dilutive effect of equity awards (in shares)	1,835	8		9
Weighted Average Anti-dilutive Awards	1,251	2,483	6,899	2,240
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	693	743	706	492
Performance share unit awards
Earnings per share
Dilutive effect of equity awards (in shares)	37
Weighted Average Anti-dilutive Awards	660		577

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	May 26, 2016USD ($)	Mar. 30, 2016USD ($)shares	Sep. 23, 2015USD ($)sharesbbl	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Dec. 31, 2015
Related Party Transaction [Line Items]
Investment in unconsolidated affiliate					$ 45,044
Sale of Antero Water LLC to Antero Midstream Partners LP
Amount borrowed on bank credit facility					(552,000)	$ (705,000)
Equity Transactions
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation					$ 178,000
Antero Resources Corp
Related Party Transaction [Line Items]
Antero Resources ownership in Antero Midstream					61.50%		66.30%
Equity Transactions
Number of Antero Midstream common units sold to the public by Antero Resources (in units) | shares		8,000,000
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		$ 178,000
Antero Midstream Partners LP
Related Party Transaction [Line Items]
Ownership percentage	15.00%
Investment in unconsolidated affiliate	$ 45,000
Sale of Antero Water LLC to Antero Midstream Partners LP
Cash distribution			$ 552,000
Assumed debt			$ 171,000
Common units issued | shares			10,988,421
Amount borrowed on bank credit facility			$ 525,000
Antero Midstream Partners LP | Contingent Consideration Period One
Sale of Antero Water LLC to Antero Midstream Partners LP
Contingent consideration			$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl			176,295,000
Antero Midstream Partners LP | Contingent Consideration Period Two
Sale of Antero Water LLC to Antero Midstream Partners LP
Contingent consideration			$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl			219,200,000
Antero Midstream Partners LP | Private Placement
Sale of Antero Water LLC to Antero Midstream Partners LP
Proceeds from issuance of common units			$ 241,000
Antero Midstream Partners LP | At the Market Program
Sale of Antero Water LLC to Antero Midstream Partners LP
Proceeds from issuance of common units					$ 19,600
Equity Transactions
Units sold under At the Market program (in units) | shares					764,739
Remaining capacity under equity distribution agreement				$ 229,800	$ 229,800
Antero Midstream Partners LP | Maximum | At the Market Program
Equity Transactions
Aggregate dollar amount of common units available for issuance and sale under equity distribution agreement				$ 250,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Oct. 24, 2016	Sep. 13, 2016	Dec. 31, 2015	Mar. 17, 2015	Sep. 18, 2014	May 06, 2014	Nov. 05, 2013	Feb. 04, 2013	Nov. 19, 2012
Long- term Debt
Long-term debt	$ 4,759,904,000			$ 4,668,782,000
Antero Resources Corp
Long- term Debt
Net unamortized premium	5,698,000			6,513,000
Net unamortized debt issuance costs	(35,560,000)			(39,731,000)
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs	(10,234,000)
Midstream Credit Facility Member | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt	170,000,000			$ 620,000,000
Maximum amount of the Credit Facility	$ 1,500,000,000
Weighted average interest rate (as a percent)	2.03%			1.92%
Midstream Credit Facility Member | Minimum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.25%
Midstream Credit Facility Member | Maximum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.375%
Bank credit facility
Long- term Debt
Current borrowing base	$ 4,500,000,000
Bank credit facility | Antero Resources Corp
Long- term Debt
Bank credit facility long-term debt	605,000,000			$ 707,000,000
Current borrowing base	4,500,000,000
Lender commitments	$ 4,000,000,000
Weighted average interest rate (as a percent)	2.31%			2.32%
Outstanding letters of credit	$ 709,000,000			$ 702,000,000
Bank credit facility | Minimum | Antero Resources Corp
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.375%
Bank credit facility | Maximum | Antero Resources Corp
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.50%
Bank credit facility | Subsequent event
Long- term Debt
Current borrowing base		$ 4,750,000,000
