Antero Resources reports $1.56B revenue

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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Number of shares of the registrant s common stock outstanding as of July 24, October 23, 2026 (in thousands): 307,439 307,136

Forward-looking statements 197 changes

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risks associated with the successful integration and future performance of the HG Acquisition (as defined in Note 3 Transactions to the unaudited condensed consolidated financial statements);

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Common stock, $ 0.01 par value; authorized - 1,000,000 shares; 308,510 and 308,739 307,125 shares issued and outstanding as of December 31, 2025 and June September 30, 2026, respectively

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Three Months Ended June September 30,

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General and administrative (including equity-based compensation expense of $ 15,855 15,501 and $ 13,266 13,152 in 2025 and 2026, respectively)

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Loss on early extinguishment of debt

Total other income (expense)

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Six Months Ended June 30,

Nine Months Ended September 30,

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Commodity derivative fair value gains (losses)

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General and administrative (including equity-based compensation expense of $ 31,000 46,501 and $ 24,999 38,151 in 2025 and 2026, respectively)

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Loss (gain) on sale of assets

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Total other income (expense)

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Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes ( 131 )

Repurchases and retirements of common stock

Equity-based compensation

Distributions to noncontrolling interests

Net income and comprehensive income

Balances, September 30, 2025

See accompanying notes to unaudited condensed consolidated financial statements.

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Stockholders Equity (Unaudited)

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Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes ( 100 )

Repurchases and retirements of common stock

Equity-based compensation

Net income and comprehensive income

Balances, September 30, 2026

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Six Months Ended June 30,

Nine Months Ended September 30,

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Commodity derivative fair value losses gains

Gains (losses) on settled commodity derivatives

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Loss (gain) on sale of assets

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Distributions to noncontrolling interests in Martica Holdings LLC ( 37,481 54,006 )

Employee tax withholding for settlement of equity-based compensation awards ( 26,618 26,749 )

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Increase (decrease) in accounts payable, accrued liabilities and other current liabilities for additions to property and equipment ( 29,581 17,248 )

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

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These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company s financial position as of December 31, 2025 and June September 30, 2026, results of operations for the three and six nine months ended June September 30, 2025 and 2026 and cash flows for the six nine months ended June September 30, 2025 and 2026. The Company has no items of other comprehensive income; therefore, its net income is equal to its comprehensive income. Operating results for the three and six nine months ended June September 30, 2026 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations changes in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations changes in the fair value of derivative instruments and other factors.

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On May 1, 2026, Sixth Street Partners, LLC ( Sixth Street ) achieved its internal rate of return and cash-on-cash return (the Hurdle ). As such, beginning May 1, 2026, Antero received 85 % of the distributions in respect of the overriding royalty interests ( ORRIs ) to which Sixth Street was entitled immediately prior to the Hurdle being achieved (the Reversion ). On June 30, 2026, following the achievement of the Hurdle and pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of Martica Holdings LLC, Antero elected to dissolve Martica and make in-kind liquidating distributions to Sixth Street and Antero, which included conveyance of the ORRIs to Sixth Street and Antero after giving effect to the Reversion. There was no gain or loss recorded for these distributions in the Company s unaudited condensed consolidated financial statements. As of June 30, 2026, the Company no longer consolidates Martica in the unaudited condensed consolidated financial statements and accounts for its interest in the ORRIs conveyed by Martica using the proportionate consolidation method of accounting.

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Cash and Cash Equivalents

The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable and revenue distributions

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Notes to Unaudited Condensed Consolidated Financial Statements (c)

Cash and Cash Equivalents

Notes The Company considers all liquid investments purchased with an initial maturity of three months or less to Unaudited Condensed Consolidated Financial Statements be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable and revenue distributions payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2025 , the book overdrafts included within accounts payable and revenue distributions payable were each $ 18 million. As of June September 30, 2026, the book overdrafts included within accounts payable and revenue distributions payable were $ 26 12 million and $ 31 22 million, respectively.

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Three Months Ended June 30,

Six Months Ended June 30,

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Recently Issued Accounting Standard

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ( ASU 2024-03 ). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Company s election. The Company is evaluating the impact that ASU 2024-03 will have on the consolidated financial statements and its plans for adoption, including its transition method and adoption date.

