Antero Resources (AR) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
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	Jun. 30, 2018
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		317,086,304
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 50,608	$ 28,441
Accounts receivable, net of allowance for doubtful accounts of $1,320 at December 31, 2017 and $1,195 at June 30, 2018, respectively	35,676	34,896
Accrued revenue	321,214	300,122
Derivative instruments	420,842	460,685
Other current assets	6,590	8,943
Total current assets	834,930	833,087
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,108,109	2,266,673
Proved properties	11,924,864	11,096,462
Water handling and treatment systems	979,937	946,670
Gathering systems and facilities	2,255,385	2,050,490
Other property and equipment	60,766	57,429
Property and equipment, gross	17,329,061	16,417,724
Less accumulated depletion, depreciation, and amortization	(3,647,910)	(3,182,171)
Property and equipment, net	13,681,151	13,235,553
Derivative instruments	763,592	841,257
Investments in unconsolidated affiliates	358,830	303,302
Other assets	52,104	48,291
Total assets	15,690,607	15,261,490
Current liabilities:
Accounts payable	96,477	62,982
Accrued liabilities	438,829	443,225
Revenue distributions payable	211,234	209,617
Derivative instruments	30,661	28,476
Other current liabilities	11,532	17,796
Total current liabilities	788,733	762,096
Long-term liabilities:
Long-term debt	5,288,344	4,800,090
Deferred income tax liability	763,192	779,645
Derivative instruments		207
Other liabilities	47,427	43,316
Total liabilities	6,887,696	6,385,354
Commitments and contingencies (notes 12 and 13)
Equity:
Preferred stock, $0.01 par value; authorized - 50,000,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 316,379 shares and 317,052 shares issued and outstanding at December 31, 2017 and June 30, 2018, respectively	3,171	3,164
Additional paid-in capital	6,597,537	6,570,952
Accumulated earnings	1,453,513	1,575,065
Total stockholders' equity	8,054,221	8,149,181
Noncontrolling interest in consolidated subsidiary	748,690	726,955
Total equity	8,802,911	8,876,136
Total liabilities and equity	$ 15,690,607	$ 15,261,490

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 1,195	$ 1,320
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	317,052,000	316,379,000
Common stock, shares outstanding	317,052,000	316,379,000
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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Revenues from contracts with customers	$ 934,118	$ 704,748	$ 1,845,548	$ 1,461,552
Marketing derivative gains (losses)	(110)		94,124
Commodity derivative fair value gains	55,336	85,641	77,773	524,416
Total revenue and other	989,344	790,389	2,017,445	1,985,968
Operating expenses:
Production and ad valorem taxes	25,891	22,553	51,714	47,346
Impairment of unproved properties	134,437	15,199	184,973	42,098
Impairment of gathering systems and facilities	8,501		8,501
Depletion, depreciation, and amortization	238,050	201,182	466,294	403,911
Accretion of asset retirement obligations	700	649	1,390	1,286
General and administrative	61,687	64,099	121,717	128,797
Total operating expenses	1,022,107	666,646	1,903,714	1,360,882
Operating income (loss)	(32,763)	123,743	113,731	625,086
Other income (expenses):
Equity in earnings of unconsolidated affiliates	9,264	3,623	17,126	5,854
Interest	(69,349)	(68,582)	(133,775)	(135,252)
Total other expenses	(60,085)	(64,959)	(116,649)	(129,398)
Income (loss) before income taxes	(92,848)	58,784	(2,918)	495,688
Provision for income tax (expense) benefit	25,573	(18,819)	16,453	(150,165)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(67,275)	39,965	13,535	345,523
Net income and comprehensive income attributable to noncontrolling interest	69,110	45,097	135,087	82,259
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (136,385)	$ (5,132)	$ (121,552)	$ 263,264
Earnings (loss) per common share:
Earnings (loss) per common share - basic (in dollars per share)	$ (0.43)	$ (0.02)	$ (0.38)	$ 0.84
Earnings (loss) per common share assuming dilution:
Earnings (loss) per common share—assuming dilution (in dollars per share)	$ (0.43)	$ (0.02)	$ (0.38)	$ 0.83
Weighted average number of shares outstanding
Basic (in shares)	316,992	315,401	316,733	315,179
Diluted (in shares)	316,992	315,401	316,733	315,927
Natural gas sales
Revenue:
Revenues from contracts with customers	$ 473,540	$ 454,257	$ 971,203	$ 920,921
Natural gas liquids sales
Revenue:
Revenues from contracts with customers	255,985	170,819	490,155	365,471
Oil sales
Revenue:
Revenues from contracts with customers	38,873	26,512	69,146	53,472
Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	5,518	3,192	10,453	5,796
Operating expenses:
Cost of goods and services sold	307,786	266,747	599,724	533,576
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	30,164	16,992	56,886	32,543
Marketing
Revenue:
Revenues from contracts with customers	160,202	49,968	304,591	115,892
Operating expenses:
Cost of goods and services sold	213,420	77,421	409,159	167,414
Exploration
Operating expenses:
Cost of goods and services sold	$ 1,471	$ 1,804	$ 3,356	$ 3,911

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 19,071	$ 26,975	$ 40,227	$ 52,478

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balance at Dec. 31, 2017	$ 3,164	$ 6,570,952	$ 1,575,065	$ 726,955	$ 8,876,136
Balance (in shares) at Dec. 31, 2017	316,379
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 7	(6,656)			(6,649)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	673
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(4,057)		2,739	(1,318)
Equity-based compensation		35,732		4,495	40,227
Net income (loss) and comprehensive income (loss) including noncontrolling interest			(121,552)	135,087	13,535
Effects of changes in ownership interests in consolidated subsidiaries		1,566		(1,566)
Distributions to non-controlling interests				(119,023)	(119,023)
Other				3	3
Balance at Jun. 30, 2018	$ 3,171	$ 6,597,537	$ 1,453,513	$ 748,690	$ 8,802,911
Balance (in shares) at Jun. 30, 2018	317,052

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	$ 13,535	$ 345,523
Adjustment to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	467,684	405,197
Impairment of unproved properties	184,973	42,098
Impairment of gathering systems and facilities	8,501
Commodity derivative fair value gains	(77,773)	(524,416)
Gains on settled commodity derivatives	197,225	75,913
Marketing derivative fair value gains	(94,124)
Gains on settled marketing derivatives	94,158
Deferred income tax expense (benefit)	(16,453)	150,165
Equity-based compensation expense	40,227	52,478
Equity in earnings of unconsolidated affiliates	(17,126)	(5,854)
Distributions from unconsolidated affiliates	17,895	5,820
Other	1,932	472
Changes in current assets and liabilities:
Accounts receivable	10,237	13,188
Accrued revenue	(21,092)	43,339
Other current assets	2,353	(2,385)
Accounts payable	2,948	2,072
Accrued liabilities	24,065	4,204
Revenue distributions payable	1,617	39,162
Other current liabilities	(1,842)	610
Net cash provided by operating activities	838,940	647,586
Cash flows used in investing activities:
Additions to proved properties		(179,318)
Additions to unproved properties	(87,861)	(129,876)
Drilling and completion costs	(752,781)	(629,308)
Additions to water handling and treatment systems	(58,127)	(95,451)
Additions to gathering systems and facilities	(206,753)	(155,365)
Additions to other property and equipment	(3,502)	(6,564)
Investments in unconsolidated affiliates	(56,297)	(191,364)
Change in other assets	(7,026)	(12,452)
Other		2,156
Net cash used in investing activities	(1,172,347)	(1,397,542)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP		246,585
Borrowings on bank credit facility, net	485,000	585,000
Distributions to noncontrolling interest in consolidated subsidiary	(119,023)	(61,869)
Employee tax withholding for settlement of equity compensation awards	(7,967)	(8,433)
Other	(2,436)	(2,747)
Net cash provided by financing activities	355,574	758,536
Net increase in cash and cash equivalents	22,167	8,580
Cash and cash equivalents, beginning of period	28,441	31,610
Cash and cash equivalents, end of period	50,608	40,190
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	130,231	125,284
Supplemental disclosure of noncash investing activities:
Increase in accounts payable and accrued liabilities for additions to property and equipment	$ 2,089	$ 31,182

Organization

Organization	6 Months Ended
	Jun. 30, 2018
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	6 Months Ended
	Jun. 30, 2018
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, 2017 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2017 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in the Company’s 2017 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, 2017 and June 30, 2018, the results of its operations for the three and six months ended June 30, 2017 and 2018, and its cash flows for the six months ended June 30, 2017 and 2018. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified. (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 consolidated 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 of, or right to receive benefits from, Antero Midstream that could be significant to Antero Midstream. In reaching the determination that Antero is the primary beneficiary of Antero Midstream, the Company considered the following: · Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production and completion activities under long-term service contracts. · Antero owned 52.9% of the outstanding limited partner interests in Antero Midstream at June 30, 2018. · Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream and directly controls Antero IDR Holdings LLC (“IDR LLC”), which owns the incentive distribution rights in Antero Midstream. However, AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero does not control AMGP and does not have any investment in AMGP. · 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 treatment services to Antero Midstream. 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. · 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. 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 incentive distribution rights in Antero Midstream. 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 management to make 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) The markets for natural gas, NGLs, and oil have, and continue to, experience significant price fluctuations. Price fluctuations can result from variations in weather, levels of production, availability of transportation capacity to other regions of the country, the level of imports to and exports from the United States, 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) 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. (f) 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 positions. 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. (g) The Company is obligated to dispose of certain long‑lived assets upon their abandonment. The Company’s asset retirement obligations (“AROs”) relate primarily to its obligation to plug and abandon oil and gas wells at the end of their lives, as well as Antero Midstream’s future closure and postclosure costs associated with the landfill at its wastewater treatment facility. AROs are recorded at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations, which is then discounted at the Company’s credit‑adjusted, risk‑free interest rate. Revisions to estimated AROs often result from changes in retirement cost estimates or changes in the estimated timing of abandonment. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If an obligation is settled for an amount other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement. (h) For the three and six months ended June 30, 2017, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interests, state tax rates, and permanent differences on vested equity compensation awards. For the three and six months ended June 30, 2018, the Company’s overall effective tax rate was different than the statutory rate of 21% primarily due to the effects of noncontrolling interests, state tax rates, and permanent differences on vested equity compensation awards. Additionally, due to a change in Colorado tax laws that decreased our effective state tax rates, we recognized a $20 million benefit during the three and six months ended June 30, 2018 from the resulting reduction of our deferred tax liabilities. (i) 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 and utilization 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; however, some of the Company’s production revenues are attributable to customers who resell the Company’s production to third parties located in foreign countries. (j) Earnings per common share —basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings 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 the 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 June 30, Six Months Ended June 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,401 316,992 315,179 316,733 Add: Dilutive effect of restricted stock units — — 710 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 38 — Diluted weighted average number of shares outstanding 315,401 316,992 315,927 316,733 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,105 2,899 1,596 3,088 Outstanding stock options 679 639 681 646 Performance stock units 1,213 1,860 896 1,556 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive. (k) On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in GAAP when it became effective and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 606. The new standard became effective for the Company on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. The Company elected the modified retrospective transition method. The adoption of this standard had no impact on the Company’s consolidated financial statements. See Note 4 to the condensed consolidated financial statements for the Company’s disclosures under ASC 606. (l) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which requires lessees to present nearly all leasing arrangements on the balance sheet as liabilities along with a corresponding right-of-use asset. The ASU will replace most existing lease guidance in GAAP when it becomes effective. The new standard becomes effective for the Company on January 1, 2019. Although early application is permitted, the Company does not plan to early adopt the ASU. The standard requires the use of the modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Currently, the Company is evaluating the standard’s applicability to its various contractual arrangements. The Company believes that adoption of the standard will result in increases to its assets and liabilities on its consolidated balance sheet as well as changes to the presentation of certain operating expenses on its consolidated statement of operations, including the accelerated recognition of expenses attributable to certain of is leasing arrangements. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company continues to monitor relevant industry guidance regarding the implementation of ASU 2016-02 and will adjust its implementation strategies as necessary. The Company does not believe that adoption of the standard will impact its operational strategies, growth prospects, or cash flows.

Antero Midstream Partners LP

Antero Midstream Partners LP	6 Months Ended
	Jun. 30, 2018
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 16). 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 six months ended June 30, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of June 30, 2018, 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 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. (see note 5). 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, and for general partnership purposes. Antero owned approximately 52.9% of the limited partner interests of Antero Midstream at December 31, 2017 and June 30, 2018.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2018
Revenue
Revenue	(4) (a) Revenue from Contracts with Customers Product revenue Our revenues are primarily derived from the sale of natural gas and oil production, as well as the sale of NGLs that are extracted from our natural gas. Sales of natural gas, NGLs, and oil are recognized when we satisfy a performance obligation by transferring control of a product to a customer. Payment is generally received in the month following the month that the sale occurred. Under our natural gas sales contracts, we deliver natural gas to the purchaser at an agreed upon delivery point. Natural gas is transported from our wellheads to delivery points specified under sales contracts. To deliver natural gas to these points, Antero Midstream or third parties gather, compress, process and transport our natural gas. We maintain control of the natural gas during gathering, compression, processing, and transportation. Our sales contracts provide that we receive a specific index price adjusted for pricing differentials. We transfer control of the product at the delivery point and recognize revenue based on the contract price. The costs to gather, compress, process and transport the natural gas are recorded as Gathering, compression, processing and transportation expenses. NGLs, which are extracted from natural gas through processing, are either sold by us directly or by the processor under processing contracts. For NGLs sold by us directly, our sales contracts provide that we deliver the product to the purchaser at an agreed upon delivery point and that we receive a specific index price adjusted for pricing differentials. We transfer control of the product to the purchaser at the delivery point and recognize revenue based on the contract price. The costs to further process and transport NGLs are recorded as Gathering, compression, processing, and transportation expenses. For NGLs sold by the processor, our processing contracts provide that we transfer control to the processor at the tailgate of the processing plant and we recognize revenue based on the price received from the processor. Under our oil sales contracts, we generally sell oil to the purchaser from storage tanks near the wellhead and collect a contractually agreed upon index price, net of pricing differentials. We transfer control of the product from the storage tanks to the purchaser and recognize revenue based on the contract price. Gathering, compression, water handling and treatment revenue Substantially all revenues from our gathering, compression, water handling and treatment operations are derived from intersegment transactions for services Antero Midstream provides to our exploration and production operations. The portion of such fees shown in our consolidated financial statements represent amounts charged to interest owners in Antero-operated wells, as well as fees charged to other third parties for water handling and treatment services provided by Antero Midstream or usage of Antero Midstream’s gathering and compression systems. For gathering and compression revenue, Antero Midstream satisfies its performance obligations and recognizes revenue when low pressure volumes are delivered to a compressor station, high pressure volumes are delivered to a processing plant or transmission pipeline, and compression volumes are delivered to a high pressure line. Revenue is recognized based on the per Mcf gathering or compression fee charged by Antero Midstream in accordance with the gathering and compression agreement. For water handling and treatment revenue, Antero Midstream satisfies its performance obligations and recognizes revenue when the fresh water volumes have been delivered to the hydration unit of a specified well pad and the wastewater volumes have been delivered to its wastewater treatment facility. For services contracted through third party providers, Antero Midstream’s performance obligation is satisfied when the service performed by the third party provider has been completed. Revenue is recognized based on the per barrel fresh water delivery or wastewater treatment fee charged by Antero Midstream in accordance with the water services agreement. Marketing revenue Marketing revenues are derived from activities to purchase and sell third-party natural gas and NGLs and to market excess firm transportation capacity to third parties. We retain control of the purchased natural gas and NGLs prior to delivery to the purchaser. The Company has concluded that we are the principal in these arrangements and therefore we recognize revenue on a gross basis, with costs to purchase and transport natural gas and NGLs presented as marketing expenses. Contracts to sell third party gas and NGLs are generally subject to similar terms as contracts to sell our produced natural gas and NGLs. We satisfy performance obligations to the purchaser by transferring control of the product at the delivery point and recognize revenue based on the price received from the purchaser. (b) Disaggregation of Revenue In the following table, revenue is disaggregated by type (in thousands). The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 15—Reportable Segments. Three Months Ended June 30, Six Months Ended June 30, Segment to which 2017 2018 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 454,257 473,540 920,921 971,203 Exploration and production Natural gas liquids sales (ethane) 21,404 32,687 39,873 59,762 Exploration and production Natural gas liquids sales (C3+ NGLs) 149,415 223,298 325,598 430,393 Exploration and production Oil sales 26,512 38,873 53,472 69,146 Exploration and production Gathering and compression 2,324 4,263 4,863 8,408 Gathering and processing Water handling and treatment 868 1,255 933 2,045 Water handling and treatment Marketing 49,968 160,202 115,892 304,591 Marketing Total 704,748 934,118 1,461,552 1,845,548 Income from derivatives and other sources 85,641 55,226 524,416 171,897 Total revenue and other $ 790,389 989,344 1,985,968 2,017,445 (c) Transaction Price Allocated to Remaining Performance Obligations For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under our product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For our product sales that have a contract term of one year or less, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. (d) Contract Balances Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under ASC 606. At December 31, 2017 and June 30, 2018, our receivables from contracts with customers were $300 million and $321 million, respectively.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2018
Equity Method Investments
Equity Method Investments	(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 16). 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 six months ended June 30, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of June 30, 2018, 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 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. (see note 5). 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, and for general partnership purposes. Antero owned approximately 52.9% of the limited partner interests of Antero Midstream at December 31, 2017 and June 30, 2018.
Antero Midstream Partners LP
Equity Method Investments
Equity Method Investments	(5) In 2016, Antero Midstream acquired a 15% equity interest in Stonewall Gas Gathering LLC (“Stonewall”), which operates a regional gathering pipeline on which Antero is an anchor shipper. On February 6, 2017, Antero Midstream formed the Joint Venture to develop gas processing and fractionation assets in Appalachia with MarkWest, a wholly owned subsidiary of MPLX. Antero Midstream and MarkWest each own a 50% equity interest in the Joint Venture and MarkWest operates the Joint Venture assets, which consist of processing plants in West Virginia, and a one-third interest in a MarkWest fractionator in Ohio. The Company’s consolidated statements of operations and comprehensive income (loss) includes Antero Midstream’s proportionate share of the net income of equity method investees. When Antero Midstream records its proportionate share of net income, it increases equity income in the consolidated statements of operations and comprehensive income (loss) and the carrying value of that investment on the Company’s consolidated balance sheet. When a distribution is received, it is recorded as a reduction to the carrying value of that investment on the consolidated balance sheet. The Company uses the equity method of accounting to account for its investments in Stonewall and the Joint Venture because Antero Midstream exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as Antero Midstream’s ownership interest, representation on the board of directors, and participation in the policy-making decisions of Stonewall and the Joint Venture. The following table is a reconciliation of investments in unconsolidated affiliates for the six months ended June 30, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 56,297 56,297 Equity in net income of unconsolidated affiliates 5,542 11,584 17,126 Distributions from unconsolidated affiliates (4,590) (13,305) (17,895) Balance at June 30, 2018 $ 68,080 290,750 358,830 Investments in the Joint Venture during the six months ended June 30, 2018 relate to capital contributions for construction of additional processing facilities.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities as of December 31, 2017 and June 30, 2018 consisted of the following items (in thousands): December 31, 2017 June 30, 2018 Capital expenditures $ 155,300 126,476 Gathering, compression, processing, and transportation expenses 88,850 95,441 Marketing expenses 59,049 81,179 Interest expense 40,861 42,399 Other 99,165 93,334 $ 443,225 438,829

