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What changed in ANTERO RESOURCES Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ANTERO RESOURCES Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+310 added−313 removedSource: 10-K (2026-02-11) vs 10-K (2025-02-12)

Top changes in ANTERO RESOURCES Corp's 2025 10-K

310 paragraphs added · 313 removed · 246 edited across 2 sections

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

121 edited+32 added−43 removed280 unchanged
Biggest changeOur oil and gas exploration and production activities are subject to all of the operating risks associated with drilling for and producing oil and gas, including the possibility of: ● environmental hazards, such as uncontrollable releases of oil, natural gas, brine, well fluids, toxic gas or other pollution into the environment, including groundwater, air and shoreline contamination; ● abnormally pressured formations; ● mechanical difficulties, such as stuck oilfield drilling and service tools and casing collapse; ● fires, explosions and ruptures of pipelines; ● personal injuries and death; ● natural disasters; and ● terrorist attacks targeting natural gas and oil related facilities and infrastructure. 27 Table of Contents Any of these risks could adversely affect our ability to conduct operations or result in substantial loss to us as a result of claims for: ● injury or loss of life; ● damage to and destruction of property, natural resources and equipment; ● pollution and other environmental damage; ● regulatory investigations and penalties; ● suspension of our operations; and ● repair and remediation costs.
Biggest changeOur oil and gas exploration and production activities are subject to all of the operating risks associated with drilling for and producing oil and gas, including the possibility of: ● environmental hazards, such as uncontrollable releases of oil, natural gas, brine, well fluids, toxic gas or other pollution into the environment, including groundwater, air and shoreline contamination; 27 Table of Contents ● abnormally pressured formations; ● mechanical difficulties, such as stuck oilfield drilling and service tools and casing collapse; ● fires, explosions and ruptures of pipelines; ● personal injuries and death; ● natural disasters; and ● terrorist attacks targeting natural gas and oil related facilities and infrastructure.
These factors include the following: ● worldwide and regional economic conditions impacting the global supply and demand for natural gas, NGLs and oil; ● the price and quantity of imports of foreign, and exports of domestic, oil, natural gas and NGLs including liquefied natural gas; ● political conditions in or affecting other producing countries, including conflicts in or among the Middle East, Africa, South America and Russia; ● the level of global exploration and production; 20 Table of Contents ● the level of global inventories; ● events that impact global market demand; ● prevailing prices on local price indexes in the areas in which we operate; ● localized and global supply and demand fundamentals and transportation availability; ● weather conditions; ● technological advances affecting energy consumption; ● the price and availability of alternative fuels; and ● domestic, local and foreign governmental regulation and taxes.
These factors include the following: ● worldwide and regional economic conditions impacting the global supply and demand for natural gas, NGLs and oil; 20 Table of Contents ● the price and quantity of imports of foreign, and exports of domestic, oil, natural gas and NGLs including liquefied natural gas; ● political conditions in or affecting other producing countries, including conflicts in or among the Middle East, Africa, South America and Russia; ● the level of global exploration and production; ● the level of global inventories; ● events that impact global market demand; ● prevailing prices on local price indexes in the areas in which we operate; ● localized and global supply and demand fundamentals and transportation availability; ● weather conditions; ● technological advances affecting energy consumption; ● the price and availability of alternative fuels; and ● domestic, local and foreign governmental regulation and taxes.
The operations of the processing facilities or pipelines could be partially or completely shut down, temporarily or permanently, as the result of circumstances not within the operator’s nor our control, such as: ● unscheduled maintenance or catastrophic events, including damages to facilities, related equipment and surrounding properties caused by earthquakes, tornadoes, hurricanes, floods, fires, severe weather, explosions and other natural disasters; ● restrictions imposed by governmental authorities or court proceedings; ● labor difficulties that result in a work stoppage or slowdown; ● disruption in the supply of power, water and other resources necessary to operate the facilities; ● damage to the facilities resulting from NGLs that do not comply with applicable specifications; ● inadequate fractionation capacity or market access to support production volumes, including lack of availability of rail cars, barges, trucks and pipeline capacity, or market constraints, including reduced demand or limited markets for certain NGLs; and 32 Table of Contents ● terrorist attacks or cyberattacks.
The operations of the processing facilities or pipelines could be partially or completely shut down, temporarily or permanently, as the result of circumstances not within the operator’s nor our control, such as: ● unscheduled maintenance or catastrophic events, including damages to facilities, related equipment and surrounding properties caused by earthquakes, tornadoes, hurricanes, floods, fires, severe weather, explosions and other natural disasters; ● restrictions imposed by governmental authorities or court proceedings; 32 Table of Contents ● labor difficulties that result in a work stoppage or slowdown; ● disruption in the supply of power, water and other resources necessary to operate the facilities; ● damage to the facilities resulting from NGLs that do not comply with applicable specifications; ● inadequate fractionation capacity or market access to support production volumes, including lack of availability of rail cars, barges, trucks and pipeline capacity, or market constraints, including reduced demand or limited markets for certain NGLs; and ● terrorist attacks or cyberattacks.
Among other things, our certificate of incorporation and bylaws: ● provide advance notice procedures with regard to stockholder nominations of candidates for election as directors or other stockholder proposals to be brought before meetings of our stockholders, which may preclude our stockholders from bringing certain matters before our stockholders at an annual or special meeting; 33 Table of Contents ● provide our Board of Directors the ability to authorize issuance of preferred stock in one or more series, which makes it possible for our B oard of Directors to issue, without stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us and which may have the effect of deterring hostile takeovers or delaying changes in control or management of us; ● provide that the authorized number of directors may be changed only by resolution of our Board of Directors ; ● provide that, subject to the rights of holders of any series of preferred stock to elect directors or fill vacancies in respect of such directors as specified in the related preferred stock designation, all vacancies, including newly created directorships be filled by the affirmative vote of holders of a majority of directors then in office, even if less than a quorum, or by the sole remaining director, and will not be filled by our stockholders; ● provide that, subject to the rights of the holders of any series of preferred stock to elect directors under specified circumstances, if any, any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of our stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders; ● provide for our Board of Directors to be divided into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms; ● provide that, subject to the rights of the holders of shares of any series of preferred stock, if any, to remove directors elected by such series of preferred stock pursuant to our certificate of incorporation (including any preferred stock designation thereunder), directors may be removed from office at any time, only for cause and by the holders of a majority of the voting power of all outstanding voting shares entitled to vote generally in the election of directors; ● provide that special meetings of our stockholders may only be called by the Chief Executive Officer, the Chairman of our Board of Directors or our Board of Directors pursuant to a resolution adopted by a majority of the total number of directors that we would have if there were no vacancies; ● provide that (i) Yorktown Partners LLC (“Yorktown”) and their affiliates are permitted to participate (directly or indirectly) in venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of any kind, nature or description, (ii) Yorktown and their affiliates are permitted to have interests in, participate with, aid and maintain seats on the boards of directors or similar governing bodies of any such investments, in each case that may, are or will be competitive with our business and the business of our subsidiaries or in the same or similar lines of business as us and our subsidiaries, or that could be suitable for us or our subsidiaries and (iii) we have, subject to limited exceptions, renounced, to the fullest extent permitted by law, any interest or expectancy in, or in being offered an opportunity to participate in, such corporate opportunities; ● provide that the provisions of our certificate of incorporation can only be amended or repealed by the affirmative vote of the holders of at least 66 2/3% in voting power of the outstanding shares of our common stock entitled to vote thereon, voting together as a single class; and ● provide that our bylaws can be altered or repealed by (a) our Board of Directors or (b) our stockholders upon the affirmative vote of holders of at least 66 2/3% of the voting power of our common stock outstanding and entitled to vote thereon, voting together as a single class.
Among other things, our certificate of incorporation and bylaws: ● provide advance notice procedures with regard to stockholder nominations of candidates for election as directors or other stockholder proposals to be brought before meetings of our stockholders, which may preclude our stockholders from bringing certain matters before our stockholders at an annual or special meeting; ● provide our Board of Directors the ability to authorize issuance of preferred stock in one or more series, which makes it possible for our B oard of Directors to issue, without stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us and which may have the effect of deterring hostile takeovers or delaying changes in control or management of us; 34 Table of Contents ● provide that the authorized number of directors may be changed only by resolution of our Board of Directors ; ● provide that, subject to the rights of holders of any series of preferred stock to elect directors or fill vacancies in respect of such directors as specified in the related preferred stock designation, all vacancies, including newly created directorships be filled by the affirmative vote of holders of a majority of directors then in office, even if less than a quorum, or by the sole remaining director, and will not be filled by our stockholders; ● provide that, subject to the rights of the holders of any series of preferred stock to elect directors under specified circumstances, if any, any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of our stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders; ● provide for our Board of Directors to be divided into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms; ● provide that, subject to the rights of the holders of shares of any series of preferred stock, if any, to remove directors elected by such series of preferred stock pursuant to our certificate of incorporation (including any preferred stock designation thereunder), directors may be removed from office at any time, only for cause and by the holders of a majority of the voting power of all outstanding voting shares entitled to vote generally in the election of directors; ● provide that special meetings of our stockholders may only be called by the Chief Executive Officer, the Chairman of our Board of Directors or our Board of Directors pursuant to a resolution adopted by a majority of the total number of directors that we would have if there were no vacancies; ● provide that (i) Yorktown Partners LLC (“Yorktown”) and their affiliates are permitted to participate (directly or indirectly) in venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of any kind, nature or description, (ii) Yorktown and their affiliates are permitted to have interests in, participate with, aid and maintain seats on the boards of directors or similar governing bodies of any such investments, in each case that may, are or will be competitive with our business and the business of our subsidiaries or in the same or similar lines of business as us and our subsidiaries, or that could be suitable for us or our subsidiaries and (iii) we have, subject to limited exceptions, renounced, to the fullest extent permitted by law, any interest or expectancy in, or in being offered an opportunity to participate in, such corporate opportunities; ● provide that the provisions of our certificate of incorporation can only be amended or repealed by the affirmative vote of the holders of at least 66 2/3% in voting power of the outstanding shares of our common stock entitled to vote thereon, voting together as a single class; and ● provide that our bylaws can be altered or repealed by (a) our Board of Directors or (b) our stockholders upon the affirmative vote of holders of at least 66 2/3% of the voting power of our common stock outstanding and entitled to vote thereon, voting together as a single class.
While the Trump administration may make changes to President Biden’s environmental and climate change initiatives, we cannot predict what, when, or how the new administration may take actions to revise existing environmental laws or regulations, if at all, or the ultimate impact such changes may have on our business. For more information on these matters, see “Item 1.
While the Trump administration may make changes to President Biden’s environmental and climate change initiatives, we cannot predict what, when, or how the Trump administration may take actions to revise existing environmental laws or regulations, if at all, or the ultimate impact such changes may have on our business. For more information on these matters, see “Item 1.
In developing our 2025 business plan, we considered allocating capital and other resources to various aspects of our businesses, including well development, exploratory activities, corporate items, repayment of indebtedness and other alternatives. Notwithstanding the determinations made in the development of our 2025 plan, business opportunities not previously identified periodically come to our attention, including possible acquisitions and dispositions.
In developing our 2025 business plan, we considered allocating capital and other resources to various aspects of our businesses, including well development, exploratory activities, corporate items, repayment of indebtedness and other alternatives. Notwithstanding the determinations made in the development of our 2026 plan, business opportunities not previously identified periodically come to our attention, including possible acquisitions and dispositions.
Specific factors that may have a significant effect on the market price for our common stock include: ● our operating and financial performance and prospects and the trading price of our common stock; ● the level of any dividends we may declare; ● quarterly variations in the rate of growth of our financial indicators, such as net income and revenues; ● levels of indebtedness; ● changes in revenue or earnings estimates or publication of research reports by analysts; ● speculation by the press or investment community; ● sales of our common stock by other stockholders; ● announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships, joint ventures, securities offerings or capital commitments; 43 Table of Contents ● general market conditions; ● changes in accounting standards, policies, guidance, interpretations or principles; ● adverse changes in tax laws or regulations; and ● domestic and international economic, legal and regulatory factors related to our performance.
Specific factors that may have a significant effect on the market price for our common stock include: ● our operating and financial performance and prospects and the trading price of our common stock; ● the level of any dividends we may declare; ● quarterly variations in the rate of growth of our financial indicators, such as net income and revenues; ● levels of indebtedness; ● changes in revenue or earnings estimates or publication of research reports by analysts; ● speculation by the press or investment community; ● sales of our common stock by other stockholders; ● announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships, joint ventures, securities offerings or capital commitments; ● general market conditions; ● changes in accounting standards, policies, guidance, interpretations or principles; ● adverse changes in tax laws or regulations; and ● domestic and international economic, legal and regulatory factors related to our performance.
