Antero Resources (AR) 10-Q 1 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 26, 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	Sep. 30, 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		315,632,497
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 23,694	$ 31,610
Accounts receivable, net of allowance for doubtful accounts of $1,195 in 2016 and 2017	43,854	29,682
Accrued revenue	233,585	261,960
Derivative instruments	299,796	73,022
Other current assets	10,024	6,313
Total current assets	610,953	402,587
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,305,749	2,331,173
Proved properties	10,779,043	9,549,671
Water handling and treatment systems	891,869	744,682
Gathering systems and facilities	1,977,510	1,723,768
Other property and equipment	54,571	41,231
Property and equipment, gross	16,008,742	14,390,525
Less accumulated depletion, depreciation, and amortization	(2,973,544)	(2,363,778)
Property and equipment, net	13,035,198	12,026,747
Derivative instruments	876,293	1,731,063
Investments in unconsolidated affiliates	287,842	68,299
Other assets	38,928	26,854
Total assets	14,849,214	14,255,550
Current liabilities:
Accounts payable	47,457	38,627
Accrued liabilities	429,696	393,803
Revenue distributions payable	220,971	163,989
Derivative instruments	4,285	203,635
Other current liabilities	15,267	17,334
Total current liabilities	717,676	817,388
Long-term liabilities:
Long-term debt	4,510,521	4,703,973
Deferred income tax liability	1,180,564	950,217
Derivative instruments	427	234
Other liabilities	52,764	55,160
Total liabilities	6,461,952	6,526,972
Commitments and contingencies (notes 13 and 14)
Equity:
Common stock, $0.01 par value; authorized - 1,000,000 shares; issued and outstanding 314,877 shares and 315,448 shares, respectively	3,155	3,149
Additional paid-in capital	6,564,320	5,299,481
Accumulated earnings	1,088,196	959,995
Total stockholders' equity	7,655,671	6,262,625
Noncontrolling interest in consolidated subsidiary	731,591	1,465,953
Total equity	8,387,262	7,728,578
Total liabilities and equity	$ 14,849,214	$ 14,255,550

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 1,320	$ 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	315,470,000	314,877,000
Common stock, shares outstanding	315,470,000	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Natural gas sales	$ 409,141	$ 364,373	$ 1,330,062	$ 848,936
Natural gas liquids sales	224,533	106,958	590,004	274,736
Oil sales	26,527	14,793	79,999	41,712
Gathering, processing, and water handling and treatment	2,869	2,969	8,665	10,107
Marketing	50,767	97,076	166,659	287,194
Commodity derivative fair value gains (losses)	(65,957)	530,334	458,459	125,624
Total revenue	647,880	1,116,503	2,633,848	1,588,309
Operating expenses:
Lease operating	23,491	13,854	56,034	37,190
Gathering, compression, processing, and transportation	282,134	234,915	815,710	649,713
Production and ad valorem taxes	22,995	15,554	70,341	52,296
Marketing	78,884	114,611	246,298	378,521
Exploration	1,599	1,166	5,510	3,289
Impairment of unproved properties	41,000	11,753	83,098	47,223
Depletion, depreciation, and amortization	206,968	199,113	610,879	588,057
Accretion of asset retirement obligations	658	628	1,944	1,846
General and administrative (including equity-based compensation expense)	62,203	57,577	191,000	173,966
Total operating expenses	719,932	649,171	2,080,814	1,932,101
Operating income (loss)	(72,052)	467,332	553,034	(343,792)
Other income (expenses):
Income Loss From Equity Method Investments	7,033	1,543	12,887	2,027
Interest	(70,059)	(59,755)	(205,311)	(185,634)
Total other expenses	(63,026)	(58,212)	(192,424)	(183,607)
Income (loss) before income taxes	(135,078)	409,120	360,610	(527,399)
Provision for income tax (expense) benefit	45,078	(140,924)	(105,087)	230,755
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(90,000)	268,196	255,523	(296,644)
Net income and comprehensive income attributable to noncontrolling interest	45,063	29,941	127,322	66,400
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (135,063)	$ 238,255	$ 128,201	$ (363,044)
Earnings (loss) per common share:
Earnings (loss) per common share - basic (in dollars per share)	$ (0.43)	$ 0.78	$ 0.41	$ (1.26)
Earnings (loss) per common share assuming dilution:
Earnings (loss) per common share—assuming dilution (in dollars per share)	$ (0.43)	$ 0.77	$ 0.41	$ (1.26)
Weighted average number of shares outstanding
Basic (in shares)	315,463	306,785	315,275	288,607
Diluted (in shares)	315,463	308,657	316,140	288,607

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 26,447	$ 26,381	$ 78,925	$ 75,667

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - 9 months ended Sep. 30, 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	$ 6	(7,574)			(7,568)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	593
Sale of common units of Antero Midstream Partners LP held by Antero Resources Corporation		205,780		(19,940)	185,840
Issuance of common units by subsidiary - Antero Midstream Partners LP				248,949	248,949
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(1,559)		627	(932)
Equity-based compensation		71,786		7,139	78,925
Net income (loss) and including noncontrolling interest			128,201	127,322	255,523
Effects of changes in ownership interests in consolidated subsidiaries		996,406		(996,406)
Distributions to non-controlling interests				(102,053)	(102,053)
Balances at Sep. 30, 2017	$ 3,155	$ 6,564,320	$ 1,088,196	$ 731,591	$ 8,387,262
Shares Issued, Ending Balance at Sep. 30, 2017	315,470

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 255,523	$ (296,644)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	612,823	589,903
Impairment of unproved properties	83,098	47,223
Derivative fair value (gains) losses	(458,459)	(125,624)
Gains on settled derivatives	(137,392)	(813,559)
Proceeds from derivative monetizations	749,906
Deferred income tax expense (benefit)	105,087	(230,755)
Equity-based compensation expense	78,925	75,667
Equity in earnings of unconsolidated affiliate	(12,887)	(2,027)
Distributions of earnings from unconsolidated affiliates	10,120
Other	(1,191)	1,544
Changes in current assets and liabilities:
Accounts receivable	1,771	10,077
Accrued revenue	28,375	(68,248)
Other current assets	(3,836)	4,685
Accounts payable	4,731	5,683
Accrued liabilities	43,043	41,386
Revenue distributions payable	56,982	42,253
Other current liabilities	(977)	103
Net cash provided by operating activities	1,692,808	905,697
Cash flows used in investing activities:
Additions to proved properties	(179,318)	(64,789)
Additions to unproved properties	(182,207)	(559,572)
Drilling and completion costs	(946,508)	(1,009,851)
Additions to water handling and treatment systems	(143,470)	(137,355)
Additions to gathering systems and facilities	(254,619)	(154,136)
Additions to other property and equipment	(11,417)	(1,747)
Investments in unconsolidated affiliates	(216,776)	(45,044)
Change in other assets	(16,148)	(2,173)
Other	2,156
Net cash used in investing activities	(1,948,307)	(1,974,667)
Cash flows from financing activities:
Issuance of common stock		837,414
Issuance of common units by Antero Midstream Partners LP	248,949	19,605
Proceeds From Sale Of Interest In Partnership Unit	311,100	178,000
Issuance of senior notes		650,000
Borrowings (repayments) on bank credit facility, net	(198,000)	(552,000)
Payments of deferred financing costs		(9,029)
Distributions to noncontrolling interest in consolidated subsidiary	(102,053)	(51,238)
Employee tax withholding for settlement of equity compensation awards	(8,500)	(4,876)
Other	(3,913)	(3,867)
Net cash provided by financing activities	247,583	1,064,009
Net increase in cash and cash equivalents	(7,916)	(4,961)
Cash and cash equivalents, beginning of period	31,610	23,473
Cash and cash equivalents, end of period	23,694	18,512
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	174,324	132,928
Supplemental disclosure of noncash investing activities:
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ 3,084	$ 189,234

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization
Organization	(1) Antero Resources Corporation (individually referred to as “Antero” or the “Parent”) 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 and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs, and oil from unconventional formations. Through its consolidated subsidiary, Antero Midstream Partners LP, a publicly-traded limited partnership (“Antero Midstream”), the Company has gathering and compression, as well as water handling and treatment, operations in the Appalachian Basin. The Company’s corporate headquarters are located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 Securities and Exchange Commission (“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 September 30, 2017, the results of its operations for the three and nine months ended September 30, 2016 and 2017, and its cash flows for the nine months ended September 30, 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 September 30, 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 nine months ended September 30, 2016 includes reclassifications within current liabilities that were made to conform to the nine months ended September 30, 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 except for the amended and restated credit facilities entered into by Antero and Antero Midstream in October 2017. See note 5 for descriptions of the amended and restated facilies. (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 right to receive benefits of Antero Midstream that could be significant to Antero Midstream. Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production under long-term service contracts. Antero owned 53.0% of the outstanding limited partner interests in Antero Midstream at September 30, 2017. Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream as well as Antero IDR Holdings LLC (“IDR 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’s officers and management group also act as management of Antero Midstream and AMGP. Antero and Antero Midstream have contracts with 20-year initial terms and 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. Such dedications cover 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 and water delivery and handling 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, for the foreseeable future, will devote substantially all of its resources to servicing Antero’s operations. Additionally, revenues from Antero 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. Antero does not control AMGP and does not have any investment in AMGP. 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 interests in consolidated subsidiaries 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 investees that are accounted for under the equity method 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 condensed consolidated financial statements in conformity with GAAP requires that management formulate estimates and assumptions which affect revenues, expenses, assets, and liabilities, as well as the disclosure of contingent assets and liabilities. 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 condensed 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 was 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 September 30, Nine Months Ended September 30, 2016 2017 2016 2017 Basic weighted average number of shares outstanding 306,785 315,463 288,607 315,275 Add: Dilutive effect of non-vested restricted stock units 1,835 — — 828 Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units 37 — — 37 Diluted weighted average number of shares outstanding 308,657 315,463 288,607 316,140 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 1,251 5,054 6,899 2,293 Outstanding stock options 693 674 706 679 Performance stock units 660 1,293 577 1,002 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive. (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 the 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. (i) For the three and nine months ended September 30, 2016 and 2017, respectively, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards.

Antero Midstream Partners LP

Antero Midstream Partners LP	9 Months Ended
	Sep. 30, 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, water handling and treatment facilities, and interests in processing and fractionation plants, through which it provides services to Antero under long-term, fixed-fee contracts. AMGP indirectly owns the general partnership interest in Antero Midstream and directly owns capital interests in IDR LLC, which owns the incentive distribution rights in Antero Midstream. Antero Midstream is an unrestricted subsidiary as defined by Antero’s senior secured revolving bank credit facility (the “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. Antero Midstream has an Equity Distribution Agreement (the “Distribution Agreement”) pursuant to which Antero Midstream 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 Antero Midstream and the sales agents. Proceeds are used for general partnership purposes, which may include repayment of indebtedness and funding working capital or capital expenditures. Antero Midstream is under no obligation to offer and sell common units under the Distribution Agreement. During the nine months ended September 30, 2017, Antero Midstream issued and sold 777,262 common units under the Distribution Agreement, resulting in net proceeds of $25.5 million after deducting commissions and other offering costs. As of September 30, 2017, Antero Midstream had the capacity to issue additional common units under the Distribution Agreement up to an aggregate sales price of $157.3 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, and had a carrying amount of $67.5 million at September 30, 2017. Antero Midstream’s equity share of the pipeline’s earnings was $7.7 million during the nine months ended September 30, 2017. 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% equity 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, and had a carrying amount of $220.3 million at September 30, 2017. Antero Midstream’s equity share of the Joint Venture’s earnings was $5.2 million during the nine months ended September 30, 2017. In conjunction with the formation of the Joint Venture, on February 10, 2017, Antero Midstream issued 6,900,000 common units, including common units issued pursuant to the underwriters’ option to purchase additional common units, 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, dated as of November 10, 2014 (the “Prior Midstream Facility”), and for general partnership purposes. On September 11, 2017, Antero sold 10,000,000 common units representing limited partnership interests in Antero Midstream for approximately $311 million. The sale of the units is reflected in stockholders’ equity as additional paid-in capital, net of taxes. Proceeds from the sale were used to pay down amounts outstanding under Antero’ credit facility, dated as of November 4, 2010 (the “Prior Credit Facility”). Antero owned approximately 60.9% and 53.0% of the limited partner interests of Antero Midstream at December 31, 2016 and September 30, 2017, respectively.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2017
Accrued Liabilities
Accrued Liabilities	(4) Accrued Liabilities Accrued liabilities as of December 31, 2016 and September 30, 2017 consisted of the following items (in thousands): December 31, 2016 September 30, 2017 Capital expenditures $ 159,811 162,116 Gathering, compression, processing, and transportation expenses 75,223 84,388 Marketing expenses 52,822 32,455 Interest expense 35,533 66,398 Other 70,414 84,339 $ 393,803 429,696

