Antero Resources (AR) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		300,135,248
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001433270
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Accounts receivable	$ 30,207	$ 35,488
Accrued revenue	379,337	707,685
Derivative instruments	6,242	1,900
Prepaid expenses and other current assets	21,856	42,452
Total current assets	437,642	787,525
Oil and gas properties, at cost (successful efforts method):
Unproved properties	1,013,780	997,715
Proved properties	13,450,257	13,234,777
Gathering systems and facilities	5,882	5,802
Other property and equipment	87,091	83,909
Property and equipment, gross	14,557,010	14,322,203
Less accumulated depletion, depreciation, and amortization	(4,771,093)	(4,683,399)
Property and equipment, net	9,785,917	9,638,804
Operating leases right-of-use assets	3,401,994	3,444,331
Derivative instruments	9,825	9,844
Investment in unconsolidated affiliate	219,515	220,429
Other assets	16,253	17,106
Total assets	13,871,146	14,118,039
Current liabilities:
Accounts payable	83,685	77,543
Accounts payable, related parties	99,784	80,708
Accrued liabilities	318,084	461,788
Revenue distributions payable	381,880	468,210
Derivative instruments	28,716	97,765
Short-term lease liabilities	553,532	556,636
Deferred revenue, VPP	29,757	30,552
Other current liabilities	2,103	1,707
Total current liabilities	1,497,541	1,774,909
Long-term liabilities:
Long-term debt	1,312,046	1,183,476
Deferred income tax liability, net	822,010	759,861
Derivative instruments	75,854	345,280
Long-term lease liabilities	2,851,571	2,889,854
Deferred revenue, VPP	81,075	87,813
Other liabilities	60,657	59,692
Total liabilities	6,700,754	7,100,885
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 297,393 shares issued and 297,359 outstanding as of December 31, 2022, and 299,321 shares issued and outstanding as of March 31, 2023	2,993	2,974
Additional paid-in capital	5,806,031	5,838,848
Retained earnings	1,102,340	913,896
Treasury stock, at cost; 34 shares and zero shares as of December 31, 2022 and March 31, 2023, respectively		(1,160)
Total stockholders' equity	6,911,364	6,754,558
Noncontrolling interests	259,028	262,596
Total equity	7,170,392	7,017,154
Total liabilities and equity	$ 13,871,146	$ 14,118,039

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000	50,000
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	1,000,000
Common stock, shares issued	299,321	297,393
Common stock, shares outstanding	299,321	297,359
Treasury stock, shares	0	34

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue and other:
Total revenue	$ 1,408,348	$ 786,840
Operating expenses:
Lease operating	29,321	17,780
Production and ad valorem taxes	49,276	52,808
General and administrative (including equity-based compensation expense of $4,649 and $13,018 in 2022 and 2023, respectively)	57,261	35,691
Depletion, depreciation and amortization	167,582	168,388
Impairment of property and equipment	15,560	22,462
Accretion of asset retirement obligations	878	2,444
Contract termination	29,550	8
Loss (gain) on sale of assets	(91)	1,786
Other operating expense	225
Total operating expenses	1,076,858	991,439
Operating income (loss)	331,490	(204,599)
Other income (expense):
Interest expense, net	(25,700)	(37,713)
Equity in earnings of unconsolidated affiliate	17,681	25,178
Loss on early extinguishment of debt		(10,654)
Loss on convertible note inducement	(86)
Total other expense	(8,105)	(23,189)
Income (loss) before income taxes	323,385	(227,788)
Income tax benefit (expense)	(62,183)	53,092
Net income (loss) and comprehensive income (loss) including noncontrolling interests	261,202	(174,696)
Less: net income and comprehensive income attributable to noncontrolling interests	47,771	(18,277)
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 213,431	$ (156,419)
Income (loss) per share-basic (in dollars per share)	$ 0.72	$ (0.50)
Income (loss) per share-diluted (in dollars per share)	$ 0.69	$ (0.50)
Weighted average number of shares outstanding:
Basic (in shares)	296,763	314,081
Diluted (in shares)	311,846	314,081
Natural gas sales
Revenue and other:
Total revenue	$ 668,315	$ 995,792
Natural gas liquids sales
Revenue and other:
Total revenue	495,435	660,305
Oil sales
Revenue and other:
Total revenue	51,811	63,294
Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	645,172	590,278
Marketing.
Revenue and other:
Total revenue	58,529	69,038
Operating expenses:
Cost of goods and services sold	81,361	98,896
Commodity derivative fair value gains (losses)
Revenue and other:
Total revenue	126,192	(1,011,380)
Amortization of deferred revenue, VPP
Revenue and other:
Total revenue	7,533	9,272
Other revenue and income
Revenue and other:
Total revenue	533	519
Exploration and mine expenses
Operating expenses:
Cost of goods and services sold	$ 763	$ 898

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 13,018	$ 4,649

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit).	Treasury Stock	Noncontrolling Interests	Total
Balances at Dec. 31, 2021	$ 3,139	$ 6,371,398	$ (617,377)		$ 308,932	$ 6,066,092
Balances (in shares) at Dec. 31, 2021	313,930
Increase (Decrease) in Stockholders' Equity
Equity component of 2026 Convertible Notes, net		(24,411)	3,229			(21,182)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 8	(10,385)				(10,377)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	780
Repurchases and retirements of common stock	$ (37)	(74,745)	(25,263)			(100,045)
Repurchases and retirements of common stock (in shares)	(3,690)
Equity-based compensation		4,649				4,649
Distributions to non-controlling interest					(35,757)	(35,757)
Net income (loss) and comprehensive income (loss)			(156,419)		(18,277)	(174,696)
Balance at Mar. 31, 2022	$ 3,110	6,266,506	(795,830)		254,898	5,728,684
Balance (in shares) at Mar. 31, 2022	311,020
Balances at Dec. 31, 2022	$ 2,974	5,838,848	913,896	$ (1,160)	262,596	7,017,154
Balances (in shares) at Dec. 31, 2022	297,393			(34)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes	$ 5	(11,464)				(11,459)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes (in shares)	514
Conversion of 2026 Convertible Notes	$ 40	17,132				17,172
Conversion of 2026 Convertible Notes (in shares)	4,030
Repurchases and retirements of common stock	$ (26)	(51,503)	(24,987)	$ 1,160		(75,356)
Repurchases and retirements of common stock (in shares)	(2,616)			34
Equity-based compensation		13,018				13,018
Distributions to non-controlling interest					(51,339)	(51,339)
Net income (loss) and comprehensive income (loss)			213,431		47,771	261,202
Balance at Mar. 31, 2023	$ 2,993	$ 5,806,031	$ 1,102,340		$ 259,028	$ 7,170,392
Balance (in shares) at Mar. 31, 2023	299,321

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows provided by (used in) operating activities:
Net income (loss) including noncontrolling interests	$ 261,202	$ (174,696)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization and accretion	168,460	170,832
Impairments	15,560	22,462
Commodity derivative fair value gains (losses)	(126,192)	1,011,380
Losses on settled commodity derivatives	(14,268)	(285,386)
Payments for derivative monetizations	(202,339)
Deferred income tax expense (benefit)	62,149	(57,383)
Equity-based compensation expense	13,018	4,649
Equity in earnings of unconsolidated affiliate	(17,681)	(25,178)
Dividends of earnings from unconsolidated affiliate	31,285	31,285
Amortization of deferred revenue	(7,533)	(9,272)
Amortization of debt issuance costs, debt discount, debt premium and other	871	1,451
Settlement of asset retirement obligations	(308)	(886)
Loss (gain) on sale of assets	(91)	1,786
Loss on early extinguishment of debt		10,654
Loss on convertible note inducement	86
Changes in current assets and liabilities:
Accounts receivable	5,282	33,244
Accrued revenue	328,349	(69,442)
Other current assets	20,596	(2,952)
Accounts payable including related parties	34,604	37,664
Accrued liabilities	(143,346)	(94,456)
Revenue distributions payable	(86,331)	(36,526)
Other current liabilities	529	(3,557)
Net cash provided by operating activities	343,902	565,673
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(73,527)	(23,789)
Drilling and completion costs	(273,154)	(184,557)
Additions to other property and equipment	(4,631)	(7,530)
Proceeds from asset sales	91	195
Change in other assets	417	564
Net cash used in investing activities	(350,804)	(215,117)
Cash flows provided by (used in) financing activities:
Repurchases of common stock	(75,356)	(100,045)
Repayment of senior notes		(591,943)
Borrowings on bank credit facilities, net	145,300	387,700
Convertible note inducement	(86)
Distributions to noncontrolling interests in Martica Holdings LLC	(51,339)	(35,757)
Employee tax withholding for settlement of equity compensation awards	(11,459)	(10,377)
Other	(158)	(134)
Net cash provided by (used in) financing activities	6,902	(350,556)
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	43,239	80,454
Decrease in accounts payable and accrued liabilities for additions to property and equipment	$ (9,918)	$ (14,449)

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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, 2022 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, 2022 consolidated financial statements were included in Antero Resources’ 2022 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, 2022 and March 31, 2023, results of operations and cash flows for the three months ended March 31, 2022 and 2023. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments and other factors. (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. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. (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, 2022, the book overdrafts included within accounts payable and revenue distributions payable were million, respectively. As of March 31, 2023, the book overdrafts included within accounts payable and revenue distributions payable were (d) Income (Loss) Per Common Share Income (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. Income (loss) per common share—diluted for each period is computed after giving consideration to the potential dilution from (i) outstanding equity awards using the treasury stock method and (ii) shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt) using the if-converted method. 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. 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 income (loss) attributable to common stockholders for basic and diluted income (loss) per share (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders ​ $ (156,419) ​ ​ 213,431 ​ Add: Interest expense for 2026 Convertible Notes ​ ​ — ​ ​ 616 ​ Less: Tax-effect of interest expense for 2026 Convertible Notes ​ ​ — ​ ​ (132) ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders and assumed conversions ​ $ (156,419) ​ ​ 213,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share—basic ​ $ (0.50) ​ ​ 0.72 ​ Income (loss) per share—diluted ​ $ (0.50) ​ ​ 0.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding—basic ​ ​ 314,081 ​ ​ 296,763 ​ Weighted average common shares outstanding—diluted ​ ​ 314,081 ​ ​ 311,846 ​ ​ The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Basic weighted average number of shares outstanding ​ 314,081 ​ 296,763 ​ Add: Dilutive effect of RSUs ​ — ​ 2,150 ​ Add: Dilutive effect of PSUs ​ — ​ 1,060 ​ Add: Dilutive effect of 2026 Convertible Notes ​ — ​ 11,873 ​ Diluted weighted average number of shares outstanding ​ 314,081 ​ 311,846 ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding securities excluded from calculation of diluted income (loss) per common share (1) ​ ​ ​ ​ ​ RSUs ​ 4,878 ​ 969 ​ PSUs ​ 3,443 ​ 414 ​ Stock options ​ 351 ​ 324 ​ 2026 Convertible Notes ​ 18,778 ​ — ​ (1) The potential dilutive effects of these awards were excluded from the computation of income (loss) per common share—diluted because the inclusion of these awards would have been anti-dilutive. (e) Recently Issued Accounting Standard Convertible Debt 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. 2021. The Company adopted the standard effective January 1, 2022 Upon adoption of this new standard, the Company reclassified $24 million, net of deferred income taxes and equity issuance costs, from additional paid-in capital and increased long-term debt by $27 million, reduced deferred income tax liability by $6 million and reduced accumulated deficit by $3 million as of January 1, 2022. Additionally, annual interest expense for the 2026 Convertible Notes beginning January 1, 2023 is based on an effective interest rate of

Transactions

Transactions	3 Months Ended
	Mar. 31, 2023
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”). The ORRIs include an overriding royalty interest of 1.25% in all of the Company’s operated proved developed properties in West Virginia and Ohio, subject to certain excluded wells (the “Initial PDP Override”) as of April 1, 2020, and an overriding royalty interest of 3.75% in all of the Company’s undeveloped properties in West Virginia and Ohio (the “Development Override”) as of April 1, 2020. 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 burdened by the Development Override, are subject to the Development Override. As of April 1, 2023, the Company had turned to sales over 2.2 million lateral feet and less than 3.82 million lateral feet. As a result, wells turned to sales on or after April 1, 2023 will not be subject to the ORRIs. 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. (b) 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, 2022 and 2023, Antero Resources and QL agreed to the estimated internal rate of return (“IRR”) of the Company’s capital budget for each annual tranche, and QL agreed to participate in the 2021, 2022, and 2023 tranches. For 2024, Antero Resources will propose a capital budget and estimated 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 assignments, bills of sale and conveyances pursuant to which QL will be conveyed a proportionate working interest percentage in each well spud in that year, which conveyances will not be subject to any reversion. Under the terms of the arrangement, QL funded 20% and 15% of development capital for wells spud in 2021 and 2022, respectively, and will fund development capital of (i) 15% for wells spud in 2023 and (ii) if they participate in 2024, between 15% and 20% for wells spud in 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 October 31 and no later than December 1 following the end of each tranche year. During the year ended December 31, 2022, the Company received a carry of million attributable to the 2021 tranche. All of the wells spud during each calendar year period will be a separate annual tranche. 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. The Company has accounted for the drilling partnership as a conveyance under ASC 932, Extractive Activities—Oil and Gas

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue
Revenue	(4) Revenue (a) Disaggregation of Revenue The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed financial statements for more information on reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 2023 Reportable Segment Revenues from contracts with customers: ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 995,792 ​ ​ 668,315 ​ Exploration and production Natural gas liquids sales (ethane) ​ ​ 67,063 ​ ​ 72,050 ​ Exploration and production Natural gas liquids sales (C3+ NGLs) ​ ​ 593,242 ​ ​ 423,385 ​ Exploration and production Oil sales ​ ​ 63,294 ​ ​ 51,811 ​ Exploration and production Marketing ​ ​ 69,038 ​ ​ 58,529 ​ Marketing Other revenue ​ ​ — ​ ​ 175 ​ Exploration and production Total revenue from contracts with customers ​ ​ 1,788,429 ​ ​ 1,274,265 ​ ​ Income (loss) from derivatives, deferred revenue and other sources, net ​ ​ (1,001,589) ​ ​ 134,083 ​ ​ Total revenue ​ $ 786,840 ​ ​ 1,408,348 ​ ​ ​ (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 (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, 2022 and March 31, 2023, the Company’s receivables from contracts with customers were $

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2023
Equity Method Investment
Equity Method Investment	(5) Equity Method Investment (a) Summary of Equity Method Investment As of March 31, 2023, Antero owned 29.0% of Antero Midstream’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 (in thousands): ​ ​ ​ ​ ​ Balance as of December 31, 2022 (1) ​ $ 220,429 ​ Equity in earnings of unconsolidated affiliate ​ ​ 17,681 ​ Dividends from unconsolidated affiliate ​ ​ (31,285) ​ Elimination of intercompany profit ​ ​ 12,690 ​ Balance as of March 31, 2023 (1) ​ $ 219,515 ​ (1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2022 and March 31, 2023 was $1.5 billion based on the quoted market share price of Antero Midstream .