Bank credit facility | Subsequent event | Antero Resources Corp
Long- term Debt
Current borrowing base		4,750,000,000
Lender commitments		$ 4,000,000,000
6.00% senior notes due 2020 | Antero Resources Corp
Long- term Debt
Long-term notes payable	$ 525,000,000			525,000,000
Interest rate (as a percent)										6.00%
Senior notes issued									$ 225,000,000	$ 300,000,000
Issue price as percentage of par value									103.00%	100.00%
Redemption price	104.50%
Redemption price 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 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.375% senior notes due 2021 | Antero Resources Corp
Long- term Debt
Long-term notes payable	$ 1,000,000,000			1,000,000,000
Interest rate (as a percent)								5.375%
Senior notes issued								$ 1,000,000,000
Issue price as percentage of par value								100.00%
Redemption price at which notes may be required to be repurchased in event of change of control	101.00%
5.375% senior notes due 2021 | On or after November 1, 2016 | Antero Resources Corp
Long- term Debt
Redemption price	104.031%
5.375% senior notes due 2021 | On or after November 1, 2019 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.375% senior notes due 2021 | On or before November 1, 2016 | Antero Resources Corp
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%
Stand-alone revolving note | Antero Resources Corp
Long- term Debt
Maximum amount of the Credit Facility	$ 25,000,000
Outstanding balance	$ 0			0
Stand-alone revolving note | Lender's Prime Rate | Antero Resources Corp
Long- term Debt
Basis spread on variable rate (as a percent)	1.00%
5.125% senior notes due 2022 | Antero Resources Corp
Long- term Debt
Long-term notes payable	$ 1,100,000,000			1,100,000,000
Interest rate (as a percent)							5.125%
Senior notes issued						$ 500,000,000	$ 600,000,000
Issue price as percentage of par value						100.50%	100.00%
Redemption price at which notes may be required to be repurchased in event of change of control	101.00%
5.125% senior notes due 2022 | On or after June 1, 2017 | Antero Resources Corp
Long- term Debt
Redemption price	103.844%
5.125% senior notes due 2022 | On or before June 1, 2017 | Antero Resources Corp
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 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.125% senior notes due 2022 | On or after June 1, 2020 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.625% senior notes due 2023 | Antero Resources Corp
Long- term Debt
Long-term notes payable	$ 750,000,000			$ 750,000,000
Interest rate (as a percent)					5.625%
Senior notes issued					$ 750,000,000
Issue price as percentage of par value					100.00%
Redemption price 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 Before June 1, 2018 | Antero Resources Corp
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)	105.625%
5.625% senior notes due 2023 | On or after June 1, 2018 | Antero Resources Corp
Long- term Debt
Redemption price	104.219%
5.625% senior notes due 2023 | On Or After June 1, 2021 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.625% senior notes due 2023 | Prior to June 1, 2018 | Antero Resources Corp
Long- term Debt
Redemption price	100.00%
5.375% senior notes due 2024 | Antero Midstream Partners LP
Long- term Debt
Long-term notes payable	$ 650,000,000
Interest rate (as a percent)			5.375%
Senior notes issued			$ 650,000,000
Issue price as percentage of par value			100.00%
Redemption price at which notes may be required to be repurchased in event of change of control	101.00%
5.375% senior notes due 2024 | On or after September 15, 2019 | Antero Midstream Partners LP
Long- term Debt
Redemption price	104.031%
5.375% senior notes due 2024 | On or after September 15, 2022 | Antero Midstream Partners LP
Long- term Debt
Redemption price	100.00%
5.375% senior notes due 2024 | On or before September 15, 2019 | Antero Midstream Partners LP
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)	105.375%
5.375% senior notes due 2024 | Prior to September 15, 2019 | Antero Midstream Partners LP
Long- term Debt
Redemption price	100.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 30,612
Obligations incurred for wells drilled			3,945
Accretion expense	$ 628	$ 419	1,846	$ 1,227
Asset retirement obligations - end of period	$ 36,403		$ 36,403

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500		16,906,500
Number of shares available for future grant under the Plan	7,809,464		7,809,464
Equity based compensation expense recognized	$ 26,381	$ 23,915	$ 75,667	$ 79,280
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000		10,000,000
Number of shares available for future grant under the Plan	7,737,934		7,737,934
Profits interests awards
Stock-based compensation expense
Equity based compensation expense recognized		8,140		35,221
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 18,618	10,686	$ 54,231	29,357
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	2,668		6,017
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	638	743	1,939	1,514
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	3,977	4,271	11,978	12,963
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 480	$ 75	$ 1,502	$ 225

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	1,228,587
Vested (in shares) | shares	(533,512)
Forfeited (in shares) | shares	(270,382)
Total awarded and unvested at the end of the period (in shares) | shares	6,954,152
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	27.05
Vested (in dollars per share) | $ / shares	55.37
Forfeited (in dollars per share) | $ / shares	26.70
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 30.92
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 | $	187,414
Additional equity compensation to be recognized over the remaining period | $	$ 149,400
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Stock options
Outstanding at the beginning of the period (in shares)	720,887
Options forfeited (in shares)	(31,625)
Outstanding at the end of the period (in shares)	689,262	720,887
Vested or expected to vest (in shares)	689,262
Exercisable (in shares)	203,590
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)	50.46	$ 50.44
Vested or expected to vest (in dollars per share)	50.46
Exercisable (in dollars per share)	$ 50.95
Weighted average remaining contractual life
Outstanding	8 years 4 months 13 days	9 years 1 month 21 days
Vested or expected to vest	8 years 4 months 13 days
Exercisable	8 years 2 months 9 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 6
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 6 months
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) - 9 months ended Sep. 30, 2016 - USD ($) $ / shares in Units, $ in Millions	Total	Total
Performance share unit awards
Number of units
Granted (in shares)	790,890
Forfeited (in shares)	(5,589)
Total awarded and unvested at the end of the period (in shares)	785,301
Weighted average grant date fair value
Granted (in dollars per share)	$ 29.77
Forfeited (in dollars per share)	32.97
Total awarded and unvested at the end of the period (in dollars per share)	$ 29.75
Additional disclosures
Additional equity compensation to be recognized over the remaining period		$ 17.3
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 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)	45.00%
Risk-free interest rate (as a percent)	1.01%
Weighted average fair value of awards granted (in dollars per share)	$ 29.77
Weighted average fair value of awards (in dollars per share)	$ 29.75	$ 29.75
TSR performance share unit awards
Vesting period	3 years
TSR performance share unit awards | Maximum
Number of PSUs that may be earned as compared to the number of PSUs granted, as a percent	200.00%
TSR performance share unit awards | Minimum
Number of PSUs that may be earned as compared to the number of PSUs granted, as a percent	0.00%

Equity-Based Compensation - Pha

Equity-Based Compensation - Phantom Unit Awards (Details) - Antero Midstream Partners Phantom Unit Awards $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,667,832
Granted (in shares) | shares	290,254
Vested (in shares) | shares	(6,354)
Forfeited (in shares) | shares	(97,723)
Total awarded and unvested at the end of the period (in shares) | shares	1,854,009
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.97
Granted (in dollars per share) | $ / shares	21.24
Vested (in dollars per share) | $ / shares	24.98
Forfeited (in dollars per share) | $ / shares	28.63
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 27.79
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 38,060
Outstanding at the end of the period | $	49,502
Additional equity compensation to be recognized over the remaining period | $	$ 37,500
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 3 months 18 days

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Antero Resources Corp
Financial Instruments
Fair value of senior notes	$ 3,400	$ 2,600
Antero Midstream Partners LP
Financial Instruments
Fair value of senior notes	$ 656

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Sep. 30, 2016bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
TCOminusNYMEX | Three months ending December 31, 2016 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	290,000
Weighted average index price | $ / MMBTU	(0.45)
TCOminusNYMEX | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	(0.49)
NYMEXminusTCO | Three months ending December 31, 2016 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	170,000
Weighted average index price | $ / MMBTU	0.34
NYMEXminusTCO | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	0.30
Swaps | Natural gas | Three months ending December 31, 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 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 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 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)	660,000
Weighted average index price | $ / MMBTU	3.35
Swaps | Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	470,000
Weighted average index price | $ / MMBTU	3.26
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 | Natural gas liquids | Three months ending December 31, 2016
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	30,000
Swaps | Natural gas liquids | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	47,500
Swaps | Natural gas liquids | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Swaps | Ethane | Mont Belvieu-Ethane | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	20,000
Weighted average index price | $ / gal	0.25
Swaps | Propane | Mont Belvieu-Propane | 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-Propane | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	27,500
Weighted average index price | $ / gal	0.39
Swaps | Propane | Mont Belvieu-Propane | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	2,000
Weighted average index price | $ / gal	0.65
Swaps | Oil | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	1,000
Swaps | Oil | WTI-NYMEX member | Year ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	1,000
Weighted average index price | $ / bbl	51.90

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Sep. 30, 2016USD ($)item	Dec. 31, 2015USD ($)
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 417,605	$ 1,009,030
Noncurrent portion of fair value of derivative assets	2,015,090	2,108,450
Total asset derivatives	2,432,695	3,117,480
Current portion of fair value of derivative liability	3,110
Noncurrent portion of fair value of derivative liability	40
Total liability derivatives	3,150
Derivatives not designated as hedges for accounting purposes | Net fair value of commodity derivatives
Fair value of derivative instruments
Current portion of fair value of derivative assets	417,605	1,009,030
Noncurrent portion of fair value of derivative assets	2,015,090	2,108,450
Total asset derivatives	2,432,695	3,117,480
Current portion of fair value of derivative liability	3,110
Noncurrent portion of fair value of derivative liability	40
Total liability derivatives	3,150
Net derivatives	$ 2,429,545	$ 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 - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Commodity derivative assets
Gross amounts on balance sheet	$ 2,578,640	$ 3,163,639
Gross amounts offset on balance sheet	(145,945)	(46,159)
Total asset derivatives	2,432,695	$ 3,117,480
Commodity derivative liabilities
Gross amounts on balance sheet	(3,183)
Gross amounts offset on balance sheet	33
Total liability derivatives	$ (3,150)

Derivative Instruments - Fair43

Derivative Instruments - Fair value gains (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 530,334	$ 1,079,071	$ 125,624	$ 1,836,398
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 530,334	$ 1,079,071	$ 125,624	$ 1,836,398

Contingencies (Details)

Contingencies (Details) - Potential Positive Outcome of Litigation $ in Millions	Sep. 30, 2016USD ($)contractlawsuit
Contingencies
Number of lawsuits | lawsuit	2
Number of long term gas contracts | contract	2
Additional accounts receivable | $	$ 51

Contract Termination and Rig 45

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

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Sales and revenues:
Sales and revenues	$ 1,116,503	$ 1,443,335	$ 1,588,309	$ 3,049,736
Operating expenses:
Lease operating	13,854	10,786	37,190	25,561
Gathering, compression, processing, and transportation	234,915	160,302	649,713	490,633
Depletion, depreciation, and amortization	199,113	188,667	588,057	548,013
General and administrative expense	57,577	59,685	173,966	177,925
Total operating expenses	649,171	502,220	1,932,101	1,572,676
Operating income (loss)	467,332	941,115	(343,792)	1,477,060
Segment assets	14,629,253		14,629,253		$ 14,115,493
Exploration and production
Sales and revenues:
Sales and revenues	1,020,448	1,403,673	1,302,722	2,892,435
Gathering and compression
Sales and revenues:
Sales and revenues	78,064	59,258	219,607	168,094
Fresh Water Distribution
Sales and revenues:
Sales and revenues	72,411	22,446	203,750	87,537
Marketing
Sales and revenues:
Sales and revenues	97,076	35,633	287,194	143,242
Operating segments
Sales and revenues:
Sales and revenues	1,116,503	1,443,335	1,588,309	3,049,736
Operating expenses:
Lease operating	13,854	10,786	37,190	25,561
Gathering, compression, processing, and transportation	234,915	160,302	649,713	490,633
Depletion, depreciation, and amortization	199,113	188,667	588,057	548,013
General and administrative expense	57,577	59,685	173,966	177,925
Other operating expenses	143,712	82,780	483,175	330,544
Total operating expenses	649,171	502,220	1,932,101	1,572,676
Operating income (loss)	467,332	941,115	(343,792)	1,477,060
Segment assets	14,629,253	13,577,074	14,629,253	13,577,074
Capital expenditures for segment assets	982,060	510,035	1,927,450	1,888,054
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	1,016,458	1,403,275	1,291,008	2,891,410
Operating expenses:
Lease operating	13,710	10,721	37,299	24,981
Gathering, compression, processing, and transportation	303,753	211,469	838,936	630,708
Depletion, depreciation, and amortization	172,735	166,900	513,302	483,991
General and administrative expense	44,637	46,165	135,356	140,821
Other operating expenses	31,266	28,044	104,279	113,881
Total operating expenses	566,101	463,299	1,629,172	1,394,382
Operating income (loss)	454,347	940,374	(326,450)	1,498,053
Segment assets	12,966,493	11,940,524	12,966,493	11,940,524
Capital expenditures for segment assets	909,837	399,695	1,734,914	1,590,904
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	2,745	3,468	9,463	8,433
Operating expenses:
Gathering, compression, processing, and transportation	6,400	4,699	20,567	19,792
Depletion, depreciation, and amortization	18,540	15,282	52,780	45,255
General and administrative expense	10,282	11,265	29,755	30,685
Other operating expenses	(1,708)	(7,863)	(809)	25
Total operating expenses	33,514	23,383	102,293	95,757
Operating income (loss)	44,550	35,875	117,314	72,337
Segment assets	1,669,667	1,410,920	1,669,667	1,410,920
Capital expenditures for segment assets	56,836	82,768	154,136	282,813
Operating segments | Fresh Water Distribution
Sales and revenues:
Sales and revenues	224	959	644	6,651
Operating expenses:
Lease operating	28,978	3,973	104,009	16,576
Depletion, depreciation, and amortization	7,838	6,485	21,975	18,767
General and administrative expense	3,033	2,577	9,957	7,238
Other operating expenses	3,070	800	11,568	2,437
Total operating expenses	42,919	13,835	147,509	45,018
Operating income (loss)	29,492	8,611	56,241	42,519
Segment assets	562,995	487,734	562,995	487,734
Capital expenditures for segment assets	58,730	45,151	137,355	79,227
Operating segments | Marketing
Sales and revenues:
Sales and revenues	97,076	35,633	287,194	143,242
Operating expenses:
Other operating expenses	114,611	61,799	378,521	214,201
Total operating expenses	114,611	61,799	378,521	214,201
Operating income (loss)	(17,535)	(26,166)	(91,327)	(70,959)
Segment assets	33,114	5,847	33,114	5,847
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(151,496)	(77,675)	(424,964)	(241,572)
Operating expenses:
Lease operating	(28,834)	(3,908)	(104,118)	(15,996)
Gathering, compression, processing, and transportation	(75,238)	(55,866)	(209,790)	(159,867)
General and administrative expense	(375)	(322)	(1,102)	(819)
Other operating expenses	(3,527)		(10,384)
Total operating expenses	(107,974)	(60,096)	(325,394)	(176,682)
Operating income (loss)	(43,522)	(17,579)	(99,570)	(64,890)
Segment assets	(603,016)	(267,951)	(603,016)	(267,951)
Capital expenditures for segment assets	(43,343)	(17,579)	(98,955)	(64,890)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	3,990	398	11,714	1,025
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	75,319	55,790	210,144	159,661
Elimination of intersegment transaction | Fresh Water Distribution
Sales and revenues:
Sales and revenues	$ 72,187	$ 21,487	$ 203,106	$ 80,886

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 18,512	$ 23,473	$ 27,410	$ 245,979
Accounts receivable, net	59,462	79,404
Accrued revenue	196,490	128,242
Derivative instruments	417,605	1,009,030
Other current assets	3,402	8,087
Total current assets	695,471	1,248,236
Unproved properties	2,449,995	1,996,081
Proved properties	9,180,705	8,211,106
Capitalized Costs Water Handling Systems	681,062	565,616
Gathering systems and facilities	1,656,676	1,502,396
Other property and equipment	45,571	46,415
Property and equipment, gross	14,014,009	12,321,614
Less accumulated depletion, depreciation, and amortization	(2,176,793)	(1,589,372)
Property and equipment, net	11,837,216	10,732,242
Derivative instruments	2,015,090	2,108,450
Other assets, net	81,476	26,565
Total assets	14,629,253	14,115,493
Liabilities and Stockholders' Equity
Accounts payable	172,293	364,160
Accrued liabilities	245,174	194,076
Revenue distributions payable	172,202	129,949
Derivative instruments	3,110
Other current liabilities	19,125	19,085
Total current liabilities	611,904	707,270
Long-term debt	4,759,904	4,668,782
Deferred income tax liability	1,215,240	1,370,686
Derivative instruments	40
Other liabilities	61,883	82,077
Total liabilities	6,648,971	6,828,815
Common stock	3,072	2,770
Additional paid-in capital	5,131,909	4,122,811
Accumulated earnings	1,445,767	1,808,811
Total stockholders' equity	6,580,748	5,934,392
Noncontrolling interest in consolidated subsidiary	1,399,534	1,352,286
Total equity	7,980,282	7,286,678
Total liabilities and equity	14,629,253	14,115,493
Eliminations
Current assets:
Intercompany receivables	(60,635)	(67,850)
Total current assets	(60,635)	(67,850)
Proved properties	(131,750)	(32,795)
Property and equipment, gross	(131,750)	(32,795)
Property and equipment, net	(131,750)	(32,795)
Investment in subsidiaries	375,986	302,336
Contingent acquisition consideration asset	(188,433)	(178,049)
Total assets	(4,832)	23,642
Liabilities and Stockholders' Equity
Intercompany payable	(60,635)	(67,850)
Total current liabilities	(60,635)	(67,850)
Contingent acquisition consideration liability	(188,433)	(178,049)
Total liabilities	(249,068)	(245,899)
Partners' capital	(1,155,298)	(1,082,745)
Total stockholders' equity	(1,155,298)	(1,082,745)
Noncontrolling interest in consolidated subsidiary	1,399,534	1,352,286
Total equity	244,236	269,541
Total liabilities and equity	(4,832)	23,642
Antero Resources Corp | Reportable legal entity
Current assets:
Cash and cash equivalents	9,291	16,590	9,900	15,787
Accounts receivable, net	58,219	76,697
Intercompany receivables	2,237	2,138
Accrued revenue	196,490	128,242
Derivative instruments	417,605	1,009,030
Other current assets	3,349	8,087
Total current assets	687,191	1,240,784
Unproved properties	2,449,995	1,996,081
Proved properties	9,312,455	8,243,901
Gathering systems and facilities	17,928	16,561
Other property and equipment	45,571	46,415
Property and equipment, gross	11,825,949	10,302,958
Less accumulated depletion, depreciation, and amortization	(1,945,069)	(1,431,747)
Property and equipment, net	9,880,880	8,871,211
Derivative instruments	2,015,090	2,108,450
Investment in subsidiaries	(375,986)	(302,336)
Contingent acquisition consideration asset	188,433	178,049
Other assets, net	22,190	15,661
Total assets	12,417,798	12,111,819
Liabilities and Stockholders' Equity
Accounts payable	122,220	303,197
Intercompany payable	58,398	65,712
Accrued liabilities	235,560	158,713
Revenue distributions payable	172,202	129,949
Derivative instruments	3,110
Other current liabilities	18,928	18,935
Total current liabilities	610,418	676,506
Long-term debt	3,950,138	4,048,782
Deferred income tax liability	1,215,240	1,370,686
Derivative instruments	40
Other liabilities	61,214	81,453
Total liabilities	5,837,050	6,177,427
Common stock	3,072	2,770
Additional paid-in capital	5,131,909	4,122,811
Accumulated earnings	1,445,767	1,808,811
Total stockholders' equity	6,580,748	5,934,392
Total equity	6,580,748	5,934,392
Total liabilities and equity	12,417,798	12,111,819
Non-Guarantor Subsidiaries | Reportable legal entity
Current assets:
Cash and cash equivalents	9,221	6,883	$ 17,510	$ 230,192
Accounts receivable, net	1,243	2,707
Intercompany receivables	58,398	65,712
Other current assets	53
Total current assets	68,915	75,302
Capitalized Costs Water Handling Systems	681,062	565,616
Gathering systems and facilities	1,638,748	1,485,835
Property and equipment, gross	2,319,810	2,051,451
Less accumulated depletion, depreciation, and amortization	(231,724)	(157,625)
Property and equipment, net	2,088,086	1,893,826
Other assets, net	59,286	10,904
Total assets	2,216,287	1,980,032
Liabilities and Stockholders' Equity
Accounts payable	50,073	60,963
Intercompany payable	2,237	2,138
Accrued liabilities	9,614	35,363
Other current liabilities	197	150
Total current liabilities	62,121	98,614
Long-term debt	809,766	620,000
Contingent acquisition consideration liability	188,433	178,049
Other liabilities	669	624
Total liabilities	1,060,989	897,287
Partners' capital	1,155,298	1,082,745
Total stockholders' equity	1,155,298	1,082,745
Total equity	1,155,298	1,082,745
Total liabilities and equity	$ 2,216,287	$ 1,980,032

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Natural gas sales	$ 364,373	$ 253,975	$ 848,936	$ 810,982
Natural gas liquids sales	106,958	50,092	274,736	188,403
Oil sales	14,793	20,138	41,712	55,627
Gathering, compression, and water handling and treatment	2,969	4,426	10,107	15,084
Marketing Revenue	97,076	35,633	287,194	143,242
Commodity derivative fair value gains (losses)	530,334	1,079,071	125,624	1,836,398
Total revenue	1,116,503	1,443,335	1,588,309	3,049,736
Operating expenses:
Lease operating	13,854	10,786	37,190	25,561
Gathering, compression, processing, and transportation	234,915	160,302	649,713	490,633
Production and ad valorem taxes	15,554	10,721	52,296	57,458
Marketing	114,611	61,799	378,521	214,201
Exploration	1,166	1,087	3,289	3,086
Impairment of unproved properties	11,753	8,754	47,223	43,670
Depletion, depreciation, and amortization	199,113	188,667	588,057	548,013
Accretion of asset retirement obligations	628	419	1,846	1,227
General and administrative	57,577	59,685	173,966	177,925
Contract termination and rig stacking				10,902
Total operating expenses	649,171	502,220	1,932,101	1,572,676
Operating income	467,332	941,115	(343,792)	1,477,060
Equity in earnings of unconsolidated affiliate	1,543		2,027
Interest	(59,755)	(60,921)	(185,634)	(173,929)
Total other expenses	(58,212)	(60,921)	(183,607)	(173,929)
Income (loss) before income taxes	409,120	880,194	(527,399)	1,303,131
Provision for income tax (expense) benefit	(140,924)	(335,460)	230,755	(498,709)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	268,196	544,734	(296,644)	804,422
Net income and comprehensive income attributable to noncontrolling interest	29,941	10,892	66,400	21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	238,255	533,842	(363,044)	782,900
Reportable legal entity | Antero Resources Corp
Revenue:
Natural gas sales	364,373	253,975	848,936	810,982
Natural gas liquids sales	106,958	50,092	274,736	188,403
Oil sales	14,793	20,138	41,712	55,627
Gathering, compression, and water handling and treatment		958		6,651
Marketing Revenue	97,076	35,633	287,194	143,242
Commodity derivative fair value gains (losses)	530,334	1,079,071	125,624	1,836,398
Other income	3,990	324	11,714	824
Total revenue	1,117,524	1,440,191	1,589,916	3,042,127
Operating expenses:
Lease operating	13,710	10,786	37,299	25,561
Gathering, compression, processing, and transportation	303,753	211,469	838,936	630,708
Production and ad valorem taxes	17,719	18,584	51,921	57,433
Marketing	114,611	61,799	378,521	214,201
Exploration	1,166	1,087	3,289	3,086
Impairment of unproved properties	11,753	8,754	47,223	43,670
Depletion, depreciation, and amortization	172,976	173,592	513,957	503,265
Accretion of asset retirement obligations	628	419	1,846	1,227
General and administrative	44,637	48,666	135,356	147,858
Contract termination and rig stacking				10,902
Total operating expenses	680,953	535,156	2,008,348	1,637,911
Operating income	436,571	905,035	(418,432)	1,404,216
Interest	(54,631)	(59,647)	(173,364)	(170,989)
Equity in net income of subsidiaries	(2,761)	23,913	(2,003)	48,381
Total other expenses	(57,392)	(35,734)	(175,367)	(122,608)
Income (loss) before income taxes	379,179	869,301	(593,799)	1,281,608
Provision for income tax (expense) benefit	(140,924)	(335,460)	230,755	(498,709)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	238,255	533,841	(363,044)	782,899
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	238,255	533,841	(363,044)	782,899
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue:
Gathering, compression, and water handling and treatment	150,475	59,258	423,357	168,094
Total revenue	150,475	59,258	423,357	168,094
Operating expenses:
Lease operating	28,978		104,009
Gathering, compression, processing, and transportation	6,400	4,699	20,567	19,792
Production and ad valorem taxes	(2,165)	(7,863)	375	25
Depletion, depreciation, and amortization	26,137	15,075	74,100	44,748
General and administrative	13,315	11,267	39,712	30,685
Accretion of contingent acquisition consideration	3,527		10,384
Total operating expenses	76,192	23,178	249,147	95,250
Operating income	74,283	36,080	174,210	72,844
Equity in earnings of unconsolidated affiliate	1,543		2,027
Interest	(5,303)	(1,274)	(12,885)	(2,940)
Total other expenses	(3,760)	(1,274)	(10,858)	(2,940)
Income (loss) before income taxes	70,523	34,806	163,352	69,904
Net income (loss) and comprehensive income (loss) including noncontrolling interest	70,523	34,806	163,352	69,904
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	70,523	34,806	163,352	69,904
Eliminations
Revenue:
Gathering, compression, and water handling and treatment	(147,506)	(55,790)	(413,250)	(159,661)
Other income	(3,990)	(324)	(11,714)	(824)
Total revenue	(151,496)	(56,114)	(424,964)	(160,485)
Operating expenses:
Lease operating	(28,834)		(104,118)
Gathering, compression, processing, and transportation	(75,238)	(55,866)	(209,790)	(159,867)
General and administrative	(375)	(248)	(1,102)	(618)
Accretion of contingent acquisition consideration	(3,527)		(10,384)
Total operating expenses	(107,974)	(56,114)	(325,394)	(160,485)
Operating income	(43,522)		(99,570)
Interest	179		615
Equity in net income of subsidiaries	2,761	(23,913)	2,003	(48,381)
Total other expenses	2,940	(23,913)	2,618	(48,381)
Income (loss) before income taxes	(40,582)	(23,913)	(96,952)	(48,381)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(40,582)	(23,913)	(96,952)	(48,381)
Net income and comprehensive income attributable to noncontrolling interest	29,941	10,892	66,400	21,522
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (70,523)	$ (34,805)	$ (163,352)	$ (69,903)

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	Mar. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Condensed consolidated statement of cash flows
Net cash provided by operating activities		$ 905,697	$ 841,154
Cash flows used in investing activities:
Additions to proved properties		(64,789)
Additions to unproved properties		(559,572)	(170,291)
Drilling and completion costs		(1,009,851)	(1,350,498)
Additions to water handling and treatment systems		(137,355)	(79,227)
Additions to gathering systems and facilities		(154,136)	(282,813)
Additions to other property and equipment		(1,747)	(5,225)
Investment in unconsolidated affiliate		(45,044)
Change in other assets		(2,173)	11,190
Proceeds from asset sales			40,000
Net cash used in investing activities		(1,974,667)	(1,836,864)
Cash flows from financing activities:
Issuance of common stock		837,414	537,832
Issuance of common units by Antero Midstream Partners LP		19,605	240,972
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		178,000
Issuance of senior notes		650,000	750,000
Repayments on bank credit facility, net		(552,000)	(705,000)
Payments of deferred financing costs		(9,029)	(17,190)
Distributions to noncontrolling interest in consolidated subsidiary		(51,238)	(21,358)
Employee tax withholding for settlement of equity compensation awards		(4,876)	(4,554)
Other		(3,867)	(3,561)
Net cash provided by financing activities		1,064,009	777,141
Net increase (decrease) in cash and cash equivalents		(4,961)	(218,569)
Cash and cash equivalents, beginning of period		23,473	245,979
Cash and cash equivalents, end of period		18,512	27,410
Antero Resources Corp
Cash flows from financing activities:
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	$ 178,000
Reportable legal entity | Antero Resources Corp
Condensed consolidated statement of cash flows
Net cash provided by operating activities		745,517	711,020
Cash flows used in investing activities:
Additions to proved properties		(64,789)
Additions to unproved properties		(559,572)	(170,291)
Drilling and completion costs		(1,108,806)	(1,350,498)
Additions to water handling and treatment systems			(79,227)
Additions to gathering systems and facilities		(1,367)	(40,264)
Additions to other property and equipment		(1,747)	(5,225)
Change in other assets		236	307
Net distributions (to) from guarantor subsidiary			(115,000)
Distributions from non-guarantor subsidiary		78,514	49,161
Proceeds from contribution of assets to non-guarantor subsidiary			804,630
Proceeds from asset sales			40,000
Net cash used in investing activities		(1,657,531)	(866,407)
Cash flows from financing activities:
Issuance of common stock		837,414	537,832
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		178,000
Issuance of senior notes			750,000
Repayments on bank credit facility, net		(102,000)	(1,115,000)
Payments of deferred financing costs		(89)	(15,234)
Employee tax withholding for settlement of equity compensation awards		(4,859)	(4,554)
Other		(3,751)	(3,544)
Net cash provided by financing activities		904,715	149,500
Net increase (decrease) in cash and cash equivalents		(7,299)	(5,887)
Cash and cash equivalents, beginning of period		16,590	15,787
Cash and cash equivalents, end of period		9,291	9,900
Reportable legal entity | Guarantor Subsidiary
Cash flows from financing activities:
Repayments on bank credit facility, net			(115,000)
Distributions to noncontrolling interest in consolidated subsidiary			115,000
Reportable legal entity | Non-Guarantor Subsidiaries
Condensed consolidated statement of cash flows
Net cash provided by operating activities		259,135	130,134
Cash flows used in investing activities:
Additions to water handling and treatment systems		(137,355)
Additions to gathering systems and facilities		(152,769)	(242,549)
Investment in unconsolidated affiliate		(45,044)
Change in other assets		(2,409)	10,883
Net cash used in investing activities		(337,577)	(231,666)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP		19,605	240,972
Issuance of senior notes		650,000
Repayments on bank credit facility, net		(450,000)	525,000
Payments of deferred financing costs		(8,940)	(1,956)
Distributions to noncontrolling interest in consolidated subsidiary		(129,752)	(875,149)
Employee tax withholding for settlement of equity compensation awards		(17)
Other		(116)	(17)
Net cash provided by financing activities		80,780	(111,150)
Net increase (decrease) in cash and cash equivalents		2,338	(212,682)
Cash and cash equivalents, beginning of period		6,883	230,192
Cash and cash equivalents, end of period		9,221	17,510
Eliminations
Condensed consolidated statement of cash flows
Net cash provided by operating activities		(98,955)
Cash flows used in investing activities:
Drilling and completion costs		98,955
Net distributions (to) from guarantor subsidiary			115,000
Distributions from non-guarantor subsidiary		(78,514)	(49,161)
Proceeds from contribution of assets to non-guarantor subsidiary			(804,630)
Net cash used in investing activities		20,441	(738,791)
Cash flows from financing activities:
Distributions to noncontrolling interest in consolidated subsidiary		78,514	738,791
Net cash provided by financing activities		$ 78,514	$ 738,791

Commitments (Detail)

Commitments (Detail) $ in Millions	Sep. 30, 2016USD ($)
Future minimum payments
Remainder of 2016	$ 237
2,017	1,193
2,018	1,331
2,019	1,385
2,020	1,342
2,021	1,315
Thereafter	11,445
Total	18,248
Firm transportation
Future minimum payments
Remainder of 2016	119
2,017	709
2,018	935
2,019	1,086
2,020	1,105
2,021	1,084
Thereafter	10,469
Total	15,507
Gas processing, gathering and compression
Future minimum payments
Remainder of 2016	88
2,017	370
2,018	286
2,019	230
2,020	230
2,021	224
Thereafter	951
Total	2,379
Drilling rigs and frac Services
Future minimum payments
Remainder of 2016	27
2,017	101
2,018	98
2,019	60
Total	286
Office and equipment
Future minimum payments
Remainder of 2016	3
2,017	13
2,018	12
2,019	9
2,020	7
2,021	7
Thereafter	25
Total	$ 76