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Long-Term Debt.
Long-Term Debt	(5) Long-Term Debt Long-term debt was as follows at December 31, 2016 and September 30, 2017 (in thousands): December 31, 2016 September 30, 2017 Antero: Prior Credit Facility(a) $ 440,000 25,000 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 1,588 Net unamortized debt issuance costs (37,690) (33,789) Antero Midstream: Prior Midstream Facility(g) 210,000 427,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (10,086) (9,278) $ 4,703,973 4,510,521 Antero Resources Corporation (a) Senior Secured Revolving Credit Facility Antero’s Credit Facility (as defined below) is with a consortium of bank lenders. On November 4, 2010, Antero entered into a credit facility with a consortium of bank lenders (the “Prior Credit Facility”). On October 26, 2017, Antero entered into an amendment and restatement of the Prior Credit Facility (the “Credit Facility”). 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 annual redeterminations. At September 30, 2017, the borrowing base under the Prior Credit Facility was $4.75 billion and lender commitments were $4.0 billion. As of October 26, 2017, the Credit Facility had a maximum facility amount of $4.75 billion, aggregate commitments were $2.5 billion, and the facility was subject to a $4.5 billion borrowing base. The next redetermination of the borrowing base under the Credit Facility is scheduled to occur in March 2018. The maturity date of the Credit Facility is the earlier of (i) October 26, 2022 and (ii) the date that is 91 days prior to the maturity of any series of Antero’s senior notes, unless such series of notes is refinanced. Under the Credit Facility, “Investment Grade Period” is a period that, as long as no event of default has occurred, commences when Antero elects to give notice to the Administrative Agent that Antero has received at least one of (i) a BBB- or better rating from Standard and Poor’s and (ii) a Baa3 or better rating from Moody’s (an “Investment Grade Rating”). An Investment Grade Period can end at Antero’s election. During any period that is not an Investment Grade Period, the Credit Facility is ratably secured by mortgages on substantially all of Antero’s properties and guarantees from Antero’s restricted subsidiaries, as applicable. During an Investment Grade Period, the liens securing the obligations under the Credit Facility shall be automatically released (subject to the provisions of the Credit Facility). 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. During an Investment Grade Period, the margin applicable to the Credit Facility borrowings is determined with reference to Antero’s credit rating and ranges from 0.125% to 0.50% lower than rates during a period that is not an Investment Grade Period, depending on Antero’s credit rating and utilization under the Credit Facility. During any period that is not an Investment Grade Period, the margin applicable to the Credit Facility borrowings is determined with reference to utilization under the Credit Facility. Antero was in compliance with all of the financial covenants under the Prior Credit Facility as of December 31, 2016 and September 30, 2017. As of September 30, 2017, Antero had a total outstanding balance under the Prior Credit Facility of $25 million, with a weighted average interest rate of 4.75%, and outstanding letters of credit of $700 million. As of December 31, 2016, Antero had an outstanding balance under the Prior 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 (i) 0.300% to 0.375% (during any period that is not an Investment Grade Period) of the unused portion based on utilization and (ii) 0.150% to 0.300% (during an Investment Grade Period) of the unused portion based on Antero’s credit rating. (b) 5.375% Senior Notes Due 2021 On November 5, 2013, Antero issued $1 billion of 5.375% senior notes due November 1, 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 at redemption prices ranging from 103.844% currently to 100.00% on or after June 1, 2020. 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 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 September 30, 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. The Midstream Facility is an amendment and restatement of the Prior Midstream Facility, and provides for lender commitments of $1.5 billion. The maturity date of the Midstream Facility is October 26, 2022. During any period that is not an Investment Grade Period (as such term is defined in the Midstream Facility), 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. During an Investment Grade Period under the Midstream Facility, the liens securing the Midstream Facility are automatically released (subject to the provisions of the Midstream Facility). 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. Interest at the time of borrowing is determined with reference to (i) during any period that is not an Investment Grade Period, the Antero Midstream’s then-current leverage ratio and (ii) during an Investment Grade Period, with reference to the rating given to the Partnership by Moody’s or Standard and Poor’s. During an Investment Grade Period, the applicable margin rates are reduced by 25 basis points. Antero Midstream was in compliance with all of the financial covenants under the Prior Midstream Facility as of December 31, 2016 and September 30, 2017. As of September 30, 2017, Antero Midstream had an outstanding balance under the Prior Midstream Facility of $427 million with a weighted average interest rate of 2.82%. As of December 31, 2016, Antero Midstream had a total outstanding balance under the Prior 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 (i) 0.25% to 0.375% of the unused portion (during an period that is not an Investment Grade Period) based on the leverage ratio and (ii) 0.175% to 0.375% of the unused portion (during an Investment Grade Period) based on Antero Midstream’s credit rating. (h) 5.375% Senior Notes Due 2024 – Antero Midstream On September 13, 2016, Antero Midstream and its wholly-owned subsidiary, Antero Midstream Finance Corporation (“Midstream Finance Corp.”) as co-issuers, issued $650 million in aggregate principal amount of 5.375% senior notes due September 15, 2024 (the “2024 Midstream notes”) at par. The 2024 Midstream notes are unsecured and effectively subordinated to the Midstream Facility to the extent of the value of the collateral securing the Midstream Facility. The 2024 Midstream notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Midstream’s wholly-owned subsidiaries, excluding Midstream Finance Corp., and certain of Antero Midstream’s future restricted subsidiaries. Interest on the 2024 Midstream notes is payable on March 15 and September 15 of each year. Antero Midstream may redeem all or part of the 2024 Midstream notes at any time on or after September 15, 2019 at redemption prices ranging from 104.031% on or after September 15, 2019 to 100.00% on or after September 15, 2022. In addition, prior to September 15, 2019, Antero Midstream may redeem up to 35% of the aggregate principal amount of the 2024 Midstream notes with an amount of cash not greater than the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.375% of the principal amount of the 2024 Midstream notes, plus accrued and unpaid interest. At any time prior to September 15, 2019, Antero Midstream may also redeem the 2024 Midstream notes, in whole or in part, at a price equal to 100% of the principal amount of the 2024 Midstream notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream undergoes a change of control, the holders of the 2024 Midstream notes will have the right to require Antero Midstream to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2024 Midstream notes, plus accrued and unpaid interest.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2017
Asset Retirement Obligations
Asset Retirement Obligations	(6) The following is a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2017 (in thousands): Asset retirement obligations—December 31, 2016 $ 32,736 Obligations settled (21) Obligations incurred for wells drilled and producing properties acquired 3,399 Accretion expense 1,944 Asset retirement obligations—September 30, 2017 $ 38,058 Asset retirement obligations are included in Other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 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 7,724,613 shares were available for future grant under the Plan as of September 30, 2017. Antero Midstream 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 its general partner and certain officers, employees, and consultants of Antero Midstream and its affiliates (which include Antero). A total of 7,656,134 common units were available for future grant under the Midstream Plan as of September 30, 2017. The Company’s equity-based compensation expense, by type of award, was as follows for the three and nine months ended September 30, 2016 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2017 2016 2017 Restricted stock unit awards $ 18,618 17,910 54,231 54,816 Stock options 638 614 1,939 1,850 Performance share unit awards 2,668 3,014 6,017 7,897 Antero Midstream phantom unit awards 3,977 4,420 11,978 12,906 Equity awards issued to directors 480 489 1,502 1,456 Total expense $ 26,381 26,447 75,667 78,925 Restricted Stock Unit Awards Restricted stock unit awards vest subject to the satisfaction of service requirements. Expense related to each 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 the 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 unit awards activity for the nine months ended September 30, 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 828,753 $ 22.21 Vested (834,796) $ 43.46 Forfeited (353,152) $ 27.10 Total awarded and unvested—September 30, 2017 4,994,252 $ 28.56 $ 99,386 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of September 30, 2017, there was $85.3 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 the 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 nine months ended September 30, 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 (16,542) $ 50.00 Expired — $ — Outstanding at September 30, 2017 671,387 $ 50.47 7.32 $ — Vested or expected to vest as of September 30, 2017 671,387 $ 50.47 7.32 $ — Exercisable at September 30, 2017 363,605 $ 50.70 7.20 $ — Intrinsic values are based on the exercise price of the options and the closing price of the Company’s stock on the referenced dates. As of September 30, 2017, there was $3.3 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 1.5 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 and 2017, 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 nine months ended September 30, 2017 is as follows: Number of Weighted Total awarded and unvested—December 31, 2016 785,301 $ 29.75 Granted 558,021 $ 26.21 Vested (41,666) $ 27.38 Forfeited (8,623) $ 29.86 Total awarded and unvested—September 30, 2017 1,293,033 $ 28.30 The following table presents information regarding the weighted average fair value for PSUs granted during the nine months ended September 30, 2017 and the assumptions used to determine the fair values. Nine Months Ended September 30, 2017 Dividend yield — % Volatility 42 % Risk-free interest rate 1.40 % Weighted average fair value of awards granted $ 26.21 As of September 30, 2017, there was $21.1 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 2.1 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 its 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 the 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 nine months ended September 30, 2017 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2016 1,331,961 $ 27.31 $ 41,131 Granted 377,660 $ 32.52 Vested (73,080) $ 21.34 Forfeited (78,584) $ 28.76 Total awarded and unvested—September 30, 2017 1,557,957 $ 28.78 $ 49,122 Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. As of September 30, 2017, there was $30.4 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 2.2 years.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2017
Financial Instruments
Financial Instruments	(8) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2016 and September 30, 2017 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Prior Credit Facility and Prior Midstream Facility at December 31, 2016 and September 30, 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 September 30, 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 $676 million at September 30, 2017. See Note 9 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2017
Derivative Instruments.
