What changed in this filing

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Item 1. Financial Statements

2025-10-29 compared with 2025-07-30 · 179 added, 133 removed, 929 unchanged (25% of the section changed)

54 unchanged sentences

(In thousands, except per share amounts)

September 30,

Current assets:

43 unchanged sentences

authorized - 1,000,000 shares;

311,165 and 309,869 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively

311,165 and 308,385 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively

Additional paid-in capital

7 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended June 30,

Three Months Ended September 30,

Revenue and other:

1 unchanged sentence

Natural gas liquids sales

Commodity derivative fair value gains (losses)

Commodity derivative fair value gains

Amortization of deferred revenue, VPP

31 unchanged sentences

(In thousands, except per share amounts)

Six Months Ended June 30,

Nine Months Ended September 30,

Revenue and other:

1 unchanged sentence

Natural gas liquids sales

Commodity derivative fair value gains (losses)

Commodity derivative fair value gains

Amortization of deferred revenue, VPP

44 unchanged sentences

Balances, June 30, 2024

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

Equity-based compensation

Distributions to noncontrolling interests

Net income (loss) and comprehensive income (loss)

Balances, September 30, 2024

See accompanying notes to unaudited condensed consolidated financial statements.

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(In thousands)

Noncontrolling

Balances, December 31, 2024

11 unchanged sentences

Balances, June 30, 2025

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

Repurchases and retirements of common stock

Equity-based compensation

Distributions to noncontrolling interest

Net income and comprehensive income

Balances, September 30, 2025

See accompanying notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows provided by (used in) operating activities:

2 unchanged sentences

Depletion, depreciation, amortization and accretion

Commodity derivative fair value losses (gains)

Impairment of property and equipment

Commodity derivative fair value gains

Gains (losses) on settled commodity derivatives

22 unchanged sentences

Additions to other property and equipment

Acquisitions of oil and gas properties

Proceeds from asset sales

8 unchanged sentences

( 3,686,800 )

Payment of debt issuance costs

Distributions to noncontrolling interests in Martica Holdings LLC

6 unchanged sentences

Cash paid during the period for interest

Decrease in accounts payable and accrued liabilities for additions to property and equipment

Decrease in accounts payable, accrued liabilities and other current liabilities for additions to property and equipment

Increase in other current liabilities for acquisitions of oil and gas properties

See accompanying notes to unaudited condensed consolidated financial statements.

10 unchanged sentences

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, 2024 and June 30, 2025, results of operations for the three and six months ended June 30, 2024 and 2025 and cash flows for the six months ended June 30, 2024 and 2025.

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, 2024 and September 30, 2025, results of operations for the three and nine months ended September 30, 2024 and 2025 and cash flows for the nine months ended September 30, 2024 and 2025.

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 three and six months ended June 30, 2025 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.

Operating results for the three and nine months ended September 30, 2025 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.

In the course of preparing our consolidated financial statements for the year ended December 31, 2024, the Company identified an error in the quarterly calculations related to depletion expense of the Company’s proved oil and gas properties.

9 unchanged sentences

As of December 31, 2024, the book overdrafts included within accounts payable and revenue distributions payable were $ 14 million and $ 17 million, respectively.

As of June 30, 2025, the book overdrafts included within accounts payable and revenue distributions payable were $ 4 million and $ 23 million, respectively.

As of September 30, 2025 , the book overdrafts included within accounts payable and revenue distributions payable were each $ 20 million.

ANTERO RESOURCES CORPORATION

6 unchanged sentences

The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding during the periods presented (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended

Nine Months Ended

September 30,

Basic weighted average number of common shares outstanding

11 unchanged sentences

115-97, commonly referred to as the Tax Cuts and Jobs Act.

These changes include, among others, permanently restoring an EBITDA-based business interest deduction limitation, 100% bonus depreciation for certain property and immediate expensing for certain domestic research and experimental expenditures.

These changes include, among others, permanently restoring an earnings before interest, taxes, depreciation and amortization expense based business interest deduction limitation, 100% bonus depreciation for certain property and immediate expensing for certain domestic research and experimental expenditures.

All effects of changes in tax laws are recognized in the condensed consolidated financial statements during the period of enactment.

As such, the effects of the OBBB are not reflected in the Company's provision for income taxes as of and for the three and six months ended June 30, 2025.

The Company is evaluating the impact of the OBBB on its condensed consolidated financial statements.

As such, the effects of the OBBB are reflected in the Company's provision for income taxes as of and for the three and nine months ended September 30, 2025.

The OBBB is not expected to have a material effect on income tax expense for the year ending December 31, 2025.

Recently Adopted or Issued Accounting Standards

13 unchanged sentences

ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted.

The Company is evaluating the impact that ASU 2023-09 will have on the consolidated financial statements and the transition method it plans to use for adoption.

The Company plans to adopt ASU 2023-09 in the Annual Report on Form 10-K for the year ending December 31, 2025.

The Company plans to adopt ASU 2023-09 on a retrospective basis in the Annual Report on Form 10-K for the year ending December 31, 2025.

The Company does not expect the adoption of ASU 2023-09 to have a material impact on the Company’s consolidated financial statements.

Disaggregation of Income Statement Expenses

9 unchanged sentences

On February 17, 2021, the Company 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 (“2021-2024 Drilling Partnership”).

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 the Company during such tranche year.

Under the terms of the arrangement, each year in which QL participated represented an annual tranche, and QL was conveyed a working interest in any wells spud by the Company during such tranche year.

For 2021 through 2024, the Company 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 all four annual tranches.

The Company develops and manages the drilling program associated with each tranche, including the selection of wells.

Additionally, for each annual tranche, the Company 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 development capital of 20 % for wells spud in 2021 and 2024 and 15 % for wells spud in 2022 and 2023, which funding amounts represent QL’s proportionate working interest in such wells.

Additionally, the Company 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.

The Company received a carry of $ 29 million for each of the 2021 and 2022 tranches during the years ended December 31, 2022 and 2023 and a carry of $ 32 million for the 2023 tranche during the year ended December 31, 2024.

Capital costs in excess of, and cost savings below, a specified percentage of budgeted amounts for each annual tranche will be for the Company’s account.

The Company developed and managed the drilling program associated with each tranche, including the selection of wells.

Additionally, for each annual tranche, the Company and QL entered into assignments, bills of sale and conveyances pursuant to which QL was conveyed a proportionate working interest percentage in each well spud in that year, which conveyances are not subject to any reversion.

Capital costs in excess of, and cost savings below, a specified percentage of budgeted amounts for each annual tranche were for the Company’s 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.

Under the terms of the arrangement, QL funded development capital of 20 % for wells spud in 2021 and 2024 and 15 % for wells spud in 2022 and 2023, which funding amounts represented QL’s proportionate working interest in such wells.

The Company received carry payments of $ 29 million, $ 29 million and $ 32 million during the fourth quarter of 2022, 2023 and 2024, respectively.

The IRR and carry payment, if any, for the 2024 tranche is expected to be determined during the fourth quarter of 2025.

The Company has accounted for the 2021-2024 Drilling Partnership as a conveyance under FASB Accounting Standards Codification (“ASC”) Topic 932, Extractive Activities—Oil and Gas, (“ASC 932”) and such conveyances are recorded in the unaudited condensed consolidated financial statements as QL obtains its proportionate working interest in each well.

9 unchanged sentences

The Company has accounted for the 2025 Drilling Partnership as a conveyance under ASC 932 and such conveyances are recorded in the unaudited condensed consolidated financial statements as the third-party obtains its proportionate working interest in each well.

No gain or loss was recognized for any of the interests conveyed during the three and six months ended June 30, 2025.

No gain or loss was recognized for any of the interests conveyed during the three and nine months ended September 30, 2025.

During the three months ended September 30, 2025, the Company acquired additional working and royalty interests in certain Antero-operated producing wells for a total of approximately $ 260 million, before closing adjustments.

The Company accounted for these transactions as asset acquisitions and as such, substantially all of the cash consideration was allocated to proved properties in the unaudited condensed consolidated balance sheet.

Disaggregation of Revenue

1 unchanged sentence

See Note 16—Reportable Segments to the unaudited condensed consolidated financial statements for additional information.

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended

Nine Months Ended

September 30,

Reportable Segment

10 unchanged sentences

Total revenue from contracts with customers

Income (loss) from derivatives, deferred revenue and other sources, net

Income from derivatives, deferred revenue and other sources, net

Total revenue

3 unchanged sentences

therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

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

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

Contract Balances

1 unchanged sentence

Accordingly, the Company’s contracts do not give rise to contract assets or liabilities.

As of December 31, 2024 and June 30, 2025, the Company’s receivables from contracts with customers were $ 454 million and $ 368 million, respectively.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

As of December 31, 2024 and September 30, 2025, the Company’s receivables from contracts with customers were $ 454 million and $ 357 million, respectively.

(5) Equity Method Investment

As of December 31, 2024 and June 30, 2025, Antero owned 29 % of Antero Midstream’s common stock, which is reflected in Antero’s unaudited condensed consolidated financial statements using the equity method of accounting.

As of December 31, 2024 and September 30, 2025, Antero owned 29 % 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):

3 unchanged sentences

Elimination of intercompany profit

Balance as of June 30, 2025 (1)

(1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2024 and June 30, 2025 was $ 2.1 billion and $ 2.6 billion, respectively, based on the quoted market share price of Antero Midstream.

Balance as of September 30, 2025 (1)

(1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2024 and September 30, 2025 was $ 2.1 billion and $ 2.7 billion, respectively, based on the quoted market share price of Antero Midstream.

(6) Accrued Liabilities

Accrued liabilities consisted of the following items (in thousands):

September 30,

Capital expenditures

5 unchanged sentences

Derivative settlements payable

Contingencies and other

Total accrued liabilities

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(7) Long-Term Debt

Long-term debt consisted of the following items (in thousands):

Credit Facility (a)

8.375 % senior notes due 2026 (b)

7.625 % senior notes due 2029 (c)

5.375 % senior notes due 2030 (d)

September 30,

Credit Facility

8.375 % senior notes due 2026

7.625 % senior notes due 2029

5.375 % senior notes due 2030

Total principal

1 unchanged sentence

Long-term debt

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(a) Credit Facility

4 unchanged sentences

Borrowings are unsecured and are not guaranteed by any of Antero Resources’ subsidiaries.

As of June 30, 2025, the Unsecured Credit Facility had lender commitments of $ 1.65 billion and available borrowing capacity of $ 1.5 billion.

The Unsecured Credit Facility was originally scheduled to mature on July 30, 2029 (the “Maturity Date”), provided that Antero Resources may request two one-year extensions of the Maturity Date, subject to satisfaction of certain conditions and consent of the extending lenders.

As of September 30, 2025, the Unsecured Credit Facility had lender commitments of $ 1.65 billion and available borrowing capacity of $ 1.3 billion.

The Unsecured Credit Facility was originally scheduled to mature on July 30, 2029 (the “Maturity Date”);

however, Antero Resources may request two one-year extensions of the Maturity Date, subject to satisfaction of certain conditions and consent of the extending lenders.

Effective July 30, 2025, Antero Resources obtained the consent of each of the lenders party to the Unsecured Credit Facility to extend the Maturity Date to July 30, 2030.

5 unchanged sentences

and material non-arms’-length transactions with its affiliates.

Antero Resources was in compliance with the financial covenant under the Unsecured Credit Facility as of June 30, 2025.