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Notes to Unaudited Condensed Consolidated Financial Statements (3) Transactions (a) 2025 Drilling Partnership (f)

Recently Issued Accounting Standard

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ( ASU 2024-03 ). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Company s election. The Company plans to adopt ASU 2024-03 on a prospective basis in the Annual Report on Form 10-K for the year ending December 31, 2027. The Company is evaluating the impact that ASU 2024-03 will have on the financial statements.

(a) 2025 Drilling Partnership

On December 11, 2024, the Company entered into a drilling partnership with an unaffiliated third-party ( 2025 Drilling Partnership ). Under the terms of the arrangement, the third-party will participate participated in and fund funded a share of total development capital expenses for wells spud by the Company during the 2025 calendar year. For each well spud during the 2025 calendar year, the third-party will receive received a 15 % working interest in such wells and will fund funded greater than 15 % of total development capital expenses for such wells. Subject to the preceding sentence, for any wells spud in the calendar year 2025, the third-party is obligated and responsible for its working interest share of costs and liabilities, and is entitled to its working interest share of revenues, associated with such wells for the life of such wells. Additionally, for each well in the partnership, the Company will enter entered into an assignment, bill of sale and conveyance pursuant to which the third-party will be was conveyed a proportionate working interest percentage in such well, which conveyances will are not be subject to any reversion.

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The HG Acquisition has been accounted for using the acquisition method of accounting, with the Company identified as the acquirer of HG Production. The Company is still completing its analysis of the final purchase price allocation. including the fair values assigned to oil and gas properties and the deferred income tax liability, among others. Adjustments to the preliminary purchase price allocation recorded during the three and nine months ended June September 30, 2026 primarily relate to additional information obtained by the Company between the Closing Date and June September 30, 2026 about facts and circumstances that existed on the Closing Date, including the completion of the post-closing settlement statement and analysis of income taxes, among others. The Company expects to complete the purchase price allocation during the 12-month period following the Closing Date. The table below summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of the Closing Date. See Note 10 Fair Value Measurement for additional information on the fair value assumptions and hierarchy used in the HG Acquisition preliminary purchase price allocation.

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(1) The deferred income tax liability recorded for the HG Acquisition relates to Antero Resources treatment of certain assets held by HG Production and its subsidiaries as like-kind replacement property in connection with a reverse like-kind exchange transaction conducted pursuant to Section 1031 of the United States Internal Revenue Code of 1986, as amended, the treasury regulations promulgated thereunder, and IRS Revenue Procedure 2000-37, 2000-2 C.B. 308 (as modified by IRS Revenue Procedure 2004-51, 2004-2 C.B. 294).

(1) Upon completion of the Company s analysis over income taxes, it was determined that at the Closing Date there were no deferred taxes to be recorded as part of this purchase price allocation.

The Company s financial statements include $ 2 1 million and $ 24 25 million of acquisition-related costs associated with the HG Acquisition during the three and six nine months ended June September 30, 2026, respectively, which are recorded in transaction expense in the unaudited condensed consolidated statements of operations and comprehensive income.

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through June 30, 2026

through September 30, 2026

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(1) Amounts include transaction expense of $ 24 25 million related to the HG Acquisition recognized during the six nine months ended June September 30, 2026.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Commodity derivative fair value gains (losses)

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The cash consideration received for the Utica Shale Divestiture less costs to sell of approximately $ 760 755 million, which includes certain contingent amounts released from escrow during the three nine months ended June September 30, 2026, was greater than the carrying value of the Utica Shale Properties net assets as of February 23, 2026. Accordingly, the Company recorded a gain on sale of assets of $ 15 1 million and $ 61 62 million during the three and six nine months ended June September 30, 2026, respectively, in its unaudited condensed consolidated statements of operations and comprehensive income. In addition, for U.S. federal (and applicable state and local) income tax purposes the Utica Shale Divestiture comprised part of a like-kind exchange transaction with certain assets acquired in the HG Acquisition used as like-kind replacement property pursuant to Section 1031 of the U.S. Internal Revenue Code of 1986, as amended, the Treasury regulations promulgated thereunder, and IRS Revenue Procedure 2000-37, 2000-2 C.B. 308 (as modified by IRS Revenue Procedure 2004-51, 2004-2 C.B. 294).