Derivative Instruments	(9) Derivative Instruments (a) Commodity Derivative Positions 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 entered into for trading purposes. To the extent that changes occur in the market prices of natural gas, NGLs, and oil, the Company is exposed to market risk on these open contracts. This market risk exposure is generally offset by the change in market prices of natural gas, NGLs, and oil recognized upon the ultimate sale of the Company’s production. The Company was party to various fixed price commodity swap contracts that settled during the nine months ended September 30, 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 less than the contractually provided fixed price, the Company receives the difference from the counterparty. In addition to fixed price swap contracts, the Company has entered into basis swap contracts in order to hedge the difference between the New York Mercantile Exchange (“NYMEX”) index price and a local index price at which the Company sells a portion of its natural gas production. The Company’s derivative swap contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of September 30, 2017, the Company’s fixed price natural gas, NGLs, and oil swap positions from October 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 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 — — $ 3.50 NYMEX-WTI ($/Bbl) — 1,000 — $ 49.96 Mont Belvieu-Propane ($/Gallon) — — 3,000 $ 0.67 Total 2,002,500 1,000 3,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.50 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.25 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.00 Year ending December 31, 2022: NYMEX ($/MMBtu) 850,000 $ 3.00 Year ending December 31, 2023: NYMEX ($/MMBtu) 90,000 $ 2.91 As of September 30, 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) Three months ending December 31, 2017: 125,000 $ (0.51) As of September 30, 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) Three months ending December 31, 2017: 125,000 $ 0.39 (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 September 30, 2017. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2016 September 30, 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 299,796 Commodity contracts Long-term assets 1,731,063 Long-term assets 876,293 Total asset derivatives 1,804,085 1,176,089 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities 203,635 Current liabilities 4,285 Commodity contracts Long-term liabilities 234 Long-term liabilities 427 Total liability derivatives 203,869 4,712 Net derivatives $ 1,600,216 1,171,377 The following table presents the gross values 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 September 30, 2017 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (110,160) 1,804,085 $ 1,326,727 (150,638) 1,176,089 Commodity derivative liabilities $ (324,667) 120,798 (203,869) $ (4,823) 111 (4,712) The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2017 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2016 2017 2016 2017 Commodity derivative fair value gains (losses) Revenue $ 530,334 (65,957) $ 125,624 458,459 Commodity derivative fair value gains (losses) for the three and nine months ended September 30, 2017 include gains of $750 million related to certain natural gas derivatives that were monetized prior to their settlement dates. Proceeds received from the monetizations are classified as operating cash flows on the Company’s condensed consolidated statement of cash flows for the nine months ended September 30, 2017. The monetizations were effected by reducing the average fixed index prices on certain natural gas swap contracts maturing from 2018 through 2022 while maintaining the total volumes hedged. The Company’s commodity derivative position presented in note 9(a) reflects the adjusted fixed price indices after the monetization. Proceeds from the monetization were used to pay down amounts outstanding under the Prior Credit Facility. The fair value of commodity derivative instruments was determined using Level 2 inputs.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2017
Contingencies
Contingencies	(10) Contingencies SJGC The Company is the plaintiff in a lawsuit against South Jersey Gas Company and South Jersey Resources Group, LLC (collectively, “SJGC”) pending in United States District Court in Colorado. In March 2015, the Company filed suit against SJGC seeking relief for breach of contract and damages in the amounts that SJGC had short paid, and continued to short pay, the Company in connection with two nearly identical long term gas contracts. Under those contracts, SJGC are long term purchasers of 80,000 MMBtu/day of the Company’s natural gas production. Deliveries under the contracts began in October 2011 and the term of the contracts continues through October 2019. The price for gas was based on specified indices in the contracts. Beginning in October 2014, SJGC began short paying the Company based on price indices unilaterally selected by SJGC and not the applicable index specified in the contracts. SJGC claimed that the index price specified in the contracts, and the index at which SJGC paid for deliveries from 2011 through September 2014, was no longer appropriate under the contracts because a market disruption event (as defined by the contract) had occurred and, as a result, a new index price was required to be determined by the parties. The Company rejected SJGC’s contention that a market disruption event occurred. SJGC’s actions constituted a breach of the contracts by failing to pay the Company based on the express price terms of the contracts and paying the Company based on unilaterally selected price indices in violation of the contracts’ remedial provisions. On May 8, 2017, a jury in the United States District Court in Colorado returned a unanimous verdict finding in favor of Antero’s positions in the lawsuit against SJGC. On July 21, 2017, final judgment on the jury’s unanimous verdict was entered by the court. On August 18, 2017, SJGC filed post-judgment motions with the court, which are currently pending. If the court denies those motions, SJGC will have 30 days from the court’s decision on these post-judgment motions to file an appeal. SJGC continues to short pay the Company based on indexes unilaterally selected by SJGC and not the index specified in the contract. Through September 30, 2017, the Company estimates that it is owed approximately $70 million (gross damages, including interest) more than SJGC has paid using the indices unilaterally selected by them. Substantially all of this amount has not been accrued in the Company’s financial statements. The Company will vigorously seek recovery from SJGC of all underpayments and damages, including interest, based on the contracted price. WGL The Company and Washington Gas Light Company and WGL Midstream, Inc. (collectively, “WGL”) were involved in a pricing dispute involving firm gas sales contracts executed June 20, 2014 (the “Contracts”) that the Company began delivering gas under in January 2016. From January 2016 through July 2017, the aggregate daily gas volumes contracted for under the Contracts was 500,000 MMBtu/day, with the aggregate daily contracted volumes having increased to 600,000 MMBtu/day during the months of August and September 2017. The Company invoiced WGL based on the natural gas index price specified in the Contracts and WGL paid the Company based on that invoice price. However, WGL asserted that the index price was no longer appropriate under the Contracts and claimed 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, after hearing a week of testimony and evidence, 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, nor will future invoices to WGL be adjusted based on the same claim rejected by the arbitration panel. The arbitration panel’s award was confirmed by the Colorado district court on April 14, 2017. In March of 2017, WGL filed a second lawsuit against the Company in Colorado district court alleging breach of contract and seeking damages of more than $30 million. In this lawsuit, WGL claimed that the Company breached its contractual obligations under the Contracts by failing to deliver “TCO pool” gas. In subsequent filings, WGL explained that its claims were based on an alleged obligation that the Company must deliver gas to the Columbia IPP Pool (“IPP Pool”). WGL asserted this exact same claim in the arbitration and it was rejected by the arbitration panel. The arbitration panel specifically found that the Delivery Point under the Contracts was at a specific point in Braxton, West Virginia, not the IPP Pool. On August 24, 2017, the Colorado district court dismissed with prejudice WGL’s claims against the Company in its second lawsuit and found that the Company had not breached its Contracts with WGL by allegedly failing to deliver to the IPP Pool. The Court also reaffirmed the arbitration panel’s finding that the delivery point under the Contracts was not the IPP Pool. WGL has appealed this decision to the Colorado Court of Appeals decision and that appeal remains pending. The Company is also actively engaged in pursuing cover damages against WGL based on WGL’s failure to take receipt of all of the agreed quantities of gas required under the Contracts. WGL’s failure to take the gas volumes specified in the Contracts is directly related to WGL’s lack of primary firm transportation rights at the Delivery Point. The failures by WGL to take the gas began in April 2017 and have continued each month since in varying quantities. In defense of its conduct, WGL has asserted to the Company that their failure to receive gas is excused by (1) the Company’s failure to deliver gas to the IPP Pool or (2) alleged instances of Force Majeure under the Contracts. However, as stated above, the alleged obligation that the Company must deliver gas to the IPP Pool was rejected by the arbitration panel and the Colorado district court. Further, the Contracts expressly prohibit a Force Majeure claim in circumstances in which the gas purchaser does not have primary firm transportation agreements in place to transport the purchased gas. In each instance that WGL has failed to receive the quantity of gas required under the Contracts, the Company has resold the quantities not taken and invoiced WGL for cover damages pursuant to the terms of the Contracts. WGL has refused to pay for the invoiced cover damages as required by the Contracts and has also short paid the Company for certain amounts of gas received by WGL. Through September 30, 2017, these damages amounted to approximately $65 million (gross damages, including interest). This amount has not been accrued in the Company’s financial statements. The Company is currently pursuing its cover damages in a lawsuit filed in Colorado district court on October 24, 2017. WGL’s failure to take receipt of all quantities of gas and resulting cover damages remains ongoing. The Company will continue to vigorously seek recovery of its cover damages and other unpaid amounts, including interest, as part of its claims against WGL. Other 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2016: Sales and revenues: Third-party $ 1,016,458 2,745 224 97,076 — 1,116,503 Intersegment 3,990 75,319 72,187 — (151,496) — Total $ 1,020,448 78,064 72,411 97,076 (151,496) 1,116,503 Operating expenses: Lease operating $ 13,710 — 28,978 — (28,834) 13,854 Gathering, compression, processing, and transportation 303,753 6,400 — — (75,238) 234,915 Depletion, depreciation, and amortization 172,735 18,540 7,838 — — 199,113 General and administrative 44,637 10,282 3,033 — (375) 57,577 Other 31,266 (1,708) 3,070 114,611 (3,527) 143,712 Total 566,101 33,514 42,919 114,611 (107,974) 649,171 Operating income (loss) $ 454,347 44,550 29,492 (17,535) (43,522) 467,332 Equity in earnings of unconsolidated affiliates $ — 1,543 — — — 1,543 Segment assets $ 12,966,493 1,669,667 562,995 33,114 (603,016) 14,629,253 Capital expenditures for segment assets $ 909,837 56,836 58,730 — (43,343) 982,060 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2017: Sales and revenues: Third-party $ 594,244 2,609 260 50,767 — 647,880 Intersegment 3,070 97,909 92,851 — (193,830) — Total $ 597,314 100,518 93,111 50,767 (193,830) 647,880 Operating expenses: Lease operating $ 24,060 — 51,569 — (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 10,468 — — (97,872) 282,134 Depletion, depreciation, and amortization 176,188 22,027 8,753 — — 206,968 General and administrative 48,289 9,336 4,980 — (402) 62,203 Other 65,259 92 3,457 78,884 (2,556) 145,136 Total 683,334 41,923 68,759 78,884 (152,968) 719,932 Operating income (loss) $ (86,020) 58,595 24,352 (28,117) (40,862) (72,052) Equity in earnings of unconsolidated affiliates $ — 7,033 — — — 7,033 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 415,088 99,254 48,019 — (40,704) 521,657 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2016: Sales and revenues: Third-party $ 1,291,008 9,463 644 287,194 — 1,588,309 Intersegment 11,714 210,144 203,106 — (424,964) — Total $ 1,302,722 219,607 203,750 287,194 (424,964) 1,588,309 Operating expenses: Lease operating $ 37,299 — 104,009 — (104,118) 37,190 Gathering, compression, processing, and transportation 838,936 20,567 — — (209,790) 649,713 Depletion, depreciation, and amortization 513,302 52,780 21,975 — — 588,057 General and administrative 135,356 29,755 9,957 — (1,102) 173,966 Other 104,279 (809) 11,568 378,521 (10,384) 483,175 Total 1,629,172 102,293 147,509 378,521 (325,394) 1,932,101 Operating income (loss) $ (326,450) 117,314 56,241 (91,327) (99,570) (343,792) Equity in earnings of unconsolidated affiliates $ — 2,027 — — — 2,027 Segment assets $ 12,966,493 1,669,667 562,995 33,114 (603,016) 14,629,253 Capital expenditures for segment assets $ 1,734,914 154,136 137,355 — (98,955) 1,927,450 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2017: Sales and revenues: Third-party $ 2,458,524 7,472 1,193 166,659 — 2,633,848 Intersegment 11,421 283,467 270,033 — (564,921) — Total $ 2,469,945 290,939 271,226 166,659 (564,921) 2,633,848 Operating expenses: Lease operating $ 56,991 — 131,635 — (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 28,492 — — (283,304) 815,710 Depletion, depreciation, and amortization 521,603 64,445 24,831 — — 610,879 General and administrative 148,876 30,179 13,383 — (1,438) 191,000 Other 158,128 104 12,333 246,298 (9,672) 407,191 Total 1,956,120 123,220 182,182 246,298 (427,006) 2,080,814 Operating income (loss) $ 513,825 167,719 89,044 (79,639) (137,915) 553,034 Equity in earnings of unconsolidated affiliates $ — 12,887 — — — 12,887 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 1,456,870 254,619 143,470 — (137,420) 1,717,539

Subsidiary Guarantors

Subsidiary Guarantors	9 Months Ended
	Sep. 30, 2017
Subsidiary Guarantors
Subsidiary Guarantors	(12) Subsidiary Guarantors Each of Antero’s wholly-owned subsidiaries has 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 September 30, 2017, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2016 and 2017 and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 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 September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 21,199 — 2,495 — 23,694 Accounts receivable, net 42,689 — 1,165 — 43,854 Intercompany receivables 4,050 — 84,124 (88,174) — Accrued revenue 233,585 — — — 233,585 Derivative instruments 299,796 — — — 299,796 Other current assets 9,011 — 1,013 — 10,024 Total current assets 610,330 — 88,797 (88,174) 610,953 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,305,749 — — — 2,305,749 Proved properties 11,093,749 — — (314,706) 10,779,043 Water handling and treatment systems — — 891,869 — 891,869 Gathering systems and facilities 17,929 — 1,959,581 — 1,977,510 Other property and equipment 54,571 — — — 54,571 13,471,998 — 2,851,450 (314,706) 16,008,742 Less accumulated depletion, depreciation, and amortization (2,630,298) — (343,246) — (2,973,544) Property and equipment, net 10,841,700 — 2,508,204 (314,706) 13,035,198 Derivative instruments 876,293 — — — 876,293 Investments in subsidiaries 488,089 — — (488,089) — Contingent acquisition consideration 204,210 — — (204,210) — Investments in unconsolidated affiliates — — 287,842 — 287,842 Other assets, net 28,380 — 10,548 — 38,928 Total assets $ 13,049,002 — 2,895,391 (1,095,179) 14,849,214 Liabilities and Equity Current liabilities: Accounts payable $ 33,637 — 13,820 — 47,457 Intercompany payable 84,124 — 4,050 (88,174) — Accrued liabilities 359,164 — 70,532 — 429,696 Revenue distributions payable 220,971 — — — 220,971 Derivative instruments 4,285 — — — 4,285 Other current liabilities 15,061 — 206 — 15,267 Total current liabilities 717,242 — 88,608 (88,174) 717,676 Long-term liabilities: Long-term debt 3,442,799 — 1,067,722 — 4,510,521 Deferred income tax liability 1,180,564 — — — 1,180,564 Contingent acquisition consideration — — 204,210 (204,210) — Derivative instruments 427 — — — 427 Other liabilities 52,299 — 465 — 52,764 Total liabilities 5,393,331 — 1,361,005 (292,384) 6,461,952 Equity: Stockholders' equity: Partners' capital — — 1,534,386 (1,534,386) — Common stock 3,155 — — — 3,155 Additional paid-in capital 6,564,320 — — — 6,564,320 Accumulated earnings 1,088,196 — — — 1,088,196 Total stockholders' equity 7,655,671 — 1,534,386 (1,534,386) 7,655,671 Noncontrolling interests in consolidated subsidiary — — — 731,591 731,591 Total equity 7,655,671 — 1,534,386 (802,795) 8,387,262 Total liabilities and equity $ 13,049,002 — 2,895,391 (1,095,179) 14,849,214 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ 364,373 — — — 364,373 Natural gas liquids sales 106,958 — — — 106,958 Oil sales 14,793 — — — 14,793 Gathering, compression, water handling and treatment — — 150,475 (147,506) 2,969 Marketing 97,076 — — — 97,076 Commodity derivative fair value gains 530,334 — — — 530,334 Other income 3,990 — — (3,990) — Total revenue 1,117,524 — 150,475 (151,496) 1,116,503 Operating expenses: Lease operating 13,710 — 28,978 (28,834) 13,854 Gathering, compression, processing, and transportation 303,753 — 6,400 (75,238) 234,915 Production and ad valorem taxes 17,719 — (2,165) — 15,554 Marketing 114,611 — — — 114,611 Exploration 1,166 — — — 1,166 Impairment of unproved properties 11,753 — — — 11,753 Depletion, depreciation, and amortization 172,976 — 26,137 — 199,113 Accretion of asset retirement obligations 628 — — — 628 General and administrative 44,637 — 13,315 (375) 57,577 Accretion of contingent acquisition consideration — — 3,527 (3,527) — Total operating expenses 680,953 — 76,192 (107,974) 649,171 Operating income 436,571 — 74,283 (43,522) 467,332 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 1,543 — 1,543 Interest (54,631) — (5,303) 179 (59,755) Equity in net income of subsidiaries (2,761) — — 2,761 — Total other expenses (57,392) — (3,760) 2,940 (58,212) Income before income taxes 379,179 — 70,523 (40,582) 409,120 Provision for income tax expense (140,924) — — — (140,924) Net income and comprehensive income including noncontrolling interests 238,255 — 70,523 (40,582) 268,196 Net income and comprehensive income attributable to noncontrolling interests — — — 29,941 29,941 Net income and comprehensive income attributable to Antero Resources Corporation $ 238,255 — 70,523 (70,523) 238,255 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ 409,141 — — — 409,141 Natural gas liquids sales 224,533 — — — 224,533 Oil sales 26,527 — — — 26,527 Gathering, compression, water handling and treatment — — 193,629 (190,760) 2,869 Marketing 50,767 — — — 50,767 Commodity derivative fair value losses (65,957) — — — (65,957) Other income 3,070 — — (3,070) — Total revenue 648,081 — 193,629 (193,830) 647,880 Operating expenses: Lease operating 24,060 — 51,569 (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 — 10,468 (97,872) 282,134 Production and ad valorem taxes 22,002 — 993 — 22,995 Marketing 78,884 — — — 78,884 Exploration 1,599 — — — 1,599 Impairment of unproved properties 41,000 — — — 41,000 Depletion, depreciation, and amortization 176,412 — 30,556 — 206,968 Accretion of asset retirement obligations 658 — — — 658 General and administrative 48,289 — 14,316 (402) 62,203 Accretion of contingent acquisition consideration — — 2,556 (2,556) — Total operating expenses 762,442 — 110,458 (152,968) 719,932 Operating income (loss) (114,361) — 83,171 (40,862) (72,052) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,033 — 7,033 Interest (60,906) — (9,311) 158 (70,059) Equity in net income (loss) of subsidiaries (4,874) — — 4,874 — Total other expenses (65,780) — (2,278) 5,032 (63,026) Income (loss) before income taxes (180,141) — 80,893 (35,830) (135,078) Provision for income tax benefit 45,078 — — — 45,078 Net income (loss) and comprehensive income (loss) including noncontrolling interests (135,063) — 80,893 (35,830) (90,000) Net income and comprehensive income attributable to noncontrolling interests — — — 45,063 45,063 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (135,063) — 80,893 (80,893) (135,063) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 848,936 — — — 848,936 Natural gas liquids sales 274,736 — — — 274,736 Oil sales 41,712 — — — 41,712 Gathering, compression, water handling and treatment — — 423,357 (413,250) 10,107 Marketing 287,194 — — — 287,194 Commodity derivative fair value gains 125,624 — — — 125,624 Other income 11,714 — — (11,714) — Total revenue and other 1,589,916 — 423,357 (424,964) 1,588,309 Operating expenses: Lease operating 37,299 — 104,009 (104,118) 37,190 Gathering, compression, processing, and transportation 838,936 — 20,567 (209,790) 649,713 Production and ad valorem taxes 51,921 — 375 — 52,296 Marketing 378,521 — — — 378,521 Exploration 3,289 — — — 3,289 Impairment of unproved properties 47,223 — — — 47,223 Depletion, depreciation, and amortization 513,957 — 74,100 — 588,057 Accretion of asset retirement obligations 1,846 — — — 1,846 General and administrative 135,356 — 39,712 (1,102) 173,966 Accretion of contingent acquisition consideration — — 10,384 (10,384) — Total operating expenses 2,008,348 — 249,147 (325,394) 1,932,101 Operating income (loss) (418,432) — 174,210 (99,570) (343,792) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,027 — 2,027 Interest (173,364) — (12,885) 615 (185,634) Equity in net income of subsidiaries (2,003) — — 2,003 — Total other expenses (175,367) — (10,858) 2,618 (183,607) Income (loss) before income taxes (593,799) — 163,352 (96,952) (527,399) Provision for income tax benefit 230,755 — — — 230,755 Net income (loss) and comprehensive income (loss) including noncontrolling interests (363,044) — 163,352 (96,952) (296,644) Net income and comprehensive income attributable to noncontrolling interests — — — 66,400 66,400 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (363,044) — 163,352 (163,352) (363,044) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,330,062 — — — 1,330,062 Natural gas liquids sales 590,004 — — — 590,004 Oil sales 79,999 — — — 79,999 Gathering, compression, water handling and treatment — — 562,165 (553,500) 8,665 Marketing 166,659 — — — 166,659 Commodity derivative fair value gains 458,459 — — — 458,459 Other income 11,421 — — (11,421) — Total revenue and other 2,636,604 — 562,165 (564,921) 2,633,848 Operating expenses: Lease operating 56,991 — 131,635 (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 — 28,492 (283,304) 815,710 Production and ad valorem taxes 67,576 — 2,765 — 70,341 Marketing 246,298 — — — 246,298 Exploration 5,510 — — — 5,510 Impairment of unproved properties 83,098 — — — 83,098 Depletion, depreciation, and amortization 522,275 — 88,604 — 610,879 Accretion of asset retirement obligations 1,944 — — — 1,944 General and administrative 148,876 — 43,562 (1,438) 191,000 Accretion of contingent acquisition consideration — — 9,672 (9,672) — Total operating expenses 2,203,090 — 304,730 (427,006) 2,080,814 Operating income 433,514 — 257,435 (137,915) 553,034 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 12,887 — 12,887 Interest (178,644) — (27,162) 495 (205,311) Equity in net income of subsidiaries (21,582) — — 21,582 — Total other expenses (200,226) — (14,275) 22,077 (192,424) Income before income taxes 233,288 — 243,160 (115,838) 360,610 Provision for income tax expense (105,087) — — — (105,087) Net income and comprehensive income including noncontrolling interests 128,201 — 243,160 (115,838) 255,523 Net income and comprehensive income attributable to noncontrolling interests — — — 127,322 127,322 Net income and comprehensive income attributable to Antero Resources Corporation $ 128,201 — 243,160 (243,160) 128,201 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 745,517 — 259,135 (98,955) 905,697 Cash flows used in investing activities: Additions to proved properties (64,789) — — — (64,789) Additions to unproved properties (559,572) — — — (559,572) Drilling and completion costs (1,108,806) — — 98,955 (1,009,851) Additions to water handling and treatment systems — — (137,355) — (137,355) Additions to gathering systems and facilities (1,367) — (152,769) — (154,136) Additions to other property and equipment (1,747) — — — (1,747) Investments in unconsolidated affiliates — — (45,044) — (45,044) Change in other assets 236 — (2,409) — (2,173) Distributions from non-guarantor subsidiary 78,514 — — (78,514) — Net cash used in investing activities (1,657,531) — (337,577) 20,441 (1,974,667) Cash flows provided by financing activities: Issuance of common stock 837,414 — — — 837,414 Issuance of common units by Antero Midstream Partners LP — — 19,605 — 19,605 Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 178,000 — — — 178,000 Issuance of senior notes — — 650,000 — 650,000 Repayments on bank credit facility, net (102,000) — (450,000) — (552,000) Payments of deferred financing costs (89) — (8,940) — (9,029) Distributions — — (129,752) 78,514 (51,238) Employee tax withholding for settlement of equity compensation awards (4,859) — (17) — (4,876) Other (3,751) — (116) — (3,867) Net cash provided by financing activities 904,715 — 80,780 78,514 1,064,009 Net increase (decrease) in cash and cash equivalents (7,299) — 2,338 — (4,961) Cash and cash equivalents, beginning of period 16,590 — 6,883 — 23,473 Cash and cash equivalents, end of period $ 9,291 — 9,221 — 18,512 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 1,485,961 — 344,267 (137,420) 1,692,808 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (182,207) — — — (182,207) Drilling and completion costs (1,083,928) — — 137,420 (946,508) Additions to water handling and treatment systems — — (143,470) — (143,470) Additions to gathering systems and facilities — — (254,619) — (254,619) Additions to other property and equipment (11,417) — — — (11,417) Investments in unconsolidated affiliates — — (216,776) — (216,776) Change in other assets (10,271) — (5,877) — (16,148) Net distributions from subsidiaries 97,984 — — (97,984) — Other 2,156 — — — 2,156 Net cash used in investing activities (1,367,001) — (620,742) 39,436 (1,948,307) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream Partners LP — — 248,949 — 248,949 Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 311,100 — — — 311,100 Borrowings (repayments) on bank credit facility, net (415,000) — 217,000 — (198,000) Distributions — — (200,037) 97,984 (102,053) Employee tax withholding for settlement of equity compensation awards (7,568) — (932) — (8,500) Other (3,861) — (52) — (3,913) Net cash provided by (used in) financing activities (115,329) — 264,928 97,984 247,583 Net increase (decrease) in cash and cash equivalents 3,631 — (11,547) — (7,916) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 21,199 — 2,495 — 23,694

Commitments

Commitments	9 Months Ended
	Sep. 30, 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 September 30, 2017 (in millions). Firm Processing, Drilling rigs and completion Office and equipment (a) (b) (c) (d) Total Remainder of 2017 $ 135 109 28 4 276 2018 886 401 80 13 1,380 2019 1,107 340 41 11 1,499 2020 1,127 337 — 9 1,473 2021 1,106 321 — 8 1,435 2022 1,053 317 — 8 1,378 Thereafter 9,635 1,502 — 17 11,154 Total $ 15,049 3,327 149 70 18,595 (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 minimum processing 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. Future capital contributions to unconsolidated affiliates are excluded from the table as neither the amounts nor the timing of the obligations can be determined in advance. (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.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2017
Related Parties
Related Parties	(14) Related Parties Certain of the Company’s shareholders, including members of its executive management group, own a significant interest in the Company and, either through their representatives or directly, serve as members of the Board of Directors of Antero and the Boards of Directors of the general partners of Antero Midstream and AMGP. These same groups or individuals own limited partner interests in Antero Midstream and common shares and other interests in AMGP, which indirectly owns the incentive distribution rights in Antero Midstream. Antero’s executive management group also manages the operations and business affairs of Antero Midstream and AMGP. Antero Midstream’s operations comprise substantially all of the operations of our gathering and processing segment and our water handling and treatment segment. Substantially all of the revenues for those segments in the three and nine months ended September 30, 2016 and 2017 were derived from transactions with Antero. Please see Note 11 for the operating results of the Company’s reportable segments.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 Securities and Exchange Commission (“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 September 30, 2017, the results of its operations for the three and nine months ended September 30, 2016 and 2017, and its cash flows for the nine months ended September 30, 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 September 30, 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 nine months ended September 30, 2016 includes reclassifications within current liabilities that were made to conform to the nine months ended September 30, 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 except for the amended and restated credit facilities entered into by Antero and Antero Midstream in October 2017. See note 5 for descriptions of the amended and restated facilies.
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 right to receive benefits of Antero Midstream that could be significant to Antero Midstream. Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production under long-term service contracts. Antero owned 53.0% of the outstanding limited partner interests in Antero Midstream at September 30, 2017. Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream as well as Antero IDR Holdings LLC (“IDR 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’s officers and management group also act as management of Antero Midstream and AMGP. Antero and Antero Midstream have contracts with 20-year initial terms and 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. Such dedications cover 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 and water delivery and handling 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, for the foreseeable future, will devote substantially all of its resources to servicing Antero’s operations. Additionally, revenues from Antero 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. Antero does not control AMGP and does not have any investment in AMGP. 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 interests in consolidated subsidiaries 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 investees that are accounted for under the equity method 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 condensed consolidated financial statements in conformity with GAAP requires that management formulate estimates and assumptions which affect revenues, expenses, assets, and liabilities, as well as the disclosure of contingent assets and liabilities. 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 condensed 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 was 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 September 30, Nine Months Ended September 30, 2016 2017 2016 2017 Basic weighted average number of shares outstanding 306,785 315,463 288,607 315,275 Add: Dilutive effect of non-vested restricted stock units 1,835 — — 828 Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units 37 — — 37 Diluted weighted average number of shares outstanding 308,657 315,463 288,607 316,140 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 1,251 5,054 6,899 2,293 Outstanding stock options 693 674 706 679 Performance stock units 660 1,293 577 1,002 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.
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 the 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.
Income Taxes	(i) For the three and nine months ended September 30, 2016 and 2017, respectively, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2017 2016 2017 Basic weighted average number of shares outstanding 306,785 315,463 288,607 315,275 Add: Dilutive effect of non-vested restricted stock units 1,835 — — 828 Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units 37 — — 37 Diluted weighted average number of shares outstanding 308,657 315,463 288,607 316,140 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 1,251 5,054 6,899 2,293 Outstanding stock options 693 674 706 679 Performance stock units 660 1,293 577 1,002 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2016 and September 30, 2017 consisted of the following items (in thousands): December 31, 2016 September 30, 2017 Capital expenditures $ 159,811 162,116 Gathering, compression, processing, and transportation expenses 75,223 84,388 Marketing expenses 52,822 32,455 Interest expense 35,533 66,398 Other 70,414 84,339 $ 393,803 429,696

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2016 and September 30, 2017 (in thousands): December 31, 2016 September 30, 2017 Antero: Prior Credit Facility(a) $ 440,000 25,000 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 1,588 Net unamortized debt issuance costs (37,690) (33,789) Antero Midstream: Prior Midstream Facility(g) 210,000 427,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (10,086) (9,278) $ 4,703,973 4,510,521

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017 (in thousands): Asset retirement obligations—December 31, 2016 $ 32,736 Obligations settled (21) Obligations incurred for wells drilled and producing properties acquired 3,399 Accretion expense 1,944 Asset retirement obligations—September 30, 2017 $ 38,058

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2017 2016 2017 Restricted stock unit awards $ 18,618 17,910 54,231 54,816 Stock options 638 614 1,939 1,850 Performance share unit awards 2,668 3,014 6,017 7,897 Antero Midstream phantom unit awards 3,977 4,420 11,978 12,906 Equity awards issued to directors 480 489 1,502 1,456 Total expense $ 26,381 26,447 75,667 78,925
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 828,753 $ 22.21 Vested (834,796) $ 43.46 Forfeited (353,152) $ 27.10 Total awarded and unvested—September 30, 2017 4,994,252 $ 28.56 $ 99,386
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 (16,542) $ 50.00 Expired — $ — Outstanding at September 30, 2017 671,387 $ 50.47 7.32 $ — Vested or expected to vest as of September 30, 2017 671,387 $ 50.47 7.32 $ — Exercisable at September 30, 2017 363,605 $ 50.70 7.20 $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2016 785,301 $ 29.75 Granted 558,021 $ 26.21 Vested (41,666) $ 27.38 Forfeited (8,623) $ 29.86 Total awarded and unvested—September 30, 2017 1,293,033 $ 28.30
Schedule of weighted average fair value assumptions used for PSUs granted	The following table presents information regarding the weighted average fair value for PSUs granted during the nine months ended September 30, 2017 and the assumptions used to determine the fair values. Nine Months Ended September 30, 2017 Dividend yield — % Volatility 42 % Risk-free interest rate 1.40 % Weighted average fair value of awards granted $ 26.21
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 377,660 $ 32.52 Vested (73,080) $ 21.34 Forfeited (78,584) $ 28.76 Total awarded and unvested—September 30, 2017 1,557,957 $ 28.78 $ 49,122