Antero Resources was in compliance with the financial covenant under the Unsecured Credit Facility as of September 30, 2025.

The Unsecured Credit Facility provides for borrowing at Secured Overnight Financing Rate (“SOFR”) or an Alternate Base Rate, in each case, plus an Applicable Rate (each as defined in the Unsecured Credit Facility).

4 unchanged sentences

Commitment fees on the unused portion of the Unsecured Credit Facility are due quarterly at rates ranging from 0.125 % to 0.300 %, determined with reference to Antero Resources’ then-current senior unsecured long-term debt ratings.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The proceeds of the loans made under the Unsecured Credit Facility may be used (i) to pay fees and expenses incurred in connection with the transactions related thereto and the refinancing of the Secured Credit Facility (defined below), (ii) to finance working capital needs and (iii) for other general corporate purposes, in each case of Antero Resources and its subsidiaries.

As of December 31, 2024, Antero Resources had an outstanding balance under the Unsecured Credit Facility of $ 393 million, with a weighted average interest rate of 5.9 %, and outstanding letters of credit of $ 13 million.

As of June 30, 2025, Antero Resources had an outstanding balance under the Unsecured Credit Facility of $ 140 million, with a weighted average interest rate of 5.9 %, and outstanding letters of credit of $ 13 million.

As of September 30, 2025, Antero Resources had an outstanding balance under the Unsecured Credit Facility of $ 348 million, with a weighted average interest rate of 5.8 %, and outstanding letters of credit of $ 13 million.

Senior Secured Revolving Credit Facility

2 unchanged sentences

The Secured Credit Facility was refinanced in full and terminated upon the closing of the Unsecured Credit Facility on July 30, 2024.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The Secured Credit Facility provided for borrowing at either an Adjusted Term SOFR, an Adjusted Daily Simple SOFR or an Alternate Base Rate, in each case, plus an Applicable Margin (each as defined in the Secured Credit Facility).

12 unchanged sentences

The Company redeemed or otherwise repurchased $ 293 million principal amount of the 2029 Notes during 2021 and 2022.

During the six months ended June 30, 2025, the Company repurchased $ 42 million principal amount of the 2029 Notes through open market transactions at a weighted average price of 102.569 % of the principal amount thereof, plus accrued and unpaid interest.

As of June 30, 2025, $ 365 million principal amount of the 2029 Notes remained outstanding.

During the nine months ended September 30, 2025, the Company repurchased $ 42 million principal amount of the 2029 Notes through open market transactions at a weighted average price of approximately 103 % of the principal amount thereof, plus accrued and unpaid interest.

As of September 30, 2025, $ 365 million principal amount of the 2029 Notes remained outstanding.

The 2029 Notes are unsecured and rank pari passu to Antero Resources’ Unsecured Credit Facility and other outstanding senior notes.

1 unchanged sentence

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 at redemption prices ranging from 102.542 % as of June 30, 2025 to 100.00 % on or after February 1, 2027.

Antero Resources may redeem all or part of the 2029 Notes at any time at redemption prices ranging from 102.542 % as of September 30, 2025 to 100.00 % on or after February 1, 2027.

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 101 % of the principal amount of the 2029 Notes, plus accrued and unpaid interest.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(d) 5.375 % Senior Notes Due 2030

3 unchanged sentences

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 at redemption prices ranging from 102.688 % as of June 30, 2025 to 100.00 % on or after March 1, 2028.

Antero Resources may redeem all or part of the 2030 Notes at any time at redemption prices ranging from 102.688 % as of September 30, 2025 to 100.00 % on or after March 1, 2028.

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 101 % of the principal amount of the 2030 Notes, plus accrued and unpaid interest.

4 unchanged sentences

Transaction costs related to the 2026 Convertible Notes 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.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The Company extinguished $ 206 million principal amount of the 2026 Convertible Notes in 2021.