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(d) Subsequent Event

(d) Asset Acquisitions

In July During the three months ended September 30, 2026, the Company acquired additional working and royalty interests in Antero s core operating area for a total of approximately $ 315 million, before closing adjustments. The Company accounted for these transactions as asset acquisitions and as such, substantially all of the cash consideration is expected to be was allocated to proved properties in the unaudited condensed consolidated balance sheet. The Company also acquired certain natural gas and NGLs commodity derivative fixed price swap contracts as part of these asset acquisitions. See Note 11 Derivative Instruments to the unaudited condensed consolidated financial statements for additional information.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Income (loss) from derivatives, deferred revenue and other sources, net ( 4,626 )

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Under the Company s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company s contracts do not give rise to contract assets or liabilities. As of December 31, 2025 and June September 30, 2026, the Company s receivables from contracts with customers were $ 493 million and $ 458 427 million, respectively.

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As of December 31, 2025 and June September 30, 2026, Antero owned 29 % of Antero Midstream s common stock, which is reflected in Antero s unaudited condensed consolidated financial statements using the equity method of accounting.

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Balance as of June September 30, 2026 (1)

(1) The fair value of the Company s investment in Antero Midstream as of December 31, 2025 and June September 30, 2026 was $ 2.5 billion and $ 3.2 2.8 billion, respectively, based on the quoted market share price of Antero Midstream.

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During the second quarter and third quarters of 2026, Antero Resources utilized the Commercial Paper Program to fund various short-term working capital requirements. As of June September 30, 2026, Antero Resources had $ 182 451 million of outstanding Commercial Paper maturing at various dates in July October 2026 with a weighted average interest rate of 4.4 4.5 %.

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On July 30, 2024, Antero Resources entered into an amendment and restatement of its senior revolving credit facility with a syndicate of bank lenders (as amended to date, the Credit Facility ). Borrowings are unsecured and are not guaranteed by any of Antero Resources subsidiaries. As of September 30, 2026, the Credit Facility had lender commitments of $ 1.65 billion and available borrowing capacity of $ 1.64 billion. However, Antero Resources intends to maintain available capacity under the Credit Facility in an amount at least equal to the aggregate outstanding borrowings under the Commercial Paper Program, and as of September 30, 2026, the Company had $ 451 million of Commercial Paper outstanding. The Credit Facility was scheduled to mature on July 30, 2030, provided that Antero Resources could request one one-year extension of this maturity date, subject to satisfaction of certain conditions and consent of the extending lenders. However, on July 28, 2026 (the First Amendment Effective Date ), Antero Resources entered an amendment to the Credit Facility to extend the scheduled maturity date (the Maturity Date ) to July 30, 2031. Antero Resources may request two one-year extensions of the Maturity Date after the First Amendment Effective Date, subject to satisfaction of certain conditions and consent of the extending lenders. Commitments under the Credit Facility may be increased by up to $ 500 million subject to the agreement of Antero Resources, the increasing lenders, and with respect to the addition of new lenders, the consent of the Administrative Agent under the Credit Facility and the lenders with commitments to issue letters of credit under the Credit Facility.

The Credit Facility contains one financial covenant requiring Antero Resources to maintain a ratio on a consolidated basis of total indebtedness to capitalization of 65 % or less at the end of each fiscal quarter and other affirmative and negative covenants applicable to Antero Resources and its subsidiaries that are customary for credit facilities of this type, including, among other things, limitations on: fundamental changes such as mergers, consolidations, liquidations and dissolutions; liens; certain indebtedness; restricted payments such as dividends, distributions and equity repurchases; and material non-arms -length transactions with its affiliates. Antero Resources was in compliance with the financial covenant under the Credit Facility as of December 31, 2025 and June September 30, 2026.

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As of December 31, 2025, Antero Resources had an outstanding balance under the Credit Facility of $ 439 million, with a weighted average interest rate of 5.3 %, and outstanding letters of credit of $ 12 million. As of June September 30, 2026, Antero Resources had an no outstanding balance under the Credit Facility of $ 3 million, with a weighted average interest rate of 7.3 %, and outstanding letters of credit of $ 12 million.

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On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, Antero Resources entered into the Term Loan. The Term Loan is unsecured and is not guaranteed by any of Antero Resources subsidiaries. The proceeds of the loans made under the Term Loan were used to (i) finance a portion of the consideration for the HG Acquisition and (ii) to pay fees and expenses incurred in connection with the transactions related thereto. On February 3, 2026, Antero

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On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, Antero Resources entered into the Term Loan. The Term Loan is unsecured and is not guaranteed by any of Antero Resources subsidiaries. The proceeds of the loans made under the Term Loan were used to (i) finance a portion of the consideration for the HG Acquisition and (ii) to pay fees and expenses incurred in connection with the transactions related thereto. On February 3, 2026, Antero Resources borrowed $ 1.5 billion in a single borrowing to partially fund the HG Acquisition. The Term Loan is scheduled to mature on February 3, 2029.