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of outstanding commodity derivatives	As of September 30, 2017, the Company’s fixed price natural gas, NGLs, and oil swap positions from October 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 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 — — $ 3.50 NYMEX-WTI ($/Bbl) — 1,000 — $ 49.96 Mont Belvieu-Propane ($/Gallon) — — 3,000 $ 0.67 Total 2,002,500 1,000 3,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.50 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.25 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.00 Year ending December 31, 2022: NYMEX ($/MMBtu) 850,000 $ 3.00 Year ending December 31, 2023: NYMEX ($/MMBtu) 90,000 $ 2.91
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2016 September 30, 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 299,796 Commodity contracts Long-term assets 1,731,063 Long-term assets 876,293 Total asset derivatives 1,804,085 1,176,089 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities 203,635 Current liabilities 4,285 Commodity contracts Long-term liabilities 234 Long-term liabilities 427 Total liability derivatives 203,869 4,712 Net derivatives $ 1,600,216 1,171,377
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 values 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 September 30, 2017 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (110,160) 1,804,085 $ 1,326,727 (150,638) 1,176,089 Commodity derivative liabilities $ (324,667) 120,798 (203,869) $ (4,823) 111 (4,712)
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2017 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2016 2017 2016 2017 Commodity derivative fair value gains (losses) Revenue $ 530,334 (65,957) $ 125,624 458,459
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) Three months ending December 31, 2017: 125,000 $ (0.51)
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) Three months ending December 31, 2017: 125,000 $ 0.39

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2016: Sales and revenues: Third-party $ 1,016,458 2,745 224 97,076 — 1,116,503 Intersegment 3,990 75,319 72,187 — (151,496) — Total $ 1,020,448 78,064 72,411 97,076 (151,496) 1,116,503 Operating expenses: Lease operating $ 13,710 — 28,978 — (28,834) 13,854 Gathering, compression, processing, and transportation 303,753 6,400 — — (75,238) 234,915 Depletion, depreciation, and amortization 172,735 18,540 7,838 — — 199,113 General and administrative 44,637 10,282 3,033 — (375) 57,577 Other 31,266 (1,708) 3,070 114,611 (3,527) 143,712 Total 566,101 33,514 42,919 114,611 (107,974) 649,171 Operating income (loss) $ 454,347 44,550 29,492 (17,535) (43,522) 467,332 Equity in earnings of unconsolidated affiliates $ — 1,543 — — — 1,543 Segment assets $ 12,966,493 1,669,667 562,995 33,114 (603,016) 14,629,253 Capital expenditures for segment assets $ 909,837 56,836 58,730 — (43,343) 982,060 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2017: Sales and revenues: Third-party $ 594,244 2,609 260 50,767 — 647,880 Intersegment 3,070 97,909 92,851 — (193,830) — Total $ 597,314 100,518 93,111 50,767 (193,830) 647,880 Operating expenses: Lease operating $ 24,060 — 51,569 — (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 10,468 — — (97,872) 282,134 Depletion, depreciation, and amortization 176,188 22,027 8,753 — — 206,968 General and administrative 48,289 9,336 4,980 — (402) 62,203 Other 65,259 92 3,457 78,884 (2,556) 145,136 Total 683,334 41,923 68,759 78,884 (152,968) 719,932 Operating income (loss) $ (86,020) 58,595 24,352 (28,117) (40,862) (72,052) Equity in earnings of unconsolidated affiliates $ — 7,033 — — — 7,033 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 415,088 99,254 48,019 — (40,704) 521,657 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2016 and 2017 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2016: Sales and revenues: Third-party $ 1,291,008 9,463 644 287,194 — 1,588,309 Intersegment 11,714 210,144 203,106 — (424,964) — Total $ 1,302,722 219,607 203,750 287,194 (424,964) 1,588,309 Operating expenses: Lease operating $ 37,299 — 104,009 — (104,118) 37,190 Gathering, compression, processing, and transportation 838,936 20,567 — — (209,790) 649,713 Depletion, depreciation, and amortization 513,302 52,780 21,975 — — 588,057 General and administrative 135,356 29,755 9,957 — (1,102) 173,966 Other 104,279 (809) 11,568 378,521 (10,384) 483,175 Total 1,629,172 102,293 147,509 378,521 (325,394) 1,932,101 Operating income (loss) $ (326,450) 117,314 56,241 (91,327) (99,570) (343,792) Equity in earnings of unconsolidated affiliates $ — 2,027 — — — 2,027 Segment assets $ 12,966,493 1,669,667 562,995 33,114 (603,016) 14,629,253 Capital expenditures for segment assets $ 1,734,914 154,136 137,355 — (98,955) 1,927,450 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2017: Sales and revenues: Third-party $ 2,458,524 7,472 1,193 166,659 — 2,633,848 Intersegment 11,421 283,467 270,033 — (564,921) — Total $ 2,469,945 290,939 271,226 166,659 (564,921) 2,633,848 Operating expenses: Lease operating $ 56,991 — 131,635 — (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 28,492 — — (283,304) 815,710 Depletion, depreciation, and amortization 521,603 64,445 24,831 — — 610,879 General and administrative 148,876 30,179 13,383 — (1,438) 191,000 Other 158,128 104 12,333 246,298 (9,672) 407,191 Total 1,956,120 123,220 182,182 246,298 (427,006) 2,080,814 Operating income (loss) $ 513,825 167,719 89,044 (79,639) (137,915) 553,034 Equity in earnings of unconsolidated affiliates $ — 12,887 — — — 12,887 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 1,456,870 254,619 143,470 — (137,420) 1,717,539

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 21,199 — 2,495 — 23,694 Accounts receivable, net 42,689 — 1,165 — 43,854 Intercompany receivables 4,050 — 84,124 (88,174) — Accrued revenue 233,585 — — — 233,585 Derivative instruments 299,796 — — — 299,796 Other current assets 9,011 — 1,013 — 10,024 Total current assets 610,330 — 88,797 (88,174) 610,953 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,305,749 — — — 2,305,749 Proved properties 11,093,749 — — (314,706) 10,779,043 Water handling and treatment systems — — 891,869 — 891,869 Gathering systems and facilities 17,929 — 1,959,581 — 1,977,510 Other property and equipment 54,571 — — — 54,571 13,471,998 — 2,851,450 (314,706) 16,008,742 Less accumulated depletion, depreciation, and amortization (2,630,298) — (343,246) — (2,973,544) Property and equipment, net 10,841,700 — 2,508,204 (314,706) 13,035,198 Derivative instruments 876,293 — — — 876,293 Investments in subsidiaries 488,089 — — (488,089) — Contingent acquisition consideration 204,210 — — (204,210) — Investments in unconsolidated affiliates — — 287,842 — 287,842 Other assets, net 28,380 — 10,548 — 38,928 Total assets $ 13,049,002 — 2,895,391 (1,095,179) 14,849,214 Liabilities and Equity Current liabilities: Accounts payable $ 33,637 — 13,820 — 47,457 Intercompany payable 84,124 — 4,050 (88,174) — Accrued liabilities 359,164 — 70,532 — 429,696 Revenue distributions payable 220,971 — — — 220,971 Derivative instruments 4,285 — — — 4,285 Other current liabilities 15,061 — 206 — 15,267 Total current liabilities 717,242 — 88,608 (88,174) 717,676 Long-term liabilities: Long-term debt 3,442,799 — 1,067,722 — 4,510,521 Deferred income tax liability 1,180,564 — — — 1,180,564 Contingent acquisition consideration — — 204,210 (204,210) — Derivative instruments 427 — — — 427 Other liabilities 52,299 — 465 — 52,764 Total liabilities 5,393,331 — 1,361,005 (292,384) 6,461,952 Equity: Stockholders' equity: Partners' capital — — 1,534,386 (1,534,386) — Common stock 3,155 — — — 3,155 Additional paid-in capital 6,564,320 — — — 6,564,320 Accumulated earnings 1,088,196 — — — 1,088,196 Total stockholders' equity 7,655,671 — 1,534,386 (1,534,386) 7,655,671 Noncontrolling interests in consolidated subsidiary — — — 731,591 731,591 Total equity 7,655,671 — 1,534,386 (802,795) 8,387,262 Total liabilities and equity $ 13,049,002 — 2,895,391 (1,095,179) 14,849,214
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ 364,373 — — — 364,373 Natural gas liquids sales 106,958 — — — 106,958 Oil sales 14,793 — — — 14,793 Gathering, compression, water handling and treatment — — 150,475 (147,506) 2,969 Marketing 97,076 — — — 97,076 Commodity derivative fair value gains 530,334 — — — 530,334 Other income 3,990 — — (3,990) — Total revenue 1,117,524 — 150,475 (151,496) 1,116,503 Operating expenses: Lease operating 13,710 — 28,978 (28,834) 13,854 Gathering, compression, processing, and transportation 303,753 — 6,400 (75,238) 234,915 Production and ad valorem taxes 17,719 — (2,165) — 15,554 Marketing 114,611 — — — 114,611 Exploration 1,166 — — — 1,166 Impairment of unproved properties 11,753 — — — 11,753 Depletion, depreciation, and amortization 172,976 — 26,137 — 199,113 Accretion of asset retirement obligations 628 — — — 628 General and administrative 44,637 — 13,315 (375) 57,577 Accretion of contingent acquisition consideration — — 3,527 (3,527) — Total operating expenses 680,953 — 76,192 (107,974) 649,171 Operating income 436,571 — 74,283 (43,522) 467,332 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 1,543 — 1,543 Interest (54,631) — (5,303) 179 (59,755) Equity in net income of subsidiaries (2,761) — — 2,761 — Total other expenses (57,392) — (3,760) 2,940 (58,212) Income before income taxes 379,179 — 70,523 (40,582) 409,120 Provision for income tax expense (140,924) — — — (140,924) Net income and comprehensive income including noncontrolling interests 238,255 — 70,523 (40,582) 268,196 Net income and comprehensive income attributable to noncontrolling interests — — — 29,941 29,941 Net income and comprehensive income attributable to Antero Resources Corporation $ 238,255 — 70,523 (70,523) 238,255 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue: Natural gas sales $ 409,141 — — — 409,141 Natural gas liquids sales 224,533 — — — 224,533 Oil sales 26,527 — — — 26,527 Gathering, compression, water handling and treatment — — 193,629 (190,760) 2,869 Marketing 50,767 — — — 50,767 Commodity derivative fair value losses (65,957) — — — (65,957) Other income 3,070 — — (3,070) — Total revenue 648,081 — 193,629 (193,830) 647,880 Operating expenses: Lease operating 24,060 — 51,569 (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 — 10,468 (97,872) 282,134 Production and ad valorem taxes 22,002 — 993 — 22,995 Marketing 78,884 — — — 78,884 Exploration 1,599 — — — 1,599 Impairment of unproved properties 41,000 — — — 41,000 Depletion, depreciation, and amortization 176,412 — 30,556 — 206,968 Accretion of asset retirement obligations 658 — — — 658 General and administrative 48,289 — 14,316 (402) 62,203 Accretion of contingent acquisition consideration — — 2,556 (2,556) — Total operating expenses 762,442 — 110,458 (152,968) 719,932 Operating income (loss) (114,361) — 83,171 (40,862) (72,052) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,033 — 7,033 Interest (60,906) — (9,311) 158 (70,059) Equity in net income (loss) of subsidiaries (4,874) — — 4,874 — Total other expenses (65,780) — (2,278) 5,032 (63,026) Income (loss) before income taxes (180,141) — 80,893 (35,830) (135,078) Provision for income tax benefit 45,078 — — — 45,078 Net income (loss) and comprehensive income (loss) including noncontrolling interests (135,063) — 80,893 (35,830) (90,000) Net income and comprehensive income attributable to noncontrolling interests — — — 45,063 45,063 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (135,063) — 80,893 (80,893) (135,063) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 848,936 — — — 848,936 Natural gas liquids sales 274,736 — — — 274,736 Oil sales 41,712 — — — 41,712 Gathering, compression, water handling and treatment — — 423,357 (413,250) 10,107 Marketing 287,194 — — — 287,194 Commodity derivative fair value gains 125,624 — — — 125,624 Other income 11,714 — — (11,714) — Total revenue and other 1,589,916 — 423,357 (424,964) 1,588,309 Operating expenses: Lease operating 37,299 — 104,009 (104,118) 37,190 Gathering, compression, processing, and transportation 838,936 — 20,567 (209,790) 649,713 Production and ad valorem taxes 51,921 — 375 — 52,296 Marketing 378,521 — — — 378,521 Exploration 3,289 — — — 3,289 Impairment of unproved properties 47,223 — — — 47,223 Depletion, depreciation, and amortization 513,957 — 74,100 — 588,057 Accretion of asset retirement obligations 1,846 — — — 1,846 General and administrative 135,356 — 39,712 (1,102) 173,966 Accretion of contingent acquisition consideration — — 10,384 (10,384) — Total operating expenses 2,008,348 — 249,147 (325,394) 1,932,101 Operating income (loss) (418,432) — 174,210 (99,570) (343,792) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,027 — 2,027 Interest (173,364) — (12,885) 615 (185,634) Equity in net income of subsidiaries (2,003) — — 2,003 — Total other expenses (175,367) — (10,858) 2,618 (183,607) Income (loss) before income taxes (593,799) — 163,352 (96,952) (527,399) Provision for income tax benefit 230,755 — — — 230,755 Net income (loss) and comprehensive income (loss) including noncontrolling interests (363,044) — 163,352 (96,952) (296,644) Net income and comprehensive income attributable to noncontrolling interests — — — 66,400 66,400 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (363,044) — 163,352 (163,352) (363,044) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,330,062 — — — 1,330,062 Natural gas liquids sales 590,004 — — — 590,004 Oil sales 79,999 — — — 79,999 Gathering, compression, water handling and treatment — — 562,165 (553,500) 8,665 Marketing 166,659 — — — 166,659 Commodity derivative fair value gains 458,459 — — — 458,459 Other income 11,421 — — (11,421) — Total revenue and other 2,636,604 — 562,165 (564,921) 2,633,848 Operating expenses: Lease operating 56,991 — 131,635 (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 — 28,492 (283,304) 815,710 Production and ad valorem taxes 67,576 — 2,765 — 70,341 Marketing 246,298 — — — 246,298 Exploration 5,510 — — — 5,510 Impairment of unproved properties 83,098 — — — 83,098 Depletion, depreciation, and amortization 522,275 — 88,604 — 610,879 Accretion of asset retirement obligations 1,944 — — — 1,944 General and administrative 148,876 — 43,562 (1,438) 191,000 Accretion of contingent acquisition consideration — — 9,672 (9,672) — Total operating expenses 2,203,090 — 304,730 (427,006) 2,080,814 Operating income 433,514 — 257,435 (137,915) 553,034 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 12,887 — 12,887 Interest (178,644) — (27,162) 495 (205,311) Equity in net income of subsidiaries (21,582) — — 21,582 — Total other expenses (200,226) — (14,275) 22,077 (192,424) Income before income taxes 233,288 — 243,160 (115,838) 360,610 Provision for income tax expense (105,087) — — — (105,087) Net income and comprehensive income including noncontrolling interests 128,201 — 243,160 (115,838) 255,523 Net income and comprehensive income attributable to noncontrolling interests — — — 127,322 127,322 Net income and comprehensive income attributable to Antero Resources Corporation $ 128,201 — 243,160 (243,160) 128,201
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 745,517 — 259,135 (98,955) 905,697 Cash flows used in investing activities: Additions to proved properties (64,789) — — — (64,789) Additions to unproved properties (559,572) — — — (559,572) Drilling and completion costs (1,108,806) — — 98,955 (1,009,851) Additions to water handling and treatment systems — — (137,355) — (137,355) Additions to gathering systems and facilities (1,367) — (152,769) — (154,136) Additions to other property and equipment (1,747) — — — (1,747) Investments in unconsolidated affiliates — — (45,044) — (45,044) Change in other assets 236 — (2,409) — (2,173) Distributions from non-guarantor subsidiary 78,514 — — (78,514) — Net cash used in investing activities (1,657,531) — (337,577) 20,441 (1,974,667) Cash flows provided by financing activities: Issuance of common stock 837,414 — — — 837,414 Issuance of common units by Antero Midstream Partners LP — — 19,605 — 19,605 Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 178,000 — — — 178,000 Issuance of senior notes — — 650,000 — 650,000 Repayments on bank credit facility, net (102,000) — (450,000) — (552,000) Payments of deferred financing costs (89) — (8,940) — (9,029) Distributions — — (129,752) 78,514 (51,238) Employee tax withholding for settlement of equity compensation awards (4,859) — (17) — (4,876) Other (3,751) — (116) — (3,867) Net cash provided by financing activities 904,715 — 80,780 78,514 1,064,009 Net increase (decrease) in cash and cash equivalents (7,299) — 2,338 — (4,961) Cash and cash equivalents, beginning of period 16,590 — 6,883 — 23,473 Cash and cash equivalents, end of period $ 9,291 — 9,221 — 18,512 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 1,485,961 — 344,267 (137,420) 1,692,808 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (182,207) — — — (182,207) Drilling and completion costs (1,083,928) — — 137,420 (946,508) Additions to water handling and treatment systems — — (143,470) — (143,470) Additions to gathering systems and facilities — — (254,619) — (254,619) Additions to other property and equipment (11,417) — — — (11,417) Investments in unconsolidated affiliates — — (216,776) — (216,776) Change in other assets (10,271) — (5,877) — (16,148) Net distributions from subsidiaries 97,984 — — (97,984) — Other 2,156 — — — 2,156 Net cash used in investing activities (1,367,001) — (620,742) 39,436 (1,948,307) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream Partners LP — — 248,949 — 248,949 Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation 311,100 — — — 311,100 Borrowings (repayments) on bank credit facility, net (415,000) — 217,000 — (198,000) Distributions — — (200,037) 97,984 (102,053) Employee tax withholding for settlement of equity compensation awards (7,568) — (932) — (8,500) Other (3,861) — (52) — (3,913) Net cash provided by (used in) financing activities (115,329) — 264,928 97,984 247,583 Net increase (decrease) in cash and cash equivalents 3,631 — (11,547) — (7,916) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 21,199 — 2,495 — 23,694