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt was as follows at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Antero Resources: Credit Facility(a) $ 185,000 455,000 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 1,520 1,382 Net unamortized debt issuance costs (32,430) (29,604) Antero Midstream: Midstream Credit Facility(g) 555,000 770,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,434) $ 4,800,090 5,288,344 Antero Resources Corporation (a) Senior Secured Revolving Credit Facility Antero’s Credit Facility is with a consortium of bank lenders. Borrowings under the Credit Facility are subject to borrowing base limitations based on the collateral value of Antero’s assets and are subject to regular annual redeterminations. At June 30, 2018, the borrowing base under the Credit Facility was $4.5 billion and lender commitments were $2.5 billion. Each of these amounts were reaffirmed in the annual redetermination in April 2018. The next redetermination of the borrowing base is scheduled to occur in April 2019. 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 earliest stated redemption date 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. During any period that is not an Investment Grade Period, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero’s election at the time of borrowing, plus an applicable rate based on Antero’s borrowing base utilization which ranges from 25 basis points to 225 basis points. During an Investment Grade Period, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero’s election at the time of borrowing, plus an applicable rate based on Antero’s credit rating which ranges from 12.5 basis points to 175 basis points. Antero was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2017 and June 30, 2018. As of June 30, 2018, Antero had an outstanding balance under the Credit Facility of $455 million, with a weighted average interest rate of 3.88%, and outstanding letters of credit of $692 million. As of December 31, 2017, Antero had an outstanding balance under the Credit Facility of $185 million, with a weighted average interest rate of 2.96%, and outstanding letters of credit of $705 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 102.688% 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 102.563% 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 at redemption prices ranging from 104.219% to 100.00% on or after June 1, 2021. 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 June 1, 2019. At December 31, 2017 and June 30, 2018, 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 Credit Facility”) with a syndicate of bank lenders. At June 30, 2018, lender commitments under the Midstream Credit Facility were $1.5 billion. The maturity date of the Midstream Credit Facility is October 26, 2022. During any period that is not an Investment Grade Period (as such term is defined in the Midstream Credit Facility), the Midstream Credit 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 Credit Facility, the liens securing the Midstream Credit Facility are automatically released (subject to the provisions of the Midstream Credit Facility). The Midstream Credit Facility contains certain covenants, including restrictions on indebtedness and certain distributions to owners, and requirements with respect to leverage and interest coverage ratios. During any period that is not an Investment Grade Period under the Midstream Credit Facility, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero Midstream’s election at the time of borrowing, plus an applicable rate based on Antero Midstream’s borrowing base utilization which ranges from 25 basis points to 225 basis points. During an Investment Grade Period under the Midstream Credit Facility, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero Midstream’s election at the time of borrowing, plus an applicable rate based on Antero Midstream’s credit rating which ranges from 12.5 basis points to 200 basis points. Antero Midstream was in compliance with all of the financial covenants under the Midstream Credit Facility as of December 31, 2017 and June 30, 2018. As of June 30, 2018, Antero Midstream had an outstanding balance under the Midstream Credit Facility of $770 million with a weighted average interest rate of 3.34%, and no letters of credit outstanding. As of December 31, 2017, Antero Midstream had an outstanding balance under the Midstream Credit Facility of $555 million with a weighted average interest rate of 2.81%. Commitment fees on the unused portion of the Midstream Credit 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 Credit Facility to the extent of the value of the collateral securing the Midstream Credit 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	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligations
Asset Retirement Obligations	(8) The following is a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2018 (in thousands): Asset retirement obligations—December 31, 2017 $ 34,610 Obligations incurred 4,241 Accretion expense 1,390 Asset retirement obligations—June 30, 2018 $ 40,241 Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2018
Equity-Based Compensation
Equity-Based Compensation	(9) 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 7,656,177 shares were available for future grant under the Plan as of June 30, 2018. Antero Midstream’s general partner is authorized to grant up to 10,000,000 common units representing limited partner interests in Antero Midstream under the Antero Midstream Partners LP Long-Term Incentive Plan (the “Midstream Plan”) to non-employee directors of its general partner and certain officers, employees, and consultants of Antero Midstream and its affiliates (which include Antero). A total of 7,729,437 common units were available for future grant under the Midstream Plan as of June 30, 2018. The Company’s equity-based compensation expense, by type of award, was as follows for the three and six months ended June 30, 2017 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Restricted stock unit awards $ 18,681 36,906 23,675 Stock options 616 495 1,236 976 Performance share unit awards 2,748 3,490 4,883 6,001 Antero Midstream phantom unit awards 4,443 4,341 8,486 8,559 Equity awards issued to directors 487 514 967 1,016 Total expense $ 26,975 52,478 40,227 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 six months ended June 30, 2018 is as follows: Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2017 3,424,084 $ 28.51 $ 65,058 Granted 605,057 $ 20.63 Vested (927,639) $ 39.65 Forfeited (267,890) $ 25.75 Total awarded and unvested—June 30, 2018 2,833,612 $ 23.44 $ 60,498 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of June 30, 2018, there was $48.2 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 2.1 years. Stock Options Stock options granted under the Plan 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 were granted with an exercise price equal to or greater than the market price of the Company’s common stock on the dates of grant. A summary of stock option activity for the six months ended June 30, 2018 is as follows: Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2017 660,512 $ 50.48 7.06 $ — Granted — $ — Exercised — $ — Forfeited (24,293) $ 50.00 Expired — $ — Outstanding at June 30, 2018 636,219 $ 50.50 6.40 $ — Vested or expected to vest as of June 30, 2018 636,219 $ 50.50 6.40 $ — Exercisable at June 30, 2018 502,589 $ 50.63 6.30 $ — 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 June 30, 2018, there was $1.6 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 0.8 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 (“TSR”) In 2016 and 2017, the Company granted PSUs to certain of its employees and executive officers that vest based on the 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 common 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. Performance Share Unit Awards Based on TSR and Return on Capital Employed (“ROCE”) In 2018, the Company granted PSUs to certain of its employees and executive officers, a portion of which vest based on the Company’s common stock reaching a target price per share equal to 125% of the beginning price (as defined in the award agreement) at the end of a three-year performance period (“TSR PSUs”). The number of awards actually earned with respect to the TSR PSUs will be subject to further adjustment based on the TSR of the Company’s common stock relative to the TSR of a peer group of companies over the same period. The number of shares of common stock that may ultimately be earned with respect to the TSR PSUs ranges from zero to 200% of the target number of TSR PSUs originally granted. Expense related to the TSR PSUs is recognized on a straight-line basis over three years. The other portion of the PSUs granted in 2018 vest based on the Company’s actual ROCE (as defined in the award agreement) over a three-year period as compared to a targeted ROCE (“ROCE PSUs”). The number of shares of common stock that may ultimately be earned with respect to the ROCE PSUs ranges from zero to 200% of the target number of ROCE PSUs originally granted. Expense related to the ROCE PSUs is recognized based on the number of shares of common stock that are expected to be issued at the end of the measurement period, and is reversed if the likelihood of achieving the performance condition decreases. Summary Information for Performance Share Unit Awards A summary of PSU activity for the six months ended June 30, 2018 is as follows: Number of Weighted Total awarded and unvested—December 31, 2017 1,283,843 $ 28.29 Granted 756,466 $ 23.61 Vested (41,666) $ 27.38 Forfeited (27,166) $ 30.15 Total awarded and unvested—June 30, 2018 1,971,477 $ 26.49 The grant-date fair values of market-based PSUs were determined using Monte Carlo simulations, which use a probabilistic approach for estimating the fair values of the awards. Expected volatilities were derived from the volatility of the historical stock prices of a peer group of similar publicly-traded companies. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government issues with remaining terms corresponding to the service periods of the PSUs. A dividend yield of zero was assumed. The grant-date fair value for the ROCE-based PSUs is based on the closing price of the Company’s common stock on the date of the grant, assuming the achievement of the performance condition. The following table presents information regarding the weighted average fair values for market-based PSUs granted during the six months ended June 30, 2017 and 2018, and the assumptions used to determine the fair values: Six months ended June 30, 2017 2018 Dividend yield — % — % Volatility 42 % 41 % Risk-free interest rate 1.40 % 2.49 % Weighted average fair value of awards granted $ 26.21 $ 24.85 As of June 30, 2018, there was $29.0 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 2.2 years. Antero Midstream Partners Phantom Unit Awards Phantom units granted by Antero Midstream vest subject to the satisfaction of service requirements, upon the completion of which common units in Antero Midstream are delivered to the holder of the phantom units. Phantom units also contain distribution equivalent rights which entitle the holder of vested common units to receive a “catch up” payment equal to common unit distributions paid by Antero Midstream during the vesting period of the phantom unit award. 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 six months ended June 30, 2018 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2017 1,042,963 $ 28.69 $ 30,288 Granted 233,189 $ 25.35 Vested (148,554) $ 27.31 Forfeited (54,669) $ 28.87 Total awarded and unvested—June 30, 2018 1,072,929 $ 28.15 $ 31,673 Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. As of June 30, 2018, there was $20.8 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 2.4 years.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2018
Financial Instruments
Financial Instruments	(10) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2017 and June 30, 2018 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility and Midstream Credit Facility at December 31, 2017 and June 30, 2018 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, 2017 and June 30, 2018. Based on Level 2 market data inputs, the fair value of Antero Midstream’s senior notes was approximately $670 million at December 31, 2017 and $655 million at June 30, 2018. See Note 11 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2018
Derivative Instruments.
Derivative Instruments	(11) 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 not 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 six months ended June 30, 2017 and 2018. 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. 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 June 30, 2018, the Company’s fixed price natural gas, NGLs, and oil swap positions from July 1, 2018 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; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending September 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.45 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.53 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.77 Total 2,002,500 6,000 26,000 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 (b) Marketing Derivatives In 2017, due to delay of the in-service date for a pipeline on which the Company is to be an anchor shipper, the Company realized it would not be able to fulfill its delivery obligations under a natural gas sales contract commencing in January 2018 until late 2018. In order to acquire gas to fulfill its delivery obligations, the Company entered into several natural gas purchase agreements with index-based pricing to purchase gas for resale under this sales contract. Subsequently, the Company and the counterparty to the sales contract came to an agreement that the Company’s delivery obligations under the contract would not begin until the earlier of (1) the in-service date of the pipeline and (2) January 1, 2019. Consequently, in December 2017, the Company entered into natural gas sales agreements with index-based pricing to resell the purchased gas for delivery during the period from February to October 2018. The natural gas that it had purchased for January was sold on the spot market during January. As a result of severe cold weather in the local area in January resulting in wide basis premiums at the index for these contracts, the Company realized a cash gain on these contracts of $94.2 million during the six months ended June 30, 2018. The Company determined that these gas purchase and sales agreements should be accounted for as derivatives and measured at fair value at the end of each period. The Company recognized a loss in the fourth quarter of 2017 of $21.4 million. For the three and six months ended June 30, 2018, the Company recognized a net gain (loss) of ($0.1) and $94.1 million, respectively. The estimated fair value of these contracts of $21.4 million at June 30, 2018 is included in current Derivative liabilities on the Company’s condensed consolidated balance sheet, and will be recognized as cash settled losses in future periods through October 2018. (c) 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, 2017 and June 30, 2018. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2017 June 30, 2018 Balance sheet Fair value Balance sheet Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments $ 460,685 Derivative instruments $ 420,842 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 763,592 Total asset derivatives 1,301,942 1,184,434 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 21,428 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 9,233 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 30,661 Net derivatives $ 1,273,259 $ 1,153,773 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, 2017 June 30, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (65,612) 1,301,942 $ (57,635) Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (66,868) 57,635 (9,233) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (21,428) — (21,428) The following is a summary of derivative fair value gains and losses and where such values are recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2018 (in thousands): Statement of Three months ended June 30, Six months ended June 30, location 2017 2018 2017 2018 Commodity derivative fair value gains Revenue $ 85,641 55,336 $ 524,416 77,773 Marketing derivative fair value gains (losses) Revenue $ — (110) $ — 94,124 The fair value of derivative instruments was determined using Level 2 inputs.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2018
Commitments
Commitments	(12) 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 June 30, 2018 (in millions). Firm Processing, Drilling rigs and completion Office and equipment (in millions) (a) (b) (c) (d) Total Remainder of 2018 $ 440 241 37 7 725 2019 1,087 360 45 11 1,503 2020 1,107 378 1 10 1,496 2021 1,087 363 — 9 1,459 2022 1,034 359 — 8 1,401 2023 1,022 351 — 7 1,380 Thereafter 8,611 1,521 — 49 10,181 Total $ 14,388 3,573 83 101 18,145 (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 facility, which was placed in service in May 2018. The wastewater treatment facility was temporarily taken offline in June 2018 for maintenance and to install additional pretreatment facilities to improve operations. The facility was placed back into commercial service at the end of July 2018. 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 Rigs and Completion Services 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.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Contingencies
Contingencies	(13) Contingencies SJGC The Company is the plaintiff in two lawsuits 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. On March 23, 2018, the court denied SJGC’s post-judgment motions. On April 20, 2018, SJGC appealed the final judgment to the United States Court of Appeals for the Tenth Circuit and the appeal remains pending. Subsequent to the entry of judgment, SJGC has continued to short pay the Company on the basis of unilaterally selected price indices and not the index specified in the contract. Accordingly, on December 21, 2017, Antero filed suit against SJGC to recover for its damages since March of 2017. The second lawsuit remains pending. Through June 30, 2018, the Company estimates that it is owed approximately $79 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 and from December 2017 through January 2018, 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 from August through November 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, 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 legal proceeding 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 issue 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 new 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 and the 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 full contracted volumes gas began in April 2017 and continued each month through December 2017 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, among other things, certain amounts of gas received by WGL. Through June 30, 2018, these damages amounted to approximately $106 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. 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. Effective February 1, 2018, as a result of a recent amendment to its firm gas sales contract with WGL Midstream, Inc. that was executed on December 28, 2017, the total aggregate volumes to be delivered to WGL at the delivery point in Braxton, West Virginia were reduced from 500,000 MMBtu/day to 200,000 MMBtu/day. Upon both (1) the in service of the Dominion Cove Point LNG facility and (2) the earlier of in service of the WB East expansion and January 1, 2019, the aggregate contract volumes to be delivered to WGL will increase by 330,000 MMBtu/day. This increase will be in effect for the remaining term of our gas sale contract with WGL Midstream, which expires in 2038, and these increased volumes will be subject to NYMEX-based pricing. Following the increase of 330,000 MMBtu/day, the aggregate contract volumes to be delivered to WGL will total 530,000 MMBtu/day. 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.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2017 and 2018 were derived from transactions with Antero. See Note 15 for the operating results of the Company’s reportable segments.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Information
Segment Information	(15) See Note 2(i) 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 June 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended June 30, 2017: Sales and revenues: Third-party $ 737,229 2,324 868 49,968 — 790,389 Intersegment 3,911 96,438 94,137 — (194,486) — Total $ 741,140 98,762 95,005 49,968 (194,486) 790,389 Operating expenses: Lease operating $ 17,189 — 41,444 — (41,641) 16,992 Gathering, compression, processing, and transportation 353,216 9,910 — — (96,379) 266,747 Impairment of unproved properties 15,199 — — — — 15,199 Depletion, depreciation, and amortization 170,446 22,494 8,242 — — 201,182 General and administrative 49,531 10,705 4,084 — (221) 64,099 Other 24,052 12 4,532 77,421 (3,590) 102,427 Total 629,633 43,121 58,302 77,421 (141,831) 666,646 Operating income (loss) $ 111,507 55,641 36,703 (27,453) (52,655) 123,743 Equity in earnings of unconsolidated affiliates $ — 3,623 — — — 3,623 Segment assets $ 13,430,135 2,065,899 711,735 14,357 (779,905) 15,442,221 Capital expenditures for segment assets $ 583,687 88,806 58,497 — (51,342) 679,648 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended June 30, 2018: Sales and revenues: Third-party $ 823,734 4,263 1,255 160,092 — 989,344 Intersegment 5,179 114,456 131,001 — (250,636) — Total $ 828,913 118,719 132,256 160,092 (250,636) 989,344 Operating expenses: Lease operating $ 32,312 — 62,218 — (64,366) 30,164 Gathering, compression, processing, and transportation 409,708 12,400 — — (114,322) 307,786 Impairment of unproved properties 134,437 — — — — 134,437 Impairment of gathering systems and facilities — 8,501 — — — 8,501 Depletion, depreciation, and amortization 201,393 24,482 12,175 — — 238,050 General and administrative 46,662 11,995 3,499 — (469) 61,687 Other 27,023 4 4,982 213,420 (3,947) 241,482 Total 851,535 57,382 82,874 213,420 (183,104) 1,022,107 Operating income (loss) $ (22,622) 61,337 49,382 (53,328) (67,532) (32,763) Equity in earnings of unconsolidated affiliates $ — 9,264 — — — 9,264 Segment assets $ 13,381,044 2,299,863 993,238 61,684 (1,045,222) 15,690,607 Capital expenditures for segment assets $ 506,055 113,083 17,842 — (73,919) 563,061 The operating results and assets of the Company’s reportable segments were as follows for the six months ended June 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Six months ended June 30, 2017: Sales and revenues: Third-party $ 1,864,280 4,863 933 115,892 — 1,985,968 Intersegment 8,351 185,558 177,182 — (371,091) — Total $ 1,872,631 190,421 178,115 115,892 (371,091) 1,985,968 Operating expenses: Lease operating $ 32,931 — 80,066 — (80,454) 32,543 Gathering, compression, processing, and transportation 700,984 18,024 — — (185,432) 533,576 Impairment of unproved properties 42,098 — — — — 42,098 Depletion, depreciation, and amortization 345,415 42,418 16,078 — — 403,911 General and administrative 100,587 20,843 8,403 — (1,036) 128,797 Other 50,771 12 8,876 167,414 (7,116) 219,957 Total 1,272,786 81,297 113,423 167,414 (274,038) 1,360,882 Operating income (loss) $ 599,845 109,124 64,692 (51,522) (97,053) 625,086 Equity in earnings of unconsolidated affiliates $ — 5,854 — — — 5,854 Segment assets $ 13,430,135 2,065,899 711,735 14,357 (779,905) 15,442,221 Capital expenditures for segment assets $ 1,041,426 155,365 95,451 — (96,360) 1,195,882 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Six months ended June 30, 2018: Sales and revenues: Third-party $ 1,608,277 8,408 2,045 398,715 — 2,017,445 Intersegment 11,054 218,488 251,625 — (481,167) — Total $ 1,619,331 226,896 253,670 398,715 (481,167) 2,017,445 Operating expenses: Lease operating $ 63,574 — 117,090 — (123,778) 56,886 Gathering, compression, processing, and transportation 794,053 23,768 — — (218,097) 599,724 Impairment of unproved properties 184,973 — — — — 184,973 Impairment of gathering systems and facilities — 8,501 — — — 8,501 Depletion, depreciation, and amortization 396,981 48,120 21,193 — — 466,294 General and administrative 93,082 22,357 7,592 — (1,314) 121,717 Other 54,371 18 9,892 409,159 (7,821) 465,619 Total 1,587,034 102,764 155,767 409,159 (351,010) 1,903,714 Operating income (loss) $ 32,297 124,132 97,903 (10,444) (130,157) 113,731 Equity in earnings of unconsolidated affiliates $ — 17,126 — — — 17,126 Segment assets $ 13,381,044 2,299,863 993,238 61,684 (1,045,222) 15,690,607 Capital expenditures for segment assets $ 978,822 206,753 58,127 — (134,678) 1,109,024

