Financial Analysis

The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 17Reportable Segments for additional information on reportable segments. Year Ended December 31, 2023 2024 2025 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 2,192,349 1,818,297 2,873,241 Exploration and production Natural gas liquids sales (ethane) 250,116 275,120 355,437 Exploration and production Natural gas liquids sales (C3+ NGLs) 1,586,834 1,791,855 1,631,403 Exploration and production Oil sales 247,146 230,027 150,158 Exploration and production Marketing 206,122 179,069 125,900 Marketing Other revenue 633 1,098 1,095 Exploration and production Total revenue from contracts with customers 4,483,200 4,295,466 5,137,234 Income from derivatives, deferred revenue and other sources, net 198,772 30,130 138,589 Total revenue $ 4,681,972 4,325,596 5,275,823 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(9) Equity-Based Compensation On June 17, 2020, Antero Resources stockholders approved the Antero Resources Corporation 2020 Long Term Incentive Plan (the AR LTIP), which replaced the Antero Resources Corporation Long Term Incentive Plan (the 2013 Plan) and became effective as of such date. On June 5, 2024, the Companys stockholders approved the Amended AR LTIP. This amendment increased the number of shares of the Companys common stock reserved for awards from 10,050,000 shares to 14,916,100 shares, and extended the term of the plan from June 17, 2030 to June 5, 2034. The Amended 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 Amended AR LTIP. The Amended AR LTIP provides for the reservation of 14,916,100 shares of the Companys 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 the 2013 Plan that was …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(10) Fair Value The carrying values of restricted cash, accounts receivable and accounts payable as of December 31, 2024 and 2025 approximated fair value because of their short- term nature. The carrying values of the amounts outstanding under the Unsecured Credit Facility as of December 31, 2024 and 2025 approximated fair value because the variable interest rates are reflective of current market conditions. The following table sets forth the fair value and carrying value of the Senior Notes (in thousands): December 31, 2024 December 31, 2025 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2026 Notes $ 98,924 96,599 2029 Notes 417,211 404,055 370,431 363,204 2030 Notes 579,660 595,376 607,500 596,172 Total $ 1,095,795 1,096,030 977,931 959,376 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs. See Note 9Equity-Based Compensation for information regarding the fair value of equity based awards. See Note 11Derivative Instruments for information regarding the fair value of derivative financial instruments. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(13) Income Taxes The Companys income tax expense (benefit) consisted of the following (in thousands): Year Ended December 31, 2023 2024 2025 Current: State $ 1,587 455 1,902 Current income tax expense 1,587 455 1,902 Deferred: U.S. federal 50,969 (107,890) 192,252 State 11,070 (10,750) 21,713 Deferred income tax expense (benefit) 62,039 (118,640) 213,965 Total income tax expense (benefit) $ 63,626 (118,185) 215,867 Income tax expense (benefit) differs from the amount that would be computed by applying the U.S. statutory federal income tax rate of 21% to income or loss before taxes as a result of the following (in thousands, except percentages): Year Ended December 31, 2023 2024 2025 Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax $ 75,801 21.0 % $ (5,143) 21.0 % $ 186,991 21.0 % State and local income tax, net of U.S. federal effect (1) 12,657 3.5 % (10,295) 42.0 % 23,215 2.6 % Tax credits Research and development % (148,861) 607.9 % (4,375) (0.5) % Nontaxable or nondeductible items Executive compensation 2,279 0.6 % 5,184 (21.2) % 13,515 1.5 % Other 439 0.1 % 1,037 (4.2) % 431 % Changes in unrecognized tax benefits % 53,590 (218.8) % (2,663) (0.3) % Other items Noncontrolling interests (20,774) (5.8) % (7,659) 31.3 % (8,431) (0.9) % Dividends received deduction (3,075) (0.9) % (4,785) 19.5 % (6,155) (0.7) % Equity-based compensation (3,030) (0.8) % (2,390) 9.8 % (1,786) (0.2) % NOL adjustments % 980 (4.0) % 15,186 1.7 % Other (671) (0.2) % 157 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(7) Long-Term Debt Long-term debt consisted of the following items (in thousands): December 31, 2024 2025 Credit Facility $ 393,200 438,600 8.375% senior notes due 2026 96,870 7.625% senior notes due 2029 407,115 365,353 5.375% senior notes due 2030 600,000 600,000 Total principal 1,497,185 1,403,953 Unamortized debt issuance costs (7,955) (5,977) Long-term debt $ 1,489,230 1,397,976 (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 December 31, 2025, the Unsecured Credit Facility had lender commitments of $ 1.65 billion and available borrowing capacity of $1.2 billion. The Unsecured Credit Facility was originally scheduled to mature on July 30, 2029 (the Maturity Date); however, Antero Resources may request two one-year extensions of the Maturity Date, su …

LongTermDebtTextBlock · excerpt; the full note is in the filing

(w) Recently Adopted or Issued Accounting Standards Reportable Segments In November 2023, the FASB issued 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 is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning 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 Companys 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 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. ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. The Company adopted ASU 2023-09 retrospectively in this Annual Report on Form 10-K for the year ended December 31, 2025, and it did not have a material impact on the Companys consolidated financial statements. …

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(16) Related Parties Substantially all of Antero Midstreams revenues were and are derived from transactions with Antero Resources. See Note 12Leases for additional information on the Companys related party leases. See Note 17Reportable Segments for the operating results of the Companys reportable segments. …

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(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 17Reportable Segments for additional information on reportable segments. Year Ended December 31, 2023 2024 2025 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 2,192,349 1,818,297 2,873,241 Exploration and production Natural gas liquids sales (ethane) 250,116 275,120 355,437 Exploration and production Natural gas liquids sales (C3+ NGLs) 1,586,834 1,791,855 1,631,403 Exploration and production Oil sales 247,146 230,027 150,158 Exploration and production Marketing 206,122 179,069 125,900 Marketing Other revenue 633 1,098 1,095 Exploration and production Total revenue from contracts with customers 4,483,200 4,295,466 5,137,234 Income from derivatives, deferred revenue and other sources, net 198,772 30,130 138,589 Total revenue $ 4,681,972 4,325,596 5,275,823 (b) Transaction Price Allocated to Remaining Performance Obligations For the Companys 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 Companys product sales contracts, each un …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(17) Reportable Segments (a) Summary of Reportable Segments The Companys operations, which are located in the United States, are organized into three reportable segments: (i) exploration and production; (ii) the Companys equity method investment in Antero Midstream and (iii) marketing. Substantially all of the Companys production revenues are attributable to customers located in the United States; however, some of the Companys production revenues are attributable to customers who then transport the Companys production to foreign countries for resale or consumption. These segments are monitored separately by management for performance and are consistent with internal financial reporting. These segments have been identified based on the differing products and services (including the expertise required for these operations), production processes, customers and distribution methods. The Companys Chief Executive Officer and President was determined to be the Companys chief operating decision maker (CODM). The CODM evaluates the performance of the Companys business segments based on operating income (loss). The CODM considered the Companys actual operating income (loss) as compared to the operating income (loss) for (i) the relevant prior period actual results, (ii) budget and (iii) guidance on a monthly basis for purposes of evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. General and administrative expenses …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 688,753 688,478 1,468,758 1,999,954 Exploration and production Natural gas liquids sales (ethane) 78,546 99,018 173,026 191,375 Exploration and production Natural gas liquids sales (C3+ NGLs) 402,211 488,696 869,163 899,988 Exploration and production Oil sales 33,700 59,579 84,035 106,274 Exploration and production Marketing 33,743 56,066 59,301 97,727 Marketing Other revenue 273 1,003 543 1,272 Exploration and production Total revenue from contracts with customers 1,237,226 1,392,840 2,654,826 3,296,590 Income (loss) from derivatives, deferred revenue and other sources, net 60,267 167,002 (4,626) 208,378 Total revenue $ 1,297,493 1,559,842 2,650,200 3,504,968 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(9) Equity-Based Compensation On June 5, 2024, the Companys 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 Companys 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 …

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(10) Fair Value Measurement (a) Senior Notes The following table sets forth the fair value and carrying value of the senior notes (in thousands): (Unaudited) December 31, 2025 June 30, 2026 Fair Carrying Fair Carrying Value (1) Value (2) Value (1) Value (2) 2029 Notes $ 370,431 363,204 2030 Notes 607,500 596,172 604,500 592,139 2036 Notes 737,625 746,587 Total $ 977,931 959,376 1,342,125 1,338,726 (1) Fair values are based on Level 2 market data inputs. (2) Carrying values are presented net of unamortized debt issuance costs. (b) Other Assets and Liabilities The carrying values of restricted cash as of December 31, 2025, accounts receivable and accounts payable as of December 31, 2025 and June 30, 2026 and the amounts outstanding under the Commercial Paper Program as of June 30, 2026 approximated fair value because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility as of December 31, 2025 and June 30, 2026 and the Term Loan as of June 30, 2026 approximated fair value because the variable interest rates are reflective of current market conditions. See Note 9Equity-Based Compensation and Note 11Derivative Instruments to the unaudited condensed consolidated financial statements for information regarding the fair value of equity-based awards and derivative financial instruments, respectively. (c) HG Acquisition The HG Acquisition was accounted for under the acquisition method of accounting, and as such, the Company estimated the f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(7) Debt Total debt consisted of the following items (in thousands): (Unaudited) December 31, June 30, 2025 2026 Short-term: Commercial paper $ 182,000 Long-term: Credit Facility 438,600 2,700 Term Loan 1,100,000 7.625% senior notes due 2029 365,353 5.375% senior notes due 2030 600,000 600,000 5.400% senior notes due 2036 750,000 Unamortized debt issuance costs (5,977) (20,442) Total long-term debt 1,397,976 2,432,258 Total debt $ 1,397,976 2,614,258 (a) Commercial Paper On June 16, 2026, Antero Resources established a commercial paper program (the Commercial Paper Program) pursuant to which Antero Resources may issue short-term, unsecured commercial paper notes (the Commercial Paper). The Commercial Paper may be issued and redeemed from time to time, with the aggregate face or principal amount of the notes outstanding under the Commercial Paper Program at any time not to exceed $1.65 billion. The Commercial Paper will be sold under customary market terms in the U.S. commercial paper market at a discount from par or at par and bear interest at rates determined at the time of issuance. The maturities of the Commercial Paper may vary, but shall not exceed 397 days from the date of issuance. Antero Resources Credit Facility (defined below) will serve as a liquidity backstop for any issuances under the Commercial Paper Program, and therefore, Antero Resources intends to maintain available capacity under the Credit Facility in an amount at least equal to the aggregate outstanding …

LongTermDebtTextBlock · excerpt; the full note is in the filing

(f) Recently Issued Accounting Standard 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 Companys 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. …

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(15) Related Parties Substantially all of Antero Midstreams revenues were and are derived from transactions with Antero Resources. See Note 16Reportable Segments to the unaudited condensed consolidated financial statements for the operating results of the Companys reportable segments. In light of the nature and location of the assets and operations acquired in the HG Acquisition, the Company and Antero Midstream agreed in principle to certain updates to, and intend to modify, their existing commercial arrangements to provide for well pad compression with respect to certain wells and to provide certain water services. For well pad compression services provided by third-party-owned equipment, the Company will reimburse Antero Midstreams third-party out-of-pocket costs plus 3% . For well pad compression services provided by Antero Midstream-owned assets, Antero Midstream will charge the Company a cost of service fee that allows Antero Midstream to earn a return on capital invested of 13% per annum over a period of seven years . For certain fresh water services provided by Antero Midstream related to the HG Production assets, the Company will reimburse Antero Midstreams third-party out-of-pocket costs plus 3%. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(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 16Reportable Segments to the unaudited condensed consolidated financial statements for additional information. Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Reportable Segment Revenues from contracts with customers: Natural gas sales $ 688,753 688,478 1,468,758 1,999,954 Exploration and production Natural gas liquids sales (ethane) 78,546 99,018 173,026 191,375 Exploration and production Natural gas liquids sales (C3+ NGLs) 402,211 488,696 869,163 899,988 Exploration and production Oil sales 33,700 59,579 84,035 106,274 Exploration and production Marketing 33,743 56,066 59,301 97,727 Marketing Other revenue 273 1,003 543 1,272 Exploration and production Total revenue from contracts with customers 1,237,226 1,392,840 2,654,826 3,296,590 Income (loss) from derivatives, deferred revenue and other sources, net 60,267 167,002 (4,626) 208,378 Total revenue $ 1,297,493 1,559,842 2,650,200 3,504,968 (b) Transaction Price Allocated to Remaining Performance Obligations For the Companys 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 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(16) Reportable Segments The Companys 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 (exploration and production); (ii) midstream services through our equity method investment in Antero Midstream (equity method investment in Antero Midstream) and (iii) marketing of excess firm transportation capacity (marketing). The operating results of the Companys reportable segments were as follows (in thousands): Three Months Ended June 30, 2025 Equity Method Exploration Investment in Elimination of and Antero Unconsolidated Consolidated Production Marketing Midstream (1) Affiliate Total Sales and revenues: Third-party $ 1,263,190 33,743 466 (466) 1,296,933 Intersegment 560 305,006 (305,006) 560 Total revenue 1,263,750 33,743 305,472 (305,472) 1,297,493 Operating expenses: Lease operating 37,244 37,244 Gathering and compression 236,830 25,662 (25,662) 236,830 Processing 284,040 284,040 Transportation 180,852 180,852 Water handling 37,452 (37,452) Production and ad valorem taxes 34,830 34,830 Marketing 51,988 51,988 General and administrative (excluding equity-based compensation) 41,328 10,718 (10,718) 41,328 Equity-based compensation 15,855 11,407 (11,407) 15,855 Facility idling 375 (375) Depletion, depreciation and amortization 187,589 33,364 (33,364) 187,589 Impairment of property and equipment 6,297 6,297 Other (2) 15,757 50 (50) 15,757 Total operating expens …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing