ANTERO RESOURCES Corp 10-Q

Item 1. Financial Statements (Unaudited) ​ 3 Item 2. ​ Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 28 Item 3. ​ Quantitative and Qualitative Disclosures about Market Risk ​ 38 Item 4. ​ Controls and Procedures ​ 39 PART II—OTHER INFORMATION ​ 40 Item 1. ​ Legal Proceedings ​ 40 Item 1A. ​ Risk Factors ​ 40 Item 2. ​ Unregistered Sales of Equity Securities ​ 40 Item 5 ​ Other Information ​ 40 Item 6. ​ Exhibits ​ 41 SIGNATURES ​ 42 ​ ​ ​ ​ ​ ​ Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Some of the information in this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include: ● natural gas, NGLs and oil prices; ● our ability to execute our business strategy; ● our production and natural gas, natural gas liquids (“NGLs”) and oil reserves; ● our financial strategy, liquidity and capital required for our development program; ● our ability to obtain debt or equity financing on satisfactory terms to fund acquisitions, expansion projects, capital expenditures, working capital requirements and the repayment or refinancing of indebtedness; ● our ability to execute our return of capital program; ● timing and amount of future production of natural gas, NGLs and oil; ● impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East, and world health events; ● our ability to meet minimum volume commitments and to utilize or monetize our firm transportation commitments; ● marketing of natural gas, NGLs and oil; ● our future drilling plans; ● our projected well costs; ● our hedging strategy and results; ● costs of developing our properties; ● uncertainty regarding our future operating results; ● operations of Antero Midstream Corporation (“Antero Midstream”); ● competition; ● government regulations and changes in laws; ● pending legal or environmental matters; ● leasehold or business acquisitions; ● our ability to achieve our greenhouse gas reduction targets and the costs associated therewith; ● general economic conditions; 1 Table of Contents ● credit markets; and ● our other plans, objectives, expectations and intentions contained in this Quarterly Report on Form 10-Q. We caution investors that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described or referenced under the heading “Item 1A. Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), which is on file with the Securities and Exchange Commission (“SEC”). Reserve engineering is a process of estimating underground accumulations of natural gas, NGLs and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs and oil that are ultimately recovered. Should one or more of the risks or uncertainties described or referenced in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q. ​ ​ ​ 2 Table of Contents PART I—FINANCIAL INFORMATION ANTERO RESOURCES CORPORATION Condensed Consolidated Balance Sheets (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 2025 ​ Assets ​ Current assets: ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ $ 34,413 ​ ​ 40,385 ​ Accrued revenue ​ ​ 453,613 ​ ​ 513,382 ​ Derivative instruments ​ ​ 1,050 ​ ​ 358 ​ Prepaid expenses ​ ​ 12,423 ​ ​ 12,693 ​ Other current assets ​ ​ 6,047 ​ ​ 7,967 ​ Total current assets ​ ​ 507,546 ​ ​ 574,785 ​ Property and equipment: ​ ​ ​ ​ ​ ​ ​ Oil and gas properties, at cost (successful efforts method): ​ ​ ​ ​ ​ ​ ​ Unproved properties ​ ​ 879,483 ​ ​ 883,042 ​ Proved properties ​ ​ 14,395,680 ​ ​ 14,444,544 ​ Gathering systems and facilities ​ ​ 5,802 ​ ​ 5,802 ​ Other property and equipment ​ ​ 105,871 ​ ​ 107,378 ​ ​ ​ ​ 15,386,836 ​ ​ 15,440,766 ​ Less accumulated depletion, depreciation and amortization ​ ​ ( 5,699,286 ) ​ ​ ( 5,768,456 ) ​ Property and equipment, net ​ ​ 9,687,550 ​ ​ 9,672,310 ​ Operating leases right-of-use assets ​ ​ 2,549,398 ​ ​ 2,526,305 ​ Derivative instruments ​ ​ 1,296 ​ ​ 778 ​ Investment in unconsolidated affiliate ​ ​ 231,048 ​ ​ 239,672 ​ Other assets ​ ​ 33,212 ​ ​ 35,471 ​ Total assets ​ $ 13,010,050 ​ ​ 13,049,321 ​ Liabilities and Equity ​ Current liabilities: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 62,213 ​ ​ 55,268 ​ Accounts payable, related parties ​ ​ 111,066 ​ ​ 118,262 ​ Accrued liabilities ​ ​ 402,591 ​ ​ 309,131 ​ Revenue distributions payable ​ ​ 315,932 ​ ​ 364,219 ​ Derivative instruments ​ ​ 31,792 ​ ​ 84,054 ​ Short-term lease liabilities ​ ​ 493,894 ​ ​ 515,880 ​ Deferred revenue, VPP ​ ​ 25,264 ​ ​ 24,830 ​ Other current liabilities ​ ​ 3,175 ​ ​ 13,702 ​ Total current liabilities ​ ​ 1,445,927 ​ ​ 1,485,346 ​ Long-term liabilities: ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 1,489,230 ​ ​ 1,285,380 ​ Deferred income tax liability, net ​ ​ 693,341 ​ ​ 746,803 ​ Derivative instruments ​ ​ 17,233 ​ ​ 24,416 ​ Long-term lease liabilities ​ ​ 2,050,337 ​ ​ 2,005,829 ​ Deferred revenue, VPP ​ ​ 35,448 ​ ​ 29,653 ​ Other liabilities ​ ​ 62,001 ​ ​ 63,111 ​ Total liabilities ​ ​ 5,793,517 ​ ​ 5,640,538 ​ Commitments and contingencies ​ ​ ​ ​ ​ ​ ​ Equity: ​ ​ ​ ​ ​ ​ ​ Stockholders' equity: ​ ​ ​ ​ ​ ​ ​ Preferred stock, $ 0.01 par value; authorized - 50,000 shares; none issued ​ ​ — ​ ​ — ​ Common stock, $ 0.01 par value; authorized - 1,000,000 shares; 311,165 and 311,584 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively ​ ​ 3,111 ​ ​ 3,115 ​ Additional paid-in capital ​ ​ 5,909,373 ​ ​ 5,902,893 ​ Retained earnings ​ ​ 1,109,166 ​ ​ 1,312,366 ​ Total stockholders' equity ​ ​ 7,021,650 ​ ​ 7,218,374 ​ Noncontrolling interests ​ ​ 194,883 ​ ​ 190,409 ​ Total equity ​ ​ 7,216,533 ​ ​ 7,408,783 ​ Total liabilities and equity ​ $ 13,010,050 ​ ​ 13,049,321 ​ ​ See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2025 ​ Revenue and other: ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 474,133 ​ ​ 780,005 ​ Natural gas liquids sales ​ ​ 517,862 ​ ​ 561,432 ​ Oil sales ​ ​ 64,717 ​ ​ 50,335 ​ Commodity derivative fair value gains (losses) ​ ​ 9,446 ​ ​ ( 71,671 ) ​ Marketing ​ ​ 48,520 ​ ​ 25,558 ​ Amortization of deferred revenue, VPP ​ ​ 6,738 ​ ​ 6,230 ​ Other revenue and income ​ ​ 855 ​ ​ 818 ​ Total revenue ​ ​ 1,122,271 ​ ​ 1,352,707 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 29,121 ​ ​ 33,986 ​ Gathering, compression, processing and transportation ​ ​ 672,281 ​ ​ 695,017 ​ Production and ad valorem taxes ​ ​ 58,168 ​ ​ 55,299 ​ Marketing ​ ​ 59,813 ​ ​ 42,770 ​ Exploration ​ ​ 602 ​ ​ 668 ​ General and administrative (including equity-based compensation expense of $ 16,077 and $ 15,145 in 2024 and 2025, respectively) ​ ​ 55,862 ​ ​ 62,445 ​ Depletion, depreciation and amortization ​ ​ 190,475 ​ ​ 186,352 ​ Impairment of property and equipment ​ ​ 5,190 ​ ​ 5,618 ​ Accretion of asset retirement obligations ​ ​ 776 ​ ​ 939 ​ Contract termination, loss contingency and settlements ​ ​ 2,039 ​ ​ ( 1,308 ) ​ Loss (gain) on sale of assets ​ ​ 188 ​ ​ ( 575 ) ​ Other operating expense ​ ​ 17 ​ ​ 24 ​ Total operating expenses ​ ​ 1,074,532 ​ ​ 1,081,235 ​ Operating income ​ ​ 47,739 ​ ​ 271,472 ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ ( 30,187 ) ​ ​ ( 23,368 ) ​ Equity in earnings of unconsolidated affiliate ​ ​ 23,347 ​ ​ 28,661 ​ Loss on early extinguishment of debt ​ ​ — ​ ​ ( 2,899 ) ​ Total other income (expense) ​ ​ ( 6,840 ) ​ ​ 2,394 ​ Income before income taxes ​ ​ 40,899 ​ ​ 273,866 ​ Income tax expense ​ ​ ( 6,227 ) ​ ​ ( 54,400 ) ​ Net income and comprehensive income including noncontrolling interests ​ ​ 34,672 ​ ​ 219,466 ​ Less: net income and comprehensive income attributable to noncontrolling interests ​ ​ 11,942 ​ ​ 11,495 ​ Net income and comprehensive income attributable to Antero Resources Corporation ​ $ 22,730 ​ ​ 207,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share—basic ​ $ 0.07 ​ ​ 0.67 ​ Net income per common share—diluted ​ $ 0.07 ​ ​ 0.