Subsidiary Guarantors

Subsidiary Guarantors	6 Months Ended
	Jun. 30, 2018
Subsidiary Guarantors
Subsidiary Guarantors	(16) 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 7). 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, 2017 and June 30, 2018, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2017 and 2018 and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2017 and 2018 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. Distributions received by Antero from Antero Midstream have been reclassified from investing activities to operating activities on the Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2017. The reclassification is a result of the adoption of ASU No. 2016-05, Classification of Certain Cash Receipts and Cash Payments , which provides for an accounting policy election to account for distributions received from equity method investees under the “nature of distribution” approach. Condensed Consolidating Balance Sheet December 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 20,078 — 8,363 — 28,441 Accounts receivable, net 33,726 — 1,170 — 34,896 Intercompany receivables 6,459 — 110,182 (116,641) — Accrued revenue 300,122 — — — 300,122 Derivative instruments 460,685 — — — 460,685 Other current assets 8,273 — 670 — 8,943 Total current assets 829,343 — 120,385 (116,641) 833,087 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,266,673 — — — 2,266,673 Proved properties 11,460,615 — — (364,153) 11,096,462 Water handling and treatment systems — — 942,361 4,309 946,670 Gathering systems and facilities 17,929 — 2,032,561 — 2,050,490 Other property and equipment 57,429 — — — 57,429 13,802,646 — 2,974,922 (359,844) 16,417,724 Less accumulated depletion, depreciation, and amortization (2,812,851) — (369,320) — (3,182,171) Property and equipment, net 10,989,795 — 2,605,602 (359,844) 13,235,553 Derivative instruments 841,257 — — — 841,257 Investments in subsidiaries (573,926) — — 573,926 — Contingent acquisition consideration 208,014 — — (208,014) — Investments in unconsolidated affiliates — — 303,302 — 303,302 Other assets 35,371 — 12,920 — 48,291 Total assets $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Liabilities and Equity Current liabilities: Accounts payable $ 54,340 — 8,642 — 62,982 Intercompany payable 110,182 — 6,459 (116,641) — Accrued liabilities 338,819 — 106,006 (1,600) 443,225 Revenue distributions payable 209,617 — — — 209,617 Derivative instruments 28,476 — — — 28,476 Other current liabilities 17,587 — 209 — 17,796 Total current liabilities 759,021 — 121,316 (118,241) 762,096 Long-term liabilities: Long-term debt 3,604,090 — 1,196,000 — 4,800,090 Deferred income tax liability 779,645 — — — 779,645 Contingent acquisition consideration — — 208,014 (208,014) — Derivative instruments 207 — — — 207 Other liabilities 42,906 — 410 — 43,316 Total liabilities 5,185,869 — 1,525,740 (326,255) 6,385,354 Equity: Stockholders' equity: Partners' capital — — 1,516,469 (1,516,469) — Common stock 3,164 — — — 3,164 Additional paid-in capital 5,565,756 — — 1,005,196 6,570,952 Accumulated earnings 1,575,065 — — — 1,575,065 Total stockholders' equity 7,143,985 — 1,516,469 (511,273) 8,149,181 Noncontrolling interests in consolidated subsidiary — — — 726,955 726,955 Total equity 7,143,985 — 1,516,469 215,682 8,876,136 Total liabilities and equity $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Condensed Consolidating Balance Sheet June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 31,083 — 19,525 — 50,608 Accounts receivable, net 23,454 — 12,222 — 35,676 Intercompany receivables 3,856 — 114,072 (117,928) — Accrued revenue 321,214 — — — 321,214 Derivative instruments 420,842 — — — 420,842 Other current assets 6,051 — 539 — 6,590 Total current assets 806,500 — 146,358 (117,928) 834,930 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,108,109 — — — 2,108,109 Proved properties 12,423,199 — — (498,335) 11,924,864 Water handling and treatment systems — — 970,863 9,074 979,937 Gathering systems and facilities 17,825 — 2,237,560 — 2,255,385 Other property and equipment 60,693 — 73 — 60,766 14,609,826 — 3,208,496 (489,261) 17,329,061 Less accumulated depletion, depreciation, and amortization (3,209,725) — (438,185) — (3,647,910) Property and equipment, net 11,400,101 — 2,770,311 (489,261) 13,681,151 Derivative instruments 763,592 — — — 763,592 Investments in subsidiaries (695,059) — — 695,059 — Contingent acquisition consideration 215,835 — — (215,835) — Investments in unconsolidated affiliates — — 358,830 — 358,830 Other assets 31,374 — 20,730 — 52,104 Total assets $ 12,522,343 — 3,296,229 (127,965) 15,690,607 Liabilities and Equity Current liabilities: Accounts payable $ 77,723 — 18,754 — 96,477 Intercompany payable 114,072 — 3,856 (117,928) — Accrued liabilities 349,647 — 89,182 — 438,829 Revenue distributions payable 211,234 — — — 211,234 Derivative instruments 30,661 — — — 30,661 Other current liabilities 9,840 — 213 1,479 11,532 Total current liabilities 793,177 — 112,005 (116,449) 788,733 Long-term liabilities: Long-term debt 3,876,778 — 1,411,566 — 5,288,344 Deferred income tax liability 763,192 — — — 763,192 Contingent acquisition consideration — — 215,835 (215,835) — Other liabilities 41,737 — 5,690 — 47,427 Total liabilities 5,474,884 — 1,745,096 (332,284) 6,887,696 Equity: Stockholders' equity: Partners' capital — — 1,551,133 (1,551,133) — Common stock 3,171 — — — 3,171 Additional paid-in capital 5,590,775 — — 1,006,762 6,597,537 Accumulated earnings 1,453,513 — — — 1,453,513 Total stockholders' equity 7,047,459 — 1,551,133 (544,371) 8,054,221 Noncontrolling interests in consolidated subsidiary — — — 748,690 748,690 Total equity 7,047,459 — 1,551,133 204,319 8,802,911 Total liabilities and equity $ 12,522,343 — 3,296,229 (127,965) 15,690,607 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 454,257 — — — 454,257 Natural gas liquids sales 170,819 — — — 170,819 Oil sales 26,512 — — — 26,512 Commodity derivative fair value gains 85,641 — — — 85,641 Gathering, compression, water handling and treatment — — 193,767 (190,575) 3,192 Marketing 49,968 — — — 49,968 Other income 3,911 — — (3,911) — Total revenue 791,108 — 193,767 (194,486) 790,389 Operating expenses: Lease operating 17,189 — 41,444 (41,641) 16,992 Gathering, compression, processing, and transportation 353,216 — 9,910 (96,379) 266,747 Production and ad valorem taxes 21,599 — 954 — 22,553 Marketing 77,421 — — — 77,421 Exploration 1,804 — — — 1,804 Impairment of unproved properties 15,199 — — — 15,199 Depletion, depreciation, and amortization 170,670 — 30,512 — 201,182 Accretion of asset retirement obligations 649 — — — 649 General and administrative 49,531 — 14,789 (221) 64,099 Accretion of contingent acquisition consideration — — 3,590 (3,590) — Total operating expenses 707,278 — 101,199 (141,831) 666,646 Operating income 83,830 — 92,568 (52,655) 123,743 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 3,623 — 3,623 Interest (59,735) — (9,015) 168 (68,582) Equity in earnings (loss) of consolidated subsidiaries (10,408) — — 10,408 — Total other expenses (70,143) — (5,392) 10,576 (64,959) Income before income taxes 13,687 — 87,176 (42,079) 58,784 Provision for income tax expense (18,819) — — — (18,819) Net income and comprehensive income including noncontrolling interests (5,132) — 87,176 (42,079) 39,965 Net income and comprehensive income attributable to noncontrolling interests — — — 45,097 45,097 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (5,132) — 87,176 (87,176) (5,132) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 473,540 — — — 473,540 Natural gas liquids sales 255,985 — — — 255,985 Oil sales 38,873 — — — 38,873 Commodity derivative fair value gains 55,336 — — — 55,336 Gathering, compression, water handling and treatment — — 250,392 (244,874) 5,518 Marketing 160,202 — — — 160,202 Marketing derivative fair value losses (110) — — — (110) Gain on sale of assets — — 583 (583) — Other income 5,179 — — (5,179) — Total revenue 989,005 — 250,975 (250,636) 989,344 Operating expenses: Lease operating 32,312 — 62,218 (64,366) 30,164 Gathering, compression, processing, and transportation 409,708 — 12,400 (114,322) 307,786 Production and ad valorem taxes 24,886 — 1,005 — 25,891 Marketing 213,420 — — — 213,420 Exploration 1,471 — — — 1,471 Impairment of unproved properties 134,437 — — — 134,437 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Depletion, depreciation, and amortization 201,617 — 36,433 — 238,050 Accretion of asset retirement obligations 666 — 34 — 700 General and administrative 46,662 — 15,494 (469) 61,687 Accretion of contingent acquisition consideration — — 3,947 (3,947) — Total operating expenses 1,069,649 — 136,145 (183,687) 1,022,107 Operating income (loss) (80,644) — 114,830 (66,949) (32,763) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 9,264 — 9,264 Interest (54,388) — (14,628) (333) (69,349) Equity in earnings (loss) of consolidated subsidiaries (26,926) — — 26,926 — Total other expenses (81,314) — (5,364) 26,593 (60,085) Income (loss) before income taxes (161,958) — 109,466 (40,356) (92,848) Provision for income tax benefit 25,573 — — — 25,573 Net income (loss) and comprehensive income (loss) including noncontrolling interests (136,385) — 109,466 (40,356) (67,275) Net income and comprehensive income attributable to noncontrolling interests — — — 69,110 69,110 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (136,385) — 109,466 (109,466) (136,385) Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2017 (In thousands) . Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 920,921 — — — 920,921 Natural gas liquids sales 365,471 — — — 365,471 Oil sales 53,472 — — — 53,472 Commodity derivative fair value gains 524,416 — — — 524,416 Gathering, compression, water handling and treatment — — 368,536 (362,740) 5,796 Marketing 115,892 — — — 115,892 Other income 8,351 — — (8,351) — Total revenue and other 1,988,523 — 368,536 (371,091) 1,985,968 Operating expenses: Lease operating 32,931 — 80,066 (80,454) 32,543 Gathering, compression, processing, and transportation 700,984 — 18,024 (185,432) 533,576 Production and ad valorem taxes 45,574 — 1,772 — 47,346 Marketing 167,414 — — — 167,414 Exploration 3,911 — — — 3,911 Impairment of unproved properties 42,098 — — — 42,098 Depletion, depreciation, and amortization 345,863 — 58,048 — 403,911 Accretion of asset retirement obligations 1,286 — — — 1,286 General and administrative 100,587 — 29,246 (1,036) 128,797 Accretion of contingent acquisition consideration — — 7,116 (7,116) — Total operating expenses 1,440,648 — 194,272 (274,038) 1,360,882 Operating income 547,875 — 174,264 (97,053) 625,086 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 5,854 — 5,854 Interest (117,738) — (17,851) 337 (135,252) Equity in earnings (loss) of consolidated subsidiaries (16,708) — — 16,708 — Total other expenses (134,446) — (11,997) 17,045 (129,398) Income before income taxes 413,429 — 162,267 (80,008) 495,688 Provision for income tax expense (150,165) — — — (150,165) Net income and comprehensive income including noncontrolling interests 263,264 — 162,267 (80,008) 345,523 Net income and comprehensive income attributable to noncontrolling interests — — — 82,259 82,259 Net income and comprehensive income attributable to Antero Resources Corporation $ 263,264 — 162,267 (162,267) 263,264 Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 971,203 — — — 971,203 Natural gas liquids sales 490,155 — — — 490,155 Oil sales 69,146 — — — 69,146 Commodity derivative fair value gains 77,773 — — — 77,773 Gathering, compression, water handling and treatment — — 479,983 (469,530) 10,453 Marketing 304,591 — — — 304,591 Marketing derivative fair value gains 94,124 — — — 94,124 Gain on sale of assets — — 583 (583) — Other income 11,054 — — (11,054) — Total revenue and other 2,018,046 — 480,566 (481,167) 2,017,445 Operating expenses: Lease operating 63,574 — 117,090 (123,778) 56,886 Gathering, compression, processing, and transportation 794,053 — 23,768 (218,097) 599,724 Production and ad valorem taxes 49,693 — 2,021 — 51,714 Marketing 409,159 — — — 409,159 Exploration 3,356 — — — 3,356 Impairment of unproved properties 184,973 — — — 184,973 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Depletion, depreciation, and amortization 397,429 — 68,865 — 466,294 Accretion of asset retirement obligations 1,322 — 68 — 1,390 General and administrative 93,082 — 29,949 (1,314) 121,717 Accretion of contingent acquisition consideration — — 7,821 (7,821) — Total operating expenses 2,001,111 — 254,196 (351,593) 1,903,714 Operating income 16,935 — 226,370 (129,574) 113,731 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 17,126 — 17,126 Interest (107,886) — (25,925) 36 (133,775) Equity in earnings (loss) of consolidated subsidiaries (47,054) — — 47,054 — Total other expenses (154,940) — (8,799) 47,090 (116,649) Income before income taxes (138,005) — 217,571 (82,484) (2,918) Provision for income tax benefit 16,453 — — — 16,453 Net income (loss) and comprehensive income (loss) including noncontrolling interests (121,552) — 217,571 (82,484) 13,535 Net income and comprehensive income attributable to noncontrolling interests — — — 135,087 135,087 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (121,552) — 217,571 (217,571) (121,552) Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 263,264 — 162,267 (80,008) 345,523 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 347,149 — 58,048 — 405,197 Accretion of contingent acquisition consideration (7,116) — 7,116 — — Impairment of unproved properties 42,098 — — — 42,098 Commodity derivative fair value gains (524,416) — — — (524,416) Gains on settled commodity derivatives 75,913 — — — 75,913 Deferred income tax expense 150,165 — — — 150,165 Equity-based compensation expense 39,241 — 13,237 — 52,478 Equity in earnings of unconsolidated affiliates — — (5,854) — (5,854) Equity in (earnings) loss of consolidated subsidiaries 16,708 — — (16,708) — Distributions of earnings from unconsolidated affiliates — — 5,820 — 5,820 Distributions from Antero Midstream 63,145 — — (63,145) — Other (795) — 1,267 — 472 Changes in current assets and liabilities 106,797 — (6,963) 356 100,190 Net cash provided by operating activities 572,153 — 234,938 (159,505) 647,586 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (129,876) — — — (129,876) Drilling and completion costs (725,668) — — 96,360 (629,308) Additions to water handling and treatment systems — — (95,451) — (95,451) Additions to gathering systems and facilities — — (155,365) — (155,365) Additions to other property and equipment (6,564) — — — (6,564) Investments in unconsolidated affiliates — — (191,364) — (191,364) Change in other assets (7,648) — (4,804) — (12,452) Other 2,156 — — — 2,156 Net cash used in investing activities (1,046,918) — (446,984) 96,360 (1,397,542) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream — — 246,585 — 246,585 Borrowings (repayments) on bank credit facility, net 490,000 — 95,000 — 585,000 Distributions — — (125,014) 63,145 (61,869) Employee tax withholding for settlement of equity compensation awards (7,501) — (932) — (8,433) Other (2,645) — (102) — (2,747) Net cash provided by financing activities 479,854 — 215,537 63,145 758,536 Net decrease in cash and cash equivalents 5,089 — 3,491 — 8,580 Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 22,657 — 17,533 — 40,190 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income (loss) including noncontrolling interests $ (121,552) — 217,571 (82,484) 13,535 Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 398,751 — 68,933 — 467,684 Accretion of contingent acquisition consideration (7,821) — 7,821 — — Impairment of unproved properties 184,973 — — — 184,973 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Commodity derivative fair value gains (77,773) — — — (77,773) Gains on settled commodity derivatives 197,225 — — — 197,225 Marketing derivative fair value gains (94,124) — — — (94,124) Gains on settled marketing derivatives 94,158 — — — 94,158 Deferred income tax benefit (16,453) — — — (16,453) Gain on sale of assets — — (583) 583 — Equity-based compensation expense 28,149 — 12,078 — 40,227 Equity in (earnings) loss of consolidated subsidiaries 47,054 — — (47,054) — Equity in earnings of unconsolidated affiliates — — (17,126) — (17,126) Distributions of earnings from unconsolidated affiliates — — 17,895 — 17,895 Distributions from Antero Midstream 74,647 — — (74,647) — Other 547 — 1,385 — 1,932 Changes in current assets and liabilities 14,510 — (157) 3,933 18,286 Net cash provided by operating activities 726,761 — 312,431 (200,252) 838,940 Cash flows used in investing activities: Additions to unproved properties (87,861) — — — (87,861) Drilling and completion costs (887,459) — — 134,678 (752,781) Additions to water handling and treatment systems — — (49,054) (9,073) (58,127) Additions to gathering systems and facilities — — (206,753) — (206,753) Additions to other property and equipment (3,502) — — — (3,502) Investments in unconsolidated affiliates — — (56,297) — (56,297) Change in other assets 2,051 — (9,077) — (7,026) Net cash used in investing activities (976,771) — (321,181) 125,605 (1,172,347) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net 270,000 — 215,000 — 485,000 Distributions — — (193,670) 74,647 (119,023) Employee tax withholding for settlement of equity compensation awards (6,649) — (1,318) — (7,967) Other (2,336) — (100) — (2,436) Net cash provided by (used in) financing activities 261,015 — 19,912 74,647 355,574 Net increase (decrease) in cash and cash equivalents 11,005 — 11,162 — 22,167 Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 31,083 — 19,525 — 50,608

