Antero Resources (AR) 10-Q 31 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 26, 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		317,114,931
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 28,441
Accounts receivable, net of allowance for doubtful accounts of $1,320 at December 31, 2017 and $1,195 at September 30, 2018, respectively	$ 46,604	34,896
Accrued revenue	354,010	300,122
Derivative instruments	493,354	460,685
Other current assets	12,664	8,943
Total current assets	906,632	833,087
Natural gas properties, at cost (successful efforts method):
Unproved properties	1,928,990	2,266,673
Proved properties	12,306,198	11,096,462
Water handling and treatment systems	993,285	946,670
Gathering systems and facilities	2,384,041	2,050,490
Other property and equipment	62,739	57,429
Property and equipment, gross	17,675,253	16,417,724
Less accumulated depletion, depreciation, and amortization	(3,890,834)	(3,182,171)
Property and equipment, net	13,784,419	13,235,553
Derivative instruments	672,768	841,257
Investments in unconsolidated affiliates	392,893	303,302
Other assets	45,823	48,291
Total assets	15,802,535	15,261,490
Current liabilities:
Accounts payable	91,940	62,982
Accrued liabilities	457,216	443,225
Revenue distributions payable	245,832	209,617
Derivative instruments	10,456	28,476
Other current liabilities	8,427	17,796
Total current liabilities	813,871	762,096
Long-term liabilities:
Long-term debt	5,487,004	4,800,090
Deferred income tax liability	782,145	779,645
Derivative instruments		207
Other liabilities	48,363	43,316
Total liabilities	7,131,383	6,385,354
Commitments and contingencies (notes 12 and 13)
Equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 316,379 shares and 317,086 shares issued and outstanding at December 31, 2017 and September 30, 2018, respectively	3,171	3,164
Additional paid-in capital	6,611,348	6,570,952
Accumulated earnings	1,299,094	1,575,065
Total stockholders' equity	7,913,613	8,149,181
Noncontrolling interest in consolidated subsidiary	757,539	726,955
Total equity	8,671,152	8,876,136
Total liabilities and equity	$ 15,802,535	$ 15,261,490

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 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	317,086,000	316,379,000
Common stock, shares outstanding	317,086,000	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue:
Revenues from contracts with customers	$ 1,019,555	$ 713,837	$ 2,865,104	$ 2,175,389
Marketing derivative gains (losses)	(42)		94,081
Commodity derivative fair value gains (losses)	57,019	(65,957)	134,793	458,459
Total revenue and other	1,076,532	647,880	3,093,978	2,633,848
Operating expenses:
Production and ad valorem taxes	30,518	22,995	82,232	70,341
Impairment of unproved properties	221,094	41,000	406,068	83,098
Impairment of gathering systems and facilities	1,157		9,658
Depletion, depreciation, and amortization	243,186	206,968	709,480	610,879
Accretion of asset retirement obligations	710	658	2,101	1,944
General and administrative	59,860	62,203	181,576	191,000
Total operating expenses	1,071,728	719,932	2,975,444	2,080,814
Operating income (loss)	4,804	(72,052)	118,534	553,034
Other income (expenses):
Equity in earnings of unconsolidated affiliates	10,705	7,033	27,832	12,887
Interest	(74,528)	(70,059)	(208,303)	(205,311)
Total other expenses	(63,823)	(63,026)	(180,471)	(192,424)
Income (loss) before income taxes	(59,019)	(135,078)	(61,937)	360,610
Provision for income tax (expense) benefit	(18,953)	45,078	(2,500)	(105,087)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(77,972)	(90,000)	(64,437)	255,523
Net income and comprehensive income attributable to noncontrolling interest	76,447	45,063	211,534	127,322
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ (154,419)	$ (135,063)	$ (275,971)	$ 128,201
Earnings (loss) per common share:
Earnings (loss) per common share - basic (in dollars per share)	$ (0.49)	$ (0.43)	$ (0.87)	$ 0.41
Earnings (loss) per common share assuming dilution:
Earnings (loss) per common share—assuming dilution (in dollars per share)			$ (0.87)	$ 0.41
Weighted average number of shares outstanding
Basic (in shares)	317,082	315,463	316,850	315,275
Diluted (in shares)	317,082	315,463	316,850	316,140
Natural gas sales
Revenue:
Revenues from contracts with customers	$ 527,122	$ 409,141	$ 1,498,324	$ 1,330,062
Natural gas liquids sales
Revenue:
Revenues from contracts with customers	338,269	224,533	828,424	590,004
Oil sales
Revenue:
Revenues from contracts with customers	59,722	26,527	128,869	79,999
Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	4,844	2,869	15,298	8,665
Operating expenses:
Cost of goods and services sold	326,504	282,134	926,228	815,710
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	36,269	23,491	93,155	56,034
Marketing
Revenue:
Revenues from contracts with customers	89,598	50,767	394,189	166,659
Operating expenses:
Cost of goods and services sold	151,764	78,884	560,924	246,298
Exploration
Operating expenses:
Cost of goods and services sold	$ 666	$ 1,599	$ 4,022	$ 5,510

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 16,202	$ 26,447	$ 56,429	$ 78,925

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balance at Dec. 31, 2016	$ 3,149	$ 5,299,481	$ 959,995	$ 1,465,953	$ 7,728,578
Balance (in shares) at Dec. 31, 2016	314,877
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 1	(1,658)			(1,657)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	129
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings				223,119	223,119
Equity-based compensation		23,354		2,149	25,503
Net income (loss) and comprehensive income (loss) including noncontrolling interest			268,396	37,162	305,558
Effects of changes in ownership interests in consolidated subsidiaries		1,085,981		(1,085,981)
Distributions to non-controlling interests				(27,149)	(27,149)
Balance at Mar. 31, 2017	$ 3,150	6,407,158	1,228,391	615,253	8,253,952
Balance (in shares) at Mar. 31, 2017	315,006
Balance at Dec. 31, 2016	$ 3,149	5,299,481	959,995	1,465,953	7,728,578
Balance (in shares) at Dec. 31, 2016	314,877
Increase (Decrease) in Stockholders' Equity
Net income (loss) and comprehensive income (loss) including noncontrolling interest					255,523
Balance at Sep. 30, 2017	$ 3,155	6,564,320	1,088,196	731,591	8,387,262
Balance (in shares) at Sep. 30, 2017	315,470
Balance at Mar. 31, 2017	$ 3,150	6,407,158	1,228,391	615,253	8,253,952
Balance (in shares) at Mar. 31, 2017	315,006
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 4	(5,848)			(5,844)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	442
Issuance of common units by subsidiary - Antero Midstream Partners LP				23,466	23,466
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(1,559)		627	(932)
Equity-based compensation		24,543		2,432	26,975
Net income (loss) and comprehensive income (loss) including noncontrolling interest			(5,132)	45,097	39,965
Effects of changes in ownership interests in consolidated subsidiaries		10,753		(10,753)
Distributions to non-controlling interests				(34,720)	(34,720)
Balance at Jun. 30, 2017	$ 3,154	6,435,047	1,223,259	641,402	8,302,862
Balance (in shares) at Jun. 30, 2017	315,448
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 1	(68)			(67)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	22
Sale of common units of Antero Midstream Partners LP held by Antero Resources Corporation		205,780		(19,940)	185,840
Issuance of common units by subsidiary - Antero Midstream Partners LP				2,364	2,364
Equity-based compensation		23,889		2,558	26,447
Net income (loss) and comprehensive income (loss) including noncontrolling interest			(135,063)	45,063	(90,000)
Effects of changes in ownership interests in consolidated subsidiaries		(100,328)		100,328
Distributions to non-controlling interests				(40,184)	(40,184)
Balance at Sep. 30, 2017	$ 3,155	6,564,320	1,088,196	731,591	8,387,262
Balance (in shares) at Sep. 30, 2017	315,470
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	$ 1	(1,067)			(1,066)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	145
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(50)		32	(18)
Equity-based compensation		18,802		2,354	21,156
Net income (loss) and comprehensive income (loss) including noncontrolling interest			14,833	65,977	80,810
Effects of changes in ownership interests in consolidated subsidiaries		(555)		555
Distributions to non-controlling interests				(55,915)	(55,915)
Other				(5)	(5)
Balance at Mar. 31, 2018	$ 3,165	6,588,082	1,589,898	739,953	8,921,098
Balance (in shares) at Mar. 31, 2018	316,524
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
Net income (loss) and comprehensive income (loss) including noncontrolling interest					(64,437)
Balance at Sep. 30, 2018	$ 3,171	6,611,348	1,299,094	757,539	8,671,152
Balance (in shares) at Sep. 30, 2018	317,086
Balance at Mar. 31, 2018	$ 3,165	6,588,082	1,589,898	739,953	8,921,098
Balance (in shares) at Mar. 31, 2018	316,524
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 6	(5,589)			(5,583)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	528
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(4,007)		2,707	(1,300)
Equity-based compensation		16,930		2,141	19,071
Net income (loss) and comprehensive income (loss) including noncontrolling interest			(136,385)	69,110	(67,275)
Effects of changes in ownership interests in consolidated subsidiaries		2,121		(2,121)
Distributions to non-controlling interests				(63,108)	(63,108)
Other				8	8
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
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings		(157)			(157)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	34
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(306)		226	(80)
Equity-based compensation		14,646		1,556	16,202
Net income (loss) and comprehensive income (loss) including noncontrolling interest			(154,419)	76,447	(77,972)
Effects of changes in ownership interests in consolidated subsidiaries		(372)		372
Distributions to non-controlling interests				(69,752)	(69,752)
Balance at Sep. 30, 2018	$ 3,171	$ 6,611,348	$ 1,299,094	$ 757,539	$ 8,671,152
Balance (in shares) at Sep. 30, 2018	317,086

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	$ (64,437)	$ 255,523
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	711,581	612,823
Impairment of unproved properties	406,068	83,098
Impairment of gathering systems and facilities	9,658
Commodity derivative fair value gains	(134,793)	(458,459)
Gains on settled commodity derivatives	268,369	137,392
Marketing derivative fair value gains	(94,081)
Gains on settled marketing derivatives	78,098
Proceeds from derivative monetizations		749,906
Deferred income tax expense	2,500	105,087
Equity-based compensation expense	56,429	78,925
Equity in earnings of unconsolidated affiliates	(27,832)	(12,887)
Distributions from unconsolidated affiliates	29,660	10,120
Other	2,945	1,191
Changes in current assets and liabilities:
Accounts receivable	4,653	1,771
Accrued revenue	(53,888)	28,375
Other current assets	(3,721)	(3,836)
Accounts payable	8,177	4,731
Accrued liabilities	27,446	43,043
Revenue distributions payable	36,215	56,982
Other current liabilities	(2,649)	(977)
Net cash provided by operating activities	1,260,398	1,692,808
Cash flows used in investing activities:
Additions to proved properties		(179,318)
Additions to unproved properties	(130,381)	(182,207)
Drilling and completion costs	(1,125,660)	(946,508)
Additions to water handling and treatment systems	(77,385)	(143,470)
Additions to gathering systems and facilities	(337,448)	(254,619)
Additions to other property and equipment	(5,371)	(11,417)
Investments in unconsolidated affiliates	(91,419)	(216,776)
Change in other assets	(2,675)	(16,148)
Other		2,156
Net cash used in investing activities	(1,770,339)	(1,948,307)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP		248,949
Proceeds From Sale Of Interest In Partnership Unit		311,100
Borrowings (repayments) on bank credit facilities, net	682,000	(198,000)
Distributions to noncontrolling interest in consolidated subsidiary	(188,775)	(102,053)
Employee tax withholding for settlement of equity compensation awards	(8,205)	(8,500)
Other	(3,520)	(3,913)
Net cash provided by financing activities	481,500	247,583
Net increase (decrease) in cash and cash equivalents	(28,441)	(7,916)
Cash and cash equivalents, beginning of period	28,441	31,610
Cash and cash equivalents, end of period		23,694
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	179,489	174,324
Supplemental disclosure of noncash investing activities:
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ 7,325	$ (3,084)

Organization

Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) (a) These unaudited 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 September 30, 2018, the results of its operations for the three and nine months ended September 30, 2017 and 2018, and its cash flows for the nine months ended September 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 September 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 except for the proposed simplification and related transactions announced on October 9, 2018. See note 17 for descriptions of the Simplification Agreement and share repurchase program. (b) The accompanying unaudited 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 unaudited 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 September 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 under services and secondment agreements between the respective parties. · 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 unaudited condensed consolidated financial statements. Noncontrolling interest in the Company’s unaudited 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 unaudited 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 unaudited 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 unaudited condensed consolidated statements of operations and cash flows. (c) The preparation of the unaudited 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 unaudited 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 unaudited 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 and revenue distributions payable within its unaudited condensed consolidated balance sheets, and classifies the change in accounts payable and revenue distributions payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of September 30, 2018, the overdraft included within accounts payable and revenue distributions payable was $11.7 million and $26.7 million, respectively. (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 unaudited 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 unaudited 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 nine months ended September 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 nine months ended September 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. (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 September 30, Nine Months Ended September 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,463 317,082 315,275 316,850 Add: Dilutive effect of restricted stock units — — 828 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 37 — Diluted weighted average number of shares outstanding 315,463 317,082 316,140 316,850 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,054 2,813 2,293 2,996 Outstanding stock options 674 619 679 637 Performance stock units 1,293 1,880 1,002 1,665 (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 unaudited 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. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company is updating its accounting policies and internal controls that would be impacted by the new guidance and implementing information technology tools to assist in its ongoing lease data collection and analysis to ensure readiness for adoption in the first quarter of 2019. 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	9 Months Ended
	Sep. 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 compression 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 nine months ended September 30, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of September 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 September 30, 2018.