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding: ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 304,943 ​ ​ 311,328 ​ Diluted ​ ​ 312,503 ​ ​ 314,798 ​ ​ See accompanying notes to unaudited condensed consolidated financial statements. ​ ​ 4 Table of Contents ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Paid-in ​ Retained ​ Noncontrolling ​ Total ​ ​ Shares Amount Capital Earnings ​ Interests Equity ​ Balances, December 31, 2023 ​ ​ 303,544 ​ $ 3,035 ​ ​ 5,846,541 ​ ​ 1,051,940 ​ ​ 232,698 ​ ​ 7,134,214 ​ Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes ​ ​ 552 ​ ​ 6 ​ ​ ( 9,030 ) ​ ​ — ​ ​ — ​ ​ ( 9,024 ) ​ Conversion of 2026 Convertible Notes ​ ​ 6,074 ​ ​ 61 ​ ​ 25,990 ​ ​ — ​ ​ — ​ ​ 26,051 ​ Equity-based compensation ​ ​ — ​ ​ — ​ ​ 16,077 ​ ​ — ​ ​ — ​ ​ 16,077 ​ Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 23,617 ) ​ ​ ( 23,617 ) ​ Net income and comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,730 ​ ​ 11,942 ​ ​ 34,672 ​ Balances, March 31, 2024 ​ ​ 310,170 ​ $ 3,102 ​ ​ 5,879,578 ​ ​ 1,074,670 ​ ​ 221,023 ​ ​ 7,178,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances, December 31, 2024 ​ ​ 311,165 ​ $ 3,111 ​ ​ 5,909,373 ​ ​ 1,109,166 ​ ​ 194,883 ​ ​ 7,216,533 ​ Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes ​ ​ 699 ​ ​ 7 ​ ​ ( 16,305 ) ​ ​ — ​ ​ — ​ ​ ( 16,298 ) ​ Repurchases and retirements of common stock ​ ​ ( 280 ) ​ ​ ( 3 ) ​ ​ ( 5,320 ) ​ ​ ( 4,771 ) ​ ​ — ​ ​ ( 10,094 ) ​ Equity-based compensation ​ ​ — ​ ​ — ​ ​ 15,145 ​ ​ — ​ ​ — ​ ​ 15,145 ​ Distributions to noncontrolling interests ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 15,969 ) ​ ​ ( 15,969 ) ​ Net income and comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ 207,971 ​ ​ 11,495 ​ ​ 219,466 ​ Balances, March 31, 2025 ​ ​ 311,584 ​ $ 3,115 ​ ​ 5,902,893 ​ ​ 1,312,366 ​ ​ 190,409 ​ ​ 7,408,783 ​ ​ See accompanying notes to unaudited condensed consolidated financial statements. ​ 5 Table of Contents ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2025 Cash flows provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ Net income including noncontrolling interests ​ $ 34,672 ​ ​ 219,466 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depletion, depreciation, amortization and accretion ​ ​ 191,251 ​ ​ 187,291 ​ Impairments ​ ​ 5,190 ​ ​ 5,618 ​ Commodity derivative fair value losses (gains) ​ ​ ( 9,446 ) ​ ​ 71,671 ​ Gains (losses) on settled commodity derivatives ​ ​ 1,368 ​ ​ ( 11,017 ) ​ Deferred income tax expense ​ ​ 6,156 ​ ​ 53,462 ​ Equity-based compensation expense ​ ​ 16,077 ​ ​ 15,145 ​ Equity in earnings of unconsolidated affiliate ​ ​ ( 23,347 ) ​ ​ ( 28,661 ) ​ Dividends of earnings from unconsolidated affiliate ​ ​ 31,285 ​ ​ 31,314 ​ Amortization of deferred revenue ​ ​ ( 6,738 ) ​ ​ ( 6,230 ) ​ Amortization of debt issuance costs and other ​ ​ 715 ​ ​ 466 ​ Settlement of asset retirement obligations ​ ​ ( 322 ) ​ ​ ( 54 ) ​ Contract termination, loss contingency and settlements ​ ​ 200 ​ ​ ( 1,308 ) ​ Loss (gain) on sale of assets ​ ​ 188 ​ ​ ( 575 ) ​ Loss on early extinguishment of debt ​ ​ — ​ ​ 2,899 ​ Changes in current assets and liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ 2,498 ​ ​ ( 5,972 ) ​ Accrued revenue ​ ​ 74,587 ​ ​ ( 59,769 ) ​ Prepaid expenses and other current assets ​ ​ ( 2,701 ) ​ ​ ( 2,190 ) ​ Accounts payable including related parties ​ ​ 3,244 ​ ​ 11,995 ​ Accrued liabilities ​ ​ ( 60,825 ) ​ ​ ( 86,552 ) ​ Revenue distributions payable ​ ​ ( 3,222 ) ​ ​ 48,286 ​ Other current liabilities ​ ​ 780 ​ ​ 12,454 ​ Net cash provided by operating activities ​ ​ 261,610 ​ ​ 457,739 ​ Cash flows provided by (used in) investing activities: ​ ​ ​ ​ ​ ​ ​ Additions to unproved properties ​ ​ ( 27,044 ) ​ ​ ( 30,407 ) ​ Drilling and completion costs ​ ​ ( 188,905 ) ​ ​ ( 175,134 ) ​ Additions to other property and equipment ​ ​ ( 6,500 ) ​ ​ ( 604 ) ​ Proceeds from asset sales ​ ​ 363 ​ ​ 575 ​ Change in other assets ​ ​ ( 4,724 ) ​ ​ ( 2,321 ) ​ Net cash used in investing activities ​ ​ ( 226,810 ) ​ ​ ( 207,891 ) ​ Cash flows provided by (used in) financing activities: ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ — ​ ​ ( 10,094 ) ​ Repayment of senior notes ​ ​ — ​ ​ ( 118,046 ) ​ Borrowings on Credit Facility ​ ​ 1,125,700 ​ ​ 1,308,400 ​ Repayments on Credit Facility ​ ​ ( 1,127,600 ) ​ ​ ( 1,397,500 ) ​ Distributions to noncontrolling interests in Martica Holdings LLC ​ ​ ( 23,617 ) ​ ​ ( 15,969 ) ​ Employee tax withholding for settlement of equity-based compensation awards ​ ​ ( 9,024 ) ​ ​ ( 16,298 ) ​ Other ​ ​ ( 259 ) ​ ​ ( 341 ) ​ Net cash used in financing activities ​ ​ ( 34,800 ) ​ ​ ( 249,848 ) ​ Net increase in cash and cash equivalents ​ ​ — ​ ​ — ​ Cash and cash equivalents, beginning of period ​ ​ — ​ ​ — ​ Cash and cash equivalents, end of period ​ $ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of cash flow information: ​ ​ ​ ​ ​ ​ ​ Cash paid during the period for interest ​ $ 48,252 ​ ​ 43,078 ​ Decrease in accounts payable and accrued liabilities for additions to property and equipment ​ $ ( 3,275 ) ​ ​ ( 19,271 ) ​ ​ See accompanying notes to unaudited condensed consolidated financial statements. ​ 6 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (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. ​ (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 SEC applicable to interim financial information and should be read in the context of the Company’s December 31, 2024 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, 2024 consolidated financial statements were included in Antero Resources’ 2024 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, 2024 and March 31, 2025, results of operations for the three months ended March 31, 2024 and 2025 and cash flows for the three months ended March 31, 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 months ended March 31, 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. See Note 17—Immaterial Correction of Prior Period Error to the unaudited condensed consolidated financial statements for additional information. (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, 2024, the book overdrafts included within accounts payable and revenue distributions payable were $ 14 million and $ 17 million, respectively. As of March 31, 2025, the book overdrafts included within accounts payable and revenue distributions payable were $ 21 million and $ 24 million, respectively. 7 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (d) Net Income Per Common Share Net income per common share—basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of common shares outstanding during the period. Net income per common share—diluted for each period is computed after giving consideration to the potential dilution from (i) outstanding equity-based 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 common 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 common shares outstanding are equal to basic weighted average common shares outstanding because the effects of all equity-based awards and the 2026 Convertible Notes are anti-dilutive. ​ The following is a reconciliation of the Company’s income attributable to common stockholders for basic and diluted net income per common share (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 2025 ​ Net income attributable to Antero Resources Corporation—common shareholders ​ $ 22,730 ​ ​ 207,971 ​ Add: Interest expense for 2026 Convertible Notes ​ ​ 256 ​ ​ — ​ Less: Tax-effect of interest expense for 2026 Convertible Notes ​ ​ ( 56 ) ​ ​ — ​ Net income attributable to Antero Resources Corporation—common shareholders and assumed conversions ​ $ 22,930 ​ ​ 207,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share—basic ​ $ 0.07 ​ ​ 0.67 ​ Net income per common share—diluted ​ $ 0.07 ​ ​ 0.