Antero Resources (AR) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document and Entity Information
Entity Registrant Name	ANTERO RESOURCES Corp
Entity Central Index Key	0001433270
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
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		309,123,057
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Accounts receivable	$ 48,979	$ 51,073
Accrued revenue	365,151	474,827
Derivative instruments	122,425	245,263
Other current assets	8,341	35,450
Total current assets	544,896	806,613
Oil and gas properties, at cost (successful efforts method):
Unproved properties	1,701,002	1,767,600
Proved properties	13,056,874	12,705,672
Water handling and treatment systems		1,013,818
Gathering systems and facilities	17,825	2,470,708
Other property and equipment	68,535	65,842
Property and equipment, gross	14,844,236	18,023,640
Less accumulated depletion, depreciation, and amortization	(3,872,886)	(4,153,725)
Property and equipment, net	10,971,350	13,869,915
Operating leases, right-of-use assets	3,433,515
Derivative instruments	313,909	362,169
Investments in unconsolidated affiliates	1,989,612	433,642
Other assets	35,448	47,125
Total assets	17,288,730	15,519,464
Current liabilities:
Accounts payable	48,096	66,289
Accounts payable, related parties	110,980
Accrued liabilities	384,707	465,070
Revenue distributions payable	301,066	310,827
Derivative instruments	3,894	532
Short-term lease liabilities	413,103	2,459
Other current liabilities	4,935	8,363
Total current liabilities	1,266,781	853,540
Long-term liabilities:
Long-term debt	3,475,950	5,461,688
Deferred income tax liability	1,171,866	650,788
Long-term lease liabilities	3,024,582	2,873
Other liabilities	56,753	63,098
Total liabilities	8,995,932	7,031,987
Commitments and contingencies (Notes 13 and 14)
Equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,594 shares and 308,741 shares issued and outstanding at December 31, 2018 and March 31, 2019, respectively	3,087	3,086
Additional paid-in capital	6,133,400	6,485,174
Accumulated earnings	2,156,311	1,177,548
Total stockholders' equity	8,292,798	7,665,808
Noncontrolling interests in consolidated subsidiary		821,669
Total equity	8,292,798	8,487,477
Total liabilities and equity	$ 17,288,730	$ 15,519,464

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
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
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	308,741,000	308,594,000
Common stock, shares outstanding	308,741,000	308,594,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue and other:
Revenues from contracts with customers	$ 1,114,668	$ 911,430
Commodity derivative fair value gains (losses)	(77,368)	22,437
Marketing derivative fair value gains	91,186	94,234
Total revenue	1,037,407	1,028,101
Operating expenses:
Production and ad valorem taxes	35,678	25,823
Impairment of unproved properties	81,244	50,536
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	240,201	228,244
Accretion of asset retirement obligations	976	690
General and administrative (including equity-based compensation expense of $21,156 and $8,903 in 2018 and 2019, respectively)	68,202	60,030
Contract termination and rig stacking	8,360
Total operating expenses	1,071,114	881,607
Operating income (loss)	(33,707)	146,494
Other income (expenses):
Equity in earnings of unconsolidated affiliates	14,081	7,862
Interest	(71,950)	(64,426)
Gain on deconsolidation of Antero Midstream Partners LP	1,406,042
Total other expenses	1,348,173	(56,564)
Income before income taxes	1,314,466	89,930
Provision for income tax expense	(288,710)	(9,120)
Net income and comprehensive income including noncontrolling interests	1,025,756	80,810
Net income and comprehensive income attributable to noncontrolling interests	46,993	65,977
Net income and comprehensive income attributable to Antero Resources Corporation	$ 978,763	$ 14,833
Earnings per common share:
Earnings per common share - basic (in dollars per share)	$ 3.17	$ 0.05
Earnings per common share assuming dilution:
Earnings per common share—assuming dilution (in dollars per share)	$ 3.17	$ 0.05
Weighted average number of shares outstanding
Basic (in shares)	308,694	316,471
Diluted (in shares)	308,788	316,911
Natural gas sales
Revenue and other:
Revenues from contracts with customers	$ 657,266	$ 497,663
Natural gas liquids sales
Revenue and other:
Revenues from contracts with customers	313,685	234,170
Oil sales
Revenue and other:
Revenues from contracts with customers	48,052	30,273
Gathering, compression, water handling and treatment
Revenue and other:
Revenues from contracts with customers	4,479	4,935
Operating expenses:
Cost of goods and services sold	424,529	291,938
Marketing
Revenue and other:
Revenues from contracts with customers	91,186	144,389
Operating expenses:
Cost of goods and services sold	163,084	195,739
Other income
Revenue and other:
Revenues from contracts with customers	107
Lease operating
Operating expenses:
Cost of goods and services sold	41,732	26,722
Exploration
Operating expenses:
Cost of goods and services sold	$ 126	$ 1,885

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 8,903	$ 21,156

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balance at Dec. 31, 2017	$ 3,164	$ 6,570,952	$ 1,575,065	$ 726,955	$ 8,876,136
Balance (in shares) at Dec. 31, 2017	316,379
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 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 Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes		(50)		32	(18)
Equity-based compensation		18,802		2,354	21,156
Net income and comprehensive income			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, 2018	$ 3,086	6,485,174	1,177,548	821,669	8,487,477
Balance (in shares) at Dec. 31, 2018	308,594
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	(451)			(450)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	147
Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes		(85)		56	(29)
Equity-based compensation		7,801		1,102	8,903
Net income and comprehensive income			978,763	46,993	1,025,756
Distributions to non-controlling interests		(359,039)		(784,744)	(1,143,783)
Effect of deconsolidation of Antero Midstream Partners LP				$ (85,076)	(85,076)
Balance at Mar. 31, 2019	$ 3,087	$ 6,133,400	$ 2,156,311		$ 8,292,798
Balance (in shares) at Mar. 31, 2019	308,741

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	$ 1,025,756	$ 80,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	241,177	228,934
Impairment of unproved properties	81,244	50,536
Impairment of gathering systems and facilities	6,982
Commodity derivative fair value (gains) losses	77,368	(22,437)
Gains on settled commodity derivatives	97,092	101,341
Marketing derivative fair value gains	(91,186)	(94,234)
Gains on settled marketing derivatives		110,042
Deferred income tax expense	287,854	9,120
Equity-based compensation expense	8,903	21,156
Equity in earnings of unconsolidated affiliates	(14,081)	(7,862)
Distributions of earnings from unconsolidated affiliates	12,605	7,085
Gain on deconsolidation of Antero Midstream Partners LP	(1,406,042)
Other	11,081	969
Changes in current assets and liabilities:
Accounts receivable	42,168	8,204
Accrued revenue	109,677	20,199
Other current assets	1,364	(1,431)
Accounts payable	(21,370)	(8,042)
Accrued liabilities	(14,965)	10,359
Revenue distributions payable	(9,761)	28,290
Other current liabilities	1,952	(1,490)
Net cash provided by operating activities	539,004	541,549
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(27,463)	(49,569)
Drilling and completion costs	(368,687)	(359,868)
Additions to water handling and treatment systems	(24,416)	(40,285)
Additions to gathering systems and facilities	(48,239)	(93,670)
Additions to other property and equipment	(3,128)	(2,571)
Investments in unconsolidated affiliates	(25,020)	(17,389)
Proceeds from the Antero Midstream Partners LP Transactions	296,611
Change in other assets	(4,475)	(217)
Net cash used in investing activities	(204,817)	(563,569)
Cash flows provided by (used in) financing activities:
Issuance of senior notes	650,000
Borrowings (repayments) on bank credit facilities, net	(270,000)	75,000
Payments of deferred financing costs	(8,259)
Distributions to noncontrolling interests in Antero Midstream Partners LP	(85,076)	(55,915)
Employee tax withholding for settlement of equity compensation awards	(479)	(1,084)
Other	(841)	(1,269)
Net cash provided by (used in) financing activities	285,345	16,732
Effect of deconsolidation of Antero Midstream Partners LP	(619,532)
Net decrease in cash and cash equivalents		(5,288)
Cash and cash equivalents, beginning of period		28,441
Cash and cash equivalents, end of period		23,153
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	37,081	42,010
Increase in accounts payable and accrued liabilities for additions to property and equipment	$ 22,825	$ 12,691

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization
Organization	(1) Antero Resources Corporation (individually referred to as “Antero”) and its consolidated subsidiaries (collectively referred to as the “Company,” “we,” “us” or “our”) 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. The Company’s corporate headquarters are located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 2018 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2018 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in Antero’s 2018 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, 2018 and March 31, 2019, and the results of its operations and its cash flows for the three months ended March 31, 2018 and 2019. 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 March 31, 2019 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified. (b) The accompanying 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. Through March 12, 2019, Antero Midstream Partners LP (“Antero Midstream Partners”), a publicly traded limited partnership, was included in the consolidated financial statements of Antero. Prior to the Closing (defined in Note 3 to the unaudited condensed consolidated financial statements), our ownership of Antero Midstream Partners common units represented approximately a 53% limited partner interest in Antero Midstream Partners, and we consolidated Antero Midstream Partners’ financial position and results of operations into our consolidated financial statements. The Transactions (defined in Note 3 to the unaudited condensed consolidated financial statements) resulted in the exchange of the limited partner interest we owned in Antero Midstream Partners for common stock of Antero Midstream Corporation representing a 31% interest. As a result, we no longer hold a controlling interest in Antero Midstream Partners and we now have an interest in Antero Midstream Corporation that provides significant influence, but not control, over Antero Midstream Corporation. Thus, effective March 13, 2019, the Company no longer consolidates Antero Midstream Partners in our consolidated financial statements and accounts for its interest in Antero Midstream Corporation using the equity method of accounting. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. The noncontrolling interest in the Company’s unaudited condensed consolidated financial statements represents the interests in Antero Midstream Partners, which were owned by the public prior to the Transactions, and the incentive distribution rights in Antero Midstream Partners, in both cases during the periods prior to the Transactions. 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. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as Antero’s ownership interest, representation on the board of directors, and participation in the policy-making decisions of equity method investees. 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. When Antero records its proportionate share of net income, it increases equity income in the statements of operations and comprehensive income (loss) and the carrying value of that investment on the Company’s balance sheet. When a distribution is received, it is recorded as a reduction to the carrying value of that investment on the balance sheet. Our equity in earnings of unconsolidated affiliates is adjusted for intercompany transactions and the basis differences recognized as a result of the deconsolidation. The Company accounts for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). (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 that involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred and current 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 in 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 March 31, 2019, the book overdraft included within revenue distributions payable was $27 million. As of December 31, 2018, the book overdraft included within accounts payable and revenue distributions payable were $10 million and $28 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. 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. (h) 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) marketing and utilization of excess firm transportation capacity and (3) our equity method investment in Antero Midstream Corporation. Through March 12, 2019, the results of Antero Midstream Partners were included in the consolidated financial statements of Antero. Effective March 13, 2019, the results of Antero Midstream Partners are no longer consolidated in Antero’s results, however, the Company’s segment disclosures include our equity method investment in Antero Midstream Corporation due to its significance to the Company’s operations. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions and Note 17 to the unaudited condensed consolidated financial statements for disclosures on the Company’s reportable segments. 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. (i) Earnings (loss) Per Common Share Earnings (loss) per common share—basic for each period is computed by dividing net income (loss) attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings (loss) per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of 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 March 31, 2018 2019 Basic weighted average number of shares outstanding 316,471 308,694 Add: Dilutive effect of restricted stock units 401 80 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 39 14 Diluted weighted average number of shares outstanding 316,911 308,788 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1) : Restricted stock units 421 1,445 Outstanding stock options 653 570 Performance stock units 1,189 1,721 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive. (j) The Company retires treasury shares acquired through share repurchases and returns those shares to the status of authorized but unissued. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to accumulated earnings. The portion allocable to additional paid-in capital is determined by applying a percentage, determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of retirement. (k) The Company adopted ASU No. 2016-02, Leases , (“Topic 842”) as of January 1, 2019, using the effective date method. The effective date method allows the Company to report its leases under Topic 842 prospectively as of the date of adoption, and no retrospective adjustments were needed to be made for prior periods. The Company elected the available practical expedients and updated internal controls and implemented new lease software to enable the preparation of financial information on adoption. The standard had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated income statements. The most significant impact was the recognition of operating leases right-of-use assets and short-term and long-term lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. See Note 12 to the unaudited condensed consolidated financial statements for a description of the Company’s leases.

Deconsolidation of Antero Midst

Deconsolidation of Antero Midstream Partners LP	3 Months Ended
	Mar. 31, 2019
Deconsolidation of Antero Midstream Partners LP
Deconsolidation of Antero Midstream Partners LP	(3) Deconsolidation of Antero Midstream Partners LP In 2014, the Company formed Antero Midstream Partners to own, operate, and develop midstream energy assets that service Antero’s production. Antero Midstream Partners’ 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. On March 12, 2019, Antero Midstream GP LP and Antero Midstream Partners completed (the “Closing”) the transactions contemplated by the previously announced Simplification Agreement (the “Simplification Agreement”), dated as of October 9, 2018, by and among Antero Midstream GP LP, Antero Midstream Partners and certain of their affiliates, pursuant to which (i) Antero Midstream GP LP was converted from a limited partnership to a corporation under the laws of the State of Delaware and changed its name to Antero Midstream Corporation, and (ii) an indirect, wholly owned subsidiary of Antero Midstream Corporation was merged with and into Antero Midstream Partners, with Antero Midstream Partners surviving the merger as an indirect, wholly owned subsidiary of Antero Midstream Corporation (together, along with the other transactions contemplated by the Simplification Agreement, the “Transactions”). In connection with the Closing, we received $297 million in cash and 158.4 million shares of Antero Midstream Corporation’s common stock, par value $0.01 per share, in consideration for our 98,870,335 common units representing limited partnership interests in Antero Midstream Partners. Prior to the Closing, the Company’s ownership of Antero Midstream Partners common units represented approximately a 53% limited partner interest in Antero Midstream Partners, and the Company consolidated Antero Midstream Partners’ financial position and results of operations into its consolidated financial statements. The Transactions resulted in the exchange of limited partner interests we owned in Antero Midstream Partners for common stock of Antero Midstream Corporation representing a 31% interest. As a result, the Company no longer holds a controlling interest in Antero Midstream Partners and the Company now has an interest in Antero Midstream Corporation that provides significant influence, but not control, over Antero Midstream Corporation. Thus, effective March 13, 2019, the Company no longer consolidates Antero Midstream Partners in our consolidated financial statements and will account for its interest in Antero Midstream Corporation using the equity method of accounting. In addition, the Company recorded a gain on deconsolidation of $1.4 billion calculated as the sum of (i) the cash proceeds received, (ii) the fair value of the Antero Midstream Corporation common stock received at the Closing, and (iii) the elimination of the noncontrolling interest, less the carrying amount of the investment in Antero Midstream Partners. The fair value of our retained equity method investment on March 13, 2019 in Antero Midstream Corporation was $2.0 billion based on the market price of the shares received on March 12, 2019. See Note 5 to the unaudited condensed consolidated financial statements for further discussion on equity method investments. Antero Midstream Partners’ results of operations have been removed from Antero Resources’ consolidated statement of operations and comprehensive income beginning March 13, 2019. Because Antero Midstream Partners does not meet the requirements of a discontinued operation, Antero Midstream Partners’ results of operations continue to be included in the Company’s consolidated statement of operations and comprehensive income through March 12, 2019. Summarized Financial Information of Antero Midstream Partners The following table presents a summary of assets and liabilities of Antero Midstream Partners as of March 12, 2019, the date of deconsolidation. (in thousands) March 12, 2019 Current assets $ 763,109 Property and equipment, net 3,003,693 Other noncurrent assets 501,208 Total assets $ 4,268,010 Current liabilities $ 123,473 Long-term debt 2,359,084 Other noncurrent liabilities 123,523 Total liabilities $ 2,606,080 Net assets $ 1,661,930

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue
Revenue	(4) Revenue (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 sale. 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 Partners 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 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 the gathering, compression, water handling and treatment operations were derived from transactions for services Antero Midstream Partners provided to our exploration and production operations through March 12, 2019 and were eliminated in consolidation. Effective March 13, 2019, Antero Midstream Partners is no longer consolidated in Antero’s results. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions and Note 17 to the unaudited condensed consolidated financial statements for disclosures on the Company’s reportable segments. 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 Partners or usage of Antero Midstream Partners’ gathering and compression systems. For gathering and compression revenue, Antero Midstream Partners 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 Partners in accordance with the gathering and compression agreement. For water handling and treatment revenue, Antero Midstream Partners 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 Partners’ 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 Partners 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. We have 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 17— Segment Information. Three months ended March 31, Segment to which 2018 2019 revenues relate Revenues from contracts with customers: Natural gas sales $ 497,663 657,266 Exploration and production Natural gas liquids sales (ethane) 27,075 35,516 Exploration and production Natural gas liquids sales (C3+ NGLs) 207,095 278,169 Exploration and production Oil sales 30,273 48,052 Exploration and production Gathering and compression (1) 4,145 3,972 Equity method investment in Antero Midstream Corporation Water handling and treatment (1) 790 507 Equity method investment in Antero Midstream Corporation Marketing 144,389 91,186 Marketing Total 911,430 1,114,668 Income (loss) from derivatives and other sources 116,671 (77,261) Total revenue and other $ 1,028,101 1,037,407 (1) Gathering and compression and water handling and treatment revenues were included through March 12, 2019. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. (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 does not require the disclosure of 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 does not require the disclosure of 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, 2018 and March 31, 2019, our receivables from contracts with customers were $475 million and $365 million, respectively.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2019
Equity Method Investments.
Equity Method Investments	(5) At March 13, 2019 and at March 31, 2019, Antero owned approximately 31.3% of Antero Midstream Corporation’s common stock, which is reflected in Antero’s consolidated financial statements using the equity method of accounting. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. Prior to March 13, 2019, our consolidated results included two equity method investments held by Antero Midstream Partners: a 15% equity interest in Stonewall Gas Gathering LLC (“Stonewall”), which operates a regional gathering pipeline on which Antero is an anchor shipper, and a 50% interest in the joint venture entered into on February 6, 2017 between Antero Midstream Partners and MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, LP, to develop processing and fractionation assets in Appalachia (the “Joint Venture”). Effective March 13, 2019, the equity in earnings of these investments are accounted for in the equity in earnings of Antero Midstream Corporation. The following table is a reconciliation of investments in unconsolidated affiliates for the three months ended March 31, 2019 (in thousands): Stonewall (1) MarkWest Antero Midstream Corporation (2) Total Balance at December 31, 2018 $ 68,103 365,539 — 433,642 Investments (3) — 25,020 — 25,020 Equity in net income of unconsolidated affiliates 1,894 10,370 1,817 14,081 Distributions from unconsolidated affiliates (3,000) (9,605) — (12,605) Effects of deconsolidation (4) (66,997) (391,324) 1,987,795 1,529,474 Balance at March 31, 2019 $ — — 1,989,612 1,989,612 (1) Distributions are net of operating and capital requirements retained by Stonewall. (2) As adjusted for the amortization of the difference between the cost of the equity investment in Antero Midstream Partners and the amount of underlying equity in the net assets of Antero Midstream Partners as of the date of deconsolidation. (3) Investments in the Joint Venture during the three months ended March 31, 2019 relate to capital contributions for construction of additional processing facilities. (4) Effective March 13, 2019, the equity in earnings of Stonewall and the Joint Venture are accounted for in the equity in earnings of Antero Midstream Corporation. Summarized Financial Information of Antero Midstream Corporation The following tables present summarized financial information of Antero Midstream Corporation . Summarized financial information is presented from March 13, 2019. Balance Sheet (in thousands) March 31, 2019 Current assets $ 116,719 Noncurrent assets 6,551,708 Total assets $ 6,668,427 Current liabilities $ 118,062 Noncurrent liabilities 2,514,815 Stockholders' equity 4,035,550 Total liabilities and equity $ 6,668,427 Statement of Operations For the period March 13, 2019 through (in thousands) March 31, 2019 Revenues $ 54,108 Operating expenses 30,029 Income from operations 24,079 Net income attributable to the equity method investments 23,197

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities as of December 31, 2018 and March 31, 2019 consisted of the following items (in thousands): December 31, 2018 March 31, 2019 Capital expenditures $ 113,237 63,060 Gathering, compression, processing, and transportation expenses 148,032 140,751 Marketing expenses 67,082 50,418 Interest expense 43,444 62,019 Other 93,275 68,459 $ 465,070 384,707

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt was as follows at December 31, 2018 and March 31, 2019 (in thousands): December 31, 2018 March 31, 2019 Antero Resources: Credit Facility (a) $ 405,000 50,000 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 1,241 1,168 Net unamortized debt issuance costs (26,700) (25,218) Antero Midstream Partners: Midstream Credit Facility (1) 990,000 — 5.375% senior notes due 2024 (1) 650,000 — Net unamortized debt issuance costs (1) (7,853) — $ 5,461,688 3,475,950 (1) At December 31, 2018, Antero Midstream Partners’ indebtedness was included in the consolidated financial statements of Antero. At March 31, 2019, following the deconsolidation, Antero Midstream Partners’ outstanding indebtedness is no longer reflected in Antero’s consolidated financial statements. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. (a) Senior Secured Revolving Credit Facility Antero has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of bank lenders. Borrowings under the Credit Facility are subject to borrowing base limitations based on the collateral value of Antero’s assets and are subject to regular annual redeterminations. At March 31, 2019, 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 2019. The next redetermination of the borrowing base is scheduled to occur in April 2020. 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, Antero’s and Antero Subsidiary Holdings LLC’s ownership interests in Antero Midstream Corporation, 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, 2018 and March 31, 2019. As of March 31, 2019, Antero had an outstanding balance under the Credit Facility of $50 million, with a weighted average interest rate of 3.75%, and outstanding letters of credit of $687 million. As of December 31, 2018, Antero had an outstanding balance under the Credit Facility of $405 million, with a weighted average interest rate of 3.95%, and outstanding letters of credit of $685 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 101.344% 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 that is also part of the Credit Facility lending consortium that 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, 2018 there was $5.4 million in outstanding borrowings under the revolving note included in “Other current liabilities” on the Company’s Consolidated Balance Sheet. At March 31, 2019, there were no outstanding borrowings under the revolving note.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligations
Asset Retirement Obligations	(8) The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2019 (in thousands): Asset retirement obligations—December 31, 2018 $ 58,979 Obligations settled (154) Obligations incurred 430 Revisions to prior estimates — Accretion expense 976 Effect of deconsolidation of Antero Midstream Partners LP (1) (7,518) Asset retirement obligations—March 31, 2019 $ 52,713 (1) Effective March 13, 2019, Antero Midstream Partners is no longer consolidated in Antero’s results. Asset retirement obligations are included in other liabilities on the Company’s unaudited condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
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 8,369,603 shares were available for future grant under the Plan as of March 31, 2019. Antero Midstream Partners’ general partner was authorized to grant up to 10,000,000 common units representing limited partner interests in Antero Midstream Partners under the Antero Midstream Partners LP Long-Term Incentive Plan (the “AMP Plan”) to non-employee directors of its general partner and certain officers, employees, and consultants of Antero Midstream Partners and its affiliates (which include Antero). As part of the Transactions, each of the outstanding phantom units in the AMP Plan , whether vested or unvested, were assumed by Antero Midstream Corporation and converted into restricted stock units under the Antero Midstream Corporation Long Term Incentive Plan (the “AMC Plan”) representing a right to receive 1.8926 shares of Antero Midstream Corporation’s Common Stock, par value $0.01 per share (“Antero Midstream Corporation Common Stock”), for each converted phantom unit. On March 12, 2019, the Board of Antero Midstream Corporation adopted the AMC Plan under which awards may be granted to employees, directors and other service providers of the Company and its affiliates. The AMC Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, other stock-based awards, cash awards and substitute awards. The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2018 and 2019 (in thousands): Three months ended March 31, 2018 2019 Restricted stock unit awards $ 13,444 3,972 Stock options 481 344 Performance share unit awards 2,511 2,959 Antero Midstream Partners phantom unit awards (1) 4,218 1,125 Equity awards issued to directors 502 503 Total expense $ 21,156 8,903 (1) Antero recognized compensation expense for equity awards granted under both the Plan and the AMP Plan as the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero. Antero allocates a portion of the total equity-based compensation expense to Antero Midstream Partners based on its proportionate share of Antero’s labor costs. Through March 12, 2019, the total amount of equity-based compensation is included in the consolidated financial statements of Antero; and effective March 13, 2019 (date of deconsolidation), the amount allocated to Antero Midstream Partners is no longer reflected in Antero’s consolidated financial statements. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. 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 award activity for the three months ended March 31, 2019 is as follows: Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2018 1,712,485 $ 24.57 $ 16,080 Granted 66,171 $ 10.94 Vested (125,973) $ 26.88 Forfeited (53,902) $ 23.62 Total awarded and unvested—March 31, 2019 1,598,781 $ 23.86 $ 14,117 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of March 31, 2019, there was $22 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 2.3 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 three months ended March 31, 2019 is as follows: Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2018 579,617 $ 50.55 5.81 $ — Granted — $ — Exercised — $ — Forfeited (33,312) $ 50.00 Expired — $ — Outstanding at March 31, 2019 546,305 $ 50.58 5.70 $ — Vested or expected to vest as of March 31, 2019 546,305 $ 50.58 5.70 $ — Exercisable at March 31, 2019 433,155 $ 50.73 5.61 $ — Intrinsic values are based on the exercise price of the options and the closing price of the Company’s stock on the referenced dates. A Black Scholes option pricing model is used to determine the grant-date fair value of stock options. Expected volatility was derived from the volatility of the historical stock prices of a peer group of similar publicly traded companies’ stock prices as the Company’s common stock had traded for a relatively short period of time at the dates the options were granted. The risk free interest rate was determined using the implied yield available for zero coupon U.S. government issues with a remaining term approximating the expected life of the options. A dividend yield of zero was assumed. As of March 31, 2019, there was $0.1 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 less than 1 year. Performance Share Unit Awards Performance Share Unit Awards Based on Stock Price Targets In 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers that are based on stock 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 three months ended March 31, 2019 is as follows: Number of Weighted Total awarded and unvested—December 31, 2018 1,767,299 $ 26.36 Granted — $ — Vested (31,944) $ 27.38 Forfeited (15,223) $ 27.25 Total awarded and unvested—March 31, 2019 1,720,132 $ 26.33 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. As of March 31, 2019, there was $16 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 1.8 years. Antero Midstream Partners Phantom Unit Awards and Antero Midstream Corporation Restricted Stock Unit Awards Phantom units granted by Antero Midstream Partners vested subject to the satisfaction of service requirements, upon the completion of which common units in Antero Midstream Partners were delivered to the holder of the phantom units. Phantom units also contained distribution equivalent rights which entitled the holder of vested common units to receive a “catch up” payment equal to common unit distributions paid by Antero Midstream Partners during the vesting period of the phantom unit award. These phantom units were treated, for accounting purposes, as if Antero Midstream Partners distributed the units to Antero. Antero recognized compensation expense as the units were granted to its employees, and a portion of the expense was allocated to Antero Midstream Partners. Expense related to each phantom unit award was recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures were accounted for as they occurred by reversing the expense previously recognized for awards that were forfeited during the period. The grant date fair values of these awards was determined based on the closing price of Antero Midstream Partners’ common units on the date of grant. In connection with the closing of the Transactions, the Board of Antero Midstream Corporation adopted the AMC Plan. In accordance with the terms of the Transactions, each of the outstanding units in the AMP Plan , whether vested or unvested, was assumed by Antero Midstream Corporation and converted into restricted stock units under the AMC Plan at 1.8926 shares of Antero Midstream Corporation Common Stock LTIP for each converted phantom unit. A summary of phantom unit awards activity for the three months ended March 31, 2019 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2018 583,000 $ 27.63 $ 12,470 Granted 5,972 $ 23.44 Vested (3,853) $ 32.44 Forfeited (20,338) $ 26.73 AMP Plan Units awarded and unvested—March 12, 2019 564,781 $ 27.59 $ 13,476 Effect of conversion (1) 504,119 $ 14.58 Total awarded and unvested—March 31, 2019 1,068,900 $ 14.58 $ 14,729 (1) Effective March 12, 2019, a ll outstanding units in the AMP Plan , whether vested or unvested, were assumed by Antero Midstream Corporation and converted into restricted stock units under the AMC Plan. Intrinsic values are based on the closing price of Antero Midstream Corporation’s common units on the referenced dates. As of March 31, 2019, there was $11 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 2.28 years.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2019
Financial Instruments
Financial Instruments	(10) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2018 and March 31, 2019 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility and Antero Midstream Partners’ credit facility at December 31, 2018 and March 31, 2019 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 senior notes was approximately $3.9 billion and $3.5 billion at December 31, 2018 and March 31, 2019, respectively. See Note 11 to the unaudited condensed consolidated financial statements for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2018 and 2019. The Company enters into these swap contracts when management believes that favorable future sales prices for the Company’s production can be secured. Under these swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company receives the difference from the counterparty. In addition, the Company has entered into basis swap contracts in order to hedge the difference between the New York Mercantile Exchange (“NYMEX”) index price and a local index price. The Company also entered into NGL contracts, which establish a contractual price for the settlement month as a fixed percentage of the West Texas Intermediate Crude Oil index (“WTI”) price for the settlement month. When the percentage of the contractual price is above the contracted percentage, the Company pays the difference to the counterparty. When it is below the contracted percentage, the Company receives the difference from the counterparty. In addition, the Company has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. Under these contracts, the Company pays the difference between the ceiling price and the published index price in the event the published index price is above the ceiling price. When the published index price is below the floor price, the Company receives the difference between the floor price and the published index price. No amounts are paid or received if the index price is between the floor and the ceiling prices. The index prices in our collars are consistent with the index prices used to sell our production. The Company’s derivative contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of March 31, 2019, the Company’s fixed price natural gas and NGL swap positions from April 1, 2019 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 ; Argus Propane ARA=European Propane CIF ARA Argus; Argus Propane FEI=Argus Propane Far East Index ): Natural gas Natural Gas Weighted Three months ending June 30, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.26 Propane Argus ARA ($/MT) — 1,033 415.03 Propane Argus FEI ($/MT) — 1,033 456.55 Total 755,000 2,066 Three months ending September 30, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.32 Total 755,000 — Three months ending December 31, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.45 Total 755,000 — Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 — $ 3.00 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 — $ 3.00 Year ending December 31, 2022: NYMEX ($/MMBtu) 850,000 — $ 3.00 Year ending December 31, 2023: NYMEX ($/MMBtu) 90,000 — $ 2.91 As of March 31, 2019, the Company had entered into NGL contracts totaling 500 Bbls/day of propane for April 1, 2019 through March 31, 2020 that fix the Mont Belvieu Propane index price at 50% of WTI. As of March 31, 2019, the Company’s fixed price natural gas collar positions from April 1, 2019 through December 31, 2019 were as follows (abbreviations in the table refer to the index to which the collar position is tied, as follows (NYMEX=Henry Hub): Natural gas Weighted average index price MMbtu/day Ceiling price Floor price Three months ending June 30, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.30 $ 2.50 Three months ending September 30, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.30 $ 2.50 Three months ending December 31, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.52 $ 2.50 An initial premium of $13 million was paid at the inception of natural gas collar contracts with one counterparty, and is recorded as a derivative asset measured at fair value. (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. 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. For the three months ended March 31, 2018, the Company recognized a fair value gain of $94 million. (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, 2018 and March 31, 2019. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2018 March 31, 2019 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 $ 245,263 Derivative instruments $ 122,425 Commodity derivatives - noncurrent Derivative instruments 362,169 Derivative instruments 313,909 Total asset derivatives 607,432 436,334 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments 532 Derivative instruments 3,894 Commodity derivatives - noncurrent Derivative instruments — Derivative instruments — Total liability derivatives 532 3,894 Net derivatives $ 606,900 $ 432,440 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, 2018 March 31, 2019 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ 658,830 (51,398) 607,432 $ 459,928 (23,594) 436,334 Commodity derivative liabilities $ (51,930) 51,398 (532) $ (27,488) 23,594 (3,894) 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 (in thousands): Statement of Three months ended March 31, location 2018 2019 Commodity derivative fair value gains (losses) Revenue 22,437 (77,368) Marketing derivative fair value gains Revenue 94,234 — The fair value of derivative instruments was determined using Level 2 inputs.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	(12) Leases On February 25, 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases , which requires lessees to record lease liabilities and right-of-use assets as of the date of adoption and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 842. The new lease standard does not substantially change accounting by lessors. The Company adopted the new standard effective January 1, 2019. The Company is a lessee to both operating and finance lease arrangements. The standard resulted in an increased in assets and liabilities related to our operating leases. The Company leases certain office space, processing plants, drilling rigs and completion services, gas gathering lines, compressor stations, and other office and field equipment. Leases with an initial term of 12 months or less are considered short-term and are not recorded on the balance sheet. Instead, the short-term leases are recognized in expense on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to 20 years or more. The exercise of the lease renewal options are at the Company’s sole discretion. The depreciable lives of the leased assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of the Company’s lease agreements include minimum payments based on a percentage of produced volumes over contractual levels and others include rental payments adjusted periodically for inflation. The Company has elected the effective date method for adoption of the new leasing standard under Topic 842. This method allows the Company to not make retrospective adjustments for leases that were in effect prior to the adoption date of January 1, 2019 when disclosing comparable prior periods, but instead, account for the prior period leases under Topic 840, which was the guidance in place at the time of the original reporting. The Company considers all contracts that have assets specified in the contract, either explicitly or implicitly, that the Company has substantially all of the capacity of the asset, and has the right to obtain substantially all of the economic benefits of that asset, without the lessor’s ability to have a substantive right to substitute that asset, as leased assets under Topic 842. For any contract deemed to include a leased asset, that asset is capitalized on the balance sheet as a right-of-use asset and a corresponding lease liability is recorded at the present value of the known future minimum payments of the contract using a discount rate on the date of commencement. The leased asset classification is determined at the date of recording as either operating or financing, depending upon certain criteria of the contract. The discount rate used for present value calculations is the discount rate implicit in the contract. If an implicit rate is not determinable, a collateralized incremental borrowing rate is used at the date of commencement. The Company used the collateralized incremental borrowing rate, adjusted for length of lease term, for all of its present value calculations at the initial adoption of Topic 842. The Company has made an accounting policy election to adopt the practical expedient for combining lease and non-lease components on an asset class basis. This expedient allows the Company to combine non-lease components such as real estate taxes, insurance, maintenance, and other operating expenses associated with the leased premises with the lease component of a lease agreement on an asset class basis when the non-lease components of the agreement cannot be easily bifurcated from the lease payment. Currently, the Company is only applying this expedient to certain office space agreements. Supplemental Balance Sheet Information Related to Leases The Company’s lease assets as of March 31, 2019 consisted of the following items (in thousands): March 31, 2019 Operating Leases Finance Leases Right-of-use Assets: Processing plants $ 1,619,608 — Drilling rigs and completion services 139,492 — Gas gathering lines and compressor stations (1) 1,624,500 — Office space 43,083 — Vehicles 6,273 3,089 Other office and field equipment 559 1,081 Total right-of-use assets $ 3,433,515 4,170 (2) (1) Gas gathering lines and compressor stations leases includes $1.4 billion related to Antero Midstream Corporation. (2) Financing lease assets are recorded net of accumulated amortization of $9 million as of March 31, 2019. The Company’s lease liabilities as of March 31, 2019 consisted of the following items (in thousands): March 31, 2019 Operating Leases Finance Leases Location on the balance sheet: Short-term lease liabilities $ 411,310 1,793 Long-term lease liabilities 3,022,205 2,377 Total lease liabilities $ 3,433,515 4,170 Supplemental Information Related to Leases Costs associated with operating leases were included in the statement of operations and comprehensive income for the three months ended March 31, 2019 (in thousands): Statement of Operations Location Three months ended March 31, 2019 Gathering, compression, processing, and transportation $ 187,847 General and administrative 2,726 Contract termination and rig stacking 8,019 Total Lease Expense $ 198,592 Costs associated with finance leases for the three months ended March 31, 2019 of less than $1 million were included in interest expense. We capitalized $55 million and less than $1 million of costs related to operating and finance leases, respectively, during the three months ended March 31, 2019. Short-term lease costs that are more than one month but less than 12 months are excluded from the above amounts and total $35 million at March 31, 2019. Supplemental Cash Flow Information Related to Leases The following is the Company’s supplemental cash flow information related to leases for the three months ended March 31, 2019 (in thousands): Three months ended March 31, 2019 Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 150,320 — Investing cash flows from operating leases 52,366 — Financing cash flows from financing leases — 791 202,686 791 Noncash activities: Right of use assets obtained in exchange for operating lease liabilities 3,345,549 — Right of use assets obtained in exchange for financing lease liabilities — — Maturities of Lease Liabilities The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2019 (in thousands): (in thousands) Operating Leases Financing Leases Total Remainder of 2019 $ 309,040 191 309,231 2020 396,473 1,073 397,546 2021 349,212 1,430 350,642 2022 359,759 1,476 361,235 2023 377,790 — 377,790 2024 392,323 — 392,323 Thereafter 1,248,918 — 1,248,918 Total lease payments 3,433,515 4,170 3,437,685 Less: imputed interest — — — Total 3,433,515 4,170 3,437,685 Lease Term and Discount Rate The table below is the Company’s weighted-average remaining lease term and discount rate as of March 31, 2019: March 31, 2019 Operating Leases Finance Leases Weighted-average remaining lease term: 8.7 years 1.6 years Weighted-average discount rate: 6.0 % 5.4 % As of March 31, 2019, the Company had requested additional processing capacity which will be accounted for as lease modifications when the processing capacity becomes available in 2019 and 2020. Related party lease disclosure The Company has a gathering and compression agreement with Antero Midstream Corporation, whereby Antero Midstream Corporation receives a low-pressure gathering fee per Mcf, a high-pressure gathering fee per Mcf, and a compression fee per Mcf, in each case subject to adjustments based on the consumer price index. If and to the extent we request that Antero Midstream Corporation construct new high pressure lines and compressor stations, the gathering and compression agreement contains minimum volume commitments that require Antero Resources to utilize or pay for 75% and 70%, respectively, of the capacity of such new construction for 10 years. For the three months ended March 31, 2019, gathering and compression fees paid by Antero related to this agreement were $152 million. As of March 31, 2019, $53 million was included within accounts payable, related parties on the Condensed Balance Sheet as due to Antero Midstream Corporation related to this agreement.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2019
Commitments
Commitments	(13) The table below is a schedule of future minimum payments for firm transportation, drilling rig and completion services, processing, gathering and compression, and office and equipment agreements, which include leases that have remaining lease terms in excess of one year as of March 31, 2019 (in millions). Firm Processing, Land payment obligations Leases, including imputed interest (in millions) (a) (b) (c) (d) Total Remainder of 2019 $ 824 41 9 309 1,183 2020 1,113 55 6 398 1,572 2021 1,090 54 3 351 1,498 2022 1,037 54 — 361 1,452 2023 1,025 48 — 378 1,451 2024 984 48 — 392 1,424 Thereafter 7,775 66 — 1,249 9,090 Total $ 13,848 366 18 3,438 17,670 (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. None of these agreements were determined to be leases. (b) Processing, Gathering, and Compression Service Commitments The Company has entered into various long‑term gas processing, gathering and compression service agreements. Certain of these agreements were determined to be leases. The minimum payment obligations under the agreements that are not leases are presented in this column. 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 Partners and MarkWest. (c) Land Payment Obligations The Company has entered into various land acquisition agreements. Certain of these agreements contain minimum payment obligations over various terms. The values in the table represent the minimum payments due under these arrangements. None of these agreements were determined to be leases. (d)  Leases, including imputed interest The Company has obligations under contracts for services provided by drilling rigs and completion fleets, processing, gathering, and compression services agreements, and office and equipment leases. The values in the table represent the gross amounts that we are committed to pay; however, we will record in our financial statements our proportionate share of costs based on our working interests. Refer to Note 12 to the unaudited condensed consolidated financial statements for more information on the Company’s operating and finance leases.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Contingencies
Contingencies	(14) Contingencies Environmental In March 2011, we received orders for compliance from federal regulatory agencies, including the U.S. Environmental Protection Agency, relating to certain of our activities in West Virginia. The orders allege that certain of our operations at several well sites are in non-compliance with certain environmental regulations, such as unpermitted discharges of fill material into wetlands or waters of the United States that are potentially in violation of the Clean Water Act. Antero voluntarily reviewed all of its pre-2011 construction sites and entered into an agreement to restore or mitigate all areas of concern. The vast majority of the sites cited by regulators were among the sites we voluntarily reviewed. On January 31, 2019, we entered into a consent decree with state and federal regulators to settle for $3.15 million and perform restoration at these sites along with mitigation at an approved mitigation site. The settlement was filed in federal court in West Virginia on February 11, 2019, and we are awaiting approval by the court. Our operations at these locations are not suspended, and management does not expect these matters to have a material adverse effect on our financial condition, results of operations, or cash flows. In June 2018, following site inspections conducted in September 2017 at certain of our facilities located in Doddridge County, Tyler County, and Ritchie County, West Virginia, we received a Notice of Violation (“NOV”) from the EPA Region III for alleged violations of the federal Clean Air Act and the West Virginia State Implementation Plan relating to permitting and control requirements for emissions of regulated pollutants at several of our natural gas production facilities. The NOV alleges that combustion devices at these facilities did not meet applicable air permitting requirements. Separately, in June 2018, we received an information request from EPA Region III pursuant to Section 114(a) of the Clean Air Act relating to the facilities that were inspected in September 2017 as well as additional Antero facilities for the purpose of determining if the additional facilities have the same alleged compliance issues that were identified during the September 2017 inspections. Since receipt of the NOV and information request, we have met with the EPA to discuss the alleged compliance issues but do not yet have any indication with respect to whether, and to what extent, the NOV and information request will result in monetary sanctions; however we believe that there is a reasonable possibility that these actions may result in monetary sanctions exceeding $100,000. Our operations at these facilities are not suspended, and management does not expect these matters to have a material adverse effect on our financial condition, results of operations, or cash flows. 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 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 March 31, 2019, the Company estimates that it is owed approximately $86 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 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 has 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 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 March 31, 2019, these damages amounted to approximately $109 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. WGL’s claims have been consolidated with Antero’s claims in the same district court and trial is scheduled to begin on June 10, 2019. WGL has quantified its damages claim for the alleged failure to deliver TCO Pool gas and is seeking approximately $40 million from Antero. 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 and in November 2018, the total aggregate contract volumes to be delivered to WGL at a delivery point in Loudoun County, Virginia increased by 330,000 MMBtu/day. This increase of 330,000 MMBtu/day is in effect for the remaining term of our gas sale contract with WGL Midstream, which expires in 2038, and these increased volumes are subject to NYMEX-based pricing. Following this increase, the aggregate contract volumes delivered to WGL 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.