In addition, between 2022 and the first quarter of 2024, $ 81 million aggregate principal amount of the 2026 Convertible Notes were converted pursuant to their terms or induced into conversion by the Company, and as of June 30, 2024, no 2026 Convertible Notes remained outstanding.

In addition, between 2022 and the first quarter of 2024, $ 81 million aggregate principal amount of the 2026 Convertible Notes were converted pursuant to their terms or induced into conversion by the Company, and as of March 14, 2024, no 2026 Convertible Notes remained outstanding.

See “—Conversions” below for additional information.

14 unchanged sentences

Revisions to prior estimates

Asset retirement obligations—June 30, 2025

Asset retirement obligations—September 30, 2025

Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(9) Equity-Based Compensation

6 unchanged sentences

Further, any shares withheld or surrendered in payment of any taxes relating to awards that were outstanding under a predecessor plan to the AR LTIP as of June 17, 2020 or are granted under the AR LTIP or its predecessor plan (other than stock options and stock appreciation rights), will again be available for new awards under the AR LTIP.

A total of 10,326,506 shares were available for future grant under the AR LTIP as of June 30, 2025.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

A total of 10,316,128 shares were available for future grant under the AR LTIP as of September 30, 2025.

The Company’s equity-based compensation expense, by type of award, is as follows (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Equity awards issued to directors

4 unchanged sentences

( 1,492,711 )

Total awarded and unvested—June 30, 2025

As of June 30, 2025, there was $ 62 million of unamortized equity-based compensation expense related to unvested RSUs.

Total awarded and unvested—September 30, 2025

As of September 30, 2025, there was $ 51 million of unamortized equity-based compensation expense related to unvested RSUs.

That expense is expected to be recognized over a weighted average period of 1.9 years.

3 unchanged sentences

The number of shares of common stock that could ultimately be earned following the end of the cumulative three-year performance period with respect to the 2022 Absolute TSR PSUs ranged from zero to 200 % of the target number of 2022 Absolute TSR PSUs originally granted.

The performance conditions for the performance periods ended April 15, 2023, 2024 and 2025 were met cumulatively at 110 % of target.

The performance conditions for the performance periods ended April 15, 2023, 2024

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

and 2025 were met cumulatively at 110 % of target.

During the second quarter of 2025, the 2022 Absolute TSR PSUs vested and converted into approximately 0.2 million shares of common stock.

8 unchanged sentences

Weighted average fair value of awards granted

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

Performance Share Unit Awards Based on Leverage Ratio

7 unchanged sentences

Expense related to the 2025 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 June 30, 2025, the likelihood of achieving the performance conditions related to the 2025 Leverage Ratio PSUs was probable.

As of September 30, 2025, the likelihood of achieving the performance conditions related to the 2025 Leverage Ratio PSUs was probable.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

Summary Information for Performance Share Unit Awards

1 unchanged sentence

Total awarded and unvested—December 31, 2024

Total awarded and unvested—June 30, 2025

As of June 30, 2025, there was $ 19 million of unamortized equity-based compensation expense related to unvested PSUs.

Total awarded and unvested—September 30, 2025

As of September 30, 2025, there was $ 14 million of unamortized equity-based compensation expense related to unvested PSUs.

That expense is expected to be recognized over a weighted average period of 1.4 years.

3 unchanged sentences

Outstanding—December 31, 2024

Outstanding—June 30, 2025

Vested—June 30, 2025

Exercisable—June 30, 2025

Outstanding—September 30, 2025

Vested—September 30, 2025

Exercisable—September 30, 2025

(1) Intrinsic values are based on the exercise price of the options and the closing price of Antero Resources’ common stock on the referenced dates.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(10) Fair Value

The carrying values of accounts receivable and accounts payable as of December 31, 2024 and June 30, 2025 approximated market values because of their short-term nature.

The carrying values of the amounts outstanding under the Credit Facility as of December 31, 2024 and June 30, 2025 approximated fair value because the variable interest rates are reflective of current market conditions.

The carrying values of accounts receivable and accounts payable as of December 31, 2024 and September 30, 2025 approximated fair value because of their short-term nature.

The carrying values of the amounts outstanding under the Credit Facility as of December 31, 2024 and September 30, 2025 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 (in thousands):

December 31, 2024

June 30, 2025

September 30, 2025

(1) Fair values are based on Level 2 market data inputs.

(2) Carrying values are presented net of unamortized debt issuance costs.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

See Note 9—Equity-Based Compensation and Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for information regarding the fair value of equity-based awards and derivative financial instruments, respectively.

7 unchanged sentences

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 commodity derivative contracts that settled during the three and six months ended June 30, 2024 and 2025.

The Company enters derivative contracts when management believes that favorable future sales prices for the Company’s production can be secured.

The Company was party to various commodity derivative contracts that settled during the three and nine months ended September 30, 2024 and 2025.

The Company enters into derivative contracts when management believes that favorable future sales prices for the Company’s production can be secured.

Under the Company’s 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.

3 unchanged sentences

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 and comprehensive income (loss).

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

As of June 30, 2025, the Company’s fixed price swap positions excluding Martica, the Company’s consolidated VIE, were as follows:

therefore, all gains and losses are recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss).

As of September 30, 2025, the Company’s fixed price swap positions were as follows:

Commodity / Settlement Period

Contracted Volume

July-December 2025

As of June 30, 2025, the Company’s collar contract positions excluding Martica, the Company’s consolidated VIE, were as follows:

October-December 2025

January-December 2026

January-December 2027

As of September 30, 2025, the Company’s collar contract positions were as follows:

Commodity / Settlement Period

2 unchanged sentences

January-December 2026

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

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 June 30, 2025, the Company’s call option and embedded put option arrangements were as follows:

As of September 30, 2025, the Company’s call option and embedded put option arrangements were as follows:

Commodity / Settlement Period

Contracted Volume

July-December 2025

October-December 2025

January-December 2026

During the three months ended March 31, 2025, all of Martica’s derivative contracts expired, and as a result, Martica had no derivative instruments as of March 31, 2025 or June 30, 2025.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

During the three months ended March 31, 2025, all of Martica’s derivative contracts expired.

As of September 30, 2025, Martica had no derivative instruments.

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).

September 30,

Balance Sheet Location

20 unchanged sentences

December 31, 2024

June 30, 2025

September 30, 2025

Net Amounts of

9 unchanged sentences

Commodity derivative liabilities

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

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 and comprehensive income (loss) (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Commodity derivative fair value gains (losses) (1)

Three Months Ended

Nine Months Ended

September 30,

Commodity derivative fair value gains (1)

Embedded derivative fair value gains (losses) (1)

(1) The fair value of derivative instruments was determined using Level 2 inputs .

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The Company leases certain office space, processing plants, drilling rigs and completion services, gas gathering lines, compressor stations, and other office and field equipment.

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The Company’s lease assets and liabilities consisted of the following items (in thousands):

September 30,

Balance Sheet Classification

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Total finance lease liabilities

(1) Gas gathering lines and compressor stations includes $ 1.1 billion related to Antero Midstream as of December 31, 2024 and June 30, 2025.

(1) Gas gathering lines and compressor stations relate to Antero Midstream.

See “—‍Related Party Lease Disclosure” for additional discussion.

(2) Financing lease assets are recorded net of accumulated amortization of $ 3 million as of December 31, 2024 and June 30, 2025 .

(2) Financing lease assets are recorded net of accumulated amortization of $ 3 million as of December 31, 2024 and September 30, 2025 .

The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under FASB ASC Topic 842, Leases , because Antero (i) is the sole customer of the assets and (ii) makes the decisions that most impact the economic performance of the assets.