Conversely, hedging transactions may expose us to the risk of financial loss in certain circumstances, including instances in which : 21 Table of Contents ● production volumes are less than expected; ● commodity prices rise significantly in excess of our hedged price, resulting in significant cash payments to our hedge counterparties; ● we are unable to find available counterparties in the future; ● the creditworthiness of our hedge counterparties or their guarantors is substantially impaired; or ● counterparties have credit limits that may constrain our ability to hedge additional volumes. ​ If commodity prices decrease to a level such that our future undiscounted cash flows from our properties are less than their carrying value for a significant period of time, we will be required to take write-downs of the carrying values of our properties.
Conversely, hedging transactions may expose us to the risk of financial loss in certain circumstances, including instances in which : ● production volumes are less than expected; ● commodity prices rise significantly in excess of our hedged price, resulting in significant cash payments to our hedge counterparties; ● we are unable to find available counterparties in the future; ● the creditworthiness of our hedge counterparties or their guarantors is substantially impaired; or ● counterparties have credit limits that may constrain our ability to hedge additional volumes. ​ If commodity prices decrease to a level such that our future undiscounted cash flows from our properties are less than their carrying value for a significant period of time, we will be required to take write-downs of the carrying values of our properties.
Approximately 48% of our net leasehold acreage is undeveloped, and that acreage may not ultimately be developed or become commercially productive, which could cause us to lose rights under our leases as well as have a material adverse effect on our oil and natural gas reserves and future production and, therefore, our future cash flow and income.
Approximately 45% of our net leasehold acreage is undeveloped, and that acreage may not ultimately be developed or become commercially productive, which could cause us to lose rights under our leases as well as have a material adverse effect on our oil and natural gas reserves and future production and, therefore, our future cash flow and income.
Stakeholder attention to climate risks, societal expectations on companies related to climate risks, investor, regulatory and societal expectations regarding voluntary and mandatory ESG disclosures and consumer demand for alternative forms of energy may result in increased costs, reduced demand for our products, reduced profits, increased investigations and litigation, negative impacts on our stock price and reduced access to capital markets.
Stakeholder attention to climate risks, societal expectations on companies related to climate risks, investor, regulatory and societal expectations regarding voluntary and mandatory sustainability disclosures and consumer demand for alternative forms of energy may result in increased costs, reduced demand for our products, reduced profits, increased investigations and litigation, negative impacts on our stock price and reduced access to capital markets.
We have proved undeveloped reserves of 366 Bcfe related to such acreage that is subject to renewal prior to drilling. In addition, 14% of our natural gas leases related to our Appalachian Basin acreage require us to drill wells that are commercially productive, and if we are unsuccessful in drilling such wells, we could lose our rights under such leases.
We have proved undeveloped reserves of 294 Bcfe related to such acreage that is subject to renewal prior to drilling. In addition, 14% of our natural gas leases related to our Appalachian Basin acreage require us to drill wells that are commercially productive, and if we are unsuccessful in drilling such wells, we could lose our rights under such leases.
As a result, management’s view of the likelihood of a material and adverse financial impact from any such proceeding may change in the future. See Note 15—Contingencies to the consolidated financial statements for additional information on legal proceedings. ESG matters and conservation measures may adversely impact our business.
As a result, management’s view of the likelihood of a material and adverse financial impact from any such proceeding may change in the future. See Note 15—Contingencies to the consolidated financial statements for additional information on legal proceedings. Sustainability matters and conservation measures may adversely impact our business.
The state NOL carryforwards expire at various dates from 2025 to 2044 while others have no expiration date. We do not expect to utilize certain of these NOL carryforwards due to changes in state tax law. Therefore, we have placed a valuation allowance against $1.2 billion of these state NOL carryforwards.
The state NOL carryforwards expire at various dates from 2026 to 2044 while others have no expiration date. We do not expect to utilize certain of these NOL carryforwards due to changes in state tax law. Therefore, we have placed a valuation allowance against $1.2 billion of these state NOL carryforwards.
A corporation is generally an applicable corporation subject to CAMT in any taxable year following a taxable year in which the “average annual adjusted financial statement income” of the corporation and certain of its subsidiaries and affiliates exceeds $1 billion for a specified three taxable year period. We were not an applicable corporation subject to CAMT in 2024.
A corporation is generally an applicable corporation subject to CAMT in any taxable year following a taxable year in which the “average annual adjusted financial statement income” of the corporation and certain of its subsidiaries and affiliates exceeds $1 billion for a specified three taxable year period. We were not an applicable corporation subject to CAMT in 2025.
Approximately 48% of our net leasehold acreage is undeveloped, or acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves.
Approximately 45% of our net leasehold acreage is undeveloped, or acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves.
Moreover, to the extent ESG matters negatively impact our reputation, we may not be able to compete as effectively or recruit or retain employees, which may adversely affect our operations. Such ESG matters may also impact Antero Midstream and our customers, which may adversely impact our business, financial condition or results of operations.
Moreover, to the extent sustainability matters negatively impact our reputation, we may not be able to compete as effectively or recruit or retain employees, which may adversely affect our operations. Such sustainability matters may also impact Antero Midstream and our customers, which may adversely impact our business, financial condition or results of operations.
A successful cyberattack or security breach could result in liability resulting from data privacy or cybersecurity 29 Table of Contents claims, liability under data privacy laws, regulatory penalties, damage to our reputation, long-lasting loss of confidence in us, or additional costs for remediation and modification or enhancement of our information systems to prevent future occurrences, all of which could have a material and adverse effect on our business, financial condition or results of operations.
A successful cyberattack or security breach could result in liability resulting from data privacy or cybersecurity claims, liability under data privacy laws, regulatory penalties, damage to our reputation, long-lasting loss of confidence in us, or additional costs for remediation and modification or enhancement of our information systems to prevent future occurrences, all of which could have a material and adverse effect on our business, financial condition or results of operations.
A default, if not waived, could result in our inability to access loans under the Credit Facility or acceleration of the indebtedness outstanding under the Credit Facility and in a default with respect to, and an acceleration of, the indebtedness outstanding under other debt agreements. The accelerated indebtedness would become immediately due and payable.
A default, if not waived, could result in our inability to access loans under the Credit Facility or acceleration of the indebtedness outstanding under the Credit Facility or the Term Loan A Facility and in a default with respect to, and an acceleration of, the indebtedness outstanding under other debt agreements. The accelerated indebtedness would become immediately due and payable.
If we have insufficient production to meet the minimum volumes or are otherwise unable to fulfill all or a portion of our volume commitments, our cash flow from operations will be reduced, which may require us to reduce or delay our planned investments and capital expenditures or seek alternative means of financing, all of which may have a material adverse effect on our results of operations.
If we have insufficient production to meet the minimum volumes or are otherwise unable to fulfill all or a portion of our volume commitments, our cash flow from operations will be reduced, which may require us to reduce or delay our planned investments and 31 Table of Contents capital expenditures or seek alternative means of financing, all of which may have a material adverse effect on our results of operations.
Our cash flows from operations and access to capital are subject to a number of variables, including: ● our proved reserves; ● the level of hydrocarbons we are able to produce from existing wells; ● the prices at which our production is sold; ● our ability to acquire, locate and produce new reserves; 35 Table of Contents ● the value of our commodity derivative portfolio; and ● availability under the Credit Facility.
Our cash flows from operations and access to capital are subject to a number of variables, including: ● our proved reserves; ● the level of hydrocarbons we are able to produce from existing wells; ● the prices at which our production is sold; ● our ability to acquire, locate and produce new reserves; ● the value of our commodity derivative portfolio; and ● availability under the Credit Facility.
In addition, the EPA has adopted rules requiring the monitoring and reporting of GHG emissions from specified onshore and offshore oil and gas production sources in the United States on an annual basis, which include certain of our operations. 39 Table of Contents The federal regulation of methane from oil and gas facilities has been subject to substantial uncertainty in recent years.
In addition, the EPA has adopted rules requiring the monitoring and reporting of GHG emissions from specified onshore and offshore oil and gas production sources in the United States on an annual basis, which include certain of our operations. The federal regulation of methane from oil and gas facilities has been subject to substantial uncertainty in recent years.
Our producing properties are geographically concentrated in the Appalachian Basin in West Virginia and Ohio. As of December 31, 2024, all of our total estimated proved reserves were attributable to properties located in this area.
Our producing properties are geographically concentrated in the Appalachian Basin in West Virginia and Ohio. As of December 31, 2025, all of our total estimated proved reserves were attributable to properties located in this area.
If activism against oil and natural gas exploration and development persists or increases, there could be a material adverse effect on our business, financial condition and results of operations. Customer Concentration and Credit Risk The inability of our significant customers to meet their obligations to us may adversely affect our financial results.
If activism against oil and natural gas exploration and development persists or increases, there could be a material adverse effect on our business, financial condition and results of operations. 30 Table of Contents Customer Concentration and Credit Risk The inability of our significant customers to meet their obligations to us may adversely affect our financial results.
In general, the provisions of Section 203 of the DGCL prohibit a Delaware corporation, including those whose securities are listed for trading on the New York Stock Exchange, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless: ● prior to such time, the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is approved by our B oard of Directors ; ● upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding certain specified shares); or 34 Table of Contents ● on or after such time the business combination is approved by our Board of Directors and authorized at a meeting of stockholders by the holders of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.
In general, the provisions of Section 203 of the DGCL prohibit a Delaware corporation, including those whose securities are listed for trading on the New York Stock Exchange, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless: ● prior to such time, the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is approved by our B oard of Directors ; ● upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding certain specified shares); or ● on or after such time the business combination is approved by our Board of Directors and authorized at a meeting of stockholders by the holders of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder. 35 Table of Contents Section 203 of the DGCL permits a Delaware corporation to elect not to be governed by the provisions of Section 203.
Moreover, while we create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.
Moreover, while we create and publish voluntary disclosures regarding sustainability matters from time to time, many of the statements in those voluntary disclosures are based on expectations and assumptions or hypothetical scenarios that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.
While our systems have not been regulated by FERC under the NGA, FERC has adopted regulations that may subject certain of our otherwise non- FERC jurisdictional facilities to FERC annual reporting requirements. Additional rules and legislation pertaining to those and other matters may be considered or adopted by FERC from time to time.
While our systems have not been regulated by FERC under the NGA, FERC has adopted regulations that may subject certain of our otherwise non-FERC jurisdictional 39 Table of Contents facilities to FERC annual reporting requirements. Additional rules and legislation pertaining to those and other matters may be considered or adopted by FERC from time to time.
Investors should not assume that the standardized measure of discounted future net cash flows from our proved reserves is the current market value of our estimated oil and gas reserves.
The standardized measure of discounted future net cash flows from our proved reserves is not the same as the current market value of our estimated oil and gas reserves. Investors should not assume that the standardized measure of discounted future net cash flows from our proved reserves is the current market value of our estimated oil and gas reserves.
Separately, enhanced climate related disclosure requirements could lead to reputational or other harm with customers, regulators, investors or other stakeholders and could also increase our litigation risks relating to statements alleged to have been made by us or others in our industry regarding climate risks, or in connection with any future disclosures we may make regarding reported emissions, particularly given the inherent uncertainties and estimations with respect to calculating and reporting GHG emissions.
Separately, enhanced climate related disclosure requirements could lead to reputational or other harm and could also increase our litigation risks relating to statements alleged to have been made by us or others in our industry regarding climate risks, or in connection with any future disclosures we may make regarding reported emissions, particularly given the inherent uncertainties and estimations with respect to calculating and reporting GHG emissions.
In addition, claims for damages to persons or property, including natural resources, may result from the environmental and occupational health and workplace safety impacts of our operations. We have been named from time to time as a defendant in litigation related to such matters.
In addition, claims for damages to persons or property, including natural resources, may result from the 38 Table of Contents environmental and occupational health and workplace safety impacts of our operations. We have been named from time to time as a defendant in litigation related to such matters.
If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness, including the Credit Facility or the Senior Notes.
If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness, including the Credit Facility, the Term Loan A Facility or the Senior Notes.
The IRA 2022 amends the federal Clean Air Act to impose a fee on the emission of methane from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories.
The IRA 2022 amended the federal Clean Air Act to impose a fee on the excess emission of methane from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories.
Our decisions to purchase, explore or develop prospects or properties will depend in part on the evaluation of data obtained through geophysical and geological analyses, production data and engineering studies, the results of which are often inconclusive or subject to varying interpretations.
Our decisions to purchase, explore or develop prospects or properties will depend in part on the 23 Table of Contents evaluation of data obtained through geophysical and geological analyses, production data and engineering studies, the results of which are often inconclusive or subject to varying interpretations.