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding—basic ​ ​ 304,943 ​ ​ 311,328 ​ Weighted average common shares outstanding—diluted ​ ​ 312,503 ​ ​ 314,798 ​ ​ 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 March 31, ​ ​ 2024 2025 ​ Basic weighted average number of common shares outstanding ​ 304,943 ​ 311,328 ​ Add: Dilutive effect of RSUs ​ 1,307 ​ 1,689 ​ Add: Dilutive effect of PSUs ​ 1,389 ​ 1,781 ​ Add: Dilutive effect of 2026 Convertible Notes ​ 4,864 ​ — ​ Diluted weighted average number of common shares outstanding ​ 312,503 ​ 314,798 ​ ​ ​ ​ ​ ​ ​ Weighted average number of outstanding securities excluded from calculation of diluted net income per common share (1) : ​ ​ ​ ​ ​ RSUs ​ 371 ​ — ​ Stock options ​ 259 ​ 252 ​ (1) The potential dilutive effects of these securities were excluded from the computation of net income per common share—diluted because the inclusion of these securities would have been anti-dilutive. (e) Recently Adopted or Issued Accounting Standards Reportable Segments ​ In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures primarily through enhanced disclosure of reportable segment expenses. This ASU was effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning 8 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements after December 15, 2024. The Company adopted ASU 2023-07 in the 2024 Form 10-K for the year ended December 31, 2024, and it did not have a material impact on the Company’s consolidated financial statements. ​ Income Taxes ​ In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax (expense) benefit and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. This ASU is effective for annual reporting periods beginning after December 15, 2024, although early adoption is permitted. 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. ​ Disaggregation of Income Statement Expenses ​ In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Company’s election. The Company is evaluating the impact that ASU 2024-03 will have on the consolidated financial statements and its plans for adoption, including its transition method and adoption date. ​ ​ (3) Transactions (a) 2021-2024 Drilling Partnership 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. 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. 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 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. No gain or loss was recognized for any of the interests conveyed to QL during the term of the 2021-2024 Drilling Partnership. ​ 9 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (b) 2025 Drilling Partnership On December 11, 2024, the Company entered into a drilling partnership with an unaffiliated third-party (“2025 Drilling Partnership”). Under the terms of the arrangement, the third-party will participate in and fund a share of total development capital expenses for wells spud by the Company during the 2025 calendar year. For each well spud during the 2025 calendar year, the third-party will receive a 15 % working interest in such wells and will fund greater than 15 % of total development capital expenses for such wells. Subject to the preceding sentence, for any wells spud in the calendar year 2025, the third-party 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. Additionally, for each well in the partnership, the Company will enter into an assignment, bill of sale and conveyance pursuant to which the third-party will be conveyed a proportionate working interest percentage in such well, which conveyances will not be subject to any reversion. ​ 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 months ended March 31, 2025. ​ (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 consolidated financial statements for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2025 Reportable Segment Revenues from contracts with customers: ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 474,133 ​ ​ 780,005 ​ Exploration and production Natural gas liquids sales (ethane) ​ ​ 63,030 ​ ​ 94,480 ​ Exploration and production Natural gas liquids sales (C3+ NGLs) ​ ​ 454,832 ​ ​ 466,952 ​ Exploration and production Oil sales ​ ​ 64,717 ​ ​ 50,335 ​ Exploration and production Marketing ​ ​ 48,520 ​ ​ 25,558 ​ Marketing Other revenue ​ ​ 273 ​ ​ 270 ​ Exploration and production Total revenue from contracts with customers ​ ​ 1,105,505 ​ ​ 1,417,600 ​ ​ Income (loss) from derivatives, deferred revenue and other sources, net ​ ​ 16,766 ​ ​ ( 64,893 ) ​ ​ Total revenue ​ $ 1,122,271 ​ ​ 1,352,707 ​ ​ ​ (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 FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. (c) Contract Balances Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2024 and March 31, 2025, the Company’s receivables from contracts with customers were $ 454 million and $ 513 million, respectively. 10 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (5) Equity Method Investment As of December 31, 2024 and March 31, 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): ​ ​ ​ ​ ​ Balance as of December 31, 2024 (1) ​ $ 231,048 ​ Equity in earnings of unconsolidated affiliate ​ ​ 28,661 ​ Dividends from unconsolidated affiliate ​ ​ ( 31,314 ) ​ Elimination of intercompany profit ​ ​ 11,277 ​ Balance as of March 31, 2025 (1) ​ $ 239,672 ​ (1) The fair value of the Company’s investment in Antero Midstream as of December 31, 2024 and March 31, 2025 was $ 2.1 billion and $ 2.5 billion, respectively, based on the quoted market share price of Antero Midstream. ​ ​ (6) Accrued Liabilities Accrued liabilities consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 2025 ​ Capital expenditures ​ $ 42,474 ​ 36,578 ​ Gathering, compression, processing and transportation expenses ​ ​ 167,915 ​ ​ 179,567 ​ Marketing expenses ​ ​ 16,891 ​ ​ 14,140 ​ Interest expense, net ​ 29,014 ​ 8,896 ​ Production and ad valorem taxes ​ ​ 78,980 ​ ​ 18,287 ​ General and administrative expense ​ ​ 37,516 ​ ​ 22,499 ​ Derivative settlements payable ​ ​ 1,597 ​ ​ 1,857 ​ Other ​ 28,204 ​ 27,307 ​ Total accrued liabilities ​ $ 402,591 ​ 309,131 ​ ​ ​ ​ (7) Long-Term Debt Long-term debt consisted of the following items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, ​ March 31, ​ ​ 2024 2025 ​ Credit Facility (a) ​ $ 393,200 ​ ​ 304,100 ​ 8.375 % senior notes due 2026 (b) ​ ​ 96,870 ​ ​ — ​ 7.625 % senior notes due 2029 (c) ​ ​ 407,115 ​ ​ 388,475 ​ 5.375 % senior notes due 2030 (d) ​ ​ 600,000 ​ ​ 600,000 ​ Total principal ​ ​ 1,497,185 ​ ​ 1,292,575 ​ Unamortized debt issuance costs ​ ​ ( 7,955 ) ​ ​ ( 7,195 ) ​ Long-term debt ​ $ 1,489,230 ​ ​ 1,285,380 ​ ​ 11 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (a) Credit Facility Antero Resources has a senior revolving credit facility with a syndicate of