Antero Resources (AR) 10-Q27 Oct 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 22, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36120
Entity Registrant Name	ANTERO RESOURCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0162034
Entity Address, Address Line One	1615 Wynkoop Street
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	357-7310
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	AR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		313,929,992
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001433270
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Accounts receivable	$ 34,768	$ 28,457
Accrued revenue	652,521	425,314
Derivative instruments	627	105,130
Other current assets	20,937	15,238
Total current assets	708,853	574,139
Oil and gas properties, at cost (successful efforts method):
Unproved properties	1,052,543	1,175,178
Proved properties	12,559,146	12,260,713
Gathering systems and facilities	5,802	5,802
Other property and equipment	91,621	74,361
Property and equipment, gross	13,709,112	13,516,054
Less accumulated depletion, depreciation, and amortization	(4,176,296)	(3,869,116)
Property and equipment, net	9,532,816	9,646,938
Operating leases right-of-use assets	2,969,642	2,613,603
Derivative instruments	14,834	47,293
Investment in unconsolidated affiliate	236,597	255,082
Other assets	8,796	13,790
Total assets	13,471,538	13,150,845
Current liabilities:
Accounts payable	60,409	26,728
Accounts payable, related parties	79,595	69,860
Accrued liabilities	501,132	343,524
Revenue distributions payable	315,936	198,117
Derivative instruments	1,436,292	31,242
Short-term lease liabilities	353,470	266,024
Deferred revenue, VPP	39,528	45,257
Other current liabilities	16,320	2,302
Total current liabilities	2,802,682	983,054
Long-term liabilities:
Long-term debt	2,341,033	3,001,593
Deferred income tax liability	55,636	412,252
Derivative instruments	331,570	99,172
Long-term lease liabilities	2,616,889	2,348,785
Deferred revenue, VPP	127,844	156,024
Other liabilities	60,642	59,694
Total liabilities	8,336,296	7,060,574
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; 268,672 shares and 313,866 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively	3,138	2,686
Additional paid-in capital	6,365,929	6,195,497
Accumulated deficit	(1,518,762)	(430,478)
Total stockholders' equity	4,850,305	5,767,705
Noncontrolling interests	284,937	322,566
Total equity	5,135,242	6,090,271
Total liabilities and equity	$ 13,471,538	$ 13,150,845

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	313,866,000	268,672,000
Common stock, shares outstanding	313,866,000	268,672,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue and other:
Revenue	$ 1,772,415	$ 889,492	$ 4,450,839	$ 2,292,185
Commodity derivative fair value losses	(1,250,466)	(514,751)	(2,260,062)	(116,933)
Amortization of deferred revenue, VPP	11,404	5,175	33,833	5,175
Gain on sale of assets	539		2,827
Other income	530	675	551	2,180
Total revenue	534,422	380,591	2,227,988	2,182,607
Operating expenses:
Lease operating	25,363	21,450	71,555	71,836
Production and ad valorem taxes	52,219	25,790	130,610	71,481
Impairment of oil and gas properties	26,253	29,392	69,618	155,962
Depletion, depreciation, and amortization	182,810	238,418	564,166	652,130
Accretion of asset retirement obligations	828	1,115	2,947	3,330
General and administrative	32,442	31,640	108,693	101,264
Contract termination and rig stacking	3,370	1,246	4,305	12,317
Total operating expenses	1,218,496	1,134,700	3,460,472	3,281,205
Operating loss	(684,074)	(754,109)	(1,232,484)	(1,098,598)
Other income (expense):
Interest expense, net	(45,414)	(48,043)	(138,120)	(152,956)
Equity in earnings of unconsolidated affiliate	21,450	24,419	57,621	(83,408)
Gain (loss) on early extinguishment of debt	(16,567)	55,633	(82,836)	175,365
Transaction expense	(626)	(524)	(3,102)	(6,662)
Loss on convertible note equitization			(50,777)
Impairment of equity method investment				(610,632)
Total other income (expense)	(41,157)	31,485	(217,214)	(678,293)
Loss before income taxes	(725,231)	(722,624)	(1,449,698)	(1,776,891)
Provision for income tax benefit	158,656	168,778	337,568	421,167
Net loss and comprehensive loss including noncontrolling interests	(566,575)	(553,846)	(1,112,130)	(1,355,724)
Less: net loss and comprehensive loss attributable to noncontrolling interests	(17,257)	(18,233)	(23,846)	(17,997)
Net loss and comprehensive loss attributable to Antero Resources Corporation	$ (549,318)	$ (535,613)	$ (1,088,284)	$ (1,337,727)
Loss per share-basic (in dollars per share)	$ (1.75)	$ (1.99)	$ (3.55)	$ (4.89)
Loss per share-diluted (in dollars per share)	$ (1.75)	$ (1.99)	$ (3.55)	$ (4.89)
Weighted average number of shares outstanding:
Basic (in shares)	313,790	268,511	306,201	273,689
Diluted (in shares)	313,790	268,511	306,201	273,689
Natural gas sales
Revenue and other:
Revenue	$ 884,669	$ 436,304	$ 2,231,558	$ 1,214,801
Natural gas liquids sales
Revenue and other:
Revenue	598,327	327,426	1,503,027	797,296
Oil sales
Revenue and other:
Revenue	56,734	34,265	153,326	78,233
Gathering, compression, processing, and transportation
Operating expenses:
Cost of goods and services sold	628,225	656,615	1,874,664	1,877,084
Marketing
Revenue and other:
Revenue	232,685	91,497	562,928	201,855
Operating expenses:
Cost of goods and services sold	266,751	128,580	627,822	334,906
Exploration
Operating expenses:
Cost of goods and services sold	$ 235	$ 454	$ 6,092	$ 895

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Operations and Comprehensive Loss
Equity-based compensation expense	$ 5,298	$ 5,699	$ 15,189	$ 17,001

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings (deficit)	Noncontrolling Interests	Total
Balances at Dec. 31, 2019	$ 2,959	$ 6,130,365	$ 837,419		$ 6,970,743
Balances (in shares) at Dec. 31, 2019	295,941
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 2	(34)			(32)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	178
Repurchases and retirements of common stock	$ (272)	(42,418)			(42,690)
Repurchases and retirements of common stock (in shares)	(27,193)
Equity-based compensation		3,329			3,329
Net income (loss) and comprehensive income (loss)			(338,810)		(338,810)
Balance at Mar. 31, 2020	$ 2,689	6,091,242	498,609		6,592,540
Balance (in shares) at Mar. 31, 2020	268,926
Balances at Dec. 31, 2019	$ 2,959	6,130,365	837,419		6,970,743
Balances (in shares) at Dec. 31, 2019	295,941
Increase (Decrease) in Stockholders' Equity
Net income (loss) and comprehensive income (loss)					(1,355,724)
Balance at Sep. 30, 2020	$ 2,685	6,165,750	(500,308)	$ 315,754	5,983,881
Balance (in shares) at Sep. 30, 2020	268,549
Balances at Mar. 31, 2020	$ 2,689	6,091,242	498,609		6,592,540
Balances (in shares) at Mar. 31, 2020	268,926
Increase (Decrease) in Stockholders' Equity
Issuance of common units in Martica Holdings, LLC				300,000	300,000
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 5	(305)			(300)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	464
Distributions to non-controlling interests				(3,413)	(3,413)
Repurchases and retirements of common stock	$ (10)	(743)			(753)
Repurchases and retirements of common stock (in shares)	(1,000)
Equity-based compensation		7,973			7,973
Net income (loss) and comprehensive income (loss)			(463,304)	236	(463,068)
Balance at Jun. 30, 2020	$ 2,684	6,098,167	35,305	296,823	6,432,979
Balance (in shares) at Jun. 30, 2020	268,390
Increase (Decrease) in Stockholders' Equity
Issuance of common units in Martica Holdings, LLC				51,000	51,000
Equity component of 2026 Convertible Notes, net		61,926			61,926
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 1	(42)			(41)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	159
Distributions to non-controlling interests				(13,836)	(13,836)
Equity-based compensation		5,699			5,699
Net income (loss) and comprehensive income (loss)			(535,613)	(18,233)	(553,846)
Balance at Sep. 30, 2020	$ 2,685	6,165,750	(500,308)	315,754	5,983,881
Balance (in shares) at Sep. 30, 2020	268,549
Balances at Dec. 31, 2020	$ 2,686	6,195,497	(430,478)	322,566	6,090,271
Balances (in shares) at Dec. 31, 2020	268,672
Increase (Decrease) in Stockholders' Equity
Issuance of common shares	$ 314	238,551			238,865
Issuance of common shares (in shares)	31,388
Issuance of common units in Martica Holdings, LLC				51,000	51,000
Equity component of 2026 Convertible Notes, net		(116,381)			(116,381)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 11	(5,656)			(5,645)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	1,130
Distributions to non-controlling interests				(24,699)	(24,699)
Equity-based compensation		5,642			5,642
Net income (loss) and comprehensive income (loss)			(15,499)	4,395	(11,104)
Balance at Mar. 31, 2021	$ 3,011	6,317,653	(445,977)	353,262	6,227,949
Balance (in shares) at Mar. 31, 2021	301,190
Balances at Dec. 31, 2020	$ 2,686	6,195,497	(430,478)	322,566	6,090,271
Balances (in shares) at Dec. 31, 2020	268,672
Increase (Decrease) in Stockholders' Equity
Net income (loss) and comprehensive income (loss)					(1,112,130)
Balance at Sep. 30, 2021	$ 3,138	6,365,929	(1,518,762)	284,937	5,135,242
Balance (in shares) at Sep. 30, 2021	313,866
Balances at Mar. 31, 2021	$ 3,011	6,317,653	(445,977)	353,262	6,227,949
Balances (in shares) at Mar. 31, 2021	301,190
Increase (Decrease) in Stockholders' Equity
Issuance of common shares	$ 116	125,262			125,378
Issuance of common shares (in shares)	11,588
Equity component of 2026 Convertible Notes, net		(79,497)			(79,497)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 8	(3,893)			(3,885)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	749
Distributions to non-controlling interests				(21,329)	(21,329)
Equity-based compensation		4,249			4,249
Net income (loss) and comprehensive income (loss)			(523,467)	(10,984)	(534,451)
Balance at Jun. 30, 2021	$ 3,135	6,363,774	(969,444)	320,949	5,718,414
Balance (in shares) at Jun. 30, 2021	313,527
Increase (Decrease) in Stockholders' Equity
Equity component of 2026 Convertible Notes, net		36			36
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 3	(3,179)			(3,176)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	339
Distributions to non-controlling interests				(18,755)	(18,755)
Equity-based compensation		5,298			5,298
Net income (loss) and comprehensive income (loss)			(549,318)	(17,257)	(566,575)
Balance at Sep. 30, 2021	$ 3,138	$ 6,365,929	$ (1,518,762)	$ 284,937	$ 5,135,242
Balance (in shares) at Sep. 30, 2021	313,866

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows provided by (used in) operating activities:
Net loss including noncontrolling interests	$ (1,112,130)	$ (1,355,724)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	567,113	655,460
Impairments	69,618	766,594
Commodity derivative fair value losses	2,260,062	116,933
Gains (losses) on settled commodity derivatives	(481,083)	740,805
Proceeds from (payments for) derivative monetizations	(4,569)	18,073
Gain on sale of assets	(2,827)
Equity-based compensation expense	15,189	17,001
Deferred income tax benefit	(337,568)	(426,267)
Equity in (earnings) loss of unconsolidated affiliate	(57,621)	83,408
Dividends of earnings from unconsolidated affiliate	105,325	128,267
Amortization of deferred revenue	(33,833)	(5,175)
Amortization of debt issuance costs, debt discount, debt premium and other	10,122	7,391
(Gain) loss on early extinguishment of debt	82,836	(175,365)
Loss on convertible note equitization	50,777
Changes in current assets and liabilities:
Accounts receivable	(11,336)	(15,454)
Accrued revenue	(227,207)	(20,843)
Other current assets	(5,695)	(1,455)
Accounts payable including related parties	39,108	(2,198)
Accrued liabilities	124,382	15,522
Revenue distributions payable	117,819	(54,403)
Other current liabilities	16,470	(60)
Net cash provided by operating activities	1,184,952	492,510
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(48,960)	(31,136)
Drilling and completion costs	(447,899)	(693,920)
Additions to other property and equipment	(14,082)	(1,346)
Settlement of water earnout		125,000
Proceeds from asset sales	3,192
Proceeds from VPP sale, net		215,833
Change in other liabilities	(77)
Change in other assets	2,371	1,506
Net cash used in investing activities	(505,455)	(384,063)
Cash flows provided by (used in) financing activities:
Repurchases of common stock		(43,443)
Issuance of senior notes	1,800,000
Issuance of convertible notes		287,500
Repayment of senior notes	(1,424,354)	(899,971)
Borrowings (repayments) on bank credit facilities, net	(919,500)	275,000
Payment of debt issuance costs	(22,814)	(8,907)
Sale of noncontrolling interest	51,000	300,000
Distributions to noncontrolling interests in Martica Holdings LLC	(64,783)	(17,249)
Employee tax withholding for settlement of equity compensation awards	(12,706)	(373)
Convertible note equitizations	(85,648)
Other	(692)	(1,004)
Net cash used in financing activities	(679,497)	(108,447)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	130,947	135,494
Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment	$ 33,547	$ (44,302)

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2021
Organization
Organization	(1) Organization Antero Resources Corporation (individually referred to as “Antero” and together with its consolidated subsidiaries “Antero Resources,” or the “Company,”) is engaged in the development, production, exploration 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 is located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2020 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position and accounting policies. The Company’s December 31, 2020 consolidated financial statements were included in Antero Resources’ 2020 Annual Report on Form 10-K, which was filed with the SEC. These 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, these 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, 2020 and September 30, 2021 and its results of operations for the three and nine months ended September 30, 2020 and 2021 and cash flows for the nine months ended September 30, 2020 and 2021. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended September 30, 2021 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, the impacts of COVID-19 and other factors. (b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly owned subsidiaries, and its variable interest entity (“VIE”), Martica Holdings LLC, (“Martica”), for which the Company is the primary beneficiary. The noncontrolling interest reflected in the Company’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2021 represents the Company’s interest in Martica owned by third parties. See Note 3—Transactions to the unaudited condensed consolidated financial statements for more information on Martica. (c) Cash and Cash Equivalents 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 condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2020, the book overdrafts included within accounts payable and revenue distributions payable were $11 million and $15 million, respectively. As of September 30, 2021, the book overdrafts included within accounts payable and revenue distributions payable were $37 million and $31 million, respectively. (d) 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—diluted for each period is computed after giving consideration to the potential dilution from outstanding equity awards and shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt). The Company includes restricted stock unit (“RSU”) awards, performance share unit (“PSU”) awards and stock options 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. The potential dilutive effect of the 2026 Convertible Notes is calculated using the (i) treasury stock method for the three and nine months ended September 30, 2020 as a result of the Company’s intent to settle the principal amount of such convertible notes in cash upon conversion during the nine months ended September 30, 2020, and (ii) if-converted method for the three and nine months ended September 30, 2021, as a result of the partial equitizations of the 2026 Convertible Notes during the nine months ended September 30, 2021. See Note 7—Long-Term Debt for further discussion on the equitization transactions. 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 effects of all equity awards and the 2026 Convertible Notes are anti-dilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Basic weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Add: Dilutive effect of RSUs — — — — Add: Dilutive effect of PSUs — — — — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of 2026 Convertible Notes — — — — Diluted weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share (1) RSUs 10,129 6,158 7,397 6,562 PSUs 1,988 2,748 1,808 2,706 Outstanding stock options 432 357 432 388 2026 Convertible Notes (2) — 18,778 — 18,778 (1) The potential dilutive effects of these awards were excluded from the computation of diluted earnings (loss) per common share because the inclusion of these awards would have been anti-dilutive. (2) Under the treasury stock method, only the amount by which the conversion value exceeds the aggregate principal amount of the 2026 Convertible Notes is considered in the diluted earnings per share computation. As of September 30, 2020, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for the three and nine months ended September 30, 2020. Under the if-converted method, the weighted average number of shares outstanding for the three and nine months ended September 30, 2020, would have been 28 million and 10 million, respectively, all of which would have been anti-dilutive. (e) Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in tax laws or tax rates is recognized in income during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. On April 9, 2021, West Virginia enacted new tax laws related to its apportionment and sourcing methodologies. The newly enacted laws are effective January 1, 2022 on a prospective basis and are expected to reduce the Company’s net income or loss that is apportioned to West Virginia. As a result of this tax law change, the Company’s net deferred income tax liability was reduced by $34 million as of September 30, 2021, which includes a $48 million increase in deferred tax assets, partially offset by a $14 million increase in valuation allowance. (f) Recently Issued Accounting Standards Convertible Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Debt with Conversion and Other Options , that require separate accounting for conversion features, and instead, allows the debt instrument and conversion features to be accounted for as a single debt instrument. The new standard becomes effective for the Company on January 1, 2022, and early adoption is permitted. The Company is evaluating the transition method it plans to use for adoption on January 1, 2022. However, the Company has utilized the modified retrospective approach to quantify the expected impact of this standard on its financial statements. Upon adoption of this new standard, the Company expects to reclassify between $15 million and $30 million, net of deferred income taxes and equity issuance costs, to long-term debt and deferred income tax liability, as applicable, from stockholders’ equity, which amount is subject to adjustment for any conversions or other transactions until adoption of this new standard. Additionally, annual interest expense for the 2026 Convertible Notes will be based on an effective interest rate of for the three and nine months ended September 30, 2021. T he Company does not believe that adoption of the standard will impact its operational strategies or development prospects. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . Income Taxes (“ASC 740”) and also simplifies portions of ASC 740 by clarifying and amending existing guidance. It is effective for interim and annual reporting periods after December 15, 2020. The Company adopted this ASU on January 1, 2021, and it did not have a material impact on the Company's unaudited condensed consolidated financial statements .

Transactions

Transactions	9 Months Ended
Transactions	Sep. 30, 2021
Transactions
Transactions	(3) Transactions (a) Conveyance of Overriding Royalty Interest On June 15, 2020, the Company announced the consummation of a transaction with an affiliate of Sixth Street Partners, LLC (“Sixth Street”) relating to certain overriding royalty interests across the Company’s existing asset base (the “ORRIs”). In connection with the transaction, the Company contributed the ORRIs to Martica and Sixth Street contributed $300 million in cash (subject to customary adjustments) and agreed to contribute up to an additional $102 million in cash if certain production thresholds attributable to the ORRIs are achieved in the third quarter of 2020 and first quarter of 2021. All cash contributed by Sixth Street at the initial closing was distributed to the Company. The Company met the applicable production thresholds related to the third quarter of 2020 and first quarter of 2021 as of September 31, 2020 and March 31, 2021, respectively. The Company received a $51 million cash distribution during each of the fourth quarter of 2020 and the second quarter of 2021. The ORRIs include an overriding royalty interest of 1.25% of the Company’s working interest in all of its proved operated developed properties in West Virginia and Ohio, subject to certain excluded wells (the “Initial PDP Override”), and an overriding royalty interest of 3.75% of the Company’s working interest in all of its undeveloped properties in West Virginia and Ohio (the “Development Override”). Wells turned to sales after April 1, 2020 and prior to the later of (a) the date on which the Company turns to sales 2.2 million lateral feet (net to the Company’s interest) of horizontal wells burdened by the Development Override and (b) the earlier of (i) April 1, 2023 and (ii) the date on which the Company turns to sales 3.82 million lateral feet (net to the Company’s interest) of horizontal wells are subject to the Development Override. The ORRIs also include an additional overriding royalty interest of 2.00% of the Company’s working interest in the properties underlying the Initial PDP Override (the “Incremental Override”). The Incremental Override (or a portion thereof, as applicable) may be re-conveyed to the Company (at the Company’s election) if certain production targets attributable to the ORRIs are achieved through March 31, 2023. Any portion of the Incremental Override that may not be re-conveyed to the Company based on the Company failing to achieve such production volumes through March 31, 2023 will remain with Martica. Prior to Sixth Street achieving an internal rate of return of 13% and 1.5 x cash-on-cash return (the “Hurdle”), Sixth Street will receive all distributions in respect of the Initial PDP Override and the Development Override, and the Company will receive all distributions in respect of the Incremental Override, unless certain production targets are not achieved, in which case Sixth Street will receive some or all of the distributions in respect of the Incremental Override. Following Sixth Street achieving the Hurdle, the Company will receive 85% of the distributions in respect of the ORRIs to which Sixth Street was entitled immediately prior to the Hurdle being achieved. The conveyance of the ORRIs from the Company to Martica was accounted for as a transaction between entities under common control. As a result, the contributed ORRIs have been recorded by Martica at their historical cost. (b) Volumetric Production Payment Transaction On August 10, 2020, the Company completed a volumetric production payment transaction and received net proceeds of approximately $216 million (the "VPP"). In connection with the VPP, the Company entered into a purchase and sale agreement, together with a conveyance agreement and production and marketing agreement, with J.P. Morgan Ventures Energy Corporation ("JPM-VEC") to convey, effective July 1, 2020, an overriding royalty interest in dry gas producing properties in West Virginia (the "VPP Properties") equal to 136,589,000 MMBtu over the expected seven-year term of the VPP. The Company has accounted for the VPP as a conveyance under ASC 932, Extractive Activities—Oil and Gas (“ASC 932”), and the net proceeds were recorded as deferred revenue in the condensed consolidated balance sheet as of the transaction closing. Deferred revenue is recognized as volumes are delivered using the units-of-production method over the term of the VPP. Under the production and marketing agreement, Antero and its affiliates provide certain marketing services as JPM-VEC’s agent, and any income or expenses related to these services will be recorded as marketing revenue or marketing expenses as appropriate. Contemporaneously with the VPP, the Company executed a call option related to the production volumes associated with its retained interest in the VPP properties, which is collateralized by a mortgage on the VPP properties. Additionally, the production and marketing agreement contains an embedded put option related to the production volumes for the Company’s retained interest in the VPP properties, which has been bifurcated from the production and marketing arrangement and accounted for as a derivative instrument recorded at fair value. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for more information on the Company’s derivative instruments. (c) Drilling Partnership On February 17, 2021, Antero Resources announced the formation of a drilling partnership with QL Capital Partners (“QL”), an affiliate of Quantum Energy Partners, for the Company’s 2021 through 2024 drilling program. Under the terms of the arrangement, each year in which QL participates represents an annual tranche, and QL will be conveyed a working interest in any wells spud by Antero Resources during such tranche year. For 2021, Antero Resources and QL agreed to a capital budget for such annual tranche, and for each subsequent year through 2024, Antero Resources will propose a capital budget and estimated internal rate of return (“IRR”) for all wells to be spud during such year and, subject to the mutual agreement of the parties that the estimated IRR for the year exceeds a specified return, QL will be obligated to participate in such tranche. Antero Resources develops and manages the drilling program associated with each tranche, including the selection of wells. Additionally, for each annual tranche in which QL participates, Antero Resources and QL will enter into an assignment, bill of sale and conveyance pursuant to which QL will be conveyed a proportionate working interest percentage in each well spud in that year, which conveyance will not be subject to any reversion. Under the terms of the arrangement, QL will fund 20% of development capital for wells spud in 2021 and is expected to fund between 15% and 20% of development capital for wells spud from 2022 through 2024, which funding amounts represent QL’s proportionate working interest in such wells. Additionally, Antero Resources may receive a carry in the form of a one-time payment from QL for each annual tranche if the IRR for such tranche exceeds certain specified returns, which will be determined no earlier than December 31 following the end of each tranche year. Capital costs in excess of, and cost savings below, a specified percentage of budgeted amounts for each annual tranche will be for Antero Resources’ account. Subject to the preceding sentence, for any wells included in a tranche, QL is obligated and responsible for its working interest share of costs and liabilities, and is entitled to its working interest share of revenues, associated with such wells for the life of such wells. If Antero Resources presents a capital budget for an annual tranche with an estimated IRR equal to or exceeding a specified return that QL in good faith believes is less than such specified return and QL elects not to participate, Antero Resources will not be obligated to offer QL the opportunity to participate in subsequent annual tranches. The Company has accounted for the drilling partnership as a conveyance under ASC 932 and such conveyances are recorded in the unaudited condensed consolidated financial statements as QL obtains its proportionate working interest in each well. No gain or loss was recognized for the interests conveyed during the three and nine months ended September 30, 2021.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2021
Revenue
Revenue	(4) Revenue (a) Disaggregation of Revenue The table set forth below presents revenue disaggregated by type and the reportable segment to which it relates (in thousands). See Note 16—Reportable Segments for more information on reportable segments. Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 436,304 884,669 1,214,801 2,231,558 Exploration and production Natural gas liquids sales (ethane) 32,444 57,919 85,884 137,446 Exploration and production Natural gas liquids sales (C3+ NGLs) 294,982 540,408 711,412 1,365,581 Exploration and production Oil sales 34,265 56,734 78,233 153,326 Exploration and production Marketing 91,497 232,685 201,855 562,928 Marketing Total revenue from contracts with customers 889,492 1,772,415 2,292,185 4,450,839 Loss from derivatives, deferred revenue and other sources, net (508,901) (1,237,993) (109,578) (2,222,851) Total revenue $ 380,591 534,422 2,182,607 2,227,988 (b) Transaction Price Allocated to Remaining Performance Obligations For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in ASC 606, Revenue from Contracts with Customers (“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 the Company’s 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 the Company’s product sales that have a contract term of one year or less, the Company 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. (c) Contract Balances Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2020 and September 30, 2021, the Company’s receivables from contracts with customers were $425 million and $653 million, respectively.

Equity Method Investments

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2021
Equity Method Investments.
Equity Method Investments	(5) Equity Method Investment (a) Summary of Equity Method Investment As of September 30, 2021, Antero owned approximately 29.1% of Antero Midstream Corporation’s common stock, which is reflected in Antero’s unaudited condensed consolidated financial statements using the equity method of accounting. The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate for the nine months ended September 30, 2021 (in thousands): Balance as of December 31, 2020 (1) $ 255,082 Equity in earnings of unconsolidated affiliate 57,621 Dividends from unconsolidated affiliate (105,325) Elimination of intercompany profit 29,219 Balance as of September 30, 2021 (1) $ 236,597 (1) The Company’s investment in Antero Midstream Corporation as of December 31, 2020 and September 30, 2021 was $1.1 billion and $1.4 billion, respectively, based on the quoted market share price of Antero Midstream Corporation. (b) Summarized Financial Information of Antero Midstream Corporation The tables set forth below present summarized financial information of Antero Midstream Corporation (in thousands). Balance Sheet December 31, September 30, 2020 2021 Current assets $ 93,931 87,490 Noncurrent assets 5,516,981 5,446,143 Total assets $ 5,610,912 5,533,633 Current liabilities $ 94,005 118,690 Noncurrent liabilities 3,098,621 3,102,350 Stockholders' equity 2,418,286 2,312,593 Total liabilities and stockholders' equity $ 5,610,912 5,533,633 Statement of Operations Nine Months Ended September 30, 2020 2021 Revenues $ 696,859 681,712 Operating expenses 929,480 254,905 Income (loss) from operations (232,621) 426,807 Net income (loss) $ (198,985) 252,991

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2021
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, 2020 2021 Capital expenditures $ 32,372 52,958 Gathering, compression, processing, and transportation expenses 152,724 158,443 Marketing expenses 68,193 115,317 Interest expense, net 25,645 34,693 Accrued production and ad valorem taxes 37,371 30,488 Derivative settlements payable 3,425 72,354 Other 23,794 36,879 Total accrued liabilities $ 343,524 501,132

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2021
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, 2020 2021 Credit Facility (a) $ 1,017,000 97,500 5.125% senior notes due 2022 (b) 660,516 — 5.625% senior notes due 2023 (c) 574,182 — 5.00% senior notes due 2025 (d) 590,000 590,000 8.375% senior notes due 2026 (e) — 325,000 7.625% senior notes due 2029 (f) — 700,000 5.375% senior notes due 2030 (g) — 600,000 4.25% convertible senior notes due 2026 (h) 287,500 81,570 Total principal 3,129,198 2,394,070 Unamortized premium (discount), net (111,886) (28,780) Unamortized debt issuance costs (15,719) (24,257) Long-term debt $ 3,001,593 2,341,033 (a) Senior Secured Revolving Credit Facility Antero Resources has a senior secured revolving credit facility with a consortium of bank lenders. On October 26, 2021, Antero Resources entered into an amended and restated senior secured revolving credit facility. References in the notes to the condensed consolidated financial statements to the (i) “Prior Credit Facility” refers to the senior secured revolving credit facility in effect for periods before October 26, 2021, (ii) “New Credit Facility” refers to the senior secured revolving credit facility in effect on or after October 26, 2021 and (iii) “Credit Facility” refers to Prior Credit Facility and New Credit Facility, collectively. Borrowings under the Credit Facility are subject to borrowing base limitations based on the collateral value of Antero Resources’ assets and are subject to regular semi-annual redeterminations. As of billion. As of October 26, 2021, the New Credit Facility had a borrowing base of $3.5 billion and lender commitments were $1.5 billion. The next redetermination of the borrowing base is scheduled to occur in April 2022. The maturity date of the Credit Facility is the earlier of (i) October 26, 2026 and (ii) the date that is 180 days prior to the earliest stated redemption date of any series of the Company’s senior notes. The Credit Facility contains requirements with respect to leverage and current ratios, and certain covenants, including restrictions on our ability to incur debt and limitations on our ability to pay dividends unless certain customary conditions are met, in each case, subject to customary carve-outs and exceptions. Antero Resources was in compliance with all of the financial covenants under the Prior Credit Facility as of December 31, 2020 and September 30, 2021. The Prior Credit Facility provides for borrowing under either an Alternate Base Rate or as a Eurodollar Loan (as each term is defined in the Prior Credit Facility), and the New Credit Facility provides for borrowing under either an Adjusted Term Secured Overnight Financing Rate (“SOFR”), an Adjusted Daily Simple SOFR or an Alternate Base Rate (each as defined in the New Credit Facility). The Credit Facility provides for interest only payments until maturity at which time all outstanding borrowings are due. Interest is payable at a variable rate based on (i) LIBOR or the prime rate, determined by Antero Resources’ election at the time of borrowing, plus an applicable margin rate under the Prior Credit Facility and (ii) SOFR or prime rate, determined by Antero Resources’ election at the time of borrowing, plus an applicable margin rate under the New Credit Facility. Interest at the time of borrowing is determined with reference to the Antero Resources’ then-current leverage ratio subject to certain exceptions. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from (i) with respect to the New Credit Facility, determined with reference to borrowing base utilization, both rates subject to certain exceptions based on the leverage ratio then in effect. The New Credit Facility includes fall away covenants, lower interest rates and reduced collateral requirements that Antero Resources may elect if Antero Resources is assigned an Investment Grade Rating (as defined in the New Credit Facility). As of September 30, 2021, Antero Resources had an outstanding balance under the Credit Facility of $98 million, with a weighted average interest rate of 3.40%, and had outstanding letters of credit of $742 million. As of December 31, 2020, Antero Resources had an outstanding balance under the Credit Facility of $1.0 billion, with a weighted average interest rate of 3.26%, and outstanding letters of credit of $730 million. (b) 5.125% Senior Notes Due 2022 On May 6, 2014, Antero Resources issued $600 million of 5.125% senior notes due December 1, 2022 (the “2022 Notes”) at par . On September 18, 2014, Antero Resources issued an additional $500 million of the 2022 Notes at 100.5 % of par. The Company repurchased or otherwise redeemed all of the 2022 Notes between 2019 and the first quarter of 2021. The 2022 Notes were unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2022 Notes ranked pari passu to Antero Resources’ other outstanding senior notes. The 2022 Notes were guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2022 Notes was payable on June 1 and December 1 of each year. See “—Debt Repurchase Program” below for further details on 2022 Notes repurchases. (c) 5.625% Senior Notes Due 2023 On March 17, 2015, Antero Resources issued $750 million of 5.625% senior notes due June 1, 2023 (the “2023 Notes”) at par . The Company repurchased or otherwise fully redeemed all of the 2023 Notes between 2020 and the second quarter of 2021. The 2023 Notes were unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2023 Notes ranked pari passu to Antero Resources’ other outstanding senior notes. The 2023 Notes were guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2023 Notes was payable on June 1 and December 1 of each year. See “—Debt Repurchase Program” below for further details on 2023 Notes repurchases and redemption. (d) 5.00% Senior Notes Due 2025 On December 21, 2016, Antero Resources issued $600 million of 5.00% senior notes due March 1, 2025 (the “2025 Notes”) at par . The Company repurchased $10 million of the 2025 Notes from time to time during 2020, and as of September 30, 2021, $590 million principal amount of the 2025 Notes remained outstanding. 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 Resources’ other outstanding senior notes. The 2025 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2025 Notes is payable on March 1 and September 1 of each year. Antero Resources may redeem all or part of the 2025 Notes at any time at redemption prices ranging from 102.5% currently to 100.00 % on or after March 1, 2023. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2025 Notes will have the right to require Antero Resources 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. (e) 8.375% Senior Notes Due 2026 On January 4, 2021, Antero Resources issued $500 million of 8.375% senior notes due July 15, 2026 (the “2026 Notes”) at par . The Company redeemed $175 million of the 2026 Notes on July 1, 2021, and as of September 30, 2021, $325 million principal amount of the 2026 Notes remained outstanding. See “—Debt Repurchase Program” below for further details on the 2026 Notes redemption. The 2026 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2026 Notes rank pari passu to Antero Resources’ other outstanding senior notes. The 2026 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2026 Notes is payable on January 15 and July 15 of each year. Antero Resources may redeem all or part of the 2026 Notes at any time on or after January 15, 2024 at redemption prices ranging from on or after January 15, 2026. At any time prior to January 15, 2024, Antero Resources may also redeem the 2026 Notes, in whole or in part, at a price equal to of the principal amount of the 2026 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2026 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (f) 7.625% Senior Notes Due 2029 On January 26, 2021, Antero Resources issued $700 million of 7.625% senior notes due February 1, 2029 (the “2029 Notes”) at par . The 2029 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2029 Notes rank pari passu to Antero Resources’ other outstanding senior notes. The 2029 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2029 Notes is payable on February 1 and August 1 of each year. Antero Resources may redeem all or part of the 2029 Notes at any time on or after February 1, 2024 at redemption prices ranging from on or after February 1, 2027. In addition, on or before February 1, 2024, Antero Resources may redeem up to million aggregate principal amount of outstanding 2029 Notes. See “—Subsequent Event” below for further details on the 2029 Notes redemption. At any time prior to February 1, 2024, Antero Resources may also redeem the 2029 Notes, in whole or in part, at a price equal to of the principal amount of the 2029 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2029 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (g) 5.375% Senior Notes Due 2030 On June 1, 2021, Antero Resources issued $600 million of 5.375% senior notes due March 1, 2030 (the “2030 Notes”) at par . The 2030 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2030 Notes rank pari passu to Antero Resources’ other outstanding senior notes. The 2030 Notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Resources’ existing subsidiaries that guarantee the Credit Facility and certain of its future restricted subsidiaries. Interest on the 2030 Notes is payable on March 1 and September 1 of each year. Antero Resources may redeem all or part of the 2030 Notes at any time on or after March 1, 2025 at redemption prices ranging from on or after March 1, 2028. In addition, on or before March 1, 2025, Antero Resources may redeem up to of the principal amount of the 2030 Notes, plus accrued and unpaid interest. At any time prior to March 1, 2025, Antero Resources may also redeem the 2030 Notes, in whole or in part, at a price equal to of the principal amount of the 2030 Notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Resources undergoes a change of control followed by a rating decline, the holders of the 2030 Notes will have the right to require Antero Resources to repurchase all or a portion of the notes at a price equal to (h) 4.25% Convertible Senior Notes Due 2026 On August 21, 2020, Antero Resources issued $250 million in aggregate principal amount of 4.25% convertible senior notes due 2026 (the “ 2026 Convertible Notes”). On September 2, 2020, Antero Resources issued an additional million of the 2026 Convertible Notes. During the nine months ended September 30, 2021, the Company completed the equitization transactions described below under “—Partial Equitizations of 2026 Convertible Notes,” that extinguished $206 million principal amount of the 2026 Convertible Notes, and as of September 30, 2021, $82 million principal amount of the 2026 Convertible Notes remained outstanding. The 2026 Convertible Notes were issued pursuant to an indenture and are senior, unsecured obligations of Antero Resources. The 2026 Convertible Notes bear interest at a fixed rate of per annum, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. Proceeds from the issuance of the 2026 Convertible Notes totaled The initial conversion rate is 230.2026 shares of Antero Resources’ common stock per $1,000 principal amount of 2026 Convertible Notes, subject to adjustment upon the occurrence of specified events. As of million. The 2026 Convertible Notes will mature on September 1, 2026, unless earlier repurchased, redeemed or converted. Before May 1, 2026, note holders will have the right to convert their 2026 Convertible Notes only upon the occurrence of the following events: ● during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2020, if the Last Reported Sale Price per share of Antero Resources’ common stock exceeds 130% of the Conversion Price for each of at least 20 Trading Days (whether or not consecutive) during the 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter (the “Stock Price Condition”); ● during the five consecutive Business Days immediately after any 10 consecutive trading day period (such 10 consecutive Trading Day period, the “Measurement Period”) if the trading Price per $1,000 principal amount of 2026 Convertible Notes, as determined following a request by a noteholder in accordance with the procedures set forth below, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of common stock on such trading day and the conversion rate on such trading day; ● if Antero Resources calls any or all of the 2026 Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or ● upon the occurrence of certain specified corporate events as set forth in the indenture governing the 2026 Convertible Notes. From and after May 1, 2026, noteholders may convert their 2026 Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, Antero Resources may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of Antero Resources’ common stock or a combination of cash and shares of Antero Resources’ common stock, at Antero Resources’ election, in the manner and subject to the terms and conditions provided in the indenture governing the 2026 Convertible Notes. The 2026 Convertible Notes have met the Stock Price Condition allowing holders of the 2026 Convertible Notes to exercise their conversion right as of The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture governing the 2026 Convertible Notes. In addition, following certain corporate events, as described in the indenture governing the 2026 Convertible Notes, that occur prior to the maturity date, Antero Resources will increase the conversion rate for a holder who elects to convert its 2026 Convertible Notes in connection with such a corporate event. If certain corporate events that constitute a Fundamental Change occur, then noteholders may require Antero Resources to repurchase their 2026 Convertible Notes at a cash repurchase price equal to the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving Antero Resources and certain de-listing events with respect to Antero Resources’ common stock. Upon issuance, the Company separately accounted for the liability and equity components of the 2026 Convertible Notes. The liability component was recorded at the estimated fair value of a similar debt instrument without the conversion feature. The difference between the principal amount of the 2026 Convertible Notes and the estimated fair value of the liability component was recorded as a debt discount and will be amortized to interest expense, together with debt issuance costs, over the term of the 2026 Convertible Notes using the effective interest method, with an effective interest rate of 15.1% per annum. As of the issuance date, the fair value of the 2026 Convertible Notes was estimated at $172 million, resulting in a debt discount at inception of $116 million. The equity component, representing the value of the conversion option, was computed by deducting the fair value of the liability component from the initial proceeds of the 2026 Convertible Notes issuance. This equity component was recorded, net of deferred taxes and issuance costs, in additional paid-in capital within the condensed consolidated balance sheet and statement of stockholders’ equity and will not be remeasured as long as it continues to meet the conditions for equity classification. Transaction costs related to the 2026 Convertible Notes issuance were allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were recorded within debt issuance costs on the condensed consolidated balance sheet and are amortized over the term of the 2026 Convertible Notes using the effective interest method. Issuance costs attributable to the equity component were recorded as a charge to additional paid-in capital within the condensed consolidated balance sheet and statement of stockholders’ equity. Partial Equitizations of 2026 Convertible Notes On January 12, 2021, the Company completed a registered direct offering (the “January Share Offering”) of an aggregate of 31.4 million shares of its common stock at a price of $6.35 per share to certain holders of the 2026 Convertible Notes. The Company used the proceeds from the January Share Offering and approximately $63 million of borrowings under the Credit Facility to repurchase from such holders $150 million aggregate principal amount of the 2026 Convertible Notes in privately negotiated transactions (the “January Convertible Note Repurchase,” and, collectively with the January Share Offering, the “January Equitization Transactions”). The 2026 Convertible Notes have an initial conversion rate of 230.2026 shares of the Company’s common stock per $1,000 principal amount, and the January Equitization Transactions had the effect of increasing this conversion rate to 275.3525 shares of common stock per $1,000 principal amount. The Company accounted for this transaction as an inducement of the 2026 Convertible Notes, and as a result, the Company recorded a $39 million loss on convertible note equitization in the unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2021 for the consideration paid in excess of the original terms of the 2026 Convertible Notes. Additionally, the January Equitization Transactions resulted in a loss on early extinguishment of debt of $41 million in the unaudited condensed consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2021. On May 13, 2021, the Company completed a registered direct offering (the “May Share Offering”) of an aggregate of 11.6 million shares of its common stock at a price of $11.01 per share to certain holders of the 2026 Convertible Notes. The Company used the proceeds from the May Share Offering and approximately $26 million of borrowings under the Credit Facility to repurchase from such holders $56 million aggregate principal amount of the 2026 Convertible Notes in privately negotiated transactions (the “May Convertible Note Repurchase,” and, collectively with the May Share Offering, the “May Equitization Transactions”). The 2026 Convertible Notes have an initial conversion rate of 230.2026 shares of the Company’s common stock per $1,000 principal amount, and the May Equitization Transactions had the effect of increasing this conversion rate to 245.2802 shares of common stock per $1,000 principal amount. The Company accounted for this transaction as an inducement of the 2026 Convertible Notes, and as a result, the Company recorded a $12 million loss on convertible note equitization in the unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2021 for the consideration paid in excess of the original terms of the 2026 Convertible Notes. Additionally, the May Equitization Transactions resulted in a loss on early extinguishment of debt of $21 million in the unaudited condensed consolidated statement of operations and comprehensive loss for the nine months ended September 30, 2021. The 2026 Convertible Notes consist of the following (in thousands): December 31, September 30, 2020 2021 Liability component: Principal $ 287,500 81,570 Less: unamortized note discount (112,265) (28,780) Less: unamortized debt issuance costs (5,852) (1,665) Net carrying value $ 169,383 51,125 Equity component (1) $ 115,601 32,799 (1) As of December 31, 2020, the equity component attributable to the outstanding 2026 Convertible Notes was recorded in additional paid-in capital, net of $3 million of issuance costs and $28 million of deferred taxes. As of September 30, 2021 , the equity component attributable to the outstanding 2026 Convertible Notes was recorded in additional paid-in capital net of $1 million of issuance costs and $8 million of deferred taxes. Interest expense recognized on the 2026 Convertible Notes related to the stated interest rate, amortization of the debt discount and debt issuance costs totaled $2.3 million and $1.5 million for the three months ended September 30, 2020 and 2021, respectively, and $2.3 million and $8.7 million for the nine months ended September 30, 2020 and 2021, respectively. (i) Debt Repurchase Program During the three and nine months ended September 30, 2020, Antero Resources repurchased $461 million and $1.1 billion, respectively, principal amount of debt at a weighted average discount of 13% and 17%, respectively . The Company recognized a gain of During the first quarter of 2021, the Company redeemed the remaining $661 million of the 2022 Notes at par, plus accrued and unpaid interest, and as a result, the 2022 Notes were fully retired as of February 10, 2021. The Company redeemed the remaining million of the 2023 Notes at par, plus accrued and unpaid interest, during the second quarter of 2021. The 2023 Notes were fully retired as of June 1, 2021. During the third quarter of 2021, the Company redeemed (j) Subsequent Event On October 18, 2021, Antero Resources issued a notice of partial redemption with respect to the 2029 Notes. On November 2, 2021, the Company will redeemd of the principal amount thereof, plus accrued and unpaid interest. Immediately following the redemption, there will be million aggregate principal amount of 2029 Notes outstanding. The $9 million premium to the principal amount redeemed along with the write-off of a proportional amount of unamortized debt issuance costs will be included in the Company’s loss on early debt extinguishment during the fourth quarter of 2021.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
Asset Retirement Obligations	Sep. 30, 2021
Asset Retirement Obligations
Asset Retirement Obligations	(8) Asset Retirement Obligations The following table sets forth a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2021 (in thousands): Asset retirement obligations—December 31, 2020 $ 54,452 Obligations incurred 2,359 Accretion expense 2,947 Settlement of obligations (50) Revisions to prior estimates (549) Asset retirement obligations—September 30, 2021 $ 59,159 Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation and C

Equity-Based Compensation and Cash Awards	9 Months Ended
Equity-Based Compensation and Cash Awards	Sep. 30, 2021
Equity-Based Compensation and Cash Awards
Equity-Based Compensation and Cash Awards	(9) Equity-Based Compensation and Cash Awards On June 17, 2020, Antero Resources’ stockholders approved the Antero Resources Corporation 2020 Long-Term Incentive Plan (the “2020 Plan”), which replaced the Antero Resources Corporation Long-Term Incentive Plan (the “2013 Plan”), and the 2020 Plan became effective as of such date. The 2020 Plan provides for grants of stock options (including incentive stock options), stock appreciation rights, restricted stock awards, RSU awards, vested stock awards, dividend equivalent awards, and other stock-based and cash awards. The terms and conditions of the awards granted are established by the Compensation Committee of Antero Resources’ Board of Directors. Employees, officers, non-employee directors and other service providers of the Company and its affiliates are eligible to receive awards under the 2020 Plan. No further awards will be granted under the 2013 Plan on or after June 17, 2020. The 2020 Plan provides for the reservation of 10,050,000 shares of the Company’s common stock, plus the number of certain shares that become available again for delivery from the 2013 Plan in accordance with the share recycling provisions described below. The share recycling provisions allow for all or any portion of an award (including an award granted under the 2013 Plan that was outstanding as of June 17, 2020) that expires or is cancelled, forfeited, exchanged, settled for cash, or otherwise terminated without actual delivery of the shares to be considered not delivered and thus available for new awards under the 2020 Plan. Further, any shares withheld or surrendered in payment of any taxes relating to awards that were outstanding under either the 2013 Plan as of June 17, 2020 or are granted under the 2020 Plan (other than stock options and stock appreciation rights) will again be available for new awards under the 2020 Plan. A total of 7,888,490 shares were available for future grant under the 2020 Plan as of September 30, 2021. Antero Midstream Partners LP’s (“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 Resources). Antero Resources deconsolidated Antero Midstream Partners on March 12, 2019, and on such date each outstanding phantom unit award under the AMP Plan, was assumed by Antero Midstream Corporation and converted into 1.8926 RSUs (all such RSUs, the “Converted AM RSU Awards”) under the Antero Midstream Corporation Long Term Incentive Plan (the “AMC Plan”). Each RSU award under the AMC Plan represents a right to receive one share of Antero Midstream Corporation common stock. The Company’s equity-based compensation expense, by type of award, was as follows for the three and nine months ended September 30, 2020 and 2021 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 RSU awards $ 3,063 3,327 $ 9,021 9,957 PSU awards 1,827 1,452 5,380 3,211 Converted AM RSU Awards (1) 459 186 1,881 988 Equity awards issued to directors 350 333 719 1,033 Total expense $ 5,699 5,298 $ 17,001 15,189 (1) Antero Resources recognized compensation expense for equity awards granted under both the 2013 Plan and the AMP Plan because the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero Resources. Antero Resources allocates a portion of equity-based compensation expense related to grants prior to the deconsolidation of Antero Midstream Partners on March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. (a) Restricted Stock Unit Awards A summary of RSU award activity for the nine months ended September 30, 2021 is as follows: Weighted Average Number of Grant Date Shares Fair Value Total awarded and unvested—December 31, 2020 8,432,397 $ 4.06 Granted 1,431,993 9.52 Vested (3,546,654) 4.36 Forfeited (293,338) 5.18 Total awarded and unvested—September 30, 2021 6,024,398 $ 5.12 As of September 30, 2021, there was approximately $24 million of unamortized equity-based compensation expense related to unvested RSUs. That expense is expected to be recognized over a weighted average period of approximately 2.6 years. (b) Performance Share Unit Awards PSU Awards Based on Absolute Total Shareholder Return (“TSR”) In April 2021, the Company granted PSU awards to certain of its executive officers that vest based on Antero Resources’ absolute TSR determined as of the last day of each of three one-year performance periods ending on April 15, 2022, April 15, 2023, and April 15, 2024, and one cumulative three-year performance period ending on April 15, 2024, in each case, subject to the executive officer’s continued employment through April 15, 2024. The number of shares of common stock that may ultimately be earned following the end of the cumulative three-year performance period with respect to the TSR PSUs ranges from zero to 200% of the target number of TSR PSUs originally granted. Expense related to these PSUs is recognized on a graded-vested basis over the term of each performance period. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. PSU Awards Based on Leverage Ratio In April 2021, the Company granted PSUs to certain of its executive officers that vest based on the Company’s total debt less cash and cash equivalents divided by the Company’s Adjusted EBITDAX (as defined and described in Item 2 below under “Non-GAAP Financial Measures”) determined as of the last day of each of three one-year performance periods ending on December 31, 2021, December 31, 2022, and December 31, 2023, in each case, subject to the executive officer’s continued employment through December 31, 2023 (“Leverage Ratio PSUs”). The number of shares of common stock that may ultimately be earned with respect to the Leverage Ratio PSUs ranges from zero to 200% of the target number of Leverage Ratio PSUs originally granted. Expense related to the Leverage Ratio PSUs is recognized based on the number of shares of common stock that are expected to be issued at the end of each measurement period, and such expense is reversed if the likelihood of achieving the performance condition becomes improbable. As of September 30, 2021, the likelihood of achieving the performance conditions related to the Leverage Ratio PSUs was probable. A summary of PSU award activity for the nine months ended September 30, 2021 is as follows: Weighted Number of Average Grant Units Date Fair Value Total awarded and unvested—December 31, 2020 2,547,798 $ 12.66 Granted 479,120 9.71 Forfeited (67,000) 2.97 Cancelled (unearned) (1,112,639) 19.19 Total awarded and unvested—September 30, 2021 1,847,279 $ 8.31 The following table presents information regarding the weighted average fair values for market-based PSUs granted during the nine months ended September 30, 2021, and the assumptions used to determine the fair values: Dividend yield — % Volatility 85 % Risk-free interest rate 0.32 % Weighted average fair value of awards granted—Absolute TSR $ 11.99 As of September 30, 2021, there was approximately $8 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 2.0 years. (c) Stock Options A summary of stock option activity for the nine months ended September 30, 2021 is as follows: Weighted Weighted Average Average Remaining Intrinsic Stock Exercise Contractual Value Options Price Life (in thousands) Outstanding—December 31, 2020 432,461 $ 50.64 4.1 $ — Granted — — Exercised — — Forfeited — — Expired (76,167) 50.00 Outstanding—September 30, 2021 356,294 $ 50.78 3.2 $ — Vested—September 30, 2021 356,294 $ 50.78 3.2 $ — Exercisable—September 30, 2021 356,294 $ 50.78 3.2 $ — Intrinsic values are based on the exercise price of the options and the closing price of Antero Resources’ common stock on the referenced dates. As of September 30, 2021, all stock options were fully vested resulting in no unamortized equity-based compensation expense. (d) Converted AM RSU Awards A summary of the Converted AM RSU Awards for the nine months ended September 30, 2021 is as follows: Weighted Average Number of Grant Date Units Fair Value Total awarded and unvested—December 31, 2020 296,390 $ 15.06 Granted — — Vested (209,964) 15.73 Forfeited (3,444) 13.25 Total awarded and unvested—September 30, 2021 82,982 $ 13.46 As of September 30, 2021, there was less than $1.0 million of unamortized equity-based compensation expense related to unvested Converted AM RSU Awards. Such expense is expected to be recognized over a weighted average period of 0.6 years, and the Company’s proportionate share will be allocated to it as it is recognized. (e) Cash Awards In January 2020, the Company granted cash awards of approximately $3.3 million to certain executives under the 2013 Plan, and compensation expense for these awards is recognized ratably over the vesting period for each of three tranches through January 20, 2023. In July 2020, the Company granted additional cash awards in the aggregate of $2.6 million to certain non-executive employees under the 2020 Plan that vest ratably over four years . As of December 31, 2020 and September 30, 2021, the Company has recorded approximately $3.2 million and $2.0 million, respectively, in Other liabilities in the condensed consolidated balance sheets related to unvested cash awards.

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2021
Fair Value
Fair Value	(10) Fair Value The carrying values of accounts receivable and accounts payable as of December 31, 2020 and September 30, 2021 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Prior Credit Facility as of December 31, 2020 and September 30, 2021 approximated fair value because the variable interest rates are reflective of current market conditions. The fair value and carrying value of the senior notes and 2026 Convertible Notes as of December 31, 2020 and September 30, 2021 as follows (in thousands): December 31, 2020 September 30, 2021 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2022 Notes $ 658,468 658,400 — — 2023 Notes 562,698 571,370 — — 2025 Notes 560,500 585,440 601,800 586,191 2026 Notes — — 368,128 321,570 2029 Notes — — 782,600 691,575 2030 Notes — — 631,860 593,072 2026 Convertible Notes 430,963 169,383 356,689 51,125 Total $ 2,212,629 1,984,593 2,741,077 2,243,533 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2021
Derivative Instruments.
Derivative Instruments	(11) Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations, and it uses derivative instruments to manage its commodity price risk. In addition, the Company periodically enters into contracts that contain embedded features that are required to be bifurcated and accounted for separately as derivatives. (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 and nine months ended September 30, 2020 and 2021. 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’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 September 30, 2021, the Company’s fixed price natural gas, oil and NGL swap positions excluding Martica, the Company’s consolidated VIE, were as follows: Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas October-December 2021 Henry Hub 2,160,000 MMBtu/day $ 2.78 /MMBtu January-December 2022 Henry Hub 1,155,486 MMBtu/day 2.50 /MMBtu January-December 2023 Henry Hub 43,000 MMBtu/day 2.37 /MMBtu Butane October-December 2021 Mont Belvieu Butane-OPIS Non-TET 2,600 Bbl/day $ 33.77 /Bbl October-December 2021 Mont Belvieu Butane-OPIS TET 1,500 Bbl/day $ 32.24 /Bbl Natural Gasoline October-December 2021 Mont Belvieu Natural Gasoline-OPIS Non-TET 8,300 Bbl/day $ 49.70 /Bbl Isobutane October-December 2021 Mont Belvieu Isobutane-OPIS Non-TET 2,800 Bbl/day $ 35.75 /Bbl Oil October-December 2021 West Texas Intermediate 3,000 Bbl/day $ 55.16 /Bbl In addition, the Company has a call option agreement, which entitles the holder the right, but not the obligation, to enter into a fixed price swap agreement on December 21, 2023 to purchase 427,500 MMBtu per day at a price of $2.77 per MMBtu for the year ending December 31, 2024. As of September 30, 2021, the Company’s natural gas basis swap positions, which settle on the pricing index to basis differential of the Columbia Gas Transmission pipeline (“TCO”) to the NYMEX Henry Hub natural gas price were as follows: Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Hedged Differential Natural Gas October-December 2021 NYMEX to TCO 40,000 MMBtu/day $ 0.414 /MMBtu January-December 2022 NYMEX to TCO 60,000 MMBtu/day 0.515 /MMBtu January-December 2023 NYMEX to TCO 50,000 MMBtu/day 0.525 /MMBtu January-December 2024 NYMEX to TCO 50,000 MMBtu/day 0.530 /MMBtu The Company also entered into NGL derivative 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. As of September 30, 2021, the Company had natural gas and NGL contracts that fix the Mont Belvieu index price for natural gasoline to percentages of WTI as follows: Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Payout Ratio Gas Liquids October-December 2021 Mont Belvieu Natural Gasoline to WTI 9,325 Bbl/day 77 % As of September 30, 2021, the Company’s fixed price natural gas, oil and NGL swap positions for Martica, the Company’s consolidated VIE, were as follows: Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas October-December 2021 Henry Hub 46,384 MMBtu/day $ 2.77 /MMBtu January-December 2022 Henry Hub 38,356 MMBtu/day 2.39 /MMBtu January-December 2023 Henry Hub 35,616 MMBtu/day 2.35 /MMBtu January-December 2024 Henry Hub 23,885 MMBtu/day 2.33 /MMBtu January-March 2025 Henry Hub 18,021 MMBtu/day 2.53 /MMBtu Ethane October-December 2021 Mont Belvieu Purity Ethane-OPIS 990 Bbl/day $ 7.01 /Bbl January-March 2022 Mont Belvieu Purity Ethane-OPIS 521 Bbl/day 6.68 /Bbl Propane October-December 2021 Mont Belvieu Propane-OPIS Non-TET 1,069 Bbl/day $ 19.88 /Bbl January-December 2022 Mont Belvieu Propane-OPIS Non-TET 934 Bbl/day 19.20 /Bbl Natural Gasoline October-December 2021 Mont Belvieu Natural Gasoline-OPIS Non-TET 339 Bbl/day $ 35.24 /Bbl January-December 2022 Mont Belvieu Natural Gasoline-OPIS Non-TET 282 Bbl/day 34.37 /Bbl January-December 2023 Mont Belvieu Natural Gasoline-OPIS Non-TET 247 Bbl/day 40.74 /Bbl Oil October-December 2021 West Texas Intermediate 111 Bbl/day $ 43.48 /Bbl January-December 2022 West Texas Intermediate 112 Bbl/day 44.25 /Bbl January-December 2023 West Texas Intermediate 99 Bbl/day 45.03 /Bbl January-December 2024 West Texas Intermediate 43 Bbl/day 44.02 /Bbl January-March 2025 West Texas Intermediate 39 Bbl/day 45.06 /Bbl (b) Embedded Derivatives The VPP includes an embedded put option tied to NYMEX pricing for the production volumes associated with the Company’s retained interest in the VPP properties of 94,544,000 MMBtu remaining through December 31, 2026 at a weighted average strike price of $2.57 per MMBtu. The embedded put option is not clearly and closely related to the host contract, and therefore, the Company bifurcated this derivative instrument and reflected it at fair value in the unaudited condensed consolidated financial statements. (c) Summary The table below presents a summary of the fair values of the Company’s derivative instruments and where such values are recorded in the condensed consolidated balance sheets as of December 31, 2020 and September 30, 2021 (in thousands). None of the Company’s derivative instruments are designated as hedges for accounting purposes. Balance Sheet December 31, September 30, Location 2020 2021 Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives—current Derivative instruments $ 97,144 — Embedded derivatives—current Derivative instruments 7,986 627 Commodity derivatives—noncurrent Derivative instruments 14,689 — Embedded derivatives—noncurrent Derivative instruments 32,604 14,834 Total asset derivatives 152,423 15,461 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives—current (1) Derivative instruments 31,242 1,436,292 Commodity derivatives—noncurrent (1) Derivative instruments 99,172 331,570 Total liability derivatives 130,414 1,767,862 Net derivatives assets (liabilities) $ 22,009 (1,752,401) (1) As of September 30, 2021, approximately $87 million of commodity derivative liabilities, including $53 million of current commodity derivatives and $34 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of December 31, 2020, approximately $14 million of commodity derivative liabilities, including $7 million of current commodity derivatives and $7 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. 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 condensed consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2020 September 30, 2021 Net Amounts of Net Amounts of Gross Gross Amounts Assets Gross Gross Amounts Assets Amounts on Offset on (Liabilities) on Amounts on Offset on (Liabilities) on Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Commodity derivative assets $ 181,375 (69,542) 111,833 $ 18,246 (18,246) — Embedded derivative assets $ 40,590 — 40,590 $ 15,461 — 15,461 Commodity derivative liabilities $ (199,956) 69,542 (130,414) $ (1,786,108) 18,246 (1,767,862) The following is a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2021 (in thousands): Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Location 2020 2021 2020 2021 Commodity derivative fair value losses (1) Revenue $ (558,979) (1,238,384) $ (161,161) (2,228,076) Embedded derivative fair value gains (losses) (1) Revenue $ 44,228 (12,082) $ 44,228 (31,986) (1) The fair value of derivative instruments was determined using Level 2 inputs .