Lower commodity prices may lead to reductions in our drilling and completion program, which may result in insufficient production to fully utilize our firm transportation and processing capacity. Our firm transportation agreements expire at various dates from 2025 to 2058 and our gas processing, gathering, and compression services agreements expire at various dates from 2025 to 2038.
Lower commodity prices may lead to reductions in our drilling and completion program, which may result in insufficient production to fully utilize our firm transportation and processing capacity. Our firm transportation agreements expire at various dates from 2027 to 2058 and our gas processing, gathering, and compression services agreements expire at various dates from 2032 to 2038.
Our ability to make scheduled payments on, or to refinance, our indebtedness, including the Credit Facility and our Senior Notes, depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and certain financial, business and other factors beyond our control.
Our ability to make scheduled payments on, or to refinance, our indebtedness, including the Credit Facility, the Term Loan A Facility and our Senior Notes, depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and certain financial, business and other factors beyond our control.
Mandatory ESG-related disclosure is also emerging as an area where we may be, or may become, subject to required disclosures in certain jurisdictions, depending on our purported nexus to such jurisdictions and any such mandatory disclosures may similarly necessitate the use of hypothetical, projected or estimated data, some of which is not controlled by us and is inherently subject to imprecision.
Mandatory sustainability-related disclosure is also evolving as an area where we may be, or may become, subject to required disclosures in certain jurisdictions, depending on our purported nexus to such jurisdictions and any such mandatory disclosures may similarly necessitate the use of hypothetical, projected or estimated data, some of which is not controlled by us and is inherently subject to imprecision.
Our inability to complete a transaction or to achieve our strategic or financial goals in any transaction could have significant adverse effects on our financial position, results of operations and cash flows. 28 Table of Contents World health events may materially adversely affect our business.
Our inability to complete a transaction or to achieve our strategic or financial goals in any transaction could have significant adverse effects on our financial position, results of operations and cash flows. World health events may materially adversely affect our business.
Given uncertainties related to the use of emerging technologies, the state of markets 26 Table of Contents for and the availability of verified carbon offsets, we cannot predict whether or not we will be able to timely meet these goals, if at all.
Given uncertainties related to the use of emerging technologies, the state of markets for and the availability of verified carbon offsets, we cannot predict whether or not we will be able to timely meet these goals, if at all.
Moreover, certain stakeholders may object to the use of offsets generally or with respect to specific transactions we engage in as to any carbon reduction benefits we may claim resulting from such offsets. Furthermore, certain jurisdictions, including California, are instituting new laws that require disclosures related to voluntary carbon offsets and similar constructs.
Moreover, certain stakeholders may object to the use of offsets generally or with respect to specific transactions we engage in as to any carbon reduction benefits we may claim resulting from such offsets. Furthermore, certain jurisdictions, including California, have instituted new laws that require disclosures related to voluntary carbon offsets and similar constructs.
While we may participate in various voluntary frameworks and certification programs to improve the ESG profile of our operations and products, we cannot guarantee that such participation or certification will have the intended results on our or our products’ ESG profile.
While we may participate in various voluntary frameworks and certification programs to improve the sustainability profile or transparency of our operations and products, we cannot guarantee that such participation or certification will have the intended results on our or our products’ sustainability profile.
Our principal exposures to credit risk are through receivables resulting from the sale of our natural gas, NGLs and oil production that we market to energy companies, end users, and refineries ($453 million as of December 31, 2024). We are also subject to credit risk due to concentration of receivables with several significant customers.
Our principal exposures to credit risk are through receivables resulting from the sale of our natural gas, NGLs and oil production that we market to energy companies, end users, and refineries ($493 million as of December 31, 2025). We are also subject to credit risk due to concentration of receivables with several significant customers.
Any significant variance from our current interpretation of such regulations and interpretive guidance could result in a change in our analysis of the application of the CAMT and the Stock Buyback Tax to us and its impact on our operations and cash flows.
Any significant variance from our current interpretation of such regulations and interpretive guidance could result in a change in our analysis of the application of the CAMT to us and its impact on our operations and cash flows.
Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of our preferred stock could affect the residual value of our common stock. 44 Table of Contents ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable. ITEM 1C.
Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of our preferred stock could affect the residual value of our common stock. ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable. ITEM 1C.
We have recorded a reserve for uncertain tax positions related to our U.S. federal tax credits of $54 million as of December 31, 2024. Some of the U.S. federal NOL carryforwards expire in 2037 while others have no expiration date. We expect to fully utilize our U.S. federal NOL carryforwards and U.S. federal tax credit carryforwards prior to expiration.
We have recorded a reserve for uncertain tax positions related to our U.S. federal tax credits of $51 million as of December 31, 2025. Some of the U.S. federal NOL carryforwards expire in 2037 while others have no expiration date. We expect to fully utilize our U.S. federal NOL carryforwards and U.S. federal tax credit carryforwards prior to expiration.
In addition, the IRA 2022 imposes the first ever federal fee on the emission of greenhouse gases through a methane emissions charge.
In addition, the IRA 2022 imposed the first ever federal fee on the emission of greenhouse gases through a methane emissions charge.
To the extent implemented or pursued, such policies and commitments could lead to some lenders restricting access to capital for or divesting from certain industries or companies, including the oil and natural gas sector, or requiring that borrowers take additional steps to reduce their GHG emissions.
To the extent implemented or pursued, 40 Table of Contents such policies and commitments could lead to some lenders restricting access to capital for or divesting from certain industries or companies, including the oil and natural gas sector, or requiring that borrowers take additional steps to reduce their GHG emissions.
In addition, while we may seek to only purchase carbon offsets verified by reputable third parties, we cannot guarantee that any carbon offsets we purchase will achieve the GHG emission reductions represented, and we could face increased costs to purchase additional carbon offsets to cover any gap or loss, particularly if carbon offset markets face capacity constraints as a result of increased demand.
In addition, while we may seek to purchase carbon offsets verified by reputable third parties, we cannot guarantee that any carbon offsets we purchase will achieve the GHG emission reductions represented, and we could face increased costs to purchase additional carbon offsets to cover any gap or loss, particularly if carbon offset markets face capacity constraints as a result of increased demand or heightened scrutiny of their methodologies.
Advances in computer capabilities, discoveries in the field of artificial intelligence, cryptography, or other developments may result in a compromise or breach of the technology we use to safeguard confidential, personal or other information.
Advances in computer capabilities, discoveries in the field of artificial intelligence, cryptography, 29 Table of Contents or other developments may result in a compromise or breach of the technology we use to safeguard confidential, personal or other information.
Reserves The development of our estimated proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our estimated proved undeveloped reserves may not be ultimately developed or produced. As of December 31, 2024, 23% of our total estimated proved reserves were classified as proved undeveloped.
Reserves The development of our estimated proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our estimated proved undeveloped reserves may not be ultimately developed or produced. As of December 31, 2025, 24% of our total estimated proved reserves were classified as proved undeveloped.
Our 4.2 Tcfe of estimated proved undeveloped reserves will require an estimated $1.8 billion of development capital over the next five years. Moreover, the development of probable and possible reserves will require additional capital expenditures and such reserves are less certain to be recovered than proved reserves.
Our 4.7 Tcfe of estimated proved undeveloped reserves will require an estimated $2.3 billion of development capital over the next five years. Moreover, the development of probable and possible reserves will require additional capital expenditures and such reserves are less certain to be recovered than proved reserves.
Our risk assessment processes are conducted, monitored and reviewed by our security and compliance team as well as third-party consultants. In addition, we perform cybersecurity tabletop exercises with our information technology (“IT”) department throughout the year.
Our risk assessment processes are conducted, monitored and reviewed by our security and compliance team as well as third-party consultants. In addition, we perform 45 Table of Contents cybersecurity tabletop exercises with our information technology (“IT”) department throughout the year.
Dividend Restrictions Our ability to pay dividends is governed by (i) the provisions of Delaware general corporation law, (ii) our Certificate of Incorporation and Bylaws, (iii) the indentures relating to our Senior Notes and (iv) the Credit Facility. We have not paid or declared any dividends on our common stock.
Dividend Restrictions Our ability to pay dividends is governed by (i) the provisions of Delaware general corporation law, (ii) our Certificate of Incorporation and Bylaws, (iii) certain of the indentures relating to our Senior Notes, (iv) the Credit Facility and (v) the Term Loan A Facility. We have not paid or declared any dividends on our common stock.
Damage to our overall reputation could have a negative impact on our financial results and require additional resources for the Company to rebuild its reputation. In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters.
Damage to our overall reputation could have a negative impact on our financial results and require additional resources for the Company to rebuild its reputation. In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings and proxy voting recommendations processes for evaluating companies on their approach to sustainability matters.
LEGAL PROCEEDINGS The information required by this item is included in Note 15—Contingencies to our consolidated financial statements and is incorporated herein. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 46 Table of Contents PART II ITEM 5.
LEGAL PROCEEDINGS The information required by this item is included in Note 15—Contingencies to our consolidated financial statements and is incorporated herein. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II ITEM 5.
As of December 31, 2024, the estimated fair value of our total derivative assets was $2 million. Also, our hedging transactions expose us to risk of financial loss if a counterparty fails to perform under a derivative contract.
As of December 31, 2025, the estimated fair value of our total derivative assets was $81 million. Also, our hedging transactions expose us to risk of financial loss if a counterparty fails to perform under a derivative contract.
The Credit Facility contains a number of significant covenants (in addition to covenants restricting the incurrence of additional indebtedness), including restrictive covenants that may limit our ability to, among other things: ● merge, consolidate, liquidate or dissolve; ● grant liens on our property; ● incur certain indebtedness; ● make dividend payments, distributions or equity repurchases; and 36 Table of Contents ● enter into material non-arms’-length transactions with our affiliates.
The Credit Facility and the Term Loan A Facility contain a number of significant covenants (in addition to covenants restricting the incurrence of additional indebtedness), including restrictive covenants that may limit our ability to, among other things: ● merge, consolidate, liquidate or dissolve; ● grant liens on our property; ● incur certain indebtedness; ● make dividend payments, distributions or equity repurchases; and ● enter into material non-arms’-length transactions with our affiliates.
Also, despite any aspirational goals, we may receive pressure from investors, lenders or other groups to adopt more aggressive climate or other ESG-related goals, but we cannot guarantee that we will be able to implement such goals because of potential costs or technical or operational obstacles.
Also, despite any aspirational goals, we may receive pressure from investors, lenders or other groups to adopt more aggressive climate or other sustainability-related goals, but we cannot guarantee that we will be able to implement such goals in whole or in part because of potential costs or technical or operational obstacles.
The indentures governing our Senior Notes contain similar restrictive covenants as well as restrictive covenants that may limit our ability to sell assets and make investments. In addition, the Credit Facility requires us to maintain a ratio of total indebtedness to capitalization of 65% or less.
The indentures governing certain of our Senior Notes contain similar restrictive covenants as well as restrictive covenants that may limit our ability to sell assets and make investments. In addition, the Credit Facility and the Term Loan A Facility require us to maintain a ratio of total indebtedness to capitalization of 65% or less.
Transportation rates on FERC-regulated pipelines are subject to change, and depending on the amount of any increase, such an increase in rates could have an adverse effect on our results of operations. As of December 31, 2024, our long- term contractual obligations under agreements with minimum volume commitments totaled $9.4 billion over the term of the contracts.
Transportation rates on FERC-regulated pipelines are subject to change, and depending on the amount of any increase, such an increase in rates could have an adverse effect on our results of operations. As of December 31, 2025, our long- term contractual obligations under agreements with minimum volume commitments totaled $8.2 billion over the term of the contracts.
Assuming 2025 production is unchanged from 2024 production, we estimate that we will incur annual net marketing costs of $0.04 per Mcfe to $0.06 per Mcfe in 2025 for unutilized transportation capacity depending on the amount of unutilized capacity that can be marketed to third parties or utilized to transport third-party gas and capture positive basis differentials.
Assuming 2026 production is unchanged from 2025 production, we estimate that we will incur annual net marketing costs of $0.02 per Mcfe to $0.05 per Mcfe in 2026 for unutilized transportation capacity depending on the amount of unutilized capacity that can be marketed to third parties or utilized to transport third-party gas and capture positive basis differentials.
Furthermore, our reputation, as well as our stakeholder relationships, could be adversely impacted as a result of, among other things, any failure to meet our ESG plans or goals or stakeholder perceptions of statements made by us, our employees and executives, agents, or other third parties or public pressure from investors or policy groups to change our policies.
Furthermore, our reputation, as well as our stakeholder relationships, could be adversely impacted as a result of, among other things, any failure to meet our sustainability plans or goals or stakeholder perceptions of certain statements made by us, others in our industry, our employees and executives, agents, or other third parties or public pressure from investors or policy groups to change our policies.