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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, 2017 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2017 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in the Company’s 2017 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, 2017 and June 30, 2018, the results of its operations for the three and six months ended June 30, 2017 and 2018, and its cash flows for the six months ended June 30, 2017 and 2018. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified.
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 consolidated 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 of, or right to receive benefits from, Antero Midstream that could be significant to Antero Midstream. In reaching the determination that Antero is the primary beneficiary of Antero Midstream, the Company considered the following: · Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production and completion activities under long-term service contracts. · Antero owned 52.9% of the outstanding limited partner interests in Antero Midstream at June 30, 2018. · Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream and directly controls Antero IDR Holdings LLC (“IDR LLC”), which owns the incentive distribution rights in Antero Midstream. However, AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero does not control AMGP and does not have any investment in AMGP. · 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 treatment services to Antero Midstream. 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. · 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. 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 incentive distribution rights in Antero Midstream. 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 management to make 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) The markets for natural gas, NGLs, and oil have, and continue to, experience significant price fluctuations. Price fluctuations can result from variations in weather, levels of production, availability of transportation capacity to other regions of the country, the level of imports to and exports from the United States, and various other factors. Increases or decreases in the prices the Company receives for its production could have a significant impact on the Company’s future results of operations and reserve quantities.
Cash and Cash Equivalents	(e) 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.
Derivative Financial Instruments	(f) 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 positions. 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.
Asset Retirement Obligations Policy	(g) The Company is obligated to dispose of certain long‑lived assets upon their abandonment. The Company’s asset retirement obligations (“AROs”) relate primarily to its obligation to plug and abandon oil and gas wells at the end of their lives, as well as Antero Midstream’s future closure and postclosure costs associated with the landfill at its wastewater treatment facility. AROs are recorded at estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligations, which is then discounted at the Company’s credit‑adjusted, risk‑free interest rate. Revisions to estimated AROs often result from changes in retirement cost estimates or changes in the estimated timing of abandonment. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If an obligation is settled for an amount other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement.
Income Taxes	(h) For the three and six months ended June 30, 2017, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interests, state tax rates, and permanent differences on vested equity compensation awards. For the three and six months ended June 30, 2018, the Company’s overall effective tax rate was different than the statutory rate of 21% primarily due to the effects of noncontrolling interests, state tax rates, and permanent differences on vested equity compensation awards. Additionally,
Industry Segments and Geographic Information	(i) 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 and utilization 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; however, some of the Company’s production revenues are attributable to customers who resell the Company’s production to third parties located in foreign countries.
Earnings (loss) per common share	(j) Earnings per common share —basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings 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 the 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 June 30, Six Months Ended June 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,401 316,992 315,179 316,733 Add: Dilutive effect of restricted stock units — — 710 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 38 — Diluted weighted average number of shares outstanding 315,401 316,992 315,927 316,733 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,105 2,899 1,596 3,088 Outstanding stock options 679 639 681 646 Performance stock units 1,213 1,860 896 1,556 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.
Adoption of New Accounting Principle and Recently Issued Accounting Standard	(k) On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in GAAP when it became effective and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 606. The new standard became effective for the Company on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. The Company elected the modified retrospective transition method. The adoption of this standard had no impact on the Company’s consolidated financial statements. See Note 4 to the condensed consolidated financial statements for the Company’s disclosures under ASC 606. (l) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which requires lessees to present nearly all leasing arrangements on the balance sheet as liabilities along with a corresponding right-of-use asset. The ASU will replace most existing lease guidance in GAAP when it becomes effective. The new standard becomes effective for the Company on January 1, 2019. Although early application is permitted, the Company does not plan to early adopt the ASU. The standard requires the use of the modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Currently, the Company is evaluating the standard’s applicability to its various contractual arrangements. The Company believes that adoption of the standard will result in increases to its assets and liabilities on its consolidated balance sheet as well as changes to the presentation of certain operating expenses on its consolidated statement of operations, including the accelerated recognition of expenses attributable to certain of is leasing arrangements. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company continues to monitor relevant industry guidance regarding the implementation of ASU 2016-02 and will adjust its implementation strategies as necessary. The Company does not believe that adoption of the standard will impact its operational strategies, growth prospects, or cash flows.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,401 316,992 315,179 316,733 Add: Dilutive effect of restricted stock units — — 710 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 38 — Diluted weighted average number of shares outstanding 315,401 316,992 315,927 316,733 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,105 2,899 1,596 3,088 Outstanding stock options 679 639 681 646 Performance stock units 1,213 1,860 896 1,556 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue
Schedule of disaggregation of revenue	In the following table, revenue is disaggregated by type (in thousands). The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 15—Reportable Segments. Three Months Ended June 30, Six Months Ended June 30, Segment to which 2017 2018 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 454,257 473,540 920,921 971,203 Exploration and production Natural gas liquids sales (ethane) 21,404 32,687 39,873 59,762 Exploration and production Natural gas liquids sales (C3+ NGLs) 149,415 223,298 325,598 430,393 Exploration and production Oil sales 26,512 38,873 53,472 69,146 Exploration and production Gathering and compression 2,324 4,263 4,863 8,408 Gathering and processing Water handling and treatment 868 1,255 933 2,045 Water handling and treatment Marketing 49,968 160,202 115,892 304,591 Marketing Total 704,748 934,118 1,461,552 1,845,548 Income from derivatives and other sources 85,641 55,226 524,416 171,897 Total revenue and other $ 790,389 989,344 1,985,968 2,017,445

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments.
Schedule of reconciliation of investments in unconsolidated affiliates	The following table is a reconciliation of investments in unconsolidated affiliates for the six months ended June 30, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 56,297 56,297 Equity in net income of unconsolidated affiliates 5,542 11,584 17,126 Distributions from unconsolidated affiliates (4,590) (13,305) (17,895) Balance at June 30, 2018 $ 68,080 290,750 358,830

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2017 and June 30, 2018 consisted of the following items (in thousands): December 31, 2017 June 30, 2018 Capital expenditures $ 155,300 126,476 Gathering, compression, processing, and transportation expenses 88,850 95,441 Marketing expenses 59,049 81,179 Interest expense 40,861 42,399 Other 99,165 93,334 $ 443,225 438,829

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2017 and June 30, 2018 (in thousands): December 31, 2017 June 30, 2018 Antero Resources: Credit Facility(a) $ 185,000 455,000 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 1,520 1,382 Net unamortized debt issuance costs (32,430) (29,604) Antero Midstream: Midstream Credit Facility(g) 555,000 770,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,434) $ 4,800,090 5,288,344

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2018 (in thousands): Asset retirement obligations—December 31, 2017 $ 34,610 Obligations incurred 4,241 Accretion expense 1,390 Asset retirement obligations—June 30, 2018 $ 40,241

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2017 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2018 2017 2018 Restricted stock unit awards $ 18,681 36,906 23,675 Stock options 616 495 1,236 976 Performance share unit awards 2,748 3,490 4,883 6,001 Antero Midstream phantom unit awards 4,443 4,341 8,486 8,559 Equity awards issued to directors 487 514 967 1,016 Total expense $ 26,975 52,478 40,227
Summary of restricted stock and restricted stock unit awards activity	Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2017 3,424,084 $ 28.51 $ 65,058 Granted 605,057 $ 20.63 Vested (927,639) $ 39.65 Forfeited (267,890) $ 25.75 Total awarded and unvested—June 30, 2018 2,833,612 $ 23.44 $ 60,498
Summary of stock option activity	Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2017 660,512 $ 50.48 7.06 $ — Granted — $ — Exercised — $ — Forfeited (24,293) $ 50.00 Expired — $ — Outstanding at June 30, 2018 636,219 $ 50.50 6.40 $ — Vested or expected to vest as of June 30, 2018 636,219 $ 50.50 6.40 $ — Exercisable at June 30, 2018 502,589 $ 50.63 6.30 $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2017 1,283,843 $ 28.29 Granted 756,466 $ 23.61 Vested (41,666) $ 27.38 Forfeited (27,166) $ 30.15 Total awarded and unvested—June 30, 2018 1,971,477 $ 26.49
Schedule of weighted average fair value assumptions used for PSUs granted	Six months ended June 30, 2017 2018 Dividend yield — % — % Volatility 42 % 41 % Risk-free interest rate 1.40 % 2.49 % Weighted average fair value of awards granted $ 26.21 $ 24.85
Schedule of outstanding unvested restricted stock awards vesting schedule	Number of Weighted Aggregate Total awarded and unvested—December 31, 2017 1,042,963 $ 28.69 $ 30,288 Granted 233,189 $ 25.35 Vested (148,554) $ 27.31 Forfeited (54,669) $ 28.87 Total awarded and unvested—June 30, 2018 1,072,929 $ 28.15 $ 31,673

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments.
Schedule of outstanding commodity derivatives	As of June 30, 2018, the Company’s fixed price natural gas, NGLs, and oil swap positions from July 1, 2018 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; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending September 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.45 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.53 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.77 Total 2,002,500 6,000 26,000 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, 2017 June 30, 2018 Balance sheet Fair value Balance sheet Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments $ 460,685 Derivative instruments $ 420,842 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 763,592 Total asset derivatives 1,301,942 1,184,434 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 21,428 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 9,233 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 30,661 Net derivatives $ 1,273,259 $ 1,153,773
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, 2017 June 30, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (65,612) 1,301,942 $ (57,635) Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (66,868) 57,635 (9,233) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (21,428) — (21,428)
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains and losses and where such values are recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2018 (in thousands): Statement of Three months ended June 30, Six months ended June 30, location 2017 2018 2017 2018 Commodity derivative fair value gains Revenue $ 85,641 55,336 $ 524,416 77,773 Marketing derivative fair value gains (losses) Revenue $ — (110) $ — 94,124