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2022 2023 ​ Capital expenditures ​ $ 57,361 ​ 44,213 ​ Gathering, compression, processing and transportation expenses ​ ​ 162,783 ​ ​ 159,375 ​ Marketing expenses ​ ​ 61,118 ​ ​ 27,073 ​ Interest expense, net ​ 31,892 ​ 13,582 ​ Production and ad valorem taxes ​ ​ 32,536 ​ ​ 36,861 ​ General and administrative expense ​ ​ 32,477 ​ ​ 20,260 ​ Derivative settlements payable ​ ​ 53,732 ​ ​ 411 ​ Other ​ 29,889 ​ 16,309 ​ Total accrued liabilities ​ $ 461,788 ​ 318,084 ​ ​

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2022 2023 ​ Credit Facility (a) ​ $ 34,800 ​ ​ 180,100 ​ 8.375% senior notes due 2026 (c) ​ ​ 96,870 ​ ​ 96,870 ​ 7.625% senior notes due 2029 (d) ​ ​ 407,115 ​ ​ 407,115 ​ 5.375% senior notes due 2030 (e) ​ ​ 600,000 ​ ​ 600,000 ​ 4.25% convertible senior notes due 2026 (f) ​ ​ 56,932 ​ ​ 39,426 ​ Total principal ​ ​ 1,195,717 ​ ​ 1,323,511 ​ Unamortized debt issuance costs ​ ​ (12,241) ​ ​ (11,465) ​ Long-term debt ​ $ 1,183,476 ​ ​ 1,312,046 ​ ​ (a) Senior Secured Revolving Credit Facility Antero Resources has a senior secured revolving credit facility (the “Credit Facility”) with a consortium of banks. 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 December 31, 2022 and March 31, 2023, the Credit Facility had a borrowing base of billion. The borrowing base was re- affirmed in the semi-annual redetermination in April 2023. The maturity date of the Credit Facility is the earlier of (i) October 26, 2026 and (ii) the date that is prior to the earliest stated redemption date of any series of the Company’s then outstanding senior notes. As of March 31, 2023, the Credit Facility had an available borrowing capacity of 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 Credit Facility as of December 31, 2022 and March 31, 2023. The Credit Facility provides for borrowing at either an Adjusted Term Secured Overnight Financing Rate (“SOFR”), an Adjusted Daily Simple SOFR or an Alternate Base Rate (each as defined in the 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 SOFR or the Alternate Base Rate, determined by election at the time of borrowing, plus an applicable margin rate under the 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 with respect to the Credit Facility, determined with reference to borrowing base utilization, subject to certain exceptions based on the leverage ratio then in effect. The 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 Credit Facility). As of December 31, 2022, Antero Resources had an outstanding balance under the Credit Facility of $35 million, with a weighted average interest rate of 6.42%, and outstanding letters of credit of $504 million. As of March 31, 2023, Antero Resources had an outstanding balance under the Credit Facility of (b) 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 or otherwise redeemed all of the 2025 Notes between 2020 and the first quarter of 2022, and the 2025 Notes were fully retired as of March 1, 2022. Interest on the 2025 Notes was payable on March 1 and September 1 of each year. See “—Debt Repurchase Program” below for more information. (c) 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 or otherwise repurchased million principal amount of the 2026 Notes remained outstanding. See “—Debt Repurchase Program” below for more information. 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 (d) 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 Company redeemed or otherwise repurchased million principal amount of the 2029 Notes remained outstanding. See “—Debt Repurchase Program” below for more information. 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. 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 ​ (e) 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 ​ (f) 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 September 1, 2026 (the “2026 Convertible Notes”). On September 2, 2020, Antero Resources issued an additional million of the 2026 Convertible Notes. Proceeds from the issuance of the 2026 Convertible Notes totaled million. The Company extinguished million principal amount of the 2026 Convertible Notes in 2021. In addition, between 2022 and the first quarter of 2023, million aggregate principal amount of the 2026 Convertible Notes were converted pursuant to their terms or induced into conversion by the Company. See “—Conversions and Inducements,” for more information. As of March 31, 2023, 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. 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 March 31, 2023, the if-converted value of the 2026 Convertible Notes was million. The 2026 Convertible Notes will mature on September 1, 2026, unless earlier repurchased, redeemed or converted. Before May 1, 2026, noteholders 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 Sales 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 March 31, 2023. 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 was 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. 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 were 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. Effective January 1, 2022, the Company adopted ASU 2020-06 whereby the Company reclassified the equity component of the 2026 Convertible Notes outstanding on such date, net of deferred income taxes and equity issuance costs, from additional paid-in capital to long-term debt. See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements. Conversions and Inducements During the three months ended March 31, 2023, $9 million aggregate principal amount of the 2026 Convertible Notes were converted pursuant to their terms, and an additional $9 million aggregate principal amount of the 2026 Convertible Notes were induced into conversion by the Company. The Company elected to settle these conversions by issuing million. The 2026 Convertible Notes consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ ​ 2022 ​ 2023 ​ Principal ​ $ 56,932 ​ ​ 39,426 ​ Less: unamortized debt issuance costs ​ ​ (1,159) ​ ​ (753) ​ Net carrying value ​ $ 55,773 ​ ​ 38,673 ​ ​ Interest expense recognized on the 2026 Convertible Notes related to the stated interest rate, and amortization of debt issuance costs totaled $1 million for each of the three months ended March 31, 2022 and 2023. (g) Debt Repurchase Program During the three months ended March 31, 2022, the Company redeemed the remaining $585 million aggregate principal amount of its 2025 Notes at a redemption price of 101.25% of the principal amount thereof, plus accrued and unpaid interest and recognized a loss on early debt extinguishment of $11 million.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligations
Asset Retirement Obligations	(8) Asset Retirement Obligations The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations—December 31, 2022 $ 59,485 ​ Obligations incurred ​ ​ 248 ​ Accretion expense ​ ​ 878 ​ Settlement of obligations ​ ​ (308) ​ Revisions to prior estimates ​ ​ 196 ​ Asset retirement obligations—March 31, 2023 ​ $ 60,499 ​ ​ 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	3 Months Ended
	Mar. 31, 2023
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 6,196,477 shares were available for future grant under the 2020 Plan as of March 31, 2023. 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 includes Antero Resources). Antero Resources deconsolidated Antero Midstream Partners on March 12, 2019 RSUs (all such RSUs, the “Converted AM RSU Awards”) under the Antero Midstream Corporation Long Term Incentive Plan (the “AM Plan”). Each RSU award under the AM Plan represented a right to receive one share of Antero Midstream common stock. As of March 31, 2023, all Converted AM RSU Awards were fully vested. The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2023 ​ RSU awards ​ $ 2,720 ​ ​ 7,262 ​ PSU awards ​ ​ 1,419 ​ ​ 5,405 ​ Converted AM RSU Awards (1) ​ ​ 160 ​ ​ 1 ​ Equity awards issued to directors ​ ​ 350 ​ ​ 350 ​ Total expense ​ $ 4,649 ​ ​ 13,018 ​ (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 March 12, 2019 (date of deconsolidation) to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. As of March 31, 2023, all Converted AM RSU Awards were fully vested, and there is no remaining unamortized expense attributable to these awards. (a) Restricted Stock Unit Awards A summary of RSU activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ Shares Fair Value Total awarded and unvested—December 31, 2022 ​ 4,676,219 ​ $ 15.29 ​ Granted ​ 1,425,619 ​ ​ 25.98 ​ Vested ​ (892,595) ​ ​ 3.20 ​ Forfeited ​ (58,898) ​ ​ 22.46 ​ Total awarded and unvested—March 31, 2023 ​ 5,150,345 ​ $ 20.27 ​ ​ As of March 31, 2023, there was $84 million of unamortized equity-based compensation expense related to unvested RSUs. That expense is expected to be recognized over a weighted average period of (b) Performance Share Unit Awards Performance Share Unit Awards Based on Total Shareholder Return In March 2023, the Company granted PSU awards to certain of its senior management and executive officers that vest based on Antero Resources’ absolute total shareholder return determined as of the last day of each of three one-year performance periods ending on March 7, 2024, March 7, 2025 and March 7, 2026, and one cumulative three-year performance period ending on March 7, 2026, in each case, subject to certain continued employment criteria (“2023 Absolute TSR PSUs”). 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 2023 Absolute TSR PSUs ranges from zero to 200% of the target number of 2023 Absolute 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. The following table presents the assumptions used in the Monte Carlo valuation model and the grant date fair value information for the 2023 Absolute TSR PSUs: ​ ​ ​ ​ ​ ​ Dividend yield ​ ​ — % Volatility ​ ​ 82 % Risk-free interest rate ​ ​ 4.61 % Weighted average fair value of awards granted—Absolute TSR ​ $ 33.96 ​ ​ Performance Share Unit Awards Based on Leverage Ratio In March 2023, the Company granted PSUs to certain of its senior management and 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 in the award agreement) determined as of the last day of each of three one-year performance periods ending on December 31, 2023, December 31, 2024 and December 31, 2025, in each case, subject to certain continued employment criteria (“2023 Leverage Ratio PSUs”). The number of shares of common stock that may ultimately be earned following the end of the third performance period with respect to the 2023 Leverage Ratio PSUs ranges from zero to 200% of the target number of 2023 Leverage Ratio PSUs originally granted. Expense related to the 2023 Leverage Ratio PSUs is recognized on a graded-vested basis over the term of each performance period that reflects 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 March 31, 2023, the likelihood of achieving the performance conditions related to the 2023 Leverage Ratio PSUs was probable. Summary Information for Performance Share Unit Awards A summary of PSU activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Number of ​ Average Grant ​ ​ Units Date Fair Value Total awarded and unvested—December 31, 2022 ​ 1,329,725 ​ $ 23.18 ​ Granted ​ 417,466 ​ ​ 28.51 ​ Vested ​ — ​ ​ — ​ Total awarded and unvested—March 31, 2023 ​ 1,747,191 ​ $ 24.45 ​ ​ As of March 31, 2023, there was $41 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of (c) Converted AM RSU Awards A summary of the Converted AM RSU Awards is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ Units Fair Value Total awarded and unvested—December 31, 2022 ​ 2,827 ​ $ 12.38 ​ Vested ​ (2,827) ​ ​ 12.38 ​ Total awarded and unvested—March 31, 2023 ​ — ​ $ — ​ ​ (d) Cash Awards In January 2020, the Company granted cash awards of $3 million to certain executives under the 2013 Plan, and compensation expense for these awards was 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 . As of December 31, 2022 and March 31, 2023, the Company has recorded

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value.
Fair Value	(10) Fair Value The carrying values of accounts receivable and accounts payable as of December 31, 2022 and March 31, 2023 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility as of December 31, 2022 and March 31, 2023 approximated fair value because the variable interest rates are reflective of current market conditions. The following table sets forth the fair value and carrying value of the senior notes and 2026 Convertible Notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ Fair Carrying Fair Carrying ​ ​ ​ Value (1) ​ Value (2) ​ Value (1) ​ Value (2) ​ 2026 Notes ​ $ 100,987 ​ ​ 96,123 ​ ​ 100,987 ​ ​ 96,179 ​ 2029 Notes ​ ​ 410,860 ​ ​ 402,872 ​ ​ 415,257 ​ ​ 403,011 ​ 2030 Notes ​ ​ 556,260 ​ ​ 593,908 ​ ​ 556,500 ​ ​ 594,083 ​ 2026 Convertible Notes ​ ​ 406,039 ​ ​ 55,773 ​ ​ 209,135 ​ ​ 38,673 ​ Total ​ $ 1,474,146 ​ ​ 1,148,676 ​ ​ 1,281,879 ​ ​ 1,131,946 ​ (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 9—Equity-Based Compensation and Cash Awards to the unaudited condensed consolidated financial statements for information regarding the fair value of equity-based awards. 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	3 Months Ended
	Mar. 31, 2023
Derivative Instruments.
Derivative Instruments	(11) Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations, and it may use 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 months ended March 31, 2022 and 2023. 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. Under these basis swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company receives the difference from the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company pays the difference to the counterparty. The Company’s derivative contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of March 31, 2023, the Company’s fixed price swap positions excluding Martica, the Company’s consolidated VIE, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Commodity / Settlement Period Index Contracted Volume Price Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 43,000 MMBtu/day ​ $ 2.37 /MMBtu ​ ​ The Company has a call option and an embedded put option tied to NYMEX pricing for the production volumes associated with the Company’s retained interest in the volumetric production payment transaction (“VPP”) properties. The put option was embedded within another contract, and since the embedded put option was not clearly and closely related to its host contract, the Company bifurcated this derivative instrument and reflects it at fair value in the unaudited condensed consolidated financial statements. As of March 31, 2023, the Company’s call option and embedded put option arrangements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded ​ ​ ​ ​ ​ ​ ​ ​ Call Option ​ Put Option ​ Commodity / Settlement Period Index Contracted Volume Strike Price Strike Price Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 55,000 MMBtu/day ​ $ 2.466 /MMBtu ​ $ 2.466 /MMBtu ​ January-December 2024 ​ Henry Hub ​ 53,000 MMBtu/day ​ ​ 2.477 /MMBtu ​ ​ 2.527 /MMBtu ​ January-December 2025 ​ Henry Hub ​ 44,000 MMBtu/day ​ ​ 2.564 /MMBtu ​ ​ 2.614 /MMBtu ​ January-December 2026 ​ Henry Hub ​ 32,000 MMBtu/day ​ ​ 2.629 /MMBtu ​ ​ 2.679 /MMBtu ​ ​ As of March 31, 2023, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-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 ​ ​ ​ As of March 31, 2023, the Company’s fixed price swap positions for Martica, the Company’s consolidated VIE, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Commodity / Settlement Period Index Contracted Volume Price ​ Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 33,955 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gasoline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Mont Belvieu Natural Gasoline-OPIS Non-TET ​ 240 Bbl/day ​ ​ 40.74 /Bbl ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ West Texas Intermediate ​ 88 Bbl/day ​ ​ 44.85 /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) 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 (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ Balance Sheet ​ December 31, ​ March 31, ​ ​ Location 2022 ​ 2023 ​ Asset derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives—current ​ Derivative instruments ​ $ — ​ ​ 397 ​ Embedded derivatives—current ​ Derivative instruments ​ ​ 1,900 ​ ​ 5,845 ​ Embedded derivatives—noncurrent ​ Derivative instruments ​ ​ 9,844 ​ ​ 9,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total asset derivatives (1) ​ ​ ​ ​ 11,744 ​ ​ 16,067 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives—current (2) ​ Derivative instruments ​ ​ 97,765 ​ ​ 28,716 ​ Commodity derivatives—noncurrent (2) ​ Derivative instruments ​ ​ 345,280 ​ ​ 75,854 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liability derivatives (1) ​ ​ ​ ​ 443,045 ​ ​ 104,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivatives liability (1) ​ ​ ​ $ (431,301) ​ ​ (88,503) ​ (1) The fair value of derivative instruments was determined using Level 2 inputs. (2) As of December 31, 2022, $47 million of commodity derivative liabilities, including $28 million of current commodity derivatives and $19 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of March 31, 2023, $19 million of commodity derivative liabilities, including $9 million of current commodity derivatives and $10 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. ​ The following table sets forth 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Net Amounts of ​ ​ ​ ​ ​ Net Amounts of ​ ​ ​ Gross ​ Gross ​ Assets ​ Gross ​ Gross ​ Assets ​ ​ ​ Amounts ​ Amounts Offset ​ (Liabilities) on ​ Amounts ​ Amounts Offset ​ (Liabilities) on ​ ​ Recognized Recognized Balance Sheet Recognized Recognized Balance Sheet ​ Commodity derivative assets ​ $ 276 ​ ​ (276) ​ ​ — ​ $ 3,043 ​ ​ (2,646) ​ ​ 397 ​ Embedded derivative assets ​ ​ 11,744 ​ ​ — ​ ​ 11,744 ​ ​ 15,670 ​ ​ — ​ ​ 15,670 ​ Commodity derivative liabilities ​ ​ (443,321) ​ ​ 276 ​ ​ (443,045) ​ ​ (107,216) ​ ​ 2,646 ​ ​ (104,570) ​ ​ The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ ​ ​ ​ ​ ​ Operations ​ Three Months Ended March 31, ​ ​ Location ​ 2022 ​ 2023 ​ Commodity derivative fair value gains (losses) (1) ​ Revenue ​ $ (994,483) ​ ​ 127,080 ​ Embedded derivative fair value gains (losses) (1) ​ Revenue ​ $ (16,897) ​ ​ (888) ​ (1) The fair value of derivative instruments was determined using Level 2 inputs . ​ Commodity derivative fair value gains (losses) for the three months ended March 31, 2023, includes a loss of $202 million related to the early settlement of the Company’s natural gas swaption agreement. The payment for this early settlement is classified as an operating cash flow on the Company’s condensed consolidated statement of cash flows.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ ​ ​ December 31, ​ March 31, ​ Leases Balance Sheet Classification 2022 2023 ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Processing plants ​ Operating lease right-of-use assets ​ $ 1,849,116 ​ ​ 1,791,025 ​ Drilling rigs and completion services ​ Operating lease right-of-use assets ​ ​ 85,405 ​ ​ 68,932 ​ Gas gathering lines and compressor stations (1) ​ Operating lease right-of-use assets ​ ​ 1,463,756 ​ ​ 1,497,721 ​ Office space ​ Operating lease right-of-use assets ​ ​ 41,822 ​ ​ 40,790 ​ Vehicles ​ Operating lease right-of-use assets ​ ​ 756 ​ ​ 434 ​ Other office and field equipment ​ Operating lease right-of-use assets ​ ​ 3,476 ​ ​ 3,092 ​ Total operating lease right-of-use assets ​ ​ ​ $ 3,444,331 ​ ​ 3,401,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term operating lease obligation ​ Short-term lease liabilities ​ $ 556,137 ​ ​ 552,806 ​ Long-term operating lease obligation ​ Long-term lease liabilities ​ ​ 2,888,194 ​ ​ 2,849,188 ​ Total operating lease obligation ​ ​ ​ $ 3,444,331 ​ ​ 3,401,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Vehicles ​ Other property and equipment ​ $ 2,159 ​ ​ 3,109 ​ Total finance lease right-of-use assets (2) ​ ​ ​ $ 2,159 ​ ​ 3,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term finance lease obligation ​ Short-term lease liabilities ​ $ 499 ​ ​ 726 ​ Long-term finance lease obligation ​ Long-term lease liabilities ​ ​ 1,660 ​ ​ 2,383 ​ Total finance lease obligation ​ ​ ​ $ 2,159 ​ ​ 3,109 ​ (1) Gas gathering lines and compressor stations includes $1.4 billion and $1.5 billon related to Antero Midstream as of December 31, 2022 and March 31, 2023, respectively. See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $1 million as of December 31, 2022 and March 31, 2023 . The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under ASC 842, Leases ​ (b) Supplemental Information Related to Leases Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Cost Classification Location 2022 2023 ​ Operating lease cost ​ Statement of operations ​ Gathering, compression, processing and transportation ​ $ 365,834 ​ ​ 381,283 ​ Operating lease cost ​ Statement of operations ​ General and administrative ​ ​ 2,867 ​ ​ 2,937 ​ Operating lease cost ​ Statement of operations ​ Contract termination ​ ​ — ​ ​ 1,122 ​ Operating lease cost ​ Statement of operations ​ Lease operating ​ ​ 45 ​ ​ 21 ​ Operating lease cost ​ Balance sheet ​ Proved properties (1) ​ ​ 7,759 ​ ​ 39,770 ​ Total operating lease cost ​ ​ ​ ​ ​ $ 376,505 ​ ​ 425,133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ Statement of operations ​ Depletion, depreciation and amortization ​ $ 118 ​ ​ 92 ​ Interest on lease liabilities ​ Statement of operations ​ Interest expense ​ ​ 14 ​ ​ 114 ​ Total finance lease cost ​ ​ ​ ​ ​ $ 132 ​ ​ 206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease payments ​ ​ ​ ​ ​ $ 48,760 ​ ​ 37,701 ​ (1) Capitalized costs related to drilling and completion activities. ​ (c) Supplemental Cash Flow Information Related to Leases The following table presents the Company’s supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 305,841 ​ ​ 315,665 ​ Operating cash flows from finance leases ​ ​ — ​ ​ 114 ​ Investing cash flows from operating leases ​ ​ 6,037 ​ ​ 32,880 ​ Financing cash flows from finance leases ​ ​ 134 ​ ​ 158 ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncash activities: ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease obligations ​ $ 5,321 ​ ​ 51,208 ​ Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net (1) ​ $ (25,926) ​ ​ 40,130 ​ (1) During the three months ended March 31, 2022, the weighted average discount rate for remeasured operating leases decreased from 6.3% as of December 31, 2021 to 3.6% as of March 31, 2022. During the three months ended March 31, 2023, the weighted average discount rate for remeasured operating leases increased from 5.2% as of December 31, 2022 to 5.8% as of March 31, 2023. ​ (d) Maturities of Lease Liabilities The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Financing Leases ​ Total ​ 2023 ​ $ 561,359 ​ ​ 891 ​ ​ 562,250 ​ 2024 ​ ​ 685,290 ​ ​ 1,181 ​ ​ 686,471 ​ 2025 ​ ​ 609,654 ​ ​ 1,139 ​ ​ 610,793 ​ 2026 ​ ​ 556,196 ​ ​ 804 ​ ​ 557,000 ​ 2027 ​ ​ 457,972 ​ ​ 38 ​ ​ 458,010 ​ Thereafter ​ ​ 1,252,713 ​ ​ — ​ ​ 1,252,713 ​ Total lease payments ​ ​ 4,123,184 ​ ​ 4,053 ​ ​ 4,127,237 ​ Less: imputed interest ​ ​ (721,190) ​ ​ (944) ​ ​ (722,134) ​ Total ​ $ 3,401,994 ​ ​ 3,109 ​ ​ 3,405,103 ​ ​ (e) Lease Term and Discount Rate The following table sets forth the Company’s weighted average remaining lease term and discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ ​ ​ Operating Leases ​ Finance Leases ​ Operating Leases ​ Finance Leases ​ ​ Weighted average remaining lease term ​ 7.2 years ​ 3.5 years ​ 7.0 years ​ 3.5 years ​ ​ Weighted average discount rate ​ 5.3 % 7.4 % 5.6 % 8.0 % ​ ​ (f) Related Party Lease Disclosure The Company has gathering and compression service agreements with Antero Midstream that include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) gathering and compression agreements from Antero Midstream’s acquisition of certain Marcellus gathering and compression assets (the “Marcellus gathering and compression agreements”) and (iii) a compression agreement from Antero Midstream’s acquisition of certain Utica compressors (the “Utica compression agreement” and, together with the 2019 gathering and compression agreement and the Marcellus gathering and compression agreements, the “gathering and compression agreements”). Pursuant to the gathering and compression agreements with Antero Midstream, the Company has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to Antero Midstream for gathering and compression services. The 2019 gathering and compression agreement has an initial term through 2038, the Marcellus gathering and compression agreements expire between 2024 and 2031, and the Utica compression agreement has two dedicated areas that expire in 2024 and 2030. Upon expiration of each of the Marcellus gathering and compression agreements and the Utica compression agreement, Antero Midstream will continue to provide gathering and compression services under the 2019 gathering and compression agreement. Under the gathering and compression agreements, Antero Midstream receives a low-pressure gathering fee per Mcf, a high-pressure gathering fee per Mcf and a compression fee per Mcf, as applicable, subject to annual adjustments based on the consumer price index. If and to the extent the Company requests that Antero Midstream construct new low pressure lines, high pressure lines and compressor stations, the 2019 gathering and compression agreement contains options at Antero Midstream’s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for . In addition, certain of the Marcellus gathering and compression agreements provide for a minimum volume commitment that requires the Company to utilize or pay for . The 2019 gathering and compression agreement includes a growth incentive fee program whereby low-pressure gathering fees will be reduced from 2020 through 2023 to the extent the Company achieves certain quarterly volumetric targets. The Company’s throughput gathered under the Marcellus gathering and compression agreements is not considered in low pressure gathering volume targets. Upon completion of the initial contract term, the 2019 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 on or before the 180th day prior to the anniversary of such effective date. The Company earned fee rebates for the three months ended March 31, 2022 and 2023 of $12 million. Gathering and compression fees paid by Antero related to these agreements were $163 million and $176 million for the three months ended March 31, 2022 and 2023, respectively. As of December 31, 2022 and March 31, 2023,

Commitments

Commitments	3 Months Ended
	Mar. 31, 2023
Commitments
Commitments	(13) Commitments The following table sets forth a schedule of future minimum payments for the Company’s contractual obligations, which include leases that have a lease term in excess of one year as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Processing, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Firm ​ Compression ​ Operating and ​ Imputed Interest ​ ​ ​ ​ ​ ​ ​ Transportation ​ and Water Service ​ Financing Leases ​ for Leases ​ Other ​ ​ ​ ​ (a) (b) (c) (c) (d) Total Remainder of 2023 ​ $ 886,835 ​ ​ 53,618 ​ ​ 426,736 ​ ​ 135,514 ​ ​ 641 ​ ​ 1,503,344 ​ 2024 ​ ​ 1,145,151 ​ ​ 62,892 ​ ​ 532,603 ​ ​ 153,869 ​ ​ — ​ ​ 1,894,515 ​ 2025 ​ ​ 1,131,583 ​ ​ 51,545 ​ ​ 486,033 ​ ​ 124,760 ​ ​ — ​ ​ 1,793,921 ​ 2026 ​ ​ 1,129,147 ​ ​ 18,368 ​ ​ 459,014 ​ ​ 97,985 ​ ​ — ​ ​ 1,704,514 ​ 2027 ​ ​ 1,124,462 ​ ​ 17,080 ​ ​ 384,371 ​ ​ 73,639 ​ ​ — ​ ​ 1,599,552 ​ Thereafter ​ ​ 5,465,800 ​ ​ 85,209 ​ ​ 1,116,346 ​ ​ 136,367 ​ ​ — ​ ​ 6,803,722 ​ Total ​ $ 10,882,978 ​ ​ 288,712 ​ ​ 3,405,103 ​ ​ 722,134 ​ ​ 641 ​ ​ 15,299,568 ​ ​ (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, Compression and Water Service Commitments The Company has entered into various long- term gas processing, gathering, compression and water 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) Operating and Finance 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. See Note 12—Leases to the unaudited condensed consolidated financial statements for more information on the Company’s operating and finance leases. (d) Other The Company has entered into various land acquisition and sand supply 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. (e) Contract Terminations The Company incurs costs associated with the delay or cancellation of certain contracts with third-parties. These costs are recorded in Contract termination and included in the statement of operations and comprehensive income (loss). During the three months ended March 31, 2023, the Company executed an early termination of its firm transportation commitment of million. There are no remaining payment obligations related to these delayed or cancelled contracts as of March 31, 2023.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
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 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. Other The Company is party to various other legal proceedings and claims in the ordinary course of its business. The Company believes that certain of these matters will be covered by insurance and that the outcome of other matters will not have a material adverse effect on the Company’s unaudited condensed consolidated financial position, results of operations or cash flows. In addition, pending litigation against operators in the Appalachian Basin, including the Company, could have an impact on the methods for determining the amount of permitted post-production costs and types of costs that may be deducted from royalty payments, among other things. A ruling was recently received in an immaterial case to which the Company is a party, and the Company continues to analyze how this decision may impact other cases to which the Company is a party. The Company cannot predict how these issues may ultimately be resolved, and therefore is also unable to estimate any potential damages, if any, that may result. ​

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2023
Related Parties
Related Parties	(15) Related Parties Substantially all of Antero Midstream’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	3 Months Ended
	Mar. 31, 2023
Reportable Segments
Reportable Segments	​ ​ (16) Reportable Segments (a) Summary of Reportable Segments The Company’s operations, which are located in the United States, are organized into three reportable 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. Substantially all of the Company’s 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. These segments are monitored separately by management for performance and are consistent with internal financial reporting. These segments have been identified based on the differing products and services, regulatory environment and the expertise required for these operations. Management evaluates the performance of the Company’s business segments based on operating income (loss). 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. Exploration and Production The exploration and production segment is engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin. 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. Marketing Where feasible, the Company purchases and sells third-party natural gas and NGLs and markets its excess firm transportation capacity, or engages third parties to conduct these activities on the Company’s behalf, in order to optimize the revenues from these transportation agreements. The Company has entered into long-term firm transportation agreements for a significant portion of its current and expected future production in order to secure guaranteed capacity to favorable markets. Equity Method Investment in Antero Midstream The Company receives midstream services through its equity method investment in Antero Midstream. Antero Midstream owns, operates and develops midstream energy infrastructure primarily to service the Company’s production and completion activity in the Appalachian Basin. Antero Midstream’s assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants and water handling assets. Antero Midstream provides midstream services to Antero Resources under long-term contracts. (b) Reportable Segments Financial Information The operating results and assets of the Company’s reportable segments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 717,283 ​ ​ 69,038 ​ ​ 395 ​ ​ (395) ​ ​ 786,321 ​ Intersegment ​ ​ 519 ​ ​ — ​ ​ 218,096 ​ ​ (218,096) ​ ​ 519 ​ Total revenue ​ ​ 717,802 ​ ​ 69,038 ​ ​ 218,491 ​ ​ (218,491) ​ ​ 786,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 17,780 ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,780 ​ Gathering, compression, processing, transportation and water handling ​ ​ 590,278 ​ ​ — ​ ​ 42,012 ​ ​ (42,012) ​ ​ 590,278 ​ General and administrative ​ ​ 35,691 ​ ​ — ​ ​ 17,931 ​ ​ (17,931) ​ ​ 35,691 ​ Depletion, depreciation and amortization ​ ​ 168,388 ​ ​ — ​ ​ 28,300 ​ ​ (28,300) ​ ​ 168,388 ​ Impairment of property and equipment ​ ​ 22,462 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,462 ​ Other ​ ​ 57,944 ​ ​ 98,896 ​ ​ 1,094 ​ ​ (1,094) ​ ​ 156,840 ​ Total operating expenses ​ ​ 892,543 ​ ​ 98,896 ​ ​ 89,337 ​ ​ (89,337) ​ ​ 991,439 ​ Operating income (loss) ​ $ (174,741) ​ ​ (29,858) ​ ​ 129,154 ​ ​ (129,154) ​ ​ (204,599) ​ Equity in earnings of unconsolidated affiliates ​ $ 25,178 ​ ​ — ​ ​ 23,232 ​ ​ (23,232) ​ ​ 25,178 ​ Capital expenditures for segment assets ​ $ 215,876 ​ ​ — ​ ​ 84,267 ​ ​ (84,267) ​ ​ 215,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 1,349,476 ​ ​ 58,529 ​ ​ 272 ​ ​ (272) ​ ​ 1,408,005 ​ Intersegment ​ 343 ​ ​ — ​ ​ 259,203 ​ ​ (259,203) ​ ​ 343 ​ Total revenue ​ ​ 1,349,819 ​ ​ 58,529 ​ ​ 259,475 ​ ​ (259,475) ​ ​ 1,408,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 29,321 ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,321 ​ Gathering, compression, processing, transportation and water handling ​ ​ 645,172 ​ ​ — ​ ​ 57,873 ​ ​ (57,873) ​ ​ 645,172 ​ General and administrative ​ ​ 57,261 ​ ​ — ​ ​ 17,347 ​ ​ (17,347) ​ ​ 57,261 ​ Depletion, depreciation and amortization ​ ​ 167,582 ​ ​ — ​ ​ 35,196 ​ ​ (35,196) ​ ​ 167,582 ​ Impairment of property and equipment ​ ​ 15,560 ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,560 ​ Other ​ ​ 56,838 ​ ​ 105,124 ​ ​ 714 ​ ​ (714) ​ ​ 161,962 ​ Total operating expenses ​ ​ 971,734 ​ ​ 105,124 ​ ​ 111,130 ​ ​ (111,130) ​ ​ 1,076,858 ​ Operating income (loss) ​ $ 378,085 ​ ​ (46,595) ​ ​ 148,345 ​ ​ (148,345) ​ ​ 331,490 ​ Equity in earnings of unconsolidated affiliates ​ $ 17,681 ​ ​ — ​ ​ 24,456 ​ ​ (24,456) ​ ​ 17,681 ​ Capital expenditures for segment assets ​ $ 351,312 ​ ​ — ​ ​ 42,279 ​ ​ (42,279) ​ ​ 351,312 ​ ​ ​ The summarized assets of the Company’s reportable segments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ Intersegment ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Transactions and ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Investments in unconsolidated affiliates ​ $ 220,429 ​ ​ — ​ ​ 652,767 ​ ​ (652,767) ​ ​ 220,429 ​ Total assets ​ ​ 14,081,077 ​ ​ 36,962 ​ ​ 5,791,320 ​ ​ (5,791,320) ​ ​ 14,118,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ Intersegment ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Transactions and ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates ​ $ 219,515 ​ ​ — ​ ​ 643,118 ​ ​ (643,118) ​ ​ 219,515 ​ Total assets ​ ​ 13,855,955 ​ ​ 15,191 ​ ​ 5,779,728 ​ ​ (5,779,728) ​ ​ 13,871,146 ​ ​

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2023
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 tables set forth below present summarized financial information of Antero, as parent, and its guarantor subsidiaries (in thousands). The Company ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ Current assets ​ $ 739,104 ​ ​ 408,791 ​ Noncurrent assets ​ ​ 12,663,911 ​ ​ 12,782,007 ​ Total assets ​ $ 13,403,015 ​ ​ 13,190,798 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, related parties ​ $ 80,708 ​ ​ 99,784 ​ Other current liabilities ​ ​ 1,668,426 ​ ​ 1,386,904 ​ Total current liabilities ​ ​ 1,749,134 ​ ​ 1,486,688 ​ Noncurrent liabilities ​ ​ 5,306,539 ​ ​ 5,192,664 ​ Total liabilities ​ $ 7,055,673 ​ ​ 6,679,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Revenues ​ ​ ​ ​ $ 1,348,658 ​ Operating expenses ​ ​ ​ ​ ​ 1,064,939 ​ Income from operations ​ ​ ​ ​ ​ 283,719 ​ Net income and comprehensive income including noncontrolling interests ​ ​ ​ ​ ​ 213,431 ​ Net income and comprehensive income attributable to Antero Resources Corporation ​ ​ ​ ​ $ 213,431 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 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, 2022 consolidated financial statements were included in Antero Resources’ 2022 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, 2022 and March 31, 2023, results of operations and cash flows for the three months ended March 31, 2022 and 2023. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments and other factors.
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. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements.
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, 2022, the book overdrafts included within accounts payable and revenue distributions payable were million, respectively. As of March 31, 2023, the book overdrafts included within accounts payable and revenue distributions payable were
Earnings (Loss) Per Common Share	(d) Income (Loss) Per Common Share Income (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. Income (loss) per common share—diluted for each period is computed after giving consideration to the potential dilution from (i) outstanding equity awards using the treasury stock method and (ii) shares of common stock issuable upon conversion of the 2026 Convertible Notes (as defined below in Note 7—Long-Term Debt) using the if-converted method. 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. 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 income (loss) attributable to common stockholders for basic and diluted income (loss) per share (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders ​ $ (156,419) ​ ​ 213,431 ​ Add: Interest expense for 2026 Convertible Notes ​ ​ — ​ ​ 616 ​ Less: Tax-effect of interest expense for 2026 Convertible Notes ​ ​ — ​ ​ (132) ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders and assumed conversions ​ $ (156,419) ​ ​ 213,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share—basic ​ $ (0.50) ​ ​ 0.72 ​ Income (loss) per share—diluted ​ $ (0.50) ​ ​ 0.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding—basic ​ ​ 314,081 ​ ​ 296,763 ​ Weighted average common shares outstanding—diluted ​ ​ 314,081 ​ ​ 311,846 ​ ​ The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Basic weighted average number of shares outstanding ​ 314,081 ​ 296,763 ​ Add: Dilutive effect of RSUs ​ — ​ 2,150 ​ Add: Dilutive effect of PSUs ​ — ​ 1,060 ​ Add: Dilutive effect of 2026 Convertible Notes ​ — ​ 11,873 ​ Diluted weighted average number of shares outstanding ​ 314,081 ​ 311,846 ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding securities excluded from calculation of diluted income (loss) per common share (1) ​ ​ ​ ​ ​ RSUs ​ 4,878 ​ 969 ​ PSUs ​ 3,443 ​ 414 ​ Stock options ​ 351 ​ 324 ​ 2026 Convertible Notes ​ 18,778 ​ — ​ (1) The potential dilutive effects of these awards were excluded from the computation of income (loss) per common share—diluted because the inclusion of these awards would have been anti-dilutive.
Recently Issued Accounting Standard	(e) Recently Issued Accounting Standard Convertible Debt 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. 2021. The Company adopted the standard effective January 1, 2022 Upon adoption of this new standard, the Company reclassified $24 million, net of deferred income taxes and equity issuance costs, from additional paid-in capital and increased long-term debt by $27 million, reduced deferred income tax liability by $6 million and reduced accumulated deficit by $3 million as of January 1, 2022. Additionally, annual interest expense for the 2026 Convertible Notes beginning January 1, 2023 is based on an effective interest rate of

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Reconciliation of earnings (loss) attributable to common stockholders for basic and diluted earnings (loss) per share	The following is a reconciliation of the Company’s income (loss) attributable to common stockholders for basic and diluted income (loss) per share (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders ​ $ (156,419) ​ ​ 213,431 ​ Add: Interest expense for 2026 Convertible Notes ​ ​ — ​ ​ 616 ​ Less: Tax-effect of interest expense for 2026 Convertible Notes ​ ​ — ​ ​ (132) ​ Net income (loss) attributable to Antero Resources Corporation—common shareholders and assumed conversions ​ $ (156,419) ​ ​ 213,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share—basic ​ $ (0.50) ​ ​ 0.72 ​ Income (loss) per share—diluted ​ $ (0.50) ​ ​ 0.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding—basic ​ ​ 314,081 ​ ​ 296,763 ​ Weighted average common shares outstanding—diluted ​ ​ 314,081 ​ ​ 311,846 ​ ​
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Basic weighted average number of shares outstanding ​ 314,081 ​ 296,763 ​ Add: Dilutive effect of RSUs ​ — ​ 2,150 ​ Add: Dilutive effect of PSUs ​ — ​ 1,060 ​ Add: Dilutive effect of 2026 Convertible Notes ​ — ​ 11,873 ​ Diluted weighted average number of shares outstanding ​ 314,081 ​ 311,846 ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding securities excluded from calculation of diluted income (loss) per common share (1) ​ ​ ​ ​ ​ RSUs ​ 4,878 ​ 969 ​ PSUs ​ 3,443 ​ 414 ​ Stock options ​ 351 ​ 324 ​ 2026 Convertible Notes ​ 18,778 ​ — ​ (1) The potential dilutive effects of these awards were excluded from the computation of income (loss) per common share—diluted because the inclusion of these awards would have been anti-dilutive.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue
Schedule of disaggregation of revenue	The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 16—Reportable Segments to the unaudited condensed financial statements for more information on reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 2023 Reportable Segment Revenues from contracts with customers: ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 995,792 ​ ​ 668,315 ​ Exploration and production Natural gas liquids sales (ethane) ​ ​ 67,063 ​ ​ 72,050 ​ Exploration and production Natural gas liquids sales (C3+ NGLs) ​ ​ 593,242 ​ ​ 423,385 ​ Exploration and production Oil sales ​ ​ 63,294 ​ ​ 51,811 ​ Exploration and production Marketing ​ ​ 69,038 ​ ​ 58,529 ​ Marketing Other revenue ​ ​ — ​ ​ 175 ​ Exploration and production Total revenue from contracts with customers ​ ​ 1,788,429 ​ ​ 1,274,265 ​ ​ Income (loss) from derivatives, deferred revenue and other sources, net ​ ​ (1,001,589) ​ ​ 134,083 ​ ​ Total revenue ​ $ 786,840 ​ ​ 1,408,348 ​ ​ ​

Equity Method Investment (Table

Equity Method Investment (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in thousands): ​ ​ ​ ​ ​ Balance as of December 31, 2022 (1) ​ $ 220,429 ​ Equity in earnings of unconsolidated affiliate ​ ​ 17,681 ​ Dividends from unconsolidated affiliate ​ ​ (31,285) ​ Elimination of intercompany profit ​ ​ 12,690 ​ Balance as of March 31, 2023 (1) ​ $ 219,515 ​ (1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2022 and March 31, 2023 was $1.5 billion based on the quoted market share price of Antero Midstream .