Contract Termination and Rig St

Contract Termination and Rig Stacking	3 Months Ended
	Mar. 31, 2019
Contract Termination and Rig Stacking
Contract Termination and Rig Stacking	(15) Contract Termination and Rig Stacking During the three months ended March 31, 2019, the Company incurred $8.4 million of costs for the delay or cancelation of drilling and completion contracts with third-party contractors.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2019
Related Parties
Related Parties	(16) Related Parties Antero Midstream Partners’ operations comprised substantially all of the operations reflected in the gathering and processing, and water handling and treatment, results through March 12, 2019. Effective March 13, 2019, Antero accounts for Antero Midstream Corporation as an equity method investment. See Note 3 to the unaudited condensed consolidated financial statements for more discussion on the Transactions. Substantially all of the revenues for gathering and processing and water handling and treatment were derived from transactions with Antero. See Note 17 to the unaudited condensed consolidated financial statements for the operating results of the Company’s reportable segments.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Information
Segment Information	(17) See Note 2(h) to the unaudited condensed consolidated financial statements for a description of the Company’s determination of its reportable segments. Revenues from gathering and processing and water handling and treatment operations were primarily derived from intersegment transactions for services provided to the Company’s exploration and production operations prior to the closing of the Transactions. Through March 12, 2019, the results of Antero Midstream Partners were included in the consolidated financial statements of Antero. Effective March 13, 2019, the results of Antero Midstream Partners are no longer consolidated in Antero’s result; however, the Company’s segment disclosures include the results of our unconsolidated affiliates due to their significance to the Company’s operations. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. 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 were 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 were 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 March 31, 2018 and 2019 (in thousands): Exploration Marketing Antero Midstream Corporation Elimination of Consolidated Three months ended March 31, 2018: Sales and revenues: Third-party $ 784,543 238,623 4,935 — 1,028,101 Intersegment 5,875 — 224,656 (230,531) — Total $ 790,418 238,623 229,591 (230,531) 1,028,101 Operating expenses: Lease operating $ 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Depletion, depreciation, and amortization 195,588 — 32,656 — 228,244 General and administrative 46,420 — 14,455 (845) 60,030 Other 77,884 195,739 4,924 (3,874) 274,673 Total 735,499 195,739 118,275 (167,906) 881,607 Operating income $ 54,919 42,884 111,316 (62,625) 146,494 Equity in earnings of unconsolidated affiliates $ — — 7,862 — 7,862 Segment assets $ 13,200,108 41,548 3,151,024 (969,831) 15,422,849 Capital expenditures for segment assets $ 472,767 — 133,955 (60,759) 545,963 Exploration Marketing Equity Method Investment in Antero Midstream Corporation Elimination of intersegment transactions and unconsolidated affiliates Consolidated Three months ended March 31, 2019: Sales and revenues: Third-party $ 941,635 91,186 4 — 1,032,825 Intersegment 1,758 — 54,104 (51,280) 4,582 Total $ 943,393 91,186 54,108 (51,280) 1,037,407 Operating expenses: Lease operating $ 42,969 — 11,815 (13,052) 41,732 Gathering, compression, processing, and transportation 535,015 — 2,935 (113,421) 424,529 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Depletion, depreciation, and amortization 218,494 — 7,650 14,057 240,201 General and administrative 49,908 — 2,184 16,110 68,202 Other 44,137 163,084 1,291 (288) 208,224 Total 971,767 163,084 32,857 (96,594) 1,071,114 Operating income (loss) $ (28,374) (71,898) 21,251 45,314 (33,707) Equity in earnings of unconsolidated affiliates $ 1,817 — 2,880 9,384 14,081 Investments in unconsolidated affiliates $ 1,989,612 — 1,153,943 (1,153,943) 1,989,612 Segment assets $ 17,263,369 25,361 6,660,325 (6,660,325) 17,288,730 Capital expenditures for segment assets $ 399,278 — 16,005 56,650 471,933

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2019
Subsidiary Guarantors
Subsidiary Guarantors	(18) Each of Antero’s wholly owned subsidiaries has fully and unconditionally guaranteed Antero’s senior notes. 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, 2018 and March 31, 2019, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2018 and 2019, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2018 and 2019 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 Antero. Condensed Consolidating Balance Sheet December 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net $ 49,529 — 1,544 — 51,073 Intercompany receivables 383 — 115,378 (115,761) — Accrued revenue 474,827 — — — 474,827 Derivative instruments 245,263 — — — 245,263 Other current assets 13,937 — 21,513 — 35,450 Total current assets 783,939 — 138,435 (115,761) 806,613 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 1,767,600 — — — 1,767,600 Proved properties 13,306,585 — — (600,913) 12,705,672 Water handling and treatment systems — — 1,004,793 9,025 1,013,818 Gathering systems and facilities 17,825 — 2,452,883 — 2,470,708 Other property and equipment 65,770 — 72 — 65,842 15,157,780 — 3,457,748 (591,888) 18,023,640 Less accumulated depletion, depreciation, and amortization (3,654,392) — (499,333) — (4,153,725) Property and equipment, net 11,503,388 — 2,958,415 (591,888) 13,869,915 Derivative instruments 362,169 — — — 362,169 Investment in Antero Midstream Partners (740,031) — — 740,031 — Contingent acquisition consideration 114,995 — — (114,995) — Investments in unconsolidated affiliates — — 433,642 — 433,642 Other assets 31,200 — 15,925 — 47,125 Total assets $ 12,055,660 — 3,546,417 (82,613) 15,519,464 Liabilities and Equity Current liabilities: Accounts payable $ 44,917 — 21,372 — 66,289 Intercompany payable 111,620 — 4,141 (115,761) — Accrued liabilities 392,949 — 72,121 — 465,070 Revenue distributions payable 310,827 — — — 310,827 Derivative instruments 532 — — — 532 Short-term lease liabilities 2,459 — — — 2,459 Other current liabilities 2,162 — 2,052 4,149 8,363 Total current liabilities 865,466 — 99,686 (111,612) 853,540 Long-term liabilities: Long-term debt 3,829,541 — 1,632,147 — 5,461,688 Deferred income tax liability 650,788 — — — 650,788 Contingent acquisition consideration — — 114,995 (114,995) — Long-term lease liabilities 2,873 — — — 2,873 Other liabilities 55,017 — 8,081 — 63,098 Total liabilities 5,403,685 — 1,854,909 (226,607) 7,031,987 Equity: Stockholders' equity: Partners' capital — — 1,691,508 (1,691,508) — Common stock 3,086 — — — 3,086 Additional paid-in capital 5,471,341 — — 1,013,833 6,485,174 Accumulated earnings 1,177,548 — — — 1,177,548 Total stockholders' equity 6,651,975 — 1,691,508 (677,675) 7,665,808 Noncontrolling interests in consolidated subsidiary — — — 821,669 821,669 Total equity 6,651,975 — 1,691,508 143,994 8,487,477 Total liabilities and equity $ 12,055,660 — 3,546,417 (82,613) 15,519,464 Condensed Consolidating Balance Sheet March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net $ 48,979 200,337 — (200,337) 48,979 Accrued revenue 365,151 — — — 365,151 Derivative instruments 122,425 — — — 122,425 Other current assets 8,341 — — — 8,341 Total current assets 544,896 200,337 — (200,337) 544,896 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 1,701,002 — — — 1,701,002 Proved properties 13,056,874 — — — 13,056,874 Gathering systems and facilities 17,825 — — — 17,825 Other property and equipment 68,535 — — — 68,535 14,844,236 — — — 14,844,236 Less accumulated depletion, depreciation, and amortization (3,872,886) — — — (3,872,886) Property and equipment, net 10,971,350 — — — 10,971,350 Operating leases right-of-use assets 3,433,515 — — — 3,433,515 Derivative instruments 313,909 — — — 313,909 Investments in unconsolidated affiliates 647,832 1,341,780 — — 1,989,612 Investments in consolidated affiliates 1,341,780 — — (1,341,780) — Other assets 35,448 — — — 35,448 Total assets $ 17,288,730 1,542,117 — (1,542,117) 17,288,730 Liabilities and Equity Current liabilities: Accounts payable $ 48,096 — — — 48,096 Accounts payable, related parties 311,317 — — (200,337) 110,980 Accrued liabilities 384,707 — — — 384,707 Revenue distributions payable 301,066 — — — 301,066 Derivative instruments 3,894 — — — 3,894 Short-term lease liabilities 413,103 — 413,103 Other current liabilities 4,935 — — — 4,935 Total current liabilities 1,467,118 — — (200,337) 1,266,781 Long-term liabilities: Long-term debt 3,475,950 — — — 3,475,950 Deferred income tax liability 1,171,866 — — — 1,171,866 Long-term lease liabilities 3,024,582 — 3,024,582 Other liabilities 56,753 — — — 56,753 Total liabilities 9,196,269 — — (200,337) 8,995,932 Equity: Stockholders' equity: Partners' capital — — — — — Common stock 3,087 — — — 3,087 Additional paid-in capital 6,133,400 1,341,780 — (1,341,780) 6,133,400 Accumulated earnings 1,955,974 200,337 — — 2,156,311 Total equity 8,092,461 1,542,117 — (1,341,780) 8,292,798 Total liabilities and equity $ 17,288,730 1,542,117 — (1,542,117) 17,288,730 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 497,663 — — — 497,663 Natural gas liquids sales 234,170 — — — 234,170 Oil sales 30,273 — — — 30,273 Commodity derivative fair value gains 22,437 — — — 22,437 Gathering, compression, water handling and treatment — — 229,591 (224,656) 4,935 Marketing 144,389 — — — 144,389 Marketing derivative fair value gains 94,234 — — — 94,234 Gain on sale of assets — — — — — Other income 5,875 — — (5,875) — Total revenue and other 1,029,041 — 229,591 (230,531) 1,028,101 Operating expenses: Lease operating 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Production and ad valorem taxes 24,807 — 1,016 — 25,823 Marketing 195,739 — — — 195,739 Exploration 1,885 — — — 1,885 Impairment of unproved properties 50,536 — — — 50,536 Impairment of gathering systems and facilities — — — — — Depletion, depreciation, and amortization 195,812 — 32,432 — 228,244 Accretion of asset retirement obligations 656 — 34 — 690 General and administrative 46,420 — 14,455 (845) 60,030 Contract termination and rig stacking — — — — — Accretion of contingent acquisition consideration — — 3,874 (3,874) — Total operating expenses 931,462 — 118,051 (167,906) 881,607 Operating income 97,579 — 111,540 (62,625) 146,494 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,862 — 7,862 Interest (53,498) — (11,297) 369 (64,426) Loss on early extinguishment of debt — — — — — Equity in earnings (loss) of consolidated subsidiaries (20,128) — — 20,128 — Total other expenses (73,626) — (3,435) 20,497 (56,564) Income before income taxes 23,953 — 108,105 (42,128) 89,930 Provision for income tax expense (9,120) — — — (9,120) Net income and comprehensive income including noncontrolling interests 14,833 — 108,105 (42,128) 80,810 Net income and comprehensive income attributable to noncontrolling interests — — — 65,977 65,977 Net income and comprehensive income attributable to Antero Resources Corporation $ 14,833 — 108,105 (108,105) 14,833 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 657,266 — — — 657,266 Natural gas liquids sales 313,685 — — — 313,685 Oil sales 48,052 — — — 48,052 Commodity derivative fair value losses (77,368) — — — (77,368) Gathering, compression, water handling and treatment — — 218,360 (213,881) 4,479 Marketing 91,186 — — — 91,186 Other income 1,758 — — (1,651) 107 Total revenue and other 1,034,579 — 218,360 (215,532) 1,037,407 Operating expenses: Lease operating 42,969 — 64,818 (66,055) 41,732 Gathering, compression, processing, and transportation 535,015 — — (110,486) 424,529 Production and ad valorem taxes 34,738 — — 940 35,678 Marketing 163,084 — — — 163,084 Exploration 126 — — — 126 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Depletion, depreciation, and amortization 218,494 — 21,707 — 240,201 Accretion of asset retirement obligations 913 — 63 — 976 General and administrative 49,908 — 18,793 (499) 68,202 Contract termination and rig stacking 8,360 — — — 8,360 Accretion of contingent acquisition consideration — — 1,928 (1,928) — Total operating expenses 1,134,851 — 114,291 (178,028) 1,071,114 Operating income (loss) (100,272) — 104,069 (37,504) (33,707) Other income (expenses): Equity in earnings of unconsolidated affiliates 589 1,228 12,264 — 14,081 Interest (55,135) — (16,815) — (71,950) Equity in earnings of affiliates 15,021 — — (15,021) — Gain on deconsolidation of Antero Midstream Partners LP 1,205,705 200,337 — — 1,406,042 Total other expenses 1,166,180 201,565 (4,551) (15,021) 1,348,173 Income before income taxes 1,065,908 201,565 99,518 (52,525) 1,314,466 Provision for income tax expense (288,710) — — — (288,710) Net income and comprehensive income including noncontrolling interests 777,198 201,565 99,518 (52,525) 1,025,756 Net income and comprehensive income attributable to noncontrolling interests — — — 46,993 46,993 Net income and comprehensive income attributable to Antero Resources Corporation $ 777,198 201,565 99,518 (99,518) 978,763 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in)operating activities: Net income including noncontrolling interests $ 14,833 — 108,105 (42,128) 80,810 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 196,468 — 32,466 — 228,934 Accretion of contingent acquisition consideration (3,874) — 3,874 — — Impairment of unproved properties 50,536 — — — 50,536 Commodity derivative fair value gains (22,437) — — — (22,437) Gains on settled commodity derivatives 101,341 — — — 101,341 Marketing derivative fair value gains (94,234) — — — (94,234) Gains on settled marketing derivatives 110,042 — — — 110,042 Deferred income tax expense 9,120 — — — 9,120 Equity-based compensation expense 14,945 — 6,211 — 21,156 Equity in (earnings) loss of consolidated subsidiaries 20,128 — — (20,128) — Equity in earnings of unconsolidated affiliates — — (7,862) — (7,862) Distributions of earnings from unconsolidated affiliates — — 7,085 — 7,085 Distributions from Antero Midstream Partners LP 36,088 — — (36,088) — Other 279 — 690 — 969 Changes in current assets and liabilities 65,023 — (16,519) 7,585 56,089 Net cash provided by operating activities 498,258 — 134,050 (90,759) 541,549 Cash flows provided by (used in) investing activities: Additions to unproved properties (49,569) — — — (49,569) Drilling and completion costs (420,627) — — 60,759 (359,868) Additions to water handling and treatment systems — — (34,197) (6,088) (40,285) Additions to gathering systems and facilities 104 — (93,774) — (93,670) Additions to other property and equipment (2,571) — — — (2,571) Investments in unconsolidated affiliates — — (17,389) — (17,389) Change in other assets 1,067 — (1,284) — (217) Net cash used in investing activities (471,596) — (146,644) 54,671 (563,569) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net (30,000) — 105,000 — 75,000 Distributions to noncontrolling interests in Antero Midstream Partners LP — — (92,003) 36,088 (55,915) Employee tax withholding for settlement of equity compensation awards (1,066) — (18) — (1,084) Other (1,235) — (34) — (1,269) Net cash provided by (used in) financing activities (32,301) — 12,945 36,088 16,732 Net increase (decrease) in cash and cash equivalents (5,639) — 351 — (5,288) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 14,439 — 8,714 — 23,153 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 777,198 201,565 99,518 (52,525) 1,025,756 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 219,407 — 21,770 — 241,177 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Commodity derivative fair value losses 77,368 — — — 77,368 Gains on settled commodity derivatives 97,092 — — — 97,092 Deferred income tax expense 287,854 — — — 287,854 Equity-based compensation expense 6,426 — 2,477 — 8,903 Equity in earnings of consolidated subsidiaries (15,021) — — 15,021 — Equity in earnings of unconsolidated affiliates (589) (1,228) (12,264) — (14,081) Distributions of earnings from unconsolidated affiliates — — 12,605 — 12,605 Gain on deconsolidation of Antero Midstream Partners LP (1,205,705) (200,337) — — (1,406,042) Distributions from Antero Midstream Partners LP 46,469 — — (46,469) — Other 10,331 — 750 — 11,081 Changes in current assets and liabilities 102,830 — (10,573) 16,808 109,065 Net cash provided by operating activities 484,904 — 121,265 (67,165) 539,004 Cash flows provided by (used in) investing activities: Additions to unproved properties (27,463) — — — (27,463) Drilling and completion costs (389,252) — — 20,565 (368,687) Additions to water handling and treatment systems — — (24,547) 131 (24,416) Additions to gathering systems and facilities — — (48,239) — (48,239) Additions to other property and equipment (2,066) — (1,062) — (3,128) Investments in unconsolidated affiliates — — (25,020) — (25,020) Proceeds from the Antero Midstream Partners LP Transactions 296,611 — — — 296,611 Change in other assets (1,118) — (3,357) — (4,475) Net cash used in investing activities (123,288) — (102,225) 20,696 (204,817) Cash flows provided by (used in) financing activities: Issuance of senior notes — — 650,000 — 650,000 Borrowings (repayments) on bank credit facility, net (360,379) — 90,379 — (270,000) Payments of deferred financing costs (791) — (7,468) — (8,259) Distributions to noncontrolling interests in Antero Midstream Partners LP — — (131,545) 46,469 (85,076) Employee tax withholding for settlement of equity compensation awards (450) — (29) — (479) Other 4 — (845) — (841) Net cash provided by (used in) financing activities (361,616) — 600,492 46,469 285,345 Effect of deconsolidation of Antero Midstream Partners LP — — (619,532) — (619,532) Net increase (decrease) in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of period — — — — — Cash and cash equivalents, end of period $ — — — — —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2018 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in Antero’s 2018 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, 2018 and March 31, 2019, and the results of its operations and its cash flows for the three months ended March 31, 2018 and 2019. 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 March 31, 2019 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified.
Principles of Consolidation	(b) The accompanying 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. Through March 12, 2019, Antero Midstream Partners LP (“Antero Midstream Partners”), a publicly traded limited partnership, was included in the consolidated financial statements of Antero. Prior to the Closing (defined in Note 3 to the unaudited condensed consolidated financial statements), our ownership of Antero Midstream Partners common units represented approximately a 53% limited partner interest in Antero Midstream Partners, and we consolidated Antero Midstream Partners’ financial position and results of operations into our consolidated financial statements. The Transactions (defined in Note 3 to the unaudited condensed consolidated financial statements) resulted in the exchange of the limited partner interest we owned in Antero Midstream Partners for common stock of Antero Midstream Corporation representing a 31% interest. As a result, we no longer hold a controlling interest in Antero Midstream Partners and we now have an interest in Antero Midstream Corporation that provides significant influence, but not control, over Antero Midstream Corporation. Thus, effective March 13, 2019, the Company no longer consolidates Antero Midstream Partners in our consolidated financial statements and accounts for its interest in Antero Midstream Corporation using the equity method of accounting. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. The noncontrolling interest in the Company’s unaudited condensed consolidated financial statements represents the interests in Antero Midstream Partners, which were owned by the public prior to the Transactions, and the incentive distribution rights in Antero Midstream Partners, in both cases during the periods prior to the Transactions. 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. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as Antero’s ownership interest, representation on the board of directors, and participation in the policy-making decisions of equity method investees. 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. When Antero records its proportionate share of net income, it increases equity income in the statements of operations and comprehensive income (loss) and the carrying value of that investment on the Company’s balance sheet. When a distribution is received, it is recorded as a reduction to the carrying value of that investment on the balance sheet. Our equity in earnings of unconsolidated affiliates is adjusted for intercompany transactions and the basis differences recognized as a result of the deconsolidation. The Company accounts for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).
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 that involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred and current 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 in 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 March 31, 2019, the book overdraft included within revenue distributions payable was $27 million. As of December 31, 2018, the book overdraft included within accounts payable and revenue distributions payable were $10 million and $28 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. 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.
Industry Segments and Geographic Information	(h) 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) marketing and utilization of excess firm transportation capacity and (3) our equity method investment in Antero Midstream Corporation. Through March 12, 2019, the results of Antero Midstream Partners were included in the consolidated financial statements of Antero. Effective March 13, 2019, the results of Antero Midstream Partners are no longer consolidated in Antero’s results, however, the Company’s segment disclosures include our equity method investment in Antero Midstream Corporation due to its significance to the Company’s operations. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions and Note 17 to the unaudited condensed consolidated financial statements for disclosures on the Company’s reportable segments. 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	(i) Earnings (loss) Per Common Share Earnings (loss) per common share—basic for each period is computed by dividing net income (loss) attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings (loss) per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of 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 March 31, 2018 2019 Basic weighted average number of shares outstanding 316,471 308,694 Add: Dilutive effect of restricted stock units 401 80 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 39 14 Diluted weighted average number of shares outstanding 316,911 308,788 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1) : Restricted stock units 421 1,445 Outstanding stock options 653 570 Performance stock units 1,189 1,721 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.
Treasury Share Retirement	(j) The Company retires treasury shares acquired through share repurchases and returns those shares to the status of authorized but unissued. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to accumulated earnings. The portion allocable to additional paid-in capital is determined by applying a percentage, determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of retirement.
Adoption of New Accounting Principle	(k) The Company adopted ASU No. 2016-02, Leases , (“Topic 842”) as of January 1, 2019, using the effective date method. The effective date method allows the Company to report its leases under Topic 842 prospectively as of the date of adoption, and no retrospective adjustments were needed to be made for prior periods. The Company elected the available practical expedients and updated internal controls and implemented new lease software to enable the preparation of financial information on adoption. The standard had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated income statements. The most significant impact was the recognition of operating leases right-of-use assets and short-term and long-term lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. See Note 12 to the unaudited condensed consolidated financial statements for a description of the Company’s leases.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three months ended March 31, 2018 2019 Basic weighted average number of shares outstanding 316,471 308,694 Add: Dilutive effect of restricted stock units 401 80 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 39 14 Diluted weighted average number of shares outstanding 316,911 308,788 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share (1) : Restricted stock units 421 1,445 Outstanding stock options 653 570 Performance stock units 1,189 1,721 (1) The potential dilutive effects of these awards were excluded from the computation of earnings (loss) per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Deconsolidation of Antero Mid_2

Deconsolidation of Antero Midstream Partners LP (Tables)	3 Months Ended
	Mar. 31, 2019
Deconsolidation of Antero Midstream Partners LP
Summary of summary of assets and liabilities of Antero Midstream Partners as of March 12, 2019, the date of deconsolidation	(in thousands) March 12, 2019 Current assets $ 763,109 Property and equipment, net 3,003,693 Other noncurrent assets 501,208 Total assets $ 4,268,010 Current liabilities $ 123,473 Long-term debt 2,359,084 Other noncurrent liabilities 123,523 Total liabilities $ 2,606,080 Net assets $ 1,661,930

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
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 17— Segment Information. Three months ended March 31, Segment to which 2018 2019 revenues relate Revenues from contracts with customers: Natural gas sales $ 497,663 657,266 Exploration and production Natural gas liquids sales (ethane) 27,075 35,516 Exploration and production Natural gas liquids sales (C3+ NGLs) 207,095 278,169 Exploration and production Oil sales 30,273 48,052 Exploration and production Gathering and compression (1) 4,145 3,972 Equity method investment in Antero Midstream Corporation Water handling and treatment (1) 790 507 Equity method investment in Antero Midstream Corporation Marketing 144,389 91,186 Marketing Total 911,430 1,114,668 Income (loss) from derivatives and other sources 116,671 (77,261) Total revenue and other $ 1,028,101 1,037,407 (1) Gathering and compression and water handling and treatment revenues were included through March 12, 2019. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments.
Schedule of reconciliation of investments in unconsolidated affiliates	The following table is a reconciliation of investments in unconsolidated affiliates for the three months ended March 31, 2019 (in thousands): Stonewall (1) MarkWest Antero Midstream Corporation (2) Total Balance at December 31, 2018 $ 68,103 365,539 — 433,642 Investments (3) — 25,020 — 25,020 Equity in net income of unconsolidated affiliates 1,894 10,370 1,817 14,081 Distributions from unconsolidated affiliates (3,000) (9,605) — (12,605) Effects of deconsolidation (4) (66,997) (391,324) 1,987,795 1,529,474 Balance at March 31, 2019 $ — — 1,989,612 1,989,612 (1) Distributions are net of operating and capital requirements retained by Stonewall. (2) As adjusted for the amortization of the difference between the cost of the equity investment in Antero Midstream Partners and the amount of underlying equity in the net assets of Antero Midstream Partners as of the date of deconsolidation. (3) Investments in the Joint Venture during the three months ended March 31, 2019 relate to capital contributions for construction of additional processing facilities. (4) Effective March 13, 2019, the equity in earnings of Stonewall and the Joint Venture are accounted for in the equity in earnings of Antero Midstream Corporation.
Schedule of summarized financial information of Antero Midstream Corporation	Balance Sheet (in thousands) March 31, 2019 Current assets $ 116,719 Noncurrent assets 6,551,708 Total assets $ 6,668,427 Current liabilities $ 118,062 Noncurrent liabilities 2,514,815 Stockholders' equity 4,035,550 Total liabilities and equity $ 6,668,427 Statement of Operations For the period March 13, 2019 through (in thousands) March 31, 2019 Revenues $ 54,108 Operating expenses 30,029 Income from operations 24,079 Net income attributable to the equity method investments 23,197

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2018 and March 31, 2019 consisted of the following items (in thousands): December 31, 2018 March 31, 2019 Capital expenditures $ 113,237 63,060 Gathering, compression, processing, and transportation expenses 148,032 140,751 Marketing expenses 67,082 50,418 Interest expense 43,444 62,019 Other 93,275 68,459 $ 465,070 384,707