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2021
Leases
Leases	(12) 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 or more. The exercise of the lease renewal options is 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 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. 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. As new leases commence or previous leases are modified the discount rate used in the present value calculation is the current period applicable discount rate. 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. (a) Supplemental Balance Sheet Information Related to Leases The Company’s lease assets and liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, Leases Balance Sheet Classification 2020 2021 Operating Leases Operating lease right-of-use assets: Processing plants Operating lease right-of-use assets $ 1,302,290 1,786,321 Drilling rigs and completion services Operating lease right-of-use assets 29,894 10,812 Gas gathering lines and compressor stations (1) Operating lease right-of-use assets 1,241,090 1,136,859 Office space Operating lease right-of-use assets 36,879 34,032 Vehicles Operating lease right-of-use assets 2,704 1,023 Other office and field equipment Operating lease right-of-use assets 746 595 Total operating lease right-of-use assets $ 2,613,603 2,969,642 Short-term operating lease obligation Short-term lease liabilities $ 265,178 352,939 Long-term operating lease obligation Long-term lease liabilities 2,348,425 2,616,703 Total operating lease obligation $ 2,613,603 2,969,642 Finance Leases Finance lease right-of-use assets: Vehicles Other property and equipment $ 1,206 717 Total finance lease right-of-use assets (2) $ 1,206 717 Short-term finance lease obligation Short-term lease liabilities $ 845 531 Long-term finance lease obligation Long-term lease liabilities 361 186 Total finance lease obligation $ 1,206 717 (1) Gas gathering lines and compressor stations leases includes $1.1 billion and $1.0 billion related to Antero Midstream Corporation as of December 31, 2020 and September 30, 2021 . See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $3 million and $2 million as of December 31, 2020 and September 30, 2021 , respectively. The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under ASC 842, Leases , because Antero is the sole customer of the assets and because Antero makes the decisions that most impact the economic performance of the assets. (b) Supplemental Information Related to Leases Costs associated with operating leases and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2021 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Cost Classification Location 2020 2021 2020 2021 Operating lease cost Statement of operations Gathering, compression, processing, and transportation $ 350,853 386,033 $ 1,112,502 1,147,985 Operating lease cost Statement of operations General and administrative 2,789 2,833 8,639 8,057 Operating lease cost Statement of operations Contract termination and rig stacking 5,841 3,369 6,387 4,213 Operating lease cost Statement of operations Lease operating — 43 — 109 Operating lease cost Balance sheet Proved properties (1) 31,822 25,558 91,081 82,749 Total operating lease cost $ 391,305 417,836 $ 1,218,609 1,243,113 Finance lease cost: Amortization of right-of-use assets Statement of operations Depletion, depreciation, and amortization $ 168 132 $ 727 391 Total finance lease cost $ 168 132 $ 727 391 Short-term lease payments $ 15,871 21,030 $ 108,029 62,328 (1) Capitalized costs related to drilling and completion activities. (c) Supplemental Cash Flow Information Related to Leases The following is the Company’s supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2021 (in thousands): Nine Months Ended September 30, 2020 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,147,489 1,042,684 Investing cash flows from operating leases 88,229 66,042 Financing cash flows from finance leases 1,004 692 Noncash activities: Right-of-use assets obtained in exchange for new operating lease obligations $ 178,348 232,771 Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net (1) $ (174,880) 345,066 (1) During the nine months ended September 30, 2020, the weighted average discount rate for remeasured operating leases increased from 10.0% as of December 31, 2019 to 14.4% as of September 30, 2020. During the nine months ended September 30, 2021, the weighted average discount rate for remeasured operating leases decreased from 14.4% as of December 31, 2020 to 5.5% as of September 30, 2021. (d) Maturities of Lease Liabilities The table below is a schedule of future minimum payments for operating and financing lease liabilities as of September 30, 2021 (in thousands): Operating Leases Financing Leases Total Remainder of 2021 $ 158,056 174 158,230 2022 601,512 424 601,936 2023 595,852 76 595,928 2024 587,016 67 587,083 2025 514,963 22 514,985 2026 464,262 — 464,262 Thereafter 1,260,244 — 1,260,244 Total lease payments 4,181,905 763 4,182,668 Less: imputed interest (1,212,263) (46) (1,212,309) Total $ 2,969,642 717 2,970,359 (e) Lease Term and Discount Rate The following table sets forth the Company’s weighted average remaining lease term and discount rate as of December 31, 2020 and September 30, 2021: December 31, 2020 September 30, 2021 Operating Leases Finance Leases Operating Leases Finance Leases Weighted average remaining lease term 8.0 years 1.5 years 7.8 years 1.9 years Weighted average discount rate 13.7 % 6.2 % 9.1 % 5.7 % (f) 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 annual adjustments based on the consumer price index. If and to the extent the Company requests 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 . In December 2019, the Company and Antero Midstream Corporation agreed to extend the initial term of the gathering and compression agreement to 2038 and established a growth incentive fee program whereby low pressure gathering fees will be reduced from 2020 through 2023 to the extent the Company achieves certain volumetric targets at certain points during such time. Upon completion of the initial contract term, the gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by either the Company or Antero Midstream Corporation on or before the 180 th day prior to the anniversary of such effective date. The Company achieved the volumetric targets during each of the first, second and third quarters of 2020, and Antero Midstream Corporation provided a rebate of $12 million and $36 million for the three and nine months ended September 30, 2020, respectively. The Company did not achieve the volumetric target during either the first, second or third quarters of 2021. For the three and nine months ended September 30, 2020, gathering and compression fees paid by Antero related to this agreement were $181 million and $503 million, respectively. For the three and million, respectively. As of

Commitments

Commitments	9 Months Ended
Commitments	Sep. 30, 2021
Commitments
Commitments	(13) Commitments The following table sets forth 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 September 30, 2021 (in thousands). Processing, Firm Gathering and Land Payment Operating and Imputed Interest Transportation Compression Obligations Financing Leases for Leases (a) (b) (c) (d) (d) Total Remainder of 2021 $ 264,307 13,597 1,905 91,149 67,081 438,039 2022 1,042,280 52,265 400 352,249 249,687 1,696,881 2023 1,072,523 59,140 — 377,308 218,620 1,727,591 2024 1,045,442 59,262 — 402,702 184,381 1,691,787 2025 1,024,783 47,960 — 366,353 148,632 1,587,728 2026 1,018,812 14,783 — 350,438 113,824 1,497,857 Thereafter 6,033,138 98,596 — 1,030,160 230,084 7,391,978 Total $ 11,501,285 345,603 2,305 2,970,359 1,212,309 16,031,861 (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 unaudited condensed consolidated financial statements its proportionate share of costs based on its working interest. (b) Processing, Gathering, and Compression Service Commitments The Company has entered into various long- term gas processing, 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 unaudited condensed consolidated financial statements its proportionate share of costs based on its working interest. (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 Antero Resources is committed to pay; however, the Company will record in its financial statements its proportionate share of costs based on its working interests. Refer to Note 12—Leases to the unaudited condensed consolidated financial statements for more information on the Company’s operating and finance leases.

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2021
Contingencies.
Contingencies	(14) Contingencies Environmental In June 2018, the Company received a Notice of Violation (“NOV”) from the U.S. Environmental Protection Agency (“EPA”) Region III for alleged violations of the federal Clean Air Act and the West Virginia State Implementation Plan. The NOV alleges that combustion devices at these facilities did not meet applicable air permitting requirements. Separately, in June 2018, the Company received an information request from the 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 Resources facilities for the purpose of determining if the additional facilities have the same alleged compliance issues that were identified during the September 2017 inspections. Subsequently, the West Virginia Department of Environmental Protection (“WVDEP”) and the EPA Region V (covering Ohio facilities) each conducted its own inspections, and the Company has separately received NOVs from WVDEP and the EPA Region V related to similar issues being investigated by the EPA Region III. The Company continues to negotiate with the EPA and WVDEP to resolve the issues alleged in the NOVs and the information request. The Company’s operations at these facilities are not suspended, and management does not expect these matters to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. WGL The Company and Washington Gas Light Company and WGL Midstream, Inc. (collectively, “WGL”) were involved in multiple contractual disputes involving firm gas sales contracts executed June 20, 2014 (the “Contracts”) that the Company began delivering gas under in January 2016. In late 2015, WGL asserted that the natural gas index price specified in the Contracts was no longer appropriate and sought to invoke an alternative index clause in the Contracts. This dispute was referred to arbitration. In January 2017, the arbitration panel ruled in the Company’s favor and found that the natural gas index price specified in the Contracts should remain. In March of 2017, WGL filed a lawsuit against the Company in Colorado district court claiming that the Company breached contractual obligations by failing to deliver “TCO pool” gas, ultimately seeking damages of more than $40 million. Subsequently, after WGL failed to take certain volumes of gas required under the Contracts, the Company filed a separate lawsuit against WGL to recover damages that WGL refused to pay. These two lawsuits were consolidated and tried in June 2019. On June 20, 2019, the Company was awarded a jury verdict of approximately $96 million in damages against WGL. In addition, the jury rejected WGL’s claim against the Company, finding that the Company did not breach the Contracts. On December 10, 2020, the Colorado Court of Appeals affirmed the judgment of the trial court in favor of the Company. In February 2021, the Company and its royalty owners received a gross payment of approximately $107 million from WGL, which was in full satisfaction and discharge of the June 2019 judgment entered in favor of the Company. Other The Company is party to various other legal proceedings and claims in the ordinary course of its business, including, but not limited to, royalty claims. 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 unaudited condensed consolidated financial position, results of operations, or cash flows.

Related Parties

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2021
Related Parties
Related Parties	(15) Related Parties Substantially all of Antero Midstream Corporation’s revenues were and are derived from transactions with Antero Resources. See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for the operating results of the Company’s reportable segments.

Reportable Segments

Reportable Segments	9 Months Ended
Reportable Segments	Sep. 30, 2021
Reportable Segments
Reportable Segments	(16) Reportable Segments Management evaluated how the Company is organized and managed and identified the following segments: (i) the exploration, development, and production of natural gas, NGLs, and oil; (ii) marketing and utilization of excess firm transportation capacity and (iii) midstream services through the Company’s equity method investment in Antero Midstream Corporation. 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 then transport the Company’s production to foreign countries for resale or consumption. Operating segments are evaluated based on their contribution to consolidated results, which is primarily determined by the respective operating income (loss) of each segment. General and administrative expenses were allocated to the midstream segment 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—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements. The operating results and assets of the Company’s reportable segments were as follows for the three months ended September 30, 2020 and 2021 (in thousands): Three Months Ended September 30, 2020 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 288,419 91,497 — — 379,916 Intersegment 675 — 233,415 (233,415) 675 Total revenue $ 289,094 91,497 233,415 (233,415) 380,591 Operating expenses: Lease operating $ 21,450 — — — 21,450 Gathering, compression, processing, and transportation 656,615 — 38,052 (38,052) 656,615 Impairment of oil and gas properties 29,392 — — — 29,392 Depletion, depreciation, and amortization 238,418 — 26,801 (26,801) 238,418 General and administrative 31,640 — 13,232 (13,232) 31,640 Other 28,605 128,580 3,513 (3,513) 157,185 Total operating expenses 1,006,120 128,580 81,598 (81,598) 1,134,700 Operating income (loss) $ (717,026) (37,083) 151,817 (151,817) (754,109) Equity in earnings of unconsolidated affiliates $ 24,419 — 23,173 (23,173) 24,419 Investments in unconsolidated affiliates $ 272,926 — — — 272,926 Segment assets $ 13,349,739 — 5,673,504 (5,673,504) 13,349,739 Capital expenditures for segment assets $ 151,269 — 41,851 (41,851) 151,269 Three Months Ended September 30, 2021 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 301,207 232,685 242,472 (242,472) 533,892 Intersegment 530 — (17,668) 17,668 530 Total revenue $ 301,737 232,685 224,804 (224,804) 534,422 Operating expenses: Lease operating $ 25,363 — — — 25,363 Gathering, compression, processing, and transportation 628,225 — 39,499 (39,499) 628,225 Impairment of oil and gas properties 26,253 — — — 26,253 Depletion, depreciation, and amortization 182,810 — 27,487 (27,487) 182,810 General and administrative 32,442 — 14,810 (14,810) 32,442 Other 56,652 266,751 1,187 (1,187) 323,403 Total operating expenses 951,745 266,751 82,983 (82,983) 1,218,496 Operating income (loss) $ (650,008) (34,066) 141,821 (141,821) (684,074) Equity in earnings of unconsolidated affiliates $ 21,450 — 24,088 (24,088) 21,450 Investments in unconsolidated affiliates $ 236,597 — 703,780 (703,780) 236,597 Segment assets $ 13,375,515 96,023 5,533,633 (5,533,633) 13,471,538 Capital expenditures for segment assets $ 387,783 — 82,583 (82,583) 387,783 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2020 and 2021 (in thousands): Nine Months Ended September 30, 2020 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 1,978,572 201,855 — — 2,180,427 Intersegment 2,180 — 696,859 (696,859) 2,180 Total revenue $ 1,980,752 201,855 696,859 (696,859) 2,182,607 Operating expenses: Lease operating $ 71,836 — — — 71,836 Gathering, compression, processing, and transportation 1,877,084 — 128,847 (128,847) 1,877,084 Impairment of oil and gas properties 155,962 — — — 155,962 Impairment of midstream assets — — 665,491 (665,491) — Depletion, depreciation, and amortization 652,130 — 81,889 (81,889) 652,130 General and administrative 101,264 — 39,191 (39,191) 101,264 Other 88,023 334,906 14,062 (14,062) 422,929 Total operating expenses 2,946,299 334,906 929,480 (929,480) 3,281,205 Operating loss $ (965,547) (133,051) (232,621) 232,621 (1,098,598) Equity in earnings (loss) of unconsolidated affiliates $ (83,408) — 63,197 (63,197) (83,408) Investments in unconsolidated affiliates $ 272,926 — — — 272,926 Segment assets $ 13,349,739 — 5,673,504 (5,673,504) 13,349,739 Capital expenditures for segment assets $ 726,402 — 165,265 (165,265) 726,402 Nine Months Ended September 30, 2021 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 1,664,509 562,928 — — 2,227,437 Intersegment 551 — 681,712 (681,712) 551 Total revenue $ 1,665,060 562,928 681,712 (681,712) 2,227,988 Operating expenses: Lease operating $ 71,555 — — — 71,555 Gathering, compression, processing, and transportation 1,874,664 — 118,368 (118,368) 1,874,664 Impairment of oil and gas properties 69,618 — — — 69,618 Depletion, depreciation, and amortization 564,166 — 80,956 (80,956) 564,166 General and administrative 108,693 — 46,991 (46,991) 108,693 Other 143,954 627,822 8,590 (8,590) 771,776 Total operating expenses 2,832,650 627,822 254,905 (254,905) 3,460,472 Operating income (loss) $ (1,167,590) (64,894) 426,807 (426,807) (1,232,484) Equity in earnings of unconsolidated affiliates $ 57,621 — 66,347 (66,347) 57,621 Investments in unconsolidated affiliates $ 236,597 — 703,780 (703,780) 236,597 Segment assets $ 13,375,515 96,023 5,533,633 (5,533,633) 13,471,538 Capital expenditures for segment assets $ 510,941 — 156,948 (156,948) 510,941