For example, during 2024, we had average outstanding borrowings under the Credit Facility of $440 million, and the impact of a 1.0% increase in interest rates on this amount of indebtedness would result in increased interest expense for that period of $4 million and a corresponding decrease in our cash flows and net income before the effects of income taxes.
For example, during 2025, we had average outstanding borrowings under the Credit Facility of $276 million, and the impact of a 1.0% increase in interest rates on this amount of indebtedness would result in increased interest expense for that period of $3 million and a corresponding decrease in our cash flows and net income before the effects of income taxes.
Our Vice President – IT, Biren Kumar, has more than 16 years of experience serving as a Chief Information Officer (“CIO”) or in similar roles, which have included responsibility for managing cybersecurity risk. Mr. Kumar was named Vice President – IT in 2024.
Our Vice President – IT, Biren Kumar, has more than 17 years of experience serving as a Chief Information Officer (“CIO”) or in similar roles, which have included responsibility for managing cybersecurity risk. Mr. Kumar was named Vice President – IT in 46 Table of Contents 2024.
Disclosures reliant upon such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters.
Disclosures reliant upon such expectations and assumptions or hypothetical scenarios are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established approach to identifying, measuring and reporting on many sustainability matters.
Our common stock is listed on the New York Stock Exchange and traded under the symbol “AR.” On February 7, 2025, our common stock was held by 99 holders of record. The number of holders does not include the shareholders for whom shares of our common stock are held in a “nominee” or “street” name.
Our common stock is listed on the New York Stock Exchange and traded under the symbol “AR.” On February 6, 2026, our common stock was held by 98 holders of record. The number of holders does not include the shareholders for whom shares of our common stock are held in a “nominee” or “street” name.
It is unclear whether these or similar changes will be enacted and, if enacted, how soon any such changes could take effect. Additionally, states in which we operate or own assets may impose new or increased taxes or fees on natural gas and oil extraction.
It is unclear whether any such changes will be enacted and, if enacted, how soon any such 42 Table of Contents changes could take effect. Additionally, states in which we operate or own assets may impose new or increased taxes or fees on natural gas and oil extraction.
We may also be prevented from taking advantage of business opportunities that arise because of the limitations that the restrictive covenants under the indentures governing our Senior Notes and the Credit Facility impose on us. A breach of any covenant in the Credit Facility would result in a default under that agreement after any applicable grace periods.
We may also be prevented from taking advantage of business opportunities that arise because of the limitations that the restrictive covenants under the indentures governing our Senior Notes, the Credit Facility and the Term Loan A Facility impose on us. 37 Table of Contents A breach of any covenant in the Credit Facility or the Term Loan A Facility would result in a default under the relevant agreement after any applicable grace periods.
We may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our exploration, development and production activities.
Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities. We may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our exploration, development and production activities.
The oil and gas industry is capital intensive. We make, and expect to continue to make, substantial capital expenditures for the exploration, development, production, and acquisition of oil and gas reserves. Our cash flow used in investing activities for 2024 included drilling and completion costs of $615 million and leasehold expenditures of $91 million.
The oil and gas industry is capital intensive. We make, and expect to continue to make, substantial capital expenditures for the exploration, development, production, and acquisition of oil and gas reserves. Our cash flow used in investing activities for 2025 included drilling and completion costs of $685 million and leasehold expenditures of $129 million.
Moreover, economic or other circumstances may change from those contemplated by our 2025 plan, and our failure to recognize or respond to those changes may limit our ability to achieve our objectives. We periodically engage in acquisitions, dispositions and other strategic transactions, including joint ventures.
Moreover, economic or other circumstances may change from those contemplated by our 2026 plan, and our failure to recognize or respond to those changes may limit our ability to achieve our objectives. 28 Table of Contents We periodically engage in acquisitions, dispositions and other strategic transactions, including joint ventures.
Taxes Our future tax liabilities may be greater than expected if our net operating loss (“NOL”) and tax credit carryforwards are limited, we do not generate expected deductions, or tax authorities challenge our tax positions. ​ As of December 31, 2024, we have U.S. federal and state NOL carryforwards of $0.6 billion and $1.9 billion, respectively, and U.S. federal tax credit carryforwards of $148 million.
Taxes Our future tax liabilities may be greater than expected if our net operating loss (“NOL”) and tax credit carryforwards are limited, we do not generate expected deductions, or tax authorities challenge our tax positions. ​ As of December 31, 2025, we have U.S. federal and state NOL carryforwards of approximately $960 million and $1.9 billion, respectively, and U.S. federal tax credit carryforwards of $153 million.
Certain institutional lenders who provide financing to fossil-fuel energy companies have also become more attentive to lending practices, and some of them may elect in future not to provide funding for oil and natural gas companies.
Certain institutional lenders who provide financing to fossil-fuel energy companies have also become more attentive to lending practices, and some of them may elect in future not to provide funding for oil and natural gas companies, although this trend has been decreasing.
The loss of the services of our senior management or technical personnel, including Paul M. Rady, our Chairman, President and Chief Executive Officer, could have a material adverse effect on our business, financial condition and results of operations. Our officers and employees provide services to both us and Antero Midstream.
The loss of the services of our senior management or technical personnel, including Michael N. Kennedy, our Chief Executive Officer and President, could have a material adverse effect on our business, financial condition and results of operations. Our officers and employees provide services to both us and Antero Midstream.
The amount and timing of future payment of cash dividends on our common stock, if any, is within the discretion of the Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors.
The amount and timing of future payment of cash dividends on our common stock, if any, is within the discretion of the Board of Directors and will depend on our earnings, capital requirements, financial condition and other relevant factors. There is no assurance that we will pay any cash dividends on our common stock.
Through December 31, 2024, we have repurchased 28 million shares of our common stock through our share repurchase program at a total cost of $949 million. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws.
Through December 31, 2025, we have repurchased and retired 32 million shares of our common stock through our share repurchase program at a total cost of $1.1 billion. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws.
Such ratings may be used by some investors to inform their investment and voting decisions.
Such ratings, proxy advisory services, and reports may be used by some investors to inform their investment and voting decisions.
Unfavorable ESG ratings and recent activism directed at shifting funding away from companies with energy-related assets could lead to increased negative investor sentiment toward us and our industry and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.
While such ratings do not impact all investors’ investments or voting decisions, unfavorable sustainability ratings and recent activism directed at shifting funding away from companies with energy-related assets could lead to increased negative investor sentiment toward us and our industry and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.
While such interruptions are outside of our control, we cannot predict if our counterparties will, in any such cases, attempt to recover certain damages, whether or not they are entitled to them, which could be substantial. Acquisitions, Divestitures and Takeovers We may be subject to risks in connection with acquisitions of properties.
While such interruptions are outside of our control, we cannot predict if our counterparties will, in any such cases, attempt to recover certain damages, whether or not they are entitled to them, which could be substantial.
Natural gas prices were substantially lower in 2024 than they were in 2023, while oil prices were relatively consistent in 2024 and 2023. The markets for these commodities have historically been volatile, and these markets will likely continue to be volatile in the future.
Natural gas prices were substantially higher in 2025 than they were in 2024, while oil prices decreased substantially in 2025 as compared to 2024. The markets for these commodities have historically been volatile, and these markets will likely continue to be volatile in the future.
As a result of the limitations described above, we may be unable to drill many of our potential well locations. In 25 Table of Contents addition, we will require significant additional capital over a prolonged period to pursue the development of these locations, and we may not be able to obtain or generate the capital required to do so.
In addition, we will require significant additional capital over a prolonged period to pursue the development of these locations, and we 25 Table of Contents may not be able to obtain or generate the capital required to do so.
To the extent that we engage in hedging activity in the future, derivative arrangements could limit the benefit we would receive from increases in the prices for natural gas, NGLs and oil, which could also have an adverse effect on our financial condition.
Hedging transactions may become more costly or unavailable to us and expose us to counterparty credit risk. To the extent that we engage in hedging activity in the future, derivative arrangements could limit the benefit we would receive from increases in the prices for natural gas, NGLs and oil, which could also have an adverse effect on our financial condition.