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Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive income (loss) (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Classification

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The following table presents the Company’s supplemental cash flow information related to leases (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Cash paid for amounts included in the measurement of lease liabilities:

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Decrease to existing right-of-use assets and lease obligations from operating lease modifications, net (1)

(1) During the six months ended June 30, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5 % as of December 31, 2023 to 6.0 % as of June 30, 2024.

During the six months ended June 30, 2025, the weighted average discount rate for remeasured operating leases increased from 5.5 % as of December 31, 2024 to 5.8 % as of June 30, 2025.

(1) During the nine months ended September 30, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5 % as of December 31, 2023 to 6.0 % as of September 30, 2024.

During the nine months ended September 30, 2025, the weighted average discount rate for remeasured operating leases increased from 5.5 % as of December 31, 2024 to 5.8 % as of September 30, 2025.

ANTERO RESOURCES CORPORATION

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(d) Maturities of Lease Liabilities

The table below is a schedule of future minimum payments for operating and financing lease liabilities as of June 30, 2025 (in thousands):

The table below is a schedule of future minimum payments for operating and financing lease liabilities as of September 30, 2025 (in thousands):

Operating Leases

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December 31, 2024

June 30, 2025

September 30, 2025

Operating Leases

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asset’s in-service date.

As of June 30, 2025, the minimum volume commitments for the 2019 gathering and compression agreement end in 2035, and the minimum compression and gathering fees for the Mountaineer gathering and compression agreement end in 2026.

As of September 30, 2025, the minimum volume commitments for the 2019 gathering and compression agreement end in 2035, and the minimum compression and gathering fees for the Mountaineer gathering and compression agreement end in 2026.

As of January 1, 2025, there were no minimum volume commitments under the Marcellus gathering and compression agreement.

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 notice from either the Company or Antero Midstream to the other party on or before the 180 th day prior to the anniversary of such agreement.

Gathering and compression fees paid by the Company related to these agreements were $ 202 million and $ 212 million for the three months ended June 30, 2024 and 2025, respectively.

For the six months ended June 30, 2024 and 2025, gathering and compression fees paid by the Company related to this agreement were $ 401 million and $ 417 million, respectively.

As of December 31, 2024 and June 30, 2025, $ 79 million and $ 82 million, respectively, was included within accounts payable, related parties on the condensed consolidated balance sheets as due to Antero Midstream related to these agreements.

Gathering and compression fees paid by the Company related to these agreements were $ 207 million and $ 212 million for the three months ended September 30, 2024 and 2025, respectively.

For the nine months ended September 30, 2024 and 2025, gathering and compression fees paid by the Company related to this agreement were $ 608 million and $ 629 million, respectively.

As of December 31, 2024 and September 30, 2025, $ 79 million and $ 82 million, respectively, was included within accounts payable, related parties on the condensed consolidated balance sheets as due to Antero Midstream related to these agreements.

(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 June 30, 2025 (in thousands):

Operating and

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however, the Company will record in the unaudited condensed consolidated financial statements its proportionate share of costs based on its working 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

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

amounts that Antero Resources is committed to pay;

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.

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The Company incurs costs associated with the delay or cancellation of certain contracts with third-parties.

These costs are recorded in contract termination, loss contingency and settlements in the statements of operations and comprehensive income (loss).

There are no remaining payment obligations related to any delayed or cancelled contracts as of June 30, 2025.

These costs are recorded in contract termination, loss contingency and settlements in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

There are no remaining payment obligations related to any delayed or cancelled contracts as of September 30, 2025.

(14) Contingencies

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however, the Company has filed an appeal with regard to such assessments.

At this time, the Company believes the outcome of this matter will not have a material adverse effect on the Company’s unaudited condensed consolidated financial position, results of operations or cash flows.

At this time, the Company believes the outcome of this matter will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

The Company is party to various legal proceedings and claims in the ordinary course of its business.

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In the event the Company determines that (i) a loss to the Company is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss to the Company is less likely than probable but is reasonably possible, then the Company is required to disclose the matter herein, although the Company is not required to accrue such loss.