Subsidiary Guarantors

Subsidiary Guarantors	9 Months Ended
Subsidiary Guarantors	Sep. 30, 2021
Subsidiary Guarantors
Subsidiary Guarantors	(17) Subsidiary Guarantors Antero Resources’ senior notes are fully and unconditionally guaranteed by Antero Resources’ existing subsidiaries that guarantee the Credit Facility. 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 Antero (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 that 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 tables present summarized financial information of Antero and its guarantor subsidiaries (in thousands). The Company’s wholly owned subsidiaries are not restricted from making distributions to the Company. Balance Sheet December 31, 2020 September 30, 2021 Parent (Antero) Parent (Antero) and Guarantor Subsidiaries and Guarantor Subsidiaries Accounts receivable, non-guarantor subsidiaries $ — — Accounts receivable, related parties — — Other current assets 543,841 665,111 Total current assets 543,841 665,111 Noncurrent assets 11,783,502 12,016,722 Total assets $ 12,327,343 12,681,833 Accounts payable, non-guarantor subsidiaries $ — — Accounts payable, related parties 69,860 79,595 Other current liabilities 906,348 2,674,603 Total current liabilities 976,208 2,754,198 Noncurrent liabilities 6,070,388 5,499,255 Total liabilities $ 7,046,596 8,253,453 Statement of Operations Nine Months Ended September 30, 2021 Parent (Antero) and Guarantor Subsidiaries Revenues $ 2,220,306 Operating expenses 3,428,943 Loss from operations (1,208,637) Net loss and comprehensive loss including noncontrolling interests (1,088,283) Net loss and comprehensive loss attributable to Antero Resources Corporation $ (1,088,283)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information and should be read in the context of the Company’s December 31, 2020 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position and accounting policies. The Company’s December 31, 2020 consolidated financial statements were included in Antero Resources’ 2020 Annual Report on Form 10-K, which was filed with the SEC. These 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, these 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, 2020 and September 30, 2021 and its results of operations for the three and nine months ended September 30, 2020 and 2021 and cash flows for the nine months ended September 30, 2020 and 2021. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended September 30, 2021 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, the impacts of COVID-19 and other factors.
Principles of Consolidation	(b) Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Resources Corporation, its wholly owned subsidiaries, and its variable interest entity (“VIE”), Martica Holdings LLC, (“Martica”), for which the Company is the primary beneficiary. The noncontrolling interest reflected in the Company’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2021 represents the Company’s interest in Martica owned by third parties. See Note 3—Transactions to the unaudited condensed consolidated financial statements for more information on Martica.
Cash and Cash Equivalents	(c) Cash and Cash Equivalents 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 condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2020, the book overdrafts included within accounts payable and revenue distributions payable were $11 million and $15 million, respectively. As of September 30, 2021, the book overdrafts included within accounts payable and revenue distributions payable were $37 million and $31 million, respectively.
Earnings (loss) Per Common Share	(d) 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—diluted for each period is computed after giving consideration to the potential dilution from outstanding equity awards and shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt). The Company includes restricted stock unit (“RSU”) awards, performance share unit (“PSU”) awards and stock options 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. The potential dilutive effect of the 2026 Convertible Notes is calculated using the (i) treasury stock method for the three and nine months ended September 30, 2020 as a result of the Company’s intent to settle the principal amount of such convertible notes in cash upon conversion during the nine months ended September 30, 2020, and (ii) if-converted method for the three and nine months ended September 30, 2021, as a result of the partial equitizations of the 2026 Convertible Notes during the nine months ended September 30, 2021. See Note 7—Long-Term Debt for further discussion on the equitization transactions. 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 effects of all equity awards and the 2026 Convertible Notes are anti-dilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Basic weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Add: Dilutive effect of RSUs — — — — Add: Dilutive effect of PSUs — — — — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of 2026 Convertible Notes — — — — Diluted weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share (1) RSUs 10,129 6,158 7,397 6,562 PSUs 1,988 2,748 1,808 2,706 Outstanding stock options 432 357 432 388 2026 Convertible Notes (2) — 18,778 — 18,778 (1) The potential dilutive effects of these awards were excluded from the computation of diluted earnings (loss) per common share because the inclusion of these awards would have been anti-dilutive. (2) Under the treasury stock method, only the amount by which the conversion value exceeds the aggregate principal amount of the 2026 Convertible Notes is considered in the diluted earnings per share computation. As of September 30, 2020, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for the three and nine months ended September 30, 2020. Under the if-converted method, the weighted average number of shares outstanding for the three and nine months ended September 30, 2020, would have been 28 million and 10 million, respectively, all of which would have been anti-dilutive.
Income Taxes	(e) Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences resulting from net operating loss carryforwards for income tax purposes and the differences between the financial statement and tax basis of assets and liabilities. The effect of changes in tax laws or tax rates is recognized in income during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. On April 9, 2021, West Virginia enacted new tax laws related to its apportionment and sourcing methodologies. The newly enacted laws are effective January 1, 2022 on a prospective basis and are expected to reduce the Company’s net income or loss that is apportioned to West Virginia. As a result of this tax law change, the Company’s net deferred income tax liability was reduced by $34 million as of September 30, 2021, which includes a $48 million increase in deferred tax assets, partially offset by a $14 million increase in valuation allowance.
Recently Issued Accounting Standards	(f) Recently Issued Accounting Standards Convertible Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Debt with Conversion and Other Options , that require separate accounting for conversion features, and instead, allows the debt instrument and conversion features to be accounted for as a single debt instrument. The new standard becomes effective for the Company on January 1, 2022, and early adoption is permitted. The Company is evaluating the transition method it plans to use for adoption on January 1, 2022. However, the Company has utilized the modified retrospective approach to quantify the expected impact of this standard on its financial statements. Upon adoption of this new standard, the Company expects to reclassify between $15 million and $30 million, net of deferred income taxes and equity issuance costs, to long-term debt and deferred income tax liability, as applicable, from stockholders’ equity, which amount is subject to adjustment for any conversions or other transactions until adoption of this new standard. Additionally, annual interest expense for the 2026 Convertible Notes will be based on an effective interest rate of for the three and nine months ended September 30, 2021. T he Company does not believe that adoption of the standard will impact its operational strategies or development prospects. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . Income Taxes (“ASC 740”) and also simplifies portions of ASC 740 by clarifying and amending existing guidance. It is effective for interim and annual reporting periods after December 15, 2020. The Company adopted this ASU on January 1, 2021, and it did not have a material impact on the Company's unaudited condensed consolidated financial statements .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2021
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Basic weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Add: Dilutive effect of RSUs — — — — Add: Dilutive effect of PSUs — — — — Add: Dilutive effect of outstanding stock options — — — — Add: Dilutive effect of 2026 Convertible Notes — — — — Diluted weighted average number of shares outstanding 268,511 313,790 273,689 306,201 Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share (1) RSUs 10,129 6,158 7,397 6,562 PSUs 1,988 2,748 1,808 2,706 Outstanding stock options 432 357 432 388 2026 Convertible Notes (2) — 18,778 — 18,778 (1) The potential dilutive effects of these awards were excluded from the computation of diluted earnings (loss) per common share because the inclusion of these awards would have been anti-dilutive. (2) Under the treasury stock method, only the amount by which the conversion value exceeds the aggregate principal amount of the 2026 Convertible Notes is considered in the diluted earnings per share computation. As of September 30, 2020, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for the three and nine months ended September 30, 2020. Under the if-converted method, the weighted average number of shares outstanding for the three and nine months ended September 30, 2020, would have been 28 million and 10 million, respectively, all of which would have been anti-dilutive.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2021
Revenue
Schedule of disaggregation of revenue	The table set forth below presents revenue disaggregated by type and the reportable segment to which it relates (in thousands). See Note 16—Reportable Segments for more information on reportable segments. Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 436,304 884,669 1,214,801 2,231,558 Exploration and production Natural gas liquids sales (ethane) 32,444 57,919 85,884 137,446 Exploration and production Natural gas liquids sales (C3+ NGLs) 294,982 540,408 711,412 1,365,581 Exploration and production Oil sales 34,265 56,734 78,233 153,326 Exploration and production Marketing 91,497 232,685 201,855 562,928 Marketing Total revenue from contracts with customers 889,492 1,772,415 2,292,185 4,450,839 Loss from derivatives, deferred revenue and other sources, net (508,901) (1,237,993) (109,578) (2,222,851) Total revenue $ 380,591 534,422 2,182,607 2,227,988

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
Equity Method Investments (Tables)	Sep. 30, 2021
Antero Midstream Corporation
Equity Method Investments
Schedule of reconciliation of investments in unconsolidated affiliates and summarized financial information	The following table sets forth a reconciliation of Antero’s investment in unconsolidated affiliate for the nine months ended September 30, 2021 (in thousands): Balance as of December 31, 2020 (1) $ 255,082 Equity in earnings of unconsolidated affiliate 57,621 Dividends from unconsolidated affiliate (105,325) Elimination of intercompany profit 29,219 Balance as of September 30, 2021 (1) $ 236,597 (1) The Company’s investment in Antero Midstream Corporation as of December 31, 2020 and September 30, 2021 was $1.1 billion and $1.4 billion, respectively, based on the quoted market share price of Antero Midstream Corporation. The tables set forth below present summarized financial information of Antero Midstream Corporation (in thousands). Balance Sheet December 31, September 30, 2020 2021 Current assets $ 93,931 87,490 Noncurrent assets 5,516,981 5,446,143 Total assets $ 5,610,912 5,533,633 Current liabilities $ 94,005 118,690 Noncurrent liabilities 3,098,621 3,102,350 Stockholders' equity 2,418,286 2,312,593 Total liabilities and stockholders' equity $ 5,610,912 5,533,633 Statement of Operations Nine Months Ended September 30, 2020 2021 Revenues $ 696,859 681,712 Operating expenses 929,480 254,905 Income (loss) from operations (232,621) 426,807 Net income (loss) $ (198,985) 252,991

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2021
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, 2020 2021 Capital expenditures $ 32,372 52,958 Gathering, compression, processing, and transportation expenses 152,724 158,443 Marketing expenses 68,193 115,317 Interest expense, net 25,645 34,693 Accrued production and ad valorem taxes 37,371 30,488 Derivative settlements payable 3,425 72,354 Other 23,794 36,879 Total accrued liabilities $ 343,524 501,132

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2021
Long-Term Debt
Schedule of long-term debt	Long-term debt as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, 2020 2021 Credit Facility (a) $ 1,017,000 97,500 5.125% senior notes due 2022 (b) 660,516 — 5.625% senior notes due 2023 (c) 574,182 — 5.00% senior notes due 2025 (d) 590,000 590,000 8.375% senior notes due 2026 (e) — 325,000 7.625% senior notes due 2029 (f) — 700,000 5.375% senior notes due 2030 (g) — 600,000 4.25% convertible senior notes due 2026 (h) 287,500 81,570 Total principal 3,129,198 2,394,070 Unamortized premium (discount), net (111,886) (28,780) Unamortized debt issuance costs (15,719) (24,257) Long-term debt $ 3,001,593 2,341,033
4.25% convertible senior notes due 2026
Long-Term Debt
Schedule of long-term debt	The 2026 Convertible Notes consist of the following (in thousands): December 31, September 30, 2020 2021 Liability component: Principal $ 287,500 81,570 Less: unamortized note discount (112,265) (28,780) Less: unamortized debt issuance costs (5,852) (1,665) Net carrying value $ 169,383 51,125 Equity component (1) $ 115,601 32,799 (1) As of December 31, 2020, the equity component attributable to the outstanding 2026 Convertible Notes was recorded in additional paid-in capital, net of $3 million of issuance costs and $28 million of deferred taxes. As of September 30, 2021 , the equity component attributable to the outstanding 2026 Convertible Notes was recorded in additional paid-in capital net of $1 million of issuance costs and $8 million of deferred taxes.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2021
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following table sets forth a reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2021 (in thousands): Asset retirement obligations—December 31, 2020 $ 54,452 Obligations incurred 2,359 Accretion expense 2,947 Settlement of obligations (50) Revisions to prior estimates (549) Asset retirement obligations—September 30, 2021 $ 59,159

Equity-Based Compensation and_2

Equity-Based Compensation and Cash Awards (Tables)	9 Months Ended
Equity-Based Compensation and Cash Awards (Tables)	Sep. 30, 2021
Equity-Based Compensation and Cash Awards
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, was as follows for the three and nine months ended September 30, 2020 and 2021 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 RSU awards $ 3,063 3,327 $ 9,021 9,957 PSU awards 1,827 1,452 5,380 3,211 Converted AM RSU Awards (1) 459 186 1,881 988 Equity awards issued to directors 350 333 719 1,033 Total expense $ 5,699 5,298 $ 17,001 15,189 (1) Antero Resources recognized compensation expense for equity awards granted under both the 2013 Plan and the AMP Plan because the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero Resources. Antero Resources allocates a portion of equity-based compensation expense related to grants prior to the deconsolidation of Antero Midstream Partners on March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs.
Summary of RSU award activity	Weighted Average Number of Grant Date Shares Fair Value Total awarded and unvested—December 31, 2020 8,432,397 $ 4.06 Granted 1,431,993 9.52 Vested (3,546,654) 4.36 Forfeited (293,338) 5.18 Total awarded and unvested—September 30, 2021 6,024,398 $ 5.12
Summary of PSU award activity	Weighted Number of Average Grant Units Date Fair Value Total awarded and unvested—December 31, 2020 2,547,798 $ 12.66 Granted 479,120 9.71 Forfeited (67,000) 2.97 Cancelled (unearned) (1,112,639) 19.19 Total awarded and unvested—September 30, 2021 1,847,279 $ 8.31
Schedule of weighted average fair value assumptions used for PSUs granted	The following table presents information regarding the weighted average fair values for market-based PSUs granted during the nine months ended September 30, 2021, and the assumptions used to determine the fair values: Dividend yield — % Volatility 85 % Risk-free interest rate 0.32 % Weighted average fair value of awards granted—Absolute TSR $ 11.99
Summary of stock option activity	Weighted Weighted Average Average Remaining Intrinsic Stock Exercise Contractual Value Options Price Life (in thousands) Outstanding—December 31, 2020 432,461 $ 50.64 4.1 $ — Granted — — Exercised — — Forfeited — — Expired (76,167) 50.00 Outstanding—September 30, 2021 356,294 $ 50.78 3.2 $ — Vested—September 30, 2021 356,294 $ 50.78 3.2 $ — Exercisable—September 30, 2021 356,294 $ 50.78 3.2 $ —
Schedule of Converted AM RSU Awards	Weighted Average Number of Grant Date Units Fair Value Total awarded and unvested—December 31, 2020 296,390 $ 15.06 Granted — — Vested (209,964) 15.73 Forfeited (3,444) 13.25 Total awarded and unvested—September 30, 2021 82,982 $ 13.46

Fair value (Tables)

Fair value (Tables)	9 Months Ended
Fair value (Tables)	Sep. 30, 2021
Fair Value
Schedule of fair value and carrying value of the senior notes and 2026 Convertible Notes	December 31, 2020 September 30, 2021 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2022 Notes $ 658,468 658,400 — — 2023 Notes 562,698 571,370 — — 2025 Notes 560,500 585,440 601,800 586,191 2026 Notes — — 368,128 321,570 2029 Notes — — 782,600 691,575 2030 Notes — — 631,860 593,072 2026 Convertible Notes 430,963 169,383 356,689 51,125 Total $ 2,212,629 1,984,593 2,741,077 2,243,533 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2021
Schedule of outstanding commodity derivatives	Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas October-December 2021 Henry Hub 2,160,000 MMBtu/day $ 2.78 /MMBtu January-December 2022 Henry Hub 1,155,486 MMBtu/day 2.50 /MMBtu January-December 2023 Henry Hub 43,000 MMBtu/day 2.37 /MMBtu Butane October-December 2021 Mont Belvieu Butane-OPIS Non-TET 2,600 Bbl/day $ 33.77 /Bbl October-December 2021 Mont Belvieu Butane-OPIS TET 1,500 Bbl/day $ 32.24 /Bbl Natural Gasoline October-December 2021 Mont Belvieu Natural Gasoline-OPIS Non-TET 8,300 Bbl/day $ 49.70 /Bbl Isobutane October-December 2021 Mont Belvieu Isobutane-OPIS Non-TET 2,800 Bbl/day $ 35.75 /Bbl Oil October-December 2021 West Texas Intermediate 3,000 Bbl/day $ 55.16 /Bbl
Schedule of natural gas basis swap positions which settle on pricing index to basis differential of NYMEX to TCO	Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Hedged Differential Natural Gas October-December 2021 NYMEX to TCO 40,000 MMBtu/day $ 0.414 /MMBtu January-December 2022 NYMEX to TCO 60,000 MMBtu/day 0.515 /MMBtu January-December 2023 NYMEX to TCO 50,000 MMBtu/day 0.525 /MMBtu January-December 2024 NYMEX to TCO 50,000 MMBtu/day 0.530 /MMBtu
natural gas and NGL contracts that fix the Mont Belvieu index price for natural gasoline to percentages of WTI	Weighted Average Commodity / Settlement Period Index to Basis Differential Contracted Volume Payout Ratio Gas Liquids October-December 2021 Mont Belvieu Natural Gasoline to WTI 9,325 Bbl/day 77 %
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	Balance Sheet December 31, September 30, Location 2020 2021 Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives—current Derivative instruments $ 97,144 — Embedded derivatives—current Derivative instruments 7,986 627 Commodity derivatives—noncurrent Derivative instruments 14,689 — Embedded derivatives—noncurrent Derivative instruments 32,604 14,834 Total asset derivatives 152,423 15,461 Liability derivatives not designated as hedges for accounting purposes: Commodity derivatives—current (1) Derivative instruments 31,242 1,436,292 Commodity derivatives—noncurrent (1) Derivative instruments 99,172 331,570 Total liability derivatives 130,414 1,767,862 Net derivatives assets (liabilities) $ 22,009 (1,752,401) (1) As of September 30, 2021, approximately $87 million of commodity derivative liabilities, including $53 million of current commodity derivatives and $34 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of December 31, 2020, approximately $14 million of commodity derivative liabilities, including $7 million of current commodity derivatives and $7 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica.
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 condensed consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2020 September 30, 2021 Net Amounts of Net Amounts of Gross Gross Amounts Assets Gross Gross Amounts Assets Amounts on Offset on (Liabilities) on Amounts on Offset on (Liabilities) on Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Commodity derivative assets $ 181,375 (69,542) 111,833 $ 18,246 (18,246) — Embedded derivative assets $ 40,590 — 40,590 $ 15,461 — 15,461 Commodity derivative liabilities $ (199,956) 69,542 (130,414) $ (1,786,108) 18,246 (1,767,862)
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2021 (in thousands): Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Location 2020 2021 2020 2021 Commodity derivative fair value losses (1) Revenue $ (558,979) (1,238,384) $ (161,161) (2,228,076) Embedded derivative fair value gains (losses) (1) Revenue $ 44,228 (12,082) $ 44,228 (31,986) (1) The fair value of derivative instruments was determined using Level 2 inputs .
VIE, Martica
Schedule of outstanding commodity derivatives	Weighted Average Commodity / Settlement Period Index Contracted Volume Price Natural Gas October-December 2021 Henry Hub 46,384 MMBtu/day $ 2.77 /MMBtu January-December 2022 Henry Hub 38,356 MMBtu/day 2.39 /MMBtu January-December 2023 Henry Hub 35,616 MMBtu/day 2.35 /MMBtu January-December 2024 Henry Hub 23,885 MMBtu/day 2.33 /MMBtu January-March 2025 Henry Hub 18,021 MMBtu/day 2.53 /MMBtu Ethane October-December 2021 Mont Belvieu Purity Ethane-OPIS 990 Bbl/day $ 7.01 /Bbl January-March 2022 Mont Belvieu Purity Ethane-OPIS 521 Bbl/day 6.68 /Bbl Propane October-December 2021 Mont Belvieu Propane-OPIS Non-TET 1,069 Bbl/day $ 19.88 /Bbl January-December 2022 Mont Belvieu Propane-OPIS Non-TET 934 Bbl/day 19.20 /Bbl Natural Gasoline October-December 2021 Mont Belvieu Natural Gasoline-OPIS Non-TET 339 Bbl/day $ 35.24 /Bbl January-December 2022 Mont Belvieu Natural Gasoline-OPIS Non-TET 282 Bbl/day 34.37 /Bbl January-December 2023 Mont Belvieu Natural Gasoline-OPIS Non-TET 247 Bbl/day 40.74 /Bbl Oil October-December 2021 West Texas Intermediate 111 Bbl/day $ 43.48 /Bbl January-December 2022 West Texas Intermediate 112 Bbl/day 44.25 /Bbl January-December 2023 West Texas Intermediate 99 Bbl/day 45.03 /Bbl January-December 2024 West Texas Intermediate 43 Bbl/day 44.02 /Bbl January-March 2025 West Texas Intermediate 39 Bbl/day 45.06 /Bbl