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Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeYear Ended December 31, 2023 Compared to Year Ended December 31, 2024 The operating results of our reportable segments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Revenue and other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 2,192,349 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,192,349 ​ Natural gas liquids sales ​ ​ 1,836,950 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,836,950 ​ Oil sales ​ ​ 247,146 ​ ​ — ​ ​ — ​ ​ — ​ ​ 247,146 ​ Commodity derivative fair value gains ​ ​ 166,324 ​ ​ — ​ ​ — ​ ​ — ​ ​ 166,324 ​ Gathering, compression and water handling ​ ​ — ​ ​ — ​ ​ 1,041,771 ​ ​ (1,041,771) ​ ​ — ​ Marketing ​ ​ — ​ ​ 206,122 ​ ​ — ​ ​ — ​ ​ 206,122 ​ Amortization of deferred revenue, VPP ​ ​ 30,552 ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,552 ​ Other revenue and income ​ ​ 2,529 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,529 ​ Total revenue ​ ​ 4,475,850 ​ ​ 206,122 ​ ​ 1,041,771 ​ ​ (1,041,771) ​ ​ 4,681,972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 118,441 ​ ​ — ​ ​ — ​ ​ — ​ ​ 118,441 ​ Gathering and compression ​ ​ 858,462 ​ ​ — ​ ​ 95,507 ​ ​ (95,507) ​ ​ 858,462 ​ Processing ​ ​ 1,014,181 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,014,181 ​ Transportation ​ ​ 769,715 ​ ​ — ​ ​ — ​ ​ — ​ ​ 769,715 ​ Water handling ​ ​ — ​ ​ — ​ ​ 117,658 ​ ​ (117,658) ​ ​ — ​ Production and ad valorem taxes ​ ​ 158,855 ​ ​ — ​ ​ — ​ ​ — ​ ​ 158,855 ​ Marketing ​ ​ — ​ ​ 284,965 ​ ​ — ​ ​ — ​ ​ 284,965 ​ Exploration and mine expenses ​ ​ 2,700 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,700 ​ General and administrative (excluding equity-based compensation) ​ ​ 164,997 ​ ​ — ​ ​ 39,462 ​ ​ (39,462) ​ ​ 164,997 ​ Equity-based compensation ​ ​ 59,519 ​ ​ — ​ ​ 31,606 ​ ​ (31,606) ​ ​ 59,519 ​ Depletion, depreciation and amortization ​ ​ 746,849 ​ ​ — ​ ​ 136,059 ​ ​ (136,059) ​ ​ 746,849 ​ Impairment of property and equipment ​ ​ 51,302 ​ ​ — ​ ​ 146 ​ ​ (146) ​ ​ 51,302 ​ Accretion of asset retirement obligations ​ ​ 3,244 ​ ​ — ​ ​ 177 ​ ​ (177) ​ ​ 3,244 ​ Loss (gain) on sale of assets ​ ​ (447) ​ ​ — ​ ​ 6,030 ​ ​ (6,030) ​ ​ (447) ​ Contract termination, loss contingency, settlements and other operating expenses ​ ​ 29,179 ​ ​ 23,763 ​ ​ 3,264 ​ ​ (3,264) ​ ​ 52,942 ​ Total operating expenses ​ ​ 3,976,997 ​ ​ 308,728 ​ ​ 429,909 ​ ​ (429,909) ​ ​ 4,285,725 ​ Operating income (loss) ​ $ 498,853 ​ ​ (102,606) ​ ​ 611,862 ​ ​ (611,862) ​ ​ 396,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 82,952 ​ ​ — ​ ​ 105,456 ​ ​ (105,456) ​ ​ 82,952 ​ (1) Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements. ​ ​ 54 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Revenue and other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 1,818,297 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,818,297 ​ Natural gas liquids sales ​ ​ 2,066,975 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,066,975 ​ Oil sales ​ ​ 230,027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 230,027 ​ Commodity derivative fair value gains ​ ​ 731 ​ ​ — ​ ​ — ​ ​ — ​ ​ 731 ​ Gathering, compression and water handling ​ ​ — ​ ​ — ​ ​ 1,106,193 ​ ​ (1,106,193) ​ ​ — ​ Marketing ​ ​ — ​ ​ 179,069 ​ ​ — ​ ​ — ​ ​ 179,069 ​ Amortization of deferred revenue, VPP ​ ​ 27,101 ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,101 ​ Other revenue and income ​ ​ 3,396 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,396 ​ Total revenue ​ ​ 4,146,527 ​ ​ 179,069 ​ ​ 1,106,193 ​ ​ (1,106,193) ​ ​ 4,325,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 118,693 ​ ​ — ​ ​ — ​ ​ — ​ ​ 118,693 ​ Gathering and compression ​ ​ 897,160 ​ ​ — ​ ​ 103,053 ​ ​ (103,053) ​ ​ 897,160 ​ Processing ​ ​ 1,069,887 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,069,887 ​ Transportation ​ ​ 735,883 ​ ​ — ​ ​ — ​ ​ — ​ ​ 735,883 ​ Water handling ​ ​ — ​ ​ — ​ ​ 114,923 ​ ​ (114,923) ​ ​ — ​ Production and ad valorem taxes ​ ​ 207,671 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207,671 ​ Marketing ​ ​ — ​ ​ 244,906 ​ ​ — ​ ​ — ​ ​ 244,906 ​ Exploration ​ ​ 2,618 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,618 ​ General and administrative (excluding equity-based compensation) ​ ​ 162,876 ​ ​ — ​ ​ 41,754 ​ ​ (41,754) ​ ​ 162,876 ​ Equity-based compensation ​ ​ 66,462 ​ ​ — ​ ​ 44,332 ​ ​ (44,332) ​ ​ 66,462 ​ Depletion, depreciation and amortization ​ ​ 762,068 ​ ​ — ​ ​ 140,000 ​ ​ (140,000) ​ ​ 762,068 ​ Impairment of property and equipment ​ ​ 47,433 ​ ​ — ​ ​ 332 ​ ​ (332) ​ ​ 47,433 ​ Accretion of asset retirement obligations ​ ​ 3,759 ​ ​ — ​ ​ 189 ​ ​ (189) ​ ​ 3,759 ​ Loss on sale of assets ​ ​ 862 ​ ​ — ​ ​ 723 ​ ​ (723) ​ ​ 862 ​ Contract termination, loss contingency, settlements and other operating expenses ​ ​ 4,858 ​ ​ — ​ ​ 1,721 ​ ​ (1,721) ​ ​ 4,858 ​ Total operating expenses ​ ​ 4,080,230 ​ ​ 244,906 ​ ​ 447,027 ​ ​ (447,027) ​ ​ 4,325,136 ​ Operating income (loss) ​ $ 66,297 ​ ​ (65,837) ​ ​ 659,166 ​ ​ (659,166) ​ ​ 460 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 93,787 ​ ​ — ​ ​ 110,573 ​ ​ (110,573) ​ ​ 93,787 ​ (1) Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements. ​ 55 Table of Contents Exploration and Production Segment The following table sets forth selected operating data of the exploration and production segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Amount of ​ ​ ​ ​ ​ ​ December 31, ​ Increase ​ Percent ​ ​ ​ 2023 2024 (Decrease) Change ​ ​ Production data (1) (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (Bcf) ​ ​ 815 ​ ​ 793 ​ ​ (22) ​ (3) % ​ C2 Ethane (MBbl) ​ ​ 24,657 ​ ​ 30,391 ​ ​ 5,734 ​ 23 % ​ C3+ NGLs (MBbl) ​ ​ 41,927 ​ ​ 42,434 ​ ​ 507 ​ 1 % ​ Oil (MBbl) ​ ​ 3,874 ​ ​ 3,693 ​ ​ (181) ​ (5) % ​ Combined (Bcfe) ​ ​ 1,238 ​ ​ 1,252 ​ ​ 14 ​ 1 % ​ Daily combined production (MMcfe/d) ​ ​ 3,392 ​ ​ 3,421 ​ ​ 29 ​ 1 % ​ Average prices before effects of derivative settlements (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (per Mcf) ​ $ 2.69 ​ ​ 2.29 ​ ​ (0.40) ​ (15) % ​ C2 Ethane (per Bbl) (4) ​ $ 10.14 ​ ​ 9.05 ​ ​ (1.09) ​ (11) % ​ C3+ NGLs (per Bbl) ​ $ 37.85 ​ ​ 42.23 ​ ​ 4.38 ​ 12 % ​ Oil (per Bbl) ​ $ 63.80 ​ ​ 62.29 ​ ​ (1.51) ​ (2) % ​ Weighted Average Combined (per Mcfe) ​ $ 3.45 ​ ​ 3.29 ​ ​ (0.16) ​ (5) % ​ Average realized prices after effects of derivative settlements (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (per Mcf) ​ $ 2.66 ​ ​ 2.30 ​ ​ (0.36) ​ (14) % ​ C2 Ethane (per Bbl) (4) ​ $ 10.14 ​ ​ 9.05 ​ ​ (1.09) ​ (11) % ​ C3+ NGLs (per Bbl) ​ $ 37.80 ​ ​ 42.36 ​ ​ 4.56 ​ 12 % ​ Oil (per Bbl) ​ $ 63.50 ​ ​ 62.15 ​ ​ (1.35) ​ (2) % ​ Weighted Average Combined (per Mcfe) ​ $ 3.43 ​ ​ 3.30 ​ ​ (0.13) ​ (4) % ​ Average costs (per Mcfe): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ $ 0.10 ​ ​ 0.09 ​ ​ (0.01) ​ (10) % ​ Gathering and compression ​ $ 0.69 ​ ​ 0.72 ​ ​ 0.03 ​ 4 % ​ Processing ​ $ 0.82 ​ ​ 0.85 ​ ​ 0.03 ​ 4 % ​ Transportation ​ $ 0.62 ​ ​ 0.59 ​ ​ (0.03) ​ (5) % ​ Production and ad valorem taxes ​ $ 0.13 ​ ​ 0.17 ​ ​ 0.04 ​ 31 % ​ Marketing expense, net ​ $ 0.06 ​ ​ 0.05 ​ ​ (0.01) ​ (17) % ​ General and administrative (excluding equity-based compensation) ​ $ 0.13 ​ ​ 0.13 ​ ​ — ​ * ​ ​ Depletion, depreciation, amortization and accretion ​ $ 0.61 ​ ​ 0.61 ​ ​ — ​ * ​ ​ * Not meaningful (1) Production data excludes volumes related to the VPP.
Biggest changeYear Ended December 31, 2024 Compared to Year Ended December 31, 2025 The operating results of our reportable segments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Revenue and other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 1,818,297 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,818,297 ​ Natural gas liquids sales ​ ​ 2,066,975 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,066,975 ​ Oil sales ​ ​ 230,027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 230,027 ​ Commodity derivative fair value gains ​ ​ 731 ​ ​ — ​ ​ — ​ ​ — ​ ​ 731 ​ Gathering, compression and water handling ​ ​ — ​ ​ — ​ ​ 1,106,193 ​ ​ (1,106,193) ​ ​ — ​ Marketing ​ ​ — ​ ​ 179,069 ​ ​ — ​ ​ — ​ ​ 179,069 ​ Amortization of deferred revenue, VPP ​ ​ 27,101 ​ ​ — ​ ​ — ​ ​ — ​ ​ 27,101 ​ Other revenue and income ​ ​ 3,396 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,396 ​ Total revenue ​ ​ 4,146,527 ​ ​ 179,069 ​ ​ 1,106,193 ​ ​ (1,106,193) ​ ​ 4,325,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 118,693 ​ ​ — ​ ​ — ​ ​ — ​ ​ 118,693 ​ Gathering and compression ​ ​ 897,160 ​ ​ — ​ ​ 103,053 ​ ​ (103,053) ​ ​ 897,160 ​ Processing ​ ​ 1,069,887 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,069,887 ​ Transportation ​ ​ 735,883 ​ ​ — ​ ​ — ​ ​ — ​ ​ 735,883 ​ Water handling ​ ​ — ​ ​ — ​ ​ 114,923 ​ ​ (114,923) ​ ​ — ​ Production and ad valorem taxes ​ ​ 207,671 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207,671 ​ Marketing ​ ​ — ​ ​ 244,906 ​ ​ — ​ ​ — ​ ​ 244,906 ​ Exploration ​ ​ 2,618 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,618 ​ General and administrative (excluding equity-based compensation) ​ ​ 162,876 ​ ​ — ​ ​ 41,754 ​ ​ (41,754) ​ ​ 162,876 ​ Equity-based compensation ​ ​ 66,462 ​ ​ — ​ ​ 44,332 ​ ​ (44,332) ​ ​ 66,462 ​ Depletion, depreciation and amortization ​ ​ 762,068 ​ ​ — ​ ​ 140,000 ​ ​ (140,000) ​ ​ 762,068 ​ Impairment of property and equipment ​ ​ 47,433 ​ ​ — ​ ​ 332 ​ ​ (332) ​ ​ 47,433 ​ Accretion of asset retirement obligations ​ ​ 3,759 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,759 ​ Loss on sale of assets ​ ​ 862 ​ ​ — ​ ​ — ​ ​ — ​ ​ 862 ​ Contract termination, loss contingency, settlements and other operating expenses ​ ​ 4,858 ​ ​ — ​ ​ 2,633 ​ ​ (2,633) ​ ​ 4,858 ​ Total operating expenses ​ ​ 4,080,230 ​ ​ 244,906 ​ ​ 447,027 ​ ​ (447,027) ​ ​ 4,325,136 ​ Operating income (loss) ​ $ 66,297 ​ ​ (65,837) ​ ​ 659,166 ​ ​ (659,166) ​ ​ 460 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 93,787 ​ ​ — ​ ​ 110,573 ​ ​ (110,573) ​ ​ 93,787 ​ (1) Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements. ​ ​ 54 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ Equity Method ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ Investment in ​ Elimination of ​ ​ ​ ​ ​ and ​ ​ ​ Antero ​ Unconsolidated ​ Consolidated ​ ​ Production Marketing Midstream (1) Affiliate Total Revenue and other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas sales ​ $ 2,873,241 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,873,241 ​ Natural gas liquids sales ​ ​ 1,986,840 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,986,840 ​ Oil sales ​ ​ 150,158 ​ ​ — ​ ​ — ​ ​ — ​ ​ 150,158 ​ Commodity derivative fair value gains ​ ​ 111,049 ​ ​ — ​ ​ — ​ ​ — ​ ​ 111,049 ​ Gathering, compression and water handling ​ ​ — ​ ​ — ​ ​ 1,188,426 ​ ​ (1,188,426) ​ ​ — ​ Marketing ​ ​ — ​ ​ 125,900 ​ ​ — ​ ​ — ​ ​ 125,900 ​ Amortization of deferred revenue, VPP ​ ​ 25,264 ​ ​ — ​ ​ — ​ ​ — ​ ​ 25,264 ​ Other revenue and income ​ ​ 3,371 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,371 ​ Total revenue ​ ​ 5,149,923 ​ ​ 125,900 ​ ​ 1,188,426 ​ ​ (1,188,426) ​ ​ 5,275,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ ​ 135,124 ​ ​ — ​ ​ — ​ ​ — ​ ​ 135,124 ​ Gathering and compression ​ ​ 946,900 ​ ​ — ​ ​ 107,846 ​ ​ (107,846) ​ ​ 946,900 ​ Processing ​ ​ 1,125,358 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,125,358 ​ Transportation ​ ​ 785,168 ​ ​ — ​ ​ — ​ ​ — ​ ​ 785,168 ​ Water handling ​ ​ — ​ ​ — ​ ​ 124,064 ​ ​ (124,064) ​ ​ — ​ Production and ad valorem taxes ​ ​ 163,135 ​ ​ — ​ ​ — ​ ​ — ​ ​ 163,135 ​ Marketing ​ ​ — ​ ​ 190,206 ​ ​ — ​ ​ — ​ ​ 190,206 ​ Exploration ​ ​ 2,990 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,990 ​ General and administrative (excluding equity-based compensation) ​ ​ 171,714 ​ ​ — ​ ​ 41,976 ​ ​ (41,976) ​ ​ 171,714 ​ Equity-based compensation ​ ​ 60,812 ​ ​ — ​ ​ 45,958 ​ ​ (45,958) ​ ​ 60,812 ​ Depletion, depreciation and amortization ​ ​ 749,675 ​ ​ — ​ ​ 134,310 ​ ​ (134,310) ​ ​ 749,675 ​ Impairment of property and equipment ​ ​ 29,358 ​ ​ — ​ ​ 984 ​ ​ (984) ​ ​ 29,358 ​ Accretion of asset retirement obligations ​ ​ 3,892 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,892 ​ Gain on sale of assets ​ ​ (266) ​ ​ — ​ ​ — ​ ​ — ​ ​ (266) ​ Loss on long-lived assets ​ ​ — ​ ​ — ​ ​ 86,626 ​ ​ (86,626) ​ ​ — ​ Contract termination, loss contingency, settlements and other operating expenses ​ ​ 28,111 ​ ​ — ​ ​ 1,993 ​ ​ (1,993) ​ ​ 28,111 ​ Total operating expenses ​ ​ 4,201,971 ​ ​ 190,206 ​ ​ 543,757 ​ ​ (543,757) ​ ​ 4,392,177 ​ Operating income (loss) ​ $ 947,952 ​ ​ (64,306) ​ ​ 644,669 ​ ​ (644,669) ​ ​ 883,646 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings of unconsolidated affiliates ​ $ 98,484 ​ ​ — ​ ​ 116,439 ​ ​ (116,439) ​ ​ 98,484 ​ (1) Amounts reflect those recorded in Antero Midstream Corporation’s consolidated financial statements. ​ 55 Table of Contents Exploration and Production Segment The following table sets forth selected operating data of the exploration and production segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Amount of ​ ​ ​ ​ ​ ​ December 31, ​ Increase ​ Percent ​ ​ ​ ​ ​ 2024 ​ ​ 2025 ​ ​ (Decrease) ​ ​ Change ​ ​ Production data (1) (2) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (Bcf) ​ ​ 793 ​ ​ 808 ​ ​ 15 ​ 2 % ​ C2 Ethane (MBbl) ​ ​ 30,391 ​ ​ 29,842 ​ ​ (549) ​ (2) % ​ C3+ NGLs (MBbl) ​ ​ 42,434 ​ ​ 42,010 ​ ​ (424) ​ (1) % ​ Oil (MBbl) ​ ​ 3,693 ​ ​ 2,899 ​ ​ (794) ​ (22) % ​ Combined (Bcfe) ​ ​ 1,252 ​ ​ 1,256 ​ ​ 4 ​ * ​ ​ Daily combined production (MMcfe/d) ​ ​ 3,421 ​ ​ 3,442 ​ ​ 21 ​ 1 % ​ Average prices before effects of derivative settlements (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (per Mcf) ​ $ 2.29 ​ ​ 3.56 ​ ​ 1.27 ​ 55 % ​ C2 Ethane (per Bbl) (4) ​ $ 9.05 ​ ​ 11.91 ​ ​ 2.86 ​ 32 % ​ C3+ NGLs (per Bbl) ​ $ 42.23 ​ ​ 38.83 ​ ​ (3.40) ​ (8) % ​ Oil (per Bbl) ​ $ 62.29 ​ ​ 51.80 ​ ​ (10.49) ​ (17) % ​ Weighted Average Combined (per Mcfe) ​ $ 3.29 ​ ​ 3.99 ​ ​ 0.70 ​ 21 % ​ Average realized prices after effects of derivative settlements (3) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas (per Mcf) ​ $ 2.30 ​ ​ 3.54 ​ ​ 1.24 ​ 54 % ​ C2 Ethane (per Bbl) (4) ​ $ 9.05 ​ ​ 11.91 ​ ​ 2.86 ​ 32 % ​ C3+ NGLs (per Bbl) ​ $ 42.36 ​ ​ 38.83 ​ ​ (3.53) ​ (8) % ​ Oil (per Bbl) ​ $ 62.15 ​ ​ 51.76 ​ ​ (10.39) ​ (17) % ​ Weighted Average Combined (per Mcfe) ​ $ 3.30 ​ ​ 3.97 ​ ​ 0.67 ​ 20 % ​ Average costs (per Mcfe): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease operating ​ $ 0.09 ​ ​ 0.11 ​ ​ 0.02 ​ 22 % ​ Gathering and compression ​ $ 0.72 ​ ​ 0.75 ​ ​ 0.03 ​ 4 % ​ Processing ​ $ 0.85 ​ ​ 0.90 ​ ​ 0.05 ​ 6 % ​ Transportation ​ $ 0.59 ​ ​ 0.62 ​ ​ 0.03 ​ 5 % ​ Production and ad valorem taxes ​ $ 0.17 ​ ​ 0.13 ​ ​ (0.04) ​ (24) % ​ Marketing expense, net ​ $ 0.05 ​ ​ 0.05 ​ ​ — ​ * ​ ​ General and administrative (excluding equity-based compensation) ​ $ 0.13 ​ ​ 0.14 ​ ​ 0.01 ​ 8 % ​ Depletion, depreciation, amortization and accretion ​ $ 0.61 ​ ​ 0.60 ​ ​ (0.01) ​ (2) % ​ * Not meaningful (1) Production data excludes volumes related to the VPP.
Our ability to make significant acquisitions for cash would require us to utilize borrowings on the Credit Facility or obtain additional equity or debt financing, which we may not be able to obtain on terms acceptable to us, or at all. The Credit Facility is funded by a syndicate of 13 banks.
Our ability to make significant acquisitions for cash would require us to utilize borrowings under the Credit Facility or obtain additional equity or debt financing, which we may not be able to obtain on terms acceptable to us, or at all. The Credit Facility is funded by a syndicate of 13 banks.
We monitor the economic factors that impact natural gas, NGLs and oil prices, including domestic and foreign supply and demand indicators, domestic and foreign commodity inventories, the actions of Organization of Petroleum Exporting Countries and other large producing nations and the current conflicts in Ukraine and in the Middle East, among others.
We monitor the economic factors that impact natural gas, NGLs and oil prices, including domestic and foreign supply and demand indicators, domestic and foreign commodity inventories, the actions of Organization of Petroleum Exporting Countries and other large producing nations and the current conflicts in Ukraine, Venezuela and in the Middle East, among others.
In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in March 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis.
In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis.
We periodically review our capital expenditures and adjust our budget and its allocation based on liquidity, drilling results, leasehold acquisition opportunities and commodity prices. Our capital budget may be adjusted as business conditions warrant as the amount, timing and allocation of capital expenditures is largely discretionary and within our control.
We periodically review our capital expenditures and adjust our budget and its allocation based on liquidity, drilling results, acquisition opportunities and commodity prices. Our capital budget may be adjusted as business conditions warrant as the amount, timing and allocation of capital expenditures is largely discretionary and within our control.
Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2024 at a level of reasonable assurance. 65 Table of Contents Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025 at a level of reasonable assurance. 65 Table of Contents Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
We enter into long-term firm transportation agreements for a significant portion of our current and expected future production in order to secure capacity on major pipelines. ● Exploration and mine expenses.
We enter into long-term firm transportation agreements for a significant portion of our current and expected future production in order to secure capacity on major pipelines. ● Exploration expenses.
We believe that the estimates and assumptions related to our undiscounted future net cash flows and the fair value of our proved properties is critical because different natural gas, NGLs and oil pricing, cost assumptions or discount rates, as applicable, may affect the recognition, timing and amount of an impairment and, if changed, could have a material effect on the Company's financial position and results of operations.
We believe that the estimates and assumptions related to our undiscounted future net cash flows and the fair value of our proved properties are critical because different natural gas, NGLs and oil pricing, cost assumptions or discount rates, as applicable, may affect the recognition, timing and amount of an impairment and, if changed, could have a material effect on the Company's financial position and results of operations.
If future prices decline from December 31, 2024, the fair value of our properties may be below their carrying amounts and an impairment charge may be necessary. However, we are unable to predict commodity prices with any greater precision than the futures market.
If future prices decline from December 31, 2025, the fair value of our properties may be below their carrying amounts and an impairment charge may be necessary. However, we are unable to predict commodity prices with any greater precision than the futures market.
The estimated fair value of our commodity derivative assets has been risk-adjusted using a discount rate based upon the counterparties’ respective published credit default swap rates (if available, or if not available, a discount rate based on the applicable Reuters bond rating) as of December 31, 2024.
The estimated fair value of our commodity derivative assets has been risk-adjusted using a discount rate based upon the counterparties’ respective published credit default swap rates (if available, or if not available, a discount rate based on the applicable Reuters bond rating) as of December 31, 2025.
As of December 31, 2024, we did not have any past-due receivables from, or payables to, any of the counterparties to our derivative contracts. Interest Rate Risks Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Facility, which has a floating interest rate.
As of December 31, 2025, we did not have any past-due receivables from, or payables to, any of the counterparties to our derivative contracts. Interest Rate Risks Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Facility, which has a floating interest rate.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity” in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of the cash flows for the year ended December 31, 2022 compared to the year ended December 31, 2023.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity” in our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the cash flows for the year ended December 31, 2023 compared to the year ended December 31, 2024.
We were in compliance with all covenants and ratios applicable to our debt agreements as of December 31, 2023 and 2024. See Note 7—Long-Term Debt to our consolidated financial statements for additional information.
We were in compliance with all covenants and ratios applicable to our debt agreements as of December 31, 2024 and 2025. See Note 7—Long-Term Debt to our consolidated financial statements for additional information.
We believe that all of the counterparties to our derivative instruments are acceptable credit risks as of December 31, 2024. We are not required to provide credit support or collateral to any of our counterparties under our derivative contracts, nor are they required to provide credit support to us.
We believe that all of the counterparties to our derivative instruments are acceptable credit risks as of December 31, 2025. We are not required to provide credit support or collateral to any of our counterparties under our derivative contracts, nor are they required to provide credit support to us.
We record a deferred income tax benefit to the extent our deferred income tax assets exceed our deferred income tax liabilities. We are subject to state and federal income taxes, but are currently not in a cash tax paying position with respect to federal income taxes.
We record a deferred income tax benefit to the extent our deferred income tax assets exceed our deferred income tax liabilities. We are subject to state and U.S. federal income taxes, but are currently not in a cash tax paying position with respect to U.S. federal income taxes.
We base our estimates on historical experience and various other assumptions that are believed to be reasonable under 61 Table of Contents the circumstances, the results of which form the basis for making judgments about the reported amounts in our consolidated financial statements that are not readily apparent from other sources.
We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the reported amounts in our consolidated financial statements that are not readily apparent from other sources.
Estimated undiscounted future net cash flows are sensitive to commodity price swings and a decline in prices could result in the carrying amount exceeding the estimated undiscounted future net cash flows at the end of a future 62 Table of Contents reporting period, which would require us to further evaluate if an impairment charge would be necessary.
Estimated undiscounted future net cash flows are sensitive to commodity price swings and a decline in prices could result in the carrying amount exceeding the estimated undiscounted future net cash flows at the end of a future reporting period, which would require us to further evaluate if an impairment charge would be necessary.
See Note 11—Derivative Instruments to our consolidated financial statements for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Economic Indicators The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024.
See Note 11—Derivative Instruments to our consolidated financial statements for additional information. 51 Table of Contents Economic Indicators The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024.
Based on our production and our derivative instruments that settled during the year ended December 31, 2024, our revenues would have decreased by $151 million for each $0.10 decrease per MMBtu in natural gas prices and $1.00 decrease per Bbl in oil and NGLs prices, excluding the effects of changes in the fair value of our derivative positions which remain open as of December 31, 2024.
Based on our production and our derivative instruments that settled during the year ended December 31, 2025, our revenues would have decreased by $145 million for each $0.10 decrease per MMBtu in natural gas prices and $1.00 decrease per Bbl in oil and NGLs prices, excluding the effects of changes in the fair value of our derivative positions which remain open as of December 31, 2025.
These contracts are financial instruments and do not require or allow for physical delivery of the hedged commodity. As of December 31, 2024, our commodity derivatives included fixed swaps, collars, call options and embedded put options at index-based pricing for a nominal portion of our production. See Note 11—Derivative Instruments to our consolidated financial statements for additional information.
These contracts are financial instruments and do not require or allow for physical delivery of the hedged commodity. As of December 31, 2025, our commodity derivatives included fixed swaps, basis swaps, collars, call options and embedded put options at index-based pricing for a portion of our production. See Note 11—Derivative Instruments to our consolidated financial statements for additional information.
Based on this evaluation, management of Antero Resources Corporation concluded that our internal control over financial reporting was effective as of December 31, 2024.
Based on this evaluation, management of Antero Resources Corporation concluded that our internal control over financial reporting was effective as of December 31, 2025.
Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our statements of operations and comprehensive income. For the years ended December 31, 2023 and 2024, our commodity hedges resulted in derivative fair value gains of $166 million and $1 million, respectively.
Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our statements of operations and comprehensive income. For the years ended December 31, 2024 and 2025, our commodity hedges resulted in derivative fair value gains of $1 million and $111 million, respectively.
We often enter into fixed price long- term contracts that secure transportation and processing capacity, which may include minimum volume commitments, the cost for which is included in these expenses to the extent that they are not associated with excess capacity. Costs associated with excess capacity are included in marketing expenses. ● Water handling.
We often enter into fixed price long-term contracts that secure transportation and processing capacity, which may include 52 Table of Contents minimum volume commitments, the cost for which is included in these expenses to the extent that they are not associated with excess capacity. Costs associated with excess capacity are included in marketing expenses. ● Water handling.
Lower oil prices for the year ended December 31, 2024 (excluding the effects of derivative settlements) accounted for an approximate $6 million decrease in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Commodity derivative fair value gains.
Lower oil prices for the year ended December 31, 2025 (excluding the effects of derivative settlements) accounted for an approximate $30 million decrease in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Commodity derivative fair value gains.
As of December 31, 2023 and 2024, we had fixed interest rates ranging from 5.375% to 8.375% on our Senior Notes with an aggregate principal balance of $1.1 billion. See Note 7—Long-Term Debt to our consolidated financial statements for additional information. ● Income tax (expense) benefit.
As of December 31, 2024 and 2025, we had fixed interest rates on our Senior Notes ranging from 5.375% to 8.375% and 5.375% to 7.625%, respectively, with an aggregate principal balance of $1.1 billion and $1.0 billion, respectively. See Note 7—Long-Term Debt to our consolidated financial statements for additional information. ● Income tax (expense) benefit.
The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities.
The preparation of our financial statements requires us to make estimates and assumptions that 61 Table of Contents affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities.
Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement.
Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement. Amortization of deferred revenue, VPP.
Impairment of oil and gas properties related to unproved properties for leases that have expired, or are expected to expire, was $98 million, $51 million and $47 million for the years ended December 31, 2022, 2023 and 2024, respectively.
Impairment of oil and gas properties related to unproved properties for leases that have expired, or are expected to expire, was $51 million, $47 million and $29 million for the years ended December 31, 2023, 2024 and 2025, respectively.
As of December 31, 2023 and 2024, we had an outstanding balance on the Credit Facility of $417 million and $393 million, respectively, with a weighted average interest rate of 7.7% and 5.9%, respectively. As a result, we incur substantial interest expense that is affected by both fluctuations in interest rates and our financing decisions.
As of December 31, 2024 and 2025, we had an outstanding balance on the Credit Facility of $393 million and $439 million, respectively, with a weighted average interest rate of 5.9% and 5.3%, respectively. As a result, we incur substantial interest expense that is affected by both fluctuations in interest rates and our financing decisions.
Lower oil production volumes during the year ended December 31, 2024 accounted for an approximate $11 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).
Lower oil production volumes during the year ended December 31, 2025 accounted for an approximate $50 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).
(4) The average realized price for the years ended December 31, 2023 and 2024 includes $15 million and $2 million, respectively, of proceeds related to a take-or-pay contract.
(4) The average realized price for the years ended December 31, 2024 and 2025 includes $2 million and $1 million, respectively, of proceeds related to a take-or-pay contract.
Benchmark prices for natural gas and ethane decreased significantly, while benchmark prices for oil remained consistent and benchmark prices for C3+ NGLs increased during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
Benchmark prices for natural gas and ethane increased significantly, while benchmark prices for C3+ NGLs and oil decreased, during the year ended December 31, 2025 as compared to the year ended December 31, 2024.
For our Utica and Marcellus properties, strip pricing would have to decline by more than 7% and 25%, respectively, from year end 2024 levels before further evaluation of those properties would be required in order to determine if an impairment charge is necessary.
For our Utica and Marcellus properties, strip pricing would have to decline by more than 6% and 20%, respectively, from year end 2025 levels before further evaluation of those properties would be required in order to determine if an impairment charge is necessary.
We did not record any impairments for proved properties during the years ended December 31, 2022, 2023 and 2024. Based on current future commodity prices, we currently do not anticipate having to record any impairment charge for our proved properties in the near future.
We did not record any impairments for proved properties during the years ended December 31, 2023, 2024 and 2025. 62 Table of Contents Based on current future commodity prices, we currently do not anticipate having to record any impairment charge for our proved properties in the near future.
As of December 31, 2024, we have recognized a valuation allowance of $43 million related to Colorado, Oklahoma and West Virginia state NOL carryforwards that we do not expect to realize due to expected future reduced income tax apportionment in those states.
As of December 31, 2025, we have recognized a valuation allowance of $39 million related to Colorado and Oklahoma state NOL carryforwards that we do not expect to realize due to expected future reduced income tax apportionment in those states.
The impact of any such change would be recorded in the period in which such interpretation is received or legislation is enacted. Year Ended December 31, 2022 Compared to Year Ended December 31, 2023 Refer to “Item 7.
The impact of any such change would be recorded in the period in which such interpretation is received or legislation is enacted. 59 Table of Contents Year Ended December 31, 2023 Compared to Year Ended December 31, 2024 Refer to “Item 7.
In addition, as of December 31, 2024, we have recorded a reserve for uncertain tax positions of $54 million related to our R&D tax credits.
In addition, as of December 31, 2025, we have recorded a reserve for uncertain tax positions of $51 million related to our R&D tax credits.
Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the years ended December 31, 2023 and 2024 would have been $9.55 per Bbl and $8.99 per Bbl, respectively. ​ Natural gas sales .
Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the years ended December 31, 2024 and 2025 would have been $8.99 per Bbl and $11.88 per Bbl, respectively. ​ Natural gas sales .
The average annualized interest rate incurred on the Credit Facility for borrowings during the year ended December 31, 2024 was 7.4%. We estimate that a 1.0% increase in the applicable average interest rates for the year ended December 31, 2024 would have resulted in an estimated $4 million increase in interest expense. ITEM 8.
The average annualized interest rate incurred on the Credit Facility for borrowings during the year ended December 31, 2025 was 5.9%. We estimate that a 1.0% increase in the applicable average interest rates for the year ended December 31, 2025 would have resulted in an estimated $3 million increase in interest expense. ITEM 8.
The total cost of third-party commodity purchases decreased primarily due to lower natural gas marketing volumes and prices between periods, partially offset by higher oil and NGLs marketing volumes during the year ended December 31, 2024.
The cost of third-party commodity purchases decreased by $60 million between periods primarily due to lower marketing volumes and oil prices between periods, partially offset by higher natural gas prices during the year ended December 31, 2025.
Year Ended December 31, 2022 Compared to Year Ended December 31, 2023 Refer to “Item 7.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2024 Refer to “Item 7.
All of our production is derived from natural gas wells, some of which also produce NGLs which are extracted through processing, and oil. ● Commodity derivatives. We utilize derivative instruments to hedge future sales prices for our production when circumstances warrant.
Natural gas, NGLs and oil prices are inherently volatile and are influenced by many factors outside of our control. All of our production is derived from natural gas wells, some of which also produce NGLs which are extracted through processing, and oil. ● Commodity derivatives. We utilize derivative instruments to hedge future sales prices for our production when circumstances warrant.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears beginning on page F-2 in this Annual Report on Form 10-K. ITEM 9B. OTHER INFORMATION N o n e .
The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears beginning on page F-2 in this Annual Report on Form 10-K.
Amortization of deferred revenues associated with the VPP decreased from $31 million for the year ended December 31, 2023 to $27 million for the year ended December 31, 2024, a decrease of $4 million or 11%, primarily due to lower production volumes attributable to the VPP properties between periods.
Amortization of deferred revenues associated with the VPP decreased from $27 million for the year ended December 31, 2024 to $25 million for the year ended December 31, 2025, a decrease of $2 million or 7%, primarily due to lower production volumes attributable to the VPP properties between periods.
Lower natural gas production volumes accounted for an approximate $61 million decrease in year-over-year natural gas sales revenue (calculated as the change in year-to-year volumes times the prior year average price). NGLs sales .
Higher natural gas production volumes accounted for an approximate $34 million increase in year-over-year natural gas sales revenue (calculated as the change in year-to-year volumes times the prior year average price). NGLs sales .
As of December 31, 2023 and 2024, the estimated fair value of our commodity derivative instruments was a net liability $37 million and $47 million, respectively, comprised of current and noncurrent assets and liabilities. 64 Table of Contents Counterparty and Customer Credit Risk Our principal exposures to credit risk are through receivables resulting from the following: the sale of our natural gas, NGLs and oil production ($453 million as of December 31, 2024), which we market to energy companies, end users and refineries, and commodity derivative contracts ($2 million as of December 31, 2024).
As of December 31, 2025, the estimated fair value of our commodity derivative instruments was a net asset of $81 million, comprised of current and noncurrent assets. 64 Table of Contents Counterparty and Customer Credit Risk Our principal exposures to credit risk are through receivables resulting from the following: the sale of our natural gas, NGLs and oil production ($493 million as of December 31, 2025), which we market to energy companies, end users and refineries, and commodity derivative contracts ($81 million as of December 31, 2025).
Based on strip prices as of December 31, 2024, we believe that net cash provided from operating activities and available borrowings under the Credit Facility will be sufficient to meet our cash requirements, including normal operating needs, debt service obligations, capital expenditures and commitments and contingencies for at least the next 12 months.
Based on strip prices as of December 31, 2025, we believe that net cash provided from operating activities and available borrowings under the Credit Facility, the net proceeds of the offering of the 2036 Notes, borrowings under the Term Loan A Facility and net proceeds from the Utica Shale Divestiture will be sufficient to meet our cash requirements, including normal operating needs, debt service obligations, capital expenditures and commitments and contingencies for at least the next 12 months.
Higher NGLs production volumes during the year ended December 31, 2024 accounted for an approximate $77 million increase in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price). 56 Table of Contents Oil sales .
Lower NGLs production volumes during the year ended December 31, 2025 accounted for an approximate $23 million decrease in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price). 56 Table of Contents Oil sales .
Lower natural gas marketing volumes accounted for a $68 million decrease in year-over-year marketing revenues (calculated as the change in year-to-year volumes times the prior year average price), and lower natural gas prices accounted for a $9 million decrease in year-over-year marketing revenues (calculated as the change in the year-to-year average price times current year marketing volumes). ● Oil marketing revenue increased by $46 million between periods primarily due to higher oil marketing volumes and prices.
Lower natural gas marketing volumes accounted for a $24 million decrease in year-over-year marketing revenues (calculated as the change in year-to-year volumes times the prior year average price), and higher natural gas prices accounted for a $6 million increase in year-over-year marketing revenues (calculated as the change in the year-to-year average price times current year marketing volumes). ● Oil marketing revenue decreased by $53 million between periods primarily due to lower oil marketing volumes and prices.
Between March 2022 and July 2023, the Federal Reserve increased the federal funds interest rate by 5.25%. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.0% between September and December 2024.
Between 2022 and 2023, the Federal Reserve increased the federal funds interest rate by 5.25%. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.75% in 2024 and 2025.
We currently utilize call and embedded put options, collar contracts and fixed price contracts for a nominal portion of our natural gas in which we receive or pay the difference between a fixed price and the variable market price received.
We currently utilize call and embedded put options, basis swap contracts that hedge the difference between the NYMEX index price and a local index price, collar contracts and fixed price contracts for a portion of our natural gas in which we receive or pay the difference between a fixed price and the variable market price received.
Propane and isobutane reflect TET prices, and normal butane and natural gasoline reflect non-TET prices. Propane, isobutane, normal butane and natural gasoline futures prices are weighted to approximate Antero Resources’ average C3+ NGLs composition.
Propane and isobutane reflect TET prices, and normal butane and natural gasoline reflect non-TET prices. Propane, isobutane, normal butane and natural gasoline futures prices are weighted to approximate Antero Resources’ average C3+ NGLs composition. (4) NYMEX calendar month average settled futures price.
Our calculation of such after effects includes gains (losses) on settlements of commodity derivatives (but do not include payments for the derivative monetizations in 2023), which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes.
Our calculation of such after effects includes gains (losses) on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes.
Marketing Segment Where feasible, we purchase and sell third-party natural gas and NGLs and market our excess firm transportation capacity, or engage third parties to conduct these activities on our behalf, in order to optimize the revenues from these transportation agreements.
See Note 15—Contingencies to our consolidated financial statements for additional information. Marketing Segment Where feasible, we purchase and sell third-party natural gas and NGLs and market our excess firm transportation capacity, or engage third parties to conduct these activities on our behalf, in order to optimize the revenues from these transportation agreements.
The following table details the average benchmark natural gas, NGLs and oil prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2024 ​ Henry Hub ($/Mcf) (1) ​ $ 2.74 ​ ​ 2.27 ​ Mont Belvieu Ethane ($/Bbl) (2) ​ ​ 10.32 ​ ​ 8.00 ​ Mont Belvieu C3+ NGLs ($/Bbl) (3) ​ ​ 38.31 ​ ​ 40.82 ​ West Texas Intermediate ($/Bbl) (4) ​ ​ 77.62 ​ ​ 75.72 ​ (1) NYMEX first of month average natural gas price.
The following table details the average benchmark natural gas, NGLs and oil prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2024 ​ ​ 2025 ​ Henry Hub ($/Mcf) (1) ​ $ 2.27 ​ ​ 3.43 ​ Mont Belvieu Ethane ($/Bbl) (2) ​ ​ 8.00 ​ ​ 10.61 ​ Mont Belvieu C3+ NGLs ($/Bbl) (3) ​ ​ 40.82 ​ ​ 37.93 ​ West Texas Intermediate ($/Bbl) (4) ​ ​ 75.72 ​ ​ 64.81 ​ (1) NYMEX first of month average natural gas price.
For the year ended December 31, 2024, we had an income tax benefit of $118 million primarily due to R&D tax credits of $95 million, loss before income taxes of $24 million and a reduction to our state NOL carryforward valuation allowance of $12 million. See Note 13—Income Taxes to our consolidated financial statements for additional information.
Income tax (expense) benefit. For the year ended December 31, 2024, we recognized an income tax benefit of $118 million primarily due to R&D tax credits of $95 million, loss before income taxes of $24 million and a reduction to our state NOL carryforward valuation allowance of $12 million.
In the current economic environment, we expect that commodity prices for some or all of the commodities we produce could remain volatile. This volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows.
In the current economic environment, we expect that commodity prices for some or all of the commodities we produce could remain volatile. This volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows. However, we use derivative instruments when circumstances warrant to manage our exposure to commodity price risk.
These are primarily costs related to unsuccessful leasing efforts, as well as geological and geophysical costs, including seismic costs, costs of unsuccessful exploratory dry holes and costs of other exploratory activities, including costs associated with our sand mine. 52 Table of Contents ● Impairment of property and equipment.
These are primarily costs related to unsuccessful leasing efforts, as well as geological and geophysical costs, including seismic costs, costs of unsuccessful exploratory dry holes and costs of other exploratory activities. ● Impairment of property and equipment.
Revenues from sales of natural gas decreased from $2.2 billion for the year ended December 31, 2023 to $1.8 billion for the year ended December 31, 2024, a decrease of $0.4 billion, or 17%.
Revenues from sales of NGLs decreased from $2.1 billion for the year ended December 31, 2024 to $2.0 billion for the year ended December 31, 2025, a decrease of $0.1 billion, or 4%.
Lower commodity prices (excluding the effects of derivative settlements) during the year ended December 31, 2024 accounted for an approximate $313 million decrease in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes).
Higher commodity prices (excluding the effects of derivative settlements) during the year ended December 31, 2025 accounted for an approximate $1.0 billion increase in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes).
See Note 14—Commitments to our consolidated financial statements for information on our off-balance sheet arrangements. 60 Table of Contents Cash Flows The following table summarizes our cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 2024 Net cash provided by operating activities ​ $ 994,721 ​ ​ 849,288 ​ Net cash used in investing activities ​ ​ (1,140,767) ​ ​ (714,153) ​ Net cash provided by (used in) financing activities ​ ​ 146,046 ​ ​ (135,135) ​ Net increase in cash and cash equivalents ​ $ — ​ ​ — ​ ​ Year Ended December 31, 2023 Compared to Year Ended December 31, 2024 Operating activities.
See Note 14—Commitments to our consolidated financial statements for information on our off-balance sheet arrangements. 60 Table of Contents Cash Flows The following table summarizes our cash flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2025 ​ Net cash provided by operating activities ​ $ 849,288 ​ ​ 1,630,930 ​ Net cash used in investing activities ​ ​ (714,153) ​ ​ (1,077,813) ​ Net cash used in financing activities ​ ​ (135,135) ​ ​ (343,117) ​ Net increase in cash, cash equivalents and restricted cash ​ $ — ​ ​ 210,000 ​ ​ Year Ended December 31, 2024 Compared to Year Ended December 31, 2025 Operating activities.
Total operating expense related to the Antero Midstream segment increased from $430 million for the year ended December 31, 2023 to $447 million for the year ended December 31, 2024, an increase of $17 million, or 4%.
Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment increased from $447 million for the year ended December 31, 2024 to $544 million for the year ended December 31, 2025, an increase of $97 million.
In addition, we estimate that approximately 170,000 net acres of our leasehold may be prospective for the slightly shallower Upper Devonian Shale. As of December 31, 2024, our estimated proved reserves were 17.9 Tcfe, consisting of 10.6 Tcf of natural gas, 674 MMBbl of assumed recovered ethane, 519 MMBbl of C3+ NGLs and 23 MMBbl of oil.
In addition, we estimate that approximately 168,000 net acres of our leasehold may be prospective for the slightly shallower Upper Devonian Shale. As of December 31, 2025, our estimated proved reserves were 19.1 Tcfe, consisting of 11.8 Tcf of natural gas, 679 MMBbl of assumed recovered ethane, 529 MMBbl of C3+ NGLs and 23 MMBbl of oil.
The creditworthiness of our counterparties is subject to periodic review. As of December 31, 2024, we have commodity hedges in place with four different counterparties, three of which are lenders under the Unsecured Credit Facility. As of December 31, 2024, we did not have any commodity derivative assets with bank counterparties under our Unsecured Credit Facility.
The creditworthiness of our counterparties is subject to periodic review. As of December 31, 2025, we have commodity hedges in place with eight different counterparties, seven of which are lenders under the Unsecured Credit Facility. We had derivative assets of $81 million with bank counterparties under our Unsecured Credit Facility as of December 31, 2025.
Capital Spending and 2025 Capital Budget For the year ended December 31, 2024, our total consolidated capital expenditures were $721 million, including drilling and completion expenditures of $620 million, leasehold additions of $91 million and other capital expenditures of $10 million. We completed 41 net horizontal wells during the year ended December 31, 2024.
Capital Spending and 2026 Capital Budget For the year ended December 31, 2025, our total consolidated capital expenditures were $797 million, including drilling and completion expenditures of $658 million, leasehold additions of $131 million and other capital expenditures of $8 million. We completed 61 net horizontal wells during the year ended December 31, 2025.
We have three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii) marketing of excess firm transportation capacity; and (iii) midstream services through our equity method investment in Antero Midstream. All of our operations are conducted in the United States. See Note 17—Reportable Segments to our consolidated financial statements for additional information.
We have three reportable segments: exploration and production, our equity method investment in Antero Midstream and marketing. All of our operations are conducted in the United States. See Note 17—Reportable Segments to our consolidated financial statements for additional information.
Revenues from sale of oil decreased from $247 million for the year ended December 31, 2023 to $230 million for the year ended December 31, 2024, a decrease of $17 million, or 7%.
Revenues from sale of oil decreased from $230 million for the year ended December 31, 2024 to $150 million for the year ended December 31, 2025, a decrease of $80 million, or 35%.
Higher commodity prices (excluding the effects of derivative settlements) during the year ended December 31, 2024 accounted for an approximate $153 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes).
Lower C3+ NGLs commodity prices (excluding the effects of derivative settlements) during the year ended December 31, 2025 accounted for an approximate $143 million decrease in year-over-year NGLs revenues (calculated as the change in the year-to-year average price times current year production volumes), partially offset by higher ethane commodity prices during the year ended December 31, 2025 that accounted for an approximate $85 million increase in year-over-year NGLs revenues (calculated as the change in the year-to-year average price times current year production volumes).
For the year ended December 31, 2024, commodity derivative fair value gains included $10 million of net cash proceeds for settled derivative gains. Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled, monetized or terminated prior to settlement.
Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled, monetized or terminated prior to settlement.
Inflationary pressures, particularly as they relate to certain of our long-term contracts with CPI-based adjustments, and supply chain disruptions have and could continue to result in increases to our operating and capital costs that are not fixed.
Inflationary pressures, particularly as they relate to certain of our long-term contracts with CPI-based adjustments, and supply chain disruptions have and could continue to result in increases to our operating and capital costs that are not fixed. These economic variables are beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows.
Revenue from the Antero Midstream segment increased from $1.0 billion for the year ended December 31, 2023 to $1.1 billion for the year ended December 31, 2024, an increase of $0.1 billion, or 6%. This increase is primarily due to higher gathering and compression revenues of $84 million, partially offset by lower water handling revenues of $20 million.
Revenue from the Antero Midstream segment increased from $1.1 billion for the year ended December 31, 2024 to $1.2 billion for the year ended December 31, 2025, an increase of $0.1 billion. This increase is primarily due to higher gathering and processing revenues of $61 million and higher water handling revenues of $21 million.
Revenues from sales of NGLs increased from $1.8 billion for the year ended December 31, 2023 to $2.1 billion for the year ended December 31, 2024, an increase of $0.3 billion, or 13%.
Revenues from sales of natural gas increased from $1.8 billion for the year ended December 31, 2024 to $2.9 billion for the year ended December 31, 2025, an increase of $1.1 billion, or 58%.
Impairment of property and equipment . Impairment of property and equipment decreased from $51 million for the year ended December 31, 2023 to $47 million for the year ended December 31, 2024, a decrease of $4 million, or 8%, primarily due to lower impairments of expiring leases between periods.
Impairment of property and equipment decreased from $47 million for the year ended December 31, 2024 to $29 million for the year ended December 31, 2025, a decrease of $18 million, or 38 %, primarily due to lower impairments of expiring leases between periods as a result of our maintenance capital program.
During the year ended December 31, 2023, we earned growth incentive fee rebates of $52 million. ● Processing costs on a per unit basis increased from $0.82 per Mcfe for the year ended December 31, 2023 to $0.85 per Mcfe for the year ended December 31, 2024, primarily due to increased costs for NGLs processing, which includes an annual CPI-based adjustment during the first quarter of 2024 and higher NGLs transportation fees. ● Transportation costs on a per unit basis decreased from $0.62 per Mcfe for the year ended December 31, 2023 to $0.59 per Mcfe and for the year ended December 31, 2024, primarily due to lower fuel costs as a result of lower natural gas prices and lower demand fees between periods.
This fluctuation was primarily a result of the following: ● Gathering and compression costs on a per unit basis increased from $0.72 per Mcfe for the year ended December 31, 2024 to $0.75 per Mcfe for the year ended December 31, 2025, primarily due to increased fuel costs as a result of higher natural gas prices and annual CPI-based adjustments between periods. ● Processing costs on a per unit basis increased from $0.85 per Mcfe for the year ended December 31, 2024 to $0.90 per Mcfe for the year ended December 31, 2025, primarily due to increased costs for NGLs processing and transportation, which includes an annual CPI-based adjustment during the first quarter of 2025, and higher NGLs transportation fees between periods. ● Transportation costs on a per unit basis increased from $0.59 per Mcfe for the year ended December 31, 2024 to $0.62 per Mcfe for the year ended December 31, 2025, primarily due to higher fuel costs as a result of higher natural gas prices between periods and higher demand fees for certain pipelines during the year ended December 31, 2025.
Our financial hedging activities may include commodity derivative instruments that are intended to support natural gas, NGLs and oil prices at targeted levels and to manage our exposure to price risk associated with our production.
For the years ended December 31, 2024 and 2025, 4% and 8%, respectively, of our production was hedged through commodity derivatives. Our financial hedging activities may include commodity derivative instruments that are intended to support natural gas, NGLs and oil prices at targeted levels and to manage our exposure to price risk associated with our production.
As a result of the lower benchmark natural gas and ethane prices and higher benchmark C3+ NGLs prices during the year ended December 31, 2024, we experienced a decrease in price realizations for natural gas and ethane products and an increase in price realization for C3+ NGLs products during the same period.
As a result of the higher benchmark natural gas and ethane prices during the year ended December 31, 2025, we experienced an increase in price realization for natural gas and ethane products, partially offset by the effects of decreased benchmark NGLs and oil prices as compared to the year ended December 31, 2024.
Our revenues are primarily derived from the sale of natural gas and oil production, as well as the sale of NGLs that are extracted from our natural gas during processing. Our production is entirely from within the continental United States; however, some of our production revenues are attributable to customers who export our products.
Our production is entirely from within the continental United States; however, some of our production revenues are attributable to customers who export our products. During 2024 and 2025, our production revenues were comprised of 44% and 57%, respectively, from the sale of natural gas and 56% and 43%, respectively, from the sale of NGLs and oil.
The increased gathering and compression revenues between periods is primarily a result of the expiration of the growth incentive fee rebate program on December 31, 2023, increased throughput and annual CPI-based gathering and compression rate adjustments between periods.
The increased gathering and processing revenues between periods is primarily a result of increased throughput and annual CPI-based gathering and compression rate adjustments between periods.
Gathering, compression and water handling revenues are derived from our ownership interest in Antero Midstream. Principal Components of Our Cost Structure ● Lease operating expenses. These are the operating costs incurred to maintain our production. Such costs include produced water hauling, water handling, water disposal, and labor-related costs to monitor producing wells, maintenance, repairs and workover expenses.
These are the operating costs incurred to maintain our production. Such costs include produced water hauling, water handling, water disposal, and labor-related costs to monitor producing wells, maintenance, repairs and workover expenses.
Amortization of the deferred revenues associated with the VPP are recognized as the production volumes are delivered at $1.61 per MMBtu over the contractual term. Lease operating expense . Lease operating expense remained relatively consistent for the years ended December 31, 2023 and 2024 at $118 million and $119 million, respectively.
Amortization of the deferred revenues associated with the VPP are recognized as the production volumes are delivered at $1.61 per MMBtu over the contractual term. Lease operating expense .

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