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Basis of Presentation
Other comprehensive income (loss)	$ 0	$ 0
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream	53.00%
Term of contract with Antero Midstream	20 years
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream	53.00%		60.90%

Summary of Significant Accoun32

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Earnings per share
Basic weighted average number of shares outstanding	315,463	306,785	315,275	288,607
Weighted Average Number of Shares Outstanding, Diluted	315,463	308,657	316,140	288,607
U.S. Statutory federal income tax rate (as a percent)	35.00%	35.00%	35.00%	35.00%
Other Assets, Noncurrent	$ 38,928		$ 38,928		$ 26,854
Long-term debt	$ 4,510,521		4,510,521		$ 4,703,973
Changes in accrued liabilities			43,043	$ 41,386
Employee tax withholding for settlement of equity compensation awards			$ (8,500)	$ (4,876)
Restricted stock and restricted stock unit
Earnings per share
Add: Dilutive effect of non-vested restricted stock units		1,835	828
Weighted Average Anti-dilutive Awards	5,054	1,251	2,293	6,899
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	674	693	679	706
Performance share unit awards
Earnings per share
Add: Dilutive effect of non-vested restricted stock units		37	37
Weighted Average Anti-dilutive Awards	1,293	660	1,002	577

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	Sep. 11, 2017USD ($)shares	Feb. 10, 2017USD ($)shares	Feb. 06, 2017	Sep. 23, 2015USD ($)bbl	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	May 26, 2016
Antero Midstream Partners LP
Investments in unconsolidated affiliates					$ 287,842		$ 287,842		$ 68,299
Equity in earnings of unconsolidated affiliate					7,033	$ 1,543	12,887	$ 2,027
Issuance of common stock								837,414
Consideration:
Amount borrowed on bank credit facility							(198,000)	(552,000)
Equity Transactions
Proceeds From Sale Of Interest In Partnership Unit							$ 311,100	$ 178,000
Antero Midstream Partners LP
Antero Midstream Partners LP
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							53.00%		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
Units sold under At the Market program (in units) | shares							777,262
Proceeds from issuance of common units							$ 25,500
Remaining capacity under equity distribution agreement					157,300		157,300
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
Antero Midstream Partners LP
Antero Midstream Partners LP
Antero Resources ownership in Antero Midstream							53.00%
Equity Transactions
Number of Antero Midstream common units sold by Antero Resources (in units) | shares	10,000,000
Proceeds From Sale Of Interest In Partnership Unit	$ 311,000
Appalachia joint venture
Antero Midstream Partners LP
Ownership percentage			50.00%
Appalachia joint venture | Antero Midstream Partners LP
Antero Midstream Partners LP
Investments in unconsolidated affiliates					220,300		$ 220,300
Equity in earnings of unconsolidated affiliate							5,200
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%
Regional gathering pipeline | Antero Midstream Partners LP
Antero Midstream Partners LP
Ownership percentage										15.00%
Investments in unconsolidated affiliates					$ 67,500		67,500
Equity in earnings of unconsolidated affiliate							$ 7,700

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued Liabilities
Accrued capital expenditures	$ 162,116	$ 159,811
Accrued gathering, compression, processing, and transportation expenses	84,388	75,223
Accrued marketing expenses	32,455	52,822
Accrued interest expense	66,398	35,533
Other accrued liabilities	84,339	70,414
Total accrued liabilities	$ 429,696	$ 393,803

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Oct. 26, 2017	Sep. 30, 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
Net unamortized premium		$ 1,588,000	$ 1,749,000
Net unamortized debt issuance costs		(33,789,000)	(37,690,000)
Long-term debt		4,510,521,000	4,703,973,000
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs		(9,278,000)	(10,086,000)
Prior Midstream Facility | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt		$ 427,000,000	$ 210,000,000
Weighted average interest rate (as a percent)		2.82%	2.23%
Prior Midstream Facility | Minimum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.25%
Prior Midstream Facility | Maximum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
Prior Credit Facility
Long- term Debt
Bank credit facility long-term debt		$ 25,000,000	$ 440,000,000
Current borrowing base		4,750,000,000
Lender commitments		$ 4,000,000,000
Weighted average interest rate (as a percent)		4.75%	2.44%
Outstanding letters of credit		$ 700,000,000	$ 710,000,000
Prior Credit Facility | Minimum
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.30%
Commitment fees on the unused portion during and Investment Grade period (as a percent)		0.15%
Prior Credit Facility | Maximum
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
Commitment fees on the unused portion during and Investment Grade period (as a percent)		0.30%
5.375% senior notes due 2021
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
Long- term Debt
Redemption price		100.00%
Stand-alone revolving note
Long- term Debt
Maximum amount of the Credit Facility		$ 25,000,000
Outstanding balance		$ 0	0
Stand-alone revolving note | Lender's Prime Rate
Long- term Debt
Basis spread on variable rate (as a percent)		1.00%
5.125 senior notes due 2022
Long- term Debt
Long-term notes payable		$ 1,100,000,000	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		103.844%
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, 2020
Long- term Debt
Redemption price		100.00%
5.625% senior notes due 2023
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
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
Long- term Debt
Redemption price		104.219%
5.625% senior notes due 2023 | On Or After June 1, 2021
Long- term Debt
Redemption price		100.00%
5.625% senior notes due 2023 | Prior to June 1, 2018
Long- term Debt
Redemption price		100.00%
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	$ 600,000,000
Interest rate (as a percent)				5.00%
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%
5.00% senior notes due 2025 | Prior to March 1, 2020
Long- term Debt
Redemption price		100.00%
5.00% senior notes due 2025 | On or before March 1, 2020
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
Long- term Debt
Redemption price		103.75%
5.00% senior notes due 2025 | On or after March1, 2023
Long- term Debt
Redemption price		100.00%
Credit Facility
Long- term Debt
Maximum amount of the Credit Facility	$ 4,750,000,000
Current borrowing base	4,500,000,000
Lender commitments	$ 2,500,000,000
Time period prior to maturity date of senior notes as one option for maturity date of Credit Facility	91 days
Credit Facility | Minimum
Long- term Debt
Rate percentage during an Investment Grade Period lower than rates during a period that is not an Investment Grade Period	0.125%
Credit Facility | Maximum
Long- term Debt
Rate percentage during an Investment Grade Period lower than rates during a period that is not an Investment Grade Period	0.50%
Midstream Facility
Long- term Debt
Amount of reduction in applicable margin rates during an investment grade period	0.25%
Midstream Facility | Antero Midstream Partners LP
Long- term Debt
Maximum amount of the Credit Facility		$ 1,500,000,000
Midstream Facility | Minimum
Long- term Debt
Commitment fees on the unused portion during and Investment Grade period (as a percent)	0.175%
Midstream Facility | Maximum
Long- term Debt
Commitment fees on the unused portion during and Investment Grade period (as a percent)	0.375%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 32,736
Obligations settled			(21)
Obligations incurred for wells drilled and producing properties acquired			3,399
Accretion expense	$ 658	$ 628	1,944	$ 1,846
Asset retirement obligations - end of period	$ 38,058		$ 38,058

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500		16,906,500
Number of shares available for future grant under the Plan	7,724,613		7,724,613
Equity based compensation expense recognized	$ 26,447	$ 26,381	$ 78,925	$ 75,667
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000		10,000,000
Number of shares available for future grant under the Plan	7,656,134		7,656,134
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 17,910	18,618	$ 54,816	54,231
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	3,014	2,668	7,897	6,017
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	614	638	1,850	1,939
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,420	3,977	12,906	11,978
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 489	$ 480	$ 1,456	$ 1,502

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	828,753
Vested (in shares) | shares	(834,796)
Forfeited (in shares) | shares	(353,152)
Total awarded and unvested at the end of the period (in shares) | shares	4,994,252
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	22.21
Vested (in dollars per share) | $ / shares	43.46
Forfeited (in dollars per share) | $ / shares	27.10
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.56
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 | $	99,386
Additional equity compensation to be recognized over the remaining period | $	$ 85,300
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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Stock options
Outstanding at the beginning of the period (in shares)	687,929
Options forfeited (in shares)	(16,542)
Outstanding at the end of the period (in shares)	671,387	687,929
Vested or expected to vest (in shares)	671,387
Exercisable (in shares)	363,605
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)	$ 50.70
Weighted average remaining contractual life
Outstanding	7 years 3 months 26 days	8 years 1 month 13 days
Vested or expected to vest	7 years 3 months 26 days
Exercisable	7 years 2 months 12 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 3.3
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 6 months
Minimum
Stock-based compensation
Vesting period	1 year
Maximum
Stock-based compensation
Vesting period	4 years
Contractual life	10 years