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and 117 more changes in the filing

MD&A 98 changes

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We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk. We focus on unconventional reservoirs, which can generally be characterized as fractured shale formations. Our management team has worked together for many years and has a successful track record of reserve and production growth as well as significant expertise in unconventional resource plays. Our strategy is to leverage our team s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations in the Appalachian Basin. As of June September 30, 2026, we held approximately 858,000 866,000 net acres in the Appalachian Basin.

On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Production for total cash consideration of $2.8 billion, subject to the terms and conditions thereof. The HG Acquisition included approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia. This acquisition closed on the Closing Date. The HG Acquisition was funded with borrowings under the Term Loan, net proceeds of the 2036 Notes, borrowings under the Credit Facility and restricted cash. See Note 3 Transactions to our unaudited condensed consolidated financial statements for additional information. The Company s unaudited condensed consolidated statement of operations for the six nine months ended June September 30, 2026 included results of operations from the assets and operations acquired in the HG Acquisition from the Closing Date through June September 30, 2026.

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On May 1, 2026, Sixth Street achieved its Hurdle for Martica. As such, beginning May 1, 2026, 85% of the distributions in respect of the ORRIs to which Sixth Street was entitled immediately prior to the Hurdle being achieved reverted to us. On June 30, 2026, we elected to dissolve Martica and make in-kind liquidating distributions to Sixth Street and ourselves, which included conveyance of the ORRIs to Sixth Street and Antero Resources after giving effect to the Reversion, after which Martica was deconsolidated for our unaudited condensed consolidated financial statements. On Beginning July 1, 2026, after the deconsolidation of Martica, our unaudited condensed consolidated financial statements will reflect the ORRIs conveyed to us by Martica after giving effect to the Reversion, including the related earnings and cash flows. See Note 2 Summary of Significant Accounting Policies for additional information.

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On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, we entered into an unsecured three year term loan facility in an aggregate principal amount of $1.5 billion with the lenders party thereto and Royal Bank of Canada, as administrative agent. Borrowings are unsecured and are not guaranteed by any of our subsidiaries. On February 3, 2026, we borrowed $1.5 billion in a single borrowing to partially fund the HG Acquisition. The Term Loan is scheduled to mature on February 3, 2029. As of June September 30, 2026, we have $1.1 $1.0 billion outstanding on the Term Loan. See Note 3 Transactions and Note 7 Debt to our unaudited condensed consolidated financial statements for additional information.

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During 2022, our Board of Directors authorized a share repurchase program that allows us to repurchase up to $2.0 billion of outstanding common stock. During the three and six nine months ended June September 30, 2026, we repurchased approximately 1.1 2 million and approximately 3 million shares of our common stock, respectively, at a total cost of $38 $56 million and $94 million, respectively, through our share repurchase program. As of June September 30, 2026, we have approximately $877 $821 million of capacity remaining under our share repurchase program. 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. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements.

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Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Benchmark prices for ethane, C3+ NGLs and oil increased significantly, while benchmark prices for natural gas and ethane decreased during the three months ended June September 30, 2026 as compared to the same period of 2025. Benchmark prices for natural gas, C3+ NGLs and oil increased significantly, while benchmark prices for ethane decreased and C3+ NGLs remained consistent during the six nine months ended June September 30, 2026 as compared to the same period of 2025. 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 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. See Hedge Position and Note 11 Derivative Instruments to our unaudited condensed consolidated financial statements for additional information on our derivative instruments.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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We are exposed to certain commodity price risks relating to our ongoing business operations, and we use derivative instruments when circumstances warrant to manage such risks. In addition, we periodically enter into contracts that contain embedded features that are required to be bifurcated and accounted for separately as derivatives. For the three months ended June September 30, 2025 and 2026, 4% and 47%, 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. For the six nine months ended June September 30, 2025 and 2026, 4% and 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. Assuming our 2026 and 2027 production is the same as our production in 2025, approximately 54% and 35%, respectively, of our total production for 2026 such years is hedged through commodity derivatives, excluding basis swaps. In addition, for the three and six nine months ended June September 30, 2026, 18% and 15%, 16%, respectively, of our production was hedged with basis swap commodity derivatives. We did not have any basis swap commodity derivatives for the three and six nine months ended June September 30, 2025. Assuming our 2026 and 2027 production is the same as our production in 2025, approximately 20% and 15%, respectively of our total production for 2026 such years is hedged with basis swap commodity derivatives. As of June September 30, 2026, the estimated fair value of our commodity derivative contracts was a net asset of $228 $284 million. See Note 11 Derivative Instruments to our unaudited condensed consolidated financial statements for additional information.