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments
Schedule of future minimum payments for firm transportation, drilling rig and completion services, gas processing, gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year	Firm Processing, Drilling rigs and completion Office and equipment (in millions) (a) (b) (c) (d) Total Remainder of 2018 $ 440 241 37 7 725 2019 1,087 360 45 11 1,503 2020 1,107 378 1 10 1,496 2021 1,087 363 — 9 1,459 2022 1,034 359 — 8 1,401 2023 1,022 351 — 7 1,380 Thereafter 8,611 1,521 — 49 10,181 Total $ 14,388 3,573 83 101 18,145

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended June 30, 2017: Sales and revenues: Third-party $ 737,229 2,324 868 49,968 — 790,389 Intersegment 3,911 96,438 94,137 — (194,486) — Total $ 741,140 98,762 95,005 49,968 (194,486) 790,389 Operating expenses: Lease operating $ 17,189 — 41,444 — (41,641) 16,992 Gathering, compression, processing, and transportation 353,216 9,910 — — (96,379) 266,747 Impairment of unproved properties 15,199 — — — — 15,199 Depletion, depreciation, and amortization 170,446 22,494 8,242 — — 201,182 General and administrative 49,531 10,705 4,084 — (221) 64,099 Other 24,052 12 4,532 77,421 (3,590) 102,427 Total 629,633 43,121 58,302 77,421 (141,831) 666,646 Operating income (loss) $ 111,507 55,641 36,703 (27,453) (52,655) 123,743 Equity in earnings of unconsolidated affiliates $ — 3,623 — — — 3,623 Segment assets $ 13,430,135 2,065,899 711,735 14,357 (779,905) 15,442,221 Capital expenditures for segment assets $ 583,687 88,806 58,497 — (51,342) 679,648 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended June 30, 2018: Sales and revenues: Third-party $ 823,734 4,263 1,255 160,092 — 989,344 Intersegment 5,179 114,456 131,001 — (250,636) — Total $ 828,913 118,719 132,256 160,092 (250,636) 989,344 Operating expenses: Lease operating $ 32,312 — 62,218 — (64,366) 30,164 Gathering, compression, processing, and transportation 409,708 12,400 — — (114,322) 307,786 Impairment of unproved properties 134,437 — — — — 134,437 Impairment of gathering systems and facilities — 8,501 — — — 8,501 Depletion, depreciation, and amortization 201,393 24,482 12,175 — — 238,050 General and administrative 46,662 11,995 3,499 — (469) 61,687 Other 27,023 4 4,982 213,420 (3,947) 241,482 Total 851,535 57,382 82,874 213,420 (183,104) 1,022,107 Operating income (loss) $ (22,622) 61,337 49,382 (53,328) (67,532) (32,763) Equity in earnings of unconsolidated affiliates $ — 9,264 — — — 9,264 Segment assets $ 13,381,044 2,299,863 993,238 61,684 (1,045,222) 15,690,607 Capital expenditures for segment assets $ 506,055 113,083 17,842 — (73,919) 563,061 The operating results and assets of the Company’s reportable segments were as follows for the six months ended June 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Six months ended June 30, 2017: Sales and revenues: Third-party $ 1,864,280 4,863 933 115,892 — 1,985,968 Intersegment 8,351 185,558 177,182 — (371,091) — Total $ 1,872,631 190,421 178,115 115,892 (371,091) 1,985,968 Operating expenses: Lease operating $ 32,931 — 80,066 — (80,454) 32,543 Gathering, compression, processing, and transportation 700,984 18,024 — — (185,432) 533,576 Impairment of unproved properties 42,098 — — — — 42,098 Depletion, depreciation, and amortization 345,415 42,418 16,078 — — 403,911 General and administrative 100,587 20,843 8,403 — (1,036) 128,797 Other 50,771 12 8,876 167,414 (7,116) 219,957 Total 1,272,786 81,297 113,423 167,414 (274,038) 1,360,882 Operating income (loss) $ 599,845 109,124 64,692 (51,522) (97,053) 625,086 Equity in earnings of unconsolidated affiliates $ — 5,854 — — — 5,854 Segment assets $ 13,430,135 2,065,899 711,735 14,357 (779,905) 15,442,221 Capital expenditures for segment assets $ 1,041,426 155,365 95,451 — (96,360) 1,195,882 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Six months ended June 30, 2018: Sales and revenues: Third-party $ 1,608,277 8,408 2,045 398,715 — 2,017,445 Intersegment 11,054 218,488 251,625 — (481,167) — Total $ 1,619,331 226,896 253,670 398,715 (481,167) 2,017,445 Operating expenses: Lease operating $ 63,574 — 117,090 — (123,778) 56,886 Gathering, compression, processing, and transportation 794,053 23,768 — — (218,097) 599,724 Impairment of unproved properties 184,973 — — — — 184,973 Impairment of gathering systems and facilities — 8,501 — — — 8,501 Depletion, depreciation, and amortization 396,981 48,120 21,193 — — 466,294 General and administrative 93,082 22,357 7,592 — (1,314) 121,717 Other 54,371 18 9,892 409,159 (7,821) 465,619 Total 1,587,034 102,764 155,767 409,159 (351,010) 1,903,714 Operating income (loss) $ 32,297 124,132 97,903 (10,444) (130,157) 113,731 Equity in earnings of unconsolidated affiliates $ — 17,126 — — — 17,126 Segment assets $ 13,381,044 2,299,863 993,238 61,684 (1,045,222) 15,690,607 Capital expenditures for segment assets $ 978,822 206,753 58,127 — (134,678) 1,109,024

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	6 Months Ended
	Jun. 30, 2018
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheet December 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 20,078 — 8,363 — 28,441 Accounts receivable, net 33,726 — 1,170 — 34,896 Intercompany receivables 6,459 — 110,182 (116,641) — Accrued revenue 300,122 — — — 300,122 Derivative instruments 460,685 — — — 460,685 Other current assets 8,273 — 670 — 8,943 Total current assets 829,343 — 120,385 (116,641) 833,087 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,266,673 — — — 2,266,673 Proved properties 11,460,615 — — (364,153) 11,096,462 Water handling and treatment systems — — 942,361 4,309 946,670 Gathering systems and facilities 17,929 — 2,032,561 — 2,050,490 Other property and equipment 57,429 — — — 57,429 13,802,646 — 2,974,922 (359,844) 16,417,724 Less accumulated depletion, depreciation, and amortization (2,812,851) — (369,320) — (3,182,171) Property and equipment, net 10,989,795 — 2,605,602 (359,844) 13,235,553 Derivative instruments 841,257 — — — 841,257 Investments in subsidiaries (573,926) — — 573,926 — Contingent acquisition consideration 208,014 — — (208,014) — Investments in unconsolidated affiliates — — 303,302 — 303,302 Other assets 35,371 — 12,920 — 48,291 Total assets $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Liabilities and Equity Current liabilities: Accounts payable $ 54,340 — 8,642 — 62,982 Intercompany payable 110,182 — 6,459 (116,641) — Accrued liabilities 338,819 — 106,006 (1,600) 443,225 Revenue distributions payable 209,617 — — — 209,617 Derivative instruments 28,476 — — — 28,476 Other current liabilities 17,587 — 209 — 17,796 Total current liabilities 759,021 — 121,316 (118,241) 762,096 Long-term liabilities: Long-term debt 3,604,090 — 1,196,000 — 4,800,090 Deferred income tax liability 779,645 — — — 779,645 Contingent acquisition consideration — — 208,014 (208,014) — Derivative instruments 207 — — — 207 Other liabilities 42,906 — 410 — 43,316 Total liabilities 5,185,869 — 1,525,740 (326,255) 6,385,354 Equity: Stockholders' equity: Partners' capital — — 1,516,469 (1,516,469) — Common stock 3,164 — — — 3,164 Additional paid-in capital 5,565,756 — — 1,005,196 6,570,952 Accumulated earnings 1,575,065 — — — 1,575,065 Total stockholders' equity 7,143,985 — 1,516,469 (511,273) 8,149,181 Noncontrolling interests in consolidated subsidiary — — — 726,955 726,955 Total equity 7,143,985 — 1,516,469 215,682 8,876,136 Total liabilities and equity $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Condensed Consolidating Balance Sheet June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 31,083 — 19,525 — 50,608 Accounts receivable, net 23,454 — 12,222 — 35,676 Intercompany receivables 3,856 — 114,072 (117,928) — Accrued revenue 321,214 — — — 321,214 Derivative instruments 420,842 — — — 420,842 Other current assets 6,051 — 539 — 6,590 Total current assets 806,500 — 146,358 (117,928) 834,930 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,108,109 — — — 2,108,109 Proved properties 12,423,199 — — (498,335) 11,924,864 Water handling and treatment systems — — 970,863 9,074 979,937 Gathering systems and facilities 17,825 — 2,237,560 — 2,255,385 Other property and equipment 60,693 — 73 — 60,766 14,609,826 — 3,208,496 (489,261) 17,329,061 Less accumulated depletion, depreciation, and amortization (3,209,725) — (438,185) — (3,647,910) Property and equipment, net 11,400,101 — 2,770,311 (489,261) 13,681,151 Derivative instruments 763,592 — — — 763,592 Investments in subsidiaries (695,059) — — 695,059 — Contingent acquisition consideration 215,835 — — (215,835) — Investments in unconsolidated affiliates — — 358,830 — 358,830 Other assets 31,374 — 20,730 — 52,104 Total assets $ 12,522,343 — 3,296,229 (127,965) 15,690,607 Liabilities and Equity Current liabilities: Accounts payable $ 77,723 — 18,754 — 96,477 Intercompany payable 114,072 — 3,856 (117,928) — Accrued liabilities 349,647 — 89,182 — 438,829 Revenue distributions payable 211,234 — — — 211,234 Derivative instruments 30,661 — — — 30,661 Other current liabilities 9,840 — 213 1,479 11,532 Total current liabilities 793,177 — 112,005 (116,449) 788,733 Long-term liabilities: Long-term debt 3,876,778 — 1,411,566 — 5,288,344 Deferred income tax liability 763,192 — — — 763,192 Contingent acquisition consideration — — 215,835 (215,835) — Other liabilities 41,737 — 5,690 — 47,427 Total liabilities 5,474,884 — 1,745,096 (332,284) 6,887,696 Equity: Stockholders' equity: Partners' capital — — 1,551,133 (1,551,133) — Common stock 3,171 — — — 3,171 Additional paid-in capital 5,590,775 — — 1,006,762 6,597,537 Accumulated earnings 1,453,513 — — — 1,453,513 Total stockholders' equity 7,047,459 — 1,551,133 (544,371) 8,054,221 Noncontrolling interests in consolidated subsidiary — — — 748,690 748,690 Total equity 7,047,459 — 1,551,133 204,319 8,802,911 Total liabilities and equity $ 12,522,343 — 3,296,229 (127,965) 15,690,607
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 454,257 — — — 454,257 Natural gas liquids sales 170,819 — — — 170,819 Oil sales 26,512 — — — 26,512 Commodity derivative fair value gains 85,641 — — — 85,641 Gathering, compression, water handling and treatment — — 193,767 (190,575) 3,192 Marketing 49,968 — — — 49,968 Other income 3,911 — — (3,911) — Total revenue 791,108 — 193,767 (194,486) 790,389 Operating expenses: Lease operating 17,189 — 41,444 (41,641) 16,992 Gathering, compression, processing, and transportation 353,216 — 9,910 (96,379) 266,747 Production and ad valorem taxes 21,599 — 954 — 22,553 Marketing 77,421 — — — 77,421 Exploration 1,804 — — — 1,804 Impairment of unproved properties 15,199 — — — 15,199 Depletion, depreciation, and amortization 170,670 — 30,512 — 201,182 Accretion of asset retirement obligations 649 — — — 649 General and administrative 49,531 — 14,789 (221) 64,099 Accretion of contingent acquisition consideration — — 3,590 (3,590) — Total operating expenses 707,278 — 101,199 (141,831) 666,646 Operating income 83,830 — 92,568 (52,655) 123,743 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 3,623 — 3,623 Interest (59,735) — (9,015) 168 (68,582) Equity in earnings (loss) of consolidated subsidiaries (10,408) — — 10,408 — Total other expenses (70,143) — (5,392) 10,576 (64,959) Income before income taxes 13,687 — 87,176 (42,079) 58,784 Provision for income tax expense (18,819) — — — (18,819) Net income and comprehensive income including noncontrolling interests (5,132) — 87,176 (42,079) 39,965 Net income and comprehensive income attributable to noncontrolling interests — — — 45,097 45,097 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (5,132) — 87,176 (87,176) (5,132) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 473,540 — — — 473,540 Natural gas liquids sales 255,985 — — — 255,985 Oil sales 38,873 — — — 38,873 Commodity derivative fair value gains 55,336 — — — 55,336 Gathering, compression, water handling and treatment — — 250,392 (244,874) 5,518 Marketing 160,202 — — — 160,202 Marketing derivative fair value losses (110) — — — (110) Gain on sale of assets — — 583 (583) — Other income 5,179 — — (5,179) — Total revenue 989,005 — 250,975 (250,636) 989,344 Operating expenses: Lease operating 32,312 — 62,218 (64,366) 30,164 Gathering, compression, processing, and transportation 409,708 — 12,400 (114,322) 307,786 Production and ad valorem taxes 24,886 — 1,005 — 25,891 Marketing 213,420 — — — 213,420 Exploration 1,471 — — — 1,471 Impairment of unproved properties 134,437 — — — 134,437 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Depletion, depreciation, and amortization 201,617 — 36,433 — 238,050 Accretion of asset retirement obligations 666 — 34 — 700 General and administrative 46,662 — 15,494 (469) 61,687 Accretion of contingent acquisition consideration — — 3,947 (3,947) — Total operating expenses 1,069,649 — 136,145 (183,687) 1,022,107 Operating income (loss) (80,644) — 114,830 (66,949) (32,763) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 9,264 — 9,264 Interest (54,388) — (14,628) (333) (69,349) Equity in earnings (loss) of consolidated subsidiaries (26,926) — — 26,926 — Total other expenses (81,314) — (5,364) 26,593 (60,085) Income (loss) before income taxes (161,958) — 109,466 (40,356) (92,848) Provision for income tax benefit 25,573 — — — 25,573 Net income (loss) and comprehensive income (loss) including noncontrolling interests (136,385) — 109,466 (40,356) (67,275) Net income and comprehensive income attributable to noncontrolling interests — — — 69,110 69,110 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (136,385) — 109,466 (109,466) (136,385) Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2017 (In thousands) . Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 920,921 — — — 920,921 Natural gas liquids sales 365,471 — — — 365,471 Oil sales 53,472 — — — 53,472 Commodity derivative fair value gains 524,416 — — — 524,416 Gathering, compression, water handling and treatment — — 368,536 (362,740) 5,796 Marketing 115,892 — — — 115,892 Other income 8,351 — — (8,351) — Total revenue and other 1,988,523 — 368,536 (371,091) 1,985,968 Operating expenses: Lease operating 32,931 — 80,066 (80,454) 32,543 Gathering, compression, processing, and transportation 700,984 — 18,024 (185,432) 533,576 Production and ad valorem taxes 45,574 — 1,772 — 47,346 Marketing 167,414 — — — 167,414 Exploration 3,911 — — — 3,911 Impairment of unproved properties 42,098 — — — 42,098 Depletion, depreciation, and amortization 345,863 — 58,048 — 403,911 Accretion of asset retirement obligations 1,286 — — — 1,286 General and administrative 100,587 — 29,246 (1,036) 128,797 Accretion of contingent acquisition consideration — — 7,116 (7,116) — Total operating expenses 1,440,648 — 194,272 (274,038) 1,360,882 Operating income 547,875 — 174,264 (97,053) 625,086 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 5,854 — 5,854 Interest (117,738) — (17,851) 337 (135,252) Equity in earnings (loss) of consolidated subsidiaries (16,708) — — 16,708 — Total other expenses (134,446) — (11,997) 17,045 (129,398) Income before income taxes 413,429 — 162,267 (80,008) 495,688 Provision for income tax expense (150,165) — — — (150,165) Net income and comprehensive income including noncontrolling interests 263,264 — 162,267 (80,008) 345,523 Net income and comprehensive income attributable to noncontrolling interests — — — 82,259 82,259 Net income and comprehensive income attributable to Antero Resources Corporation $ 263,264 — 162,267 (162,267) 263,264 Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 971,203 — — — 971,203 Natural gas liquids sales 490,155 — — — 490,155 Oil sales 69,146 — — — 69,146 Commodity derivative fair value gains 77,773 — — — 77,773 Gathering, compression, water handling and treatment — — 479,983 (469,530) 10,453 Marketing 304,591 — — — 304,591 Marketing derivative fair value gains 94,124 — — — 94,124 Gain on sale of assets — — 583 (583) — Other income 11,054 — — (11,054) — Total revenue and other 2,018,046 — 480,566 (481,167) 2,017,445 Operating expenses: Lease operating 63,574 — 117,090 (123,778) 56,886 Gathering, compression, processing, and transportation 794,053 — 23,768 (218,097) 599,724 Production and ad valorem taxes 49,693 — 2,021 — 51,714 Marketing 409,159 — — — 409,159 Exploration 3,356 — — — 3,356 Impairment of unproved properties 184,973 — — — 184,973 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Depletion, depreciation, and amortization 397,429 — 68,865 — 466,294 Accretion of asset retirement obligations 1,322 — 68 — 1,390 General and administrative 93,082 — 29,949 (1,314) 121,717 Accretion of contingent acquisition consideration — — 7,821 (7,821) — Total operating expenses 2,001,111 — 254,196 (351,593) 1,903,714 Operating income 16,935 — 226,370 (129,574) 113,731 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 17,126 — 17,126 Interest (107,886) — (25,925) 36 (133,775) Equity in earnings (loss) of consolidated subsidiaries (47,054) — — 47,054 — Total other expenses (154,940) — (8,799) 47,090 (116,649) Income before income taxes (138,005) — 217,571 (82,484) (2,918) Provision for income tax benefit 16,453 — — — 16,453 Net income (loss) and comprehensive income (loss) including noncontrolling interests (121,552) — 217,571 (82,484) 13,535 Net income and comprehensive income attributable to noncontrolling interests — — — 135,087 135,087 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (121,552) — 217,571 (217,571) (121,552)
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 263,264 — 162,267 (80,008) 345,523 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 347,149 — 58,048 — 405,197 Accretion of contingent acquisition consideration (7,116) — 7,116 — — Impairment of unproved properties 42,098 — — — 42,098 Commodity derivative fair value gains (524,416) — — — (524,416) Gains on settled commodity derivatives 75,913 — — — 75,913 Deferred income tax expense 150,165 — — — 150,165 Equity-based compensation expense 39,241 — 13,237 — 52,478 Equity in earnings of unconsolidated affiliates — — (5,854) — (5,854) Equity in (earnings) loss of consolidated subsidiaries 16,708 — — (16,708) — Distributions of earnings from unconsolidated affiliates — — 5,820 — 5,820 Distributions from Antero Midstream 63,145 — — (63,145) — Other (795) — 1,267 — 472 Changes in current assets and liabilities 106,797 — (6,963) 356 100,190 Net cash provided by operating activities 572,153 — 234,938 (159,505) 647,586 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (129,876) — — — (129,876) Drilling and completion costs (725,668) — — 96,360 (629,308) Additions to water handling and treatment systems — — (95,451) — (95,451) Additions to gathering systems and facilities — — (155,365) — (155,365) Additions to other property and equipment (6,564) — — — (6,564) Investments in unconsolidated affiliates — — (191,364) — (191,364) Change in other assets (7,648) — (4,804) — (12,452) Other 2,156 — — — 2,156 Net cash used in investing activities (1,046,918) — (446,984) 96,360 (1,397,542) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream — — 246,585 — 246,585 Borrowings (repayments) on bank credit facility, net 490,000 — 95,000 — 585,000 Distributions — — (125,014) 63,145 (61,869) Employee tax withholding for settlement of equity compensation awards (7,501) — (932) — (8,433) Other (2,645) — (102) — (2,747) Net cash provided by financing activities 479,854 — 215,537 63,145 758,536 Net decrease in cash and cash equivalents 5,089 — 3,491 — 8,580 Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 22,657 — 17,533 — 40,190 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income (loss) including noncontrolling interests $ (121,552) — 217,571 (82,484) 13,535 Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 398,751 — 68,933 — 467,684 Accretion of contingent acquisition consideration (7,821) — 7,821 — — Impairment of unproved properties 184,973 — — — 184,973 Impairment of gathering systems and facilities 4,470 — 4,614 (583) 8,501 Commodity derivative fair value gains (77,773) — — — (77,773) Gains on settled commodity derivatives 197,225 — — — 197,225 Marketing derivative fair value gains (94,124) — — — (94,124) Gains on settled marketing derivatives 94,158 — — — 94,158 Deferred income tax benefit (16,453) — — — (16,453) Gain on sale of assets — — (583) 583 — Equity-based compensation expense 28,149 — 12,078 — 40,227 Equity in (earnings) loss of consolidated subsidiaries 47,054 — — (47,054) — Equity in earnings of unconsolidated affiliates — — (17,126) — (17,126) Distributions of earnings from unconsolidated affiliates — — 17,895 — 17,895 Distributions from Antero Midstream 74,647 — — (74,647) — Other 547 — 1,385 — 1,932 Changes in current assets and liabilities 14,510 — (157) 3,933 18,286 Net cash provided by operating activities 726,761 — 312,431 (200,252) 838,940 Cash flows used in investing activities: Additions to unproved properties (87,861) — — — (87,861) Drilling and completion costs (887,459) — — 134,678 (752,781) Additions to water handling and treatment systems — — (49,054) (9,073) (58,127) Additions to gathering systems and facilities — — (206,753) — (206,753) Additions to other property and equipment (3,502) — — — (3,502) Investments in unconsolidated affiliates — — (56,297) — (56,297) Change in other assets 2,051 — (9,077) — (7,026) Net cash used in investing activities (976,771) — (321,181) 125,605 (1,172,347) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net 270,000 — 215,000 — 485,000 Distributions — — (193,670) 74,647 (119,023) Employee tax withholding for settlement of equity compensation awards (6,649) — (1,318) — (7,967) Other (2,336) — (100) — (2,436) Net cash provided by (used in) financing activities 261,015 — 19,912 74,647 355,574 Net increase (decrease) in cash and cash equivalents 11,005 — 11,162 — 22,167 Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 31,083 — 19,525 — 50,608