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2022 2023 ​ Capital expenditures ​ $ 57,361 ​ 44,213 ​ Gathering, compression, processing and transportation expenses ​ ​ 162,783 ​ ​ 159,375 ​ Marketing expenses ​ ​ 61,118 ​ ​ 27,073 ​ Interest expense, net ​ 31,892 ​ 13,582 ​ Production and ad valorem taxes ​ ​ 32,536 ​ ​ 36,861 ​ General and administrative expense ​ ​ 32,477 ​ ​ 20,260 ​ Derivative settlements payable ​ ​ 53,732 ​ ​ 411 ​ Other ​ 29,889 ​ 16,309 ​ Total accrued liabilities ​ $ 461,788 ​ 318,084 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Long-Term Debt
Schedule of long-term debt	Long-term debt consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2022 2023 ​ Credit Facility (a) ​ $ 34,800 ​ ​ 180,100 ​ 8.375% senior notes due 2026 (c) ​ ​ 96,870 ​ ​ 96,870 ​ 7.625% senior notes due 2029 (d) ​ ​ 407,115 ​ ​ 407,115 ​ 5.375% senior notes due 2030 (e) ​ ​ 600,000 ​ ​ 600,000 ​ 4.25% convertible senior notes due 2026 (f) ​ ​ 56,932 ​ ​ 39,426 ​ Total principal ​ ​ 1,195,717 ​ ​ 1,323,511 ​ Unamortized debt issuance costs ​ ​ (12,241) ​ ​ (11,465) ​ Long-term debt ​ $ 1,183,476 ​ ​ 1,312,046 ​ ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ ​ 2022 ​ 2023 ​ Principal ​ $ 56,932 ​ ​ 39,426 ​ Less: unamortized debt issuance costs ​ ​ (1,159) ​ ​ (753) ​ Net carrying value ​ $ 55,773 ​ ​ 38,673 ​ ​

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations—December 31, 2022 $ 59,485 ​ Obligations incurred ​ ​ 248 ​ Accretion expense ​ ​ 878 ​ Settlement of obligations ​ ​ (308) ​ Revisions to prior estimates ​ ​ 196 ​ Asset retirement obligations—March 31, 2023 ​ $ 60,499 ​ ​

Equity-Based Compensation and_2

Equity-Based Compensation and Cash Awards (Tables)	3 Months Ended
	Mar. 31, 2023
Equity-Based Compensation and Cash Awards
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2023 ​ RSU awards ​ $ 2,720 ​ ​ 7,262 ​ PSU awards ​ ​ 1,419 ​ ​ 5,405 ​ Converted AM RSU Awards (1) ​ ​ 160 ​ ​ 1 ​ Equity awards issued to directors ​ ​ 350 ​ ​ 350 ​ Total expense ​ $ 4,649 ​ ​ 13,018 ​ (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 March 12, 2019 (date of deconsolidation) to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. As of March 31, 2023, all Converted AM RSU Awards were fully vested, and there is no remaining unamortized expense attributable to these awards.
Summary of RSU award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ Shares Fair Value Total awarded and unvested—December 31, 2022 ​ 4,676,219 ​ $ 15.29 ​ Granted ​ 1,425,619 ​ ​ 25.98 ​ Vested ​ (892,595) ​ ​ 3.20 ​ Forfeited ​ (58,898) ​ ​ 22.46 ​ Total awarded and unvested—March 31, 2023 ​ 5,150,345 ​ $ 20.27 ​ ​
Schedule of weighted average fair value assumptions used for PSUs granted	​ ​ ​ ​ ​ ​ Dividend yield ​ ​ — % Volatility ​ ​ 82 % Risk-free interest rate ​ ​ 4.61 % Weighted average fair value of awards granted—Absolute TSR ​ $ 33.96 ​ ​
Summary of PSU award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Number of ​ Average Grant ​ ​ Units Date Fair Value Total awarded and unvested—December 31, 2022 ​ 1,329,725 ​ $ 23.18 ​ Granted ​ 417,466 ​ ​ 28.51 ​ Vested ​ — ​ ​ — ​ Total awarded and unvested—March 31, 2023 ​ 1,747,191 ​ $ 24.45 ​ ​
Schedule of Converted AM RSU Awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number of ​ Grant Date ​ ​ Units Fair Value Total awarded and unvested—December 31, 2022 ​ 2,827 ​ $ 12.38 ​ Vested ​ (2,827) ​ ​ 12.38 ​ Total awarded and unvested—March 31, 2023 ​ — ​ $ — ​ ​

Fair value (Tables)

Fair value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value.
Schedule of fair value and carrying value of the senior notes and 2026 Convertible Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ Fair Carrying Fair Carrying ​ ​ ​ Value (1) ​ Value (2) ​ Value (1) ​ Value (2) ​ 2026 Notes ​ $ 100,987 ​ ​ 96,123 ​ ​ 100,987 ​ ​ 96,179 ​ 2029 Notes ​ ​ 410,860 ​ ​ 402,872 ​ ​ 415,257 ​ ​ 403,011 ​ 2030 Notes ​ ​ 556,260 ​ ​ 593,908 ​ ​ 556,500 ​ ​ 594,083 ​ 2026 Convertible Notes ​ ​ 406,039 ​ ​ 55,773 ​ ​ 209,135 ​ ​ 38,673 ​ Total ​ $ 1,474,146 ​ ​ 1,148,676 ​ ​ 1,281,879 ​ ​ 1,131,946 ​ (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 9—Equity-Based Compensation and Cash Awards to the unaudited condensed consolidated financial statements for information regarding the fair value of equity-based awards. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for information regarding the fair value of derivative financial instruments.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of outstanding commodity derivatives for Antero Resources Corporation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Commodity / Settlement Period Index Contracted Volume Price Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 43,000 MMBtu/day ​ $ 2.37 /MMBtu ​ ​
Schedule of call option and embedded put option arrangements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded ​ ​ ​ ​ ​ ​ ​ ​ Call Option ​ Put Option ​ Commodity / Settlement Period Index Contracted Volume Strike Price Strike Price Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 55,000 MMBtu/day ​ $ 2.466 /MMBtu ​ $ 2.466 /MMBtu ​ January-December 2024 ​ Henry Hub ​ 53,000 MMBtu/day ​ ​ 2.477 /MMBtu ​ ​ 2.527 /MMBtu ​ January-December 2025 ​ Henry Hub ​ 44,000 MMBtu/day ​ ​ 2.564 /MMBtu ​ ​ 2.614 /MMBtu ​ January-December 2026 ​ Henry Hub ​ 32,000 MMBtu/day ​ ​ 2.629 /MMBtu ​ ​ 2.679 /MMBtu ​ ​
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-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 ​ ​
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ Balance Sheet ​ December 31, ​ March 31, ​ ​ Location 2022 ​ 2023 ​ Asset derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives—current ​ Derivative instruments ​ $ — ​ ​ 397 ​ Embedded derivatives—current ​ Derivative instruments ​ ​ 1,900 ​ ​ 5,845 ​ Embedded derivatives—noncurrent ​ Derivative instruments ​ ​ 9,844 ​ ​ 9,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total asset derivatives (1) ​ ​ ​ ​ 11,744 ​ ​ 16,067 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives—current (2) ​ Derivative instruments ​ ​ 97,765 ​ ​ 28,716 ​ Commodity derivatives—noncurrent (2) ​ Derivative instruments ​ ​ 345,280 ​ ​ 75,854 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liability derivatives (1) ​ ​ ​ ​ 443,045 ​ ​ 104,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivatives liability (1) ​ ​ ​ $ (431,301) ​ ​ (88,503) ​ (1) The fair value of derivative instruments was determined using Level 2 inputs. (2) As of December 31, 2022, $47 million of commodity derivative liabilities, including $28 million of current commodity derivatives and $19 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of March 31, 2023, $19 million of commodity derivative liabilities, including $9 million of current commodity derivatives and $10 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 sets forth 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Net Amounts of ​ ​ ​ ​ ​ Net Amounts of ​ ​ ​ Gross ​ Gross ​ Assets ​ Gross ​ Gross ​ Assets ​ ​ ​ Amounts ​ Amounts Offset ​ (Liabilities) on ​ Amounts ​ Amounts Offset ​ (Liabilities) on ​ ​ Recognized Recognized Balance Sheet Recognized Recognized Balance Sheet ​ Commodity derivative assets ​ $ 276 ​ ​ (276) ​ ​ — ​ $ 3,043 ​ ​ (2,646) ​ ​ 397 ​ Embedded derivative assets ​ ​ 11,744 ​ ​ — ​ ​ 11,744 ​ ​ 15,670 ​ ​ — ​ ​ 15,670 ​ Commodity derivative liabilities ​ ​ (443,321) ​ ​ 276 ​ ​ (443,045) ​ ​ (107,216) ​ ​ 2,646 ​ ​ (104,570) ​ ​
Summary of derivative fair value gains (losses)	The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ ​ ​ ​ ​ ​ Operations ​ Three Months Ended March 31, ​ ​ Location ​ 2022 ​ 2023 ​ Commodity derivative fair value gains (losses) (1) ​ Revenue ​ $ (994,483) ​ ​ 127,080 ​ Embedded derivative fair value gains (losses) (1) ​ Revenue ​ $ (16,897) ​ ​ (888) ​ (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Henry Hub ​ 33,955 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gasoline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ Mont Belvieu Natural Gasoline-OPIS Non-TET ​ 240 Bbl/day ​ ​ 40.74 /Bbl ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April-December 2023 ​ West Texas Intermediate ​ 88 Bbl/day ​ ​ 44.85 /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)	3 Months Ended
	Mar. 31, 2023
Leases
Summary of supplemental balance sheet information related to leases	The Company’s lease assets and liabilities consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ ​ ​ December 31, ​ March 31, ​ Leases Balance Sheet Classification 2022 2023 ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Processing plants ​ Operating lease right-of-use assets ​ $ 1,849,116 ​ ​ 1,791,025 ​ Drilling rigs and completion services ​ Operating lease right-of-use assets ​ ​ 85,405 ​ ​ 68,932 ​ Gas gathering lines and compressor stations (1) ​ Operating lease right-of-use assets ​ ​ 1,463,756 ​ ​ 1,497,721 ​ Office space ​ Operating lease right-of-use assets ​ ​ 41,822 ​ ​ 40,790 ​ Vehicles ​ Operating lease right-of-use assets ​ ​ 756 ​ ​ 434 ​ Other office and field equipment ​ Operating lease right-of-use assets ​ ​ 3,476 ​ ​ 3,092 ​ Total operating lease right-of-use assets ​ ​ ​ $ 3,444,331 ​ ​ 3,401,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term operating lease obligation ​ Short-term lease liabilities ​ $ 556,137 ​ ​ 552,806 ​ Long-term operating lease obligation ​ Long-term lease liabilities ​ ​ 2,888,194 ​ ​ 2,849,188 ​ Total operating lease obligation ​ ​ ​ $ 3,444,331 ​ ​ 3,401,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Vehicles ​ Other property and equipment ​ $ 2,159 ​ ​ 3,109 ​ Total finance lease right-of-use assets (2) ​ ​ ​ $ 2,159 ​ ​ 3,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term finance lease obligation ​ Short-term lease liabilities ​ $ 499 ​ ​ 726 ​ Long-term finance lease obligation ​ Long-term lease liabilities ​ ​ 1,660 ​ ​ 2,383 ​ Total finance lease obligation ​ ​ ​ $ 2,159 ​ ​ 3,109 ​ (1) Gas gathering lines and compressor stations includes $1.4 billion and $1.5 billon related to Antero Midstream as of December 31, 2022 and March 31, 2023, respectively. See “—Related party lease disclosure” for additional discussion. (2) Financing lease assets are recorded net of accumulated amortization of $1 million as of December 31, 2022 and March 31, 2023 .
Summary of costs associated with operating leases and finance leases	Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive loss (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Cost Classification Location 2022 2023 ​ Operating lease cost ​ Statement of operations ​ Gathering, compression, processing and transportation ​ $ 365,834 ​ ​ 381,283 ​ Operating lease cost ​ Statement of operations ​ General and administrative ​ ​ 2,867 ​ ​ 2,937 ​ Operating lease cost ​ Statement of operations ​ Contract termination ​ ​ — ​ ​ 1,122 ​ Operating lease cost ​ Statement of operations ​ Lease operating ​ ​ 45 ​ ​ 21 ​ Operating lease cost ​ Balance sheet ​ Proved properties (1) ​ ​ 7,759 ​ ​ 39,770 ​ Total operating lease cost ​ ​ ​ ​ ​ $ 376,505 ​ ​ 425,133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ Statement of operations ​ Depletion, depreciation and amortization ​ $ 118 ​ ​ 92 ​ Interest on lease liabilities ​ Statement of operations ​ Interest expense ​ ​ 14 ​ ​ 114 ​ Total finance lease cost ​ ​ ​ ​ ​ $ 132 ​ ​ 206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease payments ​ ​ ​ ​ ​ $ 48,760 ​ ​ 37,701 ​ (1) Capitalized costs related to drilling and completion activities.
Summary of supplemental cash flow information related to leases	The following table presents the Company’s supplemental cash flow information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 305,841 ​ ​ 315,665 ​ Operating cash flows from finance leases ​ ​ — ​ ​ 114 ​ Investing cash flows from operating leases ​ ​ 6,037 ​ ​ 32,880 ​ Financing cash flows from finance leases ​ ​ 134 ​ ​ 158 ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncash activities: ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease obligations ​ $ 5,321 ​ ​ 51,208 ​ Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net (1) ​ $ (25,926) ​ ​ 40,130 ​ (1) During the three months ended March 31, 2022, the weighted average discount rate for remeasured operating leases decreased from 6.3% as of December 31, 2021 to 3.6% as of March 31, 2022. During the three months ended March 31, 2023, the weighted average discount rate for remeasured operating leases increased from 5.2% as of December 31, 2022 to 5.8% as of March 31, 2023. ​
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 March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Financing Leases ​ Total ​ 2023 ​ $ 561,359 ​ ​ 891 ​ ​ 562,250 ​ 2024 ​ ​ 685,290 ​ ​ 1,181 ​ ​ 686,471 ​ 2025 ​ ​ 609,654 ​ ​ 1,139 ​ ​ 610,793 ​ 2026 ​ ​ 556,196 ​ ​ 804 ​ ​ 557,000 ​ 2027 ​ ​ 457,972 ​ ​ 38 ​ ​ 458,010 ​ Thereafter ​ ​ 1,252,713 ​ ​ — ​ ​ 1,252,713 ​ Total lease payments ​ ​ 4,123,184 ​ ​ 4,053 ​ ​ 4,127,237 ​ Less: imputed interest ​ ​ (721,190) ​ ​ (944) ​ ​ (722,134) ​ Total ​ $ 3,401,994 ​ ​ 3,109 ​ ​ 3,405,103 ​ ​
Summary of maturities of financing lease liabilities	The table below is a schedule of future minimum payments for operating and financing lease liabilities as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Financing Leases ​ Total ​ 2023 ​ $ 561,359 ​ ​ 891 ​ ​ 562,250 ​ 2024 ​ ​ 685,290 ​ ​ 1,181 ​ ​ 686,471 ​ 2025 ​ ​ 609,654 ​ ​ 1,139 ​ ​ 610,793 ​ 2026 ​ ​ 556,196 ​ ​ 804 ​ ​ 557,000 ​ 2027 ​ ​ 457,972 ​ ​ 38 ​ ​ 458,010 ​ Thereafter ​ ​ 1,252,713 ​ ​ — ​ ​ 1,252,713 ​ Total lease payments ​ ​ 4,123,184 ​ ​ 4,053 ​ ​ 4,127,237 ​ Less: imputed interest ​ ​ (721,190) ​ ​ (944) ​ ​ (722,134) ​ Total ​ $ 3,401,994 ​ ​ 3,109 ​ ​ 3,405,103 ​ ​
Summary of weighted-average remaining lease term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ ​ ​ ​ Operating Leases ​ Finance Leases ​ Operating Leases ​ Finance Leases ​ ​ Weighted average remaining lease term ​ 7.2 years ​ 3.5 years ​ 7.0 years ​ 3.5 years ​ ​ Weighted average discount rate ​ 5.3 % 7.4 % 5.6 % 8.0 % ​ ​

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments
Schedule of future minimum payments 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 the Company’s contractual obligations, which include leases that have a lease term in excess of one year as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Processing, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gathering, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Firm ​ Compression ​ Operating and ​ Imputed Interest ​ ​ ​ ​ ​ ​ ​ Transportation ​ and Water Service ​ Financing Leases ​ for Leases ​ Other ​ ​ ​ ​ (a) (b) (c) (c) (d) Total Remainder of 2023 ​ $ 886,835 ​ ​ 53,618 ​ ​ 426,736 ​ ​ 135,514 ​ ​ 641 ​ ​ 1,503,344 ​ 2024 ​ ​ 1,145,151 ​ ​ 62,892 ​ ​ 532,603 ​ ​ 153,869 ​ ​ — ​ ​ 1,894,515 ​ 2025 ​ ​ 1,131,583 ​ ​ 51,545 ​ ​ 486,033 ​ ​ 124,760 ​ ​ — ​ ​ 1,793,921 ​ 2026 ​ ​ 1,129,147 ​ ​ 18,368 ​ ​ 459,014 ​ ​ 97,985 ​ ​ — ​ ​ 1,704,514 ​ 2027 ​ ​ 1,124,462 ​ ​ 17,080 ​ ​ 384,371 ​ ​ 73,639 ​ ​ — ​ ​ 1,599,552 ​ Thereafter ​ ​ 5,465,800 ​ ​ 85,209 ​ ​ 1,116,346 ​ ​ 136,367 ​ ​ — ​ ​ 6,803,722 ​ Total ​ $ 10,882,978 ​ ​ 288,712 ​ ​ 3,405,103 ​ ​ 722,134 ​ ​ 641 ​ ​ 15,299,568 ​ ​

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 717,283 ​ ​ 69,038 ​ ​ 395 ​ ​ (395) ​ ​ 786,321 ​ Intersegment ​ ​ 519 ​ ​ — ​ ​ 218,096 ​ ​ (218,096) ​ ​ 519 ​ Total revenue ​ ​ 717,802 ​ ​ 69,038 ​ ​ 218,491 ​ ​ (218,491) ​ ​ 786,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 17,780 ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,780 ​ Gathering, compression, processing, transportation and water handling ​ ​ 590,278 ​ ​ — ​ ​ 42,012 ​ ​ (42,012) ​ ​ 590,278 ​ General and administrative ​ ​ 35,691 ​ ​ — ​ ​ 17,931 ​ ​ (17,931) ​ ​ 35,691 ​ Depletion, depreciation and amortization ​ ​ 168,388 ​ ​ — ​ ​ 28,300 ​ ​ (28,300) ​ ​ 168,388 ​ Impairment of property and equipment ​ ​ 22,462 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,462 ​ Other ​ ​ 57,944 ​ ​ 98,896 ​ ​ 1,094 ​ ​ (1,094) ​ ​ 156,840 ​ Total operating expenses ​ ​ 892,543 ​ ​ 98,896 ​ ​ 89,337 ​ ​ (89,337) ​ ​ 991,439 ​ Operating income (loss) ​ $ (174,741) ​ ​ (29,858) ​ ​ 129,154 ​ ​ (129,154) ​ ​ (204,599) ​ Equity in earnings of unconsolidated affiliates ​ $ 25,178 ​ ​ — ​ ​ 23,232 ​ ​ (23,232) ​ ​ 25,178 ​ Capital expenditures for segment assets ​ $ 215,876 ​ ​ — ​ ​ 84,267 ​ ​ (84,267) ​ ​ 215,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 1,349,476 ​ ​ 58,529 ​ ​ 272 ​ ​ (272) ​ ​ 1,408,005 ​ Intersegment ​ 343 ​ ​ — ​ ​ 259,203 ​ ​ (259,203) ​ ​ 343 ​ Total revenue ​ ​ 1,349,819 ​ ​ 58,529 ​ ​ 259,475 ​ ​ (259,475) ​ ​ 1,408,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 29,321 ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,321 ​ Gathering, compression, processing, transportation and water handling ​ ​ 645,172 ​ ​ — ​ ​ 57,873 ​ ​ (57,873) ​ ​ 645,172 ​ General and administrative ​ ​ 57,261 ​ ​ — ​ ​ 17,347 ​ ​ (17,347) ​ ​ 57,261 ​ Depletion, depreciation and amortization ​ ​ 167,582 ​ ​ — ​ ​ 35,196 ​ ​ (35,196) ​ ​ 167,582 ​ Impairment of property and equipment ​ ​ 15,560 ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,560 ​ Other ​ ​ 56,838 ​ ​ 105,124 ​ ​ 714 ​ ​ (714) ​ ​ 161,962 ​ Total operating expenses ​ ​ 971,734 ​ ​ 105,124 ​ ​ 111,130 ​ ​ (111,130) ​ ​ 1,076,858 ​ Operating income (loss) ​ $ 378,085 ​ ​ (46,595) ​ ​ 148,345 ​ ​ (148,345) ​ ​ 331,490 ​ Equity in earnings of unconsolidated affiliates ​ $ 17,681 ​ ​ — ​ ​ 24,456 ​ ​ (24,456) ​ ​ 17,681 ​ Capital expenditures for segment assets ​ $ 351,312 ​ ​ — ​ ​ 42,279 ​ ​ (42,279) ​ ​ 351,312 ​ ​ ​ The summarized assets of the Company’s reportable segments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ Intersegment ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Transactions and ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total ​ Investments in unconsolidated affiliates ​ $ 220,429 ​ ​ — ​ ​ 652,767 ​ ​ (652,767) ​ ​ 220,429 ​ Total assets ​ ​ 14,081,077 ​ ​ 36,962 ​ ​ 5,791,320 ​ ​ (5,791,320) ​ ​ 14,118,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Elimination of ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Method ​ Intersegment ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Transactions and ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream Affiliate Total Investments in unconsolidated affiliates ​ $ 219,515 ​ ​ — ​ ​ 643,118 ​ ​ (643,118) ​ ​ 219,515 ​ Total assets ​ ​ 13,855,955 ​ ​ 15,191 ​ ​ 5,779,728 ​ ​ (5,779,728) ​ ​ 13,871,146 ​

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
	Mar. 31, 2023
Subsidiary Guarantors
Schedule of summarized financial information of Antero and its guarantor subsidiaries	The tables set forth below present summarized financial information of Antero, as parent, and its guarantor subsidiaries (in thousands). The Company ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2022 ​ March 31, 2023 ​ Current assets ​ $ 739,104 ​ ​ 408,791 ​ Noncurrent assets ​ ​ 12,663,911 ​ ​ 12,782,007 ​ Total assets ​ $ 13,403,015 ​ ​ 13,190,798 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, related parties ​ $ 80,708 ​ ​ 99,784 ​ Other current liabilities ​ ​ 1,668,426 ​ ​ 1,386,904 ​ Total current liabilities ​ ​ 1,749,134 ​ ​ 1,486,688 ​ Noncurrent liabilities ​ ​ 5,306,539 ​ ​ 5,192,664 ​ Total liabilities ​ $ 7,055,673 ​ ​ 6,679,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Revenues ​ ​ ​ ​ $ 1,348,658 ​ Operating expenses ​ ​ ​ ​ ​ 1,064,939 ​ Income from operations ​ ​ ​ ​ ​ 283,719 ​ Net income and comprehensive income including noncontrolling interests ​ ​ ​ ​ ​ 213,431 ​ Net income and comprehensive income attributable to Antero Resources Corporation ​ ​ ​ ​ $ 213,431 ​

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable
Basis of Presentation
Book overdrafts	$ 46	$ 28
Revenue distributions payable
Basis of Presentation
Book overdrafts	$ 31	$ 43

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Significant Accounting Policies
Net income (loss) attributable to Antero Resources Corporation-common shareholders	$ 213,431	$ (156,419)
Add: Interest expense for 2026 Convertible Notes	616
Less: Tax-effect of interest expense for 2026 Convertible Notes	(132)
Net income (loss) attributable to Antero Resources Corporation-common shareholders and assumed conversions	$ 213,915	$ (156,419)
Income (loss) per share-basic (in dollars per share)	$ 0.72	$ (0.50)
Income (loss) per share-diluted (in dollars per share)	$ 0.69	$ (0.50)
Weighted average common shares outstanding-basic (in shares)	296,763	314,081
Weighted average common shares outstanding-diluted (in shares)	311,846	314,081

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share and New Accounting Principle
Basic weighted average number of shares outstanding	296,763	314,081
Diluted weighted average number of shares outstanding	311,846	314,081
RSUs
Earnings per share and New Accounting Principle
Add: Dilutive effect	2,150
Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share	969	4,878
PSUs
Earnings per share and New Accounting Principle
Add: Dilutive effect	1,060
Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share	414	3,443
Stock options
Earnings per share and New Accounting Principle
Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share	324	351
4.25% convertible senior notes due 2026
Earnings per share and New Accounting Principle
Add: Dilutive effect	11,873
Weighted average number of outstanding securities excluded from calculation of diluted earnings per common share		18,778

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Aug. 21, 2020
Recently Issued Accounting Standards
Additional paid-in capital	$ 5,806,031		$ 5,838,848
Long-term debt	1,312,046		1,183,476
Deferred income tax liability, net	822,010		759,861
Retained earnings	1,102,340		913,896
4.25% convertible senior notes due 2026
Recently Issued Accounting Standards
Long-term debt	$ 38,673		$ 55,773
Effective interest rate (as a percent)					15.10%	15.10%
Accounting Standards Update 2020-06 | Adjustment Effect
Recently Issued Accounting Standards
Additional paid-in capital				$ (24,000)
Long-term debt				27,000
Deferred income tax liability, net				(6,000)
Retained earnings				$ 3,000
Accounting Standards Update 2020-06 | Adjustment Effect | 4.25% convertible senior notes due 2026
Recently Issued Accounting Standards
Effective interest rate (as a percent)		4.90%

Transactions (Details)

Transactions (Details) ft in Thousands, $ in Millions			3 Months Ended		12 Months Ended
	Apr. 01, 2023 ft	Jun. 15, 2020 ft	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Feb. 17, 2021
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)		2,200
Horizontal wells turned to sales, threshold two (in lateral feet)		3,820
Incremental override (percentage)		2%
Percentage of distributions received		85%
ORRI | Minimum
Transactions
Horizontal wells turned to sales	2,200
ORRI | Maximum
Transactions
Horizontal wells turned to sales	3,820
ORRI | Sixth Street
Transactions
Internal rate of return threshold		13%
Cash on cash return threshold		150%
Drilling Partnership | QL
Transactions
Cash contribution | $					$ 29
Percent of total development capital spending in current year funded by drilling partner						20%
Percent of total development capital spending in the next year to be funded by drilling partner						15%
Percent of total development capital spending in year two to be funded by drilling partner						15%
Gain (loss) on interests conveyed | $			$ 0	$ 0
Drilling Partnership | QL | Minimum
Transactions
Percent of total development capital spending in year three to be funded by drilling partner						15%
Drilling Partnership | QL | Maximum
Transactions
Percent of total development capital spending in year three to be funded by drilling partner						20%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Revenue	$ 1,274,265	$ 1,788,429
Income (loss) from derivatives, deferred revenue and other sources	134,083	(1,001,589)
Total revenue	1,408,348	786,840
Natural gas sales
Disaggregation of Revenue
Total revenue	668,315	995,792
Oil sales
Disaggregation of Revenue
Total revenue	51,811	63,294
Marketing
Disaggregation of Revenue
Total revenue	58,529	69,038
Exploration and production | Natural gas sales
Disaggregation of Revenue
Revenue	668,315	995,792
Exploration and production | Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenue	72,050	67,063
Exploration and production | Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenue	423,385	593,242
Exploration and production | Oil sales
Disaggregation of Revenue
Revenue	51,811	63,294
Exploration and production | Other
Disaggregation of Revenue
Revenue	175
Marketing | Marketing
Disaggregation of Revenue
Revenue	$ 58,529	$ 69,038

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 379,337	$ 707,685

Equity Method Investment (Detai

Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliate	$ 17,681	$ 25,178
Dividends from unconsolidated affiliate	$ (31,285)	$ (31,285)
Antero Midstream Corporation
Equity Method Investments
Ownership percentage	29%
Investments in unconsolidated affiliates
Balance at beginning of period	$ 220,429
Equity in earnings of unconsolidated affiliate	17,681
Dividends from unconsolidated affiliate	(31,285)
Elimination of intercompany profit	12,690
Balance at end of period	$ 219,515
Fair value of investment			$ 1,500,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities
Capital expenditures	$ 44,213	$ 57,361
Gathering, compression, processing, and transportation expenses	159,375	162,783
Marketing expenses	27,073	61,118
Interest expense, net	13,582	31,892
Production and ad valorem taxes	36,861	32,536
General and administrative expense	20,260	32,477
Derivative settlements payable	411	53,732
Other	16,309	29,889
Total accrued liabilities	$ 318,084	$ 461,788

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands, shares in Millions					1 Months Ended	3 Months Ended		12 Months Ended	15 Months Ended
	Jun. 01, 2021 USD ($)	Jan. 26, 2021 USD ($)	Jan. 04, 2021 USD ($)	Aug. 21, 2020 USD ($) D	Sep. 02, 2020 USD ($)	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 18, 2021 USD ($)	Dec. 21, 2016 USD ($)
Long-Term Debt
Total principal						$ 1,323,511			$ 1,323,511	$ 1,195,717
Unamortized debt issuance costs						(11,465)			(11,465)	(12,241)
Long-term debt						1,312,046			1,312,046	1,183,476
Aggregate principal amount converted						17,172
Loss on convertible note equitizations						86
Gain (loss) on extinguishment of debt repurchased							$ (10,654)
Credit Facility
Long-Term Debt
Credit facility						180,100			180,100	34,800
Current borrowing base						3,500,000			3,500,000	3,500,000
Lender commitments						$ 1,500,000			1,500,000	1,500,000
Debt maturity threshold days						180 days
Available borrowing capacity						$ 816,000			816,000
Outstanding letters of credit						$ 504,000			$ 504,000	$ 504,000
Weighted average interest rate (as a percent)						6.91%			6.91%	6.42%
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)						0.375%
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)						0.50%
5.00% senior notes due 2025
Long-Term Debt
Senior notes												$ 600,000
Interest rate (as a percent)												5%
Issue price as percentage of par value												100%
5.00% senior notes due 2025 | Debt Repurchase Program
Long-Term Debt
Amount of debt repurchased							585,000
Gain (loss) on extinguishment of debt repurchased							$ (11,000)
Percentage of redeemed amount							101.25%
8.375% Senior Notes Due 2026
Long-Term Debt
Senior notes			$ 500,000			$ 96,870			$ 96,870	$ 96,870
Interest rate (as a percent)			8.375%			8.375%			8.375%	8.375%
Issue price as percentage of par value			100%
Redemption price of the debt instrument in the event of change of control (as a percent)			101%
Amount of debt repurchased										$ 403,000
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%
8.375% Senior Notes Due 2026 | Prior to January 15, 2024
Long-Term Debt
Redemption price			100%
7.625% Senior Notes Due 2029
Long-Term Debt
Senior notes		$ 700,000				$ 407,115			$ 407,115	$ 407,115
Interest rate (as a percent)		7.625%				7.625%			7.625%	7.625%
Issue price as percentage of par value		100%
Redemption price of the debt instrument in the event of change of control (as a percent)		101%
Amount of debt repurchased										$ 293,000	$ 116,000
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%
7.625% Senior Notes Due 2029 | On or before February 1, 2024
Long-Term Debt
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)		107.625%
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings		35%
7.625% Senior Notes Due 2029 | Prior to February 1, 2024
Long-Term Debt
Redemption price		100%
5.375% senior notes due 2030
Long-Term Debt
Senior notes	$ 600,000					$ 600,000			$ 600,000	$ 600,000
Interest rate (as a percent)	5.375%					5.375%			5.375%	5.375%
Issue price as percentage of par value	100%
Redemption price of the debt instrument in the event of change of control (as a percent)	101%
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%
5.375% senior notes due 2030 | On or Before March 1, 2025
Long-Term Debt
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)	105.375%
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings	35%
5.375% senior notes due 2030 | Prior to March 1, 2025
Long-Term Debt
Redemption price	100%
4.25% convertible senior notes due 2026
Long-Term Debt
Convertible senior notes				$ 250,000	$ 37,500	$ 39,426			$ 39,426	$ 56,932
Unamortized discount, net				$ (116,000)
Unamortized debt issuance costs						(753)			(753)	(1,159)
Long-term debt						$ 38,673			$ 38,673	$ 55,773
Interest rate (as a percent)				4.25%		4.25%			4.25%	4.25%
Amount of debt converted								$ 206,000	$ 43,000
Issuance of convertible notes					278,500
Payments of deferred financing costs					$ 9,000
Conversion rate				230.2026
If-converted value						$ 210,000			210,000
If-converted value above principal amount						170,000			$ 170,000
Aggregate principal amount converted						9,000
Aggregate principal amount induced into conversion						$ 9,000
Shares issued to cover conversions (in shares) | shares						4
Cash inducement premium						$ 100
Effective interest rate (as a percent)				15.10%				15.10%
Interest expense							$ 1,000
4.25% convertible senior notes due 2026 | Convertible debt threshold minimum percentage
Long-Term Debt
Stock price trigger				98%
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%
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
	Mar. 31, 2023	Mar. 31, 2022
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 59,485
Obligations incurred	248
Accretion expense	878
Settlement of obligations	(308)	$ (886)
Revisions to prior estimates	196
Asset retirement obligations - end of period	$ 60,499

Equity-Based Compensation and_3

Equity-Based Compensation and Cash Awards (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 12, 2019	Mar. 31, 2023	Mar. 31, 2022	Jun. 17, 2020	Mar. 11, 2019
Stock-based compensation expense
Equity based compensation expense recognized		$ 13,018	$ 4,649
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		6,196,477
AMP Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized					10,000,000
AMC Plan RSUs
Stock-based compensation expense
Conversion rate	1.8926
RSUs
Stock-based compensation expense
Equity based compensation expense recognized		$ 7,262	2,720
PSUs
Stock-based compensation expense
Equity based compensation expense recognized		5,405	1,419
Converted AM RSU Awards
Stock-based compensation expense
Equity based compensation expense recognized		1	160
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized		$ 350	$ 350

Equity-Based Compensation and_4

Equity-Based Compensation and Cash Awards - Restricted Stock and RSU Awards (Details) - RSUs $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Number of shares
Total awarded and unvested at the beginning of the period (in shares) | shares	4,676,219
Granted (in shares) | shares	1,425,619
Vested (in shares) | shares	(892,595)
Forfeited (in shares) | shares	(58,898)
Total awarded and unvested at the end of the period (in shares) | shares	5,150,345
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 15.29
Granted (in dollars per share) | $ / shares	25.98
Vested (in dollars per share) | $ / shares	3.20
Forfeited (in dollars per share) | $ / shares	22.46
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 20.27
Unamortized equity-based compensation expense | $	$ 84
Weighted average period for recognizing unrecognized stock-based compensation expense	2 years 6 months

Equity-Based Compensation and_5

Equity-Based Compensation and Cash Awards - PSU awards (Details) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended
	Mar. 31, 2023 USD ($) period $ / shares shares	Jul. 31, 2020 USD ($)	Jan. 31, 2020 USD ($) tranche	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Cash Awards
Unvested cash awards recorded in other liabilities | $	$ 1			$ 1	$ 1
2013 Plan
Cash Awards
Cash awards granted | $			$ 3
Number of tranches related to cash awards | tranche			3
2020 Plan
Cash Awards
Cash awards granted | $		$ 3
Vesting period for cash awards		4 years
PSUs
Number of units
Total awarded and unvested at the beginning of the period (in shares) | shares				1,329,725
Granted (in shares) | shares				417,466
Total awarded and unvested at the end of the period (in shares) | shares	1,747,191			1,747,191
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) | $ / shares				$ 23.18
Granted (in dollars per share) | $ / shares				28.51
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 24.45			$ 24.45
Additional disclosures
Unamortized equity-based compensation expense | $	$ 41			$ 41
Weighted average period for recognizing unrecognized stock-based compensation expense				1 year 9 months 18 days
PSU Awards Based on Absolute TSR
Weighted-average assumptions used to calculate fair value of performance share units granted
Volatility (as a percent)				82%
Risk-free interest rate (as a percent)				4.61%
Weighted average fair value of awards granted - Absolute TSR | $ / shares				$ 33.96
PSU Awards Based on Absolute TSR | Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0%
PSU Awards Based on Absolute TSR | Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200%
PSU Awards Based on Absolute TSR | One Year Period
Stock-based compensation
Service period	1 year
Number of performance periods | period	3
PSU Awards Based on Absolute TSR | Three Year Period
Stock-based compensation
Service period	3 years
Number of cumulative performance periods | period	1
2023 PSU Awards Based on Leverage Ratio
Stock-based compensation
Service period	1 year
Number of performance periods | period	3
2023 PSU Awards Based on Leverage Ratio | Minimum
Stock-based compensation
Number of PSUs that may vest, as a percent	0%
2023 PSU Awards Based on Leverage Ratio | Maximum
Stock-based compensation
Number of PSUs that may vest, as a percent	200%

Equity-Based Compensation and_6

Equity-Based Compensation and Cash Awards - Converted AM RSU Awards (Details) - Converted AM RSU Awards	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of units
Total awarded and unvested at the beginning of the period (in shares) | shares	2,827
Vested (in shares) | shares	(2,827)
Weighted average grant date fair value
Total awarded and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 12.38
Vested (in dollars per share) | $ / shares	$ 12.38

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value | Level 2 market data
Financial Instruments
Value	$ 1,281,879	$ 1,474,146
Fair value | Level 2 market data | 8.375% Senior Notes Due 2026
Financial Instruments
Value	100,987	100,987
Fair value | Level 2 market data | 7.625% Senior Notes Due 2029
Financial Instruments
Value	415,257	410,860
Fair value | Level 2 market data | 5.375% senior notes due 2030
Financial Instruments
Value	556,500	556,260
Fair value | Level 2 market data | 4.25% convertible senior notes due 2026
Financial Instruments
Value	209,135	406,039
Carrying value
Financial Instruments
Value	1,131,946	1,148,676
Carrying value | 8.375% Senior Notes Due 2026
Financial Instruments
Value	96,179	96,123
Carrying value | 7.625% Senior Notes Due 2029
Financial Instruments
Value	403,011	402,872
Carrying value | 5.375% senior notes due 2030
Financial Instruments
Value	594,083	593,908
Carrying value | 4.25% convertible senior notes due 2026
Financial Instruments
Value	$ 38,673	$ 55,773

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details)	Mar. 31, 2023 MMBTU / d bbl / d $ / bbl $ / MMBTU
Natural gas. | Henry Hub | April-December 2023
Derivative Instruments
Notional amount | MMBTU / d	55,000
Natural gas. | Henry Hub | January-December 2024
Derivative Instruments
Notional amount | MMBTU / d	53,000
Natural gas. | Henry Hub | January-December 2025
Derivative Instruments
Notional amount | MMBTU / d	44,000
Natural gas. | Henry Hub | January-December 2026
Derivative Instruments
Notional amount | MMBTU / d	32,000
Natural gas. | NYMEX to TCO | April-December 2023
Derivative Instruments
Notional amount | MMBTU / d	50,000
Weighted average hedged differential	0.525
Natural gas. | NYMEX to TCO | January-December 2024
Derivative Instruments
Notional amount | MMBTU / d	50,000
Weighted average hedged differential	0.530
Swaps | Natural gas. | Henry Hub | April-December 2023
Derivative Instruments
Notional amount | MMBTU / d	43,000
Weighted average index price	2.37
Swaps | Natural gas. | Henry Hub | April-December 2023 | VIE, Martica
Derivative Instruments
Notional amount | MMBTU / d	33,955
Weighted average index price	2.35
Swaps | Natural gas. | Henry Hub | January-December 2024 | VIE, Martica
Derivative Instruments
Notional amount | MMBTU / d	23,885
Weighted average index price	2.33
Swaps | Natural gas. | Henry Hub | January-March 2025 | VIE, Martica
Derivative Instruments
Notional amount | MMBTU / d	18,021
Weighted average index price	2.53
Swaps | Natural Gasoline | Mont Belvieu Natural Gasoline-OPIS Non-TET | April-December 2023 | VIE, Martica
Derivative Instruments
Notional amount | bbl / d	240
Weighted average index price | $ / bbl	40.74
Swaps | Oil | West Texas Intermediate | April-December 2023 | VIE, Martica
Derivative Instruments
Notional amount | bbl / d	88
Weighted average index price | $ / bbl	44.85
Swaps | Oil | West Texas Intermediate | January-December 2024 | VIE, Martica
Derivative Instruments
Notional amount | bbl / d	43
Weighted average index price | $ / bbl	44.02
Swaps | Oil | West Texas Intermediate | January-March 2025 | VIE, Martica
Derivative Instruments
Notional amount | bbl / d	39
Weighted average index price | $ / bbl	45.06
Call option and embedded put option | Natural gas. | Put option | Henry Hub | April-December 2023
Derivative Instruments
Strike price	2.466
Call option and embedded put option | Natural gas. | Put option | Henry Hub | January-December 2024
Derivative Instruments
Strike price	2.527
Call option and embedded put option | Natural gas. | Put option | Henry Hub | January-December 2025
Derivative Instruments
Strike price	2.614
Call option and embedded put option | Natural gas. | Put option | Henry Hub | January-December 2026
Derivative Instruments
Strike price	2.679
Call option and embedded put option | Natural gas. | Call Option | Henry Hub | April-December 2023
Derivative Instruments
Strike price	2.466
Call option and embedded put option | Natural gas. | Call Option | Henry Hub | January-December 2024
Derivative Instruments
Strike price	2.477
Call option and embedded put option | Natural gas. | Call Option | Henry Hub | January-December 2025
Derivative Instruments
Strike price	2.564
Call option and embedded put option | Natural gas. | Call Option | Henry Hub | January-December 2026
Derivative Instruments
Strike price	2.629