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 2026. 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. Annual inflation rates have remained generally consistent at approximately 3% since 2023. over that time. As a result, in September 2026, the Federal Reserve increased the federal funds rate by 0.25% in an effort to reach its stated goal for inflation of 2%.

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Three Months Ended June September 30, 2025 Compared to Three Months Ended June September 30, 2026

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Three Months Ended June September 30, 2025

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Contract termination, loss contingency, settlements and other operating expenses (425) (494)

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Three Months Ended June September 30, 2026

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Loss (gain) on sale of assets

Contract termination, loss contingency, settlements and other operating expenses (741) (342)

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(4) The average realized price for the three months ended June September 30, 2025 includes $0.5 less than $1 million of proceeds related to a take-or-pay contract. Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the three months ended June September 30, 2025 would have been $11.27 $11.02 per Bbl.

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Natural gas sales . Revenues from sales of natural gas remained relatively consistent at $689 million and $688 increased from $631 million for the three months ended June September 30, 2025 and to $703 million for the three months ended September 30, 2026, respectively, an increase of $72 million, or 11%, primarily due to $143 $150 million of natural gas sales revenue attributable to the HG Acquisition properties and higher natural gas production volumes between periods, partially offset by the Utica Shale Divestiture and lower natural gas commodity prices between periods. Higher natural gas production volumes accounted for an approximate $190 $204 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). Lower commodity prices (excluding the effects of derivative settlements) during the three months ended June September 30, 2026 accounted for an approximate $189 $132 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).

NGLs sales . Revenues from sales of NGLs increased from $481 $470 million for the three months ended June September 30, 2025 to $588 $580 million for the three months ended June September 30, 2026, an increase of $107 $110 million, or 22%, 23%, primarily due to an additional $38 $47 million of NGLs revenue attributable to the HG Acquisition properties and higher NGLs commodity prices and production volumes between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended June September 30, 2026 accounted for an approximate $80 $70 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher NGLs production volumes accounted for an approximate $27 $40 million increase in year-over-year revenues (calculated as the change in year-to-year volumes times the prior year average price).

Oil sales . Revenues from sales of oil increased from $34 $31 million for the three months ended June September 30, 2025 to $60 $45 million for the three months ended June September 30, 2026, an increase of $26 $14 million, or 77%, 43%, primarily due to an additional $10 $8 million of oil revenue attributable to the HG Acquisition properties and higher oil commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended June September 30, 2026 accounted for an approximate $22 $13 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes during the three months ended June September 30, 2026 accounted for an approximate $4 $1 million increase in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).

Commodity derivative fair value gains. Our commodity derivatives included fixed price swaps, collars, basis swaps and three-way collars, among others. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our unaudited condensed consolidated statements of operations and comprehensive income. For the three months ended June September 30, 2025 and 2026, our commodity hedges resulted in derivative fair value gains of $53 $39 million and $161 $189 million, respectively. For the three months ended June September 30, 2025, commodity derivative fair value gains included $6 $2 million of net cash payments for settled commodity derivative losses. For the three months ended June September 30, 2026, commodity derivative fair value gains included $134 $136 million of net cash proceeds for settled derivative gains.

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Amortization of deferred revenue, VPP. Amortization of deferred revenues associated with the VPP remained consistent at $6 million for the three months ended June 30, 2025 and 2026. 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.

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained consistent at 5% for the three months ended June 30, 2025 and 2026. Production and ad valorem taxes increased from $35 million for the three months ended June 30, 2025 to $38 million for the three months ended June 30, 2026, an increase of $3 million, or 8%, primarily due to incremental expense of $6 million related to the HG Acquisition properties and higher production volumes between periods, partially offset by the Utica Shale Divestiture and lower natural gas prices during the three months ended June 30, 2026.