bank lenders. References to the (i) “Secured Credit Facility” (defined below) refer to the credit facility in effect for periods prior to July 30, 2024, (ii) “Unsecured Credit Facility” (defined below) refer to the credit facility in effect on or after July 30, 2024 and (iii) “Credit Facility” refer to the Secured Credit Facility and Unsecured Credit Facility, collectively. Senior Unsecured Revolving Credit Facility On July 30, 2024, Antero Resources entered into an amendment and restatement of its senior revolving credit facility with a syndicate of bank lenders (“Unsecured Credit Facility”). Borrowings are unsecured and are not guaranteed by any of Antero Resources’ subsidiaries. As of March 31, 2025, the Unsecured Credit Facility had lender commitments of $ 1.65 billion and available borrowing capacity of $ 1.3 billion. The Unsecured Credit Facility matures 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. Commitments under the Unsecured Credit Facility may be increased by up to $ 500 million subject to the agreement of Antero Resources, the increasing lenders, and with respect to the addition of new lenders, the consent of the Administrative Agent under the Unsecured Credit Facility and the lenders with commitments to issue letters of credit under the Unsecured Credit Facility. The Unsecured Credit Facility contains one financial covenant requiring Antero Resources to maintain a ratio on a consolidated basis of total indebtedness to capitalization of 65 % or less at the end of each fiscal quarter and other affirmative and negative covenants applicable to Antero Resources and its subsidiaries that are customary for credit facilities of this type, including, among other things, limitations on: fundamental changes such as mergers, consolidations, liquidations and dissolutions; liens; certain indebtedness; restricted payments such as dividends, distributions and equity repurchases; 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 March 31, 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). There is a 0.10 % credit adjustment spread on SOFR and a 0.00 % floor. The Unsecured Credit Facility does not amortize. Interest under the Unsecured Credit Facility is payable at a variable rate based on SOFR or the Alternate Base Rate, determined by election at the time of borrowing and at the end of each applicable interest period in respect of a borrowing, plus an Applicable Rate. The Applicable Rate is determined with reference to Antero Resources’ then-current senior unsecured long-term debt rating ranging from 1.125 % to 2.00 % for SOFR loans. 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. 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 March 31, 2025, Antero Resources had an outstanding balance under the Unsecured Credit Facility of $ 304 million, with a weighted average interest rate of 6.0 %, and outstanding letters of credit of $ 13 million. Senior Secured Revolving Credit Facility ​ On October 26, 2021, Antero Resources entered into an amended and restated senior secured revolving credit facility with a syndicate of bank lenders (“Secured Credit Facility”). Borrowings were secured by substantially all of the assets of Antero Resources and certain of its subsidiaries, were subject to borrowing base limitations based on the collateral value of Antero Resources’ assets and were subject to regular semi-annual redeterminations. The Secured Credit Facility was refinanced in full and terminated upon the closing of the Unsecured Credit Facility on July 30, 2024. ​ 12 Table of Contents 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). The Secured Credit Facility provided for interest only payments until maturity at which time all outstanding borrowings would be due. Interest was 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 under the Secured Credit Facility. The Applicable Margin was determined with reference to Antero Resources’ then-current leverage ratio subject to certain exceptions, which for SOFR loans ranged from 1.75 % to 2.75 % during a non-investment grade period (based on utilization of the Secured Credit Facility) and 1.25 % and 1.875 % during an investment grade period (based on a ratings grid). Commitment fees on the unused portion of the Secured Credit Facility were due quarterly at rates ranging from 0.375 % to 0.500 % with respect to the Secured Credit Facility, determined with reference to borrowing base utilization, subject to certain exceptions based on the leverage ratio then in effect. The Secured Credit Facility included fall away covenants, lower interest rates and reduced collateral requirements that Antero Resources could elect if Antero Resources was assigned an Investment Grade Rating (as defined in the Secured Credit Facility). ​ (b) 8.375 % Senior Notes Due 2026 On January 4, 2021, Antero Resources issued $ 500 million of 8.375 % senior notes due July 15, 2026 (the “2026 Notes”) at par . The Company redeemed $ 175 million principal amount of the 2026 Notes on July 1, 2021 and redeemed or otherwise repurchased $ 228 million principal amount of the 2026 Notes during the year ended December 31, 2022. On March 5, 2025, the Company redeemed the remaining $ 97 million principal amount of the 2026 Notes at 102.094 % of the principal amount thereof, plus accrued and unpaid interest, and the 2026 Notes were fully retired on such date. Interest on the 2026 Notes was payable on January 15 and July 15 of each year. (c) 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 $ 293 million principal amount of the 2029 Notes during 2021 and 2022. During the three months ended March 31, 2025, the Company repurchased $ 19 million principal amount of the 2029 Notes through open market transactions at a weighted average price of 102.725 % of the principal amount thereof, plus accrued and unpaid interest. As of March 31, 2025, $ 388 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. As of July 30, 2024, the 2029 Notes are not guaranteed by any of Antero Resources’ 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 at redemption prices ranging from 102.542 % as of March 31, 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. ​ (d) 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 rank pari passu to Antero Resources’ Unsecured Credit Facility and other outstanding senior notes. As of July 30, 2024, the 2030 Notes are not guaranteed by any of Antero Resources’ 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 at redemption prices ranging from 102.688 % as of March 31, 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. ​ (e) 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 $ 37.5 million of the 2026 Convertible Notes. Proceeds from the issuance of the 2026 Convertible Notes totaled $ 278.5 million, net of initial purchasers’ fees and issuance cost of $ 9 million. 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. 13 Table of Contents 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 March 31, 2024, no 2026 Convertible Notes remained outstanding. See “—Conversions” below for additional information. The 2026 Convertible Notes bore interest at a fixed rate of 4.25 % 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 was 230.2026 shares of Antero Resources’ common stock per $1,000 principal amount of 2026 Convertible Notes, and such conversion rate was not adjusted during the term for which the 2026 Convertible Notes were outstanding. The noteholders had the right to convert their 2026 Convertible Notes only upon the occurrence of certain events pursuant to the terms and conditions provided in the indenture governing the 2026 Convertible Notes. Upon conversion, Antero Resources could 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. Conversions On March 11, 2024, the Company called the $ 26 million aggregate principal amount of the 2026 Convertible Notes that remained outstanding for redemption on April 1, 2024, at a redemption price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest. The Company’s election to call the remaining 2026 Convertible Notes allowed holders of the 2026 Convertible Notes to exercise their conversion right through March 28, 2024. During the three months ended March 31, 2024, all remaining $ 26 million aggregate principal amount of the 2026 Convertible Notes converted pursuant to their terms. The Company elected to settle these conversions by issuing 6 million shares of common stock to the noteholders. (8) Asset Retirement Obligations The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands): ​ ​ ​ ​ ​ Asset retirement obligations—December 31, 2024 $ 62,001 ​ Obligations incurred ​ ​ 171 ​ Accretion expense ​ ​ 939 ​ Settlement of obligations ​ ​ ( 54 ) ​ Revisions to prior estimates ​ ​ 54 ​ Asset retirement obligations—March 31, 2025 ​ $ 63,111 ​ ​ Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets. ​ (9) Equity-Based Compensation On June 5, 2024, the Company’s stockholders approved the Amended and Restated Antero Resources Corporation 2020 Long Term Incentive Plan (the “AR LTIP”). The AR LTIP 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 (the “Board”). Employees, officers, non-employee directors and other service providers of the Company and its affiliates are eligible to receive awards under the AR LTIP. The AR LTIP provides for the reservation of 14,916,100 shares of the Company’s common stock, plus the number of certain shares that become available again for delivery 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 a predecessor plan to the AR LTIP that was outstanding as of June 17, 2020) that expires or is cancelled, forfeited, exchanged, settled for cash or otherwise terminated without the actual delivery of shares to be considered not delivered and thus, available for new awards under the AR LTIP. 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 9,713,453 shares were available for future grant under the AR LTIP as of March 31, 2025. 14 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2025 ​ RSU awards ​ $ 9,261 ​ ​ 11,469 ​ PSU awards ​ ​ 6,440 ​ ​ 3,263 ​ Equity awards issued to directors ​ ​ 376 ​ ​ 413 ​ Total expense ​ $ 16,077 ​ ​ 15,145 ​ ​ (a) Restricted Stock Unit Awards A summary of RSU award activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value Total awarded and unvested—December 31, 2024 ​ 3,035,362 ​ $ 26.05 ​ Granted ​ 1,105,044 ​ ​ 33.64 ​ Vested ​ ( 886,695 ) ​ ​ 26.20 ​ Forfeited ​ ( 5,555 ) ​ ​ 29.00 ​ Total awarded and unvested—March 31, 2025 ​ 3,248,156 ​ $ 28.59 ​ ​ As of March 31, 2025, there was $ 75 million of unamortized equity-based compensation expense related to unvested RSUs. That expense is expected to be recognized over a weighted average period of 2.2 years. (b) Performance Share Unit Awards Performance Share Unit Awards Based on Total Shareholder Return In March 2025, the Company granted PSU awards to certain of its senior management and executive officers that vest based on Antero Resources’ absolute total shareholder return (“TSR”) determined as of the last day of each of three one-year performance periods ending on March 7, 2026, March 7, 2027 and March 7, 2028, and one cumulative three-year performance period ending on March 7, 2028, in each case, subject to certain continued employment criteria for each performance period (“2025 Absolute TSR PSUs”). The number of shares of common stock that may ultimately be earned with respect to the 2025 Absolute TSR PSUs ranges from zero to 200 % of the target number of 2025 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 2025 Absolute TSR PSUs: ​ ​ ​ ​ ​ ​ Dividend yield ​ ​ — % ​ Volatility ​ ​ 48 % ​ Risk-free interest rate ​ ​ 3.97 % ​ Weighted average fair value of awards granted ​ $ 35.01 ​ ​ ​ Performance Share Unit Awards Based on Leverage Ratio In April 2022, 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) (“Net Debt to EBITDAX”) determined as of the last day of each of three one-year performance periods ended on December 31, 2022, December 31, 2023, and December 31, 2024, in each case, subject to certain continued employment criteria (“2022 Leverage Ratio PSUs”). The number of shares of common stock that could ultimately be earned ranged from zero to 200 % of the target number of PSUs granted. The performance conditions for the performance periods ended December 31, 2022, 2023 and 2024 were met at 194 % of target. During the first quarter of 2025, the 2022 Leverage Ratio PSUs vested and converted into approximately 0.3 million shares of common stock. 15 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements In March 2025, the Company granted PSUs to certain of its senior management and executive officers that vest based on the Company’s Net Debt to 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, 2025, December 31, 2026 and December 31, 2027, in each case, subject to certain continued employment criteria for each performance period (“2025 Leverage Ratio PSUs”). The number of shares of common stock that may ultimately be earned with respect to the 2025 Leverage Ratio PSUs ranges from zero to 200 % of the target number of 2025 Leverage Ratio PSUs originally granted. 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 March 31, 2025, the likelihood of achieving the performance conditions related to the 2025 Leverage Ratio PSUs was probable. Summary Information for Performance Share Unit Awards A summary of PSU activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average ​ ​ ​ Number ​ Grant Date ​ ​ of Units Fair Value Total awarded and unvested—December 31, 2024 ​ 1,351,295 ​ $ 35.27 ​ Granted ​ 289,370 ​ ​ 34.33 ​ Vested ​ ( 140,659 ) ​ ​ 35.28 ​ Total awarded and unvested—March 31, 2025 ​ 1,500,006 ​ $ 35.09 ​ ​ As of March 31, 2025, there was $ 24 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of 1.6 years. (10) Fair Value The carrying values of accounts receivable and accounts payable as of December 31, 2024 and March 31, 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 March 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ ​ ​ December 31, 2024 ​ March 31, 2025 ​ ​ Fair Carrying Fair Carrying ​ ​ ​ Value (1) ​ Value (2) ​ Value (1) ​ Value (2) ​ 2026 Notes ​ $ 98,924 ​ ​ 96,599 ​ ​ — ​ ​ — ​ 2029 Notes ​ ​ 417,211 ​ ​ 404,055 ​ ​ 398,342 ​ ​ 385,709 ​ 2030 Notes ​ ​ 579,660 ​ ​ 595,376 ​ ​ 588,720 ​ ​ 595,571 ​ Total ​ $ 1,095,795 ​ ​ 1,096,030 ​ ​ 987,062 ​ ​ 981,280 ​ (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs. 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. ​ 16 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (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 commodity derivative contracts that settled during the three months ended March 31, 2024 and 2025. The Company enters 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. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company receives the difference from the counterparty. Under the Company’s collar agreements, when actual commodity prices upon settlement are below the floor price provided by the contract, the Company receives the difference from the counterparty. When actual commodity prices upon settlement are above the ceiling 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 and comprehensive income. ​ As of March 31, 2025, 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 2025 ​ Henry Hub ​ 100,000 MMBtu/day ​ $ 3.12 /MMBtu ​ ​ As of March 31, 2025, the Company’s collar contract positions excluding Martica, the Company’s consolidated VIE, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Commodity / Settlement Period Index Contracted Volume Ceiling Price Floor Price ​ Natural Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January-December 2026 ​ Henry Hub ​ 320,000 MMBtu/day ​ $ 5.96 /MMBtu ​ $ 3.07 /MMBtu ​ ​ 17 Table of Contents 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 March 31, 2025, 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 2025 ​ Henry Hub ​ 44,000 MMBtu/day ​ $ 2.564 /MMBtu ​ $ 2.564 /MMBtu ​ January-December 2026 ​ Henry Hub ​ 32,000 MMBtu/day ​ ​ 2.629 /MMBtu ​ ​ 2.629 /MMBtu ​ ​ During the three months ended March 31, 2025, all of Martica’s derivative contracts expired, and as of March 31, 2025, Martica had no derivative instruments. ​ (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) ​ ​ ​ ​ ​ December 31, ​ March 31, ​ ​ Balance Sheet Location 2024 ​ 2025 ​ Asset derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivatives—current ​ Derivative instruments ​ $ 1,050 ​ ​ 358 ​ Embedded derivatives—noncurrent ​ Derivative instruments ​ ​ 1,296 ​ ​ 778 ​ Total asset derivatives (1) ​ ​ ​ ​ 2,346 ​ ​ 1,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability derivatives not designated as hedges for accounting purposes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivatives—current (2) ​ Derivative instruments ​ ​ 31,792 ​ ​ 84,054 ​ Commodity derivatives—noncurrent ​ Derivative instruments ​ ​ 17,233 ​ ​ 24,416 ​ Total liability derivatives (1) ​ ​ ​ ​ 49,025 ​ ​ 108,470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivatives liability (1) ​ ​ ​ $ ( 46,679 ) ​ ​ ( 107,334 ) ​ (1) The fair value of derivative instruments was determined using Level 2 inputs. (2) As of December 31, 2024, $ 2 million of current commodity derivative liabilities 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, 2024 ​ March 31, 2025 ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 3,482 ​ ​ ( 3,482 ) ​ ​ — ​ ​ 19,720 ​ ​ ( 19,720 ) ​ ​ — ​ Embedded derivative assets ​ ​ 2,346 ​ ​ — ​ ​ 2,346 ​ ​ 1,136 ​ ​ — ​ ​ 1,136 ​ Commodity derivative liabilities ​ ​ ( 52,507 ) ​ ​ 3,482 ​ ​ ( 49,025 ) ​ ​ ( 128,190 ) ​ ​ 19,720 ​ ​ ( 108,470 ) ​ ​ 18 Table of Contents 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ ​ ​ ​ ​ ​ Operations ​ Three Months Ended March 31, ​ ​ Location ​ 2024 ​ 2025 ​ Commodity derivative fair value gains (losses) (1) ​ Revenue ​ $ 8,266 ​ ​ ( 70,461 ) ​ Embedded derivative fair value gains (losses) (1) ​ Revenue ​ ​ 1,180 ​ ​ ( 1,210 ) ​ (1) The fair value of derivative instruments was determined using Level 2 inputs . ​ ​ (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 to 20 years 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 condensed consolidated 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. 19 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (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 2024 2025 ​ Operating Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Processing plants ​ Operating lease right-of-use assets ​ $ 1,365,582 ​ ​ 1,305,589 ​ Drilling rigs and completion services ​ Operating lease right-of-use assets ​ ​ — ​ ​ 31,350 ​ Gas gathering lines and compressor stations (1) ​ Operating lease right-of-use assets ​ ​ 1,149,981 ​ ​ 1,155,397 ​ Office space ​ Operating lease right-of-use assets ​ ​ 33,345 ​ ​ 32,133 ​ Office, field and other equipment ​ Operating lease right-of-use assets ​ ​ 490 ​ ​ 1,836 ​ Total operating lease right-of-use assets ​ ​ ​ $ 2,549,398 ​ ​ 2,526,305 ​ Operating lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term operating lease liabilities ​ Short-term lease liabilities ​ $ 492,624 ​ ​ 514,441 ​ Long-term operating lease liabilities ​ Long-term lease liabilities ​ ​ 2,048,942 ​ ​ 2,004,172 ​ Total operating lease liabilities ​ ​ ​ $ 2,541,566 ​ ​ 2,518,613 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Vehicles ​ Other property and equipment ​ $ 2,665 ​ ​ 3,096 ​ Total finance lease right-of-use assets (2) ​ ​ ​ $ 2,665 ​ ​ 3,096 ​ Finance lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term finance lease liabilities ​ Short-term lease liabilities ​ $ 1,270 ​ ​ 1,439 ​ Long-term finance lease liabilities ​ Long-term lease liabilities ​ ​ 1,395 ​ ​ 1,657 ​ Total finance lease liabilities ​ ​ ​ $ 2,665 ​ ​ 3,096 ​ (1) Gas gathering lines and compressor stations includes $ 1.1 billion and $ 1.2 billion related to Antero Midstream as of December 31, 2024 and March 31, 2025, respectively. 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 March 31, 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. ​ 20 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (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 income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Cost Classification Location 2024 2025 ​ Operating lease cost ​ Statement of operations ​ Gathering, compression, processing and transportation ​ $ 422,068 ​ ​ 395,121 ​ Operating lease cost ​ Statement of operations ​ General and administrative ​ ​ 3,083 ​ ​ 3,141 ​ Operating lease cost ​ Statement of operations ​ Lease operating ​ ​ 21 ​ ​ 225 ​ Operating lease cost ​ Balance sheet ​ Proved properties (1) ​ ​ 33,412 ​ ​ 7,399 ​ Total operating lease cost ​ ​ ​ ​ ​ $ 458,584 ​ ​ 405,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ Statement of operations ​ Depletion, depreciation and amortization ​ $ 430 ​ ​ 409 ​ Interest on lease liabilities ​ Statement of operations ​ Interest expense ​ ​ 148 ​ ​ 118 ​ Total finance lease cost ​ ​ ​ ​ ​ $ 578 ​ ​ 527 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term lease payments ​ ​ ​ ​ ​ $ 29,443 ​ ​ 42,906 ​ (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, ​ ​ 2024 2025 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 350,925 ​ ​ 390,822 ​ Operating cash flows from finance leases ​ ​ 148 ​ ​ 118 ​ Investing cash flows from operating leases ​ ​ 27,976 ​ ​ 4,510 ​ Financing cash flows from finance leases ​ ​ 259 ​ ​ 337 ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncash activities: ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new operating lease obligations ​ $ 97,137 ​ ​ 126,280 ​ Increase (decrease) to existing right-of-use assets and lease obligations from operating lease modifications, net (1) ​ $ 4,511 ​ ​ ( 14,517 ) ​ (1) During the three months ended March 31, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5 % as of December 31, 2023 to 5.9 % as of March 31, 2024. During the three months ended March 31, 2025, the weighted average discount rate for remeasured operating leases increased from 5.5 % as of December 31, 2024 to 5.8 % as of March 31, 2025. ​ 21 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (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, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Financing Leases ​ Total ​ Remainder of 2025 ​ $ 487,591 ​ ​ 1,356 ​ ​ 488,947 ​ 2026 ​ ​ 601,880 ​ ​ 1,480 ​ ​ 603,360 ​ 2027 ​ ​ 486,784 ​ ​ 459 ​ ​ 487,243 ​ 2028 ​ ​ 406,113 ​ ​ 285 ​ ​ 406,398 ​ 2029 ​ ​ 322,110 ​ ​ 35 ​ ​ 322,145 ​ Thereafter ​ ​ 657,786 ​ ​ — ​ ​ 657,786 ​ Total lease payments ​ ​ 2,962,264 ​ ​ 3,615 ​ ​ 2,965,879 ​ Less: imputed interest ​ ​ ( 443,651 ) ​ ​ ( 519 ) ​ ​ ( 444,170 ) ​ Total ​ $ 2,518,613 ​ ​ 3,096 ​ ​ 2,521,709 ​ ​ (e) Lease Term and Discount Rate The following table sets forth the Company’s weighted average remaining lease term and discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ March 31, 2025 ​ ​ ​ ​ Operating Leases ​ Finance Leases ​ Operating Leases ​ Finance Leases ​ ​ Weighted average remaining lease term ​ 6.0 years ​ 2.1 years ​ 6.0 years ​ 2.4 years ​ ​ Weighted average discount rate ​ 5.5 % 8.4 % 5.6 % 8.6 % ​ ​ (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) a gathering and compression agreement from Antero Midstream’s acquisition in 2022 of certain Marcellus gathering and compression assets in an area of dedication (the “Marcellus gathering and compression agreement”) and (iii) a compression agreement from Antero Midstream’s acquisition in 2022 of certain Utica compressors (the “Utica compression agreement” and (iv) a gathering and compression agreement from Antero Midstream’s acquisition in the second quarter of 2024 of certain central Marcellus gathering and compression assets (the “Mountaineer gathering and compression agreement,” and together with the 2019 gathering and compression agreement, Marcellus gathering and compression agreement and the Utica compression agreement, 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, Marcellus gathering and compression agreement and Mountaineer gathering and compression agreement have initial terms through 2038, 2031 and 2026, respectively, and the Utica compression agreement has one remaining acreage dedication that expires in 2030. Upon expiration of the Marcellus gathering and compression agreement, Utica compression agreement and Mountaineer gathering and 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 Consumer Price Index (“CPI”)-based adjustments. 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 75 % of the high pressure gathering capacity and 70 % of the compression capacity of the requested capacity of such new construction for 10 years or (ii) a cost of service fee that allows the Antero Midstream to earn a 13 % rate of return on such new construction over seven years . The Marcellus gathering and compression agreement provides for a minimum volume commitment that requires the Company to utilize or pay for 25 % of the compression capacity for a period of 10 years from the in-service date. The Mountaineer gathering and compression agreement provides for monthly minimum compression and gathering fees for each compressor station or high pressure gathering line, respectively, for a period of 12 years commencing 90 days after such asset’s in-service date. As of March 31, 2025, the minimum volume commitments for the 2019 gathering and compression 22 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements 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 $ 199 million and $ 205 million for the three months ended March 31, 2024 and 2025, respectively. As of December 31, 2024 and March 31, 2025, $ 79 million and $ 85 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 March 31, 2025 (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 2025 ​ $ 921,186 ​ ​ 46,245 ​ ​ 390,119 ​ ​ 98,828 ​ ​ 4,809 ​ ​ 1,461,187 ​ 2026 ​ ​ 1,221,591 ​ ​ 26,681 ​ ​ 496,869 ​ ​ 106,492 ​ ​ 3,976 ​ ​ 1,855,609 ​ 2027 ​ ​ 1,214,389 ​ ​ 25,392 ​ ​ 406,624 ​ ​ 80,618 ​ ​ 375 ​ ​ 1,727,398 ​ 2028 ​ ​ 1,144,435 ​ ​ 24,059 ​ ​ 347,168 ​ ​ 59,230 ​ ​ - ​ ​ 1,574,892 ​ 2029 ​ ​ 790,531 ​ ​ 23,550 ​ ​ 280,716 ​ ​ 41,428 ​ ​ - ​ ​ 1,136,225 ​ Thereafter ​ ​ 3,691,333 ​ ​ 65,245 ​ ​ 600,213 ​ ​ 57,574 ​ ​ - ​ ​ 4,414,365 ​ Total ​ $ 8,983,465 ​ ​ 211,172 ​ ​ 2,521,709 ​ ​ 444,170 ​ ​ 9,160 ​ ​ 12,169,676 ​ ​ (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 23 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements proportionate share of costs based on its working interests. See Note 12—Leases to the unaudited condensed consolidated financial statements for additional information. (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, loss contingency and settlements in the statements of operations and comprehensive income. There are no remaining payment obligations related to any delayed or cancelled contracts as of March 31, 2025. ​ (14) Contingencies (a) 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. (b) Production Taxes The Company is subject to production taxes in the states in which it operates. The Company’s production tax filings in West Virginia for 2018 to 2020 tax years were subject to audit by the State of West Virginia. All assessments received in conjunction with this audit were recorded in the consolidated statements of operations and comprehensive net loss during the year ended December 31, 2024; 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. (c) 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 the Company and other similarly situated peer operators could have an impact on the methods for determining the amount of permitted post-production costs and types of costs that have been, and may be, deducted from royalty payments, among other things. While the amounts claimed could be material, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings. In a class action lawsuit to which the Company is a party, the U.S. District Court for the Northern District of West Virginia certified certain questions to the West Virginia Supreme Court (the “WVSC”). The WVSC answered the certified questions in November 2024, the effect of which would have broadened the scope of products for which the Company would owe royalties and would have also limited the amount of post-production costs the Company would be allowed to deduct from royalty payments made under certain of its leases. In December 2024, Antero petitioned the WVSC for rehearing on these certified questions, which stayed the issuance of the mandate required for the November 2024 opinion to take effect. The petition for rehearing was granted by the WVSC on 24 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements December 31, 2024. Oral argument on the matter was held before the WVSC on April 22, 2025, and we are currently awaiting a ruling. Rulings were recently received in two other cases to which the Company is a party, and where the plaintiffs alleged, and the court found, that certain post-production costs may not be deducted: a non-class action lawsuit in West Virginia and a class action lawsuit in Ohio. In each case, the alleged damages were not material. The Company continues to analyze how these decisions may impact other cases to which the Company is a party. At this time, the Company cannot predict how the foregoing issues may ultimately be resolved, and therefore is also unable to estimate any potential damages, if any, that may result. The Company accrues for litigation, claims and proceedings when liability is both probable and the amount can be reasonably estimated, and does not currently have any material amounts accrued with respect to its pending litigation matters. ​ (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. ​ (16) 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. The operating results and assets of