Antero Resources (AR) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Document and Entity Information
Entity Registrant Name	ANTERO RESOURCES Corp
Entity Central Index Key	1,433,270
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
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		315,447,671
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 31,610	$ 39,870	$ 23,473
Accounts receivable, net of allowance for doubtful accounts of $1,195 in 2016 and 2017	$ 36,874	29,682
Accrued revenue	220,059	261,960
Derivative instruments	237,086	73,022
Other current assets	9,679	6,313
Total current assets	503,698	402,587
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,330,010	2,331,173
Proved properties	9,942,450	9,549,671
Water handling and treatment systems	771,239	744,682
Gathering systems and facilities	1,785,669	1,723,768
Other property and equipment	42,290	41,231
Property and equipment, gross	14,871,658	14,390,525
Less accumulated depletion, depreciation, and amortization	(2,566,359)	(2,363,778)
Property and equipment, net	12,305,299	12,026,747
Derivative instruments	1,811,435	1,731,063
Investments in unconsolidated affiliates	230,418	68,299
Other assets	37,804	26,854
Total assets	14,888,654	14,255,550	$ 14,288,712
Current liabilities:
Accounts payable	37,706	38,627
Accrued liabilities	416,588	393,803
Revenue distributions payable	198,775	163,989
Derivative instruments	54,277	203,635
Other current liabilities	16,090	17,334
Total current liabilities	723,436	817,388
Long-term liabilities:
Long-term debt	4,775,302	4,703,973
Deferred income tax liability	1,081,563	950,217
Derivative instruments	102	234
Other liabilities	54,299	55,160
Total liabilities	6,634,702	6,526,972
Equity:
Common stock, $0.01 par value; authorized - 1,000,000 shares; issued and outstanding 314,877 shares and 315,006 shares, respectively	3,150	3,149
Additional paid-in capital	6,407,158	5,299,481
Accumulated earnings	1,228,391	959,995
Total stockholders' equity	7,638,699	6,262,625
Noncontrolling interest in consolidated subsidiary	615,253	1,465,953
Total equity	8,253,952	7,728,578
Total liabilities and equity	$ 14,888,654	$ 14,255,550

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
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	315,006,000	314,877,000
Common stock, shares outstanding	315,006,000	314,877,000
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
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Natural gas sales	$ 466,664	$ 254,776
Natural gas liquids sales	194,652	73,065
Oil sales	26,960	10,179
Gathering, processing, and water handling and treatment	2,604	3,844
Marketing	65,924	99,216
Commodity derivative fair value gains (losses)	438,775	279,924
Total revenue and other	1,195,579	721,004
Operating expenses:
Lease operating	15,551	11,293
Gathering, compression, processing, and transportation	266,829	208,738
Production and ad valorem taxes	24,793	19,284
Marketing	89,993	137,933
Exploration	2,107	1,014
Impairment of unproved properties	26,899	15,526
Depletion, depreciation, and amortization	202,729	191,582
Accretion of asset retirement obligations	637	598
General and administrative (including equity-based compensation expense of $23,470 and $25,503 in 2016 and 2017, respectively)	64,698	56,287
Total operating expenses	694,236	642,255
Operating income (loss)	501,343	78,749
Other income (expenses):
Equity in earnings of unconsolidated affiliate	2,231
Interest	(66,670)	(63,284)
Total other expenses	(64,439)	(63,284)
Income (loss) before income taxes	436,904	15,465
Provision for income tax (expense) benefit	(131,346)	(4,815)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	305,558	10,650
Net income and comprehensive income attributable to noncontrolling interest	37,162	15,705
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 268,396	$ (5,055)
Earnings (loss) per common share:
Earnings (loss) per common share - basic (in dollars per share)	$ 0.85	$ (0.02)
Earnings (loss) per common share assuming dilution:
Earnings per common share—assuming dilution (in dollars per share)	$ 0.85	$ (0.02)
Weighted average number of shares outstanding
Basic (in shares)	314,954	277,050
Diluted (in shares)	315,769	277,050

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 25,503	$ 23,470

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balances at Dec. 31, 2016	$ 3,149	$ 5,299,481	$ 959,995	$ 1,465,953	$ 7,728,578
Shares Issued, Beginning Balance at Dec. 31, 2016	314,877
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 1	(1,658)			(1,657)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	129
Equity-based compensation		23,354		2,149	25,503
Issuance of common units by subsidiary - Antero Midstream Partners LP				223,119	223,119
Net income (loss) and including noncontrolling interest			268,396	37,162	305,558
Effects of changes in ownership interests in consolidated subsidiaries		1,085,981		(1,085,981)
Distributions to non-controlling interests				(27,149)	(27,149)
Balances at Mar. 31, 2017	$ 3,150	$ 6,407,158	$ 1,228,391	$ 615,253	$ 8,253,952
Shares Issued, Ending Balance at Mar. 31, 2017	315,006

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 305,558	$ 10,650
Adjustment to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	203,366	192,180
Impairment of unproved properties	26,899	15,526
Derivative fair value (gains) losses	(438,775)	(279,924)
Gains on settled derivatives	(44,849)	(324,347)
Deferred income tax expense (benefit)	131,346	4,815
Equity in earnings of unconsolidated affiliate	(2,231)
Equity-based compensation expense	25,503	23,470
Other	(87)	(274)
Changes in current assets and liabilities:
Accounts receivable	(7,192)	651
Accrued revenue	41,901	(8,204)
Other current assets	(3,366)	15
Accounts payable	12,545	4,387
Accrued liabilities	19,339	49,041
Revenue distributions payable	34,786	2,969
Other current liabilities	(676)	(29)
Net cash provided by operating activities	393,939	340,168
Cash flows used in investing activities:
Additions to proved properties	(49,664)
Additions to unproved properties	(55,542)	(28,675)
Drilling and completion costs	(306,925)	(395,185)
Additions to water handling and treatment systems	(36,954)	(37,036)
Additions to gathering systems and facilities	(66,559)	(48,686)
Additions to other property and equipment	(590)	(541)
Investment in unconsolidated affiliate	(159,889)
Change in other assets	(12,350)	(9,172)
Net cash used in investing activities	(688,473)	(519,295)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP	223,119
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		178,000
Borrowings (repayments) on bank credit facility, net	70,000	33,000
Payments of deferred financing costs		(64)
Distributions to noncontrolling interest in consolidated subsidiary	(27,149)	(14,013)
Employee tax withholding for settlement of equity compensation awards	(1,657)	(117)
Other	(1,389)	(1,282)
Net cash provided by financing activities	262,924	195,524
Net increase (decrease) in cash and cash equivalents	(31,610)	16,397
Cash and cash equivalents, beginning of period	31,610	23,473
Cash and cash equivalents, end of period		39,870
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	35,770	14,350
Supplemental disclosure of noncash investing activities:
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ (10,020)	$ (119,191)

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization
Organization	(1) 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 midstream operations in the Appalachian Basin. The Company’s corporate headquarters are located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2016 consolidated financial statements have been filed with the SEC in the Company’s 2016 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, 2016 and March 31, 2017, the results of its operations for the three months ended March 31, 2016 and 2017, and its cash flows for the three months ended March 31, 2016 and 2017. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the period ended March 31, 2017 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 statement of cash flows for the three months ended March 31, 2016 includes reclassifications within current liabilities that were made to conform to the three months ended March 31, 2017 presentation. The Company’s statement of operations and comprehensive income (loss) for the three months ended March 31, 2016 includes reclassifications within operating expenses that were made to conform to the three months ended March 31, 2017 presentation. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified. (b) 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 (“VIEs”) for which the Company is the primary beneficiary. We have determined that Antero Midstream is a VIE for which Antero is the primary beneficiary. Therefore, Antero Midstream’s accounts are included in the Company’s condensed consolidated financial statements. Antero is the primary beneficiary of Antero Midstream based on its power to direct the activities that most significantly impact Antero Midstream’s economic performance, and its obligation to absorb losses or receive benefits of Antero Midstream that could be significant to the Partnership. Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production under long-term service contracts. Antero owned 58.6% of the outstanding limited partner interests in Antero Midstream at March 31, 2017, and Antero’s officers and management group also act as management of Antero Midstream. Antero Midstream GP LP (“AMGP”) indirectly owns the general partnership interest in Antero Midstream as well as Antero IDR Holdings LLC, which owns the incentive distribution rights in Antero Midstream. AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero and Antero Midstream have 20-year contracts with automatic renewal provisions, whereby Antero has dedicated the rights for gathering and compression, and water delivery and handling services to Antero Midstream on a fixed-fee basis on a substantial portion of Antero’s current acreage and future acquired acreage, in each case, except for acreage that was already dedicated to other parties prior to entering into the service contracts or that was acquired subject to a pre-existing dedication. The contracts call for Antero to present, in advance, its drilling and completion plans in order for Antero Midstream to develop gathering and compression, water delivery and handling, and gas processing assets to service Antero’s operations. Consequently, the drilling and completion capital investment decisions made by Antero control the development and operation of all of Antero Midstream’s assets. Because of these contractual obligations and the capital requirements related to these obligations, Antero Midstream has and will devote substantially all of its resources to servicing Antero’s operations, and revenues from Antero will provide substantially all of Antero Midstream’s financial support and, therefore, its ability to finance its operations. As a result of the long-term contractual commitment to support Antero’s substantial growth plans, Antero Midstream will be practically and physically constrained from providing any substantive amount of services to third-parties. Therefore, Antero controls the activities that most significantly impact Antero Midstream’s economic performance. 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 the holder of Antero Midstream’s incentive distribution rights. 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 investments in unconsolidated affiliates on the Company’s condensed consolidated balance sheets. Income from equity method investees is included in equity in earnings of unconsolidated affiliates 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, 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 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 assets or liabilities 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, development, and production of natural gas, NGLs, and oil; (2) gathering and processing; (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 the period. Earnings (loss) per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period were also the end of the performance period required for the vesting of such awards. 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 March 31, 2016 2017 Basic weighted average number of shares outstanding 277,050 314,954 Add: Dilutive effect of non-vested restricted stock units — 770 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units — 45 Diluted weighted average number of shares outstanding 277,050 315,769 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 6,741 1,509 Outstanding stock options 720 683 Performance stock units 214 660 (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. When the Company incurs a net loss, all outstanding equity awards are excluded from the calculation of diluted loss per common share because the inclusion of these awards would be anti-dilutive. (h) The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short term nature of these instruments. From time to time, the Company may be in a position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts within accounts payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its condensed consolidated statements of cash flows.