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for legal proceedings.

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The Company could also be responsible for interest on any amount the Company may be determined to owe, the amount of which is not determinable or estimable.

The ultimate outcome of the matters described above, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the range of loss is reasonably estimable, is

ANTERO RESOURCES CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

inherently uncertain.

The ultimate outcome of the matters described above, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the range of loss is reasonably estimable, is inherently uncertain.

Furthermore, due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or estimated as possible losses may not represent the ultimate loss to the Company from the legal proceedings in question and the Company's exposure and ultimate losses may be higher than the amounts accrued or estimated.

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On June 11, 2025, the WVSC answered the certified questions, the effect of which broadens the scope of products for which the Company will pay royalties and limits the amount of post-production costs the Company deducts from royalty payments, in each case, under leases that do not contain language to the contrary.

With respect to the Romeo matter, the Company has accrued an immaterial amount as of June 30, 2025 for estimated damages that is recorded in contract termination, loss contingency and settlements in the condensed consolidated statements of operations and comprehensive income (loss).

With respect to the Romeo matter, the Company has accrued an immaterial amount as of September 30, 2025 for estimated damages that is recorded in contract termination, loss contingency and settlements in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

The WVSC’s answers to the certified questions in the Romeo matter could also impact past royalty payments made by the Company, as well as royalty payments owed in the future, under certain of the Company’s other leases that are not at issue in the Romeo matter.

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(ii) marketing and utilization of excess firm transportation capacity and (iii) midstream services through the Company’s equity method investment in Antero Midstream.

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 (including the expertise required for these operations), production processes and distribution methods.

The Company’s Chief Executive Officer and President was determined to be the Company’s chief operating decision maker (“CODM”).

The CODM evaluates the performance of the Company’s business segments based on operating income (loss).

The CODM considered the Company’s actual operating income (loss) as compared to the operating income (loss) for (i) the relevant prior period actual results, (ii) budget and (iii) guidance on a monthly basis for purposes of evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

Accounting policies for each segment are the same as the Company’s accounting policies described in Note 2—Summary of Significant Accounting Policies.

The operating results and assets of the Company’s reportable segments were as follows (in thousands):

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Equity Method

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Notes to Unaudited Condensed Consolidated Financial Statements

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Equity Method

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Notes to Unaudited Condensed Consolidated Financial Statements

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Equity Method

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Notes to Unaudited Condensed Consolidated Financial Statements

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Equity Method

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(1) Amounts reflect those recorded in Antero Midstream’s condensed consolidated financial statements.

As of June 30, 2025

As of September 30, 2025

Equity Method

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99, Materiality, and FASB ASC Topic 250, Accounting Changes and Error Corrections, the Company evaluated the materiality of these amounts quantitatively and qualitatively and concluded that the error was not material to any of the Company’s prior annual or interim period financial statements.

The unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024 in this Quarterly Report on Form 10-Q, have been revised in accordance with SAB No.

The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 in this Quarterly Report on Form 10-Q, have been revised in accordance with SAB No.

108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, in order to reflect these corrections.

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(i) Note 2 — Summary of Significant Accounting Policies and (ii) Note 16 — Reportable Segments.

The following table presents the effect of the corrections on selected line items from the previously reported unaudited condensed consolidated financial statements as of June 30, 2024 (in thousands, except per share amounts):

The following table presents the effect of the corrections on selected line items from the previously reported unaudited condensed consolidated financial statements as of September 30, 2024 (in thousands, except per share amounts):

Statement of Operations and Comprehensive Loss

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

As Previously

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Loss before income taxes

Income tax benefit

Income tax benefit (expense)

Net loss, including noncontrolling interest

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Statement of Operations and Comprehensive Loss

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

As Previously

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Total operating expenses

Operating income (loss)

Operating loss

Loss before income taxes

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements