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ANTERO RESOURCES Corp

CIK:0001433270|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue and other:
Total revenue	$ 1,559,842	$ 1,297,493	$ 3,504,968	$ 2,650,200
Operating expenses:
Lease operating	48,148	37,244	92,677	71,230
Production and ad valorem taxes	37,535	34,830	118,532	90,129
General and administrative	57,795	57,183	121,135	119,628
Depletion, depreciation and amortization	227,254	187,589	433,493	373,941
Impairment of property and equipment	4,455	6,297	5,403	11,915
Accretion of asset retirement obligations	983	942	2,046	1,881
Contract termination, loss contingency and settlements	1,659	13,596	13,694	12,288
Loss (gain) on sale of assets	(14,616)	546	(60,566)	(29)
Other operating expense	26	25	48	49
Total operating expenses	1,184,383	1,092,610	2,400,057	2,173,845
Operating income	375,459	204,883	1,104,911	476,355
Other income (expense):
Interest expense, net	(37,520)	(19,954)	(74,483)	(43,322)
Equity in earnings of unconsolidated affiliate	29,379	30,563	59,497	59,224
Loss on early extinguishment of debt		(729)	(6,742)	(3,628)
Transaction expense	(1,903)		(24,047)
Total other income (expense)	(10,044)	9,880	(45,775)	12,274
Income before income taxes	365,415	214,763	1,059,136	488,629
Income tax expense	(78,998)	(48,190)	(224,506)	(102,590)
Net income and comprehensive income including noncontrolling interests	286,417	166,573	834,630	386,039
Less: net income and comprehensive income attributable to noncontrolling interests	7,760	9,988	20,757	21,483
Net income and comprehensive income attributable to Antero Resources Corporation	$ 278,657	$ 156,585	$ 813,873	$ 364,556
Net income per common share-basic (in dollars per share)	$ 0.9	$ 0.5	$ 2.63	$ 1.17
Net income per common share-diluted (in dollars per share)	$ 0.9	$ 0.5	$ 2.62	$ 1.16
Weighted average number of common shares outstanding:
Basic (in shares)	309,712	310,323	309,325	310,822
Diluted (in shares)	310,643	313,184	310,931	314,096
Natural gas sales
Revenue and other:
Total revenue	$ 688,478	$ 688,753	$ 1,999,954	$ 1,468,758
Natural gas liquids sales
Revenue and other:
Total revenue	587,714	480,757	1,091,363	1,042,189
Oil sales
Revenue and other:
Total revenue	59,579	33,700	106,274	84,035
Commodity derivative fair value gains (losses)
Revenue and other:
Total revenue	160,633	53,409	195,656	(18,262)
Gathering, compression, processing and transportation
Operating expenses:
Cost of goods and services sold	748,181	701,722	1,537,287	1,396,739
Marketing
Revenue and other:
Total revenue	56,066	33,743	97,727	59,301
Operating expenses:
Cost of goods and services sold	72,059	51,988	134,612	94,758
Amortization of deferred revenue, VPP
Revenue and other:
Total revenue	5,860	6,298	11,655	12,528
Other revenue and income
Revenue and other:
Total revenue	1,512	833	2,339	1,651
Exploration
Operating expenses:
Cost of goods and services sold	$ 904	$ 648	$ 1,696	$ 1,316

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows provided by (used in) operating activities:
Net income including noncontrolling interests	$ 834,630	$ 386,039
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization and accretion	435,539	375,822
Impairment of property and equipment	5,403	11,915
Commodity derivative fair value losses (gains)	(195,656)	18,262
Losses on settled commodity derivatives	(30,914)	(17,371)
Deferred income tax expense	220,675	102,475
Equity-based compensation expense	24,999	31,000
Equity in earnings of unconsolidated affiliate	(59,497)	(59,224)
Dividends of earnings from unconsolidated affiliate	62,628	62,628
Amortization of deferred revenue	(11,655)	(12,528)
Amortization of debt issuance costs and other	953	823
Settlement of asset retirement obligations	(110)	(71)
Contract termination, loss contingency and settlements	2,153	12,001
Gain on sale of assets	(60,566)	(29)
Loss on early extinguishment of debt	6,742	3,628
Changes in current assets and liabilities:
Accounts receivable	8,721	2,763
Accrued revenue	31,866	85,718
Prepaid expenses and other current assets	10,832	(8,382)
Accounts payable including related parties	23,815	(15,139)
Accrued liabilities	(39,486)	(85,528)
Revenue distributions payable	41,811	48,121
Other current liabilities	(14,976)	7,174
Net cash provided by operating activities	1,297,907	950,097
Cash flows provided by (used in) investing activities:
Additions to unproved properties	(45,551)	(56,640)
Drilling and completion costs	(492,372)	(356,334)
Additions to other property and equipment	(8,894)	(1,580)
Acquisition of HG Production	(2,803,195)
Acquisitions of oil and gas properties	(7,631)
Proceeds from asset sales	756,986	11,522
Change in other assets	(24,066)	(2,348)
Net cash used in investing activities	(2,624,723)	(405,380)
Cash flows provided by (used in) financing activities:
Issuances and borrowings of debt	5,521,550	2,291,800
Repayments of debt.	(4,295,447)	(2,686,733)
Repurchases of common stock	(37,890)	(84,966)
Payment of debt issuance costs	(10,838)
Distributions to noncontrolling interests in Martica Holdings LLC	(24,996)	(37,481)
Employee tax withholding for settlement of equity-based compensation awards	(34,906)	(26,618)
Other	(657)	(719)
Net cash provided by (used in) financing activities	1,116,816	(544,717)
Net decrease in cash, cash equivalents and restricted cash	(210,000)	0
Cash, cash equivalents and restricted cash, beginning of period	210,000	0
Cash, cash equivalents and restricted cash, end of period	0	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	69,988	48,043
Increase (decrease) in accounts payable, accrued liabilities and other current liabilities for additions to property and equipment	34,482	$ (29,581)
In-kind liquidating distribution to noncontrolling interests	$ 160,583

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Restricted cash		$ 210,000
Accounts receivable	$ 25,064	33,773
Accrued revenue	458,197	473,453
Derivative instruments	180,848	68,913
Prepaid expenses	12,807	14,554
Current assets held for sale		20,269
Other current assets	16,654	10,818
Total current assets	693,570	831,780
Oil and gas properties, at cost (successful efforts method):
Unproved properties	1,124,479	796,705
Proved properties	16,976,193	14,049,003
Other property and equipment	125,054	113,020
Property and equipment, gross	18,225,726	14,958,728
Less accumulated depletion, depreciation and amortization	(6,082,594)	(5,753,416)
Property and equipment, net	12,143,132	9,205,312
Operating leases right-of-use assets	2,005,573	2,132,509
Derivative instruments	50,767	12,524
Investment in unconsolidated affiliate	259,313	245,653
Assets held for sale		754,737
Other assets	80,279	62,892
Total assets	15,232,634	13,245,407
Current liabilities:
Accrued liabilities	359,272	338,847
Revenue distributions payable	443,186	384,777
Commercial paper	182,000
Derivative instruments	1,913
Short-term lease liabilities	531,669	516,256
Deferred revenue, VPP	23,793	23,502
Current liabilities held for sale		62,310
Other current liabilities	11,382	26,653
Total current liabilities	1,728,765	1,503,313
Long-term liabilities:
Long-term debt	2,432,258	1,397,976
Deferred income tax liability, net	1,218,788	907,306
Derivative instruments	1,613
Long-term lease liabilities	1,469,378	1,612,288
Deferred revenue, VPP		11,946
Liabilities held for sale		39,789
Other liabilities	64,929	57,140
Total liabilities	6,915,731	5,529,758
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued
Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,510 and 308,739 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively	3,087	3,085
Additional paid-in capital	5,834,394	5,865,447
Retained earnings	2,479,422	1,682,295
Total stockholders' equity	8,316,903	7,550,827
Noncontrolling interests		164,822
Total equity	8,316,903	7,715,649
Total liabilities and equity	15,232,634	13,245,407
Nonrelated Party
Current liabilities:
Accounts payable	45,468	49,514
Affiliated Entity
Current liabilities:
Accounts payable	$ 130,082	$ 101,454