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2021
Leases
Summary of supplemental balance sheet information related to leases	The Company’s lease assets and liabilities as of December 31, 2020 and September 30, 2021 consisted of the following items (in thousands): December 31, September 30, Leases Balance Sheet Classification 2020 2021 Operating Leases Operating lease right-of-use assets: Processing plants Operating lease right-of-use assets $ 1,302,290 1,786,321 Drilling rigs and completion services Operating lease right-of-use assets 29,894 10,812 Gas gathering lines and compressor stations (1) Operating lease right-of-use assets 1,241,090 1,136,859 Office space Operating lease right-of-use assets 36,879 34,032 Vehicles Operating lease right-of-use assets 2,704 1,023 Other office and field equipment Operating lease right-of-use assets 746 595 Total operating lease right-of-use assets $ 2,613,603 2,969,642 Short-term operating lease obligation Short-term lease liabilities $ 265,178 352,939 Long-term operating lease obligation Long-term lease liabilities 2,348,425 2,616,703 Total operating lease obligation $ 2,613,603 2,969,642 Finance Leases Finance lease right-of-use assets: Vehicles Other property and equipment $ 1,206 717 Total finance lease right-of-use assets (2) $ 1,206 717 Short-term finance lease obligation Short-term lease liabilities $ 845 531 Long-term finance lease obligation Long-term lease liabilities 361 186 Total finance lease obligation $ 1,206 717 (1) Gas gathering lines and compressor stations leases includes $1.1 billion and $1.0 billion related to Antero Midstream Corporation as of December 31, 2020 and September 30, 2021 . See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $3 million and $2 million as of December 31, 2020 and September 30, 2021 , respectively. The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under ASC 842, Leases , because Antero is the sole customer of the assets and because Antero makes the decisions that most impact the economic performance of the assets.
Summary of costs associated with operating leases and finance leases	Costs associated with operating leases and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2021 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Cost Classification Location 2020 2021 2020 2021 Operating lease cost Statement of operations Gathering, compression, processing, and transportation $ 350,853 386,033 $ 1,112,502 1,147,985 Operating lease cost Statement of operations General and administrative 2,789 2,833 8,639 8,057 Operating lease cost Statement of operations Contract termination and rig stacking 5,841 3,369 6,387 4,213 Operating lease cost Statement of operations Lease operating — 43 — 109 Operating lease cost Balance sheet Proved properties (1) 31,822 25,558 91,081 82,749 Total operating lease cost $ 391,305 417,836 $ 1,218,609 1,243,113 Finance lease cost: Amortization of right-of-use assets Statement of operations Depletion, depreciation, and amortization $ 168 132 $ 727 391 Total finance lease cost $ 168 132 $ 727 391 Short-term lease payments $ 15,871 21,030 $ 108,029 62,328 (1) Capitalized costs related to drilling and completion activities.
Summary of supplemental cash flow information related to leases	The following is the Company’s supplemental cash flow information related to leases for the nine months ended September 30, 2020 and 2021 (in thousands): Nine Months Ended September 30, 2020 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,147,489 1,042,684 Investing cash flows from operating leases 88,229 66,042 Financing cash flows from finance leases 1,004 692 Noncash activities: Right-of-use assets obtained in exchange for new operating lease obligations $ 178,348 232,771 Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net (1) $ (174,880) 345,066 (1) During the nine months ended September 30, 2020, the weighted average discount rate for remeasured operating leases increased from 10.0% as of December 31, 2019 to 14.4% as of September 30, 2020. During the nine months ended September 30, 2021, the weighted average discount rate for remeasured operating leases decreased from 14.4% as of December 31, 2020 to 5.5% as of September 30, 2021.
Summary of maturities of operating lease liabilities	The table below is a schedule of future minimum payments for operating and financing lease liabilities as of September 30, 2021 (in thousands): Operating Leases Financing Leases Total Remainder of 2021 $ 158,056 174 158,230 2022 601,512 424 601,936 2023 595,852 76 595,928 2024 587,016 67 587,083 2025 514,963 22 514,985 2026 464,262 — 464,262 Thereafter 1,260,244 — 1,260,244 Total lease payments 4,181,905 763 4,182,668 Less: imputed interest (1,212,263) (46) (1,212,309) Total $ 2,969,642 717 2,970,359
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 September 30, 2021 (in thousands): Operating Leases Financing Leases Total Remainder of 2021 $ 158,056 174 158,230 2022 601,512 424 601,936 2023 595,852 76 595,928 2024 587,016 67 587,083 2025 514,963 22 514,985 2026 464,262 — 464,262 Thereafter 1,260,244 — 1,260,244 Total lease payments 4,181,905 763 4,182,668 Less: imputed interest (1,212,263) (46) (1,212,309) Total $ 2,969,642 717 2,970,359
Summary of weighted-average remaining lease term and discount rate	December 31, 2020 September 30, 2021 Operating Leases Finance Leases Operating Leases Finance Leases Weighted average remaining lease term 8.0 years 1.5 years 7.8 years 1.9 years Weighted average discount rate 13.7 % 6.2 % 9.1 % 5.7 %

Commitments (Tables)

Commitments (Tables)	9 Months Ended
Commitments (Tables)	Sep. 30, 2021
Commitments
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	The following table sets forth 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 September 30, 2021 (in thousands). Processing, Firm Gathering and Land Payment Operating and Imputed Interest Transportation Compression Obligations Financing Leases for Leases (a) (b) (c) (d) (d) Total Remainder of 2021 $ 264,307 13,597 1,905 91,149 67,081 438,039 2022 1,042,280 52,265 400 352,249 249,687 1,696,881 2023 1,072,523 59,140 — 377,308 218,620 1,727,591 2024 1,045,442 59,262 — 402,702 184,381 1,691,787 2025 1,024,783 47,960 — 366,353 148,632 1,587,728 2026 1,018,812 14,783 — 350,438 113,824 1,497,857 Thereafter 6,033,138 98,596 — 1,030,160 230,084 7,391,978 Total $ 11,501,285 345,603 2,305 2,970,359 1,212,309 16,031,861

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
Reportable Segments (Tables)	Sep. 30, 2021
Reportable Segments
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows for the three months ended September 30, 2020 and 2021 (in thousands): Three Months Ended September 30, 2020 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 288,419 91,497 — — 379,916 Intersegment 675 — 233,415 (233,415) 675 Total revenue $ 289,094 91,497 233,415 (233,415) 380,591 Operating expenses: Lease operating $ 21,450 — — — 21,450 Gathering, compression, processing, and transportation 656,615 — 38,052 (38,052) 656,615 Impairment of oil and gas properties 29,392 — — — 29,392 Depletion, depreciation, and amortization 238,418 — 26,801 (26,801) 238,418 General and administrative 31,640 — 13,232 (13,232) 31,640 Other 28,605 128,580 3,513 (3,513) 157,185 Total operating expenses 1,006,120 128,580 81,598 (81,598) 1,134,700 Operating income (loss) $ (717,026) (37,083) 151,817 (151,817) (754,109) Equity in earnings of unconsolidated affiliates $ 24,419 — 23,173 (23,173) 24,419 Investments in unconsolidated affiliates $ 272,926 — — — 272,926 Segment assets $ 13,349,739 — 5,673,504 (5,673,504) 13,349,739 Capital expenditures for segment assets $ 151,269 — 41,851 (41,851) 151,269 Three Months Ended September 30, 2021 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 301,207 232,685 242,472 (242,472) 533,892 Intersegment 530 — (17,668) 17,668 530 Total revenue $ 301,737 232,685 224,804 (224,804) 534,422 Operating expenses: Lease operating $ 25,363 — — — 25,363 Gathering, compression, processing, and transportation 628,225 — 39,499 (39,499) 628,225 Impairment of oil and gas properties 26,253 — — — 26,253 Depletion, depreciation, and amortization 182,810 — 27,487 (27,487) 182,810 General and administrative 32,442 — 14,810 (14,810) 32,442 Other 56,652 266,751 1,187 (1,187) 323,403 Total operating expenses 951,745 266,751 82,983 (82,983) 1,218,496 Operating income (loss) $ (650,008) (34,066) 141,821 (141,821) (684,074) Equity in earnings of unconsolidated affiliates $ 21,450 — 24,088 (24,088) 21,450 Investments in unconsolidated affiliates $ 236,597 — 703,780 (703,780) 236,597 Segment assets $ 13,375,515 96,023 5,533,633 (5,533,633) 13,471,538 Capital expenditures for segment assets $ 387,783 — 82,583 (82,583) 387,783 The operating results and assets of the Company’s reportable segments were as follows for the nine months ended September 30, 2020 and 2021 (in thousands): Nine Months Ended September 30, 2020 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 1,978,572 201,855 — — 2,180,427 Intersegment 2,180 — 696,859 (696,859) 2,180 Total revenue $ 1,980,752 201,855 696,859 (696,859) 2,182,607 Operating expenses: Lease operating $ 71,836 — — — 71,836 Gathering, compression, processing, and transportation 1,877,084 — 128,847 (128,847) 1,877,084 Impairment of oil and gas properties 155,962 — — — 155,962 Impairment of midstream assets — — 665,491 (665,491) — Depletion, depreciation, and amortization 652,130 — 81,889 (81,889) 652,130 General and administrative 101,264 — 39,191 (39,191) 101,264 Other 88,023 334,906 14,062 (14,062) 422,929 Total operating expenses 2,946,299 334,906 929,480 (929,480) 3,281,205 Operating loss $ (965,547) (133,051) (232,621) 232,621 (1,098,598) Equity in earnings (loss) of unconsolidated affiliates $ (83,408) — 63,197 (63,197) (83,408) Investments in unconsolidated affiliates $ 272,926 — — — 272,926 Segment assets $ 13,349,739 — 5,673,504 (5,673,504) 13,349,739 Capital expenditures for segment assets $ 726,402 — 165,265 (165,265) 726,402 Nine Months Ended September 30, 2021 Equity Method Elimination of Investment in Intersegment Exploration Antero Transactions and and Midstream Unconsolidated Consolidated Production Marketing Corporation Affiliates Total Sales and revenues: Third-party $ 1,664,509 562,928 — — 2,227,437 Intersegment 551 — 681,712 (681,712) 551 Total revenue $ 1,665,060 562,928 681,712 (681,712) 2,227,988 Operating expenses: Lease operating $ 71,555 — — — 71,555 Gathering, compression, processing, and transportation 1,874,664 — 118,368 (118,368) 1,874,664 Impairment of oil and gas properties 69,618 — — — 69,618 Depletion, depreciation, and amortization 564,166 — 80,956 (80,956) 564,166 General and administrative 108,693 — 46,991 (46,991) 108,693 Other 143,954 627,822 8,590 (8,590) 771,776 Total operating expenses 2,832,650 627,822 254,905 (254,905) 3,460,472 Operating income (loss) $ (1,167,590) (64,894) 426,807 (426,807) (1,232,484) Equity in earnings of unconsolidated affiliates $ 57,621 — 66,347 (66,347) 57,621 Investments in unconsolidated affiliates $ 236,597 — 703,780 (703,780) 236,597 Segment assets $ 13,375,515 96,023 5,533,633 (5,533,633) 13,471,538 Capital expenditures for segment assets $ 510,941 — 156,948 (156,948) 510,941

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	9 Months Ended
Subsidiary Guarantors (Tables)	Sep. 30, 2021
Subsidiary Guarantors
Schedule of summarized financial information of Antero and its guarantor subsidiaries	The following tables present summarized financial information of Antero and its guarantor subsidiaries (in thousands). The Company’s wholly owned subsidiaries are not restricted from making distributions to the Company. Balance Sheet December 31, 2020 September 30, 2021 Parent (Antero) Parent (Antero) and Guarantor Subsidiaries and Guarantor Subsidiaries Accounts receivable, non-guarantor subsidiaries $ — — Accounts receivable, related parties — — Other current assets 543,841 665,111 Total current assets 543,841 665,111 Noncurrent assets 11,783,502 12,016,722 Total assets $ 12,327,343 12,681,833 Accounts payable, non-guarantor subsidiaries $ — — Accounts payable, related parties 69,860 79,595 Other current liabilities 906,348 2,674,603 Total current liabilities 976,208 2,754,198 Noncurrent liabilities 6,070,388 5,499,255 Total liabilities $ 7,046,596 8,253,453 Statement of Operations Nine Months Ended September 30, 2021 Parent (Antero) and Guarantor Subsidiaries Revenues $ 2,220,306 Operating expenses 3,428,943 Loss from operations (1,208,637) Net loss and comprehensive loss including noncontrolling interests (1,088,283) Net loss and comprehensive loss attributable to Antero Resources Corporation $ (1,088,283)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts Payable
Basis of Presentation
Book overdrafts	$ 37	$ 11
Revenue distributions payable
Basis of Presentation
Book overdrafts	$ 31	$ 15

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2022	Aug. 21, 2020
Earnings per share and New Accounting Principle
Basic weighted average number of shares outstanding	313,790	268,511	306,201	273,689
Diluted weighted average number of shares outstanding	313,790	268,511	306,201	273,689
Weighted average anti-dilutive awards under the if-converted method		28,000		10,000
Accounting Standards Update 2020-06 \| Adjustment Effect \| Forecast \| Minimum
Earnings per share and New Accounting Principle
Amount expected to be reclassified from stockholders' equity to long-term debt and deferred income tax liability					$ 15
Accounting Standards Update 2020-06 \| Adjustment Effect \| Forecast \| Maximum
Earnings per share and New Accounting Principle
Amount expected to be reclassified from stockholders' equity to long-term debt and deferred income tax liability					$ 30
4.25% convertible senior notes due 2026
Earnings per share and New Accounting Principle
Effective interest rate (as a percent)	15.10%		15.10%			15.10%
4.25% convertible senior notes due 2026 \| Accounting Standards Update 2020-06 \| Adjustment Effect \| Forecast
Earnings per share and New Accounting Principle
Effective interest rate (as a percent)					4.80%
RSUs
Earnings per share and New Accounting Principle
Weighted average anti-dilutive awards	6,158	10,129	6,562	7,397
PSUs
Earnings per share and New Accounting Principle
Weighted average anti-dilutive awards	2,748	1,988	2,706	1,808
Stock options
Earnings per share and New Accounting Principle
Weighted average anti-dilutive awards	357	432	388	432
4.25% convertible senior notes due 2026
Earnings per share and New Accounting Principle
Weighted average anti-dilutive awards	18,778		18,778

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Income tax (Details) - Adjustment Effect - West Virginia $ in Millions	Sep. 30, 2021USD ($)
Income taxes
Deferred tax liabilities	$ (34)
Deferred tax assets	48
Valuation allowance	$ 14

Transactions (Details)

Transactions (Details) ft in Thousands, $ in Thousands	Aug. 10, 2020USD ($)	Jul. 01, 2020MMBTU	Jun. 15, 2020USD ($)ft	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Feb. 17, 2021
Transactions
Cash contribution							$ 51,000	$ 300,000
Net proceeds from VPP transaction								$ 215,833
ORRI
Transactions
Initial PDP Override (as a percent)			1.25%
Development Override (as a percent)			3.75%
Horizontal wells turned to sales, threshold one (in lateral feet) \| ft			2,200
Horizontal wells turned to sales, threshold two (in lateral feet) \| ft			3,820
Incremental override (percentage)			2.00%
Percentage of distributions received			85.00%
ORRI \| Sixth Street
Transactions
Cash contribution			$ 300,000
Additional contribution upon achievement of production target			$ 102,000
Cash distributions received					$ 51,000	$ 51,000
Internal rate of return threshold			13.00%
Cash on cash return threshold			150.00%
VPP
Transactions
Net proceeds from VPP transaction	$ 216,000
VPP \| JPM -VEC
Transactions
Overriding royalty interest conveyed in proved developed producing oil and gas properties \| MMBTU		136,589,000
VPP agreement term for overriding royalty interest (in years)		7 years
Drilling Partnership \| QL
Transactions
Percent of total development capital spending in current year to be funded by drilling partner									20.00%
Gain (loss) on interests conveyed				$ 0			$ 0
Drilling Partnership \| QL \| Minimum
Transactions
Percent of total development capital spending in years 2-4 to be funded by drilling partner									15.00%
Drilling Partnership \| QL \| Maximum
Transactions
Percent of total development capital spending in years 2-4 to be funded by drilling partner									20.00%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Revenue	$ 1,772,415	$ 889,492	$ 4,450,839	$ 2,292,185
Income (loss) from derivatives, deferred revenue and other sources	(1,237,993)	(508,901)	(2,222,851)	(109,578)
Total revenue	534,422	380,591	2,227,988	2,182,607
Natural gas sales
Disaggregation of Revenue
Revenue	884,669	436,304	2,231,558	1,214,801
Oil sales
Disaggregation of Revenue
Revenue	56,734	34,265	153,326	78,233
Marketing
Disaggregation of Revenue
Revenue	232,685	91,497	562,928	201,855
Exploration and production \| Natural gas sales
Disaggregation of Revenue
Revenue	884,669	436,304	2,231,558	1,214,801
Exploration and production \| Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenue	57,919	32,444	137,446	85,884
Exploration and production \| Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenue	540,408	294,982	1,365,581	711,412
Exploration and production \| Oil sales
Disaggregation of Revenue
Revenue	56,734	34,265	153,326	78,233
Marketing \| Marketing
Disaggregation of Revenue
Revenue	$ 232,685	$ 91,497	$ 562,928	$ 201,855

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 652,521	$ 425,314

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliate	$ 21,450			$ 24,419			$ 57,621	$ (83,408)
Dividends from unconsolidated affiliates							(105,325)	(128,267)
Impairment								(610,632)
Balance Sheet
Current assets	708,853						708,853		$ 574,139
Total assets	13,471,538			13,349,739			13,471,538	13,349,739	13,150,845
Current liabilities	2,802,682						2,802,682		983,054
Total equity	5,135,242	$ 5,718,414	$ 6,227,949	5,983,881	$ 6,432,979	$ 6,592,540	5,135,242	5,983,881	6,090,271	$ 6,970,743
Total liabilities and equity	13,471,538						13,471,538		13,150,845
Revenues	534,422			380,591			2,227,988	2,182,607
Operating expenses	1,218,496			1,134,700			3,460,472	3,281,205
Income (loss) from operations	(684,074)			(754,109)			(1,232,484)	(1,098,598)
Net loss including noncontrolling interests	$ (566,575)	$ (534,451)	(11,104)	$ (553,846)	$ (463,068)	$ (338,810)	$ (1,112,130)	(1,355,724)
Antero Midstream Corporation
Equity Method Investments
Ownership percentage	29.10%						29.10%
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Antero Midstream Corporation
Investments in unconsolidated affiliates
Balance at beginning of period			$ 255,082				$ 255,082
Equity in earnings of unconsolidated affiliate							57,621
Dividends from unconsolidated affiliates							(105,325)
Elimination of intercompany profit							29,219
Balance at end of period	$ 236,597						236,597
Fair value of investment	1,400,000						1,400,000		1,100,000
Balance Sheet
Current assets	87,490						87,490		93,931
Noncurrent assets	5,446,143						5,446,143		5,516,981
Total assets	5,533,633						5,533,633		5,610,912
Current liabilities	118,690						118,690		94,005
Noncurrent liabilities	3,102,350						3,102,350		3,098,621
Total equity	2,312,593						2,312,593		2,418,286
Total liabilities and equity	$ 5,533,633						5,533,633		$ 5,610,912
Revenues							681,712	696,859
Operating expenses							254,905	929,480
Income (loss) from operations							426,807	(232,621)
Net loss including noncontrolling interests							$ 252,991	$ (198,985)

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities
Capital expenditures	$ 52,958	$ 32,372
Gathering, compression, processing, and transportation expenses	158,443	152,724
Marketing expenses	115,317	68,193
Interest expense, net	34,693	25,645
Accrued production and ad valorem taxes	30,488	37,371
Derivative settlements payable	72,354	3,425
Other	36,879	23,794
Total accrued liabilities	$ 501,132	$ 343,524

Long-Term Debt (Details)

Long-Term Debt (Details) $ / shares in Units, $ in Thousands	Nov. 02, 2021USD ($)	Oct. 26, 2021USD ($)	Jun. 01, 2021USD ($)	May 13, 2021USD ($)$ / sharesshares	Jan. 26, 2021USD ($)	Jan. 12, 2021USD ($)$ / sharesshares	Jan. 04, 2021USD ($)	Aug. 21, 2020USD ($)Dshares	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Oct. 18, 2021USD ($)	Jul. 01, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 02, 2020USD ($)	Dec. 21, 2016USD ($)	Mar. 17, 2015USD ($)	Sep. 18, 2014USD ($)	May 06, 2014USD ($)
Long-Term Debt
Total principal										$ 2,394,070		$ 2,394,070						$ 3,129,198
Unamortized premium (discount), net										(28,780)		(28,780)						(111,886)
Unamortized debt issuance costs										(24,257)		(24,257)						(15,719)
Long-term debt										2,341,033		2,341,033						3,001,593
Issuance of convertible notes													$ 287,500
Payments of deferred financing costs												22,814	8,907
Loss on convertible note equitization												50,777
Gain (loss) on extinguishment of debt repurchased										(16,567)	$ 55,633	(82,836)	$ 175,365
Debt Repurchase Program
Long-Term Debt
Weighted average percentage discount on repurchases of debt											13.00%		17.00%
Principal amount of debt repurchased											$ 461,000		$ 1,100,000
Gain (loss) on extinguishment of debt repurchased											56,000		175,000
Prior Credit Facility
Long-Term Debt
Credit facility										97,500		97,500						$ 1,017,000
Current borrowing base										2,850,000		2,850,000
Lender commitments										$ 2,640,000		$ 2,640,000
Weighted average interest rate (as a percent)										3.40%		3.40%						3.26%
Outstanding letters of credit										$ 742,000		$ 742,000						$ 730,000
Prior Credit Facility \| Minimum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)												0.30%
Prior Credit Facility \| Maximum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)												0.375%
New Credit Facility \| Subsequent event
Long-Term Debt
Current borrowing base		$ 3,500,000
Lender commitments		$ 1,500,000
New Credit Facility \| Subsequent event \| Minimum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
New Credit Facility \| Subsequent event \| Maximum
Long-Term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.50%
5.125 senior notes due 2022
Long-Term Debt
Senior notes																		$ 660,516				$ 500,000	$ 600,000
Interest rate (as a percent)																		5.125%					5.125%
Issue price as percentage of par value																						100.50%	100.00%
5.125 senior notes due 2022 \| Debt Repurchase Program
Long-Term Debt
Notional amount debt repurchased																	$ 661,000
5.625% senior notes due 2023
Long-Term Debt
Senior notes																		$ 574,182			$ 750,000
Interest rate (as a percent)																		5.625%			5.625%
Issue price as percentage of par value																					100.00%
5.625% senior notes due 2023 \| Debt Repurchase Program
Long-Term Debt
Notional amount debt repurchased																$ 574,000
5.00% senior notes due 2025
Long-Term Debt
Senior notes										$ 590,000		$ 590,000						$ 590,000		$ 600,000
Interest rate (as a percent)										5.00%		5.00%						5.00%		5.00%
Issue price as percentage of par value																				100.00%
Redemption price												102.50%
Redemption price at which notes may be required to be repurchased in event of change of control												101.00%
Notional amount debt repurchased																		$ 10,000
5.00% senior notes due 2025 \| On or after March 1, 2023
Long-Term Debt
Redemption price												100.00%
8.375% Senior Notes Due 2026
Long-Term Debt
Senior notes							$ 500,000			$ 325,000		$ 325,000
Interest rate (as a percent)							8.375%			8.375%		8.375%
Issue price as percentage of par value							100.00%
Redemption price of the debt instrument in the event of change of control (as a percent)							101.00%
8.375% Senior Notes Due 2026 \| Debt Repurchase Program
Long-Term Debt
Notional amount debt repurchased										$ 175,000		$ 175,000			$ 175,000
Gain (loss) on extinguishment of debt repurchased										$ (17,000)
Percentage of redeemed amount										108.375%
8.375% Senior Notes Due 2026 \| On or after January 15, 2024
Long-Term Debt
Redemption price							104.188%
8.375% Senior Notes Due 2026 \| On or after January 15, 2026
Long-Term Debt
Redemption price							100.00%
8.375% Senior Notes Due 2026 \| Prior to January 15, 2024
Long-Term Debt
Redemption price							100.00%
7.625% Senior Notes Due 2029
Long-Term Debt
Senior notes					$ 700,000					$ 700,000		$ 700,000
Interest rate (as a percent)					7.625%					7.625%		7.625%
Issue price as percentage of par value					100.00%
Redemption price of the debt instrument in the event of change of control (as a percent)					101.00%
7.625% Senior Notes Due 2029 \| On or after February 1, 2024
Long-Term Debt
Redemption price					103.813%
7.625% Senior Notes Due 2029 \| On or after February 1, 2027
Long-Term Debt
Redemption price					100.00%
7.625% Senior Notes Due 2029 \| On or before February 1, 2024
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)					107.625%
7.625% Senior Notes Due 2029 \| Prior to February 1, 2024
Long-Term Debt
Redemption price					100.00%
7.625% Senior Notes Due 2029 \| Subsequent event
Long-Term Debt
Notional amount debt repurchased														$ 116,000
7.625% Senior Notes Due 2029 \| Subsequent event \| Forecast
Long-Term Debt
Total principal	$ 584,000
Notional amount debt repurchased	$ 116,000
Percentage of redeemed amount	107.625%
Premium on amount received									$ 9,000
5.375% senior notes due 2030
Long-Term Debt
Senior notes			$ 600,000							$ 600,000		$ 600,000
Interest rate (as a percent)			5.375%							5.375%		5.375%
Issue price as percentage of par value			100.00%
Redemption price of the debt instrument in the event of change of control (as a percent)			101.00%
5.375% senior notes due 2030 \| On or after March 1, 2025
Long-Term Debt
Redemption price			102.688%
5.375% senior notes due 2030 \| On or after March 1, 2028
Long-Term Debt
Redemption price			100.00%
5.375% senior notes due 2030 \| On or Before March 1, 2025
Long-Term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings			35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)			105.375%
5.375% senior notes due 2030 \| Prior to March 1, 2025
Long-Term Debt
Redemption price			100.00%
4.25% convertible senior notes due 2026
Long-Term Debt
Convertible senior notes								$ 250,000		$ 81,570		$ 81,570						287,500	$ 37,500
Unamortized premium (discount), net								$ (116,000)		(28,780)		(28,780)						(112,265)
Unamortized debt issuance costs										(1,665)		(1,665)						(5,852)
Long-term debt										$ 51,125		$ 51,125						$ 169,383
Interest rate (as a percent)								4.25%		4.25%		4.25%						4.25%
Issuance of convertible notes								$ 278,500
Payments of deferred financing costs								$ 9,000
Equity component										$ 32,799		$ 32,799						$ 115,601
Conversion rate in shares of Antero Resources' common stock per $1,000 principal amount \| shares								230.2026
If-converted value										353,000		353,000
If-converted value above principal amount										$ 272,000		$ 272,000
Effective interest rate (as a percent)								15.10%		15.10%		15.10%
Deferred taxes										$ 8,000		$ 8,000						28,000
Debt issuance cost										1,000		1,000						$ 3,000
Interest expenses										$ 1,500	$ 2,300	8,700	$ 2,300
Amount of debt converted												206,000
4.25% convertible senior notes due 2026 \| January Share Offering
Long-Term Debt
Conversion rate in shares of Antero Resources' common stock per $1,000 principal amount \| shares						275.3525
Amount of debt converted						$ 150,000
Loss on convertible note equitization												39,000
Gain (loss) on extinguishment of debt repurchased												(41,000)
Line of credit proceeds used to repurchase convertible notes						$ 63,000
Number of shares of common stock issued (in shares) \| shares						31,400,000
Share price \| $ / shares						$ 6.35
4.25% convertible senior notes due 2026 \| May Share Offering
Long-Term Debt
Conversion rate in shares of Antero Resources' common stock per $1,000 principal amount \| shares				245.2802
Amount of debt converted				$ 56,000
Loss on convertible note equitization												12,000
Gain (loss) on extinguishment of debt repurchased												$ (21,000)
Line of credit proceeds used to repurchase convertible notes				$ 26,000
Number of shares of common stock issued (in shares) \| shares				11,600,000
Share price \| $ / shares				$ 11.01
4.25% convertible senior notes due 2026 \| Convertible debt threshold minimum percentage
Long-Term Debt
Stock price trigger								98.00%
Trading days \| D								5
Consecutive trading days \| D								10
4.25% convertible senior notes due 2026 \| Convertible debt threshold maximum percentage
Long-Term Debt
Stock price trigger								130.00%
Trading days \| D								20
Consecutive trading days \| D								30
4.25% convertible senior notes due 2026 \| Fair value
Long-Term Debt
Fair value								$ 172,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Asset Retirement Obligations
Asset retirement obligations - beginning of period			$ 54,452
Obligations incurred			2,359
Accretion expense	$ 828	$ 1,115	2,947	$ 3,330
Settlement of obligations			(50)
Revisions to prior estimates			(549)
Asset retirement obligations - end of period	$ 59,159		$ 59,159

Equity-Based Compensation and_3

Equity-Based Compensation and Cash Awards (Details) - USD ($) $ in Thousands	Mar. 12, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 17, 2020	Mar. 11, 2019
Stock-based compensation expense
Equity based compensation expense recognized		$ 5,298	$ 5,699	$ 15,189	$ 17,001
2020 Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized							10,050,000
Number of shares available for future grant under the Plan						7,888,490
AMP Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized								10,000,000
AMC Plan \| Common Stock
Stock-based compensation expense
Conversion rate	1
AMC Plan RSUs
Stock-based compensation expense
Conversion rate	1.8926
RSUs
Stock-based compensation expense
Equity based compensation expense recognized		3,327	3,063	9,957	9,021
PSUs
Stock-based compensation expense
Equity based compensation expense recognized		1,452	1,827	3,211	5,380
Converted AM RSU Awards
Stock-based compensation expense
Equity based compensation expense recognized		186	459	988	1,881
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized		$ 333	$ 350	$ 1,033	$ 719

Equity-Based Compensation and_4

Equity-Based Compensation and Cash Awards - Restricted Stock and RSU Awards (Details) - RSUs $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Number of shares
Total awarded and unvested at the beginning of the period (in shares) \| shares	8,432,397
Granted (in shares) \| shares	1,431,993
Vested (in shares) \| shares	(3,546,654)
Forfeited (in shares) \| shares	(293,338)
Total awarded and unvested at the end of the period (in shares) \| shares	6,024,398
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 4.06
Granted (in dollars per share) \| $ / shares	9.52
Vested (in dollars per share) \| $ / shares	4.36
Forfeited (in dollars per share) \| $ / shares	5.18
Total awarded and unvested at the end of the period (in dollars per share) \| $ / shares	$ 5.12
Unamortized equity-based compensation expense \| $	$ 24
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 7 months 6 days

Equity-Based Compensation and_5

Equity-Based Compensation and Cash Awards - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Stock options
Outstanding at the beginning of the period (in shares)	432,461
Options expired (in shares)	(76,167)
Outstanding at the end of the period (in shares)	356,294	432,461
Vested (in shares)	356,294
Exercisable (in shares)	356,294
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.64
Options expired (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.78	$ 50.64
Vested (in dollars per share)	50.78
Exercisable (in dollars per share)	$ 50.78
Weighted average remaining contractual life
Outstanding	3 years 2 months 12 days	4 years 1 month 6 days
Vested	3 years 2 months 12 days
Exercisable	3 years 2 months 12 days
Additional disclosures
Unamortized equity based compensation expense	$ 0

Equity-Based Compensation and_6

Equity-Based Compensation and Cash Awards - PSU awards (Details) $ / shares in Units, $ in Millions	1 Months Ended			9 Months Ended
	Apr. 30, 2021item	Jul. 31, 2020USD ($)	Jan. 31, 2020USD ($)tranche	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)
Cash Awards
Unvested cash awards recorded in other liabilities \| $				$ 2	$ 3.2
2013 Plan
Cash Awards
Cash awards granted \| $			$ 3.3
Number of tranches related to cash awards \| tranche			3
2020 Plan
Cash Awards
Cash awards granted \| $		$ 2.6
Vesting period for cash awards		4 years
PSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares) \| shares				2,547,798
Granted (in shares) \| shares				479,120
Forfeited (in shares) \| shares				(67,000)
Cancelled (unearned) \| shares				(1,112,639)
Total awarded and unvested at the end of the period (in shares) \| shares				1,847,279
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share)				$ 12.66
Granted (in dollars per share)				9.71
Forfeited (in dollars per share)				2.97
Cancelled (unearned) (in dollars per share)				19.19
Total awarded and unvested at the end of the period (in dollars per share)				$ 8.31
Additional disclosures
Unamortized equity-based compensation expense \| $				$ 8
Weighted average period for recognizing unrecognized stock-based compensation expense				2 years
Weighted-average assumptions used to calculate fair value of performance share units granted
Volatility (as a percent)				85.00%
Risk-free interest rate (as a percent)				0.32%
Weighted average fair value of awards granted-Absolute TSR				$ 11.99
PSU Awards Based on TSR
Stock-based compensation
Service period	3 years
PSU Awards Based on TSR \| Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0.00%
PSU Awards Based on TSR \| Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200.00%
PSU Awards Based on TSR \| One Year Period
Stock-based compensation
Number of performance periods \| item	3
Service period	1 year
PSU Awards Based on TSR \| Three Year Period
Stock-based compensation
Number of cumulative performance periods \| item	1
Service period	3 years
PSU Awards Based On Leverage Ratio
Stock-based compensation
Number of performance periods \| item	3
Service period	1 year
PSU Awards Based On Leverage Ratio \| Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0.00%
PSU Awards Based On Leverage Ratio \| Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200.00%

Equity-Based Compensation and_7

Equity-Based Compensation and Cash Awards - Converted AM RSU Awards (Details) - Converted AM RSU Awards $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Number of units
Total awarded and unvested at the beginning of the period (in shares) \| shares	296,390
Vested (in shares) \| shares	(209,964)
Forfeited (in shares) \| shares	(3,444)
Total awarded and unvested at the end of the period (in shares) \| shares	82,982
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 15.06
Vested (in dollars per share) \| $ / shares	15.73
Forfeited (in dollars per share) \| $ / shares	13.25
Total awarded and unvested at the end of the period (in dollars per share) \| $ / shares	$ 13.46
Weighted average period for recognizing unrecognized stock-based compensation expense	7 months 6 days
Maximum
Weighted average grant date fair value
Unamortized equity-based compensation expense \| $	$ 1

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 01, 2021	Jan. 26, 2021	Jan. 04, 2021	Dec. 31, 2020	Aug. 21, 2020	Dec. 21, 2016	Mar. 17, 2015	May 06, 2014
5.125 senior notes due 2022
Financial Instruments
Interest rate (as a percent)					5.125%				5.125%
5.625% senior notes due 2023
Financial Instruments
Interest rate (as a percent)					5.625%			5.625%
5.00% senior notes due 2025
Financial Instruments
Interest rate (as a percent)	5.00%				5.00%		5.00%
8.375% Senior Notes Due 2026
Financial Instruments
Interest rate (as a percent)	8.375%			8.375%
7.625% Senior Notes Due 2029
Financial Instruments
Interest rate (as a percent)	7.625%		7.625%
5.375% senior notes due 2030
Financial Instruments
Interest rate (as a percent)	5.375%	5.375%
4.25% convertible senior notes due 2026
Financial Instruments
Interest rate (as a percent)	4.25%				4.25%	4.25%
Fair value \| Level 2 market data
Financial Instruments
Value	$ 2,741,077				$ 2,212,629
Fair value \| Level 2 market data \| 5.125 senior notes due 2022
Financial Instruments
Value					658,468
Fair value \| Level 2 market data \| 5.625% senior notes due 2023
Financial Instruments
Value					562,698
Fair value \| Level 2 market data \| 5.00% senior notes due 2025
Financial Instruments
Value	601,800				560,500
Fair value \| Level 2 market data \| 8.375% Senior Notes Due 2026
Financial Instruments
Value	368,128
Fair value \| Level 2 market data \| 7.625% Senior Notes Due 2029
Financial Instruments
Value	782,600
Fair value \| Level 2 market data \| 5.375% senior notes due 2030
Financial Instruments
Value	631,860
Fair value \| Level 2 market data \| 4.25% convertible senior notes due 2026
Financial Instruments
Value	356,689				430,963
Carrying value
Financial Instruments
Value	2,243,533				1,984,593
Carrying value \| 5.125 senior notes due 2022
Financial Instruments
Value					658,400
Carrying value \| 5.625% senior notes due 2023
Financial Instruments
Value					571,370
Carrying value \| 5.00% senior notes due 2025
Financial Instruments
Value	586,191				585,440
Carrying value \| 8.375% Senior Notes Due 2026
Financial Instruments
Value	321,570
Carrying value \| 7.625% Senior Notes Due 2029
Financial Instruments
Value	691,575
Carrying value \| 5.375% senior notes due 2030
Financial Instruments
Value	593,072
Carrying value \| 4.25% convertible senior notes due 2026
Financial Instruments
Value	$ 51,125				$ 169,383

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Sep. 30, 2021bbl / dMMBTU / dMMBTU$ / bbl$ / MMBTU
Put option \| Year ending December 31, 2026
Derivative Instruments
Notional amount \| MMBTU	94,544,000
Weighted average strike price \| $ / MMBTU	2.57
Call Option
Derivative Instruments
Notional amount \| MMBTU / d	427,500
Fixed price ($/MMBtu) \| $ / MMBTU	2.77
Swaps \| Natural gas \| Henry Hub \| October-December 2021
Derivative Instruments
Notional amount \| MMBTU / d	2,160,000
Weighted average index price \| $ / MMBTU	2.78
Swaps \| Natural gas \| Henry Hub \| October-December 2021 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	46,384
Weighted average index price \| $ / MMBTU	2.77
Swaps \| Natural gas \| Henry Hub \| January-December 2022
Derivative Instruments
Notional amount \| MMBTU / d	1,155,486
Weighted average index price \| $ / MMBTU	2.50
Swaps \| Natural gas \| Henry Hub \| January-December 2022 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	38,356
Weighted average index price \| $ / MMBTU	2.39
Swaps \| Natural gas \| Henry Hub \| January-December 2023
Derivative Instruments
Notional amount \| MMBTU / d	43,000
Weighted average index price \| $ / MMBTU	2.37
Swaps \| Natural gas \| Henry Hub \| January-December 2023 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	35,616
Weighted average index price \| $ / MMBTU	2.35
Swaps \| Natural gas \| Henry Hub \| January-December 2024 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	23,885
Weighted average index price \| $ / MMBTU	2.33
Swaps \| Natural gas \| Henry Hub \| January-March 2025 \| VIE, Martica
Derivative Instruments
Notional amount \| MMBTU / d	18,021
Weighted average index price \| $ / MMBTU	2.53
Swaps \| Natural gas \| NYMEX to TCO \| October-December 2021
Derivative Instruments
Notional amount \| MMBTU / d	40,000
Weighted average hedged differential \| $ / MMBTU	0.414
Swaps \| Natural gas \| NYMEX to TCO \| January-December 2022
Derivative Instruments
Notional amount \| MMBTU / d	60,000
Weighted average hedged differential \| $ / MMBTU	0.515
Swaps \| Natural gas \| NYMEX to TCO \| January-December 2023
Derivative Instruments
Notional amount \| MMBTU / d	50,000
Weighted average hedged differential \| $ / MMBTU	0.525
Swaps \| Natural gas \| NYMEX to TCO \| January-December 2024
Derivative Instruments
Notional amount \| MMBTU / d	50,000
Weighted average hedged differential \| $ / MMBTU	0.530
Swaps \| Natural gas \| Mont Belvieu Natural Gasoline-OPIS Non-TET \| October-December 2021
Derivative Instruments
Notional amount	8,300
Weighted average index price \| $ / bbl	49.70
Swaps \| Natural gas \| Mont Belvieu Natural Gasoline-OPIS Non-TET \| October-December 2021 \| VIE, Martica
Derivative Instruments
Notional amount	339
Weighted average index price \| $ / bbl	35.24
Swaps \| Natural gas \| Mont Belvieu Natural Gasoline-OPIS Non-TET \| January-December 2022 \| VIE, Martica
Derivative Instruments
Notional amount	282
Weighted average index price \| $ / bbl	34.37
Swaps \| Natural gas \| Mont Belvieu Natural Gasoline-OPIS Non-TET \| January-December 2023 \| VIE, Martica
Derivative Instruments
Notional amount	247
Weighted average index price \| $ / bbl	40.74
Swaps \| Natural gas liquids \| Mont Belvieu Natural Gasoline to WTI \| October-December 2021
Derivative Instruments
Notional amount	9,325
Weighted average payout ratio	77
Swaps \| Ethane \| Mont Belvieu Purity Ethane-OPIS \| October-December 2021 \| VIE, Martica
Derivative Instruments
Notional amount	990
Weighted average index price \| $ / bbl	7.01
Swaps \| Ethane \| Mont Belvieu Purity Ethane-OPIS \| January-March 2022 \| VIE, Martica
Derivative Instruments
Notional amount	521
Weighted average index price \| $ / bbl	6.68
Swaps \| Propane \| Mont Belvieu Propane OPIS Non TET \| October-December 2021 \| VIE, Martica
Derivative Instruments
Notional amount	1,069
Weighted average index price \| $ / bbl	19.88
Swaps \| Propane \| Mont Belvieu Propane OPIS Non TET \| January-December 2022 \| VIE, Martica
Derivative Instruments
Notional amount	934
Weighted average index price \| $ / bbl	19.20
Swaps \| Butane \| Mont Belvieu Butane OPIS Non TET \| October-December 2021
Derivative Instruments
Notional amount	2,600
Weighted average index price \| $ / bbl	33.77
Swaps \| Butane \| Mont Belvieu Butane OPIS TET \| October-December 2021
Derivative Instruments
Notional amount	1,500
Weighted average index price \| $ / bbl	32.24
Swaps \| Isobutane \| Mont Belvieu Isobutane-OPIS Non-TET \| October-December 2021
Derivative Instruments
Notional amount	2,800
Weighted average index price \| $ / bbl	35.75
Swaps \| Oil \| West Texas Intermediate \| October-December 2021
Derivative Instruments
Notional amount	3,000
Weighted average index price \| $ / bbl	55.16
Swaps \| Oil \| West Texas Intermediate \| October-December 2021 \| VIE, Martica
Derivative Instruments
Notional amount	111
Weighted average index price \| $ / bbl	43.48
Swaps \| Oil \| West Texas Intermediate \| January-December 2022 \| VIE, Martica
Derivative Instruments
Notional amount	112
Weighted average index price \| $ / bbl	44.25
Swaps \| Oil \| West Texas Intermediate \| January-December 2023 \| VIE, Martica
Derivative Instruments
Notional amount	99
Weighted average index price \| $ / bbl	45.03
Swaps \| Oil \| West Texas Intermediate \| January-December 2024 \| VIE, Martica
Derivative Instruments
Notional amount	43
Weighted average index price \| $ / bbl	44.02
Swaps \| Oil \| West Texas Intermediate \| January-March 2025 \| VIE, Martica
Derivative Instruments
Notional amount	39
Weighted average index price \| $ / bbl	45.06

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 627	$ 105,130
Noncurrent portion of fair value of derivative assets	14,834	47,293
Current portion of fair value of derivative liabilities	1,436,292	31,242
Noncurrent portion of fair value of derivative liabilities	331,570	99,172
Commodity derivative
Fair value of derivative instruments
Total asset derivatives		111,833
Total liability derivatives	1,767,862	130,414
Embedded derivatives
Fair value of derivative instruments
Total asset derivatives	15,461	40,590
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	15,461	152,423
Total liability derivatives	1,767,862	130,414
Net derivatives assets (liabilities)	(1,752,401)	22,009
Derivatives not designated as hedges for accounting purposes \| Commodity derivative
Fair value of derivative instruments
Current portion of fair value of derivative assets		97,144
Noncurrent portion of fair value of derivative assets		14,689
Current portion of fair value of derivative liabilities	1,436,292	31,242
Noncurrent portion of fair value of derivative liabilities	331,570	99,172
Derivatives not designated as hedges for accounting purposes \| Commodity derivative \| VIE, Martica
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	53,000	7,000
Noncurrent portion of fair value of derivative liabilities	34,000	7,000
Total liability derivatives	87,000	14,000
Derivatives not designated as hedges for accounting purposes \| Embedded derivatives
Fair value of derivative instruments
Current portion of fair value of derivative assets	627	7,986
Noncurrent portion of fair value of derivative assets	$ 14,834	$ 32,604
Derivatives designated as hedges for accounting purposes
Fair value of derivative instruments
Number of derivative instruments held designated as hedges \| item	0	0

Derivative Instruments - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commodity derivative
Commodity derivative assets
Gross amounts on balance sheet	$ 18,246	$ 181,375
Gross amounts offset on balance sheet	(18,246)	(69,542)
Total asset derivatives		111,833
Commodity derivative liabilities
Gross amounts on balance sheet	(1,786,108)	(199,956)
Gross amounts offset on balance sheet	18,246	69,542
Total liability derivatives	(1,767,862)	(130,414)
Embedded derivatives
Commodity derivative assets
Gross amounts on balance sheet	15,461	40,590
Total asset derivatives	$ 15,461	$ 40,590

Derivative Instruments - Fair_2

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ (1,250,466)	$ (514,751)	$ (2,260,062)	$ (116,933)
Commodity derivative \| Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	(1,238,384)	(558,979)	(2,228,076)	(161,161)
Embedded derivatives \| Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ (12,082)	$ 44,228	$ (31,986)	$ 44,228

Leases (Details)

Leases (Details)	9 Months Ended
Leases (Details)	Sep. 30, 2021
Leases
Options to renew - Operating lease	true
Minimum
Leases
Renewal terms - Operating lease	1 year
Maximum
Leases
Renewal terms - Operating lease	20 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lease Assets
Operating leases right-of-use assets	$ 2,969,642	$ 2,613,603
Short-term operating lease obligation	$ 352,939	$ 265,178
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OperatingAndFinanceLeaseLiabilityCurrent	us-gaap:OperatingAndFinanceLeaseLiabilityCurrent
Long-term operating lease obligation	$ 2,616,703	$ 2,348,425
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingAndFinanceLeaseLiabilityNoncurrent	us-gaap:OperatingAndFinanceLeaseLiabilityNoncurrent
Total operating lease obligation	$ 2,969,642	$ 2,613,603
Finance leases, right of use assets	717	1,206
Short-term lease liabilities, finance leases	$ 531	$ 845
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OperatingAndFinanceLeaseLiabilityCurrent	us-gaap:OperatingAndFinanceLeaseLiabilityCurrent
Long-term lease liabilities, finance leases	$ 186	$ 361
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingAndFinanceLeaseLiabilityNoncurrent	us-gaap:OperatingAndFinanceLeaseLiabilityNoncurrent
Total	$ 717	$ 1,206
Finance leases, accumulated amortization	2,000	3,000
Vehicles
Lease Assets
Operating leases right-of-use assets	$ 1,023	$ 2,704
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Finance leases, right of use assets	$ 717	$ 1,206
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Other, Gross	Property, Plant and Equipment, Other, Gross
Other office and field equipment
Lease Assets
Operating leases right-of-use assets	$ 595	$ 746
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Processing plants
Lease Assets
Operating leases right-of-use assets	$ 1,786,321	$ 1,302,290
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Drilling and completion rigs
Lease Assets
Operating leases right-of-use assets	$ 10,812	$ 29,894
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Gas gathering lines and compressor stations
Lease Assets
Operating leases right-of-use assets	$ 1,136,859	$ 1,241,090
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets
Gas gathering lines and compressor stations \| Antero Midstream Corporation
Lease Assets
Operating leases right-of-use assets	$ 1,000,000	$ 1,100,000
Office space
Lease Assets
Operating leases right-of-use assets	$ 34,032	$ 36,879
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases right-of-use assets	Operating leases right-of-use assets

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Leases
Total lease expense	$ 417,836	$ 391,305	$ 1,243,113	$ 1,218,609
Amortization of right-of-use assets	132	168	391	727
Short-term lease payments	$ 21,030	$ 15,871	62,328	108,029
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases			1,042,684	1,147,489
Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from operating leases			66,042	88,229
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from financing leases			692	1,004
ROU assets obtained in exchange for new operating lease obligations			232,771	178,348
Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net			$ 345,066	$ (174,880)
Weighted average discount rate for remeasured operating leases (as a percent)	5.50%	14.40%	5.50%	14.40%	14.40%	10.00%
Proved properties
Leases
Total lease expense	$ 25,558	$ 31,822	$ 82,749	$ 91,081
Gathering, compression, processing, and transportation
Leases
Total lease expense	386,033	350,853	1,147,985	1,112,502
General and administrative
Leases
Total lease expense	2,833	2,789	8,057	8,639
Contract termination and rig stacking
Leases
Total lease expense	3,369	5,841	4,213	6,387
Lease operating
Leases
Total lease expense	43		109
Depletion, Depreciation, And Amortization
Leases
Amortization of right-of-use assets	$ 132	$ 168	$ 391	$ 727

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future minimum payments for operating lease liabilities
Remainder of 2021	$ 158,056
2022	601,512
2023	595,852
2024	587,016
2025	514,963
2026	464,262
Thereafter	1,260,244
Total lease payments	4,181,905
Less: imputed interest	(1,212,263)
Total operating lease obligation	2,969,642	$ 2,613,603
Future minimum payments for financing lease liabilities
Remainder of 2021	174
2022	424
2023	76
2024	67
2025	22
Total lease payments	763
Less: imputed interest	(46)
Total	717	$ 1,206
Future minimum payments for total lease liabilities
Remainder of 2021	158,230
2022	601,936
2023	595,928
2024	587,083
2025	514,985
2026	464,262
Thereafter	1,260,244
Total lease payments	4,182,668
Less: imputed interest	(1,212,309)
Total	$ 2,970,359

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases
Weighted-average remaining lease term: Operating lease	7 years 9 months 18 days	8 years
Weighted-average discount rate: Operating lease	9.10%	13.70%
Weighted-average remaining lease term: Finance lease	1 year 10 months 24 days	1 year 6 months
Weighted-average discount rate: Finance lease	5.70%	6.20%

Leases - Related party disclosu

Leases - Related party disclosure (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Leases
Accounts payable, related parties	$ 79,595				$ 79,595		$ 69,860
Antero Midstream Corporation
Leases
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction for high pressure lines (as a percent)					75.00%
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction of compressor stations (as a percent)					70.00%
Term of lease	10 years				10 years
Notice period					180 days
Rebate received	$ 0	$ 0	$ 0	$ 12,000		$ 36,000
Gathering and compression fees paid	178,000			$ 181,000	$ 539,000	$ 503,000
Accounts payable, related parties	$ 62,000				$ 62,000		$ 55,000

Commitments (Details)

Commitments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Future minimum payments
Remainder of 2021	$ 438,039
2022	1,696,881
2023	1,727,591
2024	1,691,787
2025	1,587,728
2026	1,497,857
Thereafter	7,391,978
Total	16,031,861
Firm transportation
Future minimum payments
Remainder of 2021	264,307
2022	1,042,280
2023	1,072,523
2024	1,045,442
2025	1,024,783
2026	1,018,812
Thereafter	6,033,138
Total	11,501,285
Gas processing, gathering and compression
Future minimum payments
Remainder of 2021	13,597
2022	52,265
2023	59,140
2024	59,262
2025	47,960
2026	14,783
Thereafter	98,596
Total	345,603
Land payment obligations
Future minimum payments
Remainder of 2021	1,905
2022	400
Total	2,305
Operating and Financing Leases
Future minimum payments
Remainder of 2021	91,149
2022	352,249
2023	377,308
2024	402,702
2025	366,353
2026	350,438
Thereafter	1,030,160
Total	2,970,359
Imputed Interest for Leases
Future minimum payments
Remainder of 2021	67,081
2022	249,687
2023	218,620
2024	184,381
2025	148,632
2026	113,824
Thereafter	230,084
Total	$ 1,212,309

Contingencies (Details)

Contingencies (Details) - WGL $ in Millions	Jun. 20, 2019USD ($)	Feb. 28, 2021USD ($)	Jun. 30, 2019lawsuit	Mar. 31, 2017USD ($)
Settled Litigation
Contingencies
Damages awarded	$ 96
Settlement amount received		$ 107
Pending Litigation
Contingencies
Number of lawsuits \| lawsuit			2
Pending Litigation \| Minimum
Contingencies
Damages sought				$ 40

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Reportable Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Sales and revenues:
Sales and revenues - Third-party	$ 533,892	$ 379,916	$ 2,227,437	$ 2,180,427
Sales and revenues - Intersegment	530	675	551	2,180
Revenues	534,422	380,591	2,227,988	2,182,607
Operating expenses:
Lease operating	25,363	21,450	71,555	71,836
Impairment of oil and gas properties	26,253	29,392	69,618	155,962
Depletion, depreciation, and amortization	182,810	238,418	564,166	652,130
General and administrative	32,442	31,640	108,693	101,264
Other	323,403	157,185	771,776	422,929
Total operating expenses	1,218,496	1,134,700	3,460,472	3,281,205
Operating income (loss)	(684,074)	(754,109)	(1,232,484)	(1,098,598)
Equity in earnings of unconsolidated affiliate	21,450	24,419	57,621	(83,408)
Investment in unconsolidated affiliate	236,597	272,926	236,597	272,926	$ 255,082
Segment assets	13,471,538	13,349,739	13,471,538	13,349,739	$ 13,150,845
Capital expenditures for segment assets	387,783	151,269	510,941	726,402
Gathering, compression, processing, and transportation
Operating expenses:
Cost of goods and services sold	628,225	656,615	1,874,664	1,877,084
Operating segments \| Exploration and production
Sales and revenues:
Sales and revenues - Third-party	301,207	288,419	1,664,509	1,978,572
Sales and revenues - Intersegment	530	675	551	2,180
Revenues	301,737	289,094	1,665,060	1,980,752
Operating expenses:
Lease operating	25,363	21,450	71,555	71,836
Impairment of oil and gas properties	26,253	29,392	69,618	155,962
Depletion, depreciation, and amortization	182,810	238,418	564,166	652,130
General and administrative	32,442	31,640	108,693	101,264
Other	56,652	28,605	143,954	88,023
Total operating expenses	951,745	1,006,120	2,832,650	2,946,299
Operating income (loss)	(650,008)	(717,026)	(1,167,590)	(965,547)
Equity in earnings of unconsolidated affiliate	21,450	24,419	57,621	(83,408)
Investment in unconsolidated affiliate	236,597	272,926	236,597	272,926
Segment assets	13,375,515	13,349,739	13,375,515	13,349,739
Capital expenditures for segment assets	387,783	151,269	510,941	726,402
Operating segments \| Exploration and production \| Gathering, compression, processing, and transportation
Operating expenses:
Cost of goods and services sold	628,225	656,615	1,874,664	1,877,084
Operating segments \| Marketing
Sales and revenues:
Sales and revenues - Third-party	232,685	91,497	562,928	201,855
Revenues	232,685	91,497	562,928	201,855
Operating expenses:
Other	266,751	128,580	627,822	334,906
Total operating expenses	266,751	128,580	627,822	334,906
Operating income (loss)	(34,066)	(37,083)	(64,894)	(133,051)
Segment assets	96,023		96,023
Operating segments \| Antero Midstream Corporation
Sales and revenues:
Sales and revenues - Third-party	242,472
Sales and revenues - Intersegment	(17,668)	233,415	681,712	696,859
Revenues	224,804	233,415	681,712	696,859
Operating expenses:
Impairment of midstream assets				665,491
Depletion, depreciation, and amortization	27,487	26,801	80,956	81,889
General and administrative	14,810	13,232	46,991	39,191
Other	1,187	3,513	8,590	14,062
Total operating expenses	82,983	81,598	254,905	929,480
Operating income (loss)	141,821	151,817	426,807	(232,621)
Equity in earnings of unconsolidated affiliate	24,088	23,173	66,347	63,197
Investment in unconsolidated affiliate	703,780		703,780
Segment assets	5,533,633	5,673,504	5,533,633	5,673,504
Capital expenditures for segment assets	82,583	41,851	156,948	165,265
Operating segments \| Antero Midstream Corporation \| Gathering, compression, processing, and transportation
Operating expenses:
Cost of goods and services sold	39,499	38,052	118,368	128,847
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues - Third-party	(242,472)
Sales and revenues - Intersegment	17,668	(233,415)	(681,712)	(696,859)
Revenues	(224,804)	(233,415)	(681,712)	(696,859)
Operating expenses:
Impairment of midstream assets				(665,491)
Depletion, depreciation, and amortization	(27,487)	(26,801)	(80,956)	(81,889)
General and administrative	(14,810)	(13,232)	(46,991)	(39,191)
Other	(1,187)	(3,513)	(8,590)	(14,062)
Total operating expenses	(82,983)	(81,598)	(254,905)	(929,480)
Operating income (loss)	(141,821)	(151,817)	(426,807)	232,621
Equity in earnings of unconsolidated affiliate	(24,088)	(23,173)	(66,347)	(63,197)
Investment in unconsolidated affiliate	(703,780)		(703,780)
Segment assets	(5,533,633)	(5,673,504)	(5,533,633)	(5,673,504)
Capital expenditures for segment assets	(82,583)	(41,851)	(156,948)	(165,265)
Elimination of intersegment transaction \| Gathering, compression, processing, and transportation
Operating expenses:
Cost of goods and services sold	$ (39,499)	$ (38,052)	$ (118,368)	$ (128,847)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Current assets:
Other current assets	$ 20,937	$ 15,238
Total current assets	708,853	574,139
Total assets	13,471,538	13,150,845	$ 13,349,739
Liabilities and Stockholders' Equity
Accounts payable, related parties	79,595	69,860
Other current liabilities	16,320	2,302
Total current liabilities	2,802,682	983,054
Total liabilities	8,336,296	7,060,574
Parent (Antero) And Guarantor Subsidiaries
Current assets:
Other current assets	665,111	543,841
Total current assets	665,111	543,841
Noncurrent assets	12,016,722	11,783,502
Total assets	12,681,833	12,327,343
Liabilities and Stockholders' Equity
Accounts payable, related parties	79,595	69,860
Other current liabilities	2,674,603	906,348
Total current liabilities	2,754,198	976,208
Noncurrent liabilities	5,499,255	6,070,388
Total liabilities	$ 8,253,453	$ 7,046,596

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed consolidated statement of operations and comprehensive income (loss)
Revenue	$ 1,772,415			$ 889,492			$ 4,450,839	$ 2,292,185
Operating expenses	1,218,496			1,134,700			3,460,472	3,281,205
Income (loss) from operations	(684,074)			(754,109)			(1,232,484)	(1,098,598)
Net income (loss) and comprehensive income (loss) including noncontrolling interests	(566,575)	$ (534,451)	$ (11,104)	(553,846)	$ (463,068)	$ (338,810)	(1,112,130)	(1,355,724)
Net income (loss) attributable to Antero Resources Corporation	$ (549,318)			$ (535,613)			(1,088,284)	$ (1,337,727)
Parent (Antero) And Guarantor Subsidiaries
Condensed consolidated statement of operations and comprehensive income (loss)
Revenue							2,220,306
Operating expenses							3,428,943
Income (loss) from operations							(1,208,637)
Net income (loss) and comprehensive income (loss) including noncontrolling interests							(1,088,283)
Net income (loss) attributable to Antero Resources Corporation							$ (1,088,283)