the Company’s reportable segments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 1,073,169 ​ ​ 48,520 ​ ​ 671 ​ ​ ( 671 ) ​ ​ 1,121,689 ​ Intersegment ​ 582 ​ ​ — ​ ​ 278,380 ​ ​ ( 278,380 ) ​ ​ 582 ​ Total revenue ​ ​ 1,073,751 ​ ​ 48,520 ​ ​ 279,051 ​ ​ ( 279,051 ) ​ ​ 1,122,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 29,121 ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,121 ​ Gathering and compression ​ ​ 223,530 ​ ​ — ​ ​ 26,143 ​ ​ ( 26,143 ) ​ ​ 223,530 ​ Processing ​ ​ 255,795 ​ ​ — ​ ​ — ​ ​ — ​ ​ 255,795 ​ Transportation ​ ​ 192,956 ​ ​ — ​ ​ — ​ ​ — ​ ​ 192,956 ​ Water handling ​ ​ — ​ ​ — ​ ​ 27,775 ​ ​ ( 27,775 ) ​ ​ — ​ Production and ad valorem taxes ​ ​ 58,168 ​ ​ — ​ ​ — ​ ​ — ​ ​ 58,168 ​ Marketing ​ ​ — ​ ​ 59,813 ​ ​ — ​ ​ — ​ ​ 59,813 ​ General and administrative (excluding equity-based compensation) ​ ​ 39,785 ​ ​ — ​ ​ 11,894 ​ ​ ( 11,894 ) ​ ​ 39,785 ​ Equity-based compensation ​ ​ 16,077 ​ ​ — ​ ​ 9,327 ​ ​ ( 9,327 ) ​ ​ 16,077 ​ Facility idling ​ ​ — ​ ​ — ​ ​ 522 ​ ​ ( 522 ) ​ ​ — ​ Depletion, depreciation and amortization ​ ​ 190,475 ​ ​ — ​ ​ 37,095 ​ ​ ( 37,095 ) ​ ​ 190,475 ​ Impairment of property and equipment ​ ​ 5,190 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,190 ​ Other (2) ​ ​ 3,622 ​ ​ — ​ ​ 44 ​ ​ ( 44 ) ​ ​ 3,622 ​ Total operating expenses ​ ​ 1,014,719 ​ ​ 59,813 ​ ​ 112,800 ​ ​ ( 112,800 ) ​ ​ 1,074,532 ​ Operating income (loss) ​ $ 59,032 ​ ​ ( 11,293 ) ​ ​ 166,251 ​ ​ ( 166,251 ) ​ ​ 47,739 ​ Equity in earnings of unconsolidated affiliates ​ $ 23,347 ​ ​ — ​ ​ 27,530 ​ ​ ( 27,530 ) ​ ​ 23,347 ​ Capital expenditures for segment assets ​ $ 222,449 ​ ​ — ​ ​ 35,073 ​ ​ ( 35,073 ) ​ ​ 222,449 ​ (1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. (2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant. 25 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-party ​ $ 1,326,601 ​ ​ 25,558 ​ ​ 505 ​ ​ ( 505 ) ​ ​ 1,352,159 ​ Intersegment ​ 548 ​ ​ — ​ ​ 290,624 ​ ​ ( 290,624 ) ​ ​ 548 ​ Total revenue ​ ​ 1,327,149 ​ ​ 25,558 ​ ​ 291,129 ​ ​ ( 291,129 ) ​ ​ 1,352,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 33,986 ​ ​ — ​ ​ — ​ ​ — ​ ​ 33,986 ​ Gathering and compression ​ ​ 236,134 ​ ​ — ​ ​ 26,193 ​ ​ ( 26,193 ) ​ ​ 236,134 ​ Processing ​ ​ 261,155 ​ ​ — ​ ​ — ​ ​ — ​ ​ 261,155 ​ Transportation ​ ​ 197,728 ​ ​ — ​ ​ — ​ ​ — ​ ​ 197,728 ​ Water handling ​ ​ — ​ ​ — ​ ​ 30,637 ​ ​ ( 30,637 ) ​ ​ — ​ Production and ad valorem taxes ​ ​ 55,299 ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,299 ​ Marketing ​ ​ — ​ ​ 42,770 ​ ​ — ​ ​ — ​ ​ 42,770 ​ General and administrative (excluding equity-based compensation) ​ ​ 47,300 ​ ​ — ​ ​ 10,622 ​ ​ ( 10,622 ) ​ ​ 47,300 ​ Equity-based compensation ​ ​ 15,145 ​ ​ — ​ ​ 12,402 ​ ​ ( 12,402 ) ​ ​ 15,145 ​ Facility idling ​ ​ — ​ ​ — ​ ​ 443 ​ ​ ( 443 ) ​ ​ — ​ Depletion, depreciation and amortization ​ ​ 186,352 ​ ​ — ​ ​ 32,748 ​ ​ ( 32,748 ) ​ ​ 186,352 ​ Impairment of property and equipment ​ ​ 5,618 ​ ​ — ​ ​ 817 ​ ​ ( 817 ) ​ ​ 5,618 ​ Other (2) ​ ​ ( 252 ) ​ ​ — ​ ​ 44 ​ ​ ( 44 ) ​ ​ ( 252 ) ​ Total operating expenses ​ ​ 1,038,465 ​ ​ 42,770 ​ ​ 113,906 ​ ​ ( 113,906 ) ​ ​ 1,081,235 ​ Operating income (loss) ​ $ 288,684 ​ ​ ( 17,212 ) ​ ​ 177,223 ​ ​ ( 177,223 ) ​ ​ 271,472 ​ Equity in earnings of unconsolidated affiliates ​ $ 28,661 ​ ​ — ​ ​ 28,020 ​ ​ ( 28,020 ) ​ ​ 28,661 ​ Capital expenditures for segment assets ​ $ 206,145 ​ ​ — ​ ​ 30,528 ​ ​ ( 30,528 ) ​ ​ 206,145 ​ (1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements. (2) Amounts include charges for exploration, accretion of asset retirement obligations, loss on settlement of asset retirement obligations, contract termination, loss contingency and settlements, loss (gain) on sale of assets and other operating expenses, as applicable, which represent segment operating expenses that are not considered significant. The summarized assets of the Company’s reportable segments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total ​ Investments in unconsolidated affiliates ​ $ 231,048 ​ ​ — ​ ​ 603,956 ​ ​ ( 603,956 ) ​ ​ 231,048 ​ Total assets ​ ​ 12,999,930 ​ ​ 10,120 ​ ​ 5,761,748 ​ ​ ( 5,761,748 ) ​ ​ 13,010,050 ​ (1) Amounts reflect those recorded in Antero Midstream’s condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2025 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Investments in unconsolidated affiliates ​ $ 239,672 ​ ​ — ​ ​ 600,349 ​ ​ ( 600,349 ) ​ ​ 239,672 ​ Total assets ​ ​ 13,040,550 ​ ​ 8,771 ​ ​ 5,752,118 ​ ​ ( 5,752,118 ) ​ ​ 13,049,321 ​ (1) Amounts reflect those recorded in Antero Midstream’s unaudited condensed consolidated financial statements . ​ 26 Table of Contents ANTERO RESOURCES CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements (17) Immaterial Correction of Prior Period Error 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. This error had the effect of incorrectly reporting depletion expense amounts in prior periods, which resulted in incorrectly reporting depletion, depreciation and amortization expense and income tax (expense) benefit in prior periods. After considering the guidance in Staff Accounting Bulletin (“SAB”) No. 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 months ended March 31, 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. The corrections reflect the adjustments to depletion, depreciation and amortization expense and income tax (expense) benefit described above, as well as the resulting adjustments to accumulated depletion, depreciation and amortization, deferred income tax liabilities, net and retained earnings (accumulated deficit). Retained earnings as of December 31, 2023 reflected in the accompanying consolidated statements of equity has been decreased by $ 80 million from its previously reported balance of $ 1.1 billion to the corrected balance of $ 1.1 billion to reflect the impact of correcting this error for the years ended December 31, 2021, 2022 and 2023. The correction of this error also impacted certain non-cash line items within the operating activities section of the consolidated statements of cash flows; however, these corrections did not change previously reported net cash provided by operating activities for any period. In addition to correcting the unaudited condensed consolidated financial statements, we have also corrected the following notes to the unaudited condensed consolidated financial statements for the effects of this error: (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 March 31, 2024 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of Operations and Comprehensive Income ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ ​ As Previously ​ ​ ​ As ​ ​ ​ Reported ​ Corrections ​ Corrected ​ Depletion, depreciation and amortization ​ $ 173,054 ​ ​ 17,421 ​ ​ 190,475 ​ Total operating expenses ​ ​ 1,057,111 ​ ​ 17,421 ​ ​ 1,074,532 ​ Operating income ​ ​ 65,160 ​ ​ ( 17,421 ) ​ ​ 47,739 ​ Income before income taxes ​ ​ 58,320 ​ ​ ( 17,421 ) ​ ​ 40,899 ​ Income tax expense ​ ​ ( 10,033 ) ​ ​ 3,806 ​ ​ ( 6,227 ) ​ Net income, including noncontrolling interest ​ ​ 48,287 ​ ​ ( 13,615 ) ​ ​ 34,672 ​ Net income and comprehensive income attributable to Antero Resources Corporation ​ ​ 36,345 ​ ​ ( 13,615 ) ​ ​ 22,730 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share—basic ​ $ 0.12 ​ ​ ( 0.05 ) ​ ​ 0.07 ​ Net income per common share—diluted ​ $ 0.12 ​ ​ ( 0.05 ) ​ ​ 0.07 ​ ​ ​ ​ ​ ​ ​ ​ ​ 27 Table of Contents