Antero Midstream Partners LP

Antero Midstream Partners LP	3 Months Ended
	Mar. 31, 2017
Antero Midstream Partners LP
Antero Midstream Partners LP	(3) In 2014, the Company formed Antero Midstream to own, operate, and develop midstream energy assets that service Antero’s production. Antero Midstream’s assets consist of gathering systems and facilities, and water handling and treatment facilities, through which it provides services to Antero under long-term, fixed-fee contracts. AMGP indirectly owns the general partnership interest in Antero Midstream as well as Antero IDR Holdings LLC, which owns the incentive distribution rights in Antero Midstream. Antero Midstream is an unrestricted subsidiary as defined by Antero’s revolving bank credit facility. As an unrestricted subsidiary, 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). In connection with Antero’s contribution of its water handling and treatment assets to Antero Midstream in September 2015, Antero Midstream 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. In 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. The Partnership did not sell any common units under the Distribution Agreement during the three months ended March 31, 2017. As of March 31, 2017, Antero Midstream had the capacity to issue additional common units under the Distribution Agreement up to an aggregate sales price of $183.8 million. On May 26, 2016, Antero Midstream purchased a 15% equity interest in a regional gathering pipeline. This investment is accounted for under the equity method. On February 6, 2017, Antero Midstream formed a joint venture (the “Joint Venture”) to develop processing assets in Appalachia with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, L.P. Antero Midstream and MarkWest each own a 50% interest in the Joint Venture and MarkWest operates the Joint Venture assets. The Joint Venture assets consist of processing plants in West Virginia and a one-third interest in a recently commissioned MarkWest fractionator in Ohio. The joint venture is accounted for under the equity method. In conjunction with the formation of the Joint Venture, on February 10, 2017 Antero Midstream issued 6,900,000 common units, including the underwriters’ purchase option, generating net proceeds of approximately $223 million. Antero Midstream used the net proceeds to fund the initial contribution to the Joint Venture, repay outstanding borrowings under its credit facility, and for general partnership purposes. Antero owned approximately 60.9% and 58.6% of the limited partner interests of Antero Midstream at December 31, 2016 and March 31, 2017, respectively.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities
Accrued Liabilities	(4) Accrued Liabilities Accrued liabilities as of December 31, 2016 and March 31, 2017 consisted of the following items (in thousands): December 31, 2016 March 31, 2017 Capital expenditures $ 159,811 162,001 Gathering, compression, processing, and transportation expenses 75,223 82,047 Marketing expenses 52,822 35,811 Interest expense 35,533 66,331 Other 70,414 70,398 $ 393,803 416,588

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-Term Debt.
Long-Term Debt	(5) Long-Term Debt Long-term debt was as follows at December 31, 2016 and March 31, 2017 (in thousands): December 31, 2016 March 31, 2017 Antero: Bank credit facility(a) $ 440,000 520,000 5.375% senior notes due 2021(b) 1,000,000 1,000,000 5.125% senior notes due 2022(c) 1,100,000 1,100,000 5.625% senior notes due 2023(d) 750,000 750,000 5.00% senior notes due 2025(e) 600,000 600,000 Net unamortized premium 1,749 1,721 Net unamortized debt issuance costs (37,690) (36,598) Antero Midstream: Bank credit facility(g) 210,000 200,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (10,086) (9,821) $ 4,703,973 4,775,302 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 March 31, 2017, the borrowing base was $4.75 billion and lender commitments were $4.0 billion. In April 2017, the borrowing base was reaffirmed at $4.75 billion, and lender commitments remain at $4.0 billion. The next redetermination of the borrowing base is scheduled to occur in October 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, 2016 and March 31, 2017. As of March 31, 2017, Antero had a total outstanding balance under the Credit Facility of $520 million, with a weighted average interest rate of 2.75%, and outstanding letters of credit of $710 million. As of December 31, 2016, Antero had an outstanding balance under the Credit Facility of $440 million, with a weighted average interest rate of 2.44%, and outstanding letters of credit of $710 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) 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 at redemption prices ranging from 104.031% currently to 100.00% on or after November 1, 2019. 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. (c) 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 and 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. (d) 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. (e) 5.00% Senior Notes Due 2025 On December 21, 2016, Antero issued $600 million of 5.00% senior notes due March 1, 2025 (the “2025 notes”) at par. The 2025 notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2025 notes rank pari passu to Antero’s other outstanding senior notes. The 2025 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 2025 notes is payable on March 1 and September 1 of each year. Antero may redeem all or part of the 2025 notes at any time on or after March 1, 2020 at redemption prices ranging from 103.750% on or after March 1, 2020 to 100.00% on or after March 1, 2023. In addition, on or before March 1, 2020, Antero may redeem up to 35% of the aggregate principal amount of the 2025 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.00% of the principal amount of the 2025 notes, plus accrued and unpaid interest. At any time prior to March 1, 2020, Antero may also redeem the 2025 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2025 notes plus a “make-whole” premium and accrued and unpaid interest. If Antero undergoes a change of control, the holders of the 2025 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 2025 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 revolving note bear interest at the lender’s prime rate plus 1.0%. The note matures on May 1, 2018. At December 31, 2016 and March 31, 2017, 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 March 31, 2017, 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, 2016 and March 31, 2017. As of March 31, 2017, Antero Midstream had an outstanding balance under the Midstream Facility of $200 million with a weighted average interest rate of 2.51%. As of December 31, 2016, Antero Midstream had a total outstanding balance under the Midstream Facility of $210 million with a weighted average interest rate of 2.23%. 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	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations
Asset Retirement Obligations	(6) The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2017 (in thousands): Asset retirement obligations—December 31, 2016 $ 32,736 Obligations incurred for wells drilled and producing properties acquired 1,310 Accretion expense 637 Asset retirement obligations—March 31, 2017 $ 34,683 Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Equity-Based Compensation
Equity-Based Compensation	(7) Equity-Based Compensation Antero is authorized to grant up to 16,906,500 shares of common stock to employees and directors of the Company under the Antero Resources Corporation Long-Term Incentive Plan (the “Plan”). The Plan allows equity-based compensation awards to be granted in a variety of forms, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, dividend equivalent awards, and other types of awards. The terms and conditions of the awards granted are established by the Compensation Committee of Antero’s Board of Directors. A total of 8,555,117 shares were available for future grant under the Plan as of March 31, 2017. 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 7,944,445 common units were available for future grant under the Midstream Plan as of March 31, 2017. The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2016 and 2017 (in thousands): Three months ended March 31, 2016 2017 Restricted stock unit awards $ 17,467 18,225 Stock options 660 620 Performance share unit awards 883 2,135 Antero Midstream phantom unit awards 3,988 4,043 Equity awards issued to directors 472 480 Total expense $ 23,470 25,503 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 by reversing expense previously recognized for 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 three months ended March 31, 2017 is as follows: Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2016 5,353,447 $ 31.77 $ 126,609 Granted 37,178 $ 25.62 Vested (139,635) $ 28.71 Forfeited (84,733) $ 25.87 Total awarded and unvested—March 31, 2017 5,166,257 $ 31.87 $ 117,842 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of March 31, 2017, there was $111.0 million of unamortized equity-based compensation expense related to unvested restricted stock units. That expense is expected to be recognized over a weighted average period of approximately 1.8 years. Stock Options Stock options granted under the Plan vest over periods from one to four years and have a maximum contractual life of 10 years. Expense related to stock options is recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing expense previously recognized for awards that were forfeited during the period. Stock options are granted with an exercise price equal to or greater than the market price of the Company’s common stock on the date of grant. A summary of stock option activity for the three months ended March 31, 2017 is as follows: Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2016 687,929 $ 50.46 8.12 $ — Granted — $ — Exercised — — Forfeited (6,208) $ 50.00 Expired — — Outstanding at March 31, 2017 681,721 $ 50.47 7.87 $ — Vested or expected to vest as of March 31, 2017 681,721 $ 50.47 7.87 $ — Exercisable at March 31, 2017 216,924 $ 51.18 7.60 $ — 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 March 31, 2017, there was $4.7 million of unamortized equity-based compensation expense related to unvested stock options. That expense is expected to be recognized over a weighted average period of approximately 2.0 years. Performance Share Unit Awards Performance Share Unit Awards Based on Price Targets In 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers that are based on price targets. The vesting of these PSUs is conditioned on the closing price of the Company’s common stock achieving specific price 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 2016, the Company also 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. Expense related to these PSUs is recognized on a straight-line basis over three years. Summary Information for Performance Share Unit Awards A summary of PSU activity for the three months ended March 31, 2017 is as follows: Number of Weighted Total awarded and unvested—December 31, 2016 785,301 $ 29.75 Granted — $ — Vested (41,666) $ 27.38 Forfeited — $ — Total awarded and unvested—March 31, 2017 743,635 $ 29.88 As of March 31, 2017, there was $12.5 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 1.9 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 by reversing expense previously recognized for 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 three months ended March 31, 2017 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2016 1,331,961 $ 27.31 $ 41,131 Granted 5,967 $ 33.52 Vested — $ — Forfeited (16,327) $ 29.00 Total awarded and unvested—March 31, 2017 1,321,601 $ 27.33 $ 43,824 Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. As of March 31, 2017, there was $29.0 million of unamortized equity-based compensation expense related to unvested phantom unit awards. That expense is expected to be recognized over a weighted average period of approximately 1.9 years.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
Financial Instruments
Financial Instruments	(8) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2016 and March 31, 2017 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility and Midstream Facility at December 31, 2016 and March 31, 2017 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 Antero’s senior notes was approximately $3.5 billion at December 31, 2016 and March 31, 2017. Based on Level 2 market data inputs, the fair value of Antero Midstream’s senior notes was approximately $657 million at December 31, 2016 and $661 million at March 31, 2017. See note 9 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments.
Derivative Instruments	(9) 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 three months ended March 31, 2016 and 2017. The Company enters into these swap contracts when management believes that favorable future sales prices for the Company’s production can be secured. Under these swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices upon settlement are 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 March 31, 2017, the Company’s fixed price natural gas and NGLs swap positions from April 1, 2017 through December 31, 2023 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: 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 June 30, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.26 CGTLA ($/MMBtu) 420,000 — — $ 4.13 CCG ($/MMBtu) 70,000 — — $ 4.38 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.38 Total 1,860,000 3,000 47,500 Three months ending September 30, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.33 CGTLA ($/MMBtu) 420,000 — — $ 4.20 CCG ($/MMBtu) 70,000 — — $ 4.45 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.39 Total 1,860,000 3,000 47,500 Three months ending December 31, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.46 CGTLA ($/MMBtu) 420,000 — — $ 4.37 CCG ($/MMBtu) 70,000 — — $ 4.68 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.40 Total 1,860,000 3,000 47,500 Year ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — $ 3.91 Mont Belvieu-Propane ($/Gallon) — 2,000 $ 0.65 Total 2,002,500 2,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.70 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.63 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.31 Year ending December 31, 2022: NYMEX ($/MMBtu) 810,000 $ 3.18 Year ending December 31, 2023: NYMEX ($/MMBtu) 50,000 $ 2.83 As of March 31, 2017, 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 Differential ($/MMBtu) Nine months ending December 31, 2017: 125,000 $ (0.49) As of March 31, 2017, 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 Differential ($/MMBtu) Nine months ending December 31, 2017: 125,000 $ 0.32 (b) The following table presents 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, 2016 and March 31, 2017. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2016 March 31, 2017 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 $ 73,022 Current assets 237,086 Commodity contracts Long-term assets 1,731,063 Long-term assets 1,811,435 Total asset derivatives 1,804,085 2,048,521 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities 203,635 Current liabilities 54,277 Commodity contracts Long-term liabilities 234 Long-term liabilities 102 Total liability derivatives 203,869 54,379 Net derivatives $ 1,600,216 1,994,142 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, 2016 March 31, 2017 Gross Gross amounts Net amounts of assets on balance sheet Gross Gross amounts Net amounts of assets (liabilities) on balance sheet Commodity derivative assets $ 1,914,245 (110,160) 1,804,085 $ 2,136,955 (88,434) 2,048,521 Commodity derivative liabilities $ (324,667) 120,798 (203,869) $ (113,718) 59,339 (54,379) 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 months ended March 31, 2016 and 2017 (in thousands): Statement of Three months ended March 31, location 2016 2017 Commodity derivative fair value gains Revenue $ 279,924 438,775 The fair value of commodity derivative instruments was determined using Level 2 inputs.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Contingencies
Contingencies	(10) Contingencies The Company is the plaintiff in two nearly identical lawsuits against South Jersey Gas Company and South Jersey Resources Group, LLC (collectively, “SJGC”) pending in United States District Court in Colorado. The Company filed suit against SJGC seeking relief for breach of contract and damages in the amounts that SJGC has short paid, and continues to short pay, the Company in connection with two long term gas contracts. Under those contracts, SJGC are long term purchasers of some of the Company’s natural gas production. Deliveries under the contracts began in October 2011 and the delivery obligation continues through October 2019. SJGC unilaterally breached the contracts claiming that the index prices specified in the contracts, and the index prices at which SJGC paid for deliveries from 2011 through September 2014, are no longer appropriate under the contracts because a market disruption event (as defined by the contract) has occurred and, as a result, a new index price is to be determined by the parties. Beginning in October 2014, SJGC began short paying the Company based on indexes unilaterally selected by SJGC and not the index specified in the contract. The Company contends that no market disruption event has occurred and that SJGC have breached the contracts by failing to pay the Company based on the express price terms of the contracts. Through March 31, 2017, the Company estimates that it is owed approximately $56 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 asserted that the index price was no longer appropriate under the contracts and that an undefined alternative index was more appropriate for the delivery point of the gas. In July 2016, the matter was referred to arbitration by the Colorado district court. In January 2017, the arbitration panel ruled in the Company’s favor. As a result, the index price has remained as specified in the contracts and there will be no adjustments to the invoices that have been paid by WGL. In March of 2017, WGL filed a second lawsuit against the Company in Colorado district court seeking relief for breach of contract and damages of more than $30 million, alleging that the Company breached its contractual obligations under two long term gas contracts by failing to deliver “TCO pool” gas. The Company has filed a motion to dismiss, and will continue to vigorously defend this lawsuit. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
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 processing 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 primarily determined by the respective operating income of each segment. General and administrative expenses are allocated to the gathering and processing 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 three months ended March 31, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2016: Sales and revenues: Third-party $ 617,944 3,587 257 99,216 — 721,004 Intersegment 3,825 66,040 66,189 — (136,054) — Total $ 621,769 69,627 66,446 99,216 (136,054) 721,004 Operating expenses: Lease operating $ 11,332 — 40,714 — (40,753) 11,293 Gathering, compression, processing, and transportation 267,445 7,170 — — (65,877) 208,738 Depletion, depreciation, and amortization 167,552 17,068 6,962 — — 191,582 General and administrative expense 43,552 9,335 3,756 — (356) 56,287 Other operating expenses 35,165 449 4,204 137,933 (3,396) 174,355 Total 525,046 34,022 55,636 137,933 (110,382) 642,255 Operating income (loss) $ 96,723 35,605 10,810 (38,717) (25,672) 78,749 Equity in earnings of unconsolidated affiliates $ — — — — — — Segment assets $ 12,738,875 1,518,554 524,348 35,983 (529,048) 14,288,712 Capital expenditures for segment assets $ 449,830 48,686 37,036 — (25,429) 510,123 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2017: Sales and revenues: Third-party $ 1,127,051 2,539 65 65,924 — 1,195,579 Intersegment 4,440 89,120 83,045 — (176,605) — Total $ 1,131,491 91,659 83,110 65,924 (176,605) 1,195,579 Operating expenses: Lease operating $ 15,742 — 38,622 — (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 8,114 — — (89,053) 266,829 Depletion, depreciation, and amortization 174,969 19,924 7,836 — — 202,729 General and administrative expense 51,056 10,138 4,319 — (815) 64,698 Other operating expenses 53,618 — 4,344 89,993 (3,526) 144,429 Total 643,153 38,176 55,121 89,993 (132,207) 694,236 Operating income (loss) $ 488,338 53,483 27,989 (24,069) (44,398) 501,343 Equity in earnings of unconsolidated affiliates $ — 2,231 — — — 2,231 Segment assets $ 12,989,013 1,941,668 645,943 27,730 (715,700) 14,888,654 Capital expenditures for segment assets $ 456,950 66,559 36,954 — (44,229) 516,234

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2017
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 as 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 5). 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, 2016 and March 31, 2017, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2016 and 2017 and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2016 and 2017 present financial information for Antero on a stand-alone basis (carrying its investment in 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 Sheet December 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 17,568 — 14,042 — 31,610 Accounts receivable, net 28,442 — 1,240 — 29,682 Intercompany receivables 3,193 — 64,139 (67,332) — Accrued revenue 261,960 — — — 261,960 Derivative instruments 73,022 — — — 73,022 Other current assets 5,784 — 529 — 6,313 Total current assets 389,969 — 79,950 (67,332) 402,587 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,331,173 — — — 2,331,173 Proved properties 9,726,957 — — (177,286) 9,549,671 Water handling and treatment systems — — 744,682 — 744,682 Gathering systems and facilities 17,929 — 1,705,839 — 1,723,768 Other property and equipment 41,231 — — — 41,231 12,117,290 — 2,450,521 (177,286) 14,390,525 Less accumulated depletion, depreciation, and amortization (2,109,136) — (254,642) — (2,363,778) Property and equipment, net 10,008,154 — 2,195,879 (177,286) 12,026,747 Derivative instruments 1,731,063 — — — 1,731,063 Investments in subsidiaries (420,429) — — 420,429 — Contingent acquisition consideration 194,538 — — (194,538) — Investments in unconsolidated affiliates — — 68,299 — 68,299 Other assets, net 21,087 — 5,767 — 26,854 Total assets $ 11,924,382 — 2,349,895 (18,727) 14,255,550 Liabilities and Equity Current liabilities: Accounts payable $ 21,648 — 16,979 — 38,627 Intercompany payable 64,139 — 3,193 (67,332) — Accrued liabilities 332,162 — 61,641 — 393,803 Revenue distributions payable 163,989 — — — 163,989 Derivative instruments 203,635 — — — 203,635 Other current liabilities 17,134 — 200 — 17,334 Total current liabilities 802,707 — 82,013 (67,332) 817,388 Long-term liabilities: Long-term debt 3,854,059 — 849,914 — 4,703,973 Deferred income tax liability 950,217 — — — 950,217 Contingent acquisition consideration — — 194,538 (194,538) — Derivative instruments 234 — — — 234 Other liabilities 54,540 — 620 — 55,160 Total liabilities 5,661,757 — 1,127,085 (261,870) 6,526,972 Equity: Stockholders' equity: Partners' capital — — 1,222,810 (1,222,810) — Common stock 3,149 — — — 3,149 Additional paid-in capital 5,299,481 — — — 5,299,481 Accumulated earnings 959,995 — — — 959,995 Total stockholders' equity 6,262,625 — 1,222,810 (1,222,810) 6,262,625 Noncontrolling interest in consolidated subsidiary — — — 1,465,953 1,465,953 Total equity 6,262,625 — 1,222,810 243,143 7,728,578 Total liabilities and equity $ 11,924,382 — 2,349,895 (18,727) 14,255,550 Condensed Consolidating Balance Sheet March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — — — — Accounts receivable, net 35,674 — 1,200 — 36,874 Intercompany receivables 2,428 — 71,500 (73,928) — Accrued revenue 220,059 — — — 220,059 Derivative instruments 237,086 — — — 237,086 Other current assets 9,181 — 498 — 9,679 Total current assets 504,428 — 73,198 (73,928) 503,698 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,330,010 — — — 2,330,010 Proved properties 10,163,965 — — (221,515) 9,942,450 Water handling and treatment systems — — 771,239 — 771,239 Gathering systems and facilities 17,928 — 1,767,741 — 1,785,669 Other property and equipment 42,290 — — — 42,290 12,554,193 — 2,538,980 (221,515) 14,871,658 Less accumulated depletion, depreciation, and amortization (2,284,181) — (282,178) — (2,566,359) Property and equipment, net 10,270,012 — 2,256,802 (221,515) 12,305,299 Derivative instruments 1,811,435 — — — 1,811,435 Investments in subsidiaries 632,905 — — (632,905) — Contingent acquisition consideration 198,064 — — (198,064) — Investments in unconsolidated affiliates — — 230,418 — 230,418 Other assets, net 26,530 — 11,274 — 37,804 Total assets $ 13,443,374 — 2,571,692 (1,126,412) 14,888,654 Liabilities and Equity Current liabilities: Accounts payable $ 24,194 — 13,512 — 37,706 Intercompany payable 71,500 — 2,428 (73,928) — Accrued liabilities 369,505 — 47,083 — 416,588 Revenue distributions payable 198,775 — — — 198,775 Derivative instruments 54,277 — — — 54,277 Other current liabilities 15,904 — 186 — 16,090 Total current liabilities 734,155 — 63,209 (73,928) 723,436 Long-term liabilities: Long-term debt 3,935,123 — 840,179 — 4,775,302 Deferred income tax liability 1,081,563 — — — 1,081,563 Contingent acquisition consideration — — 198,064 (198,064) — Derivative instruments 102 — — — 102 Other liabilities 53,732 — 567 — 54,299 Total liabilities 5,804,675 — 1,102,019 (271,992) 6,634,702 Equity: Stockholders' equity: Partners' capital — — 1,469,673 (1,469,673) — Common stock 3,150 — — — 3,150 Additional paid-in capital 6,407,158 — — — 6,407,158 Accumulated earnings 1,228,391 — — — 1,228,391 Total stockholders' equity 7,638,699 — 1,469,673 (1,469,673) 7,638,699 Noncontrolling interest in consolidated subsidiary — — — 615,253 615,253 Total equity 7,638,699 — 1,469,673 (854,420) 8,253,952 Total liabilities and equity $ 13,443,374 — 2,571,692 (1,126,412) 14,888,654 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 254,776 — — — 254,776 Natural gas liquids sales 73,065 — — — 73,065 Oil sales 10,179 — — — 10,179 Gathering, compression, and water handling and treatment — — 136,073 (132,229) 3,844 Marketing 99,216 — — — 99,216 Commodity derivative fair value gains 279,924 — — — 279,924 Other income 3,825 — — (3,825) — Total revenue and other 720,985 — 136,073 (136,054) 721,004 Operating expenses: Lease operating 11,332 — 40,714 (40,753) 11,293 Gathering, compression, processing, and transportation 267,445 — 7,170 (65,877) 208,738 Production and ad valorem taxes 18,027 — 1,257 — 19,284 Marketing 137,933 — — — 137,933 Exploration 1,014 — — — 1,014 Impairment of unproved properties 15,526 — — — 15,526 Depletion, depreciation, and amortization 167,759 — 23,823 — 191,582 Accretion of asset retirement obligations 598 — — — 598 General and administrative 43,552 — 13,091 (356) 56,287 Accretion of contingent acquisition consideration — — 3,396 (3,396) — Total operating expenses 663,186 — 89,451 (110,382) 642,255 Operating income 57,799 — 46,622 (25,672) 78,749 Other income (expenses): Interest (59,823) — (3,704) 243 (63,284) Equity in net income of subsidiaries 1,784 — — (1,784) — Total other expenses (58,039) — (3,704) (1,541) (63,284) Income (loss) before income taxes (240) — 42,918 (27,213) 15,465 Provision for income tax expense (4,815) — — — (4,815) Net income (loss) and comprehensive income (loss) including noncontrolling interest (5,055) — 42,918 (27,213) 10,650 Net income and comprehensive income attributable to noncontrolling interest — — — 15,705 15,705 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (5,055) — 42,918 (42,918) (5,055) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 466,664 — — — 466,664 Natural gas liquids sales 194,652 — — — 194,652 Oil sales 26,960 — — — 26,960 Gathering, compression, and water handling and treatment — — 174,769 (172,165) 2,604 Marketing 65,924 — — — 65,924 Commodity derivative fair value losses 438,775 — — — 438,775 Other income 4,440 — — (4,440) — Total revenue and other 1,197,415 — 174,769 (176,605) 1,195,579 Operating expenses: Lease operating 15,742 — 38,622 (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 — 8,114 (89,053) 266,829 Production and ad valorem taxes 23,975 — 818 — 24,793 Marketing 89,993 — — — 89,993 Exploration 2,107 — — — 2,107 Impairment of unproved properties 26,899 — — — 26,899 Depletion, depreciation, and amortization 175,193 — 27,536 — 202,729 Accretion of asset retirement obligations 637 — — — 637 General and administrative 51,056 — 14,457 (815) 64,698 Accretion of contingent acquisition consideration — — 3,526 (3,526) — Total operating expenses 733,370 — 93,073 (132,207) 694,236 Operating income 464,045 — 81,696 (44,398) 501,343 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,231 — 2,231 Interest (58,003) — (8,836) 169 (66,670) Equity in net income of subsidiaries (6,300) — — 6,300 — Total other expenses (64,303) — (6,605) 6,469 (64,439) Income before income taxes 399,742 — 75,091 (37,929) 436,904 Provision for income tax expense (131,346) — — — (131,346) Net income and comprehensive income including noncontrolling interest 268,396 — 75,091 (37,929) 305,558 Net income and comprehensive income attributable to noncontrolling interest — — — 37,162 37,162 Net income and comprehensive income attributable to Antero Resources Corporation $ 268,396 — 75,091 (75,091) 268,396 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 283,249 — 82,348 (25,429) 340,168 Cash flows used in investing activities: Additions to unproved properties (28,675) — — — (28,675) Drilling and completion costs (420,614) — — 25,429 (395,185) Additions to water handling and treatment systems — — (37,036) — (37,036) Additions to gathering systems and facilities — — (48,686) — (48,686) Additions to other property and equipment (541) — — — (541) Change in other assets 98 — (9,270) — (9,172) Distributions from non-guarantor subsidiary 25,712 — — (25,712) — Net cash used in investing activities (424,020) — (94,992) (283) (519,295) Cash flows provided by financing activities: Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 178,000 — — — 178,000 Borrowings (repayments) on bank credit facility, net (27,000) — 60,000 — 33,000 Payments of deferred financing costs (64) — — — (64) Distributions — — (39,725) 25,712 (14,013) Employee tax withholding for settlement of equity compensation awards (117) — — — (117) Other (1,246) — (36) — (1,282) Net cash provided by financing activities 149,573 — 20,239 25,712 195,524 Net increase in cash and cash equivalents 8,802 — 7,595 — 16,397 Cash and cash equivalents, beginning of period 16,590 — 6,883 — 23,473 Cash and cash equivalents, end of period $ 25,392 — 14,478 — 39,870 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 338,420 — 99,748 (44,229) 393,939 Cash flows used in investing activities: Additions to proved properties (49,664) — — — (49,664) Additions to unproved properties (55,542) — — — (55,542) Drilling and completion costs (351,154) — — 44,229 (306,925) Additions to water handling and treatment systems — — (36,954) — (36,954) Additions to gathering systems and facilities — — (66,559) — (66,559) Additions to other property and equipment (590) — — — (590) Investments in unconsolidated affiliates — — (159,889) — (159,889) Change in other assets (6,476) — (5,874) — (12,350) Net distributions from subsidiaries 30,484 — — (30,484) — Net cash used in investing activities (432,942) — (269,276) 13,745 (688,473) Cash flows provided by financing activities: Issuance of common units by Antero Midstream Partners LP — — 223,119 — 223,119 Borrowings (repayments) on bank credit facility, net 80,000 — (10,000) — 70,000 Distributions — — (57,633) 30,484 (27,149) Employee tax withholding for settlement of equity compensation awards (1,657) — — — (1,657) Other (1,389) — — — (1,389) Net cash provided by financing activities 76,954 — 155,486 30,484 262,924 Net decrease in cash and cash equivalents (17,568) — (14,042) — (31,610) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ — — — — —

Commitments

Commitments	3 Months Ended
	Mar. 31, 2017
Commitments
Commitments	(13) The table below 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 March 31, 2017 (in millions). Firm Processing, Drilling rigs and completion Office and equipment (a) (b) (c) (d) Total Remainder of 2017 $ 510 304 95 10 919 2018 937 398 75 13 1,423 2019 1,088 322 40 10 1,460 2020 1,107 319 — 9 1,435 2021 1,086 303 — 8 1,397 2022 1,033 299 — 8 1,340 Thereafter 9,362 1,273 — 17 10,652 Total $ 15,123 3,218 210 75 18,626 (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 fees to be paid to the Joint Venture owned by Antero Midstream and MarkWest, and Antero Midstream’s commitments for the construction of its advanced wastewater 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 under capital and operating lease arrangements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2016 consolidated financial statements have been filed with the SEC in the Company’s 2016 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, 2016 and March 31, 2017, the results of its operations for the three months ended March 31, 2016 and 2017, and its cash flows for the three months ended March 31, 2016 and 2017. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is identical to its comprehensive income or loss. Operating results for the period ended March 31, 2017 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 statement of cash flows for the three months ended March 31, 2016 includes reclassifications within current liabilities that were made to conform to the three months ended March 31, 2017 presentation. The Company’s statement of operations and comprehensive income (loss) for the three months ended March 31, 2016 includes reclassifications within operating expenses that were made to conform to the three months ended March 31, 2017 presentation. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified.
Principles of Consolidation	(b) 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 (“VIEs”) for which the Company is the primary beneficiary. We have determined that Antero Midstream is a VIE for which Antero is the primary beneficiary. Therefore, Antero Midstream’s accounts are included in the Company’s condensed consolidated financial statements. Antero is the primary beneficiary of Antero Midstream based on its power to direct the activities that most significantly impact Antero Midstream’s economic performance, and its obligation to absorb losses or receive benefits of Antero Midstream that could be significant to the Partnership. Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production under long-term service contracts. Antero owned 58.6% of the outstanding limited partner interests in Antero Midstream at March 31, 2017, and Antero’s officers and management group also act as management of Antero Midstream. Antero Midstream GP LP (“AMGP”) indirectly owns the general partnership interest in Antero Midstream as well as Antero IDR Holdings LLC, which owns the incentive distribution rights in Antero Midstream. AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero and Antero Midstream have 20-year contracts with automatic renewal provisions, whereby Antero has dedicated the rights for gathering and compression, and water delivery and handling services to Antero Midstream on a fixed-fee basis on a substantial portion of Antero’s current acreage and future acquired acreage, in each case, except for acreage that was already dedicated to other parties prior to entering into the service contracts or that was acquired subject to a pre-existing dedication. The contracts call for Antero to present, in advance, its drilling and completion plans in order for Antero Midstream to develop gathering and compression, water delivery and handling, and gas processing assets to service Antero’s operations. Consequently, the drilling and completion capital investment decisions made by Antero control the development and operation of all of Antero Midstream’s assets. Because of these contractual obligations and the capital requirements related to these obligations, Antero Midstream has and will devote substantially all of its resources to servicing Antero’s operations, and revenues from Antero will provide substantially all of Antero Midstream’s financial support and, therefore, its ability to finance its operations. As a result of the long-term contractual commitment to support Antero’s substantial growth plans, Antero Midstream will be practically and physically constrained from providing any substantive amount of services to third-parties. Therefore, Antero controls the activities that most significantly impact Antero Midstream’s economic performance. 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 the holder of Antero Midstream’s incentive distribution rights. 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 investments in unconsolidated affiliates on the Company’s condensed consolidated balance sheets. Income from equity method investees is included in equity in earnings of unconsolidated affiliates 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, 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 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 assets or liabilities 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, development, and production of natural gas, NGLs, and oil; (2) gathering and processing; (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.
Earnings (loss) per common share	(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 the period. Earnings (loss) per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period were also the end of the performance period required for the vesting of such awards. 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 March 31, 2016 2017 Basic weighted average number of shares outstanding 277,050 314,954 Add: Dilutive effect of non-vested restricted stock units — 770 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units — 45 Diluted weighted average number of shares outstanding 277,050 315,769 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 6,741 1,509 Outstanding stock options 720 683 Performance stock units 214 660 (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. When the Company incurs a net loss, all outstanding equity awards are excluded from the calculation of diluted loss per common share because the inclusion of these awards would be anti-dilutive.
Cash and Cash Equivalents	(h) The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short term nature of these instruments. From time to time, the Company may be in a position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts within accounts payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its condensed consolidated statements of cash flows.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2016 and March 31, 2017 consisted of the following items (in thousands): December 31, 2016 March 31, 2017 Capital expenditures $ 159,811 162,001 Gathering, compression, processing, and transportation expenses 75,223 82,047 Marketing expenses 52,822 35,811 Interest expense 35,533 66,331 Other 70,414 70,398 $ 393,803 416,588

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2016 and March 31, 2017 (in thousands): December 31, 2016 March 31, 2017 Antero: Bank credit facility(a) $ 440,000 520,000 5.375% senior notes due 2021(b) 1,000,000 1,000,000 5.125% senior notes due 2022(c) 1,100,000 1,100,000 5.625% senior notes due 2023(d) 750,000 750,000 5.00% senior notes due 2025(e) 600,000 600,000 Net unamortized premium 1,749 1,721 Net unamortized debt issuance costs (37,690) (36,598) Antero Midstream: Bank credit facility(g) 210,000 200,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (10,086) (9,821) $ 4,703,973 4,775,302

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2017 (in thousands): Asset retirement obligations—December 31, 2016 $ 32,736 Obligations incurred for wells drilled and producing properties acquired 1,310 Accretion expense 637 Asset retirement obligations—March 31, 2017 $ 34,683

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2016 and 2017 (in thousands): Three months ended March 31, 2016 2017 Restricted stock unit awards $ 17,467 18,225 Stock options 660 620 Performance share unit awards 883 2,135 Antero Midstream phantom unit awards 3,988 4,043 Equity awards issued to directors 472 480 Total expense $ 23,470 25,503
Summary of restricted stock and restricted stock unit awards activity	Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2016 5,353,447 $ 31.77 $ 126,609 Granted 37,178 $ 25.62 Vested (139,635) $ 28.71 Forfeited (84,733) $ 25.87 Total awarded and unvested—March 31, 2017 5,166,257 $ 31.87 $ 117,842
Summary of stock option activity	Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2016 687,929 $ 50.46 8.12 $ — Granted — $ — Exercised — — Forfeited (6,208) $ 50.00 Expired — — Outstanding at March 31, 2017 681,721 $ 50.47 7.87 $ — Vested or expected to vest as of March 31, 2017 681,721 $ 50.47 7.87 $ — Exercisable at March 31, 2017 216,924 $ 51.18 7.60 $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2016 785,301 $ 29.75 Granted — $ — Vested (41,666) $ 27.38 Forfeited — $ — Total awarded and unvested—March 31, 2017 743,635 $ 29.88
Schedule of outstanding unvested restricted stock awards vesting schedule	Number of Weighted Aggregate Total awarded and unvested—December 31, 2016 1,331,961 $ 27.31 $ 41,131 Granted 5,967 $ 33.52 Vested — $ — Forfeited (16,327) $ 29.00 Total awarded and unvested—March 31, 2017 1,321,601 $ 27.33 $ 43,824

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of outstanding commodity derivatives	As of March 31, 2017, the Company’s fixed price natural gas and NGLs swap positions from April 1, 2017 through December 31, 2023 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: 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 June 30, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.26 CGTLA ($/MMBtu) 420,000 — — $ 4.13 CCG ($/MMBtu) 70,000 — — $ 4.38 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.38 Total 1,860,000 3,000 47,500 Three months ending September 30, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.33 CGTLA ($/MMBtu) 420,000 — — $ 4.20 CCG ($/MMBtu) 70,000 — — $ 4.45 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.39 Total 1,860,000 3,000 47,500 Three months ending December 31, 2017: NYMEX ($/MMBtu) 1,370,000 — — $ 3.46 CGTLA ($/MMBtu) 420,000 — — $ 4.37 CCG ($/MMBtu) 70,000 — — $ 4.68 NYMEX-WTI ($/Bbl) — 3,000 — $ 54.75 Mont Belvieu-Ethane ($/Gallon) — — 20,000 $ 0.25 Mont Belvieu-Propane ($/Gallon) — — 27,500 $ 0.40 Total 1,860,000 3,000 47,500 Year ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — $ 3.91 Mont Belvieu-Propane ($/Gallon) — 2,000 $ 0.65 Total 2,002,500 2,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.70 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.63 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.31 Year ending December 31, 2022: NYMEX ($/MMBtu) 810,000 $ 3.18 Year ending December 31, 2023: NYMEX ($/MMBtu) 50,000 $ 2.83
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2016 March 31, 2017 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 $ 73,022 Current assets 237,086 Commodity contracts Long-term assets 1,731,063 Long-term assets 1,811,435 Total asset derivatives 1,804,085 2,048,521 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities 203,635 Current liabilities 54,277 Commodity contracts Long-term liabilities 234 Long-term liabilities 102 Total liability derivatives 203,869 54,379 Net derivatives $ 1,600,216 1,994,142
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, 2016 March 31, 2017 Gross Gross amounts Net amounts of assets on balance sheet Gross Gross amounts Net amounts of assets (liabilities) on balance sheet Commodity derivative assets $ 1,914,245 (110,160) 1,804,085 $ 2,136,955 (88,434) 2,048,521 Commodity derivative liabilities $ (324,667) 120,798 (203,869) $ (113,718) 59,339 (54,379)
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 months ended March 31, 2016 and 2017 (in thousands): Statement of Three months ended March 31, location 2016 2017 Commodity derivative fair value gains Revenue $ 279,924 438,775
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 Differential ($/MMBtu) Nine months ending December 31, 2017: 125,000 $ (0.49)
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 Differential ($/MMBtu) Nine months ending December 31, 2017: 125,000 $ 0.32

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2016: Sales and revenues: Third-party $ 617,944 3,587 257 99,216 — 721,004 Intersegment 3,825 66,040 66,189 — (136,054) — Total $ 621,769 69,627 66,446 99,216 (136,054) 721,004 Operating expenses: Lease operating $ 11,332 — 40,714 — (40,753) 11,293 Gathering, compression, processing, and transportation 267,445 7,170 — — (65,877) 208,738 Depletion, depreciation, and amortization 167,552 17,068 6,962 — — 191,582 General and administrative expense 43,552 9,335 3,756 — (356) 56,287 Other operating expenses 35,165 449 4,204 137,933 (3,396) 174,355 Total 525,046 34,022 55,636 137,933 (110,382) 642,255 Operating income (loss) $ 96,723 35,605 10,810 (38,717) (25,672) 78,749 Equity in earnings of unconsolidated affiliates $ — — — — — — Segment assets $ 12,738,875 1,518,554 524,348 35,983 (529,048) 14,288,712 Capital expenditures for segment assets $ 449,830 48,686 37,036 — (25,429) 510,123 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2017: Sales and revenues: Third-party $ 1,127,051 2,539 65 65,924 — 1,195,579 Intersegment 4,440 89,120 83,045 — (176,605) — Total $ 1,131,491 91,659 83,110 65,924 (176,605) 1,195,579 Operating expenses: Lease operating $ 15,742 — 38,622 — (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 8,114 — — (89,053) 266,829 Depletion, depreciation, and amortization 174,969 19,924 7,836 — — 202,729 General and administrative expense 51,056 10,138 4,319 — (815) 64,698 Other operating expenses 53,618 — 4,344 89,993 (3,526) 144,429 Total 643,153 38,176 55,121 89,993 (132,207) 694,236 Operating income (loss) $ 488,338 53,483 27,989 (24,069) (44,398) 501,343 Equity in earnings of unconsolidated affiliates $ — 2,231 — — — 2,231 Segment assets $ 12,989,013 1,941,668 645,943 27,730 (715,700) 14,888,654 Capital expenditures for segment assets $ 456,950 66,559 36,954 — (44,229) 516,234

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
	Mar. 31, 2017
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheet December 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 17,568 — 14,042 — 31,610 Accounts receivable, net 28,442 — 1,240 — 29,682 Intercompany receivables 3,193 — 64,139 (67,332) — Accrued revenue 261,960 — — — 261,960 Derivative instruments 73,022 — — — 73,022 Other current assets 5,784 — 529 — 6,313 Total current assets 389,969 — 79,950 (67,332) 402,587 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,331,173 — — — 2,331,173 Proved properties 9,726,957 — — (177,286) 9,549,671 Water handling and treatment systems — — 744,682 — 744,682 Gathering systems and facilities 17,929 — 1,705,839 — 1,723,768 Other property and equipment 41,231 — — — 41,231 12,117,290 — 2,450,521 (177,286) 14,390,525 Less accumulated depletion, depreciation, and amortization (2,109,136) — (254,642) — (2,363,778) Property and equipment, net 10,008,154 — 2,195,879 (177,286) 12,026,747 Derivative instruments 1,731,063 — — — 1,731,063 Investments in subsidiaries (420,429) — — 420,429 — Contingent acquisition consideration 194,538 — — (194,538) — Investments in unconsolidated affiliates — — 68,299 — 68,299 Other assets, net 21,087 — 5,767 — 26,854 Total assets $ 11,924,382 — 2,349,895 (18,727) 14,255,550 Liabilities and Equity Current liabilities: Accounts payable $ 21,648 — 16,979 — 38,627 Intercompany payable 64,139 — 3,193 (67,332) — Accrued liabilities 332,162 — 61,641 — 393,803 Revenue distributions payable 163,989 — — — 163,989 Derivative instruments 203,635 — — — 203,635 Other current liabilities 17,134 — 200 — 17,334 Total current liabilities 802,707 — 82,013 (67,332) 817,388 Long-term liabilities: Long-term debt 3,854,059 — 849,914 — 4,703,973 Deferred income tax liability 950,217 — — — 950,217 Contingent acquisition consideration — — 194,538 (194,538) — Derivative instruments 234 — — — 234 Other liabilities 54,540 — 620 — 55,160 Total liabilities 5,661,757 — 1,127,085 (261,870) 6,526,972 Equity: Stockholders' equity: Partners' capital — — 1,222,810 (1,222,810) — Common stock 3,149 — — — 3,149 Additional paid-in capital 5,299,481 — — — 5,299,481 Accumulated earnings 959,995 — — — 959,995 Total stockholders' equity 6,262,625 — 1,222,810 (1,222,810) 6,262,625 Noncontrolling interest in consolidated subsidiary — — — 1,465,953 1,465,953 Total equity 6,262,625 — 1,222,810 243,143 7,728,578 Total liabilities and equity $ 11,924,382 — 2,349,895 (18,727) 14,255,550 Condensed Consolidating Balance Sheet March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — — — — — Accounts receivable, net 35,674 — 1,200 — 36,874 Intercompany receivables 2,428 — 71,500 (73,928) — Accrued revenue 220,059 — — — 220,059 Derivative instruments 237,086 — — — 237,086 Other current assets 9,181 — 498 — 9,679 Total current assets 504,428 — 73,198 (73,928) 503,698 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,330,010 — — — 2,330,010 Proved properties 10,163,965 — — (221,515) 9,942,450 Water handling and treatment systems — — 771,239 — 771,239 Gathering systems and facilities 17,928 — 1,767,741 — 1,785,669 Other property and equipment 42,290 — — — 42,290 12,554,193 — 2,538,980 (221,515) 14,871,658 Less accumulated depletion, depreciation, and amortization (2,284,181) — (282,178) — (2,566,359) Property and equipment, net 10,270,012 — 2,256,802 (221,515) 12,305,299 Derivative instruments 1,811,435 — — — 1,811,435 Investments in subsidiaries 632,905 — — (632,905) — Contingent acquisition consideration 198,064 — — (198,064) — Investments in unconsolidated affiliates — — 230,418 — 230,418 Other assets, net 26,530 — 11,274 — 37,804 Total assets $ 13,443,374 — 2,571,692 (1,126,412) 14,888,654 Liabilities and Equity Current liabilities: Accounts payable $ 24,194 — 13,512 — 37,706 Intercompany payable 71,500 — 2,428 (73,928) — Accrued liabilities 369,505 — 47,083 — 416,588 Revenue distributions payable 198,775 — — — 198,775 Derivative instruments 54,277 — — — 54,277 Other current liabilities 15,904 — 186 — 16,090 Total current liabilities 734,155 — 63,209 (73,928) 723,436 Long-term liabilities: Long-term debt 3,935,123 — 840,179 — 4,775,302 Deferred income tax liability 1,081,563 — — — 1,081,563 Contingent acquisition consideration — — 198,064 (198,064) — Derivative instruments 102 — — — 102 Other liabilities 53,732 — 567 — 54,299 Total liabilities 5,804,675 — 1,102,019 (271,992) 6,634,702 Equity: Stockholders' equity: Partners' capital — — 1,469,673 (1,469,673) — Common stock 3,150 — — — 3,150 Additional paid-in capital 6,407,158 — — — 6,407,158 Accumulated earnings 1,228,391 — — — 1,228,391 Total stockholders' equity 7,638,699 — 1,469,673 (1,469,673) 7,638,699 Noncontrolling interest in consolidated subsidiary — — — 615,253 615,253 Total equity 7,638,699 — 1,469,673 (854,420) 8,253,952 Total liabilities and equity $ 13,443,374 — 2,571,692 (1,126,412) 14,888,654
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 254,776 — — — 254,776 Natural gas liquids sales 73,065 — — — 73,065 Oil sales 10,179 — — — 10,179 Gathering, compression, and water handling and treatment — — 136,073 (132,229) 3,844 Marketing 99,216 — — — 99,216 Commodity derivative fair value gains 279,924 — — — 279,924 Other income 3,825 — — (3,825) — Total revenue and other 720,985 — 136,073 (136,054) 721,004 Operating expenses: Lease operating 11,332 — 40,714 (40,753) 11,293 Gathering, compression, processing, and transportation 267,445 — 7,170 (65,877) 208,738 Production and ad valorem taxes 18,027 — 1,257 — 19,284 Marketing 137,933 — — — 137,933 Exploration 1,014 — — — 1,014 Impairment of unproved properties 15,526 — — — 15,526 Depletion, depreciation, and amortization 167,759 — 23,823 — 191,582 Accretion of asset retirement obligations 598 — — — 598 General and administrative 43,552 — 13,091 (356) 56,287 Accretion of contingent acquisition consideration — — 3,396 (3,396) — Total operating expenses 663,186 — 89,451 (110,382) 642,255 Operating income 57,799 — 46,622 (25,672) 78,749 Other income (expenses): Interest (59,823) — (3,704) 243 (63,284) Equity in net income of subsidiaries 1,784 — — (1,784) — Total other expenses (58,039) — (3,704) (1,541) (63,284) Income (loss) before income taxes (240) — 42,918 (27,213) 15,465 Provision for income tax expense (4,815) — — — (4,815) Net income (loss) and comprehensive income (loss) including noncontrolling interest (5,055) — 42,918 (27,213) 10,650 Net income and comprehensive income attributable to noncontrolling interest — — — 15,705 15,705 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (5,055) — 42,918 (42,918) (5,055) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 466,664 — — — 466,664 Natural gas liquids sales 194,652 — — — 194,652 Oil sales 26,960 — — — 26,960 Gathering, compression, and water handling and treatment — — 174,769 (172,165) 2,604 Marketing 65,924 — — — 65,924 Commodity derivative fair value losses 438,775 — — — 438,775 Other income 4,440 — — (4,440) — Total revenue and other 1,197,415 — 174,769 (176,605) 1,195,579 Operating expenses: Lease operating 15,742 — 38,622 (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 — 8,114 (89,053) 266,829 Production and ad valorem taxes 23,975 — 818 — 24,793 Marketing 89,993 — — — 89,993 Exploration 2,107 — — — 2,107 Impairment of unproved properties 26,899 — — — 26,899 Depletion, depreciation, and amortization 175,193 — 27,536 — 202,729 Accretion of asset retirement obligations 637 — — — 637 General and administrative 51,056 — 14,457 (815) 64,698 Accretion of contingent acquisition consideration — — 3,526 (3,526) — Total operating expenses 733,370 — 93,073 (132,207) 694,236 Operating income 464,045 — 81,696 (44,398) 501,343 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,231 — 2,231 Interest (58,003) — (8,836) 169 (66,670) Equity in net income of subsidiaries (6,300) — — 6,300 — Total other expenses (64,303) — (6,605) 6,469 (64,439) Income before income taxes 399,742 — 75,091 (37,929) 436,904 Provision for income tax expense (131,346) — — — (131,346) Net income and comprehensive income including noncontrolling interest 268,396 — 75,091 (37,929) 305,558 Net income and comprehensive income attributable to noncontrolling interest — — — 37,162 37,162 Net income and comprehensive income attributable to Antero Resources Corporation $ 268,396 — 75,091 (75,091) 268,396
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 283,249 — 82,348 (25,429) 340,168 Cash flows used in investing activities: Additions to unproved properties (28,675) — — — (28,675) Drilling and completion costs (420,614) — — 25,429 (395,185) Additions to water handling and treatment systems — — (37,036) — (37,036) Additions to gathering systems and facilities — — (48,686) — (48,686) Additions to other property and equipment (541) — — — (541) Change in other assets 98 — (9,270) — (9,172) Distributions from non-guarantor subsidiary 25,712 — — (25,712) — Net cash used in investing activities (424,020) — (94,992) (283) (519,295) Cash flows provided by financing activities: Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 178,000 — — — 178,000 Borrowings (repayments) on bank credit facility, net (27,000) — 60,000 — 33,000 Payments of deferred financing costs (64) — — — (64) Distributions — — (39,725) 25,712 (14,013) Employee tax withholding for settlement of equity compensation awards (117) — — — (117) Other (1,246) — (36) — (1,282) Net cash provided by financing activities 149,573 — 20,239 25,712 195,524 Net increase in cash and cash equivalents 8,802 — 7,595 — 16,397 Cash and cash equivalents, beginning of period 16,590 — 6,883 — 23,473 Cash and cash equivalents, end of period $ 25,392 — 14,478 — 39,870 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 338,420 — 99,748 (44,229) 393,939 Cash flows used in investing activities: Additions to proved properties (49,664) — — — (49,664) Additions to unproved properties (55,542) — — — (55,542) Drilling and completion costs (351,154) — — 44,229 (306,925) Additions to water handling and treatment systems — — (36,954) — (36,954) Additions to gathering systems and facilities — — (66,559) — (66,559) Additions to other property and equipment (590) — — — (590) Investments in unconsolidated affiliates — — (159,889) — (159,889) Change in other assets (6,476) — (5,874) — (12,350) Net distributions from subsidiaries 30,484 — — (30,484) — Net cash used in investing activities (432,942) — (269,276) 13,745 (688,473) Cash flows provided by financing activities: Issuance of common units by Antero Midstream Partners LP — — 223,119 — 223,119 Borrowings (repayments) on bank credit facility, net 80,000 — (10,000) — 70,000 Distributions — — (57,633) 30,484 (27,149) Employee tax withholding for settlement of equity compensation awards (1,657) — — — (1,657) Other (1,389) — — — (1,389) Net cash provided by financing activities 76,954 — 155,486 30,484 262,924 Net decrease in cash and cash equivalents (17,568) — (14,042) — (31,610) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ — — — — —

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Fair Value of Derivative Contracts (Details) - USD ($) $ in Millions	Feb. 06, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Basis of Presentation
Other comprehensive income (loss)		$ 0	$ 0
Antero Midstream Partners LP
Basis of Presentation
Sale of common stock (in shares)	6,900,000
Antero Resources ownership in Antero Midstream		58.60%		60.90%
Term of contract with Antero Midstream		20 years

Summary of Significant Accoun30

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Earnings per share
Weighted Average Number of Shares Outstanding, Basic	314,954	277,050
Weighted Average Number of Shares Outstanding, Diluted	315,769	277,050
Other Assets, Noncurrent	$ 37,804		$ 26,854
Long-term debt	4,775,302		$ 4,703,973
Changes in accrued liabilities	19,339	$ 49,041
Employee tax withholding for settlement of equity compensation awards	$ (1,657)	$ (117)
Restricted stock and restricted stock unit
Earnings per share
Dilutive effect of equity awards (in shares)	770
Weighted Average Anti-dilutive Awards	1,509	6,741
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	683	720
Performance share unit awards
Earnings per share
Dilutive effect of equity awards (in shares)	45
Weighted Average Anti-dilutive Awards	660	214

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	Feb. 06, 2016USD ($)shares	Sep. 23, 2015USD ($)bbl	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Dec. 31, 2016	May 26, 2016
Antero Midstream Partners LP
Investment in unconsolidated affiliate			$ 159,889
Consideration:
Amount borrowed on bank credit facility			$ 70,000	$ 33,000
Equity Transactions
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation				$ 178,000
Units sold under At the Market program (in units) | shares			0
Antero Midstream Partners LP
Antero Midstream Partners LP
Ownership percentage						15.00%
Number of additional shares of common stock issued (in shares) | shares	6,900,000
Issuance of common stock	$ 223,000
Antero Resources ownership in Antero Midstream			58.60%		60.90%
Antero Midstream Partners LP | Contingent Consideration Period One
Consideration:
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
Consideration:
Contingent consideration		$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl		219,200,000
Antero Midstream Partners LP | At the Market Program
Equity Transactions
Remaining capacity under equity distribution agreement			$ 183,800
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
Appalachia joint venture
Antero Midstream Partners LP
Ownership percentage	50.00%
Appalachia joint venture | Antero Midstream Partners LP
Antero Midstream Partners LP
Percentage of interest held by joint venture in third party fractionator in Ohio	33.33%
Appalachia joint venture | MarkWest | Antero Midstream Partners LP
Antero Midstream Partners LP
Ownership percentage	50.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued capital expenditures	$ 162,001	$ 159,811
Accrued gathering, compression, processing, and transportation expenses	82,047	75,223
Accrued marketing expenses	35,811	52,822
Accrued interest expense	66,331	35,533
Other accrued liabilities	70,398	70,414
Total accrued liabilities	$ 416,588	$ 393,803

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017	Dec. 31, 2016	Dec. 21, 2016	Sep. 13, 2016	Mar. 17, 2015	Sep. 18, 2014	May 06, 2014	Nov. 05, 2013
Long- term Debt
Long-term debt	$ 4,775,302,000		$ 4,703,973,000
Issue price as percentage of par value				100.00%
Antero Resources Corporation
Long- term Debt
Net unamortized premium	1,721,000		1,749,000
Net unamortized debt issuance costs	(36,598,000)		(37,690,000)
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs	(9,821,000)		(10,086,000)
Midstream Credit Facility Member | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt	200,000,000		$ 210,000,000
Maximum amount of the Credit Facility	$ 1,500,000,000
Weighted average interest rate (as a percent)	2.51%		2.23%
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 | Antero Resources Corporation
Long- term Debt
Bank credit facility long-term debt	$ 520,000,000		$ 440,000,000
Current borrowing base	4,750,000,000
Lender commitments	$ 4,000,000,000
Weighted average interest rate (as a percent)	2.75%		2.44%
Outstanding letters of credit	$ 710,000,000		$ 710,000,000
Bank credit facility | Minimum | Antero Resources Corporation
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.375%
Bank credit facility | Maximum | Antero Resources Corporation
Long- term Debt
Commitment fees on the unused portion (as a percent)	0.50%
Bank credit facility | Subsequent event | Antero Resources Corporation
Long- term Debt
Current borrowing base		$ 4,750,000,000
Lender commitments		$ 4,000,000,000
5.375% senior notes due 2021 | Antero Resources Corporation
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	104.031%
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, 2019 | Antero Resources Corporation
Long- term Debt
Redemption price	100.00%
Stand-alone revolving note | Antero Resources Corporation
Long- term Debt
Maximum amount of the Credit Facility	$ 25,000,000
Outstanding balance	$ 0
Stand-alone revolving note | Lender's Prime Rate | Antero Resources Corporation
Long- term Debt
Basis spread on variable rate (as a percent)	1.00%
5.125 senior notes due 2022 | Antero Resources Corporation
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 Corporation
Long- term Debt
Redemption price	103.844%
5.125 senior notes due 2022 | On or before June 1, 2017 | Antero Resources Corporation
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 Corporation
Long- term Debt
Redemption price	100.00%
5.125 senior notes due 2022 | On or after June 1, 2020 | Antero Resources Corporation
Long- term Debt
Redemption price	100.00%
5.625% senior notes due 2023 | Antero Resources Corporation
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 Corporation
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 Corporation
Long- term Debt
Redemption price	104.219%
5.625% senior notes due 2023 | On Or After June 1, 2021 | Antero Resources Corporation
Long- term Debt
Redemption price	100.00%
5.625% senior notes due 2023 | Prior to June 1, 2018 | Antero Resources Corporation
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		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%
5.00% senior notes due 2025
Long- term Debt
Long-term notes payable	$ 600,000,000		$ 600,000,000
5.00% senior notes due 2025 | Antero Resources Corporation
Long- term Debt
Long-term notes payable				$ 600,000,000
Interest rate (as a percent)				5.00%
Redemption price at which notes may be required to be repurchased in event of change of control	101.00%
5.00% senior notes due 2025 | Prior to March 1, 2020 | Antero Resources Corporation
Long- term Debt
Redemption price	100.00%
5.00% senior notes due 2025 | On or before March 1, 2020 | Antero Resources Corporation
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)	105.00%
5.00% senior notes due 2025 | On or after March 1, 2020 | Antero Resources Corporation
Long- term Debt
Redemption price	103.75%
5.00% senior notes due 2025 | On or after March1, 2023 | Antero Resources Corporation
Long- term Debt
Redemption price	100.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 32,736
Obligations incurred for wells drilled and producing properties acquired	1,310
Accretion expense	637	$ 598
Asset retirement obligations - end of period	$ 34,683

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500
Number of shares available for future grant under the Plan	8,555,117
Equity based compensation expense recognized	$ 25,503	$ 23,470
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000
Number of shares available for future grant under the Plan	7,944,445
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 18,225	17,467
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	2,135	883
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	620	660
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,043	3,988
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 480	$ 472

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of shares
Total granted and unvested at the beginning of the period (in shares) | shares	5,353,447
Granted (in shares) | shares	37,178
Vested (in shares) | shares	(139,635)
Forfeited (in shares) | shares	(84,733)
Total awarded and unvested at the end of the period (in shares) | shares	5,166,257
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 31.77
Granted (in dollars per share) | $ / shares	25.62
Vested (in dollars per share) | $ / shares	28.71
Forfeited (in dollars per share) | $ / shares	25.87
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 31.87
Aggregate intrinsic value
Total awarded and unvested at the beginning of the period | $	$ 126,609
Total awarded and unvested at the end of the period | $	117,842
Additional equity compensation to be recognized over the remaining period | $	$ 111,000
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 9 months 18 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Stock options
Outstanding at the beginning of the period (in shares)	687,929
Options forfeited (in shares)	(6,208)
Outstanding at the end of the period (in shares)	681,721	687,929
Vested or expected to vest (in shares)	681,721
Exercisable (in shares)	216,924
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.46
Options forfeited (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.47	$ 50.46
Vested or expected to vest (in dollars per share)	50.47
Exercisable (in dollars per share)	$ 51.18
Weighted average remaining contractual life
Outstanding	7 years 10 months 13 days	8 years 1 month 13 days
Vested or expected to vest	7 years 10 months 13 days
Exercisable	7 years 7 months 6 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 4.7
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years
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) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Performance share unit awards
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	785,301
Vested (in shares) | shares	(41,666)
Total awarded and unvested at the end of the period (in shares) | shares	743,635
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 29.75
Vested (in dollars per share) | $ / shares	27.38
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 29.88
Additional disclosures
Additional equity compensation to be recognized over the remaining period | $	$ 12.5
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 10 months 24 days
Price target performance share unit awards
Number of successive days closing stock price must achieve specific thresholds for PSUs to vest per schedule	10 days
Vesting period	3 years
Price target performance share unit awards | Vesting before first anniversary | Maximum
Number of PSUs that may vest, as a percent	0.00%
Price target performance share unit awards | Vesting before the second anniversary | Maximum
Number of PSUs that may vest, as a percent	33.33%
Price target performance share unit awards | Vesting before the third anniversary
Number of PSUs that may vest, as a percent	66.67%
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	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,331,961
Granted (in shares) | shares	5,967
Forfeited (in shares) | shares	(16,327)
Total awarded and unvested at the end of the period (in shares) | shares	1,321,601
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 27.31
Granted (in dollars per share) | $ / shares	33.52
Forfeited (in dollars per share) | $ / shares	29
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 27.33
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 41,131
Outstanding at the end of the period | $	43,824
Additional equity compensation to be recognized over the remaining period | $	$ 29,000
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 10 months 24 days