Equity-based compensation expense . Non-cash equity-based compensation expense decreased from $16 million for the three months ended June 30, 2025 to $13 million for the three months ended June 30, 2026, a decrease of $3 million or 16%. This decrease was primarily due to lower RSU and PSU award expense of $2 million and $1 million, respectively, between periods. See Note 9 Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Impairment of property and equipment . Impairment of oil and gas properties decreased from $6 million for the three months ended June 30, 2025 to $4 million for the three months ended June 30, 2026, primarily due to lower impairments of expiring leases between periods . During both periods, we recognized impairments primarily related to expiring leases as well as design and initial costs related to pads we no longer plan to place into service.

Contract termination, loss contingency and settlements . Contract termination, loss contingency and settlements decreased from $14 million for the three months ended June 30, 2025 to $2 million for the three months ended June 30, 2026, a decrease of $12 million. This decrease was primarily due to lower loss contingencies recorded. See Note 14 Contingencies to the unaudited condensed consolidated financial statements for additional information.

Loss (gain) on sale of assets. Loss on sale of assets was less than $1 million for the three months ended June 30, 2025. Gain on sale of assets was $15 million for the three months ended June 30, 2026 primarily due to the release of certain proceeds from the Utica Shale Divestiture that were held in escrow at closing. See Note 3 Transactions to the unaudited condensed consolidated financial statements for additional information.

Lease operating expense . Lease operating expense per Mcfe increased 8% 10% from $0.12 $0.10 per Mcfe for the three months ended June September 30, 2025 to $0.13 $0.11 per Mcfe for the three months ended June September 30, 2026 primarily due to higher wastewater trucking and disposal costs due to the timing of well completions activity between periods. Lease operating expense increased from $37 million for the three months ended June 30, 2025 to $48 million for the three months ended June 30, 2026, an increase of $11 million, or 29%, primarily due to incremental expense of $8 million related to the HG Acquisition properties and higher wastewater trucking and disposal increased workover costs due to the timing of well completions activity between periods. partially offset by the Utica Shale Divestiture.

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 12% 17% from $2.25 per Mcfe for the three months ended June September 30, 2025 to $1.99 $1.86 per Mcfe for the three months ended June September 30, 2026 primarily due to the HG Acquisition properties that have a lower compression, processing and transportation costs Gathering, compression, processing and transportation expense increased from $702 million for the three months ended June 30, 2025 certain commercial arrangements related to $748 million for the three months ended June 30, 2026, an increase of $46 million, or 7%, primarily our firm transportation commitments due to incremental expense of $70 million related to the HG Acquisition properties and higher production volumes between periods, partially offset the Utica Shale Divestiture. strong end-user demand for our natural gas firm transportation capacity. The fluctuation of decrease in our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Gathering and compression costs decreased from $0.76 $0.73 per Mcfe for the three months ended June September 30, 2025 to $0.72 $0.69 per Mcfe for the three months ended June September 30, 2026, primarily due to lower gathering and compression expense on a per unit basis for the HG Acquisition properties and decreased fuel costs as a result of lower natural gas prices, partially offset by annual CPI-based adjustments between periods.

Processing costs decreased from $0.91 $0.92 per Mcfe for the three months ended June September 30, 2025 to $0.78 $0.80 per Mcfe for the three months ended June September 30, 2026, primarily due to lower NGLs transportation fees related to the HG Acquisition properties between periods.

Transportation costs decreased from $0.58 $0.60 per Mcfe for the three months ended June September 30, 2025 to $0.49 $0.37 per Mcfe for the three months ended June September 30, 2026, primarily due to lower transportation expense on a per unit basis for the HG Acquisition properties, certain commercial arrangements related to our natural gas firm transportation capacity and decreased fuel costs as a result of lower natural gas prices between periods. and lower demand fees for certain pipelines during the three months ended June 30, 2026.

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained relatively consistent at 5% and 4% for the three months ended September 30, 2025 and 2026, respectively.

General and administrative expense . General and administrative expense (excluding equity-based compensation expense) per Mcfe decreased 8% 15% from $0.13 per Mcfe for the three months ended June September 30, 2025 to $0.12 $0.11 per Mcfe for the three months ended June September 30, 2026 primarily due to higher production volumes from our HG Acquisition, partially offset by higher overall general and administrative costs between periods General and administrative expense (excluding equity-based compensation expense) increased from $41 million for the three months ended June 30, 2025 synergies related to $45 million for the three months ended June 30, 2026, an increase of $4 million, or 8%, primarily due to higher salary and wage expense, software license costs and professional service fees between periods. HG Acquisition.