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 6,242	$ 1,900
Noncurrent portion of fair value of derivative assets	9,825	9,844
Current portion of fair value of derivative liabilities	28,716	97,765
Noncurrent portion of fair value of derivative liabilities	75,854	345,280
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	16,067	11,744
Total liability derivatives	104,570	443,045
Net derivatives liability	(88,503)	(431,301)
Derivatives not designated as hedges for accounting purposes | Commodity derivatives
Fair value of derivative instruments
Current portion of fair value of derivative assets	397
Current portion of fair value of derivative liabilities	28,716	97,765
Noncurrent portion of fair value of derivative liabilities	75,854	345,280
Derivatives not designated as hedges for accounting purposes | Commodity derivatives | VIE, Martica
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	9,000	28,000
Noncurrent portion of fair value of derivative liabilities	10,000	19,000
Total liability derivatives	19,000	47,000
Derivatives not designated as hedges for accounting purposes | Embedded derivatives
Fair value of derivative instruments
Current portion of fair value of derivative assets	5,845	1,900
Noncurrent portion of fair value of derivative assets	$ 9,825	$ 9,844

Derivative Instruments - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commodity derivatives
Commodity derivative assets
Gross amounts on balance sheet	$ 3,043	$ 276
Gross amounts offset on balance sheet	(2,646)	(276)
Total asset derivatives	397
Commodity derivative liabilities
Gross amounts on balance sheet	(107,216)	(443,321)
Gross amounts offset on balance sheet	2,646	276
Total liability derivatives	(104,570)	(443,045)
Embedded derivatives
Commodity derivative assets
Gross amounts on balance sheet	15,670	11,744
Total asset derivatives	$ 15,670	$ 11,744

Derivative Instruments - Fair_2

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ 126,192	$ (1,011,380)
Payments for derivative monetizations	202,339
Commodity derivatives
Summary of realized and unrealized gains (losses) on derivative instruments
Payments for derivative monetizations	202,000
Commodity derivatives | Revenue.
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	127,080	(994,483)
Embedded derivatives | Revenue.
Summary of realized and unrealized gains (losses) on derivative instruments
Derivative fair value gains (losses)	$ (888)	$ (16,897)

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2023
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	Mar. 31, 2023	Dec. 31, 2022
Lease Assets
Operating leases right-of-use assets	$ 3,401,994	$ 3,444,331
Short-term operating lease obligation	$ 552,806	$ 556,137
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Long-term operating lease obligation	$ 2,849,188	$ 2,888,194
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Noncurrent	Operating And Finance Lease Liability Noncurrent
Total operating lease obligation	$ 3,401,994	$ 3,444,331
Finance leases, right of use assets	3,109	2,159
Short-term finance lease obligation	$ 726	$ 499
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Long-term finance lease obligation	$ 2,383	$ 1,660
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating And Finance Lease Liability Noncurrent	Operating And Finance Lease Liability Noncurrent
Total finance lease obligation	$ 3,109	$ 2,159
Finance leases, accumulated amortization	1,000	1,000
Vehicles
Lease Assets
Operating leases right-of-use assets	$ 434	$ 756
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	$ 3,109	$ 2,159
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	$ 3,092	$ 3,476
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	$ 1,791,025	$ 1,849,116
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 rigs and completion services
Lease Assets
Operating leases right-of-use assets	$ 68,932	$ 85,405
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	$ 1,497,721	$ 1,463,756
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	$ 1,500,000	$ 1,400,000
Office space
Lease Assets
Operating leases right-of-use assets	$ 40,790	$ 41,822
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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Leases
Total operating lease cost	$ 425,133	$ 376,505
Total finance lease cost	206	132
Short-term lease payments	37,701	48,760
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	315,665	305,841
Operating cash flows from finance leases	114
Investing cash flows from operating leases	32,880	6,037
Financing cash flows from finance leases	158	134
Right-of-use assets obtained in exchange for new operating lease obligations	51,208	5,321
Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net	$ 40,130	$ (25,926)
Weighted average discount rate for remeasured operating leases (as a percent)	5.80%	3.60%	5.20%	6.30%
Proved properties
Leases
Total operating lease cost	$ 39,770	$ 7,759
Gathering, compression, water handling and treatment, processing, and transportation
Leases
Total operating lease cost	381,283	365,834
General and administrative.
Leases
Total operating lease cost	2,937	2,867
Contract termination
Leases
Total operating lease cost	1,122
Lease operating.
Leases
Total operating lease cost	21	45
Depletion, depreciation and amortization
Leases
Amortization of right-of-use assets	92	118
Interest expense
Leases
Interest on lease liabilities	$ 114	$ 14

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Future minimum payments for operating lease liabilities
Remainder of 2023	$ 561,359
2024	685,290
2025	609,654
2026	556,196
2027	457,972
Thereafter	1,252,713
Total lease payments	4,123,184
Less: imputed interest	(721,190)
Total operating lease obligation	3,401,994	$ 3,444,331
Future minimum payments for financing lease liabilities
Remainder of 2023	891
2024	1,181
2025	1,139
2026	804
2027	38
Total lease payments	4,053
Less: imputed interest	(944)
Total finance lease obligation	3,109	$ 2,159
Future minimum payments for total lease liabilities
Remainder of 2023	562,250
2024	686,471
2025	610,793
2026	557,000
2027	458,010
Thereafter	1,252,713
Total lease payments	4,127,237
Less: imputed interest	(722,134)
Total	$ 3,405,103

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases
Weighted-average remaining lease term: Operating lease	7 years	7 years 2 months 12 days
Weighted-average discount rate: Operating lease	5.60%	5.30%
Weighted-average remaining lease term: Finance lease	3 years 6 months	3 years 6 months
Weighted-average discount rate: Finance lease	8%	7.40%

Leases - Related Party Lease Di

Leases - Related Party Lease Disclosure (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 08, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases
Accounts payable, related parties		$ 99,784		$ 80,708
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%
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%
Term of lease	10 years
Notice period	180 days
Rebate received		12,000
Gathering and compression fees paid		176,000	$ 163,000
Accounts payable, related parties		$ 70,000		$ 59,000
Percentage of rate of return	13%
Term for rate of return on constructions	7 years
Antero Midstream Corporation | Marcellus
Leases
Minimum volume commitments that require Antero to utilize or pay certain percentage of the capacity of new construction of compressor stations (as a percent)	25%
Term of lease	10 years

Commitments (Details)

Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) MMBTU / d	Mar. 31, 2023 USD ($)
Future minimum payments
Remainder of 2023		$ 1,503,344
2024		1,894,515
2025		1,793,921
2026		1,704,514
2027		1,599,552
Thereafter		6,803,722
Total		15,299,568
Commitments
Early termination of commitment per day (in MMBtu/d) | MMBTU / d	200,000
Cash payment for early termination	$ 24,000
Firm transportation
Future minimum payments
Remainder of 2023		886,835
2024		1,145,151
2025		1,131,583
2026		1,129,147
2027		1,124,462
Thereafter		5,465,800
Total		10,882,978
Processing, Gathering, Compression and Water Service
Future minimum payments
Remainder of 2023		53,618
2024		62,892
2025		51,545
2026		18,368
2027		17,080
Thereafter		85,209
Total		288,712
Land payment obligations
Future minimum payments
Remainder of 2023		426,736
2024		532,603
2025		486,033
2026		459,014
2027		384,371
Thereafter		1,116,346
Total		3,405,103
Operating and Financing Leases
Future minimum payments
Remainder of 2023		135,514
2024		153,869
2025		124,760
2026		97,985
2027		73,639
Thereafter		136,367
Total		722,134
Imputed Interest for Leases
Future minimum payments
Remainder of 2023		641
Total		$ 641

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Operating results and assets of reportable segments
Number of reportable segments | segment	3
Sales and revenues:
Sales and revenues - Third-party	$ 1,408,005	$ 786,321
Sales and revenues - Intersegment	343	519
Revenues	1,408,348	786,840
Operating expenses:
Lease operating	29,321	17,780
General and administrative	57,261	35,691
Depletion, depreciation and amortization	167,582	168,388
Impairment of oil and gas properties	15,560	22,462
Other	161,962	156,840
Total operating expenses	1,076,858	991,439
Operating income (loss)	331,490	(204,599)
Equity in earnings of unconsolidated affiliate	17,681	25,178
Capital expenditures for segment assets	351,312	215,876
Investments in unconsolidated affiliates	219,515		$ 220,429
Total assets	13,871,146		14,118,039
Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	645,172	590,278
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues - Third-party	1,349,476	717,283
Sales and revenues - Intersegment	343	519
Revenues	1,349,819	717,802
Operating expenses:
Lease operating	29,321	17,780
General and administrative	57,261	35,691
Depletion, depreciation and amortization	167,582	168,388
Impairment of oil and gas properties	15,560	22,462
Other	56,838	57,944
Total operating expenses	971,734	892,543
Operating income (loss)	378,085	(174,741)
Equity in earnings of unconsolidated affiliate	17,681	25,178
Capital expenditures for segment assets	351,312	215,876
Investments in unconsolidated affiliates	219,515		220,429
Total assets	13,855,955		14,081,077
Operating segments | Exploration and production | Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	645,172	590,278
Operating segments | Marketing
Sales and revenues:
Sales and revenues - Third-party	58,529	69,038
Revenues	58,529	69,038
Operating expenses:
Other	105,124	98,896
Total operating expenses	105,124	98,896
Operating income (loss)	(46,595)	(29,858)
Total assets	15,191		36,962
Operating segments | Antero Midstream Corporation
Sales and revenues:
Sales and revenues - Third-party	272	395
Sales and revenues - Intersegment	259,203	218,096
Revenues	259,475	218,491
Operating expenses:
General and administrative	17,347	17,931
Depletion, depreciation and amortization	35,196	28,300
Other	714	1,094
Total operating expenses	111,130	89,337
Operating income (loss)	148,345	129,154
Equity in earnings of unconsolidated affiliate	24,456	23,232
Capital expenditures for segment assets	42,279	84,267
Investments in unconsolidated affiliates	643,118		652,767
Total assets	5,779,728		5,791,320
Operating segments | Antero Midstream Corporation | Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	57,873	42,012
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues - Third-party	(272)	(395)
Sales and revenues - Intersegment	(259,203)	(218,096)
Revenues	(259,475)	(218,491)
Operating expenses:
General and administrative	(17,347)	(17,931)
Depletion, depreciation and amortization	(35,196)	(28,300)
Other	(714)	(1,094)
Total operating expenses	(111,130)	(89,337)
Operating income (loss)	(148,345)	(129,154)
Equity in earnings of unconsolidated affiliate	(24,456)	(23,232)
Capital expenditures for segment assets	(42,279)	(84,267)
Investments in unconsolidated affiliates	(643,118)		(652,767)
Total assets	(5,779,728)		$ (5,791,320)
Elimination of intersegment transaction | Gathering, compression, water handling and treatment, processing, and transportation
Operating expenses:
Cost of goods and services sold	$ (57,873)	$ (42,012)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Total current assets	$ 437,642	$ 787,525
Total assets	13,871,146	14,118,039
Liabilities and Stockholders' Equity
Accounts payable, related parties	99,784	80,708
Other current liabilities	2,103	1,707
Total current liabilities	1,497,541	1,774,909
Total liabilities	6,700,754	7,100,885
Parent (Antero) And Guarantor Subsidiaries
Current assets:
Other current assets	408,791	739,104
Noncurrent assets	12,782,007	12,663,911
Total assets	13,190,798	13,403,015
Liabilities and Stockholders' Equity
Accounts payable, related parties	99,784	80,708
Other current liabilities	1,386,904	1,668,426
Total current liabilities	1,486,688	1,749,134
Noncurrent liabilities	5,192,664	5,306,539
Total liabilities	$ 6,679,352	$ 7,055,673

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Operations
Revenues	$ 1,274,265	$ 1,788,429
Operating expenses	1,076,858	991,439
Income (loss) from operations	331,490	(204,599)
Net income and comprehensive income including noncontrolling interests	261,202	(174,696)
Net income and comprehensive income attributable to Antero Resources Corporation	213,431	$ (156,419)
Parent (Antero) And Guarantor Subsidiaries
Statement of Operations
Revenues	1,348,658
Operating expenses	1,064,939
Income (loss) from operations	283,719
Net income and comprehensive income including noncontrolling interests	213,431
Net income and comprehensive income attributable to Antero Resources Corporation	$ 213,431