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Basis of Presentation
Other comprehensive income (loss)	$ 0	$ 0	$ 0	$ 0
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream			52.90%
Term of contract with Antero Midstream			20 years
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream			52.90%		52.90%

Summary of Significant Accoun37

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings per share
Basic weighted average number of shares outstanding	316,992	315,401	316,733	315,179
Diluted weighted average number of shares outstanding	316,992	315,401	316,733	315,927
U.S. Statutory federal income tax rate (as a percent)	21.00%	35.00%	21.00%	35.00%
Benefit recognized from reduction in deferred tax liabilities due to a change in state tax laws	$ 20,000		$ 20,000
Employee tax withholding for settlement of equity compensation awards			$ (7,967)	$ (8,433)
Restricted stock and restricted stock unit
Earnings per share
Add: Dilutive effect of non-vested restricted stock units				710
Weighted Average Anti-dilutive Awards	2,899	5,105	3,088	1,596
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	639	679	646	681
Performance share unit awards
Earnings per share
Add: Dilutive effect of non-vested restricted stock units				38
Weighted Average Anti-dilutive Awards	1,860	1,213	1,556	896

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	Feb. 10, 2017USD ($)shares	Sep. 23, 2015USD ($)bbl	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Antero Midstream Partners LP
Investments in unconsolidated affiliates			$ 358,830		$ 358,830		$ 303,302
Equity in earnings of unconsolidated affiliates			9,264	$ 3,623	17,126	$ 5,854
Consideration:
Amount borrowed on bank credit facility					485,000	$ 585,000
Antero Midstream Partners LP
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliates					$ 17,126
Number of shares of common stock issued (in shares) | shares	6,900,000
Antero Resources ownership in Antero Midstream					52.90%		52.90%
Equity Transactions
Proceeds from issuance of common units	$ 223,000
Antero Midstream Partners LP | Contingent Consideration Period One
Consideration:
Contingent consideration		$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl		176,295,000
Antero Midstream Partners LP | Contingent Consideration Period Two
Consideration:
Contingent consideration		$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl		219,200,000
Antero Midstream Partners LP | At the Market Program
Equity Transactions
Remaining capacity under equity distribution agreement			$ 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
MarkWest | Antero Midstream Partners LP
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliates					$ 11,584
Antero Midstream Partners LP
Antero Midstream Partners LP
Antero Resources ownership in Antero Midstream					52.90%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue
Revenues from contracts with customers	$ 934,118	$ 704,748	$ 1,845,548	$ 1,461,552
Income from derivatives and other sources	55,226	85,641	171,897	524,416
Total revenue and other	989,344	790,389	2,017,445	1,985,968
Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	473,540	454,257	971,203	920,921
Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	38,873	26,512	69,146	53,472
Marketing
Disaggregation of Revenue
Revenues from contracts with customers	160,202	49,968	304,591	115,892
Exploration and production
Disaggregation of Revenue
Total revenue and other	823,734	737,229	1,608,277	1,864,280
Exploration and production | Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	473,540	454,257	971,203	920,921
Exploration and production | Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenues from contracts with customers	32,687	21,404	59,762	39,873
Exploration and production | Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenues from contracts with customers	223,298	149,415	430,393	325,598
Exploration and production | Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	38,873	26,512	69,146	53,472
Gathering and compression
Disaggregation of Revenue
Total revenue and other	4,263	2,324	8,408	4,863
Gathering and compression | Gathering and compression
Disaggregation of Revenue
Revenues from contracts with customers	4,263	2,324	8,408	4,863
Water handling and treatment
Disaggregation of Revenue
Total revenue and other	1,255	868	2,045	933
Water handling and treatment | Water handling and treatment
Disaggregation of Revenue
Revenues from contracts with customers	1,255	868	2,045	933
Marketing
Disaggregation of Revenue
Total revenue and other	160,092	49,968	398,715	115,892
Marketing | Marketing
Disaggregation of Revenue
Revenues from contracts with customers	$ 160,202	$ 49,968	$ 304,591	$ 115,892

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 321	$ 300

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Feb. 06, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliates		$ 9,264	$ 3,623	$ 17,126	$ 5,854
Distributions of earnings from unconsolidated affiliates				(17,895)	$ (5,820)
Antero Midstream Partners LP
Investments in unconsolidated affiliates
Balance at beginning of period				303,302
Investments				56,297
Equity in earnings of unconsolidated affiliates				17,126
Distributions of earnings from unconsolidated affiliates				(17,895)
Balance at end of period		358,830		358,830
Antero Midstream Partners LP | Stonewall
Equity Method Investments
Ownership percentage						15.00%
Investments in unconsolidated affiliates
Balance at beginning of period				67,128
Equity in earnings of unconsolidated affiliates				5,542
Distributions of earnings from unconsolidated affiliates				(4,590)
Balance at end of period		68,080		68,080
Antero Midstream Partners LP | Appalachia joint venture
Equity Method Investments
Percentage of interest held by joint venture in third party fractionator in Ohio	33.33%
Antero Midstream Partners LP | MarkWest
Investments in unconsolidated affiliates
Balance at beginning of period				236,174
Investments				56,297
Equity in earnings of unconsolidated affiliates				11,584
Distributions of earnings from unconsolidated affiliates				(13,305)
Balance at end of period		$ 290,750		$ 290,750
Antero Midstream Partners LP | MarkWest | Appalachia joint venture
Equity Method Investments
Ownership percentage	50.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued Liabilities
Accrued capital expenditures	$ 126,476	$ 155,300
Accrued gathering, compression, processing, and transportation expenses	95,441	88,850
Accrued marketing expenses	81,179	59,049
Accrued interest expense	42,399	40,861
Other accrued liabilities	93,334	99,165
Total accrued liabilities	$ 438,829	$ 443,225

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Oct. 26, 2017	Jun. 30, 2018	Dec. 31, 2017	Dec. 21, 2016	Sep. 13, 2016	Mar. 17, 2015	Sep. 18, 2014	May 06, 2014	Nov. 05, 2013
Long- term Debt
Net unamortized premium		$ 1,382,000	$ 1,520,000
Net unamortized debt issuance costs		(29,604,000)	(32,430,000)
Long-term debt		5,288,344,000	4,800,090,000
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs		(8,434,000)	(9,000,000)
Outstanding letters of credit		0
Midstream Credit Facility | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt		770,000,000	$ 555,000,000
Maximum amount of the Credit Facility		$ 1,500,000,000
Weighted average interest rate (as a percent)		3.34%	2.81%
Midstream Credit Facility | Minimum
Long- term Debt
Commitment fees on the unused portion during an Investment Grade period (as a percent)	0.175%
Midstream Credit 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%
Midstream Credit Facility | Minimum | Not Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		25.00%
Midstream Credit Facility | Minimum | Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		12.50%
Midstream Credit Facility | Maximum
Long- term Debt
Commitment fees on the unused portion during an Investment Grade period (as a percent)	0.375%
Midstream Credit 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%
Midstream Credit Facility | Maximum | Not Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		225.00%
Midstream Credit Facility | Maximum | Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		200.00%
Credit Facility
Long- term Debt
Bank credit facility long-term debt		$ 455,000,000	$ 185,000,000
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 years
Weighted average interest rate (as a percent)		3.88%	2.96%
Outstanding letters of credit		$ 692,000,000	$ 705,000,000
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 an Investment Grade period (as a percent)		0.15%
Credit Facility | Minimum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		25.00%
Credit Facility | Minimum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		12.50%
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 an Investment Grade period (as a percent)		0.30%
Credit Facility | Maximum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		225.00%
Credit Facility | Maximum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		175.00%
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		102.688%
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		102.563%
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		104.219%
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 After June 1, 2021
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%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 34,610
Obligations incurred for wells drilled and producing properties acquired			4,241
Accretion expense	$ 700	$ 649	1,390	$ 1,286
Asset retirement obligations - end of period	$ 40,241		$ 40,241

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
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	7,656,177		7,656,177
Equity based compensation expense recognized	$ 19,071	$ 26,975	$ 40,227	$ 52,478
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	7,729,437		7,729,437
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 10,231	18,681	$ 23,675	36,906
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	3,490	2,748	6,001	4,883
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	495	616	976	1,236
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,341	4,443	8,559	8,486
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 514	$ 487	$ 1,016	$ 967

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Number of shares
Total granted and unvested at the beginning of the period (in shares) | shares	3,424,084
Granted (in shares) | shares	605,057
Vested (in shares) | shares	(927,639)
Forfeited (in shares) | shares	(267,890)
Total awarded and unvested at the end of the period (in shares) | shares	2,833,612
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.51
Granted (in dollars per share) | $ / shares	20.63
Vested (in dollars per share) | $ / shares	39.65
Forfeited (in dollars per share) | $ / shares	25.75
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 23.44
Aggregate intrinsic value
Total awarded and unvested at the beginning of the period | $	$ 65,058
Total awarded and unvested at the end of the period | $	60,498
Additional equity compensation to be recognized over the remaining period | $	$ 48,200
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 1 month 6 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Stock options
Outstanding at the beginning of the period (in shares)	660,512
Options forfeited (in shares)	(24,293)
Outstanding at the end of the period (in shares)	636,219	660,512
Vested or expected to vest (in shares)	636,219
Exercisable (in shares)	502,589
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.48
Options forfeited (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.50	$ 50.48
Vested or expected to vest (in dollars per share)	50.50
Exercisable (in dollars per share)	$ 50.63
Weighted average remaining contractual life
Outstanding	6 years 4 months 24 days	7 years 22 days
Vested or expected to vest	6 years 4 months 24 days
Exercisable	6 years 3 months 18 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 1.6
Weighted average period for recognizing unrecognized stock-based compensation expense	9 months 18 days
Maximum
Stock-based compensation
Contractual life	10 years