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2018 and March 31, 2019 (in thousands): December 31, 2018 March 31, 2019 Antero Resources: Credit Facility (a) $ 405,000 50,000 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 1,241 1,168 Net unamortized debt issuance costs (26,700) (25,218) Antero Midstream Partners: Midstream Credit Facility (1) 990,000 — 5.375% senior notes due 2024 (1) 650,000 — Net unamortized debt issuance costs (1) (7,853) — $ 5,461,688 3,475,950 (1) At December 31, 2018, Antero Midstream Partners’ indebtedness was included in the consolidated financial statements of Antero. At March 31, 2019, following the deconsolidation, Antero Midstream Partners’ outstanding indebtedness is no longer reflected in Antero’s consolidated financial statements. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2019 (in thousands): Asset retirement obligations—December 31, 2018 $ 58,979 Obligations settled (154) Obligations incurred 430 Revisions to prior estimates — Accretion expense 976 Effect of deconsolidation of Antero Midstream Partners LP (1) (7,518) Asset retirement obligations—March 31, 2019 $ 52,713 (1) Effective March 13, 2019, Antero Midstream Partners is no longer consolidated in Antero’s results.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2018 and 2019 (in thousands): Three months ended March 31, 2018 2019 Restricted stock unit awards $ 13,444 3,972 Stock options 481 344 Performance share unit awards 2,511 2,959 Antero Midstream Partners phantom unit awards (1) 4,218 1,125 Equity awards issued to directors 502 503 Total expense $ 21,156 8,903 (1) Antero recognized compensation expense for equity awards granted under both the Plan and the AMP Plan as the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero. Antero allocates a portion of the total equity-based compensation expense to Antero Midstream Partners based on its proportionate share of Antero’s labor costs. Through March 12, 2019, the total amount of equity-based compensation is included in the consolidated financial statements of Antero; and effective March 13, 2019 (date of deconsolidation), the amount allocated to Antero Midstream Partners is no longer reflected in Antero’s consolidated financial statements. See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions.
Summary of restricted stock and restricted stock unit awards activity	Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2018 1,712,485 $ 24.57 $ 16,080 Granted 66,171 $ 10.94 Vested (125,973) $ 26.88 Forfeited (53,902) $ 23.62 Total awarded and unvested—March 31, 2019 1,598,781 $ 23.86 $ 14,117
Summary of stock option activity	Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2018 579,617 $ 50.55 5.81 $ — Granted — $ — Exercised — $ — Forfeited (33,312) $ 50.00 Expired — $ — Outstanding at March 31, 2019 546,305 $ 50.58 5.70 $ — Vested or expected to vest as of March 31, 2019 546,305 $ 50.58 5.70 $ — Exercisable at March 31, 2019 433,155 $ 50.73 5.61 $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2018 1,767,299 $ 26.36 Granted — $ — Vested (31,944) $ 27.38 Forfeited (15,223) $ 27.25 Total awarded and unvested—March 31, 2019 1,720,132 $ 26.33
Schedule of outstanding unvested restricted stock awards vesting schedule	Number of Weighted Aggregate Total awarded and unvested—December 31, 2018 583,000 $ 27.63 $ 12,470 Granted 5,972 $ 23.44 Vested (3,853) $ 32.44 Forfeited (20,338) $ 26.73 AMP Plan Units awarded and unvested—March 12, 2019 564,781 $ 27.59 $ 13,476 Effect of conversion (1) 504,119 $ 14.58 Total awarded and unvested—March 31, 2019 1,068,900 $ 14.58 $ 14,729 (1) Effective March 12, 2019, a ll outstanding units in the AMP Plan , whether vested or unvested, were assumed by Antero Midstream Corporation and converted into restricted stock units under the AMC Plan.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments.
Schedule of outstanding commodity derivatives	Natural gas Natural Gas Weighted Three months ending June 30, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.26 Propane Argus ARA ($/MT) — 1,033 415.03 Propane Argus FEI ($/MT) — 1,033 456.55 Total 755,000 2,066 Three months ending September 30, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.32 Total 755,000 — Three months ending December 31, 2019: NYMEX ($/MMBtu) 755,000 — $ 3.45 Total 755,000 — Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 — $ 3.00 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
Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.	As of March 31, 2019, the Company’s fixed price natural gas collar positions from April 1, 2019 through December 31, 2019 were as follows (abbreviations in the table refer to the index to which the collar position is tied, as follows (NYMEX=Henry Hub): Natural gas Weighted average index price MMbtu/day Ceiling price Floor price Three months ending June 30, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.30 $ 2.50 Three months ending September 30, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.30 $ 2.50 Three months ending December 31, 2019: NYMEX ($/MMBtu) 1,575,000 $ 3.52 $ 2.50
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2018 March 31, 2019 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 $ 245,263 Derivative instruments $ 122,425 Commodity derivatives - noncurrent Derivative instruments 362,169 Derivative instruments 313,909 Total asset derivatives 607,432 436,334 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments 532 Derivative instruments 3,894 Commodity derivatives - noncurrent Derivative instruments — Derivative instruments — Total liability derivatives 532 3,894 Net derivatives $ 606,900 $ 432,440
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, 2018 March 31, 2019 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ 658,830 (51,398) 607,432 $ 459,928 (23,594) 436,334 Commodity derivative liabilities $ (51,930) 51,398 (532) $ (27,488) 23,594 (3,894)
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 (in thousands): Statement of Three months ended March 31, location 2018 2019 Commodity derivative fair value gains (losses) Revenue 22,437 (77,368) Marketing derivative fair value gains Revenue 94,234 —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Summary of supplemental balance sheet information related to leases	The Company’s lease assets as of March 31, 2019 consisted of the following items (in thousands): March 31, 2019 Operating Leases Finance Leases Right-of-use Assets: Processing plants $ 1,619,608 — Drilling rigs and completion services 139,492 — Gas gathering lines and compressor stations (1) 1,624,500 — Office space 43,083 — Vehicles 6,273 3,089 Other office and field equipment 559 1,081 Total right-of-use assets $ 3,433,515 4,170 (2) (1) Gas gathering lines and compressor stations leases includes $1.4 billion related to Antero Midstream Corporation. (2) Financing lease assets are recorded net of accumulated amortization of $9 million as of March 31, 2019. The Company’s lease liabilities as of March 31, 2019 consisted of the following items (in thousands): March 31, 2019 Operating Leases Finance Leases Location on the balance sheet: Short-term lease liabilities $ 411,310 1,793 Long-term lease liabilities 3,022,205 2,377 Total lease liabilities $ 3,433,515 4,170
Summary of costs associated with operating leases	Costs associated with operating leases were included in the statement of operations and comprehensive income for the three months ended March 31, 2019 (in thousands): Statement of Operations Location Three months ended March 31, 2019 Gathering, compression, processing, and transportation $ 187,847 General and administrative 2,726 Contract termination and rig stacking 8,019 Total Lease Expense $ 198,592
Summary of supplemental cash flow information related to leases	The following is the Company’s supplemental cash flow information related to leases for the three months ended March 31, 2019 (in thousands): Three months ended March 31, 2019 Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 150,320 — Investing cash flows from operating leases 52,366 — Financing cash flows from financing leases — 791 202,686 791 Noncash activities: Right of use assets obtained in exchange for operating lease liabilities 3,345,549 — Right of use assets obtained in exchange for financing lease liabilities — —
Summary of maturities of operating lease liabilities	(in thousands) Operating Leases Financing Leases Total Remainder of 2019 $ 309,040 191 309,231 2020 396,473 1,073 397,546 2021 349,212 1,430 350,642 2022 359,759 1,476 361,235 2023 377,790 — 377,790 2024 392,323 — 392,323 Thereafter 1,248,918 — 1,248,918 Total lease payments 3,433,515 4,170 3,437,685 Less: imputed interest — — — Total 3,433,515 4,170 3,437,685
Summary of maturities of financing lease liabilities	The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2019 (in thousands): (in thousands) Operating Leases Financing Leases Total Remainder of 2019 $ 309,040 191 309,231 2020 396,473 1,073 397,546 2021 349,212 1,430 350,642 2022 359,759 1,476 361,235 2023 377,790 — 377,790 2024 392,323 — 392,323 Thereafter 1,248,918 — 1,248,918 Total lease payments 3,433,515 4,170 3,437,685 Less: imputed interest — — — Total 3,433,515 4,170 3,437,685
Summary of weighted-average remaining lease term and discount rate	March 31, 2019 Operating Leases Finance Leases Weighted-average remaining lease term: 8.7 years 1.6 years Weighted-average discount rate: 6.0 % 5.4 %

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2019
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	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, which include leases that have remaining lease terms in excess of one year as of March 31, 2019 (in millions). Firm Processing, Land payment obligations Leases, including imputed interest (in millions) (a) (b) (c) (d) Total Remainder of 2019 $ 824 41 9 309 1,183 2020 1,113 55 6 398 1,572 2021 1,090 54 3 351 1,498 2022 1,037 54 — 361 1,452 2023 1,025 48 — 378 1,451 2024 984 48 — 392 1,424 Thereafter 7,775 66 — 1,249 9,090 Total $ 13,848 366 18 3,438 17,670

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Information
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2018 and 2019 (in thousands): Exploration Marketing Antero Midstream Corporation Elimination of Consolidated Three months ended March 31, 2018: Sales and revenues: Third-party $ 784,543 238,623 4,935 — 1,028,101 Intersegment 5,875 — 224,656 (230,531) — Total $ 790,418 238,623 229,591 (230,531) 1,028,101 Operating expenses: Lease operating $ 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Depletion, depreciation, and amortization 195,588 — 32,656 — 228,244 General and administrative 46,420 — 14,455 (845) 60,030 Other 77,884 195,739 4,924 (3,874) 274,673 Total 735,499 195,739 118,275 (167,906) 881,607 Operating income $ 54,919 42,884 111,316 (62,625) 146,494 Equity in earnings of unconsolidated affiliates $ — — 7,862 — 7,862 Segment assets $ 13,200,108 41,548 3,151,024 (969,831) 15,422,849 Capital expenditures for segment assets $ 472,767 — 133,955 (60,759) 545,963 Exploration Marketing Equity Method Investment in Antero Midstream Corporation Elimination of intersegment transactions and unconsolidated affiliates Consolidated Three months ended March 31, 2019: Sales and revenues: Third-party $ 941,635 91,186 4 — 1,032,825 Intersegment 1,758 — 54,104 (51,280) 4,582 Total $ 943,393 91,186 54,108 (51,280) 1,037,407 Operating expenses: Lease operating $ 42,969 — 11,815 (13,052) 41,732 Gathering, compression, processing, and transportation 535,015 — 2,935 (113,421) 424,529 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Depletion, depreciation, and amortization 218,494 — 7,650 14,057 240,201 General and administrative 49,908 — 2,184 16,110 68,202 Other 44,137 163,084 1,291 (288) 208,224 Total 971,767 163,084 32,857 (96,594) 1,071,114 Operating income (loss) $ (28,374) (71,898) 21,251 45,314 (33,707) Equity in earnings of unconsolidated affiliates $ 1,817 — 2,880 9,384 14,081 Investments in unconsolidated affiliates $ 1,989,612 — 1,153,943 (1,153,943) 1,989,612 Segment assets $ 17,263,369 25,361 6,660,325 (6,660,325) 17,288,730 Capital expenditures for segment assets $ 399,278 — 16,005 56,650 471,933

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
	Mar. 31, 2019
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheet December 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net $ 49,529 — 1,544 — 51,073 Intercompany receivables 383 — 115,378 (115,761) — Accrued revenue 474,827 — — — 474,827 Derivative instruments 245,263 — — — 245,263 Other current assets 13,937 — 21,513 — 35,450 Total current assets 783,939 — 138,435 (115,761) 806,613 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 1,767,600 — — — 1,767,600 Proved properties 13,306,585 — — (600,913) 12,705,672 Water handling and treatment systems — — 1,004,793 9,025 1,013,818 Gathering systems and facilities 17,825 — 2,452,883 — 2,470,708 Other property and equipment 65,770 — 72 — 65,842 15,157,780 — 3,457,748 (591,888) 18,023,640 Less accumulated depletion, depreciation, and amortization (3,654,392) — (499,333) — (4,153,725) Property and equipment, net 11,503,388 — 2,958,415 (591,888) 13,869,915 Derivative instruments 362,169 — — — 362,169 Investment in Antero Midstream Partners (740,031) — — 740,031 — Contingent acquisition consideration 114,995 — — (114,995) — Investments in unconsolidated affiliates — — 433,642 — 433,642 Other assets 31,200 — 15,925 — 47,125 Total assets $ 12,055,660 — 3,546,417 (82,613) 15,519,464 Liabilities and Equity Current liabilities: Accounts payable $ 44,917 — 21,372 — 66,289 Intercompany payable 111,620 — 4,141 (115,761) — Accrued liabilities 392,949 — 72,121 — 465,070 Revenue distributions payable 310,827 — — — 310,827 Derivative instruments 532 — — — 532 Short-term lease liabilities 2,459 — — — 2,459 Other current liabilities 2,162 — 2,052 4,149 8,363 Total current liabilities 865,466 — 99,686 (111,612) 853,540 Long-term liabilities: Long-term debt 3,829,541 — 1,632,147 — 5,461,688 Deferred income tax liability 650,788 — — — 650,788 Contingent acquisition consideration — — 114,995 (114,995) — Long-term lease liabilities 2,873 — — — 2,873 Other liabilities 55,017 — 8,081 — 63,098 Total liabilities 5,403,685 — 1,854,909 (226,607) 7,031,987 Equity: Stockholders' equity: Partners' capital — — 1,691,508 (1,691,508) — Common stock 3,086 — — — 3,086 Additional paid-in capital 5,471,341 — — 1,013,833 6,485,174 Accumulated earnings 1,177,548 — — — 1,177,548 Total stockholders' equity 6,651,975 — 1,691,508 (677,675) 7,665,808 Noncontrolling interests in consolidated subsidiary — — — 821,669 821,669 Total equity 6,651,975 — 1,691,508 143,994 8,487,477 Total liabilities and equity $ 12,055,660 — 3,546,417 (82,613) 15,519,464 Condensed Consolidating Balance Sheet March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Accounts receivable, net $ 48,979 200,337 — (200,337) 48,979 Accrued revenue 365,151 — — — 365,151 Derivative instruments 122,425 — — — 122,425 Other current assets 8,341 — — — 8,341 Total current assets 544,896 200,337 — (200,337) 544,896 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 1,701,002 — — — 1,701,002 Proved properties 13,056,874 — — — 13,056,874 Gathering systems and facilities 17,825 — — — 17,825 Other property and equipment 68,535 — — — 68,535 14,844,236 — — — 14,844,236 Less accumulated depletion, depreciation, and amortization (3,872,886) — — — (3,872,886) Property and equipment, net 10,971,350 — — — 10,971,350 Operating leases right-of-use assets 3,433,515 — — — 3,433,515 Derivative instruments 313,909 — — — 313,909 Investments in unconsolidated affiliates 647,832 1,341,780 — — 1,989,612 Investments in consolidated affiliates 1,341,780 — — (1,341,780) — Other assets 35,448 — — — 35,448 Total assets $ 17,288,730 1,542,117 — (1,542,117) 17,288,730 Liabilities and Equity Current liabilities: Accounts payable $ 48,096 — — — 48,096 Accounts payable, related parties 311,317 — — (200,337) 110,980 Accrued liabilities 384,707 — — — 384,707 Revenue distributions payable 301,066 — — — 301,066 Derivative instruments 3,894 — — — 3,894 Short-term lease liabilities 413,103 — 413,103 Other current liabilities 4,935 — — — 4,935 Total current liabilities 1,467,118 — — (200,337) 1,266,781 Long-term liabilities: Long-term debt 3,475,950 — — — 3,475,950 Deferred income tax liability 1,171,866 — — — 1,171,866 Long-term lease liabilities 3,024,582 — 3,024,582 Other liabilities 56,753 — — — 56,753 Total liabilities 9,196,269 — — (200,337) 8,995,932 Equity: Stockholders' equity: Partners' capital — — — — — Common stock 3,087 — — — 3,087 Additional paid-in capital 6,133,400 1,341,780 — (1,341,780) 6,133,400 Accumulated earnings 1,955,974 200,337 — — 2,156,311 Total equity 8,092,461 1,542,117 — (1,341,780) 8,292,798 Total liabilities and equity $ 17,288,730 1,542,117 — (1,542,117) 17,288,730
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 497,663 — — — 497,663 Natural gas liquids sales 234,170 — — — 234,170 Oil sales 30,273 — — — 30,273 Commodity derivative fair value gains 22,437 — — — 22,437 Gathering, compression, water handling and treatment — — 229,591 (224,656) 4,935 Marketing 144,389 — — — 144,389 Marketing derivative fair value gains 94,234 — — — 94,234 Gain on sale of assets — — — — — Other income 5,875 — — (5,875) — Total revenue and other 1,029,041 — 229,591 (230,531) 1,028,101 Operating expenses: Lease operating 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Production and ad valorem taxes 24,807 — 1,016 — 25,823 Marketing 195,739 — — — 195,739 Exploration 1,885 — — — 1,885 Impairment of unproved properties 50,536 — — — 50,536 Impairment of gathering systems and facilities — — — — — Depletion, depreciation, and amortization 195,812 — 32,432 — 228,244 Accretion of asset retirement obligations 656 — 34 — 690 General and administrative 46,420 — 14,455 (845) 60,030 Contract termination and rig stacking — — — — — Accretion of contingent acquisition consideration — — 3,874 (3,874) — Total operating expenses 931,462 — 118,051 (167,906) 881,607 Operating income 97,579 — 111,540 (62,625) 146,494 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,862 — 7,862 Interest (53,498) — (11,297) 369 (64,426) Loss on early extinguishment of debt — — — — — Equity in earnings (loss) of consolidated subsidiaries (20,128) — — 20,128 — Total other expenses (73,626) — (3,435) 20,497 (56,564) Income before income taxes 23,953 — 108,105 (42,128) 89,930 Provision for income tax expense (9,120) — — — (9,120) Net income and comprehensive income including noncontrolling interests 14,833 — 108,105 (42,128) 80,810 Net income and comprehensive income attributable to noncontrolling interests — — — 65,977 65,977 Net income and comprehensive income attributable to Antero Resources Corporation $ 14,833 — 108,105 (108,105) 14,833 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 657,266 — — — 657,266 Natural gas liquids sales 313,685 — — — 313,685 Oil sales 48,052 — — — 48,052 Commodity derivative fair value losses (77,368) — — — (77,368) Gathering, compression, water handling and treatment — — 218,360 (213,881) 4,479 Marketing 91,186 — — — 91,186 Other income 1,758 — — (1,651) 107 Total revenue and other 1,034,579 — 218,360 (215,532) 1,037,407 Operating expenses: Lease operating 42,969 — 64,818 (66,055) 41,732 Gathering, compression, processing, and transportation 535,015 — — (110,486) 424,529 Production and ad valorem taxes 34,738 — — 940 35,678 Marketing 163,084 — — — 163,084 Exploration 126 — — — 126 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Depletion, depreciation, and amortization 218,494 — 21,707 — 240,201 Accretion of asset retirement obligations 913 — 63 — 976 General and administrative 49,908 — 18,793 (499) 68,202 Contract termination and rig stacking 8,360 — — — 8,360 Accretion of contingent acquisition consideration — — 1,928 (1,928) — Total operating expenses 1,134,851 — 114,291 (178,028) 1,071,114 Operating income (loss) (100,272) — 104,069 (37,504) (33,707) Other income (expenses): Equity in earnings of unconsolidated affiliates 589 1,228 12,264 — 14,081 Interest (55,135) — (16,815) — (71,950) Equity in earnings of affiliates 15,021 — — (15,021) — Gain on deconsolidation of Antero Midstream Partners LP 1,205,705 200,337 — — 1,406,042 Total other expenses 1,166,180 201,565 (4,551) (15,021) 1,348,173 Income before income taxes 1,065,908 201,565 99,518 (52,525) 1,314,466 Provision for income tax expense (288,710) — — — (288,710) Net income and comprehensive income including noncontrolling interests 777,198 201,565 99,518 (52,525) 1,025,756 Net income and comprehensive income attributable to noncontrolling interests — — — 46,993 46,993 Net income and comprehensive income attributable to Antero Resources Corporation $ 777,198 201,565 99,518 (99,518) 978,763
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in)operating activities: Net income including noncontrolling interests $ 14,833 — 108,105 (42,128) 80,810 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 196,468 — 32,466 — 228,934 Accretion of contingent acquisition consideration (3,874) — 3,874 — — Impairment of unproved properties 50,536 — — — 50,536 Commodity derivative fair value gains (22,437) — — — (22,437) Gains on settled commodity derivatives 101,341 — — — 101,341 Marketing derivative fair value gains (94,234) — — — (94,234) Gains on settled marketing derivatives 110,042 — — — 110,042 Deferred income tax expense 9,120 — — — 9,120 Equity-based compensation expense 14,945 — 6,211 — 21,156 Equity in (earnings) loss of consolidated subsidiaries 20,128 — — (20,128) — Equity in earnings of unconsolidated affiliates — — (7,862) — (7,862) Distributions of earnings from unconsolidated affiliates — — 7,085 — 7,085 Distributions from Antero Midstream Partners LP 36,088 — — (36,088) — Other 279 — 690 — 969 Changes in current assets and liabilities 65,023 — (16,519) 7,585 56,089 Net cash provided by operating activities 498,258 — 134,050 (90,759) 541,549 Cash flows provided by (used in) investing activities: Additions to unproved properties (49,569) — — — (49,569) Drilling and completion costs (420,627) — — 60,759 (359,868) Additions to water handling and treatment systems — — (34,197) (6,088) (40,285) Additions to gathering systems and facilities 104 — (93,774) — (93,670) Additions to other property and equipment (2,571) — — — (2,571) Investments in unconsolidated affiliates — — (17,389) — (17,389) Change in other assets 1,067 — (1,284) — (217) Net cash used in investing activities (471,596) — (146,644) 54,671 (563,569) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net (30,000) — 105,000 — 75,000 Distributions to noncontrolling interests in Antero Midstream Partners LP — — (92,003) 36,088 (55,915) Employee tax withholding for settlement of equity compensation awards (1,066) — (18) — (1,084) Other (1,235) — (34) — (1,269) Net cash provided by (used in) financing activities (32,301) — 12,945 36,088 16,732 Net increase (decrease) in cash and cash equivalents (5,639) — 351 — (5,288) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 14,439 — 8,714 — 23,153 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 777,198 201,565 99,518 (52,525) 1,025,756 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 219,407 — 21,770 — 241,177 Impairment of unproved properties 81,244 — — — 81,244 Impairment of gathering systems and facilities — — 6,982 — 6,982 Commodity derivative fair value losses 77,368 — — — 77,368 Gains on settled commodity derivatives 97,092 — — — 97,092 Deferred income tax expense 287,854 — — — 287,854 Equity-based compensation expense 6,426 — 2,477 — 8,903 Equity in earnings of consolidated subsidiaries (15,021) — — 15,021 — Equity in earnings of unconsolidated affiliates (589) (1,228) (12,264) — (14,081) Distributions of earnings from unconsolidated affiliates — — 12,605 — 12,605 Gain on deconsolidation of Antero Midstream Partners LP (1,205,705) (200,337) — — (1,406,042) Distributions from Antero Midstream Partners LP 46,469 — — (46,469) — Other 10,331 — 750 — 11,081 Changes in current assets and liabilities 102,830 — (10,573) 16,808 109,065 Net cash provided by operating activities 484,904 — 121,265 (67,165) 539,004 Cash flows provided by (used in) investing activities: Additions to unproved properties (27,463) — — — (27,463) Drilling and completion costs (389,252) — — 20,565 (368,687) Additions to water handling and treatment systems — — (24,547) 131 (24,416) Additions to gathering systems and facilities — — (48,239) — (48,239) Additions to other property and equipment (2,066) — (1,062) — (3,128) Investments in unconsolidated affiliates — — (25,020) — (25,020) Proceeds from the Antero Midstream Partners LP Transactions 296,611 — — — 296,611 Change in other assets (1,118) — (3,357) — (4,475) Net cash used in investing activities (123,288) — (102,225) 20,696 (204,817) Cash flows provided by (used in) financing activities: Issuance of senior notes — — 650,000 — 650,000 Borrowings (repayments) on bank credit facility, net (360,379) — 90,379 — (270,000) Payments of deferred financing costs (791) — (7,468) — (8,259) Distributions to noncontrolling interests in Antero Midstream Partners LP — — (131,545) 46,469 (85,076) Employee tax withholding for settlement of equity compensation awards (450) — (29) — (479) Other 4 — (845) — (841) Net cash provided by (used in) financing activities (361,616) — 600,492 46,469 285,345 Effect of deconsolidation of Antero Midstream Partners LP — — (619,532) — (619,532) Net increase (decrease) in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of period — — — — — Cash and cash equivalents, end of period $ — — — — —

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	Mar. 11, 2019	Mar. 31, 2019	Mar. 31, 2018	Mar. 12, 2019	Dec. 31, 2018
Basis of Presentation
Other comprehensive income (loss)		$ 0	$ 0
Accounts Payable
Basis of Presentation
Bank Overdrafts					$ 10
Revenue distributions payable
Basis of Presentation
Bank Overdrafts		$ 27			$ 28
Antero Midstream Corporation
Basis of Presentation
Ownership interest in equity method		31.30%		31.00%
Antero Midstream Partners LP
Basis of Presentation
Ownership interest	53.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings per share
Basic weighted average number of shares outstanding	308,694	316,471
Diluted weighted average number of shares outstanding	308,788	316,911
Restricted stock and restricted stock unit
Earnings per share
Add: Dilutive effect of non-vested restricted stock units	80	401
Weighted Average Anti-dilutive Awards	1,445	421
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	570	653
Performance share unit awards
Earnings per share
Add: Dilutive effect of non-vested restricted stock units	14	39
Weighted Average Anti-dilutive Awards	1,721	1,189

Deconsolidation of Antero Mid_3

Deconsolidation of Antero Midstream Partners LP - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 13, 2019	Mar. 12, 2019	Mar. 11, 2019	Mar. 31, 2019	Dec. 31, 2018
Deconsolidation
Cash received				$ 296,611
Par value per share				$ 0.01	$ 0.01
Antero Midstream Corporation
Deconsolidation
Cash received		$ 297,000
Shares of Antero Midstream’s common stock received		158,400,000
Par value per share		$ 0.01
Ownership interest in equity method		31.00%		31.30%
Gain on deconsolidation	$ 1,400,000
Fair value of our retained equity method investment	$ 2,000,000
Antero Midstream Partners LP
Deconsolidation
Number of common units owned		98,870,335
Ownership interest			53.00%

Deconsolidation of Antero Mid_4

Deconsolidation of Antero Midstream Partners LP - Summarized Financial Information of Antero Midstream Partners (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 12, 2019	Dec. 31, 2018
Deconsolidation
Current assets	$ 544,896		$ 806,613
Property and equipment, net	10,971,350		13,869,915
Other noncurrent assets	35,448		47,125
Total assets	17,288,730		15,519,464
Current liabilities	1,266,781		853,540
Long-term debt	3,475,950		5,461,688
Other noncurrent liabilities	56,753		63,098
Total liabilities	$ 8,995,932		$ 7,031,987
Antero Midstream Partners LP
Deconsolidation
Current assets		$ 763,109
Property and equipment, net		3,003,693
Other noncurrent assets		501,208
Total assets		4,268,010
Current liabilities		123,473
Long-term debt		2,359,084
Other noncurrent liabilities		123,523
Total liabilities		2,606,080
Net assets		$ 1,661,930

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue
Revenues from contracts with customers	$ 1,114,668	$ 911,430
Income from derivatives and other sources	(77,261)	116,671
Total revenue	1,037,407	1,028,101
Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	657,266	497,663
Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	48,052	30,273
Marketing
Disaggregation of Revenue
Revenues from contracts with customers	91,186	144,389
Other income
Disaggregation of Revenue
Revenues from contracts with customers	107
Exploration and production
Disaggregation of Revenue
Total revenue	941,635	784,543
Exploration and production | Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	657,266	497,663
Exploration and production | Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenues from contracts with customers	35,516	27,075
Exploration and production | Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenues from contracts with customers	278,169	207,095
Exploration and production | Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	48,052	30,273
Gathering and compression | Gathering and compression
Disaggregation of Revenue
Revenues from contracts with customers	3,972	4,145
Water handling and treatment | Water handling and treatment
Disaggregation of Revenue
Revenues from contracts with customers	507	790
Marketing
Disaggregation of Revenue
Total revenue	91,186	238,623
Marketing | Marketing
Disaggregation of Revenue
Revenues from contracts with customers	$ 91,186	$ 144,389

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 365	$ 475

Equity Method Investments (Deta

Equity Method Investments (Details) $ in Thousands	Mar. 12, 2019item	Mar. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Investments in unconsolidated affiliates
Balance at beginning of period			$ 433,642
Investments			25,020
Equity in earnings of unconsolidated affiliates			14,081	$ 7,862
Distributions of earnings from unconsolidated affiliates			(12,605)	$ (7,085)
Effects of deconsolidation			1,529,474
Balance at end of period		$ 1,989,612	1,989,612
Stonewall
Investments in unconsolidated affiliates
Balance at beginning of period			68,103
Equity in earnings of unconsolidated affiliates			1,894
Distributions of earnings from unconsolidated affiliates			(3,000)
Effects of deconsolidation			(66,997)
Appalachia joint venture | MarkWest
Investments in unconsolidated affiliates
Balance at beginning of period			365,539
Investments			25,020
Equity in earnings of unconsolidated affiliates			10,370
Distributions of earnings from unconsolidated affiliates			(9,605)
Effects of deconsolidation			$ (391,324)
Antero Midstream Corporation
Equity Method Investments
Ownership percentage	31.00%	31.30%	31.30%
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliates			$ 1,817
Effects of deconsolidation			1,987,795
Balance at end of period		$ 1,989,612	1,989,612
Balance Sheet
Current assets		116,719	116,719
Noncurrent assets		6,551,708	6,551,708
Total assets		6,668,427	6,668,427
Current liabilities		118,062	118,062
Noncurrent liabilities		2,514,815	2,514,815
Stockholders' equity		4,035,550	4,035,550
Total liabilities and equity		6,668,427	$ 6,668,427
Statement of Operations
Revenues		54,108
Operating expenses		30,029
Income from operations		24,079
Net income attributable to the equity method investments		$ 23,197
Antero Midstream Partners LP
Equity Method Investments
Number of equity method investments | item	2
Antero Midstream Partners LP | Stonewall
Equity Method Investments
Ownership percentage	15.00%
Antero Midstream Partners LP | Appalachia joint venture
Equity Method Investments
Ownership percentage	50.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accrued Liabilities
Accrued capital expenditures	$ 63,060	$ 113,237
Accrued gathering, compression, processing, and transportation expenses	140,751	148,032
Accrued marketing expenses	50,418	67,082
Accrued interest expense	62,019	43,444
Other accrued liabilities	68,459	93,275
Total accrued liabilities	$ 384,707	$ 465,070

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 26, 2017	Mar. 31, 2019	Dec. 31, 2018	Dec. 21, 2016	Mar. 17, 2015	Sep. 18, 2014	May 06, 2014	Nov. 05, 2013
Long- term Debt
Net unamortized premium		$ 1,168	$ 1,241
Net unamortized debt issuance costs		(25,218)	(26,700)
Long-term debt		3,475,950	5,461,688
Credit Facility
Long- term Debt
Bank credit facility long-term debt		50,000	$ 405,000
Current borrowing base		4,500,000
Lender commitments		$ 2,500,000
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%	3.95%
Outstanding letters of credit		$ 687,000	$ 685,000
Credit Facility | Minimum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		25.00%
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.30%
Credit Facility | Minimum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		12.50%
Commitment fees on the unused portion during an Investment Grade period (as a percent)		0.15%
Credit Facility | Maximum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		225.00%
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
Credit Facility | Maximum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		175.00%
Commitment fees on the unused portion during an Investment Grade period (as a percent)		0.30%
5.375% senior notes due 2021
Long- term Debt
Long-term notes payable		$ 1,000,000	1,000,000
Interest rate (as a percent)								5.375%
Senior notes issued								$ 1,000,000
Issue price as percentage of par value								100.00%
Redemption price		101.344%
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
Stand-alone revolving note | Other current liabilities
Long- term Debt
Outstanding balance		$ 0	5,400
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	1,100,000
Interest rate (as a percent)							5.125%
Senior notes issued						$ 500,000	$ 600,000
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	750,000
Interest rate (as a percent)					5.625%
Senior notes issued					$ 750,000
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%
5.00% senior notes due 2025
Long- term Debt
Long-term notes payable		$ 600,000	600,000	$ 600,000
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%
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs			(7,853)
Antero Midstream Partners LP | Midstream Credit Facility
Long- term Debt
Bank credit facility long-term debt			990,000
Antero Midstream Partners LP | 5.375% senior notes due 2024
Long- term Debt
Long-term notes payable			$ 650,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 58,979
Obligations settled	(154)
Obligations incurred for wells drilled and producing properties acquired	430
Accretion expense	976	$ 690
Effect of deconsolidation of Antero Midstream Partners LP	(7,518)
Asset retirement obligations - end of period	$ 52,713

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Number of shares available for future grant under the Plan	8,369,603
Equity based compensation expense recognized	$ 8,903	$ 21,156
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 3,972	13,444
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	344	481
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	2,959	2,511
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	1,125	4,218
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 503	$ 502
Antero Midstream Corporation | Midstream Plan
Stock-based compensation expense
Conversion rate of units converted into restricted stock	1.8926
Common stock, par value (in dollars per share)	$ 0.01

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Number of shares
Total awarded and unvested at the beginning of the period (in shares) | shares	1,712,485
Granted (in shares) | shares	66,171
Vested (in shares) | shares	(125,973)
Forfeited (in shares) | shares	(53,902)
Total awarded and unvested at the end of the period (in shares) | shares	1,598,781
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 24.57
Granted (in dollars per share) | $ / shares	10.94
Vested (in dollars per share) | $ / shares	26.88
Forfeited (in dollars per share) | $ / shares	23.62
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 23.86
Additional equity compensation to be recognized over the remaining period | $	$ 22
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 3 months 18 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Stock options
Outstanding at the beginning of the period (in shares)	579,617
Options forfeited (in shares)	(33,312)
Outstanding at the end of the period (in shares)	546,305	579,617
Vested or expected to vest (in shares)	546,305
Exercisable (in shares)	433,155
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.55
Options forfeited (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.58	$ 50.55
Vested or expected to vest (in dollars per share)	50.58
Exercisable (in dollars per share)	$ 50.73
Weighted average remaining contractual life
Outstanding	5 years 8 months 12 days	5 years 9 months 22 days
Vested or expected to vest	5 years 8 months 12 days
Exercisable	5 years 7 months 10 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 0.1
Maximum
Stock-based compensation
Contractual life	10 years
Additional disclosures
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Performance share unit awards
Number of units
Total awarded and unvested at the beginning of the period (in shares) | shares	1,767,299
Vested (in shares) | shares	(31,944)
Forfeited (in shares) | shares	(15,223)
Total awarded and unvested at the end of the period (in shares) | shares	1,720,132
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 26.36
Vested (in dollars per share) | $ / shares	27.38
Forfeited (in dollars per share) | $ / shares	27.25
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 26.33
Additional disclosures
Additional equity compensation to be recognized over the remaining period | $	$ 16
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 9 months 18 days
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%

Equity-Based Compensation - Pha

Equity-Based Compensation - Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 12, 2019	Mar. 31, 2019
Antero Midstream Partners Phantom Unit Awards
Number of units
Total awarded and unvested at the beginning of the period (in shares)	564,781	583,000	583,000
Granted (in shares)		5,972
Vested (in shares)		(3,853)
Forfeited (in shares)		(20,338)
Effect of conversion	504,119
Total awarded and unvested at the end of the period (in shares)	1,068,900	564,781	1,068,900
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share)	$ 27.59	$ 27.63	$ 27.63
Granted (in dollars per share)		23.44
Vested (in dollars per share)		32.44
Forfeited (in dollars per share)		26.73
Effect of conversion (in dollars per share)	14.58		14.58
Total awarded and unvested at the end of the period (in dollars per share)	$ 14.58	$ 27.59	$ 14.58
Aggregate intrinsic value
Outstanding at the beginning of the period	$ 13,476	$ 12,470	$ 12,470
Outstanding at the end of the period	14,729	$ 13,476	14,729
Additional equity compensation to be recognized over the remaining period	$ 11,000		$ 11,000
Weighted average period for recognizing unrecognized stock-based compensation expense			2 years 3 months 11 days
Restricted stock and restricted stock unit
Number of units
Total awarded and unvested at the beginning of the period (in shares)		1,712,485	1,712,485
Granted (in shares)			66,171
Vested (in shares)			(125,973)
Forfeited (in shares)			(53,902)
Total awarded and unvested at the end of the period (in shares)	1,598,781		1,598,781
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share)		$ 24.57	$ 24.57
Granted (in dollars per share)			10.94
Vested (in dollars per share)			26.88
Forfeited (in dollars per share)			23.62
Total awarded and unvested at the end of the period (in dollars per share)	$ 23.86		$ 23.86
Aggregate intrinsic value
Outstanding at the beginning of the period		$ 16,080	$ 16,080
Outstanding at the end of the period	$ 14,117		14,117
Additional equity compensation to be recognized over the remaining period	$ 22,000		$ 22,000
Weighted average period for recognizing unrecognized stock-based compensation expense			2 years 3 months 18 days
Antero Midstream Corporation | Midstream Plan
Aggregate intrinsic value
Conversion rate of units converted into restricted stock			1.8926

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Billions	Mar. 31, 2019	Dec. 31, 2018
Recurring | Level 2 market data
Financial Instruments
Fair value of senior notes	$ 3.5	$ 3.9

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)MMBTU / dMT$ / MMBTUbbl	Dec. 31, 2018USD ($)
Derivatives not designated as hedges for accounting purposes | NYMEX | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	1,575,000
Weighted average index price ceiling price	3.30
Weighted average index price floor price	2.50
Derivatives not designated as hedges for accounting purposes | NYMEX | Three months ending September 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	1,575,000
Weighted average index price ceiling price	3.30
Weighted average index price floor price	2.50
Derivatives not designated as hedges for accounting purposes | NYMEX | Three months ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	1,575,000
Weighted average index price ceiling price	3.52
Weighted average index price floor price	2.50
Derivatives not designated as hedges for accounting purposes | Mont Belvieu-Propane
Derivative Instruments
Mont Belvieu Propane index price (as a percent)	50.00%
Derivatives not designated as hedges for accounting purposes | Natural gas liquids | Mont Belvieu-Propane
Derivative Instruments
Notional amount (Bbls/day) | bbl	500
Commodity derivative
Derivative Instruments
Gross amounts on balance sheet | $	$ 459,928	$ 658,830
Commodity derivative | Derivatives not designated as hedges for accounting purposes
Derivative Instruments
Gross amounts on balance sheet | $	$ 13,000
Swaps | NYMEX | Three months ending June 30, 2019
Derivative Instruments
Weighted average index price	3.26
Swaps | NYMEX | Three months ending September 30, 2019
Derivative Instruments
Weighted average index price	3.32
Swaps | NYMEX | Three months ending December 31, 2019
Derivative Instruments
Weighted average index price	3.45
Swaps | NYMEX | Year ending December 31, 2020
Derivative Instruments
Weighted average index price	3
Swaps | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Weighted average index price	3
Swaps | NYMEX | Year ending December 31, 2022
Derivative Instruments
Weighted average index price	3
Swaps | NYMEX | Year ending December 31, 2023
Derivative Instruments
Weighted average index price	2.91
Swaps | Propane Argus ARA | Three months ending June 30, 2019
Derivative Instruments
Weighted average index price	415.03
Swaps | Propane Argus FEI | Three months ending June 30, 2019
Derivative Instruments
Weighted average index price	456.55
Swaps | Natural gas | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | Three months ending September 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | Three months ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | NYMEX | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | NYMEX | Three months ending September 30, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | NYMEX | Three months ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	755,000
Swaps | Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	1,417,500
Swaps | Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	710,000
Swaps | Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	850,000
Swaps | Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/day) | MMBTU / d	90,000
Swaps | Natural gas liquids | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MT/day) | MT	2,066
Swaps | Natural gas liquids | Propane Argus ARA | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MT/day) | MT	1,033
Swaps | Natural gas liquids | Propane Argus FEI | Three months ending June 30, 2019
Derivative Instruments
Notional amount (MT/day) | MT	1,033

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 122,425	$ 245,263
Noncurrent portion of fair value of derivative assets	313,909	362,169
Current portion of fair value of derivative liabilities	3,894	532
Commodity derivative
Fair value of derivative instruments
Total asset derivatives	436,334	607,432
Total liability derivatives	3,894	532
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	436,334	607,432
Total liability derivatives	3,894	532
Net derivatives	432,440	606,900
Derivatives not designated as hedges for accounting purposes | Commodity derivative
Fair value of derivative instruments
Current portion of fair value of derivative assets	122,425	245,263
Noncurrent portion of fair value of derivative assets	313,909	362,169
Current portion of fair value of derivative liabilities	$ 3,894	$ 532
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) - Commodity derivative - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commodity derivative assets
Gross amounts on balance sheet	$ 459,928	$ 658,830
Gross amounts offset on balance sheet	(23,594)	(51,398)
Total asset derivatives	436,334	607,432
Commodity derivative liabilities
Gross amounts on balance sheet	(27,488)	(51,930)
Gross amounts offset on balance sheet	23,594	51,398
Total liability derivatives	$ (3,894)	$ (532)

Derivative Instruments - Fair_2

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ (77,368)	$ 22,437
Marketing derivative fair value gains	91,186	94,234
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ (77,368)	22,437
Marketing derivative fair value gains		$ 94,234

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2019
Leases
Options to renew - Operating lease	true
Options to renew - Finance lease	true
Minimum
Leases
Renewal terms - Operating lease	1 year
Renewal terms - Finance lease	1 year
Maximum
Leases
Renewal terms - Operating lease	20 years
Renewal terms - Finance lease	20 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lease Assets
Operating leases, right-of-use assets	$ 3,433,515
Finance leases, right of use assets	4,170
Finance leases, accumulated amortization	9,000
Short-term lease liabilities, operating leases	411,310
Long-term lease liabilities, operating leases	3,022,205
Total lease liabilities, operating leases	3,433,515
Short-term lease liabilities, finance leases	1,793
Long-term lease liabilities, finance leases	2,377
Total	4,170
Vehicles
Lease Assets
Operating leases, right-of-use assets	6,273
Finance leases, right of use assets	3,089
Other office and field equipment
Lease Assets
Operating leases, right-of-use assets	559
Finance leases, right of use assets	1,081
Processing plants
Lease Assets
Operating leases, right-of-use assets	1,619,608
Drilling and completion rigs
Lease Assets
Operating leases, right-of-use assets	139,492
Gas gathering lines and compressor stations
Lease Assets
Operating leases, right-of-use assets	1,624,500
Gas gathering lines and compressor stations | Antero Midstream Corporation
Lease Assets
Finance leases, accumulated amortization	1,400,000
Office space
Lease Assets
Operating leases, right-of-use assets	$ 43,083

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases
Total Lease Expense	$ 198,592
Capitalized operating leases	55,000
Short-term lease costs	35,000
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	150,320
Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from operating leases	52,366
Cash paid for amounts included in the measurement of lease liabilities for operating leases	202,686
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from financing leases	791
Cash paid for amounts included in the measurement of lease liabilities for finance leases	791
Leased assets obtained in exchange for new operating lease liabilities	3,345,549
Gathering, compression, water handling and treatment
Leases
Total Lease Expense	187,847
General and administrative
Leases
Total Lease Expense	2,726
Contract termination and rig stacking
Leases
Total Lease Expense	8,019
Maximum
Leases
Finance leases, interest expense	1,000
Capitalized finance leases	$ 1,000

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Future minimum payments for operating lease liabilities
Remainder of 2019	$ 309,040
2020	396,473
2021	349,212
2022	359,759
2023	377,790
2024	392,323
Thereafter	1,248,918
Total lease payments	3,433,515
Total lease liabilities, operating leases	3,433,515
Future minimum payments for financing lease liabilities
Remainder of 2019	191
2020	1,073
2021	1,430
2022	1,476
Total lease payments	4,170
Total	4,170
Future minimum payments for total lease liabilities
Remainder of 2019	309,231
2020	397,546
2021	350,642
2022	361,235
2023	377,790
2024	392,323
Thereafter	1,248,918
Total lease payments	3,437,685
Total	$ 3,437,685

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2019
Leases
Weighted-average remaining lease term: Operating lease	8 years 8 months 12 days
Weighted-average discount rate: Operating lease	6.00%
Weighted-average remaining lease term: Finance lease	1 year 7 months 6 days
Weighted-average discount rate: Finance lease	5.40%

Leases - Related party disclosu

Leases - Related party disclosure (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases
Amount included within accounts payable, related parties	$ 110,980
Antero Midstream Corporation
Leases
Utilizing capacity (as a percent)	75.00%
Payment of capacity (as a percent)	70.00%
Term of lease	10 years
Gathering and compression fees paid	$ 152,000
Amount included within accounts payable, related parties	$ 53,000

Commitments (Details)

Commitments (Details) $ in Millions	Mar. 31, 2019USD ($)
Future minimum payments
Remainder of 2019	$ 1,183
2020	1,572
2021	1,498
2022	1,452
2023	1,451
2024	1,424
Thereafter	9,090
Total	17,670
Firm transportation
Future minimum payments
Remainder of 2019	824
2020	1,113
2021	1,090
2022	1,037
2023	1,025
2024	984
Thereafter	7,775
Total	13,848
Gas processing, gathering and compression
Future minimum payments
Remainder of 2019	41
2020	55
2021	54
2022	54
2023	48
2024	48
Thereafter	66
Total	366
Land payment obligations
Future minimum payments
Remainder of 2019	9
2020	6
2021	3
Total	18
Leases, including imputed interest
Future minimum payments
Remainder of 2019	309
2020	398
2021	351
2022	361
2023	378
2024	392
Thereafter	1,249
Total	$ 3,438

Contingencies (Details)

Contingencies (Details)	Jan. 31, 2019USD ($)	Feb. 01, 2018MMBTU / d	Jan. 01, 2018MMBTU / d	Jul. 31, 2017MMBTU / d	Jan. 31, 2018MMBTU / d	Mar. 31, 2019USD ($)MMBTU / dcontractlawsuit	Nov. 30, 2017MMBTU / d	Nov. 30, 2018MMBTU / d	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
West Virginia activities | Settled Litigation
Contingencies
Settlement amount | $	$ 3,150,000
Doddridge County, Tyler County and Ritchie County, West Virginia | Pending Litigation | Minimum
Contingencies
Damages sought | $									$ 100,000
SJGC
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day | MMBTU / d						80,000
WGL
Contingencies
Natural gas long term purchase contract volume increase after specified events (in MMBtu)/day | MMBTU / d								530,000
WGL | Pending Litigation
Contingencies
Damages sought | $										$ 40,000,000
WGL | Pending Litigation | Minimum
Contingencies
Damages sought | $											$ 30,000,000
WGL - Braxton, West Virginia
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day | MMBTU / d		200,000	500,000
WGL - Loudoun County, Virginia
Contingencies
Natural gas long term purchase contract volume increase after specified events (in MMBtu)/day | MMBTU / d								330,000
Potential Positive Outcome of Litigation | SJGC
Contingencies
Number of lawsuits | lawsuit						2
Number of long term gas contracts | contract						2
Damages sought | $						$ 86,000,000
Potential Positive Outcome of Litigation | WGL
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day | MMBTU / d				500,000	500,000		600,000

Contract Termination and Rig _2

Contract Termination and Rig Stacking (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Contract Termination and Rig Stacking
Costs for delay or cancelation of drilling and completion contracts with third-party contractors	$ 8,360

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Sales and revenues:
Sales and revenues	$ 1,037,407	$ 1,028,101
Sales and revenues	1,032,825
Operating expenses:
Impairment of unproved properties	81,244	50,536
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	240,201	228,244
General and administrative	68,202	60,030
Total operating expenses	1,071,114	881,607
Operating income (loss)	(33,707)	146,494
Equity in earnings of unconsolidated affiliates	14,081	7,862
Investments in unconsolidated affiliates	1,989,612		$ 433,642
Segment assets	17,288,730		$ 15,519,464
Exploration and production
Sales and revenues:
Sales and revenues	941,635	784,543
Marketing
Sales and revenues:
Sales and revenues	91,186	238,623
Antero Midstream Corporation
Sales and revenues:
Sales and revenues	4	4,935
Operating segments
Sales and revenues:
Sales and revenues		1,028,101
Operating expenses:
Impairment of unproved properties	81,244
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	240,201	228,244
General and administrative	68,202	60,030
Other operating expenses	208,224	274,673
Total operating expenses	1,071,114	881,607
Operating income (loss)	(33,707)	146,494
Equity in earnings of unconsolidated affiliates	14,081	7,862
Investments in unconsolidated affiliates	1,989,612
Segment assets	17,288,730	15,422,849
Capital expenditures for segment assets	471,933	545,963
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	943,393	790,418
Operating expenses:
Impairment of unproved properties	81,244
Depletion, depreciation, and amortization	218,494	195,588
General and administrative	49,908	46,420
Other operating expenses	44,137	77,884
Total operating expenses	971,767	735,499
Operating income (loss)	(28,374)	54,919
Equity in earnings of unconsolidated affiliates	1,817
Investments in unconsolidated affiliates	1,989,612
Segment assets	17,263,369	13,200,108
Capital expenditures for segment assets	399,278	472,767
Operating segments | Marketing
Sales and revenues:
Sales and revenues	91,186	238,623
Operating expenses:
Other operating expenses	163,084	195,739
Total operating expenses	163,084	195,739
Operating income (loss)	(71,898)	42,884
Segment assets	25,361	41,548
Operating segments | Antero Midstream Corporation
Sales and revenues:
Sales and revenues	54,108	229,591
Operating expenses:
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	7,650	32,656
General and administrative	2,184	14,455
Other operating expenses	1,291	4,924
Total operating expenses	32,857	118,275
Operating income (loss)	21,251	111,316
Equity in earnings of unconsolidated affiliates	2,880	7,862
Investments in unconsolidated affiliates	1,153,943
Segment assets	6,660,325	3,151,024
Capital expenditures for segment assets	16,005	133,955
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(51,280)	(230,531)
Sales and revenues	4,582
Operating expenses:
Depletion, depreciation, and amortization	14,057
General and administrative	16,110	(845)
Other operating expenses	(288)	(3,874)
Total operating expenses	(96,594)	(167,906)
Operating income (loss)	45,314	(62,625)
Equity in earnings of unconsolidated affiliates	9,384
Investments in unconsolidated affiliates	(1,153,943)
Segment assets	(6,660,325)	(969,831)
Capital expenditures for segment assets	56,650	(60,759)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	1,758	5,875
Elimination of intersegment transaction | Antero Midstream Corporation
Sales and revenues:
Sales and revenues	54,104	224,656
Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	424,529	291,938
Gathering, compression, water handling and treatment | Operating segments
Operating expenses:
Cost of goods and services sold	424,529	291,938
Gathering, compression, water handling and treatment | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	535,015	384,345
Gathering, compression, water handling and treatment | Operating segments | Antero Midstream Corporation
Operating expenses:
Cost of goods and services sold	2,935	11,368
Gathering, compression, water handling and treatment | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	(113,421)	(103,775)
Lease operating
Operating expenses:
Cost of goods and services sold	41,732	26,722
Lease operating | Operating segments
Operating expenses:
Cost of goods and services sold	41,732	26,722
Lease operating | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	42,969	31,262
Lease operating | Operating segments | Antero Midstream Corporation
Operating expenses:
Cost of goods and services sold	11,815	54,872
Lease operating | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	$ (13,052)	$ (59,412)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Accounts receivable, net	$ 48,979	$ 51,073
Accrued revenue	365,151	474,827
Derivative instruments	122,425	245,263
Other current assets	8,341	35,450
Total current assets	544,896	806,613
Unproved properties	1,701,002	1,767,600
Proved properties	13,056,874	12,705,672
Water handling and treatment systems		1,013,818
Gathering systems and facilities	17,825	2,470,708
Other property and equipment	68,535	65,842
Property and equipment, gross	14,844,236	18,023,640
Less accumulated depletion, depreciation, and amortization	(3,872,886)	(4,153,725)
Property and equipment, net	10,971,350	13,869,915
Operating leases, right-of-use assets	3,433,515
Derivative instruments	313,909	362,169
Investment in consolidated affiliates	1,989,612	433,642
Investments in unconsolidated affiliates	1,989,612	433,642
Other assets	35,448	47,125
Total assets	17,288,730	15,519,464
Liabilities and Stockholders' Equity
Accounts payable	48,096	66,289
Accounts payable, related parties	110,980
Accrued liabilities	384,707	465,070
Revenue distributions payable	301,066	310,827
Derivative instruments	3,894	532
Short-term lease liabilities	413,103	2,459
Other current liabilities	4,935	8,363
Total current liabilities	1,266,781	853,540
Long-term debt	3,475,950	5,461,688
Deferred income tax liability	1,171,866	650,788
Long-term lease liabilities	3,024,582	2,873
Other liabilities	56,753	63,098
Total liabilities	8,995,932	7,031,987
Partners' capital
Common stock	3,087	3,086
Additional paid-in capital	6,133,400	6,485,174
Accumulated earnings	2,156,311	1,177,548
Total stockholders' equity	8,292,798	7,665,808
Noncontrolling interests in consolidated subsidiary		821,669
Total equity	8,292,798	8,487,477	$ 8,921,098	$ 8,876,136
Total liabilities and equity	17,288,730	15,519,464
Reportable legal entity | Parent (Antero)
Current assets:
Accounts receivable, net	48,979	49,529
Intercompany receivables		383
Accrued revenue	365,151	474,827
Derivative instruments	122,425	245,263
Other current assets	8,341	13,937
Total current assets	544,896	783,939
Unproved properties	1,701,002	1,767,600
Proved properties	13,056,874	13,306,585
Gathering systems and facilities	17,825	17,825
Other property and equipment	68,535	65,770
Property and equipment, gross	14,844,236	15,157,780
Less accumulated depletion, depreciation, and amortization	(3,872,886)	(3,654,392)
Property and equipment, net	10,971,350	11,503,388
Operating leases, right-of-use assets	3,433,515
Derivative instruments	313,909	362,169
Investment in consolidated affiliates	1,341,780	(740,031)
Contingent acquisition consideration		114,995
Investments in unconsolidated affiliates	647,832
Other assets	35,448	31,200
Total assets	17,288,730	12,055,660
Liabilities and Stockholders' Equity
Accounts payable	48,096	44,917
Accounts payable, related parties	311,317
Intercompany payable		111,620
Accrued liabilities	384,707	392,949
Revenue distributions payable	301,066	310,827
Derivative instruments	3,894	532
Short-term lease liabilities	413,103	2,459
Other current liabilities	4,935	2,162
Total current liabilities	1,467,118	865,466
Long-term debt	3,475,950	3,829,541
Deferred income tax liability	1,171,866	650,788
Long-term lease liabilities	3,024,582	2,873
Other liabilities	56,753	55,017
Total liabilities	9,196,269	5,403,685
Partners' capital
Common stock	3,087	3,086
Additional paid-in capital	6,133,400	5,471,341
Accumulated earnings	1,955,974	1,177,548
Total stockholders' equity		6,651,975
Total equity	8,092,461	6,651,975
Total liabilities and equity	17,288,730	12,055,660
Reportable legal entity | Guarantor Subsidiaries
Current assets:
Accounts receivable, net	200,337
Total current assets	200,337
Investments in unconsolidated affiliates	1,341,780
Total assets	1,542,117
Liabilities and Stockholders' Equity
Partners' capital
Additional paid-in capital	1,341,780
Accumulated earnings	200,337
Total equity	1,542,117
Total liabilities and equity	1,542,117
Reportable legal entity | Non-Guarantor Subsidiaries
Current assets:
Accounts receivable, net		1,544
Intercompany receivables		115,378
Other current assets		21,513
Total current assets		138,435
Water handling and treatment systems		1,004,793
Gathering systems and facilities		2,452,883
Other property and equipment		72
Property and equipment, gross		3,457,748
Less accumulated depletion, depreciation, and amortization		(499,333)
Property and equipment, net		2,958,415
Investments in unconsolidated affiliates		433,642
Other assets		15,925
Total assets		3,546,417
Liabilities and Stockholders' Equity
Accounts payable		21,372
Intercompany payable		4,141
Accrued liabilities		72,121
Other current liabilities		2,052
Total current liabilities		99,686
Long-term debt		1,632,147
Contingent acquisition consideration		114,995
Other liabilities		8,081
Total liabilities		1,854,909
Partners' capital		1,691,508
Total stockholders' equity		1,691,508
Total equity		1,691,508
Total liabilities and equity		3,546,417
Eliminations
Current assets:
Accounts receivable, net	(200,337)
Intercompany receivables		(115,761)
Total current assets	(200,337)	(115,761)
Proved properties		(600,913)
Water handling and treatment systems		9,025
Property and equipment, gross		(591,888)
Property and equipment, net		(591,888)
Investment in consolidated affiliates	(1,341,780)	740,031
Contingent acquisition consideration		(114,995)
Total assets	(1,542,117)	(82,613)
Liabilities and Stockholders' Equity
Accounts payable, related parties	(200,337)
Intercompany payable		(115,761)
Other current liabilities		4,149
Total current liabilities	(200,337)	(111,612)
Contingent acquisition consideration		(114,995)
Total liabilities	(200,337)	(226,607)
Partners' capital		(1,691,508)
Additional paid-in capital	(1,341,780)	1,013,833
Total stockholders' equity		(677,675)
Noncontrolling interests in consolidated subsidiary		821,669
Total equity	(1,341,780)	143,994
Total liabilities and equity	$ (1,542,117)	$ (82,613)

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue and other:
Revenues from contracts with customers	$ 1,114,668	$ 911,430
Commodity derivative fair value gains (losses)	(77,368)	22,437
Marketing derivative gains	91,186	94,234
Total revenue	1,037,407	1,028,101
Operating expenses:
Production and ad valorem taxes	35,678	25,823
Impairment of unproved properties	81,244	50,536
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	240,201	228,244
Accretion of asset retirement obligations	976	690
General and administrative	68,202	60,030
Contract termination and rig stacking	8,360
Total operating expenses	1,071,114	881,607
Operating income (loss)	(33,707)	146,494
Equity in earnings of unconsolidated affiliates	14,081	7,862
Interest	(71,950)	(64,426)
Gain on deconsolidation of Antero Midstream Partners LP	1,406,042
Total other expenses	1,348,173	(56,564)
Income before income taxes	1,314,466	89,930
Provision for income tax expense	(288,710)	(9,120)
Net income and comprehensive income including noncontrolling interests	1,025,756	80,810
Net income and comprehensive income attributable to noncontrolling interests	46,993	65,977
Net income and comprehensive income attributable to Antero Resources Corporation	978,763	14,833
Natural gas sales
Revenue and other:
Revenues from contracts with customers	657,266	497,663
Natural gas liquids sales
Revenue and other:
Revenues from contracts with customers	313,685	234,170
Oil sales
Revenue and other:
Revenues from contracts with customers	48,052	30,273
Gathering, compression, water handling and treatment
Revenue and other:
Revenues from contracts with customers	4,479	4,935
Operating expenses:
Cost of goods and services sold	424,529	291,938
Marketing
Revenue and other:
Revenues from contracts with customers	91,186	144,389
Operating expenses:
Cost of goods and services sold	163,084	195,739
Exploration
Operating expenses:
Cost of goods and services sold	126	1,885
Lease operating
Operating expenses:
Cost of goods and services sold	41,732	26,722
Other income
Revenue and other:
Revenues from contracts with customers	107
Reportable legal entity | Parent (Antero)
Revenue and other:
Commodity derivative fair value gains (losses)	(77,368)	22,437
Marketing derivative gains	91,186	94,234
Total revenue	1,034,579	1,029,041
Operating expenses:
Production and ad valorem taxes	34,738	24,807
Impairment of unproved properties	81,244	50,536
Depletion, depreciation, and amortization	218,494	195,812
Accretion of asset retirement obligations	913	656
General and administrative	49,908	46,420
Contract termination and rig stacking	8,360
Accretion of contingent acquisition consideration		(3,874)
Total operating expenses	1,134,851	931,462
Operating income (loss)	(100,272)	97,579
Equity in earnings of unconsolidated affiliates	589
Interest	(55,135)	(53,498)
Equity in earnings (loss) of consolidated subsidiaries	15,021	(20,128)
Gain on deconsolidation of Antero Midstream Partners LP	1,205,705
Total other expenses	1,166,180	(73,626)
Income before income taxes	1,065,908	23,953
Provision for income tax expense	(288,710)	(9,120)
Net income and comprehensive income including noncontrolling interests	777,198	14,833
Net income and comprehensive income attributable to Antero Resources Corporation	777,198	14,833
Reportable legal entity | Parent (Antero) | Natural gas sales
Revenue and other:
Revenues from contracts with customers	657,266	497,663
Reportable legal entity | Parent (Antero) | Natural gas liquids sales
Revenue and other:
Revenues from contracts with customers	313,685	234,170
Reportable legal entity | Parent (Antero) | Oil sales
Revenue and other:
Revenues from contracts with customers	48,052	30,273
Reportable legal entity | Parent (Antero) | Gathering, compression, water handling and treatment
Operating expenses:
Cost of goods and services sold	535,015	384,345
Reportable legal entity | Parent (Antero) | Marketing
Revenue and other:
Revenues from contracts with customers		144,389
Operating expenses:
Cost of goods and services sold	163,084	195,739
Reportable legal entity | Parent (Antero) | Exploration
Operating expenses:
Cost of goods and services sold	126	1,885
Reportable legal entity | Parent (Antero) | Lease operating
Operating expenses:
Cost of goods and services sold	42,969	31,262
Reportable legal entity | Parent (Antero) | Other income
Revenue and other:
Revenues from contracts with customers	1,758	5,875
Reportable legal entity | Guarantor Subsidiaries
Operating expenses:
Equity in earnings of unconsolidated affiliates	1,228
Gain on deconsolidation of Antero Midstream Partners LP	200,337
Total other expenses	201,565
Income before income taxes	201,565
Net income and comprehensive income including noncontrolling interests	201,565
Net income and comprehensive income attributable to Antero Resources Corporation	201,565
Reportable legal entity | Non-Guarantor Subsidiaries
Revenue and other:
Total revenue	218,360	229,591
Operating expenses:
Production and ad valorem taxes		1,016
Impairment of gathering systems and facilities	6,982
Depletion, depreciation, and amortization	21,707	32,432
Accretion of asset retirement obligations	63	34
General and administrative	18,793	14,455
Accretion of contingent acquisition consideration	1,928	3,874
Total operating expenses	114,291	118,051
Operating income (loss)	104,069	111,540
Equity in earnings of unconsolidated affiliates	12,264	7,862
Interest	(16,815)	(11,297)
Total other expenses	(4,551)	(3,435)
Income before income taxes	99,518	108,105
Net income and comprehensive income including noncontrolling interests	99,518	108,105
Net income and comprehensive income attributable to Antero Resources Corporation	99,518	108,105
Reportable legal entity | Non-Guarantor Subsidiaries | Gathering, compression, water handling and treatment
Revenue and other:
Revenues from contracts with customers	218,360	229,591
Operating expenses:
Cost of goods and services sold		11,368
Reportable legal entity | Non-Guarantor Subsidiaries | Lease operating
Operating expenses:
Cost of goods and services sold	64,818	54,872
Eliminations
Revenue and other:
Total revenue	(215,532)	(230,531)
Operating expenses:
Production and ad valorem taxes	940
General and administrative	(499)	(845)
Accretion of contingent acquisition consideration	(1,928)	(3,874)
Total operating expenses	(178,028)	(167,906)
Operating income (loss)	(37,504)	(62,625)
Interest		369
Equity in earnings (loss) of consolidated subsidiaries	(15,021)	20,128
Total other expenses	(15,021)	20,497
Income before income taxes	(52,525)	(42,128)
Net income and comprehensive income including noncontrolling interests	(52,525)	(42,128)
Net income and comprehensive income attributable to noncontrolling interests	46,993	65,977
Net income and comprehensive income attributable to Antero Resources Corporation	(99,518)	(108,105)
Eliminations | Gathering, compression, water handling and treatment
Revenue and other:
Revenues from contracts with customers	(213,881)	(224,656)
Operating expenses:
Cost of goods and services sold	(110,486)	(103,775)
Eliminations | Lease operating
Operating expenses:
Cost of goods and services sold	(66,055)	(59,412)
Eliminations | Other income
Revenue and other:
Revenues from contracts with customers	$ (1,651)	$ (5,875)

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	$ 1,025,756	$ 80,810
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion	241,177	228,934
Impairment of unproved properties	81,244	50,536
Impairment of gathering systems and facilities	6,982
Commodity derivative fair value (gains) losses	77,368	(22,437)
Gains on settled commodity derivatives	97,092	101,341
Marketing derivative fair value (gains) losses	(91,186)	(94,234)
Gains on settled marketing derivatives		110,042
Deferred income tax expense	287,854	9,120
Equity-based compensation expense	8,903	21,156
Equity in earnings of unconsolidated affiliates	(14,081)	(7,862)
Distributions of earnings from unconsolidated affiliates	12,605	7,085
Gain on deconsolidation of Antero Midstream Partners LP	(1,406,042)
Other	11,081	969
Changes in current assets and liabilities	109,065	56,089
Net cash provided by operating activities	539,004	541,549
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(27,463)	(49,569)
Drilling and completion costs	(368,687)	(359,868)
Additions to water handling and treatment systems	(24,416)	(40,285)
Additions to gathering systems and facilities	(48,239)	(93,670)
Additions to other property and equipment	(3,128)	(2,571)
Investments in unconsolidated affiliates	(25,020)	(17,389)
Proceeds from the Antero Midstream Partners LP Transactions	296,611
Change in other assets	(4,475)	(217)
Net cash used in investing activities	(204,817)	(563,569)
Cash flows provided by (used in) financing activities:
Issuance of senior notes	650,000
Borrowings (repayments) on bank credit facilities, net	(270,000)	75,000
Payments of deferred financing costs	(8,259)
Distributions to noncontrolling interests in Antero Midstream Partners LP	(85,076)	(55,915)
Employee tax withholding for settlement of equity compensation awards	(479)	(1,084)
Other	(841)	(1,269)
Net cash provided by (used in) financing activities	285,345	16,732
Effect of deconsolidation of Antero Midstream Partners LP	(619,532)
Net increase (decrease) in cash and cash equivalents		(5,288)
Cash and cash equivalents, beginning of period		28,441
Cash and cash equivalents, end of period		23,153
Reportable legal entity | Parent (Antero)
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	777,198	14,833
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion	219,407	196,468
Accretion of contingent acquisition consideration		(3,874)
Impairment of unproved properties	81,244	50,536
Commodity derivative fair value (gains) losses	77,368	(22,437)
Gains on settled commodity derivatives	97,092	101,341
Marketing derivative fair value (gains) losses	(91,186)	(94,234)
Gains on settled marketing derivatives		110,042
Deferred income tax expense	287,854	9,120
Equity-based compensation expense	6,426	14,945
Equity in earnings of consolidated subsidiaries	(15,021)	20,128
Equity in earnings of unconsolidated affiliates	(589)
Gain on deconsolidation of Antero Midstream Partners LP	(1,205,705)
Distributions from subsidiaries	46,469	36,088
Other	10,331	279
Changes in current assets and liabilities	102,830	65,023
Net cash provided by operating activities	484,904	498,258
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(27,463)	(49,569)
Drilling and completion costs	(389,252)	(420,627)
Additions to gathering systems and facilities		104
Additions to other property and equipment	(2,066)	(2,571)
Proceeds from the Antero Midstream Partners LP Transactions	296,611
Change in other assets	(1,118)	1,067
Net cash used in investing activities	(123,288)	(471,596)
Cash flows provided by (used in) financing activities:
Borrowings (repayments) on bank credit facilities, net	(360,379)	(30,000)
Payments of deferred financing costs	(791)
Employee tax withholding for settlement of equity compensation awards	(450)	(1,066)
Other	4	(1,235)
Net cash provided by (used in) financing activities	(361,616)	(32,301)
Net increase (decrease) in cash and cash equivalents		(5,639)
Cash and cash equivalents, beginning of period		20,078
Cash and cash equivalents, end of period		14,439
Reportable legal entity | Guarantor Subsidiaries
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	201,565
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Equity in earnings of unconsolidated affiliates	(1,228)
Gain on deconsolidation of Antero Midstream Partners LP	(200,337)
Reportable legal entity | Non-Guarantor Subsidiaries
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	99,518	108,105
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, amortization, and accretion	21,770	32,466
Accretion of contingent acquisition consideration	1,928	3,874
Impairment of gathering systems and facilities	6,982
Equity-based compensation expense	2,477	6,211
Equity in earnings of unconsolidated affiliates	(12,264)	(7,862)
Distributions of earnings from unconsolidated affiliates	12,605	7,085
Other	750	690
Changes in current assets and liabilities	(10,573)	(16,519)
Net cash provided by operating activities	121,265	134,050
Cash flows provided by (used in) investing activities:
Additions to water handling and treatment systems	(24,547)	(34,197)
Additions to gathering systems and facilities	(48,239)	(93,774)
Additions to other property and equipment	(1,062)
Investments in unconsolidated affiliates	(25,020)	(17,389)
Change in other assets	(3,357)	(1,284)
Net cash used in investing activities	(102,225)	(146,644)
Cash flows provided by (used in) financing activities:
Issuance of senior notes	650,000
Borrowings (repayments) on bank credit facilities, net	90,379	105,000
Payments of deferred financing costs	(7,468)
Distributions to noncontrolling interests in Antero Midstream Partners LP	(131,545)	(92,003)
Employee tax withholding for settlement of equity compensation awards	(29)	(18)
Other	(845)	(34)
Net cash provided by (used in) financing activities	600,492	12,945
Effect of deconsolidation of Antero Midstream Partners LP	(619,532)
Net increase (decrease) in cash and cash equivalents		351
Cash and cash equivalents, beginning of period		8,363
Cash and cash equivalents, end of period		8,714
Eliminations
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	(52,525)	(42,128)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Accretion of contingent acquisition consideration	(1,928)	(3,874)
Equity in earnings of consolidated subsidiaries	15,021	(20,128)
Distributions from subsidiaries	(46,469)	(36,088)
Changes in current assets and liabilities	16,808	7,585
Net cash provided by operating activities	(67,165)	(90,759)
Cash flows provided by (used in) investing activities:
Drilling and completion costs	20,565	60,759
Additions to water handling and treatment systems	131	(6,088)
Net cash used in investing activities	20,696	54,671
Cash flows provided by (used in) financing activities:
Distributions to noncontrolling interests in Antero Midstream Partners LP	46,469	36,088
Net cash provided by (used in) financing activities	$ 46,469	$ 36,088