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Antero Resources Corporation
Financial Instruments
Fair value of senior notes	$ 3,500
Antero Midstream Partners LP
Financial Instruments
Fair value of senior notes	$ 661	$ 657

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Mar. 31, 2017bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
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 | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	0.32
Swaps | Natural gas | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,860,000
Swaps | Natural gas | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,860,000
Swaps | Natural gas | Three months 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 | NYMEX | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,370,000
Weighted average index price | $ / MMBTU	3.26
Swaps | Natural gas | NYMEX | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,370,000
Weighted average index price | $ / MMBTU	3.33
Swaps | Natural gas | NYMEX | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	1,370,000
Weighted average index price | $ / MMBTU	3.46
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)	1,417,500
Weighted average index price | $ / MMBTU	3.63
Swaps | Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	710,000
Weighted average index price | $ / MMBTU	3.31
Swaps | Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	810,000
Weighted average index price | $ / MMBTU	3.18
Swaps | Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	50,000
Weighted average index price | $ / MMBTU	2.83
Swaps | Natural gas | CGTLA | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	420,000
Weighted average index price | $ / MMBTU	4.13
Swaps | Natural gas | CGTLA | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	420,000
Weighted average index price | $ / MMBTU	4.20
Swaps | Natural gas | CGTLA | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	420,000
Weighted average index price | $ / MMBTU	4.37
Swaps | Natural gas | CCG | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	70,000
Weighted average index price | $ / MMBTU	4.38
Swaps | Natural gas | CCG | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	70,000
Weighted average index price | $ / MMBTU	4.45
Swaps | Natural gas | CCG | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	70,000
Weighted average index price | $ / MMBTU	4.68
Swaps | Natural gas liquids | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	47,500
Swaps | Natural gas liquids | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	47,500
Swaps | Natural gas liquids | Three months 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 | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	20,000
Weighted average index price | $ / gal	0.25
Swaps | Ethane | Mont Belvieu-Ethane | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	20,000
Weighted average index price | $ / gal	0.25
Swaps | Ethane | Mont Belvieu-Ethane | Three months 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 June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	27,500
Weighted average index price | $ / gal	0.38
Swaps | Propane | Mont Belvieu-Propane | Three months ending September 30, 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 | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	27,500
Weighted average index price | $ / gal	0.40
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 | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | WTI-NYMEX member | Three months ending June 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price | $ / bbl	54.75
Swaps | Oil | WTI-NYMEX member | Three months ending September 30, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price | $ / bbl	54.75
Swaps | Oil | WTI-NYMEX member | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Weighted average index price | $ / bbl	54.75

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 237,086	$ 73,022
Noncurrent portion of fair value of derivative assets	1,811,435	1,731,063
Total asset derivatives	2,048,521	1,804,085
Current portion of fair value of derivative liabilities	54,277	203,635
Noncurrent portion of fair value of derivative liabilities	102	234
Total liability derivatives	54,379	203,869
Derivatives not designated as hedges for accounting purposes | Net fair value of commodity derivative assets position
Fair value of derivative instruments
Current portion of fair value of derivative assets	237,086	73,022
Noncurrent portion of fair value of derivative assets	1,811,435	1,731,063
Total asset derivatives	2,048,521	1,804,085
Current portion of fair value of derivative liabilities	54,277	203,635
Noncurrent portion of fair value of derivative liabilities	102	234
Total liability derivatives	54,379	203,869
Net derivatives	$ 1,994,142	$ 1,600,216
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	Mar. 31, 2017	Dec. 31, 2016
Commodity derivative assets
Gross amounts on balance sheet	$ 2,136,955	$ 1,914,245
Gross amounts offset on balance sheet	(88,434)	(110,160)
Total asset derivatives	2,048,521	1,804,085
Commodity derivative liabilities
Gross amounts on balance sheet	(113,718)	(324,667)
Gross amounts offset on balance sheet	59,339	120,798
Total liability derivatives	$ (54,379)	$ (203,869)

Derivative Instruments - Fair44

Derivative Instruments - Fair value gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 438,775	$ 279,924
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 438,775	$ 279,924

Contingencies (Details)

Contingencies (Details) - Pending Litigation $ in Millions	Mar. 31, 2017USD ($)contractlawsuit
SJGC
Contingencies
Number of lawsuits | lawsuit	2
Number of long term gas contracts | contract	2
WGL
Contingencies
Number of long term gas contracts | contract	2
WGL | Minimum
Contingencies
Damages sought | $	$ 30
Potential Positive Outcome of Litigation | SJGC
Contingencies
Additional accounts receivable | $	$ 56

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Sales and revenues:
Sales and revenues	$ 1,195,579	$ 721,004
Operating expenses:
Lease operating	15,551	11,293
Gathering, compression, processing, and transportation	266,829	208,738
Depletion, depreciation, and amortization	202,729	191,582
General and administrative expense	64,698	56,287
Other operating expenses	144,429	174,355
Total operating expenses	694,236	642,255
Operating income (loss)	501,343	78,749
Equity in earnings of unconsolidated affiliate	2,231
Segment assets	14,888,654	14,288,712	$ 14,255,550
Capital expenditures for segment assets	516,234	510,123
Exploration and production
Sales and revenues:
Sales and revenues	1,127,051	617,944
Gathering and compression
Sales and revenues:
Sales and revenues	2,539	3,587
Fresh Water Distribution
Sales and revenues:
Sales and revenues	65	257
Marketing
Sales and revenues:
Sales and revenues	65,924	99,216
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	1,131,491	621,769
Operating expenses:
Lease operating	15,742	11,332
Gathering, compression, processing, and transportation	347,768	267,445
Depletion, depreciation, and amortization	174,969	167,552
General and administrative expense	51,056	43,552
Other operating expenses	53,618	35,165
Total operating expenses	643,153	525,046
Operating income (loss)	488,338	96,723
Segment assets	12,989,013	12,738,875
Capital expenditures for segment assets	456,950	449,830
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	91,659	69,627
Operating expenses:
Gathering, compression, processing, and transportation	8,114	7,170
Depletion, depreciation, and amortization	19,924	17,068
General and administrative expense	10,138	9,335
Other operating expenses		449
Total operating expenses	38,176	34,022
Operating income (loss)	53,483	35,605
Equity in earnings of unconsolidated affiliate	2,231
Segment assets	1,941,668	1,518,554
Capital expenditures for segment assets	66,559	48,686
Operating segments | Fresh Water Distribution
Sales and revenues:
Sales and revenues	83,110	66,446
Operating expenses:
Lease operating	38,622	40,714
Depletion, depreciation, and amortization	7,836	6,962
General and administrative expense	4,319	3,756
Other operating expenses	4,344	4,204
Total operating expenses	55,121	55,636
Operating income (loss)	27,989	10,810
Segment assets	645,943	524,348
Capital expenditures for segment assets	36,954	37,036
Operating segments | Marketing
Sales and revenues:
Sales and revenues		99,216
Operating expenses:
Other operating expenses	89,993	137,933
Total operating expenses	89,993	137,933
Operating income (loss)	(24,069)	(38,717)
Segment assets	27,730	35,983
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(176,605)	(136,054)
Operating expenses:
Lease operating	(38,813)	(40,753)
Gathering, compression, processing, and transportation	(89,053)	(65,877)
General and administrative expense	(815)	(356)
Other operating expenses	(3,526)	(3,396)
Total operating expenses	(132,207)	(110,382)
Operating income (loss)	(44,398)	(25,672)
Segment assets	(715,700)	(529,048)
Capital expenditures for segment assets	(44,229)	(25,429)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	4,440	3,825
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	89,120	66,040
Elimination of intersegment transaction | Fresh Water Distribution
Sales and revenues:
Sales and revenues	83,045	$ 66,189
Elimination of intersegment transaction | Marketing
Sales and revenues:
Sales and revenues	$ 65,924

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 31,610	$ 39,870	$ 23,473
Accounts receivable, net	$ 36,874	29,682
Accrued revenue	220,059	261,960
Derivative instruments	237,086	73,022
Other current assets	9,679	6,313
Total current assets	503,698	402,587
Unproved properties	2,330,010	2,331,173
Proved properties	9,942,450	9,549,671
Water handling and treatment systems	771,239	744,682
Gathering systems and facilities	1,785,669	1,723,768
Other property and equipment	42,290	41,231
Property and equipment, gross	14,871,658	14,390,525
Less accumulated depletion, depreciation, and amortization	(2,566,359)	(2,363,778)
Property and equipment, net	12,305,299	12,026,747
Derivative instruments	1,811,435	1,731,063
Investments in unconsolidated affiliates	230,418	68,299
Other assets, net	37,804	26,854
Total assets	14,888,654	14,255,550	14,288,712
Liabilities and Stockholders' Equity
Accounts payable	37,706	38,627
Accrued liabilities	416,588	393,803
Revenue distributions payable	198,775	163,989
Derivative Liability, Current	54,277	203,635
Other current liabilities	16,090	17,334
Total current liabilities	723,436	817,388
Long-term debt	4,775,302	4,703,973
Deferred income tax liability	1,081,563	950,217
Derivative instruments	102	234
Other liabilities	54,299	55,160
Total liabilities	6,634,702	6,526,972
Common stock	3,150	3,149
Additional paid-in capital	6,407,158	5,299,481
Accumulated earnings	1,228,391	959,995
Total stockholders' equity	7,638,699	6,262,625
Noncontrolling interest in consolidated subsidiary	615,253	1,465,953
Total equity	8,253,952	7,728,578
Total liabilities and equity	14,888,654	14,255,550
Eliminations
Current assets:
Intercompany receivables	(73,928)	(67,332)
Total current assets	(73,928)	(67,332)
Proved properties	(221,515)	(177,286)
Property and equipment, gross	(221,515)	(177,286)
Property and equipment, net	(221,515)	(177,286)
Investment in subsidiaries	(632,905)	420,429
Contingent acquisition consideration asset	(198,064)	(194,538)
Total assets	(1,126,412)	(18,727)
Liabilities and Stockholders' Equity
Intercompany payable	(73,928)	(67,332)
Total current liabilities	(73,928)	(67,332)
Contingent acquisition consideration liability	(198,064)	(194,538)
Total liabilities	(271,992)	(261,870)
Partners' capital	(1,469,673)	(1,222,810)
Total stockholders' equity	(1,469,673)	(1,222,810)
Noncontrolling interest in consolidated subsidiary	615,253	1,465,953
Total equity	(854,420)	243,143
Total liabilities and equity	(1,126,412)	(18,727)
Antero Resources Corporation | Reportable legal entity
Current assets:
Cash and cash equivalents		17,568	25,392	16,590
Accounts receivable, net	35,674	28,442
Intercompany receivables	2,428	3,193
Accrued revenue	220,059	261,960
Derivative instruments	237,086	73,022
Other current assets	9,181	5,784
Total current assets	504,428	389,969
Unproved properties	2,330,010	2,331,173
Proved properties	10,163,965	9,726,957
Gathering systems and facilities	17,928	17,929
Other property and equipment	42,290	41,231
Property and equipment, gross	12,554,193	12,117,290
Less accumulated depletion, depreciation, and amortization	(2,284,181)	(2,109,136)
Property and equipment, net	10,270,012	10,008,154
Derivative instruments	1,811,435	1,731,063
Investment in subsidiaries	632,905	(420,429)
Contingent acquisition consideration asset	198,064	194,538
Other assets, net	26,530	21,087
Total assets	13,443,374	11,924,382
Liabilities and Stockholders' Equity
Accounts payable	24,194	21,648
Intercompany payable	71,500	64,139
Accrued liabilities	369,505	332,162
Revenue distributions payable	198,775	163,989
Derivative Liability, Current	54,277	203,635
Other current liabilities	15,904	17,134
Total current liabilities	734,155	802,707
Long-term debt	3,935,123	3,854,059
Deferred income tax liability	1,081,563	950,217
Derivative instruments	102	234
Other liabilities	53,732	54,540
Total liabilities	5,804,675	5,661,757
Common stock	3,150	3,149
Additional paid-in capital	6,407,158	5,299,481
Accumulated earnings	1,228,391	959,995
Total stockholders' equity	7,638,699	6,262,625
Total equity	7,638,699	6,262,625
Total liabilities and equity	13,443,374	11,924,382
Non-Guarantor Subsidiaries | Reportable legal entity
Current assets:
Cash and cash equivalents		14,042	$ 14,478	$ 6,883
Accounts receivable, net	1,200	1,240
Intercompany receivables	71,500	64,139
Other current assets	498	529
Total current assets	73,198	79,950
Water handling and treatment systems	771,239	744,682
Gathering systems and facilities	1,767,741	1,705,839
Property and equipment, gross	2,538,980	2,450,521
Less accumulated depletion, depreciation, and amortization	(282,178)	(254,642)
Property and equipment, net	2,256,802	2,195,879
Investments in unconsolidated affiliates	230,418	68,299
Other assets, net	11,274	5,767
Total assets	2,571,692	2,349,895
Liabilities and Stockholders' Equity
Accounts payable	13,512	16,979
Intercompany payable	2,428	3,193
Accrued liabilities	47,083	61,641
Other current liabilities	186	200
Total current liabilities	63,209	82,013
Long-term debt	840,179	849,914
Contingent acquisition consideration liability	198,064	194,538
Other liabilities	567	620
Total liabilities	1,102,019	1,127,085
Partners' capital	1,469,673	1,222,810
Total stockholders' equity	1,469,673	1,222,810
Total equity	1,469,673	1,222,810
Total liabilities and equity	$ 2,571,692	$ 2,349,895

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Natural gas sales	$ 466,664	$ 254,776
Natural gas liquids sales	194,652	73,065
Oil sales	26,960	10,179
Gathering, processing, and water handling and treatment	2,604	3,844
Marketing Revenue	65,924	99,216
Commodity derivative fair value gains (losses)	438,775	279,924
Total revenue and other	1,195,579	721,004
Operating expenses:
Lease operating	15,551	11,293
Gathering, compression, processing, and transportation	266,829	208,738
Production and ad valorem taxes	24,793	19,284
Marketing	89,993	137,933
Exploration	2,107	1,014
Impairment of unproved properties	26,899	15,526
Depletion, depreciation, and amortization	202,729	191,582
Accretion of asset retirement obligations	637	598
General and administrative	64,698	56,287
Total operating expenses	694,236	642,255
Operating income (loss)	501,343	78,749
Equity in earnings of unconsolidated affiliate	2,231
Interest	(66,670)	(63,284)
Total other expenses	(64,439)	(63,284)
Income (loss) before income taxes	436,904	15,465
Provision for income tax (expense) benefit	(131,346)	(4,815)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	305,558	10,650
Net income and comprehensive income attributable to noncontrolling interest	37,162	15,705
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	268,396	(5,055)
Reportable legal entity | Antero Resources Corporation
Revenue:
Natural gas sales	466,664	254,776
Natural gas liquids sales	194,652	73,065
Oil sales	26,960	10,179
Marketing Revenue	65,924	99,216
Commodity derivative fair value gains (losses)	438,775	279,924
Other income	4,440	3,825
Total revenue and other	1,197,415	720,985
Operating expenses:
Lease operating	15,742	11,332
Gathering, compression, processing, and transportation	347,768	267,445
Production and ad valorem taxes	23,975	18,027
Marketing	89,993	137,933
Exploration	2,107	1,014
Impairment of unproved properties	26,899	15,526
Depletion, depreciation, and amortization	175,193	167,759
Accretion of asset retirement obligations	637	598
General and administrative	51,056	43,552
Total operating expenses	733,370	663,186
Operating income (loss)	464,045	57,799
Interest	(58,003)	(59,823)
Equity in net income of subsidiaries	(6,300)	1,784
Total other expenses	(64,303)	(58,039)
Income (loss) before income taxes	399,742	(240)
Provision for income tax (expense) benefit	(131,346)	(4,815)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	268,396	(5,055)
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	268,396	(5,055)
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue:
Gathering, processing, and water handling and treatment	174,769	136,073
Total revenue and other	174,769	136,073
Operating expenses:
Lease operating	38,622	40,714
Gathering, compression, processing, and transportation	8,114	7,170
Production and ad valorem taxes	818	1,257
Depletion, depreciation, and amortization	27,536	23,823
General and administrative	14,457	13,091
Accretion of contingent acquisition consideration	3,526	3,396
Total operating expenses	93,073	89,451
Operating income (loss)	81,696	46,622
Equity in earnings of unconsolidated affiliate	2,231
Interest	(8,836)	(3,704)
Total other expenses	(6,605)	(3,704)
Income (loss) before income taxes	75,091	42,918
Net income (loss) and comprehensive income (loss) including noncontrolling interest	75,091	42,918
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	75,091	42,918
Eliminations
Revenue:
Gathering, processing, and water handling and treatment	(172,165)	(132,229)
Other income	(4,440)	(3,825)
Total revenue and other	(176,605)	(136,054)
Operating expenses:
Lease operating	(38,813)	(40,753)
Gathering, compression, processing, and transportation	(89,053)	(65,877)
General and administrative	(815)	(356)
Accretion of contingent acquisition consideration	(3,526)	(3,396)
Total operating expenses	(132,207)	(110,382)
Operating income (loss)	(44,398)	(25,672)
Interest	169	243
Equity in net income of subsidiaries	6,300	(1,784)
Total other expenses	6,469	(1,541)
Income (loss) before income taxes	(37,929)	(27,213)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(37,929)	(27,213)
Net income and comprehensive income attributable to noncontrolling interest	37,162	15,705
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (75,091)	$ (42,918)

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed consolidated statement of cash flows
Net cash provided by operating activities	$ 393,939	$ 340,168
Cash flows used in investing activities:
Additions to proved properties	(49,664)
Additions to unproved properties	(55,542)	(28,675)
Drilling and completion costs	(306,925)	(395,185)
Additions to water handling and treatment systems	(36,954)	(37,036)
Additions to gathering systems and facilities	(66,559)	(48,686)
Additions to other property and equipment	(590)	(541)
Investment in unconsolidated affiliate	(159,889)
Change in other assets	(12,350)	(9,172)
Net cash used in investing activities	(688,473)	(519,295)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP	223,119
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		178,000
Borrowings (repayments) on bank credit facility, net	70,000	33,000
Payments of deferred financing costs		(64)
Distributions to noncontrolling interest in consolidated subsidiary	(27,149)	(14,013)
Employee tax withholding for settlement of equity compensation awards	(1,657)	(117)
Other	(1,389)	(1,282)
Net cash provided by financing activities	262,924	195,524
Net increase (decrease) in cash and cash equivalents	(31,610)	16,397
Cash and cash equivalents, beginning of period	31,610	23,473
Cash and cash equivalents, end of period		39,870
Reportable legal entity | Antero Resources Corporation
Condensed consolidated statement of cash flows
Net cash provided by operating activities	338,420	283,249
Cash flows used in investing activities:
Additions to proved properties	(49,664)
Additions to unproved properties	(55,542)	(28,675)
Drilling and completion costs	(351,154)	(420,614)
Additions to other property and equipment	(590)	(541)
Change in other assets	(6,476)	98
Distributions from non-guarantor subsidiary	30,484	25,712
Net cash used in investing activities	(432,942)	(424,020)
Cash flows from financing activities:
Proceeds from sale of common units in Antero Midstream Partners LP by Antero Resources Corporation		178,000
Borrowings (repayments) on bank credit facility, net	80,000	(27,000)
Payments of deferred financing costs		(64)
Employee tax withholding for settlement of equity compensation awards	(1,657)	(117)
Other	(1,389)	(1,246)
Net cash provided by financing activities	76,954	149,573
Net increase (decrease) in cash and cash equivalents	(17,568)	8,802
Cash and cash equivalents, beginning of period	17,568	16,590
Cash and cash equivalents, end of period		25,392
Reportable legal entity | Non-Guarantor Subsidiaries
Condensed consolidated statement of cash flows
Net cash provided by operating activities	99,748	82,348
Cash flows used in investing activities:
Additions to water handling and treatment systems	(36,954)	(37,036)
Additions to gathering systems and facilities	(66,559)	(48,686)
Investment in unconsolidated affiliate	(159,889)
Change in other assets	(5,874)	(9,270)
Net cash used in investing activities	(269,276)	(94,992)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP	223,119
Borrowings (repayments) on bank credit facility, net	(10,000)	60,000
Distributions to noncontrolling interest in consolidated subsidiary	(57,633)	(39,725)
Other		(36)
Net cash provided by financing activities	155,486	20,239
Net increase (decrease) in cash and cash equivalents	(14,042)	7,595
Cash and cash equivalents, beginning of period	14,042	6,883
Cash and cash equivalents, end of period		14,478
Eliminations
Condensed consolidated statement of cash flows
Net cash provided by operating activities	(44,229)	(25,429)
Cash flows used in investing activities:
Drilling and completion costs	44,229	25,429
Distributions from non-guarantor subsidiary	(30,484)	(25,712)
Net cash used in investing activities	13,745	(283)
Cash flows from financing activities:
Distributions to noncontrolling interest in consolidated subsidiary	30,484	25,712
Net cash provided by financing activities	$ 30,484	$ 25,712

Commitments (Detail)

Commitments (Detail) $ in Millions	Mar. 31, 2017USD ($)
Future minimum payments
Remainder of 2017	$ 919
2,018	1,423
2,019	1,460
2,020	1,435
2,021	1,397
2,022	1,340
Thereafter	10,652
Total	18,626
Firm transportation
Future minimum payments
Remainder of 2017	510
2,018	937
2,019	1,088
2,020	1,107
2,021	1,086
2,022	1,033
Thereafter	9,362
Total	15,123
Gas processing, gathering and compression
Future minimum payments
Remainder of 2017	304
2,018	398
2,019	322
2,020	319
2,021	303
2,022	299
Thereafter	1,273
Total	3,218
Drilling rigs and completion services
Future minimum payments
Remainder of 2017	95
2,018	75
2,019	40
Total	210
Office and equipment
Future minimum payments
Remainder of 2017	10
2,018	13
2,019	10
2,020	9
2,021	8
2,022	8
Thereafter	17
Total	$ 75