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Performance share unit awards
Number of units
Total granted and unvested at the beginning of the period (in shares)	1,283,843
Granted (in shares)	756,466
Vested (in shares)	(41,666)
Forfeited (in shares)	(27,166)
Total awarded and unvested at the end of the period (in shares)	1,971,477
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share)	$ 28.29
Granted (in dollars per share)	23.61
Vested (in dollars per share)	27.38
Forfeited (in dollars per share)	30.15
Total awarded and unvested at the end of the period (in dollars per share)	$ 26.49
Additional disclosures
Additional equity compensation to be recognized over the remaining period	$ 29
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 days
Weighted-average assumptions used to calculate fair value of performance share units granted
Weighted average fair value of awards granted (in dollars per share)	$ 23.61
Price target and TSR performance share unit awards
Price target as a percentage of beginning price	125.00%
Vesting period	3 years
Amortization period of PSU expense	3 years
Price target and 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%
Price target and 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%
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 | Maximum
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 | Minimum
Number of PSUs that may be earned as compared to the number of PSUs granted, as a percent	0.00%
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%
ROCE performance share unit awards
Vesting period	3 years
ROCE performance share unit awards | Minimum
Number of PSUs that may vest, as a percent	0.00%
ROCE performance share unit awards | Maximum
Number of PSUs that may vest, as a percent	200.00%
Market-Based PSUs
Weighted average grant date fair value
Granted (in dollars per share)	$ 24.85	$ 26.21
Weighted-average assumptions used to calculate fair value of performance share units granted
Volatility (as a percent)	41.00%	42.00%
Risk-free interest rate (as a percent)	2.49%	1.40%
Weighted average fair value of awards granted (in dollars per share)	$ 24.85	$ 26.21

Equity-Based Compensation - Pha

Equity-Based Compensation - Phantom Unit Awards (Details) - Antero Midstream Partners Phantom Unit Awards $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,042,963
Granted (in shares) | shares	233,189
Vested (in shares) | shares	(148,554)
Forfeited (in shares) | shares	(54,669)
Total awarded and unvested at the end of the period (in shares) | shares	1,072,929
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.69
Granted (in dollars per share) | $ / shares	25.35
Vested (in dollars per share) | $ / shares	27.31
Forfeited (in dollars per share) | $ / shares	28.87
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.15
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 30,288
Outstanding at the end of the period | $	31,673
Additional equity compensation to be recognized over the remaining period | $	$ 20,800
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 4 months 24 days

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Financial Instruments
Fair value of senior notes	$ 3,500	$ 3,500
Antero Midstream Partners LP
Financial Instruments
Fair value of senior notes	$ 655	$ 670

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details) - Swaps	Jun. 30, 2018bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
Natural gas | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Natural gas | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Natural gas | NYMEX | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Weighted average index price | $ / MMBTU	3.45
Natural gas | NYMEX | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Weighted average index price | $ / MMBTU	3.53
Natural gas | NYMEX | Year ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,330,000
Weighted average index price | $ / MMBTU	3.50
Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,417,500
Weighted average index price | $ / MMBTU	3.25
Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	710,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	850,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	90,000
Weighted average index price | $ / MMBTU	2.91
Natural gas | Mont Belvieu-Propane | Three months ending September 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	0.76
Natural gas | WTI-NYMEX member | Three months ending September 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	56.99
Natural gas liquids | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Mont Belvieu-Propane | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Propane | Mont Belvieu-Propane | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Weighted average index price | $ / gal	0.77
Oil | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | WTI-NYMEX member | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | WTI-NYMEX member | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Weighted average index price | $ / bbl	56.99

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Jun. 30, 2018USD ($)item	Dec. 31, 2017USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 420,842	$ 460,685
Noncurrent portion of fair value of derivative assets	763,592	841,257
Current portion of fair value of derivative liabilities	30,661	28,476
Noncurrent portion of fair value of derivative liabilities		207
Commodity derivative
Fair value of derivative instruments
Total asset derivatives	1,184,434	1,301,942
Total liability derivatives	9,233	7,289
Marketing derivative
Fair value of derivative instruments
Total liability derivatives	21,428	21,394
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	1,184,434	1,301,942
Total liability derivatives	30,661	28,683
Net derivatives	1,153,773	1,273,259
Derivatives not designated as hedges for accounting purposes | Commodity derivative
Fair value of derivative instruments
Current portion of fair value of derivative assets	420,842	460,685
Noncurrent portion of fair value of derivative assets	763,592	841,257
Current portion of fair value of derivative liabilities	9,233	7,082
Noncurrent portion of fair value of derivative liabilities		207
Derivatives not designated as hedges for accounting purposes | Marketing derivative
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	$ 21,428	$ 21,394
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	Jun. 30, 2018	Dec. 31, 2017
Commodity derivative
Commodity derivative assets
Gross amounts on balance sheet	$ 1,242,069	$ 1,367,554
Gross amounts offset on balance sheet	(57,635)	(65,612)
Total asset derivatives	1,184,434	1,301,942
Commodity derivative liabilities
Gross amounts on balance sheet	(66,868)	(72,901)
Gross amounts offset on balance sheet	57,635	65,612
Total liability derivatives	(9,233)	(7,289)
Marketing derivative
Commodity derivative assets
Gross amounts on balance sheet		311,083
Gross amounts offset on balance sheet		(311,083)
Commodity derivative liabilities
Gross amounts on balance sheet	(21,428)	(332,477)
Gross amounts offset on balance sheet		311,083
Total liability derivatives	$ (21,428)	$ (21,394)

Derivative Instruments - Fair54

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains	$ 55,336		$ 85,641	$ 77,773	$ 524,416
Gains on settled marketing derivatives				94,158
Marketing derivative gains (losses)	(110)	$ (21,400)		94,124
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains	55,336		$ 85,641	77,773	$ 524,416
Marketing derivative gains (losses)	$ (110)			$ 94,124

Commitments (Detail)

Commitments (Detail) $ in Millions	Jun. 30, 2018USD ($)
Future minimum payments
Remainder of 2018	$ 725
2,019	1,503
2,020	1,496
2,021	1,459
2,022	1,401
2,023	1,380
Thereafter	10,181
Total	18,145
Firm transportation
Future minimum payments
Remainder of 2018	440
2,019	1,087
2,020	1,107
2,021	1,087
2,022	1,034
2,023	1,022
Thereafter	8,611
Total	14,388
Gas processing, gathering and compression
Future minimum payments
Remainder of 2018	241
2,019	360
2,020	378
2,021	363
2,022	359
2,023	351
Thereafter	1,521
Total	3,573
Drilling rigs and completion services
Future minimum payments
Remainder of 2018	37
2,019	45
2,020	1
Total	83
Office and equipment
Future minimum payments
Remainder of 2018	7
2,019	11
2,020	10
2,021	9
2,022	8
2,023	7
Thereafter	49
Total	$ 101

Contingencies (Details)

Contingencies (Details) $ in Millions	4 Months Ended	6 Months Ended	11 Months Ended	25 Months Ended
	Nov. 30, 2017MMBTU / d	Jun. 30, 2018USD ($)MMBTU / dcontractlawsuit	Dec. 31, 2018MMBTU / d	Jan. 31, 2018MMBTU / d	Jan. 01, 2019MMBTU / d	Mar. 31, 2017USD ($)
SJGC
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day		80,000
WGL
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day	600,000		200,000	500,000
Natural gas long term purchase contract volume increase after specified events (in MMBtu)/day					330,000
Natural gas long term purchase contract volume after specified events (in MMBtu)/day					530,000
WGL | Pending Litigation | Minimum
Contingencies
Damages sought | $						$ 30
Potential Positive Outcome of Litigation | SJGC
Contingencies
Number of lawsuits | lawsuit		2
Number of long term gas contracts | contract		2
Potential Positive Outcome of Litigation | SJGC | Pending Litigation
Contingencies
Additional accounts receivable | $		$ 79
Potential Positive Outcome of Litigation | WGL
Contingencies
Additional accounts receivable | $		$ 106

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Sales and revenues:
Sales and revenues	$ 989,344	$ 790,389	$ 2,017,445	$ 1,985,968
Operating expenses:
Impairment of unproved properties	134,437	15,199	184,973	42,098
Impairment of gathering systems and facilities	8,501		8,501
Depletion, depreciation, and amortization	238,050	201,182	466,294	403,911
General and administrative expense	61,687	64,099	121,717	128,797
Other operating expenses	241,482	102,427	465,619	219,957
Total operating expenses	1,022,107	666,646	1,903,714	1,360,882
Operating income (loss)	(32,763)	123,743	113,731	625,086
Equity in earnings of unconsolidated affiliates	9,264	3,623	17,126	5,854
Segment assets	15,690,607	15,442,221	15,690,607	15,442,221	$ 15,261,490
Capital expenditures for segment assets	563,061	679,648	1,109,024	1,195,882
Exploration and production
Sales and revenues:
Sales and revenues	823,734	737,229	1,608,277	1,864,280
Operating expenses:
Impairment of unproved properties	134,437		184,973	42,098
Depletion, depreciation, and amortization	201,393	170,446
General and administrative expense	46,662	49,531
Other operating expenses	27,023	24,052
Total operating expenses	851,535	629,633
Operating income (loss)	(22,622)	111,507
Segment assets	13,381,044	13,430,135	13,381,044	13,430,135
Capital expenditures for segment assets	506,055	583,687
Gathering and compression
Sales and revenues:
Sales and revenues	4,263	2,324	8,408	4,863
Operating expenses:
Impairment of gathering systems and facilities	8,501		8,501
Depletion, depreciation, and amortization	24,482	22,494
General and administrative expense	11,995	10,705
Other operating expenses	4	12
Total operating expenses	57,382	43,121
Operating income (loss)	61,337	55,641
Equity in earnings of unconsolidated affiliates	9,264	3,623
Segment assets	2,299,863	2,065,899	2,299,863	2,065,899
Capital expenditures for segment assets	113,083	88,806
Water handling and treatment
Sales and revenues:
Sales and revenues	1,255	868	2,045	933
Operating expenses:
Depletion, depreciation, and amortization	12,175	8,242
General and administrative expense	3,499	4,084
Other operating expenses	4,982	4,532
Total operating expenses	82,874	58,302
Operating income (loss)	49,382	36,703
Segment assets	993,238	711,735	993,238	711,735
Capital expenditures for segment assets	17,842	58,497
Marketing
Sales and revenues:
Sales and revenues	160,092	49,968	398,715	115,892
Operating expenses:
Other operating expenses	213,420	77,421
Total operating expenses	213,420	77,421
Operating income (loss)	(53,328)	(27,453)
Segment assets	61,684	14,357	61,684	14,357
Operating segments
Operating expenses:
Equity in earnings of unconsolidated affiliates			17,126	5,854
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	828,913	741,140	1,619,331	1,872,631
Operating expenses:
Depletion, depreciation, and amortization			396,981	345,415
General and administrative expense			93,082	100,587
Other operating expenses			54,371	50,771
Total operating expenses			1,587,034	1,272,786
Operating income (loss)			32,297	599,845
Segment assets	13,381,044	13,430,135	13,381,044	13,430,135
Capital expenditures for segment assets			978,822	1,041,426
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	118,719	98,762	226,896	190,421
Operating expenses:
Depletion, depreciation, and amortization			48,120	42,418
General and administrative expense			22,357	20,843
Other operating expenses			18	12
Total operating expenses			102,764	81,297
Operating income (loss)			124,132	109,124
Equity in earnings of unconsolidated affiliates			17,126	5,854
Segment assets	2,299,863	2,065,899	2,299,863	2,065,899
Capital expenditures for segment assets			206,753	155,365
Operating segments | Water handling and treatment
Sales and revenues:
Sales and revenues	132,256	95,005	253,670	178,115
Operating expenses:
Depletion, depreciation, and amortization			21,193	16,078
General and administrative expense			7,592	8,403
Other operating expenses			9,892	8,876
Total operating expenses			155,767	113,423
Operating income (loss)			97,903	64,692
Segment assets	993,238	711,735	993,238	711,735
Capital expenditures for segment assets			58,127	95,451
Operating segments | Marketing
Sales and revenues:
Sales and revenues	160,092	49,968		115,892
Operating expenses:
Other operating expenses			409,159	167,414
Total operating expenses			409,159	167,414
Operating income (loss)			(10,444)	(51,522)
Segment assets	61,684	14,357	61,684	14,357
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(250,636)	(194,486)	(481,167)	(371,091)
Operating expenses:
General and administrative expense	(469)	(221)	(1,314)	(1,036)
Other operating expenses	(3,947)	(3,590)	(7,821)	(7,116)
Total operating expenses	(183,104)	(141,831)	(351,010)	(274,038)
Operating income (loss)	(67,532)	(52,655)	(130,157)	(97,053)
Segment assets	(1,045,222)	(779,905)	(1,045,222)	(779,905)
Capital expenditures for segment assets	(73,919)	(51,342)	(134,678)	(96,360)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	5,179	3,911	11,054	8,351
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	114,456	96,438	218,488	185,558
Elimination of intersegment transaction | Water handling and treatment
Sales and revenues:
Sales and revenues	131,001	94,137	251,625	177,182
Elimination of intersegment transaction | Marketing
Sales and revenues:
Sales and revenues			398,715
Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	307,786	266,747	599,724	533,576
Gathering, compression, water handling and treatment | Exploration and production
Operating expenses:
Cost of goods and services sold	409,708	353,216
Gathering, compression, water handling and treatment | Gathering and compression
Operating expenses:
Cost of goods and services sold	12,400	9,910
Gathering, compression, water handling and treatment | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold			794,053	700,984
Gathering, compression, water handling and treatment | Operating segments | Gathering and compression
Operating expenses:
Cost of goods and services sold			23,768	18,024
Gathering, compression, water handling and treatment | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	(114,322)	(96,379)	(218,097)	(185,432)
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	30,164	16,992	56,886	32,543
Oil and Gas, Operation and Maintenance | Exploration and production
Operating expenses:
Cost of goods and services sold	32,312	17,189
Oil and Gas, Operation and Maintenance | Water handling and treatment
Operating expenses:
Cost of goods and services sold	62,218	41,444
Oil and Gas, Operation and Maintenance | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold			63,574	32,931
Oil and Gas, Operation and Maintenance | Operating segments | Water handling and treatment
Operating expenses:
Cost of goods and services sold			117,090	80,066
Oil and Gas, Operation and Maintenance | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	$ (64,366)	$ (41,641)	$ (123,778)	$ (80,454)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 50,608	$ 28,441	$ 40,190	$ 31,610
Accounts receivable, net	35,676	34,896
Accrued revenue	321,214	300,122
Derivative instruments	420,842	460,685
Other current assets	6,590	8,943
Total current assets	834,930	833,087
Unproved properties	2,108,109	2,266,673
Proved properties	11,924,864	11,096,462
Water handling and treatment systems	979,937	946,670
Gathering systems and facilities	2,255,385	2,050,490
Other property and equipment	60,766	57,429
Property and equipment, gross	17,329,061	16,417,724
Less accumulated depletion, depreciation, and amortization	(3,647,910)	(3,182,171)
Property and equipment, net	13,681,151	13,235,553
Derivative instruments	763,592	841,257
Investments in unconsolidated affiliates	358,830	303,302
Other assets, net	52,104	48,291
Total assets	15,690,607	15,261,490	15,442,221
Liabilities and Stockholders' Equity
Accounts payable	96,477	62,982
Accrued liabilities	438,829	443,225
Revenue distributions payable	211,234	209,617
Derivative instruments	30,661	28,476
Other current liabilities	11,532	17,796
Total current liabilities	788,733	762,096
Long-term debt	5,288,344	4,800,090
Deferred income tax liability	763,192	779,645
Derivative instruments		207
Other liabilities	47,427	43,316
Total liabilities	6,887,696	6,385,354
Common stock	3,171	3,164
Additional paid-in capital	6,597,537	6,570,952
Accumulated earnings	1,453,513	1,575,065
Total stockholders' equity	8,054,221	8,149,181
Noncontrolling interest in consolidated subsidiary	748,690	726,955
Total equity	8,802,911	8,876,136
Total liabilities and equity	15,690,607	15,261,490
Reportable legal entity | Parent (Antero)
Current assets:
Cash and cash equivalents	31,083	20,078	22,657	17,568
Accounts receivable, net	23,454	33,726
Intercompany receivables	3,856	6,459
Accrued revenue	321,214	300,122
Derivative instruments	420,842	460,685
Other current assets	6,051	8,273
Total current assets	806,500	829,343
Unproved properties	2,108,109	2,266,673
Proved properties	12,423,199	11,460,615
Gathering systems and facilities	17,825	17,929
Other property and equipment	60,693	57,429
Property and equipment, gross	14,609,826	13,802,646
Less accumulated depletion, depreciation, and amortization	(3,209,725)	(2,812,851)
Property and equipment, net	11,400,101	10,989,795
Derivative instruments	763,592	841,257
Investment in subsidiaries	(695,059)	(573,926)
Contingent acquisition consideration asset	215,835	208,014
Other assets, net	31,374	35,371
Total assets	12,522,343	12,329,854
Liabilities and Stockholders' Equity
Accounts payable	77,723	54,340
Intercompany payable	114,072	110,182
Accrued liabilities	349,647	338,819
Revenue distributions payable	211,234	209,617
Derivative instruments	30,661	28,476
Other current liabilities	9,840	17,587
Total current liabilities	793,177	759,021
Long-term debt	3,876,778	3,604,090
Deferred income tax liability	763,192	779,645
Derivative instruments		207
Other liabilities	41,737	42,906
Total liabilities	5,474,884	5,185,869
Common stock	3,171	3,164
Additional paid-in capital	5,590,775	5,565,756
Accumulated earnings	1,453,513	1,575,065
Total stockholders' equity	7,047,459	7,143,985
Total equity	7,047,459	7,143,985
Total liabilities and equity	12,522,343	12,329,854
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream)
Current assets:
Cash and cash equivalents	19,525	8,363	$ 17,533	$ 14,042
Accounts receivable, net	12,222	1,170
Intercompany receivables	114,072	110,182
Other current assets	539	670
Total current assets	146,358	120,385
Water handling and treatment systems	970,863	942,361
Gathering systems and facilities	2,237,560	2,032,561
Other property and equipment	73
Property and equipment, gross	3,208,496	2,974,922
Less accumulated depletion, depreciation, and amortization	(438,185)	(369,320)
Property and equipment, net	2,770,311	2,605,602
Investments in unconsolidated affiliates	358,830	303,302
Other assets, net	20,730	12,920
Total assets	3,296,229	3,042,209
Liabilities and Stockholders' Equity
Accounts payable	18,754	8,642
Intercompany payable	3,856	6,459
Accrued liabilities	89,182	106,006
Other current liabilities	213	209
Total current liabilities	112,005	121,316
Long-term debt	1,411,566	1,196,000
Contingent acquisition consideration	215,835	208,014
Other liabilities	5,690	410
Total liabilities	1,745,096	1,525,740
Partners' capital	1,551,133	1,516,469
Total stockholders' equity	1,551,133	1,516,469
Total equity	1,551,133	1,516,469
Total liabilities and equity	3,296,229	3,042,209
Eliminations
Current assets:
Intercompany receivables	(117,928)	(116,641)
Total current assets	(117,928)	(116,641)
Proved properties	(498,335)	(364,153)
Water handling and treatment systems	9,074	4,309
Property and equipment, gross	(489,261)	(359,844)
Property and equipment, net	(489,261)	(359,844)
Investment in subsidiaries	695,059	573,926
Contingent acquisition consideration asset	(215,835)	(208,014)
Total assets	(127,965)	(110,573)
Liabilities and Stockholders' Equity
Intercompany payable	(117,928)	(116,641)
Accrued liabilities		(1,600)
Other current liabilities	1,479
Total current liabilities	(116,449)	(118,241)
Contingent acquisition consideration	(215,835)	(208,014)
Total liabilities	(332,284)	(326,255)
Partners' capital	(1,551,133)	(1,516,469)
Additional paid-in capital	1,006,762	1,005,196
Total stockholders' equity	(544,371)	(511,273)
Noncontrolling interest in consolidated subsidiary	748,690	726,955
Total equity	204,319	215,682
Total liabilities and equity	$ (127,965)	$ (110,573)

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Revenues from contracts with customers	$ 934,118		$ 704,748	$ 1,845,548	$ 1,461,552
Commodity derivative fair value gains	55,336		85,641	77,773	524,416
Marketing derivative gains	(110)	$ (21,400)		94,124
Total revenue and other	989,344		790,389	2,017,445	1,985,968
Operating expenses:
Production and ad valorem taxes	25,891		22,553	51,714	47,346
Impairment of unproved properties	134,437		15,199	184,973	42,098
Impairment of gathering systems and facilities	8,501			8,501
Depletion, depreciation, and amortization	238,050		201,182	466,294	403,911
Accretion of asset retirement obligations	700		649	1,390	1,286
General and administrative	61,687		64,099	121,717	128,797
Total operating expenses	1,022,107		666,646	1,903,714	1,360,882
Operating income (loss)	(32,763)		123,743	113,731	625,086
Equity in earnings of unconsolidated affiliates	9,264		3,623	17,126	5,854
Interest	(69,349)		(68,582)	(133,775)	(135,252)
Total other expenses	(60,085)		(64,959)	(116,649)	(129,398)
Income (loss) before income taxes	(92,848)		58,784	(2,918)	495,688
Provision for income tax (expense) benefit	25,573		(18,819)	16,453	(150,165)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(67,275)		39,965	13,535	345,523
Net income and comprehensive income attributable to noncontrolling interest	69,110		45,097	135,087	82,259
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(136,385)		(5,132)	(121,552)	263,264
Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	5,518		3,192	10,453	5,796
Operating expenses:
Cost of goods and services sold	307,786		266,747	599,724	533,576
Natural gas sales
Revenue:
Revenues from contracts with customers	473,540		454,257	971,203	920,921
Natural gas liquids sales
Revenue:
Revenues from contracts with customers	255,985		170,819	490,155	365,471
Oil sales
Revenue:
Revenues from contracts with customers	38,873		26,512	69,146	53,472
Marketing
Revenue:
Revenues from contracts with customers	160,202		49,968	304,591	115,892
Operating expenses:
Cost of goods and services sold	213,420		77,421	409,159	167,414
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	30,164		16,992	56,886	32,543
Exploration
Operating expenses:
Cost of goods and services sold	1,471		1,804	3,356	3,911
Reportable legal entity | Parent (Antero)
Revenue:
Commodity derivative fair value gains	55,336		85,641	77,773	524,416
Marketing derivative gains	(110)			94,124
Total revenue and other	989,005		791,108	2,018,046	1,988,523
Operating expenses:
Production and ad valorem taxes	24,886		21,599	49,693	45,574
Impairment of unproved properties	134,437		15,199	184,973	42,098
Impairment of gathering systems and facilities	4,470			4,470
Depletion, depreciation, and amortization	201,617		170,670	397,429	345,863
Accretion of asset retirement obligations	666		649	1,322	1,286
General and administrative	46,662		49,531	93,082	100,587
Accretion of contingent acquisition consideration				(7,821)	(7,116)
Total operating expenses	1,069,649		707,278	2,001,111	1,440,648
Operating income (loss)	(80,644)		83,830	16,935	547,875
Interest	(54,388)		(59,735)	(107,886)	(117,738)
Equity in earnings (loss) of consolidated subsidiaries	(26,926)		(10,408)	(47,054)	(16,708)
Total other expenses	(81,314)		(70,143)	(154,940)	(134,446)
Income (loss) before income taxes	(161,958)		13,687	(138,005)	413,429
Provision for income tax (expense) benefit	25,573		(18,819)	16,453	(150,165)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(136,385)		(5,132)	(121,552)	263,264
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(136,385)		(5,132)	(121,552)	263,264
Reportable legal entity | Parent (Antero) | Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	409,708		353,216	794,053	700,984
Reportable legal entity | Parent (Antero) | Natural gas sales
Revenue:
Revenues from contracts with customers	473,540		454,257	971,203	920,921
Reportable legal entity | Parent (Antero) | Natural gas liquids sales
Revenue:
Revenues from contracts with customers	255,985		170,819	490,155	365,471
Reportable legal entity | Parent (Antero) | Oil sales
Revenue:
Revenues from contracts with customers	38,873		26,512	69,146	53,472
Reportable legal entity | Parent (Antero) | Marketing
Revenue:
Revenues from contracts with customers	160,202		49,968	304,591	115,892
Operating expenses:
Cost of goods and services sold	213,420		77,421	409,159	167,414
Reportable legal entity | Parent (Antero) | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	32,312		17,189	63,574	32,931
Reportable legal entity | Parent (Antero) | Exploration
Operating expenses:
Cost of goods and services sold	1,471		1,804	3,356	3,911
Reportable legal entity | Parent (Antero) | Other
Revenue:
Revenues from contracts with customers	5,179		3,911	11,054	8,351
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream)
Revenue:
Gain on sale of assets	583			583
Total revenue and other	250,975		193,767	480,566	368,536
Operating expenses:
Production and ad valorem taxes	1,005		954	2,021	1,772
Impairment of gathering systems and facilities	4,614			4,614
Depletion, depreciation, and amortization	36,433		30,512	68,865	58,048
Accretion of asset retirement obligations	34			68
General and administrative	15,494		14,789	29,949	29,246
Accretion of contingent acquisition consideration	3,947		3,590	7,821	7,116
Total operating expenses	136,145		101,199	254,196	194,272
Operating income (loss)	114,830		92,568	226,370	174,264
Equity in earnings of unconsolidated affiliates	9,264		3,623	17,126	5,854
Interest	(14,628)		(9,015)	(25,925)	(17,851)
Total other expenses	(5,364)		(5,392)	(8,799)	(11,997)
Income (loss) before income taxes	109,466		87,176	217,571	162,267
Net income (loss) and comprehensive income (loss) including noncontrolling interest	109,466		87,176	217,571	162,267
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	109,466		87,176	217,571	162,267
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream) | Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	250,392		193,767	479,983	368,536
Operating expenses:
Cost of goods and services sold	12,400		9,910	23,768	18,024
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream) | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	62,218		41,444	117,090	80,066
Eliminations
Revenue:
Gain on sale of assets	(583)			(583)
Total revenue and other	(250,636)		(194,486)	(481,167)	(371,091)
Operating expenses:
Impairment of gathering systems and facilities	(583)			(583)
General and administrative	(469)		(221)	(1,314)	(1,036)
Accretion of contingent acquisition consideration	(3,947)		(3,590)	(7,821)	(7,116)
Total operating expenses	(183,687)		(141,831)	(351,593)	(274,038)
Operating income (loss)	(66,949)		(52,655)	(129,574)	(97,053)
Interest	(333)		168	36	337
Equity in earnings (loss) of consolidated subsidiaries	26,926		10,408	47,054	16,708
Total other expenses	26,593		10,576	47,090	17,045
Income (loss) before income taxes	(40,356)		(42,079)	(82,484)	(80,008)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(40,356)		(42,079)	(82,484)	(80,008)
Net income and comprehensive income attributable to noncontrolling interest	69,110		45,097	135,087	82,259
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(109,466)		(87,176)	(217,571)	(162,267)
Eliminations | Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	(244,874)		(190,575)	(469,530)	(362,740)
Operating expenses:
Cost of goods and services sold	(114,322)		(96,379)	(218,097)	(185,432)
Eliminations | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	(64,366)		(41,641)	(123,778)	(80,454)
Eliminations | Other
Revenue:
Revenues from contracts with customers	$ (5,179)		$ (3,911)	$ (11,054)	$ (8,351)

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	$ (67,275)		$ 39,965	$ 13,535	$ 345,523
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion				467,684	405,197
Impairment of unproved properties	134,437		15,199	184,973	42,098
Impairment of gathering systems and facilities	8,501			8,501
Commodity derivative fair value gains	(55,336)		(85,641)	(77,773)	(524,416)
Gains on settled commodity derivatives				197,225	75,913
Marketing derivative fair value gains	110	$ 21,400		(94,124)
Gains on settled marketing derivatives				94,158
Deferred income tax expense (benefit)				(16,453)	150,165
Equity-based compensation expense	19,071		26,975	40,227	52,478
Equity in earnings of unconsolidated affiliates	(9,264)		(3,623)	(17,126)	(5,854)
Distributions from unconsolidated affiliates				17,895	5,820
Other				1,932	472
Changes in current assets and liabilities				18,286	100,190
Net cash provided by operating activities				838,940	647,586
Cash flows used in investing activities:
Additions to proved properties					(179,318)
Additions to unproved properties				(87,861)	(129,876)
Drilling and completion costs				(752,781)	(629,308)
Additions to water handling and treatment systems				(58,127)	(95,451)
Additions to gathering systems and facilities				(206,753)	(155,365)
Additions to other property and equipment				(3,502)	(6,564)
Investments in unconsolidated affiliates				(56,297)	(191,364)
Change in other assets				(7,026)	(12,452)
Other					2,156
Net cash used in investing activities				(1,172,347)	(1,397,542)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP					246,585
Borrowings on bank credit facility, net				485,000	585,000
Distributions				(119,023)	(61,869)
Distributions to noncontrolling interest in consolidated subsidiary				(119,023)	(61,869)
Employee tax withholding for settlement of equity compensation awards				(7,967)	(8,433)
Other				(2,436)	(2,747)
Net cash provided by financing activities				355,574	758,536
Net increase (decrease) in cash and cash equivalents				22,167	8,580
Cash and cash equivalents, beginning of period				28,441	31,610
Cash and cash equivalents, end of period	50,608	28,441	40,190	50,608	40,190
Eliminations
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	(40,356)		(42,079)	(82,484)	(80,008)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Accretion of contingent acquisition consideration	(3,947)		(3,590)	(7,821)	(7,116)
Impairment of gathering systems and facilities	(583)			(583)
Gain on sale of assets				583
Equity in earnings (loss) of consolidated subsidiaries	(26,926)		(10,408)	(47,054)	(16,708)
Distributions from Antero Midstream				(74,647)	(63,145)
Changes in current assets and liabilities				3,933	356
Net cash provided by operating activities				(200,252)	(159,505)
Cash flows used in investing activities:
Drilling and completion costs				134,678	96,360
Additions to water handling and treatment systems				(9,073)
Net cash used in investing activities				125,605	96,360
Cash flows provided by (used in) financing activities:
Distributions				74,647	63,145
Net cash provided by financing activities				74,647	63,145
Parent (Antero) | Reportable legal entity
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	(136,385)		(5,132)	(121,552)	263,264
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion				398,751	347,149
Accretion of contingent acquisition consideration				(7,821)	(7,116)
Impairment of unproved properties	134,437		15,199	184,973	42,098
Impairment of gathering systems and facilities	4,470			4,470
Commodity derivative fair value gains	(55,336)		(85,641)	(77,773)	(524,416)
Gains on settled commodity derivatives				197,225	75,913
Marketing derivative fair value gains	110			(94,124)
Gains on settled marketing derivatives				94,158
Deferred income tax expense (benefit)				(16,453)	150,165
Equity-based compensation expense				28,149	39,241
Equity in earnings (loss) of consolidated subsidiaries	26,926		10,408	47,054	16,708
Other				547	(795)
Distributions from Antero Midstream				74,647	63,145
Changes in current assets and liabilities				14,510	106,797
Net cash provided by operating activities				726,761	572,153
Cash flows used in investing activities:
Additions to proved properties					(179,318)
Additions to unproved properties				(87,861)	(129,876)
Drilling and completion costs				(887,459)	(725,668)
Additions to other property and equipment				(3,502)	(6,564)
Change in other assets				2,051	(7,648)
Net cash used in investing activities				(976,771)	(1,046,918)
Cash flows provided by (used in) financing activities:
Borrowings on bank credit facility, net				270,000	490,000
Employee tax withholding for settlement of equity compensation awards				(6,649)	(7,501)
Other				(2,336)	(2,645)
Net cash provided by financing activities				261,015	479,854
Net increase (decrease) in cash and cash equivalents				11,005	5,089
Cash and cash equivalents, beginning of period				20,078	17,568
Cash and cash equivalents, end of period	31,083	20,078	22,657	31,083	22,657
Non-Guarantor Subsidiaries (Antero Midstream) | Reportable legal entity
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	109,466		87,176	217,571	162,267
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion				68,933	58,048
Accretion of contingent acquisition consideration	3,947		3,590	7,821	7,116
Impairment of gathering systems and facilities	4,614			4,614
Gain on sale of assets				(583)
Equity-based compensation expense				12,078	13,237
Equity in earnings of unconsolidated affiliates	(9,264)		(3,623)	(17,126)	(5,854)
Distributions from unconsolidated affiliates				17,895	5,820
Other				1,385	1,267
Changes in current assets and liabilities				(157)	(6,963)
Net cash provided by operating activities				312,431	234,938
Cash flows used in investing activities:
Additions to water handling and treatment systems				(49,054)	(95,451)
Additions to gathering systems and facilities				(206,753)	(155,365)
Investments in unconsolidated affiliates				(56,297)	(191,364)
Change in other assets				(9,077)	(4,804)
Net cash used in investing activities				(321,181)	(446,984)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP					246,585
Borrowings on bank credit facility, net				215,000	95,000
Distributions				(193,670)	(125,014)
Employee tax withholding for settlement of equity compensation awards				(1,318)	(932)
Other				(100)	(102)
Net cash provided by financing activities				19,912	215,537
Net increase (decrease) in cash and cash equivalents				11,162	3,491
Cash and cash equivalents, beginning of period				8,363	14,042
Cash and cash equivalents, end of period	$ 19,525	$ 8,363	$ 17,533	$ 19,525	$ 17,533