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Performance share unit awards
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	785,301
Granted (in shares) | shares	558,021
Vested (in shares) | shares	(41,666)
Forfeited (in shares) | shares	(8,623)
Total awarded and unvested at the end of the period (in shares) | shares	1,293,033
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share)	$ 29.75
Granted (in dollars per share)	26.21
Vested (in dollars per share)	27.38
Forfeited (in dollars per share)	29.86
Total awarded and unvested at the end of the period (in dollars per share)	$ 28.30
Additional disclosures
Additional equity compensation to be recognized over the remaining period | $	$ 21.1
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 1 month 6 days
Weighted-average assumptions used to calculate fair value of performance share units granted
Volatility (as a percent)	42.00%
Risk-free interest rate (as a percent)	1.40%
Weighted average fair value of awards granted (in dollars per share)	$ 26.21
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	9 Months Ended
	Sep. 30, 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	377,660
Vested (in shares) | shares	(73,080)
Forfeited (in shares) | shares	(78,584)
Total awarded and unvested at the end of the period (in shares) | shares	1,557,957
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	32.52
Vested (in dollars per share) | $ / shares	21.34
Forfeited (in dollars per share) | $ / shares	28.76
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.78
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 41,131
Outstanding at the end of the period | $	49,122
Additional equity compensation to be recognized over the remaining period | $	$ 30,400
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 days

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Financial Instruments
Fair value of senior notes	$ 3,500	$ 3,500
Antero Midstream Partners LP
Financial Instruments
Fair value of senior notes	$ 676	$ 657

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Sep. 30, 2017bbl / dMMBTU / d$ / gal$ / bbl$ / 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	0.51
NYMEXminusTCO | Year ending December 31, 2017 | Basis Differential Positions
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	125,000
Weighted average index price | $ / MMBTU	0.39
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 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	3.50
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	3.50
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	3.25
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
Swaps | Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	850,000
Weighted average index price | $ / MMBTU	3
Swaps | Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	90,000
Weighted average index price | $ / MMBTU	2.91
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 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 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	3,000
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 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	3,000
Weighted average index price | $ / gal	0.67
Swaps | Oil | Three months ending December 31, 2017
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	3,000
Swaps | Oil | Year ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	1,000
Weighted average index price | $ / bbl	49.96
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	Sep. 30, 2017USD ($)item	Dec. 31, 2016USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 299,796	$ 73,022
Noncurrent portion of fair value of derivative assets	876,293	1,731,063
Total asset derivatives	1,176,089	1,804,085
Current portion of fair value of derivative liabilities	4,285	203,635
Noncurrent portion of fair value of derivative liabilities	427	234
Total liability derivatives	4,712	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	299,796	73,022
Noncurrent portion of fair value of derivative assets	876,293	1,731,063
Total asset derivatives	1,176,089	1,804,085
Current portion of fair value of derivative liabilities	4,285	203,635
Noncurrent portion of fair value of derivative liabilities	427	234
Total liability derivatives	4,712	203,869
Net derivatives	$ 1,171,377	$ 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	0

Derivative Instruments - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Commodity derivative assets
Gross amounts on balance sheet	$ 1,326,727	$ 1,914,245
Gross amounts offset on balance sheet	(150,638)	(110,160)
Total asset derivatives	1,176,089	1,804,085
Commodity derivative liabilities
Gross amounts on balance sheet	(4,823)	(324,667)
Gross amounts offset on balance sheet	111	120,798
Total liability derivatives	$ (4,712)	$ (203,869)

Derivative Instruments - Fair46

Derivative Instruments - Fair value gains (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ (65,957)	$ 530,334	$ 458,459	$ 125,624
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	(65,957)	$ 530,334	458,459	$ 125,624
Commodity derivative fair value gains (losses) on derivatives monetized prior to settlement dates	$ 750,000		$ 750,000

Contingencies (Details)

Contingencies (Details) $ in Millions	Jul. 21, 2017	Sep. 30, 2017USD ($)MMBTUcontract	Sep. 30, 2017USD ($)MMBTUcontract	Jul. 31, 2017MMBTU	Mar. 31, 2017USD ($)
SJGC
Contingencies
Natural gas long term purchase contract volume (in MMBUT/day) | MMBTU			80,000
SJGC | Pending Litigation
Contingencies
Number of long term gas contracts | contract		2	2
Time period from the entry of final judgment to file an appeal	30 days
WGL
Contingencies
Natural gas long term purchase contract volume (in MMBUT/day) | MMBTU		600,000		500,000
WGL | Pending Litigation | Minimum
Contingencies
Damages sought					$ 30
Potential Positive Outcome of Litigation | SJGC | Pending Litigation
Contingencies
Additional accounts receivable		$ 70	$ 70
Potential Positive Outcome of Litigation | WGL | Pending Litigation
Contingencies
Additional accounts receivable		$ 65	$ 65

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Sales and revenues:
Sales and revenues	$ 647,880	$ 1,116,503	$ 2,633,848	$ 1,588,309
Operating expenses:
Lease operating	23,491	13,854	56,034	37,190
Gathering, compression, processing, and transportation	282,134	234,915	815,710	649,713
Depletion, depreciation, and amortization	206,968	199,113	610,879	588,057
General and administrative expense	62,203	57,577	191,000	173,966
Other operating expenses			407,191	483,175
Total operating expenses	719,932	649,171	2,080,814	1,932,101
Operating income (loss)	(72,052)	467,332	553,034	(343,792)
Equity in earnings of unconsolidated affiliate	7,033	1,543	12,887	2,027
Segment assets	14,849,214	14,629,253	14,849,214	14,629,253	$ 14,255,550
Capital expenditures for segment assets			1,717,539	1,927,450
Exploration and production
Sales and revenues:
Sales and revenues	594,244	1,016,458	2,458,524	1,291,008
Gathering and compression
Sales and revenues:
Sales and revenues	2,609	2,745	7,472	9,463
Fresh Water Distribution
Sales and revenues:
Sales and revenues	260	224	1,193	644
Marketing
Sales and revenues:
Sales and revenues	50,767	97,076	166,659	287,194
Operating segments
Sales and revenues:
Sales and revenues	647,880	1,116,503
Operating expenses:
Lease operating	23,491	13,854
Gathering, compression, processing, and transportation	282,134	234,915
Depletion, depreciation, and amortization	206,968	199,113
General and administrative expense	62,203	57,577
Other operating expenses	145,136	143,712
Total operating expenses	719,932	649,171
Operating income (loss)	(72,052)	467,332
Equity in earnings of unconsolidated affiliate	7,033	1,543	12,887	2,027
Segment assets	14,849,214	14,629,253	14,849,214	14,629,253
Capital expenditures for segment assets	521,657	982,060
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	597,314	1,020,448	2,469,945	1,302,722
Operating expenses:
Lease operating	24,060	13,710	56,991	37,299
Gathering, compression, processing, and transportation	369,538	303,753	1,070,522	838,936
Depletion, depreciation, and amortization	176,188	172,735	521,603	513,302
General and administrative expense	48,289	44,637	148,876	135,356
Other operating expenses	65,259	31,266	158,128	104,279
Total operating expenses	683,334	566,101	1,956,120	1,629,172
Operating income (loss)	(86,020)	454,347	513,825	(326,450)
Segment assets	12,751,606	12,966,493	12,751,606	12,966,493
Capital expenditures for segment assets	415,088	909,837	1,456,870	1,734,914
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	100,518	78,064	290,939	219,607
Operating expenses:
Gathering, compression, processing, and transportation	10,468	6,400	28,492	20,567
Depletion, depreciation, and amortization	22,027	18,540	64,445	52,780
General and administrative expense	9,336	10,282	30,179	29,755
Other operating expenses	92	(1,708)	104	(809)
Total operating expenses	41,923	33,514	123,220	102,293
Operating income (loss)	58,595	44,550	167,719	117,314
Equity in earnings of unconsolidated affiliate	7,033	1,543	12,887	2,027
Segment assets	2,158,107	1,669,667	2,158,107	1,669,667
Capital expenditures for segment assets	99,254	56,836	254,619	154,136
Operating segments | Fresh Water Distribution
Sales and revenues:
Sales and revenues	93,111	72,411	271,226	203,750
Operating expenses:
Lease operating	51,569	28,978	131,635	104,009
Depletion, depreciation, and amortization	8,753	7,838	24,831	21,975
General and administrative expense	4,980	3,033	13,383	9,957
Other operating expenses	3,457	3,070	12,333	11,568
Total operating expenses	68,759	42,919	182,182	147,509
Operating income (loss)	24,352	29,492	89,044	56,241
Segment assets	752,982	562,995	752,982	562,995
Capital expenditures for segment assets	48,019	58,730	143,470	137,355
Operating segments | Marketing
Sales and revenues:
Sales and revenues	50,767	97,076		287,194
Operating expenses:
Other operating expenses	78,884	114,611	246,298	378,521
Total operating expenses	78,884	114,611	246,298	378,521
Operating income (loss)	(28,117)	(17,535)	(79,639)	(91,327)
Segment assets	15,807	33,114	15,807	33,114
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(193,830)	(151,496)	(564,921)	(424,964)
Operating expenses:
Lease operating	(52,138)	(28,834)	(132,592)	(104,118)
Gathering, compression, processing, and transportation	(97,872)	(75,238)	(283,304)	(209,790)
General and administrative expense	(402)	(375)	(1,438)	(1,102)
Other operating expenses	(2,556)	(3,527)	(9,672)	(10,384)
Total operating expenses	(152,968)	(107,974)	(427,006)	(325,394)
Operating income (loss)	(40,862)	(43,522)	(137,915)	(99,570)
Segment assets	(829,288)	(603,016)	(829,288)	(603,016)
Capital expenditures for segment assets	(40,704)	(43,343)	(137,420)	(98,955)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	3,070	3,990	11,421	11,714
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	97,909	75,319	283,467	210,144
Elimination of intersegment transaction | Fresh Water Distribution
Sales and revenues:
Sales and revenues	$ 92,851	$ 72,187	270,033	$ 203,106
Elimination of intersegment transaction | Marketing
Sales and revenues:
Sales and revenues			$ 166,659

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 23,694	$ 31,610	$ 18,512	$ 23,473
Accounts receivable, net	43,854	29,682
Accrued revenue	233,585	261,960
Derivative instruments	299,796	73,022
Other current assets	10,024	6,313
Total current assets	610,953	402,587
Unproved properties	2,305,749	2,331,173
Proved properties	10,779,043	9,549,671
Water handling and treatment systems	891,869	744,682
Gathering systems and facilities	1,977,510	1,723,768
Other property and equipment	54,571	41,231
Property and equipment, gross	16,008,742	14,390,525
Less accumulated depletion, depreciation, and amortization	(2,973,544)	(2,363,778)
Property and equipment, net	13,035,198	12,026,747
Derivative instruments	876,293	1,731,063
Investments in unconsolidated affiliates	287,842	68,299
Other assets, net	38,928	26,854
Total assets	14,849,214	14,255,550	14,629,253
Liabilities and Stockholders' Equity
Accounts payable	47,457	38,627
Accrued liabilities	429,696	393,803
Revenue distributions payable	220,971	163,989
Derivative Liability, Current	4,285	203,635
Other current liabilities	15,267	17,334
Total current liabilities	717,676	817,388
Long-term debt	4,510,521	4,703,973
Deferred income tax liability	1,180,564	950,217
Derivative instruments	427	234
Other liabilities	52,764	55,160
Total liabilities	6,461,952	6,526,972
Common stock	3,155	3,149
Additional paid-in capital	6,564,320	5,299,481
Accumulated earnings	1,088,196	959,995
Total stockholders' equity	7,655,671	6,262,625
Noncontrolling interest in consolidated subsidiary	731,591	1,465,953
Total equity	8,387,262	7,728,578
Total liabilities and equity	14,849,214	14,255,550
Reportable legal entity | Parent
Current assets:
Cash and cash equivalents	21,199	17,568	9,291	16,590
Accounts receivable, net	42,689	28,442
Intercompany receivables	4,050	3,193
Accrued revenue	233,585	261,960
Derivative instruments	299,796	73,022
Other current assets	9,011	5,784
Total current assets	610,330	389,969
Unproved properties	2,305,749	2,331,173
Proved properties	11,093,749	9,726,957
Gathering systems and facilities	17,929	17,929
Other property and equipment	54,571	41,231
Property and equipment, gross	13,471,998	12,117,290
Less accumulated depletion, depreciation, and amortization	(2,630,298)	(2,109,136)
Property and equipment, net	10,841,700	10,008,154
Derivative instruments	876,293	1,731,063
Investment in subsidiaries	488,089	(420,429)
Contingent acquisition consideration asset	204,210	194,538
Other assets, net	28,380	21,087
Total assets	13,049,002	11,924,382
Liabilities and Stockholders' Equity
Accounts payable	33,637	21,648
Intercompany payable	84,124	64,139
Accrued liabilities	359,164	332,162
Revenue distributions payable	220,971	163,989
Derivative Liability, Current	4,285	203,635
Other current liabilities	15,061	17,134
Total current liabilities	717,242	802,707
Long-term debt	3,442,799	3,854,059
Deferred income tax liability	1,180,564	950,217
Derivative instruments	427	234
Other liabilities	52,299	54,540
Total liabilities	5,393,331	5,661,757
Common stock	3,155	3,149
Additional paid-in capital	6,564,320	5,299,481
Accumulated earnings	1,088,196	959,995
Total stockholders' equity	7,655,671	6,262,625
Total equity	7,655,671	6,262,625
Total liabilities and equity	13,049,002	11,924,382
Reportable legal entity | Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	2,495	14,042	$ 9,221	$ 6,883
Accounts receivable, net	1,165	1,240
Intercompany receivables	84,124	64,139
Other current assets	1,013	529
Total current assets	88,797	79,950
Water handling and treatment systems	891,869	744,682
Gathering systems and facilities	1,959,581	1,705,839
Property and equipment, gross	2,851,450	2,450,521
Less accumulated depletion, depreciation, and amortization	(343,246)	(254,642)
Property and equipment, net	2,508,204	2,195,879
Investments in unconsolidated affiliates	287,842	68,299
Other assets, net	10,548	5,767
Total assets	2,895,391	2,349,895
Liabilities and Stockholders' Equity
Accounts payable	13,820	16,979
Intercompany payable	4,050	3,193
Accrued liabilities	70,532	61,641
Other current liabilities	206	200
Total current liabilities	88,608	82,013
Long-term debt	1,067,722	849,914
Contingent acquisition consideration liability	204,210	194,538
Other liabilities	465	620
Total liabilities	1,361,005	1,127,085
Partners' capital	1,534,386	1,222,810
Total stockholders' equity	1,534,386	1,222,810
Total equity	1,534,386	1,222,810
Total liabilities and equity	2,895,391	2,349,895
Eliminations
Current assets:
Intercompany receivables	(88,174)	(67,332)
Total current assets	(88,174)	(67,332)
Proved properties	(314,706)	(177,286)
Property and equipment, gross	(314,706)	(177,286)
Property and equipment, net	(314,706)	(177,286)
Investment in subsidiaries	(488,089)	420,429
Contingent acquisition consideration asset	(204,210)	(194,538)
Total assets	(1,095,179)	(18,727)
Liabilities and Stockholders' Equity
Intercompany payable	(88,174)	(67,332)
Total current liabilities	(88,174)	(67,332)
Contingent acquisition consideration liability	(204,210)	(194,538)
Total liabilities	(292,384)	(261,870)
Partners' capital	(1,534,386)	(1,222,810)
Total stockholders' equity	(1,534,386)	(1,222,810)
Noncontrolling interest in consolidated subsidiary	731,591	1,465,953
Total equity	(802,795)	243,143
Total liabilities and equity	$ (1,095,179)	$ (18,727)

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Natural gas sales	$ 409,141	$ 364,373	$ 1,330,062	$ 848,936
Natural gas liquids sales	224,533	106,958	590,004	274,736
Oil sales	26,527	14,793	79,999	41,712
Gathering, processing, and water handling and treatment	2,869	2,969	8,665	10,107
Marketing Revenue	50,767	97,076	166,659	287,194
Commodity derivative fair value gains (losses)	(65,957)	530,334	458,459	125,624
Total revenue	647,880	1,116,503	2,633,848	1,588,309
Operating expenses:
Lease operating	23,491	13,854	56,034	37,190
Gathering, compression, processing, and transportation	282,134	234,915	815,710	649,713
Production and ad valorem taxes	22,995	15,554	70,341	52,296
Marketing	78,884	114,611	246,298	378,521
Exploration	1,599	1,166	5,510	3,289
Impairment of unproved properties	41,000	11,753	83,098	47,223
Depletion, depreciation, and amortization	206,968	199,113	610,879	588,057
Accretion of asset retirement obligations	658	628	1,944	1,846
General and administrative	62,203	57,577	191,000	173,966
Total operating expenses	719,932	649,171	2,080,814	1,932,101
Operating income (loss)	(72,052)	467,332	553,034	(343,792)
Income Loss From Equity Method Investments	7,033	1,543	12,887	2,027
Interest	(70,059)	(59,755)	(205,311)	(185,634)
Total other expenses	(63,026)	(58,212)	(192,424)	(183,607)
Income (loss) before income taxes	(135,078)	409,120	360,610	(527,399)
Provision for income tax (expense) benefit	45,078	(140,924)	(105,087)	230,755
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(90,000)	268,196	255,523	(296,644)
Net income and comprehensive income attributable to noncontrolling interest	45,063	29,941	127,322	66,400
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(135,063)	238,255	128,201	(363,044)
Eliminations
Revenue:
Gathering, processing, and water handling and treatment	(190,760)	(147,506)	(553,500)	(413,250)
Other income	(3,070)	(3,990)	(11,421)	(11,714)
Total revenue	(193,830)	(151,496)	(564,921)	(424,964)
Operating expenses:
Lease operating	(52,138)	(28,834)	(132,592)	(104,118)
Gathering, compression, processing, and transportation	(97,872)	(75,238)	(283,304)	(209,790)
General and administrative	(402)	(375)	(1,438)	(1,102)
Accretion of contingent acquisition consideration	(2,556)	(3,527)	(9,672)	(10,384)
Total operating expenses	(152,968)	(107,974)	(427,006)	(325,394)
Operating income (loss)	(40,862)	(43,522)	(137,915)	(99,570)
Interest	158	179	495	615
Equity in net income of subsidiaries	4,874	2,761	21,582	2,003
Total other expenses	5,032	2,940	22,077	2,618
Income (loss) before income taxes	(35,830)	(40,582)	(115,838)	(96,952)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(35,830)	(40,582)	(115,838)	(96,952)
Net income and comprehensive income attributable to noncontrolling interest	45,063	29,941	127,322	66,400
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(80,893)	(70,523)	(243,160)	(163,352)
Parent | Reportable legal entity
Revenue:
Natural gas sales	409,141	364,373	1,330,062	848,936
Natural gas liquids sales	224,533	106,958	590,004	274,736
Oil sales	26,527	14,793	79,999	41,712
Marketing Revenue	50,767	97,076	166,659	287,194
Commodity derivative fair value gains (losses)	(65,957)	530,334	458,459	125,624
Other income	3,070	3,990	11,421	11,714
Total revenue	648,081	1,117,524	2,636,604	1,589,916
Operating expenses:
Lease operating	24,060	13,710	56,991	37,299
Gathering, compression, processing, and transportation	369,538	303,753	1,070,522	838,936
Production and ad valorem taxes	22,002	17,719	67,576	51,921
Marketing	78,884	114,611	246,298	378,521
Exploration	1,599	1,166	5,510	3,289
Impairment of unproved properties	41,000	11,753	83,098	47,223
Depletion, depreciation, and amortization	176,412	172,976	522,275	513,957
Accretion of asset retirement obligations	658	628	1,944	1,846
General and administrative	48,289	44,637	148,876	135,356
Total operating expenses	762,442	680,953	2,203,090	2,008,348
Operating income (loss)	(114,361)	436,571	433,514	(418,432)
Interest	(60,906)	(54,631)	(178,644)	(173,364)
Equity in net income of subsidiaries	(4,874)	(2,761)	(21,582)	(2,003)
Total other expenses	(65,780)	(57,392)	(200,226)	(175,367)
Income (loss) before income taxes	(180,141)	379,179	233,288	(593,799)
Provision for income tax (expense) benefit	45,078	(140,924)	(105,087)	230,755
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(135,063)	238,255	128,201	(363,044)
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(135,063)	238,255	128,201	(363,044)
Non-Guarantor Subsidiaries | Reportable legal entity
Revenue:
Gathering, processing, and water handling and treatment	193,629	150,475	562,165	423,357
Total revenue	193,629	150,475	562,165	423,357
Operating expenses:
Lease operating	51,569	28,978	131,635	104,009
Gathering, compression, processing, and transportation	10,468	6,400	28,492	20,567
Production and ad valorem taxes	993	(2,165)	2,765	375
Depletion, depreciation, and amortization	30,556	26,137	88,604	74,100
General and administrative	14,316	13,315	43,562	39,712
Accretion of contingent acquisition consideration	2,556	3,527	9,672	10,384
Total operating expenses	110,458	76,192	304,730	249,147
Operating income (loss)	83,171	74,283	257,435	174,210
Income Loss From Equity Method Investments	7,033	1,543	12,887	2,027
Interest	(9,311)	(5,303)	(27,162)	(12,885)
Total other expenses	(2,278)	(3,760)	(14,275)	(10,858)
Income (loss) before income taxes	80,893	70,523	243,160	163,352
Net income (loss) and comprehensive income (loss) including noncontrolling interest	80,893	70,523	243,160	163,352
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 80,893	$ 70,523	$ 243,160	$ 163,352

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Condensed consolidated statement of cash flows
Net cash provided by operating activities	$ 1,692,808	$ 905,697
Cash flows used in investing activities:
Additions to proved properties	(179,318)	(64,789)
Additions to unproved properties	(182,207)	(559,572)
Drilling and completion costs	(946,508)	(1,009,851)
Additions to water handling and treatment systems	(143,470)	(137,355)
Additions to gathering systems and facilities	(254,619)	(154,136)
Additions to other property and equipment	(11,417)	(1,747)
Investments in unconsolidated affiliates	(216,776)	(45,044)
Change in other assets	(16,148)	(2,173)
Proceeds from asset sales	2,156
Net cash used in investing activities	(1,948,307)	(1,974,667)
Cash flows from financing activities:
Issuance of common stock		837,414
Issuance of common units by Antero Midstream Partners LP	248,949	19,605
Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	311,100	178,000
Issuance of senior notes		650,000
Borrowings (repayments) on bank credit facility, net	(198,000)	(552,000)
Payments of deferred financing costs		(9,029)
Distributions	(102,053)
Distributions to noncontrolling interest in consolidated subsidiary	(102,053)	(51,238)
Employee tax withholding for settlement of equity compensation awards	(8,500)	(4,876)
Other	(3,913)	(3,867)
Net cash provided by financing activities	247,583	1,064,009
Net increase (decrease) in cash and cash equivalents	(7,916)	(4,961)
Cash and cash equivalents, beginning of period	31,610	23,473
Cash and cash equivalents, end of period	23,694	18,512
Eliminations
Condensed consolidated statement of cash flows
Net cash provided by operating activities	(137,420)	(98,955)
Cash flows used in investing activities:
Drilling and completion costs	137,420	98,955
Distributions from non-guarantor subsidiary	(97,984)	(78,514)
Net cash used in investing activities	39,436	20,441
Cash flows from financing activities:
Distributions	97,984
Distributions to noncontrolling interest in consolidated subsidiary		78,514
Net cash provided by financing activities	97,984	78,514
Parent | Reportable legal entity
Condensed consolidated statement of cash flows
Net cash provided by operating activities	1,485,961	745,517
Cash flows used in investing activities:
Additions to proved properties	(179,318)	(64,789)
Additions to unproved properties	(182,207)	(559,572)
Drilling and completion costs	(1,083,928)	(1,108,806)
Additions to gathering systems and facilities		(1,367)
Additions to other property and equipment	(11,417)	(1,747)
Change in other assets	(10,271)	236
Distributions from non-guarantor subsidiary	97,984	78,514
Proceeds from asset sales	2,156
Net cash used in investing activities	(1,367,001)	(1,657,531)
Cash flows from financing activities:
Issuance of common stock		837,414
Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation	311,100	178,000
Borrowings (repayments) on bank credit facility, net	(415,000)	(102,000)
Payments of deferred financing costs		(89)
Employee tax withholding for settlement of equity compensation awards	(7,568)	(4,859)
Other	(3,861)	(3,751)
Net cash provided by financing activities	(115,329)	904,715
Net increase (decrease) in cash and cash equivalents	3,631	(7,299)
Cash and cash equivalents, beginning of period	17,568	16,590
Cash and cash equivalents, end of period	21,199	9,291
Non-Guarantor Subsidiaries | Reportable legal entity
Condensed consolidated statement of cash flows
Net cash provided by operating activities	344,267	259,135
Cash flows used in investing activities:
Additions to water handling and treatment systems	(143,470)	(137,355)
Additions to gathering systems and facilities	(254,619)	(152,769)
Investments in unconsolidated affiliates	(216,776)	(45,044)
Change in other assets	(5,877)	(2,409)
Net cash used in investing activities	(620,742)	(337,577)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP	248,949	19,605
Issuance of senior notes		650,000
Borrowings (repayments) on bank credit facility, net	217,000	(450,000)
Payments of deferred financing costs		(8,940)
Distributions	(200,037)
Distributions to noncontrolling interest in consolidated subsidiary		(129,752)
Employee tax withholding for settlement of equity compensation awards	(932)	(17)
Other	(52)	(116)
Net cash provided by financing activities	264,928	80,780
Net increase (decrease) in cash and cash equivalents	(11,547)	2,338
Cash and cash equivalents, beginning of period	14,042	6,883
Cash and cash equivalents, end of period	$ 2,495	$ 9,221

Commitments (Detail)

Commitments (Detail) $ in Millions	Sep. 30, 2017USD ($)
Future minimum payments
Remainder of 2017	$ 276
2,018	1,380
2,019	1,499
2,020	1,473
2,021	1,435
2,022	1,378
Thereafter	11,154
Total	18,595
Firm transportation
Future minimum payments
Remainder of 2017	135
2,018	886
2,019	1,107
2,020	1,127
2,021	1,106
2,022	1,053
Thereafter	9,635
Total	15,049
Gas processing, gathering and compression
Future minimum payments
Remainder of 2017	109
2,018	401
2,019	340
2,020	337
2,021	321
2,022	317
Thereafter	1,502
Total	3,327
Drilling rigs and completion services
Future minimum payments
Remainder of 2017	28
2,018	80
2,019	41
Total	149
Office and equipment
Future minimum payments
Remainder of 2017	4
2,018	13
2,019	11
2,020	9
2,021	8
2,022	8
Thereafter	17
Total	$ 70