Revenue

Revenue	9 Months Ended
	Sep. 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 and collect a contractually agreed upon index price, net of pricing differentials. We recognize revenue based on the contract price when we transfer control of the product to the purchaser. 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 September 30, Nine Months Ended September 30, Segment to which 2017 2018 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 409,141 527,122 1,330,062 1,498,324 Exploration and production Natural gas liquids sales (ethane) 24,205 56,185 64,078 115,947 Exploration and production Natural gas liquids sales (C3+ NGLs) 200,328 282,084 525,926 712,477 Exploration and production Oil sales 26,527 59,722 79,999 128,869 Exploration and production Gathering and compression 2,609 4,439 7,472 12,848 Gathering and processing Water handling and treatment 260 405 1,193 2,450 Water handling and treatment Marketing 50,767 89,598 166,659 394,189 Marketing Total 713,837 1,019,555 2,175,389 2,865,104 Income from derivatives and other sources (65,957) 56,977 458,459 228,874 Total revenue and other $ 647,880 1,076,532 2,633,848 3,093,978 (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 September 30, 2018, our receivables from contracts with customers were $300 million and $354 million, respectively.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 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 compression 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 nine months ended September 30, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of September 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 September 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 nine months ended September 30, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 91,419 91,419 Equity in net income of unconsolidated affiliates 8,346 19,486 27,832 Distributions from unconsolidated affiliates (7,515) (22,145) (29,660) Balance at September 30, 2018 $ 67,959 324,934 392,893 Investments in the Joint Venture during the nine months ended September 30, 2018 relate to capital contributions for construction of additional processing facilities.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities as of December 31, 2017 and September 30, 2018 consisted of the following items (in thousands): December 31, 2017 September 30, 2018 Capital expenditures $ 155,300 143,170 Gathering, compression, processing, and transportation expenses 88,850 112,937 Marketing expenses 59,049 46,537 Interest expense 40,861 64,641 Other 99,165 89,931 $ 443,225 457,216

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2018
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt was as follows at December 31, 2017 and September 30, 2018 (in thousands): December 31, 2017 September 30, 2018 Antero Resources: Credit Facility(a) $ 185,000 547,000 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 1,312 Net unamortized debt issuance costs (32,430) (28,162) Antero Midstream: Midstream Credit Facility(g) 555,000 875,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,146) $ 4,800,090 5,487,004 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 September 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 September 30, 2018. As of September 30, 2018, Antero had an outstanding balance under the Credit Facility of $547 million, with a weighted average interest rate of 3.75%, 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 September 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 September 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. The revolving credit facility was amended on October 31, 2018 to increase lender commitments from $1.5 billion to $2.0 billion. 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 September 30, 2018. As of September 30, 2018, Antero Midstream had an outstanding balance under the Midstream Credit Facility of $875 million with a weighted average interest rate of 3.39%, 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	9 Months Ended
	Sep. 30, 2018
Asset Retirement Obligations
Asset Retirement Obligations	(8) The following is a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2018 (in thousands): 2018 Asset retirement obligations—December 31, 2017 $ 34,610 Obligations settled — Obligations incurred 5,019 Revisions to prior estimates — Accretion expense 2,101 Asset retirement obligations—September 30, 2018 $ 41,730 Asset retirement obligations are included in other liabilities on the Company’s unaudited condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 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 7,843,312 shares were available for future grant under the Plan as of September 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 7,739,077 common units were available for future grant under the Midstream Plan as of September 30, 2018. The Company’s equity-based compensation expense, by type of award, was as follows for the three and nine months ended September 30, 2017 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 2018 Restricted stock unit awards $ 10,001 33,676 Stock options 614 452 1,850 1,428 Performance share unit awards 3,014 1,017 7,897 7,018 Antero Midstream phantom unit awards 4,420 4,193 12,752 Equity awards issued to directors 489 539 1,456 1,555 Total expense $ 16,202 56,429 Restricted Stock Unit Awards Restricted stock unit awards vest subject to the satisfaction of service requirements. Expense related to each restricted stock unit award is recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the date of the grant. A summary of restricted stock unit awards activity for the nine months ended September 30, 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 668,662 $ 20.74 Vested (950,644) $ 39.30 Forfeited (362,670) $ 25.91 Total awarded and unvested—September 30, 2018 2,779,432 $ 23.29 $ 49,224 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of September 30, 2018, there was $37.1 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 2.2 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 nine months ended September 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 (51,582) $ 50.00 Expired — $ — Outstanding at September 30, 2018 608,930 $ 50.52 6.15 $ — Vested or expected to vest as of September 30, 2018 608,930 $ 50.52 6.15 $ — Exercisable at September 30, 2018 481,842 $ 50.66 6.05 $ — Intrinsic values are based on the exercise price of the options and the closing price of the Company’s stock on the referenced dates. As of September 30, 2018, there was $1.0 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 0.5 years. Performance Share Unit Awards Performance Share Unit Awards Based on Price Targets In 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers that are based on price targets. The vesting of these PSUs is conditioned on the closing price of the Company’s common stock achieving specific price thresholds over 10-day periods, subject to the following vesting restrictions: no PSUs may vest before the first anniversary of the grant date; no more than one-third of the PSUs may vest before the second anniversary of the grant date; and no more than two-thirds of the PSUs may vest before the third anniversary of the grant date. Any PSUs which have not vested by the fifth anniversary of the grant date will expire. Expense related to these PSUs is recognized on a graded basis over three years. Performance Share Unit Awards Based on Total Shareholder Return (“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 nine months ended September 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 (167,193) $ 27.85 Total awarded and unvested—September 30, 2018 1,831,450 $ 26.42 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 nine months ended September 30, 2017 and 2018, and the assumptions used to determine the fair values: Nine Months Ended September 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 September 30, 2018, there was $24.2 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 2.1 years. Antero Midstream Partners Phantom Unit Awards Phantom units granted by Antero Midstream vest subject to the satisfaction of service requirements, upon the completion of which common units in Antero Midstream are delivered to the holder of the phantom units. 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 nine months ended September 30, 2018 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2017 1,042,963 $ 28.69 $ 30,288 Granted 260,847 $ 25.84 Vested (157,775) $ 27.65 Forfeited (93,419) $ 28.64 Total awarded and unvested—September 30, 2018 1,052,616 $ 28.15 $ 30,168 Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. As of September 30, 2018, there was $16.3 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 2.5 years.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2018
Financial Instruments
Financial Instruments	(10) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2017 and September 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 September 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 September 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 $652 million at September 30, 2018. See Note 11 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 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 2018 natural gas sales contract. 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 $78.1 million during the nine months ended September 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 nine months ended September 30, 2018, the Company recognized a net gain (loss) of less than ($0.1) million and $94.1 million, respectively. The estimated fair value of these contracts of $5.4 million at September 30, 2018 is included in current Derivative liabilities on the Company’s unaudited condensed consolidated balance sheet, and will be recognized as cash settled losses in 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 September 30, 2018. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2017 September 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 $ 493,354 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 672,768 Total asset derivatives 1,301,942 1,166,122 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 5,411 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 5,045 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 10,456 Net derivatives $ 1,273,259 $ 1,155,666 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 September 30, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (65,612) 1,301,942 $ 1,214,248 (48,126) 1,166,122 Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (53,171) 48,126 (5,045) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (5,411) — (5,411) The following is a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2018 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2017 2018 2017 2018 Commodity derivative fair value gains (losses) Revenue $ (65,957) 57,019 $ 458,459 134,793 Marketing derivative fair value gains (losses) Revenue $ — (42) $ — 94,081 The fair value of derivative instruments was determined using Level 2 inputs.

Commitments

Commitments	9 Months Ended
	Sep. 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 September 30, 2018 (in millions). Firm Processing, Drilling rigs and completion Office and equipment (in millions) (a) (b) (c) (d) Total Remainder of 2018 $ 230 155 29 4 418 2019 1,087 360 92 14 1,553 2020 1,107 397 30 13 1,547 2021 1,086 382 5 11 1,484 2022 1,034 378 — 9 1,421 2023 1,022 369 — 7 1,398 Thereafter 8,690 1,670 — 49 10,409 Total $ 14,256 3,711 156 107 18,230 (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 but has not yet had a significant impact on the financial results of the water handling and treatment segment as a result of delays in reaching contracted treatment capacity. 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	9 Months Ended
	Sep. 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 September 30, 2018, the Company estimates that it is owed approximately $82 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. The Court dismissed WGL’s lawsuit because WGL had not adequately pled a claim against Antero for the alleged failure to deliver “TCO pool” gas under the Contracts. WGL appealed this decision to the Colorado Court of Appeals and on October 11, 2018 the Colorado Court of Appeals reversed the Colorado district court’s decision finding that WGL had adequately pled a claim for relief and remanded the case back to the district court for further proceedings. The Colorado Court of Appeals did not address the issue of whether WGL’s claims were independently barred by the prior arbitration’s findings. 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 already rejected by the arbitration panel. 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 September 30, 2018, these damages amounted to approximately $105 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. The additional 330,000 MMBtu/day will be delivered to WGL at a delivery point in Loudoun County, Virginia. 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	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 unaudited condensed consolidated financial statements. The operating results and assets of the Company’s reportable segments were as follows for the three months ended September 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2017: Sales and revenues: Third-party $ 594,244 2,609 260 50,767 — 647,880 Intersegment 3,070 97,909 92,851 — (193,830) — Total $ 597,314 100,518 93,111 50,767 (193,830) 647,880 Operating expenses: Lease operating $ 24,060 — 51,569 — (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 10,468 — — (97,872) 282,134 Impairment of unproved properties 41,000 — — — — 41,000 Depletion, depreciation, and amortization 176,188 22,027 8,753 — — 206,968 General and administrative 48,289 9,336 4,980 — (402) 62,203 Other 24,259 92 3,457 78,884 (2,556) 104,136 Total 683,334 41,923 68,759 78,884 (152,968) 719,932 Operating income (loss) $ (86,020) 58,595 24,352 (28,117) (40,862) (72,052) Equity in earnings of unconsolidated affiliates $ — 7,033 — — — 7,033 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 413,742 99,254 48,019 — (39,358) 521,657 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2018: Sales and revenues: Third-party $ 982,131 4,441 404 89,556 — 1,076,532 Intersegment 5,197 128,761 132,599 — (266,557) — Total $ 987,328 133,202 133,003 89,556 (266,557) 1,076,532 Operating expenses: Lease operating $ 35,124 — 67,608 — (66,463) 36,269 Gathering, compression, processing, and transportation 442,602 12,131 570 — (128,799) 326,504 Impairment of unproved properties 221,094 — — — — 221,094 Impairment of gathering systems and facilities — 1,157 — — — 1,157 Depletion, depreciation, and amortization 204,465 26,095 12,626 — — 243,186 General and administrative 45,474 11,783 3,235 — (632) 59,860 Other 30,695 186 5,033 151,764 (4,020) 183,658 Total 979,454 51,352 89,072 151,764 (199,914) 1,071,728 Operating income (loss) $ 7,874 81,850 43,931 (62,208) (66,643) 4,804 Equity in earnings of unconsolidated affiliates $ — 10,705 — — — 10,705 Segment assets $ 13,484,457 2,367,855 1,043,641 20,481 (1,113,899) 15,802,535 Capital expenditures for segment assets $ 485,219 130,695 19,258 — (67,951) 567,221 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2017: Sales and revenues: Third-party $ 2,458,524 7,472 1,193 166,659 — 2,633,848 Intersegment 11,421 283,467 270,033 — (564,921) — Total $ 2,469,945 290,939 271,226 166,659 (564,921) 2,633,848 Operating expenses: Lease operating $ 56,991 — 131,635 — (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 28,492 — — (283,304) 815,710 Impairment of unproved properties 83,098 — — — — 83,098 Depletion, depreciation, and amortization 521,603 64,445 24,831 — — 610,879 General and administrative 148,876 30,179 13,383 — (1,438) 191,000 Other 75,030 104 12,333 246,298 (9,672) 324,093 Total 1,956,120 123,220 182,182 246,298 (427,006) 2,080,814 Operating income (loss) $ 513,825 167,719 89,044 (79,639) (137,915) 553,034 Equity in earnings of unconsolidated affiliates $ — 12,887 — — — 12,887 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 1,455,168 254,619 143,470 — (135,718) 1,717,539 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2018: Sales and revenues: Third-party $ 2,590,409 12,849 2,450 488,270 — 3,093,978 Intersegment 16,251 347,249 384,224 — (747,724) — Total $ 2,606,660 360,098 386,674 488,270 (747,724) 3,093,978 Operating expenses: Lease operating $ 98,698 — 184,698 — (190,241) 93,155 Gathering, compression, processing, and transportation 1,236,655 35,899 570 — (346,896) 926,228 Impairment of unproved properties 406,068 — — — — 406,068 Impairment of gathering systems and facilities — 9,658 — — — 9,658 Depletion, depreciation, and amortization 601,446 74,215 33,819 — — 709,480 General and administrative 138,555 34,140 10,827 — (1,946) 181,576 Other 85,067 204 14,925 560,924 (11,841) 649,279 Total 2,566,489 154,116 244,839 560,924 (550,924) 2,975,444 Operating income (loss) $ 40,171 205,982 141,835 (72,654) (196,800) 118,534 Equity in earnings of unconsolidated affiliates $ — 27,832 — — — 27,832 Segment assets $ 13,484,457 2,367,855 1,043,641 20,481 (1,113,899) 15,802,535 Capital expenditures for segment assets $ 1,464,041 337,448 77,385 — (202,629) 1,676,245

Subsidiary Guarantors

Subsidiary Guarantors	9 Months Ended
	Sep. 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 September 30, 2018, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 and 2018 and Condensed Consolidating Statements of Cash Flows for the nine months ended September 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 nine months ended September 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 September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net — — 115,905 (115,905) — Intercompany receivables 30,018 — 16,586 — 46,604 Accrued revenue 354,010 — — — 354,010 Derivative instruments 493,354 — — — 493,354 Other current assets 11,190 — 1,474 — 12,664 Total current assets 888,572 — 133,965 (115,905) 906,632 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 1,928,990 — — — 1,928,990 Proved properties 12,871,199 — — (565,001) 12,306,198 Water handling and treatment systems — — 984,225 9,060 993,285 Gathering systems and facilities 17,824 — 2,366,217 — 2,384,041 Other property and equipment 62,666 — 73 — 62,739 14,880,679 — 3,350,515 (555,941) 17,675,253 Less accumulated depletion, depreciation, and amortization (3,414,193) — (476,641) — (3,890,834) Property and equipment, net 11,466,486 — 2,873,874 (555,941) 13,784,419 Derivative instruments 672,768 — — — 672,768 Investments in subsidiaries (756,785) — — 756,785 — Contingent acquisition consideration 219,855 — — (219,855) — Investments in unconsolidated affiliates — — 392,893 — 392,893 Other assets 31,727 — 14,096 — 45,823 Total assets $ 12,522,623 — 3,414,828 (134,916) 15,802,535 Liabilities and Equity Current liabilities: Accounts payable $ 76,284 — 15,656 — 91,940 Intercompany payable 112,147 — 3,758 (115,905) — Accrued liabilities 368,958 — 88,258 — 457,216 Revenue distributions payable 245,832 — — — 245,832 Derivative instruments 10,456 — — — 10,456 Other current liabilities 6,735 — 215 1,477 8,427 Total current liabilities 820,412 — 107,887 (114,428) 813,871 Long-term liabilities: Long-term debt 3,970,150 — 1,516,854 — 5,487,004 Deferred income tax liability 782,145 — — — 782,145 Contingent acquisition consideration — — 219,855 (219,855) — Other liabilities 42,693 — 5,670 — 48,363 Total liabilities 5,615,400 — 1,850,266 (334,283) 7,131,383 Equity: Stockholders' equity: Partners' capital — — 1,564,562 (1,564,562) — Common stock 3,171 — — — 3,171 Additional paid-in capital 5,604,958 — — 1,006,390 6,611,348 Accumulated earnings 1,299,094 — — — 1,299,094 Total stockholders' equity 6,907,223 — 1,564,562 (558,172) 7,913,613 Noncontrolling interests in consolidated subsidiary — — — 757,539 757,539 Total equity 6,907,223 — 1,564,562 199,367 8,671,152 Total liabilities and equity $ 12,522,623 — 3,414,828 (134,916) 15,802,535 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 409,141 — — — 409,141 Natural gas liquids sales 224,533 — — — 224,533 Oil sales 26,527 — — — 26,527 Commodity derivative fair value losses (65,957) — — — (65,957) Gathering, compression, water handling and treatment — — 193,629 (190,760) 2,869 Marketing 50,767 — — — 50,767 Other income 3,070 — — (3,070) — Total revenue 648,081 — 193,629 (193,830) 647,880 Operating expenses: Lease operating 24,060 — 51,569 (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 — 10,468 (97,872) 282,134 Production and ad valorem taxes 22,002 — 993 — 22,995 Marketing 78,884 — — — 78,884 Exploration 1,599 — — — 1,599 Impairment of unproved properties 41,000 — — — 41,000 Depletion, depreciation, and amortization 176,412 — 30,556 — 206,968 Accretion of asset retirement obligations 658 — — — 658 General and administrative 48,289 — 14,316 (402) 62,203 Accretion of contingent acquisition consideration — — 2,556 (2,556) — Total operating expenses 762,442 — 110,458 (152,968) 719,932 Operating income (loss) (114,361) — 83,171 (40,862) (72,052) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,033 — 7,033 Interest (60,906) — (9,311) 158 (70,059) Equity in earnings (loss) of consolidated subsidiaries (4,874) — — 4,874 — Total other expenses (65,780) — (2,278) 5,032 (63,026) Income (loss) before income taxes (180,141) — 80,893 (35,830) (135,078) Provision for income tax benefit 45,078 — — — 45,078 Net income (loss) and comprehensive income (loss) including noncontrolling interests (135,063) — 80,893 (35,830) (90,000) Net income and comprehensive income attributable to noncontrolling interests — — — 45,063 45,063 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (135,063) — 80,893 (80,893) (135,063) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 527,122 — — — 527,122 Natural gas liquids sales 338,269 — — — 338,269 Oil sales 59,722 — — — 59,722 Commodity derivative fair value gains 57,019 — — — 57,019 Gathering, compression, water handling and treatment — — 266,205 (261,361) 4,844 Marketing 89,598 — — — 89,598 Marketing derivative losses (42) — — — (42) Other income 5,327 — — (5,327) — Total revenue 1,077,015 — 266,205 (266,688) 1,076,532 Operating expenses: Lease operating 35,124 — 67,608 (66,463) 36,269 Gathering, compression, processing, and transportation 442,602 — 12,701 (128,799) 326,504 Production and ad valorem taxes 29,352 — 1,166 — 30,518 Marketing 151,764 — — — 151,764 Exploration 666 — — — 666 Impairment of unproved properties 221,094 — — — 221,094 Impairment of gathering systems and facilities — — 1,157 — 1,157 Depletion, depreciation, and amortization 204,730 — 38,456 — 243,186 Accretion of asset retirement obligations 677 — 33 — 710 General and administrative 45,477 — 15,015 (632) 59,860 Accretion of contingent acquisition consideration — — 4,020 (4,020) — Total operating expenses 1,131,486 — 140,156 (199,914) 1,071,728 Operating income (loss) (54,471) — 126,049 (66,774) 4,804 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 10,705 — 10,705 Interest (57,632) — (16,989) 93 (74,528) Equity in earnings (loss) of consolidated subsidiaries (23,363) — — 23,363 — Total other expenses (80,995) — (6,284) 23,456 (63,823) Income (loss) before income taxes (135,466) — 119,765 (43,318) (59,019) Provision for income tax expense (18,953) — — — (18,953) Net income (loss) and comprehensive income (loss) including noncontrolling interests (154,419) — 119,765 (43,318) (77,972) Net income and comprehensive income attributable to noncontrolling interests — — — 76,447 76,447 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (154,419) — 119,765 (119,765) (154,419) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,330,062 — — — 1,330,062 Natural gas liquids sales 590,004 — — — 590,004 Oil sales 79,999 — — — 79,999 Commodity derivative fair value gains 458,459 — — — 458,459 Gathering, compression, water handling and treatment — — 562,165 (553,500) 8,665 Marketing 166,659 — — — 166,659 Other income 11,421 — — (11,421) — Total revenue and other 2,636,604 — 562,165 (564,921) 2,633,848 Operating expenses: Lease operating 56,991 — 131,635 (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 — 28,492 (283,304) 815,710 Production and ad valorem taxes 67,576 — 2,765 — 70,341 Marketing 246,298 — — — 246,298 Exploration 5,510 — — — 5,510 Impairment of unproved properties 83,098 — — — 83,098 Depletion, depreciation, and amortization 522,275 — 88,604 — 610,879 Accretion of asset retirement obligations 1,944 — — — 1,944 General and administrative 148,876 — 43,562 (1,438) 191,000 Accretion of contingent acquisition consideration — — 9,672 (9,672) — Total operating expenses 2,203,090 — 304,730 (427,006) 2,080,814 Operating income 433,514 — 257,435 (137,915) 553,034 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 12,887 — 12,887 Interest (178,644) — (27,162) 495 (205,311) Equity in earnings (loss) of consolidated subsidiaries (21,582) — — 21,582 — Total other expenses (200,226) — (14,275) 22,077 (192,424) Income before income taxes 233,288 — 243,160 (115,838) 360,610 Provision for income tax expense (105,087) — — — (105,087) Net income and comprehensive income including noncontrolling interests 128,201 — 243,160 (115,838) 255,523 Net income and comprehensive income attributable to noncontrolling interests — — — 127,322 127,322 Net income and comprehensive income attributable to Antero Resources Corporation $ 128,201 — 243,160 (243,160) 128,201 Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,498,324 — — — 1,498,324 Natural gas liquids sales 828,424 — — — 828,424 Oil sales 128,869 — — — 128,869 Commodity derivative fair value gains 134,793 — — — 134,793 Gathering, compression, water handling and treatment — — 746,188 (730,890) 15,298 Marketing 394,189 — — — 394,189 Marketing derivative gains 94,081 — — — 94,081 Gain on sale of assets — — 583 (583) — Other income 16,381 — — (16,381) — Total revenue and other 3,095,061 — 746,771 (747,854) 3,093,978 Operating expenses: Lease operating 98,698 — 184,698 (190,241) 93,155 Gathering, compression, processing, and transportation 1,236,655 — 36,469 (346,896) 926,228 Production and ad valorem taxes 79,045 — 3,187 — 82,232 Marketing 560,924 — — — 560,924 Exploration 4,022 — — — 4,022 Impairment of unproved properties 406,068 — — — 406,068 Impairment of gathering systems and facilities 4,470 — 5,771 (583) 9,658 Depletion, depreciation, and amortization 602,159 — 107,321 — 709,480 Accretion of asset retirement obligations 2,000 — 101 — 2,101 General and administrative 138,555 — 44,967 (1,946) 181,576 Accretion of contingent acquisition consideration — — 11,841 (11,841) — Total operating expenses 3,132,596 — 394,355 (551,507) 2,975,444 Operating income (loss) (37,535) — 352,416 (196,347) 118,534 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 27,832 — 27,832 Interest (165,519) — (42,913) 129 (208,303) Equity in earnings (loss) of consolidated subsidiaries (70,417) — — 70,417 — Total other expenses (235,936) — (15,081) 70,546 (180,471) Income (loss) before income taxes (273,471) — 337,335 (125,801) (61,937) Provision for income tax expense (2,500) — — — (2,500) Net income (loss) and comprehensive income (loss) including noncontrolling interests (275,971) — 337,335 (125,801) (64,437) Net income and comprehensive income attributable to noncontrolling interests — — — 211,534 211,534 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (275,971) — 337,335 (337,335) (275,971) Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 128,201 — 243,160 (115,838) 255,523 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 524,219 — 88,604 — 612,823 Accretion of contingent acquisition consideration (9,672) — 9,672 — — Impairment of unproved properties 83,098 — — — 83,098 Commodity derivative fair value gains (458,459) — — — (458,459) Gains on settled commodity derivatives 137,392 — — — 137,392 Proceeds from derivative monetizations 749,906 — — — 749,906 Deferred income tax expense 105,087 — — — 105,087 Equity-based compensation expense 58,489 — 20,436 — 78,925 Equity in earnings of unconsolidated affiliates 21,582 — — (21,582) — Equity in (earnings) loss of consolidated subsidiaries — — (12,887) — (12,887) Distributions of earnings from unconsolidated affiliates — — 10,120 — 10,120 Distributions from Antero Midstream 97,984 — — (97,984) — Other (715) — 1,906 — 1,191 Changes in current assets and liabilities 145,131 — (16,744) 1,702 130,089 Net cash provided by operating activities 1,582,243 — 344,267 (233,702) 1,692,808 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (182,207) — — — (182,207) Drilling and completion costs (1,082,226) — — 135,718 (946,508) Additions to water handling and treatment systems — — (143,470) — (143,470) Additions to gathering systems and facilities — — (254,619) — (254,619) Additions to other property and equipment (11,417) — — — (11,417) Investments in unconsolidated affiliates — — (216,776) — (216,776) Change in other assets (10,271) — (5,877) — (16,148) Proceeds from contribution of assets to non-guarantor subsidiary 2,156 — — — 2,156 Net cash used in investing activities (1,463,283) — (620,742) 135,718 (1,948,307) Cash flows provided by (used in) financing activities: Issuance of common stock — — — — — Issuance of common units by Antero Midstream — — 248,949 — 248,949 Sale of common units in Antero Midstream by Antero Resources Corporation 311,100 — — — 311,100 Borrowings (repayments) on bank credit facility, net (415,000) — 217,000 — (198,000) Distributions — — (200,037) 97,984 (102,053) Employee tax withholding for settlement of equity compensation awards (7,568) — (932) — (8,500) Other (3,861) — (52) — (3,913) Net cash provided by (used in) financing activities (115,329) — 264,928 97,984 247,583 Net increase (decrease) in cash and cash equivalents 3,631 — (11,547) — (7,916) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 21,199 — 2,495 — 23,694 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income (loss) including noncontrolling interests $ (275,971) — 337,335 (125,801) (64,437) Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 604,159 — 107,422 — 711,581 Accretion of contingent acquisition consideration (11,841) — 11,841 — — Impairment of unproved properties 406,068 — — — 406,068 Impairment of gathering systems and facilities 4,470 — 5,771 (583) 9,658 Commodity derivative fair value gains (134,793) — — — (134,793) Gains on settled commodity derivatives 268,369 — — — 268,369 Marketing derivative fair value gains (94,081) — — — (94,081) Gains on settled marketing derivatives 78,098 — — — 78,098 Deferred income tax expense 2,500 — — — 2,500 Gain on sale of assets — — (583) 583 — Equity-based compensation expense 39,823 — 16,606 — 56,429 Equity in (earnings) loss of consolidated subsidiaries 70,417 — — (70,417) — Equity in earnings of unconsolidated affiliates — — (27,832) — (27,832) Distributions of earnings from unconsolidated affiliates — — 29,660 — 29,660 Distributions from Antero Midstream 115,678 — — (115,678) — Other 862 — 2,083 — 2,945 Changes in current assets and liabilities 20,015 — (10,901) 7,119 16,233 Net cash provided by operating activities 1,093,773 — 471,402 (304,777) 1,260,398 Cash flows used in investing activities: Additions to unproved properties (130,381) — — — (130,381) Drilling and completion costs (1,328,289) — — 202,629 (1,125,660) Additions to water handling and treatment systems — — (68,325) (9,060) (77,385) Additions to gathering systems and facilities 175 — (337,623) — (337,448) Additions to other property and equipment (5,371) — — — (5,371) Investments in unconsolidated affiliates — — (91,419) — (91,419) Change in other assets (1,810) — (865) — (2,675) Other — — 4,470 (4,470) — Net cash used in investing activities (1,465,676) — (493,762) 189,099 (1,770,339) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net 362,000 — 320,000 — 682,000 Distributions — — (304,453) 115,678 (188,775) Employee tax withholding for settlement of equity compensation awards (6,806) — (1,399) — (8,205) Other (3,369) — (151) — (3,520) Net cash provided by financing activities 351,825 — 13,997 115,678 481,500 Net decrease in cash and cash equivalents (20,078) — (8,363) — (28,441) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ — — — — —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events
Subsequent Events	(17) Subsequent Events Simplification Agreement On October 9, 2018, we announced that AMGP, Antero Midstream and certain of their affiliates entered into a Simplification Agreement (as may be amended from time to time, the “Simplification Agreement”), pursuant to which, among other things, (1) AMGP will be converted from a limited partnership to a corporation under the laws of the State of Delaware, to be named Antero Midstream Corporation (which is referred to as “New AM” and the conversion, the “Conversion”); (2) an indirect, wholly owned subsidiary of New AM will be merged with and into Antero Midstream, with Antero Midstream surviving the merger as an indirect, wholly owned subsidiary of New AM (the “Merger”) and (3) all the issued and outstanding Series B Units representing limited liability company interests of Antero IDR Holdings LLC (“IDR Holdings”), a subsidiary of AMGP and the holder of all of Antero Midstream’s incentive distribution rights, will be exchanged for an aggregate of approximately 17.35 million shares of New AM’s common stock (the “Series B Exchange”). The Conversion, the Merger, the Series B Exchange and the other transactions contemplated by the Simplification Agreement are collectively referred to as the “Transactions”. As a result of the Transactions, Antero Midstream will be a wholly owned subsidiary of New AM and former shareholders of AMGP and unitholders of Antero Midstream, including Antero Resources, will each own New AM’s common stock. We currently own 98,870,335 of Antero Midstream’s common units and will be entitled to receive consideration of $3.00 in cash and 1.6023 shares of New AM’s common stock per Antero Midstream common unit. Public unitholders of Antero Midstream will be entitled to receive a combination of $3.415 in cash and 1.635 shares of New AM’s common stock per Antero Midstream common unit. All public unitholders of Antero Midstream will be entitled to elect to receive their merger consideration in all cash, all stock, or a combination of cash and stock, and we will have the ability to elect to take a larger portion of our merger consideration in cash if the public unitholders of Antero Midstream disproportionately elect to receive stock consideration, subject in each case to proration to ensure that the aggregate amount of cash consideration paid to all Antero Midstream unitholders is an amount equal to the aggregate amount of cash that would have been paid and issued if all public unitholders of Antero Midstream received $3.415 in cash per Antero Midstream common unit and we received $3.00 in cash per unit, which is approximately $598 million and the aggregate amount of equity issuable to all Antero Midstream unitholders is a number of shares of New AM’s common stock equal to the aggregate number of shares that would be issued if all public unitholders of Antero Midstream received 1.635 shares per Antero Midstream common unit and we received 1.6023 shares of New AM’s common stock per Antero Midstream common unit. If we elect to receive only $3.00 in cash per Antero Midstream common unit, we are expected to own approximately 31% of New AM’s common stock following the completion of the Transactions. The closing of the Transactions is expected in the first quarter of 2019, subject to the satisfaction or waiver of customary closing conditions, including the approval of the Simplification Agreement, the Merger and the other Transactions contemplated thereby, as applicable, by Antero Midstream’s common unitholders and AMGP’s shareholders. AMGP and the Partnership expect to fund the cash portion of the merger consideration with borrowings under Antero Midstream’s revolving credit facility. Also on October 9, 2018, in connection with the entry into the Simplification Agreement, (1) Antero Midstream entered into a voting agreement with AMGP’s shareholders owning a majority of the outstanding AMGP common shares, pursuant to which, among other things, such shareholders agreed to vote in favor of the Transactions, (2) AMGP entered into a voting agreement with us, pursuant to which, among other things, we agreed to vote in favor of the Transactions and (3) we, AMGP, certain funds affiliated with Warburg Pincus LLC and Yorktown Partners LLC (together, the “Sponsor Holders”), Paul M. Rady and Glen C. Warren, Jr. (Messrs. Rady and Warren together, the “Management Stockholders”) entered into a Stockholders’ Agreement, pursuant to which, among other things, we, the Sponsor Holders and the Management Holders will have the ability to designate members of the New AM board of directors under certain circumstances, effective as the closing of the Transactions. Share Repurchase Program Also on October 9, 2018, we announced that our board of directors authorized a share repurchase program under which we may repurchase up to $600 million of our outstanding common stock from time to time through March 31, 2020. This program is expected to be fully funded with cash proceeds from the Merger, as well as free cash flow to be generated over the next 12 to 18 months. The ultimate source of funding for the program, however, will depend on a number of factors, some of which are beyond our control, including but not limited to the timing of completion of the Merger, maintaining our desired leverage targets and our financial conditions and results of operations. If there are significant delays in completing the Transactions, or if we otherwise determine that it is advisable in light of any of the foregoing factors, we may choose to fund all or a portion of the repurchase program from other sources.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies
Basis of Presentation	(a) These unaudited 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 September 30, 2018, the results of its operations for the three and nine months ended September 30, 2017 and 2018, and its cash flows for the nine months ended September 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 September 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.
Principles of Consolidation	(b) The accompanying unaudited 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 unaudited 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 September 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 under services and secondment agreements between the respective parties. · 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 unaudited condensed consolidated financial statements. Noncontrolling interest in the Company’s unaudited 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 unaudited 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 unaudited 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 unaudited condensed consolidated statements of operations and cash flows.
Use of Estimates	(c) The preparation of the unaudited 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 unaudited 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 unaudited 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 and revenue distributions payable within its unaudited condensed consolidated balance sheets, and classifies the change in accounts payable and revenue distributions payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of September 30, 2018, the overdraft included within accounts payable and revenue distributions payable was $11.7 million and $26.7 million, respectively.
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 unaudited 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 unaudited 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 nine months ended September 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 nine months ended September 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
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 September 30, Nine Months Ended September 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,463 317,082 315,275 316,850 Add: Dilutive effect of restricted stock units — — 828 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 37 — Diluted weighted average number of shares outstanding 315,463 317,082 316,140 316,850 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,054 2,813 2,293 2,996 Outstanding stock options 674 619 679 637 Performance stock units 1,293 1,880 1,002 1,665 (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 unaudited 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. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company is updating its accounting policies and internal controls that would be impacted by the new guidance and implementing information technology tools to assist in its ongoing lease data collection and analysis to ensure readiness for adoption in the first quarter of 2019. 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 2018 Basic weighted average number of shares outstanding 315,463 317,082 315,275 316,850 Add: Dilutive effect of restricted stock units — — 828 — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of performance stock units — — 37 — Diluted weighted average number of shares outstanding 315,463 317,082 316,140 316,850 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 5,054 2,813 2,293 2,996 Outstanding stock options 674 619 679 637 Performance stock units 1,293 1,880 1,002 1,665 (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Segment to which 2017 2018 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 409,141 527,122 1,330,062 1,498,324 Exploration and production Natural gas liquids sales (ethane) 24,205 56,185 64,078 115,947 Exploration and production Natural gas liquids sales (C3+ NGLs) 200,328 282,084 525,926 712,477 Exploration and production Oil sales 26,527 59,722 79,999 128,869 Exploration and production Gathering and compression 2,609 4,439 7,472 12,848 Gathering and processing Water handling and treatment 260 405 1,193 2,450 Water handling and treatment Marketing 50,767 89,598 166,659 394,189 Marketing Total 713,837 1,019,555 2,175,389 2,865,104 Income from derivatives and other sources (65,957) 56,977 458,459 228,874 Total revenue and other $ 647,880 1,076,532 2,633,848 3,093,978

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 91,419 91,419 Equity in net income of unconsolidated affiliates 8,346 19,486 27,832 Distributions from unconsolidated affiliates (7,515) (22,145) (29,660) Balance at September 30, 2018 $ 67,959 324,934 392,893

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2017 and September 30, 2018 consisted of the following items (in thousands): December 31, 2017 September 30, 2018 Capital expenditures $ 155,300 143,170 Gathering, compression, processing, and transportation expenses 88,850 112,937 Marketing expenses 59,049 46,537 Interest expense 40,861 64,641 Other 99,165 89,931 $ 443,225 457,216

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2017 and September 30, 2018 (in thousands): December 31, 2017 September 30, 2018 Antero Resources: Credit Facility(a) $ 185,000 547,000 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 1,312 Net unamortized debt issuance costs (32,430) (28,162) Antero Midstream: Midstream Credit Facility(g) 555,000 875,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,146) $ 4,800,090 5,487,004

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 (in thousands): 2018 Asset retirement obligations—December 31, 2017 $ 34,610 Obligations settled — Obligations incurred 5,019 Revisions to prior estimates — Accretion expense 2,101 Asset retirement obligations—September 30, 2018 $ 41,730

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 2018 Restricted stock unit awards $ 10,001 33,676 Stock options 614 452 1,850 1,428 Performance share unit awards 3,014 1,017 7,897 7,018 Antero Midstream phantom unit awards 4,420 4,193 12,752 Equity awards issued to directors 489 539 1,456 1,555 Total expense $ 16,202 56,429
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 668,662 $ 20.74 Vested (950,644) $ 39.30 Forfeited (362,670) $ 25.91 Total awarded and unvested—September 30, 2018 2,779,432 $ 23.29 $ 49,224
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 (51,582) $ 50.00 Expired — $ — Outstanding at September 30, 2018 608,930 $ 50.52 6.15 $ — Vested or expected to vest as of September 30, 2018 608,930 $ 50.52 6.15 $ — Exercisable at September 30, 2018 481,842 $ 50.66 6.05 $ —
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 (167,193) $ 27.85 Total awarded and unvested—September 30, 2018 1,831,450 $ 26.42
Schedule of weighted average fair value assumptions used for PSUs granted	Nine Months Ended September 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 260,847 $ 25.84 Vested (157,775) $ 27.65 Forfeited (93,419) $ 28.64 Total awarded and unvested—September 30, 2018 1,052,616 $ 28.15 $ 30,168

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments.
Schedule of outstanding commodity derivatives	As of September 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 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 September 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 $ 493,354 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 672,768 Total asset derivatives 1,301,942 1,166,122 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 5,411 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 5,045 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 10,456 Net derivatives $ 1,273,259 $ 1,155,666
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 September 30, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ (65,612) 1,301,942 $ 1,214,248 (48,126) 1,166,122 Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (53,171) 48,126 (5,045) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (5,411) — (5,411)
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 unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2018 (in thousands): Statement of Three months ended September 30, Nine months ended September 30, location 2017 2018 2017 2018 Commodity derivative fair value gains (losses) Revenue $ (65,957) 57,019 $ 458,459 134,793 Marketing derivative fair value gains (losses) Revenue $ — (42) $ — 94,081

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 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 $ 230 155 29 4 418 2019 1,087 360 92 14 1,553 2020 1,107 397 30 13 1,547 2021 1,086 382 5 11 1,484 2022 1,034 378 — 9 1,421 2023 1,022 369 — 7 1,398 Thereafter 8,690 1,670 — 49 10,409 Total $ 14,256 3,711 156 107 18,230

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2017: Sales and revenues: Third-party $ 594,244 2,609 260 50,767 — 647,880 Intersegment 3,070 97,909 92,851 — (193,830) — Total $ 597,314 100,518 93,111 50,767 (193,830) 647,880 Operating expenses: Lease operating $ 24,060 — 51,569 — (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 10,468 — — (97,872) 282,134 Impairment of unproved properties 41,000 — — — — 41,000 Depletion, depreciation, and amortization 176,188 22,027 8,753 — — 206,968 General and administrative 48,289 9,336 4,980 — (402) 62,203 Other 24,259 92 3,457 78,884 (2,556) 104,136 Total 683,334 41,923 68,759 78,884 (152,968) 719,932 Operating income (loss) $ (86,020) 58,595 24,352 (28,117) (40,862) (72,052) Equity in earnings of unconsolidated affiliates $ — 7,033 — — — 7,033 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 413,742 99,254 48,019 — (39,358) 521,657 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended September 30, 2018: Sales and revenues: Third-party $ 982,131 4,441 404 89,556 — 1,076,532 Intersegment 5,197 128,761 132,599 — (266,557) — Total $ 987,328 133,202 133,003 89,556 (266,557) 1,076,532 Operating expenses: Lease operating $ 35,124 — 67,608 — (66,463) 36,269 Gathering, compression, processing, and transportation 442,602 12,131 570 — (128,799) 326,504 Impairment of unproved properties 221,094 — — — — 221,094 Impairment of gathering systems and facilities — 1,157 — — — 1,157 Depletion, depreciation, and amortization 204,465 26,095 12,626 — — 243,186 General and administrative 45,474 11,783 3,235 — (632) 59,860 Other 30,695 186 5,033 151,764 (4,020) 183,658 Total 979,454 51,352 89,072 151,764 (199,914) 1,071,728 Operating income (loss) $ 7,874 81,850 43,931 (62,208) (66,643) 4,804 Equity in earnings of unconsolidated affiliates $ — 10,705 — — — 10,705 Segment assets $ 13,484,457 2,367,855 1,043,641 20,481 (1,113,899) 15,802,535 Capital expenditures for segment assets $ 485,219 130,695 19,258 — (67,951) 567,221 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2017: Sales and revenues: Third-party $ 2,458,524 7,472 1,193 166,659 — 2,633,848 Intersegment 11,421 283,467 270,033 — (564,921) — Total $ 2,469,945 290,939 271,226 166,659 (564,921) 2,633,848 Operating expenses: Lease operating $ 56,991 — 131,635 — (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 28,492 — — (283,304) 815,710 Impairment of unproved properties 83,098 — — — — 83,098 Depletion, depreciation, and amortization 521,603 64,445 24,831 — — 610,879 General and administrative 148,876 30,179 13,383 — (1,438) 191,000 Other 75,030 104 12,333 246,298 (9,672) 324,093 Total 1,956,120 123,220 182,182 246,298 (427,006) 2,080,814 Operating income (loss) $ 513,825 167,719 89,044 (79,639) (137,915) 553,034 Equity in earnings of unconsolidated affiliates $ — 12,887 — — — 12,887 Segment assets $ 12,751,606 2,158,107 752,982 15,807 (829,288) 14,849,214 Capital expenditures for segment assets $ 1,455,168 254,619 143,470 — (135,718) 1,717,539 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Nine months ended September 30, 2018: Sales and revenues: Third-party $ 2,590,409 12,849 2,450 488,270 — 3,093,978 Intersegment 16,251 347,249 384,224 — (747,724) — Total $ 2,606,660 360,098 386,674 488,270 (747,724) 3,093,978 Operating expenses: Lease operating $ 98,698 — 184,698 — (190,241) 93,155 Gathering, compression, processing, and transportation 1,236,655 35,899 570 — (346,896) 926,228 Impairment of unproved properties 406,068 — — — — 406,068 Impairment of gathering systems and facilities — 9,658 — — — 9,658 Depletion, depreciation, and amortization 601,446 74,215 33,819 — — 709,480 General and administrative 138,555 34,140 10,827 — (1,946) 181,576 Other 85,067 204 14,925 560,924 (11,841) 649,279 Total 2,566,489 154,116 244,839 560,924 (550,924) 2,975,444 Operating income (loss) $ 40,171 205,982 141,835 (72,654) (196,800) 118,534 Equity in earnings of unconsolidated affiliates $ — 27,832 — — — 27,832 Segment assets $ 13,484,457 2,367,855 1,043,641 20,481 (1,113,899) 15,802,535 Capital expenditures for segment assets $ 1,464,041 337,448 77,385 — (202,629) 1,676,245

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net — — 115,905 (115,905) — Intercompany receivables 30,018 — 16,586 — 46,604 Accrued revenue 354,010 — — — 354,010 Derivative instruments 493,354 — — — 493,354 Other current assets 11,190 — 1,474 — 12,664 Total current assets 888,572 — 133,965 (115,905) 906,632 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 1,928,990 — — — 1,928,990 Proved properties 12,871,199 — — (565,001) 12,306,198 Water handling and treatment systems — — 984,225 9,060 993,285 Gathering systems and facilities 17,824 — 2,366,217 — 2,384,041 Other property and equipment 62,666 — 73 — 62,739 14,880,679 — 3,350,515 (555,941) 17,675,253 Less accumulated depletion, depreciation, and amortization (3,414,193) — (476,641) — (3,890,834) Property and equipment, net 11,466,486 — 2,873,874 (555,941) 13,784,419 Derivative instruments 672,768 — — — 672,768 Investments in subsidiaries (756,785) — — 756,785 — Contingent acquisition consideration 219,855 — — (219,855) — Investments in unconsolidated affiliates — — 392,893 — 392,893 Other assets 31,727 — 14,096 — 45,823 Total assets $ 12,522,623 — 3,414,828 (134,916) 15,802,535 Liabilities and Equity Current liabilities: Accounts payable $ 76,284 — 15,656 — 91,940 Intercompany payable 112,147 — 3,758 (115,905) — Accrued liabilities 368,958 — 88,258 — 457,216 Revenue distributions payable 245,832 — — — 245,832 Derivative instruments 10,456 — — — 10,456 Other current liabilities 6,735 — 215 1,477 8,427 Total current liabilities 820,412 — 107,887 (114,428) 813,871 Long-term liabilities: Long-term debt 3,970,150 — 1,516,854 — 5,487,004 Deferred income tax liability 782,145 — — — 782,145 Contingent acquisition consideration — — 219,855 (219,855) — Other liabilities 42,693 — 5,670 — 48,363 Total liabilities 5,615,400 — 1,850,266 (334,283) 7,131,383 Equity: Stockholders' equity: Partners' capital — — 1,564,562 (1,564,562) — Common stock 3,171 — — — 3,171 Additional paid-in capital 5,604,958 — — 1,006,390 6,611,348 Accumulated earnings 1,299,094 — — — 1,299,094 Total stockholders' equity 6,907,223 — 1,564,562 (558,172) 7,913,613 Noncontrolling interests in consolidated subsidiary — — — 757,539 757,539 Total equity 6,907,223 — 1,564,562 199,367 8,671,152 Total liabilities and equity $ 12,522,623 — 3,414,828 (134,916) 15,802,535
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 409,141 — — — 409,141 Natural gas liquids sales 224,533 — — — 224,533 Oil sales 26,527 — — — 26,527 Commodity derivative fair value losses (65,957) — — — (65,957) Gathering, compression, water handling and treatment — — 193,629 (190,760) 2,869 Marketing 50,767 — — — 50,767 Other income 3,070 — — (3,070) — Total revenue 648,081 — 193,629 (193,830) 647,880 Operating expenses: Lease operating 24,060 — 51,569 (52,138) 23,491 Gathering, compression, processing, and transportation 369,538 — 10,468 (97,872) 282,134 Production and ad valorem taxes 22,002 — 993 — 22,995 Marketing 78,884 — — — 78,884 Exploration 1,599 — — — 1,599 Impairment of unproved properties 41,000 — — — 41,000 Depletion, depreciation, and amortization 176,412 — 30,556 — 206,968 Accretion of asset retirement obligations 658 — — — 658 General and administrative 48,289 — 14,316 (402) 62,203 Accretion of contingent acquisition consideration — — 2,556 (2,556) — Total operating expenses 762,442 — 110,458 (152,968) 719,932 Operating income (loss) (114,361) — 83,171 (40,862) (72,052) Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,033 — 7,033 Interest (60,906) — (9,311) 158 (70,059) Equity in earnings (loss) of consolidated subsidiaries (4,874) — — 4,874 — Total other expenses (65,780) — (2,278) 5,032 (63,026) Income (loss) before income taxes (180,141) — 80,893 (35,830) (135,078) Provision for income tax benefit 45,078 — — — 45,078 Net income (loss) and comprehensive income (loss) including noncontrolling interests (135,063) — 80,893 (35,830) (90,000) Net income and comprehensive income attributable to noncontrolling interests — — — 45,063 45,063 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (135,063) — 80,893 (80,893) (135,063) Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 527,122 — — — 527,122 Natural gas liquids sales 338,269 — — — 338,269 Oil sales 59,722 — — — 59,722 Commodity derivative fair value gains 57,019 — — — 57,019 Gathering, compression, water handling and treatment — — 266,205 (261,361) 4,844 Marketing 89,598 — — — 89,598 Marketing derivative losses (42) — — — (42) Other income 5,327 — — (5,327) — Total revenue 1,077,015 — 266,205 (266,688) 1,076,532 Operating expenses: Lease operating 35,124 — 67,608 (66,463) 36,269 Gathering, compression, processing, and transportation 442,602 — 12,701 (128,799) 326,504 Production and ad valorem taxes 29,352 — 1,166 — 30,518 Marketing 151,764 — — — 151,764 Exploration 666 — — — 666 Impairment of unproved properties 221,094 — — — 221,094 Impairment of gathering systems and facilities — — 1,157 — 1,157 Depletion, depreciation, and amortization 204,730 — 38,456 — 243,186 Accretion of asset retirement obligations 677 — 33 — 710 General and administrative 45,477 — 15,015 (632) 59,860 Accretion of contingent acquisition consideration — — 4,020 (4,020) — Total operating expenses 1,131,486 — 140,156 (199,914) 1,071,728 Operating income (loss) (54,471) — 126,049 (66,774) 4,804 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 10,705 — 10,705 Interest (57,632) — (16,989) 93 (74,528) Equity in earnings (loss) of consolidated subsidiaries (23,363) — — 23,363 — Total other expenses (80,995) — (6,284) 23,456 (63,823) Income (loss) before income taxes (135,466) — 119,765 (43,318) (59,019) Provision for income tax expense (18,953) — — — (18,953) Net income (loss) and comprehensive income (loss) including noncontrolling interests (154,419) — 119,765 (43,318) (77,972) Net income and comprehensive income attributable to noncontrolling interests — — — 76,447 76,447 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (154,419) — 119,765 (119,765) (154,419) Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,330,062 — — — 1,330,062 Natural gas liquids sales 590,004 — — — 590,004 Oil sales 79,999 — — — 79,999 Commodity derivative fair value gains 458,459 — — — 458,459 Gathering, compression, water handling and treatment — — 562,165 (553,500) 8,665 Marketing 166,659 — — — 166,659 Other income 11,421 — — (11,421) — Total revenue and other 2,636,604 — 562,165 (564,921) 2,633,848 Operating expenses: Lease operating 56,991 — 131,635 (132,592) 56,034 Gathering, compression, processing, and transportation 1,070,522 — 28,492 (283,304) 815,710 Production and ad valorem taxes 67,576 — 2,765 — 70,341 Marketing 246,298 — — — 246,298 Exploration 5,510 — — — 5,510 Impairment of unproved properties 83,098 — — — 83,098 Depletion, depreciation, and amortization 522,275 — 88,604 — 610,879 Accretion of asset retirement obligations 1,944 — — — 1,944 General and administrative 148,876 — 43,562 (1,438) 191,000 Accretion of contingent acquisition consideration — — 9,672 (9,672) — Total operating expenses 2,203,090 — 304,730 (427,006) 2,080,814 Operating income 433,514 — 257,435 (137,915) 553,034 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 12,887 — 12,887 Interest (178,644) — (27,162) 495 (205,311) Equity in earnings (loss) of consolidated subsidiaries (21,582) — — 21,582 — Total other expenses (200,226) — (14,275) 22,077 (192,424) Income before income taxes 233,288 — 243,160 (115,838) 360,610 Provision for income tax expense (105,087) — — — (105,087) Net income and comprehensive income including noncontrolling interests 128,201 — 243,160 (115,838) 255,523 Net income and comprehensive income attributable to noncontrolling interests — — — 127,322 127,322 Net income and comprehensive income attributable to Antero Resources Corporation $ 128,201 — 243,160 (243,160) 128,201 Condensed Consolidating Statement of Operations and Comprehensive Income Nine Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 1,498,324 — — — 1,498,324 Natural gas liquids sales 828,424 — — — 828,424 Oil sales 128,869 — — — 128,869 Commodity derivative fair value gains 134,793 — — — 134,793 Gathering, compression, water handling and treatment — — 746,188 (730,890) 15,298 Marketing 394,189 — — — 394,189 Marketing derivative gains 94,081 — — — 94,081 Gain on sale of assets — — 583 (583) — Other income 16,381 — — (16,381) — Total revenue and other 3,095,061 — 746,771 (747,854) 3,093,978 Operating expenses: Lease operating 98,698 — 184,698 (190,241) 93,155 Gathering, compression, processing, and transportation 1,236,655 — 36,469 (346,896) 926,228 Production and ad valorem taxes 79,045 — 3,187 — 82,232 Marketing 560,924 — — — 560,924 Exploration 4,022 — — — 4,022 Impairment of unproved properties 406,068 — — — 406,068 Impairment of gathering systems and facilities 4,470 — 5,771 (583) 9,658 Depletion, depreciation, and amortization 602,159 — 107,321 — 709,480 Accretion of asset retirement obligations 2,000 — 101 — 2,101 General and administrative 138,555 — 44,967 (1,946) 181,576 Accretion of contingent acquisition consideration — — 11,841 (11,841) — Total operating expenses 3,132,596 — 394,355 (551,507) 2,975,444 Operating income (loss) (37,535) — 352,416 (196,347) 118,534 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 27,832 — 27,832 Interest (165,519) — (42,913) 129 (208,303) Equity in earnings (loss) of consolidated subsidiaries (70,417) — — 70,417 — Total other expenses (235,936) — (15,081) 70,546 (180,471) Income (loss) before income taxes (273,471) — 337,335 (125,801) (61,937) Provision for income tax expense (2,500) — — — (2,500) Net income (loss) and comprehensive income (loss) including noncontrolling interests (275,971) — 337,335 (125,801) (64,437) Net income and comprehensive income attributable to noncontrolling interests — — — 211,534 211,534 Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (275,971) — 337,335 (337,335) (275,971)
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 128,201 — 243,160 (115,838) 255,523 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 524,219 — 88,604 — 612,823 Accretion of contingent acquisition consideration (9,672) — 9,672 — — Impairment of unproved properties 83,098 — — — 83,098 Commodity derivative fair value gains (458,459) — — — (458,459) Gains on settled commodity derivatives 137,392 — — — 137,392 Proceeds from derivative monetizations 749,906 — — — 749,906 Deferred income tax expense 105,087 — — — 105,087 Equity-based compensation expense 58,489 — 20,436 — 78,925 Equity in earnings of unconsolidated affiliates 21,582 — — (21,582) — Equity in (earnings) loss of consolidated subsidiaries — — (12,887) — (12,887) Distributions of earnings from unconsolidated affiliates — — 10,120 — 10,120 Distributions from Antero Midstream 97,984 — — (97,984) — Other (715) — 1,906 — 1,191 Changes in current assets and liabilities 145,131 — (16,744) 1,702 130,089 Net cash provided by operating activities 1,582,243 — 344,267 (233,702) 1,692,808 Cash flows used in investing activities: Additions to proved properties (179,318) — — — (179,318) Additions to unproved properties (182,207) — — — (182,207) Drilling and completion costs (1,082,226) — — 135,718 (946,508) Additions to water handling and treatment systems — — (143,470) — (143,470) Additions to gathering systems and facilities — — (254,619) — (254,619) Additions to other property and equipment (11,417) — — — (11,417) Investments in unconsolidated affiliates — — (216,776) — (216,776) Change in other assets (10,271) — (5,877) — (16,148) Proceeds from contribution of assets to non-guarantor subsidiary 2,156 — — — 2,156 Net cash used in investing activities (1,463,283) — (620,742) 135,718 (1,948,307) Cash flows provided by (used in) financing activities: Issuance of common stock — — — — — Issuance of common units by Antero Midstream — — 248,949 — 248,949 Sale of common units in Antero Midstream by Antero Resources Corporation 311,100 — — — 311,100 Borrowings (repayments) on bank credit facility, net (415,000) — 217,000 — (198,000) Distributions — — (200,037) 97,984 (102,053) Employee tax withholding for settlement of equity compensation awards (7,568) — (932) — (8,500) Other (3,861) — (52) — (3,913) Net cash provided by (used in) financing activities (115,329) — 264,928 97,984 247,583 Net increase (decrease) in cash and cash equivalents 3,631 — (11,547) — (7,916) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ 21,199 — 2,495 — 23,694 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income (loss) including noncontrolling interests $ (275,971) — 337,335 (125,801) (64,437) Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 604,159 — 107,422 — 711,581 Accretion of contingent acquisition consideration (11,841) — 11,841 — — Impairment of unproved properties 406,068 — — — 406,068 Impairment of gathering systems and facilities 4,470 — 5,771 (583) 9,658 Commodity derivative fair value gains (134,793) — — — (134,793) Gains on settled commodity derivatives 268,369 — — — 268,369 Marketing derivative fair value gains (94,081) — — — (94,081) Gains on settled marketing derivatives 78,098 — — — 78,098 Deferred income tax expense 2,500 — — — 2,500 Gain on sale of assets — — (583) 583 — Equity-based compensation expense 39,823 — 16,606 — 56,429 Equity in (earnings) loss of consolidated subsidiaries 70,417 — — (70,417) — Equity in earnings of unconsolidated affiliates — — (27,832) — (27,832) Distributions of earnings from unconsolidated affiliates — — 29,660 — 29,660 Distributions from Antero Midstream 115,678 — — (115,678) — Other 862 — 2,083 — 2,945 Changes in current assets and liabilities 20,015 — (10,901) 7,119 16,233 Net cash provided by operating activities 1,093,773 — 471,402 (304,777) 1,260,398 Cash flows used in investing activities: Additions to unproved properties (130,381) — — — (130,381) Drilling and completion costs (1,328,289) — — 202,629 (1,125,660) Additions to water handling and treatment systems — — (68,325) (9,060) (77,385) Additions to gathering systems and facilities 175 — (337,623) — (337,448) Additions to other property and equipment (5,371) — — — (5,371) Investments in unconsolidated affiliates — — (91,419) — (91,419) Change in other assets (1,810) — (865) — (2,675) Other — — 4,470 (4,470) — Net cash used in investing activities (1,465,676) — (493,762) 189,099 (1,770,339) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net 362,000 — 320,000 — 682,000 Distributions — — (304,453) 115,678 (188,775) Employee tax withholding for settlement of equity compensation awards (6,806) — (1,399) — (8,205) Other (3,369) — (151) — (3,520) Net cash provided by financing activities 351,825 — 13,997 115,678 481,500 Net decrease in cash and cash equivalents (20,078) — (8,363) — (28,441) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ — — — — —

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Basis of Presentation
Other comprehensive income (loss)	$ 0	$ 0	$ 0	$ 0
Accounts Payable
Basis of Presentation
Bank Overdrafts	11.7		11.7
Revenue distributions payable
Basis of Presentation
Bank Overdrafts	$ 26.7		$ 26.7
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream			52.90%		52.90%
Antero Midstream Partners LP
Basis of Presentation
Term of contract with Antero Midstream			20 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings per share
Basic weighted average number of shares outstanding	317,082	315,463	316,850	315,275
Diluted weighted average number of shares outstanding	317,082	315,463	316,850	316,140
U.S. Statutory federal income tax rate (as a percent)	21.00%	35.00%	21.00%	35.00%
Employee tax withholding for settlement of equity compensation awards			$ (8,205)	$ (8,500)
Restricted stock and restricted stock unit
Earnings per share
Add: Dilutive effect of non-vested restricted stock units				828
Weighted Average Anti-dilutive Awards	2,813	5,054	2,996	2,293
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	619	674	637	679
Performance share unit awards
Earnings per share
Add: Dilutive effect of non-vested restricted stock units				37
Weighted Average Anti-dilutive Awards	1,880	1,293	1,665	1,002

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	Feb. 10, 2017USD ($)shares	Sep. 23, 2015USD ($)bbl	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Antero Midstream Partners LP
Investments in unconsolidated affiliates			$ 392,893		$ 392,893		$ 303,302
Equity in earnings of unconsolidated affiliates			10,705	$ 7,033	27,832	$ 12,887
Consideration:
Amount borrowed on bank credit facility					$ 682,000	$ (198,000)
Antero Midstream Partners LP
Antero Midstream Partners LP
Antero Resources ownership in Antero Midstream					52.90%		52.90%
Antero Midstream Partners LP
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliates					$ 27,832
Number of shares of common stock issued (in shares) | shares	6,900,000
Equity Transactions
Proceeds from issuance of common units	$ 223,000
Antero Midstream Partners LP | MarkWest
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliates					19,486
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

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue
Revenues from contracts with customers	$ 1,019,555	$ 713,837	$ 2,865,104	$ 2,175,389
Income from derivatives and other sources	56,977	(65,957)	228,874	458,459
Total revenue and other	1,076,532	647,880	3,093,978	2,633,848
Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	527,122	409,141	1,498,324	1,330,062
Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	59,722	26,527	128,869	79,999
Marketing
Disaggregation of Revenue
Revenues from contracts with customers	89,598	50,767	394,189	166,659
Exploration and production
Disaggregation of Revenue
Total revenue and other	982,131	594,244	2,590,409	2,458,524
Exploration and production | Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	527,122	409,141	1,498,324	1,330,062
Exploration and production | Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenues from contracts with customers	56,185	24,205	115,947	64,078
Exploration and production | Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenues from contracts with customers	282,084	200,328	712,477	525,926
Exploration and production | Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	59,722	26,527	128,869	79,999
Gathering and compression
Disaggregation of Revenue
Total revenue and other	4,441	2,609	12,849	7,472
Gathering and compression | Gathering and compression
Disaggregation of Revenue
Revenues from contracts with customers	4,439	2,609	12,848	7,472
Water handling and treatment
Disaggregation of Revenue
Total revenue and other	404	260	2,450	1,193
Water handling and treatment | Water handling and treatment
Disaggregation of Revenue
Revenues from contracts with customers	405	260	2,450	1,193
Marketing
Disaggregation of Revenue
Total revenue and other	89,556	50,767	488,270	166,659
Marketing | Marketing
Disaggregation of Revenue
Revenues from contracts with customers	$ 89,598	$ 50,767	$ 394,189	$ 166,659

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 354	$ 300

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Feb. 06, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2016
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliates		$ 10,705	$ 7,033	$ 27,832	$ 12,887
Distributions of earnings from unconsolidated affiliates				(29,660)	$ (10,120)
Antero Midstream Partners LP
Investments in unconsolidated affiliates
Balance at beginning of period				303,302
Investments				91,419
Equity in earnings of unconsolidated affiliates				27,832
Distributions of earnings from unconsolidated affiliates				(29,660)
Balance at end of period		392,893		392,893
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				8,346
Distributions of earnings from unconsolidated affiliates				(7,515)
Balance at end of period		67,959		67,959
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				91,419
Equity in earnings of unconsolidated affiliates				19,486
Distributions of earnings from unconsolidated affiliates				(22,145)
Balance at end of period		$ 324,934		$ 324,934
Antero Midstream Partners LP | MarkWest | Appalachia joint venture
Equity Method Investments
Ownership percentage	50.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accrued Liabilities
Accrued capital expenditures	$ 143,170	$ 155,300
Accrued gathering, compression, processing, and transportation expenses	112,937	88,850
Accrued marketing expenses	46,537	59,049
Accrued interest expense	64,641	40,861
Other accrued liabilities	89,931	99,165
Total accrued liabilities	$ 457,216	$ 443,225

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Oct. 26, 2017	Sep. 30, 2018	Oct. 31, 2018	Oct. 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		$ 1,312,000			$ 1,520,000
Net unamortized debt issuance costs		(28,162,000)			(32,430,000)
Long-term debt		5,487,004,000			4,800,090,000
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs		(8,146,000)			(9,000,000)
Outstanding letters of credit		0
Midstream Credit Facility | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt		875,000,000			$ 555,000,000
Maximum amount of the Credit Facility		$ 1,500,000,000	$ 2,000,000,000	$ 1,500,000,000
Weighted average interest rate (as a percent)		3.39%			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		$ 547,000,000			$ 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)		3.75%			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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 34,610
Obligations incurred for wells drilled and producing properties acquired			5,019
Accretion expense	$ 710	$ 658	2,101	$ 1,944
Asset retirement obligations - end of period	$ 41,730		$ 41,730

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	7,843,312		7,843,312
Equity based compensation expense recognized	$ 16,202	$ 26,447	$ 56,429	$ 78,925
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	7,739,077		7,739,077
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 10,001	17,910	$ 33,676	54,816
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	1,017	3,014	7,018	7,897
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	452	614	1,428	1,850
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,193	4,420	12,752	12,906
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 539	$ 489	$ 1,555	$ 1,456

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	668,662
Vested (in shares) | shares	(950,644)
Forfeited (in shares) | shares	(362,670)
Total awarded and unvested at the end of the period (in shares) | shares	2,779,432
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	20.74
Vested (in dollars per share) | $ / shares	39.30
Forfeited (in dollars per share) | $ / shares	25.91
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 23.29
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 | $	49,224
Additional equity compensation to be recognized over the remaining period | $	$ 37,100
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 2 months 12 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Stock options
Outstanding at the beginning of the period (in shares)	660,512
Options forfeited (in shares)	(51,582)
Outstanding at the end of the period (in shares)	608,930	660,512
Vested or expected to vest (in shares)	608,930
Exercisable (in shares)	481,842
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)	50.52	$ 50.48
Vested or expected to vest (in dollars per share)	50.52
Exercisable (in dollars per share)	$ 50.66
Weighted average remaining contractual life
Outstanding	6 years 1 month 24 days	7 years 22 days
Vested or expected to vest	6 years 1 month 24 days
Exercisable	6 years 18 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 1
Weighted average period for recognizing unrecognized stock-based compensation expense	6 months
Maximum
Stock-based compensation
Contractual life	10 years

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 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)	(167,193)
Total awarded and unvested at the end of the period (in shares)	1,831,450
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)	27.85
Total awarded and unvested at the end of the period (in dollars per share)	$ 26.42
Additional disclosures
Additional equity compensation to be recognized over the remaining period	$ 24.2
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 1 month 6 days
Weighted-average assumptions used to calculate fair value of performance share units granted
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	9 Months Ended
	Sep. 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	260,847
Vested (in shares) | shares	(157,775)
Forfeited (in shares) | shares	(93,419)
Total awarded and unvested at the end of the period (in shares) | shares	1,052,616
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	25.84
Vested (in dollars per share) | $ / shares	27.65
Forfeited (in dollars per share) | $ / shares	28.64
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 | $	30,168
Additional equity compensation to be recognized over the remaining period | $	$ 16,300
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 6 months

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Sep. 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	$ 652	$ 670

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details) - Swaps	Sep. 30, 2018bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
Natural gas | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	2,002,500
Natural gas | NYMEX | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	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)	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)	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)	710,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	850,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/Bbls per day)	90,000
Weighted average index price | $ / MMBTU	2.91
Natural gas liquids | Three months ending December 31, 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 December 31, 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	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 493,354	$ 460,685
Noncurrent portion of fair value of derivative assets	672,768	841,257
Current portion of fair value of derivative liabilities	10,456	28,476
Noncurrent portion of fair value of derivative liabilities		207
Commodity derivative
Fair value of derivative instruments
Total asset derivatives	1,166,122	1,301,942
Total liability derivatives	5,045	7,289
Marketing derivative
Fair value of derivative instruments
Total liability derivatives	5,411	21,394
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	1,166,122	1,301,942
Total liability derivatives	10,456	28,683
Net derivatives	1,155,666	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	493,354	460,685
Noncurrent portion of fair value of derivative assets	672,768	841,257
Current portion of fair value of derivative liabilities	5,045	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	$ 5,411	$ 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	Sep. 30, 2018	Dec. 31, 2017
Commodity derivative
Commodity derivative assets
Gross amounts on balance sheet	$ 1,214,248	$ 1,367,554
Gross amounts offset on balance sheet	(48,126)	(65,612)
Total asset derivatives	1,166,122	1,301,942
Commodity derivative liabilities
Gross amounts on balance sheet	(53,171)	(72,901)
Gross amounts offset on balance sheet	48,126	65,612
Total liability derivatives	(5,045)	(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	(5,411)	(332,477)
Gross amounts offset on balance sheet		311,083
Total liability derivatives	$ (5,411)	$ (21,394)

Derivative Instruments - Fair_2

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 57,019		$ (65,957)	$ 134,793	$ 458,459
Gains on settled marketing derivatives				78,098
Marketing derivative gains (losses)	(42)	$ (21,400)		94,081
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	57,019		$ (65,957)	134,793	$ 458,459
Marketing derivative gains (losses)	$ (42)			$ 94,081

Commitments (Detail)

Commitments (Detail) $ in Millions	Sep. 30, 2018USD ($)
Future minimum payments
Remainder of 2018	$ 418
2,019	1,553
2,020	1,547
2,021	1,484
2,022	1,421
2,023	1,398
Thereafter	10,409
Total	18,230
Firm transportation
Future minimum payments
Remainder of 2018	230
2,019	1,087
2,020	1,107
2,021	1,086
2,022	1,034
2,023	1,022
Thereafter	8,690
Total	14,256
Gas processing, gathering and compression
Future minimum payments
Remainder of 2018	155
2,019	360
2,020	397
2,021	382
2,022	378
2,023	369
Thereafter	1,670
Total	3,711
Drilling rigs and completion services
Future minimum payments
Remainder of 2018	29
2,019	92
2,020	30
2,021	5
Total	156
Office and equipment
Future minimum payments
Remainder of 2018	4
2,019	14
2,020	13
2,021	11
2,022	9
2,023	7
Thereafter	49
Total	$ 107

Contingencies (Details)

Contingencies (Details) $ in Millions	4 Months Ended	9 Months Ended	11 Months Ended	25 Months Ended
	Nov. 30, 2017MMBTU / d	Sep. 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 | $		$ 82
Potential Positive Outcome of Litigation | WGL
Contingencies
Additional accounts receivable | $		$ 105

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Sales and revenues:
Sales and revenues	$ 1,076,532	$ 647,880	$ 3,093,978	$ 2,633,848
Operating expenses:
Impairment of unproved properties	221,094	41,000	406,068	83,098
Impairment of gathering systems and facilities	1,157		9,658
Depletion, depreciation, and amortization	243,186	206,968	709,480	610,879
General and administrative expense	59,860	62,203	181,576	191,000
Other operating expenses	183,658	104,136	649,279	324,093
Total operating expenses	1,071,728	719,932	2,975,444	2,080,814
Operating income (loss)	4,804	(72,052)	118,534	553,034
Equity in earnings of unconsolidated affiliates	10,705	7,033	27,832	12,887
Segment assets	15,802,535	14,849,214	15,802,535	14,849,214	$ 15,261,490
Capital expenditures for segment assets	567,221	521,657	1,676,245	1,717,539
Exploration and production
Sales and revenues:
Sales and revenues	982,131	594,244	2,590,409	2,458,524
Gathering and compression
Sales and revenues:
Sales and revenues	4,441	2,609	12,849	7,472
Water handling and treatment
Sales and revenues:
Sales and revenues	404	260	2,450	1,193
Marketing
Sales and revenues:
Sales and revenues	89,556	50,767	488,270	166,659
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	987,328	597,314	2,606,660	2,469,945
Operating expenses:
Impairment of unproved properties	221,094	41,000	406,068	83,098
Depletion, depreciation, and amortization	204,465	176,188	601,446	521,603
General and administrative expense	45,474	48,289	138,555	148,876
Other operating expenses	30,695	24,259	85,067	75,030
Total operating expenses	979,454	683,334	2,566,489	1,956,120
Operating income (loss)	7,874	(86,020)	40,171	513,825
Segment assets	13,484,457	12,751,606	13,484,457	12,751,606
Capital expenditures for segment assets	485,219	413,742	1,464,041	1,455,168
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	133,202	100,518	360,098	290,939
Operating expenses:
Impairment of gathering systems and facilities	1,157		9,658
Depletion, depreciation, and amortization	26,095	22,027	74,215	64,445
General and administrative expense	11,783	9,336	34,140	30,179
Other operating expenses	186	92	204	104
Total operating expenses	51,352	41,923	154,116	123,220
Operating income (loss)	81,850	58,595	205,982	167,719
Equity in earnings of unconsolidated affiliates	10,705	7,033	27,832	12,887
Segment assets	2,367,855	2,158,107	2,367,855	2,158,107
Capital expenditures for segment assets	130,695	99,254	337,448	254,619
Operating segments | Water handling and treatment
Sales and revenues:
Sales and revenues	133,003	93,111	386,674	271,226
Operating expenses:
Depletion, depreciation, and amortization	12,626	8,753	33,819	24,831
General and administrative expense	3,235	4,980	10,827	13,383
Other operating expenses	5,033	3,457	14,925	12,333
Total operating expenses	89,072	68,759	244,839	182,182
Operating income (loss)	43,931	24,352	141,835	89,044
Segment assets	1,043,641	752,982	1,043,641	752,982
Capital expenditures for segment assets	19,258	48,019	77,385	143,470
Operating segments | Marketing
Sales and revenues:
Sales and revenues	89,556	50,767	488,270	166,659
Operating expenses:
Other operating expenses	151,764	78,884	560,924	246,298
Total operating expenses	151,764	78,884	560,924	246,298
Operating income (loss)	(62,208)	(28,117)	(72,654)	(79,639)
Segment assets	20,481	15,807	20,481	15,807
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(266,557)	(193,830)	(747,724)	(564,921)
Operating expenses:
General and administrative expense	(632)	(402)	(1,946)	(1,438)
Other operating expenses	(4,020)	(2,556)	(11,841)	(9,672)
Total operating expenses	(199,914)	(152,968)	(550,924)	(427,006)
Operating income (loss)	(66,643)	(40,862)	(196,800)	(137,915)
Segment assets	(1,113,899)	(829,288)	(1,113,899)	(829,288)
Capital expenditures for segment assets	(67,951)	(39,358)	(202,629)	(135,718)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	5,197	3,070	16,251	11,421
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	128,761	97,909	347,249	283,467
Elimination of intersegment transaction | Water handling and treatment
Sales and revenues:
Sales and revenues	132,599	92,851	384,224	270,033
Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	326,504	282,134	926,228	815,710
Gathering, compression, water handling and treatment | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	442,602	369,538	1,236,655	1,070,522
Gathering, compression, water handling and treatment | Operating segments | Gathering and compression
Operating expenses:
Cost of goods and services sold	12,131	10,468	35,899	28,492
Gathering, compression, water handling and treatment | Operating segments | Water handling and treatment
Operating expenses:
Cost of goods and services sold	570		570
Gathering, compression, water handling and treatment | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	(128,799)	(97,872)	(346,896)	(283,304)
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	36,269	23,491	93,155	56,034
Oil and Gas, Operation and Maintenance | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	35,124	24,060	98,698	56,991
Oil and Gas, Operation and Maintenance | Operating segments | Water handling and treatment
Operating expenses:
Cost of goods and services sold	67,608	51,569	184,698	131,635
Oil and Gas, Operation and Maintenance | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	$ (66,463)	$ (52,138)	$ (190,241)	$ (132,592)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents				$ 28,441
Accounts receivable, net	$ 46,604			34,896
Intercompany receivables	46,604
Accrued revenue	354,010			300,122
Derivative instruments	493,354			460,685
Other current assets	12,664			8,943
Total current assets	906,632			833,087
Unproved properties	1,928,990			2,266,673
Proved properties	12,306,198			11,096,462
Water handling and treatment systems	993,285			946,670
Gathering systems and facilities	2,384,041			2,050,490
Other property and equipment	62,739			57,429
Property and equipment, gross	17,675,253			16,417,724
Less accumulated depletion, depreciation, and amortization	(3,890,834)			(3,182,171)
Property and equipment, net	13,784,419			13,235,553
Derivative instruments	672,768			841,257
Investments in unconsolidated affiliates	392,893			303,302
Other assets, net	45,823			48,291
Total assets	15,802,535			15,261,490	$ 14,849,214
Liabilities and Stockholders' Equity
Accounts payable	91,940			62,982
Accrued liabilities	457,216			443,225
Revenue distributions payable	245,832			209,617
Derivative instruments	10,456			28,476
Other current liabilities	8,427			17,796
Total current liabilities	813,871			762,096
Long-term debt	5,487,004			4,800,090
Deferred income tax liability	782,145			779,645
Derivative instruments				207
Other liabilities	48,363			43,316
Total liabilities	7,131,383			6,385,354
Common stock	3,171			3,164
Additional paid-in capital	6,611,348			6,570,952
Accumulated earnings	1,299,094			1,575,065
Total stockholders' equity	7,913,613			8,149,181
Noncontrolling interest in consolidated subsidiary	757,539			726,955
Total equity	8,671,152	$ 8,802,911	$ 8,921,098	8,876,136	$ 8,387,262	$ 8,302,862	$ 8,253,952	$ 7,728,578
Total liabilities and equity	15,802,535			15,261,490
Reportable legal entity | Parent (Antero)
Current assets:
Cash and cash equivalents				20,078
Accounts receivable, net				33,726
Intercompany receivables	30,018			6,459
Accrued revenue	354,010			300,122
Derivative instruments	493,354			460,685
Other current assets	11,190			8,273
Total current assets	888,572			829,343
Unproved properties	1,928,990			2,266,673
Proved properties	12,871,199			11,460,615
Gathering systems and facilities	17,824			17,929
Other property and equipment	62,666			57,429
Property and equipment, gross	14,880,679			13,802,646
Less accumulated depletion, depreciation, and amortization	(3,414,193)			(2,812,851)
Property and equipment, net	11,466,486			10,989,795
Derivative instruments	672,768			841,257
Investment in subsidiaries	(756,785)			(573,926)
Contingent acquisition consideration asset	219,855			208,014
Other assets, net	31,727			35,371
Total assets	12,522,623			12,329,854
Liabilities and Stockholders' Equity
Accounts payable	76,284			54,340
Intercompany payable	112,147			110,182
Accrued liabilities	368,958			338,819
Revenue distributions payable	245,832			209,617
Derivative instruments	10,456			28,476
Other current liabilities	6,735			17,587
Total current liabilities	820,412			759,021
Long-term debt	3,970,150			3,604,090
Deferred income tax liability	782,145			779,645
Derivative instruments				207
Other liabilities	42,693			42,906
Total liabilities	5,615,400			5,185,869
Common stock	3,171			3,164
Additional paid-in capital	5,604,958			5,565,756
Accumulated earnings	1,299,094			1,575,065
Total stockholders' equity	6,907,223			7,143,985
Total equity	6,907,223			7,143,985
Total liabilities and equity	12,522,623			12,329,854
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream)
Current assets:
Cash and cash equivalents				8,363
Accounts receivable, net	115,905			1,170
Intercompany receivables	16,586			110,182
Other current assets	1,474			670
Total current assets	133,965			120,385
Water handling and treatment systems	984,225			942,361
Gathering systems and facilities	2,366,217			2,032,561
Other property and equipment	73
Property and equipment, gross	3,350,515			2,974,922
Less accumulated depletion, depreciation, and amortization	(476,641)			(369,320)
Property and equipment, net	2,873,874			2,605,602
Investments in unconsolidated affiliates	392,893			303,302
Other assets, net	14,096			12,920
Total assets	3,414,828			3,042,209
Liabilities and Stockholders' Equity
Accounts payable	15,656			8,642
Intercompany payable	3,758			6,459
Accrued liabilities	88,258			106,006
Other current liabilities	215			209
Total current liabilities	107,887			121,316
Long-term debt	1,516,854			1,196,000
Contingent acquisition consideration	219,855			208,014
Other liabilities	5,670			410
Total liabilities	1,850,266			1,525,740
Partners' capital	1,564,562			1,516,469
Total stockholders' equity	1,564,562			1,516,469
Total equity	1,564,562			1,516,469
Total liabilities and equity	3,414,828			3,042,209
Eliminations
Current assets:
Accounts receivable, net	(115,905)
Intercompany receivables				(116,641)
Total current assets	(115,905)			(116,641)
Proved properties	(565,001)			(364,153)
Water handling and treatment systems	9,060			4,309
Property and equipment, gross	(555,941)			(359,844)
Property and equipment, net	(555,941)			(359,844)
Investment in subsidiaries	756,785			573,926
Contingent acquisition consideration asset	(219,855)			(208,014)
Total assets	(134,916)			(110,573)
Liabilities and Stockholders' Equity
Intercompany payable	(115,905)			(116,641)
Accrued liabilities				(1,600)
Other current liabilities	1,477
Total current liabilities	(114,428)			(118,241)
Contingent acquisition consideration	(219,855)			(208,014)
Total liabilities	(334,283)			(326,255)
Partners' capital	(1,564,562)			(1,516,469)
Additional paid-in capital	1,006,390			1,005,196
Total stockholders' equity	(558,172)			(511,273)
Noncontrolling interest in consolidated subsidiary	757,539			726,955
Total equity	199,367			215,682
Total liabilities and equity	$ (134,916)			$ (110,573)

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue:
Revenues from contracts with customers	$ 1,019,555				$ 713,837			$ 2,865,104	$ 2,175,389
Commodity derivative fair value gains (losses)	57,019				(65,957)			134,793	458,459
Marketing derivative gains	(42)			$ (21,400)				94,081
Total revenue and other	1,076,532				647,880			3,093,978	2,633,848
Operating expenses:
Production and ad valorem taxes	30,518				22,995			82,232	70,341
Impairment of unproved properties	221,094				41,000			406,068	83,098
Impairment of gathering systems and facilities	1,157							9,658
Depletion, depreciation, and amortization	243,186				206,968			709,480	610,879
Accretion of asset retirement obligations	710				658			2,101	1,944
General and administrative	59,860				62,203			181,576	191,000
Total operating expenses	1,071,728				719,932			2,975,444	2,080,814
Operating income (loss)	4,804				(72,052)			118,534	553,034
Equity in earnings of unconsolidated affiliates	10,705				7,033			27,832	12,887
Interest	(74,528)				(70,059)			(208,303)	(205,311)
Equity in earnings (loss) of consolidated subsidiaries									12,887
Total other expenses	(63,823)				(63,026)			(180,471)	(192,424)
Income (loss) before income taxes	(59,019)				(135,078)			(61,937)	360,610
Provision for income tax (expense) benefit	(18,953)				45,078			(2,500)	(105,087)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(77,972)	$ (67,275)	$ 80,810		(90,000)	$ 39,965	$ 305,558	(64,437)	255,523
Net income and comprehensive income attributable to noncontrolling interest	76,447				45,063			211,534	127,322
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(154,419)				(135,063)			(275,971)	128,201
Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	4,844				2,869			15,298	8,665
Operating expenses:
Cost of goods and services sold	326,504				282,134			926,228	815,710
Natural gas sales
Revenue:
Revenues from contracts with customers	527,122				409,141			1,498,324	1,330,062
Natural gas liquids sales
Revenue:
Revenues from contracts with customers	338,269				224,533			828,424	590,004
Oil sales
Revenue:
Revenues from contracts with customers	59,722				26,527			128,869	79,999
Marketing
Revenue:
Revenues from contracts with customers	89,598				50,767			394,189	166,659
Operating expenses:
Cost of goods and services sold	151,764				78,884			560,924	246,298
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	36,269				23,491			93,155	56,034
Exploration
Operating expenses:
Cost of goods and services sold	666				1,599			4,022	5,510
Reportable legal entity | Parent (Antero)
Revenue:
Commodity derivative fair value gains (losses)	57,019				(65,957)			134,793	458,459
Marketing derivative gains	(42)							94,081
Total revenue and other	1,077,015				648,081			3,095,061	2,636,604
Operating expenses:
Production and ad valorem taxes	29,352				22,002			79,045	67,576
Impairment of unproved properties	221,094				41,000			406,068	83,098
Impairment of gathering systems and facilities								4,470
Depletion, depreciation, and amortization	204,730				176,412			602,159	522,275
Accretion of asset retirement obligations	677				658			2,000	1,944
General and administrative	45,477				48,289			138,555	148,876
Accretion of contingent acquisition consideration								(11,841)	(9,672)
Total operating expenses	1,131,486				762,442			3,132,596	2,203,090
Operating income (loss)	(54,471)				(114,361)			(37,535)	433,514
Equity in earnings of unconsolidated affiliates									(21,582)
Interest	(57,632)				(60,906)			(165,519)	(178,644)
Equity in earnings (loss) of consolidated subsidiaries	(23,363)				(4,874)			(70,417)	(21,582)
Total other expenses	(80,995)				(65,780)			(235,936)	(200,226)
Income (loss) before income taxes	(135,466)				(180,141)			(273,471)	233,288
Provision for income tax (expense) benefit	(18,953)				45,078			(2,500)	(105,087)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(154,419)				(135,063)			(275,971)	128,201
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(154,419)				(135,063)			(275,971)	128,201
Reportable legal entity | Parent (Antero) | Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	442,602				369,538			1,236,655	1,070,522
Reportable legal entity | Parent (Antero) | Natural gas sales
Revenue:
Revenues from contracts with customers	527,122				409,141			1,498,324	1,330,062
Reportable legal entity | Parent (Antero) | Natural gas liquids sales
Revenue:
Revenues from contracts with customers	338,269				224,533			828,424	590,004
Reportable legal entity | Parent (Antero) | Oil sales
Revenue:
Revenues from contracts with customers	59,722				26,527			128,869	79,999
Reportable legal entity | Parent (Antero) | Marketing
Revenue:
Revenues from contracts with customers	89,598				50,767			394,189	166,659
Operating expenses:
Cost of goods and services sold	151,764				78,884			560,924	246,298
Reportable legal entity | Parent (Antero) | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	35,124				24,060			98,698	56,991
Reportable legal entity | Parent (Antero) | Exploration
Operating expenses:
Cost of goods and services sold	666				1,599			4,022	5,510
Reportable legal entity | Parent (Antero) | Other
Revenue:
Revenues from contracts with customers	5,327				3,070			16,381	11,421
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream)
Revenue:
Gain on sale of assets								583
Total revenue and other	266,205				193,629			746,771	562,165
Operating expenses:
Production and ad valorem taxes	1,166				993			3,187	2,765
Impairment of gathering systems and facilities	1,157							5,771
Depletion, depreciation, and amortization	38,456				30,556			107,321	88,604
Accretion of asset retirement obligations	33							101
General and administrative	15,015				14,316			44,967	43,562
Accretion of contingent acquisition consideration	4,020				2,556			11,841	9,672
Total operating expenses	140,156				110,458			394,355	304,730
Operating income (loss)	126,049				83,171			352,416	257,435
Equity in earnings of unconsolidated affiliates	10,705				7,033			27,832	12,887
Interest	(16,989)				(9,311)			(42,913)	(27,162)
Equity in earnings (loss) of consolidated subsidiaries									12,887
Total other expenses	(6,284)				(2,278)			(15,081)	(14,275)
Income (loss) before income taxes	119,765				80,893			337,335	243,160
Net income (loss) and comprehensive income (loss) including noncontrolling interest	119,765				80,893			337,335	243,160
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	119,765				80,893			337,335	243,160
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream) | Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	266,205				193,629			746,188	562,165
Operating expenses:
Cost of goods and services sold	12,701				10,468			36,469	28,492
Reportable legal entity | Non-Guarantor Subsidiaries (Antero Midstream) | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	67,608				51,569			184,698	131,635
Eliminations
Revenue:
Gain on sale of assets								(583)
Total revenue and other	(266,688)				(193,830)			(747,854)	(564,921)
Operating expenses:
Impairment of gathering systems and facilities								(583)
General and administrative	(632)				(402)			(1,946)	(1,438)
Accretion of contingent acquisition consideration	(4,020)				(2,556)			(11,841)	(9,672)
Total operating expenses	(199,914)				(152,968)			(551,507)	(427,006)
Operating income (loss)	(66,774)				(40,862)			(196,347)	(137,915)
Equity in earnings of unconsolidated affiliates									21,582
Interest	93				158			129	495
Equity in earnings (loss) of consolidated subsidiaries	23,363				4,874			70,417	21,582
Total other expenses	23,456				5,032			70,546	22,077
Income (loss) before income taxes	(43,318)				(35,830)			(125,801)	(115,838)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(43,318)				(35,830)			(125,801)	(115,838)
Net income and comprehensive income attributable to noncontrolling interest	76,447				45,063			211,534	127,322
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(119,765)				(80,893)			(337,335)	(243,160)
Eliminations | Gathering, compression, water handling and treatment
Revenue:
Revenues from contracts with customers	(261,361)				(190,760)			(730,890)	(553,500)
Operating expenses:
Cost of goods and services sold	(128,799)				(97,872)			(346,896)	(283,304)
Eliminations | Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	(66,463)				(52,138)			(190,241)	(132,592)
Eliminations | Other
Revenue:
Revenues from contracts with customers	$ (5,327)				$ (3,070)			$ (16,381)	$ (11,421)

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	$ (77,972)	$ (67,275)	$ 80,810		$ (90,000)	$ 39,965	$ 305,558	$ (64,437)	$ 255,523
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion								711,581	612,823
Impairment of unproved properties	221,094				41,000			406,068	83,098
Impairment of gathering systems and facilities	1,157							9,658
Commodity derivative fair value gains	(57,019)				65,957			(134,793)	(458,459)
Gains on settled commodity derivatives								268,369	137,392
Marketing derivative fair value gains	42			$ 21,400				(94,081)
Gains on settled marketing derivatives								78,098
Proceeds From Derivative Monetizations									749,906
Deferred income tax expense (benefit)								2,500	105,087
Equity-based compensation expense	16,202				26,447			56,429	78,925
Equity in earnings (loss) of consolidated subsidiaries									(12,887)
Equity in earnings of unconsolidated affiliates	(10,705)				(7,033)			(27,832)	(12,887)
Distributions from unconsolidated affiliates								29,660	10,120
Other								2,945	1,191
Changes in current assets and liabilities								16,233	130,089
Net cash provided by operating activities								1,260,398	1,692,808
Cash flows used in investing activities:
Additions to proved properties									(179,318)
Additions to unproved properties								(130,381)	(182,207)
Drilling and completion costs								(1,125,660)	(946,508)
Additions to water handling and treatment systems								(77,385)	(143,470)
Additions to gathering systems and facilities								(337,448)	(254,619)
Additions to other property and equipment								(5,371)	(11,417)
Investments in unconsolidated affiliates								(91,419)	(216,776)
Change in other assets								(2,675)	(16,148)
Other									2,156
Proceeds from contribution of assets to non-guarantor subsidiary									2,156
Net cash used in investing activities								(1,770,339)	(1,948,307)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP									248,949
Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation									311,100
Borrowings (repayments) on bank credit facilities, net								682,000	(198,000)
Distributions								(188,775)	(102,053)
Distributions to noncontrolling interest in consolidated subsidiary								(188,775)	(102,053)
Employee tax withholding for settlement of equity compensation awards								(8,205)	(8,500)
Other								(3,520)	(3,913)
Net cash provided by financing activities								481,500	247,583
Net increase (decrease) in cash and cash equivalents								(28,441)	(7,916)
Cash and cash equivalents, beginning of period			28,441	23,694			31,610	28,441	31,610
Cash and cash equivalents, end of period				28,441	23,694				23,694
Eliminations
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	(43,318)				(35,830)			(125,801)	(115,838)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Accretion of contingent acquisition consideration	(4,020)				(2,556)			(11,841)	(9,672)
Impairment of gathering systems and facilities								(583)
Gain on sale of assets								583
Equity in earnings (loss) of consolidated subsidiaries	(23,363)				(4,874)			(70,417)	(21,582)
Equity in earnings of unconsolidated affiliates									(21,582)
Distributions from Antero Midstream								(115,678)	(97,984)
Changes in current assets and liabilities								7,119	1,702
Net cash provided by operating activities								(304,777)	(233,702)
Cash flows used in investing activities:
Drilling and completion costs								202,629	135,718
Additions to water handling and treatment systems								(9,060)
Other								(4,470)
Net cash used in investing activities								189,099	135,718
Cash flows provided by (used in) financing activities:
Distributions								115,678	97,984
Net cash provided by financing activities								115,678	97,984
Parent (Antero) | Reportable legal entity
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	(154,419)				(135,063)			(275,971)	128,201
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion								604,159	524,219
Accretion of contingent acquisition consideration								(11,841)	(9,672)
Impairment of unproved properties	221,094				41,000			406,068	83,098
Impairment of gathering systems and facilities								4,470
Commodity derivative fair value gains	(57,019)				65,957			(134,793)	(458,459)
Gains on settled commodity derivatives								268,369	137,392
Marketing derivative fair value gains	42							(94,081)
Gains on settled marketing derivatives								78,098
Proceeds From Derivative Monetizations									749,906
Deferred income tax expense (benefit)								2,500	105,087
Equity-based compensation expense								39,823	58,489
Equity in earnings (loss) of consolidated subsidiaries	23,363				4,874			70,417	21,582
Equity in earnings of unconsolidated affiliates									21,582
Other								862	(715)
Distributions from Antero Midstream								115,678	97,984
Changes in current assets and liabilities								20,015	145,131
Net cash provided by operating activities								1,093,773	1,582,243
Cash flows used in investing activities:
Additions to proved properties									(179,318)
Additions to unproved properties								(130,381)	(182,207)
Drilling and completion costs								(1,328,289)	(1,082,226)
Additions to gathering systems and facilities								175
Additions to other property and equipment								(5,371)	(11,417)
Change in other assets								(1,810)	(10,271)
Proceeds from contribution of assets to non-guarantor subsidiary									2,156
Net cash used in investing activities								(1,465,676)	(1,463,283)
Cash flows provided by (used in) financing activities:
Sale of common units in Antero Midstream Partners LP by Antero Resources Corporation									311,100
Borrowings (repayments) on bank credit facilities, net								362,000	(415,000)
Employee tax withholding for settlement of equity compensation awards								(6,806)	(7,568)
Other								(3,369)	(3,861)
Net cash provided by financing activities								351,825	(115,329)
Net increase (decrease) in cash and cash equivalents								(20,078)	3,631
Cash and cash equivalents, beginning of period			20,078	21,199			17,568	20,078	17,568
Cash and cash equivalents, end of period				20,078	21,199				21,199
Non-Guarantor Subsidiaries (Antero Midstream) | Reportable legal entity
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	119,765				80,893			337,335	243,160
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion								107,422	88,604
Accretion of contingent acquisition consideration	4,020				2,556			11,841	9,672
Impairment of gathering systems and facilities	1,157							5,771
Gain on sale of assets								(583)
Equity-based compensation expense								16,606	20,436
Equity in earnings (loss) of consolidated subsidiaries									(12,887)
Equity in earnings of unconsolidated affiliates	$ (10,705)				(7,033)			(27,832)	(12,887)
Distributions from unconsolidated affiliates								29,660	10,120
Other								2,083	1,906
Changes in current assets and liabilities								(10,901)	(16,744)
Net cash provided by operating activities								471,402	344,267
Cash flows used in investing activities:
Additions to water handling and treatment systems								(68,325)	(143,470)
Additions to gathering systems and facilities								(337,623)	(254,619)
Investments in unconsolidated affiliates								(91,419)	(216,776)
Change in other assets								(865)	(5,877)
Other								4,470
Net cash used in investing activities								(493,762)	(620,742)
Cash flows provided by (used in) financing activities:
Issuance of common units by Antero Midstream Partners LP									248,949
Borrowings (repayments) on bank credit facilities, net								320,000	217,000
Distributions								(304,453)	(200,037)
Employee tax withholding for settlement of equity compensation awards								(1,399)	(932)
Other								(151)	(52)
Net cash provided by financing activities								13,997	264,928
Net increase (decrease) in cash and cash equivalents								(8,363)	(11,547)
Cash and cash equivalents, beginning of period			$ 8,363	2,495			$ 14,042	$ 8,363	14,042
Cash and cash equivalents, end of period				$ 8,363	$ 2,495				$ 2,495

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Oct. 09, 2018USD ($)$ / sharesshares
Subsequent Events
Share repurchase authorized amount | $	$ 600,000,000
Simplification Agreement | Antero Midstream Partners LP
Subsequent Events
Number of shares owned	98,870,335
Simplification Agreement | New AM | Forecast
Subsequent Events
New AM's Common stock in exchange of Series B units	17,350,000
Cash without interest | $ / shares	$ 3
Number of new shares issued	1.6023
Aggregate cash consideration to be paid | $	$ 598,000,000
Ownership percentage	31.00%
Simplification Agreement | New AM | AM Public Unitholders | Forecast
Subsequent Events
Cash without interest | $ / shares	$ 3.415
Number of new shares issued	1.635