Depletion, depreciation and amortization expense ( DD&A expense ) . DD&A expense per Mcfe remained relatively consistent at $0.60 per Mcfe and $0.61 $0.62 per Mcfe for the three months ended June September 30, 2025 and 2026, respectively. DD&A expense increased from $188 million for the three months ended June 30, 2025 to $227 million for the three months ended June 30, 2026, an increase of $39 million, or 21%, primarily due to higher production volumes between periods related to our HG Acquisition properties, partially offset by the Utica Shale Divestiture.

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Marketing revenue. Marketing revenue increased from $34 million for the three months ended June 30, 2025 to $56 million for the three months ended June 30, 2026, an increase of $22 million, or 66%. This fluctuation primarily resulted from the following:

Natural gas marketing revenue decreased by $5 million between periods primarily due to lower natural gas marketing volumes.

Oil marketing revenue increased by $28 million between periods primarily due to higher oil prices and marketing volumes. Higher oil prices accounted for a $17 million increase in year-over-year marketing revenues (calculated as the change in the year-to-year average price times current year marketing volumes), and higher oil marketing volumes accounted for an $11 million increase in year-over-year marketing revenues (calculated as the change in year-to-year volumes times the prior year average price).

NGLs marketing revenues increased by $3 million for the three months ended June 30, 2026 primarily due to higher C3+ NGLs marketing volumes.

Marketing expense. Marketing expense increased from $52 million for the three months ended June 30, 2025 to $72 million for the three months ended June 30, 2026, an increase of $20 million, or 39%. Marketing expense includes the cost of third-party purchased natural gas, NGLs and oil as well as firm transportation costs, including costs related to current excess firm capacity. The cost of third-party purchases increased $23 million between periods primarily due to higher oil marketing prices and volumes during the three months ended June 30, 2026, partially offset by lower natural gas marketing volumes during the three months ended June 30, 2026. Firm transportation costs decreased $3 million between periods primarily due to higher pipeline utilization between periods and lower fuel costs during the three months ended June 30, 2026.

Net marketing expense per Mcfe decreased from $0.06 $0.05 per Mcfe or $18 million, for the three months ended June September 30, 2025 to $0.04 per Mcfe or $16 million, for the three months ended June September 30, 2026, primarily due to higher pipeline utilization margins on our oil marketing volumes and lower fuel costs between periods, partially offset by higher demand fees on certain pipelines.

Marketing revenue. Marketing revenue increased from $35 million for the three months ended September 30, 2025 to $40 million for the three months ended September 30, 2026, an increase of $5 million, or 15%. This increase primarily resulted from higher oil marketing revenues of $8 million between periods primarily due to higher oil prices during the three months ended September 30, 2026, partially offset by decreased NGLs marketing revenues of $4 million between periods due to lower C3+ NGLs marketing volumes during the three months ended September 30, 2026.

Marketing expense. Marketing expense remained relatively consistent at $51 million and $56 million for the three months ended September 30, 2025 and 2026, respectively.

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Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $305 $295 million for the three months ended June September 30, 2025 to $327 million for the three months ended June September 30, 2026, an increase of $22 $32 million. This increase is primarily due to higher gathering and processing revenues of $18 million and higher water handling revenues of $4 $21 million and $16 million, respectively, between periods, partially offset by higher amortization of customer relationship of $5 million between periods. The increased gathering and processing revenues between periods is primarily due to higher low pressure gathering and compression volumes from the HG Acquisition and 80 86 wells connected to their system between periods and increased gathering and centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to their system between periods. The increased water handling revenues between periods is primarily due to fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the three months ended June September 30, 2026, as well as higher blending volumes and cost of service fees, increased costs for wastewater trucking and disposal volumes and an increase to the fresh water delivery rate as a result of an annual CPI-based rate adjustment between periods.

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment, excluding the gain on litigation, increased from $119 $114 million for the three months ended June September 30, 2025 to $145 $147 million for the three months ended June September 30, 2026, an increase of $26 $33 million. This increase is primarily due to higher direct operating expenses as a result of increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition during the three months ended June 30, 2026, as well as increased and fresh water delivery services on volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3%, partially offset by the Utica Shale Divestiture. In addition, operating expenses during the three month months ended June September 30, 2026 increased wastewater trucking and disposal volumes between periods and increased blending volumes include a gain on litigation of $377 million related to the receipt of damages, interest and costs between periods, partially offset by attorneys fees from Veolia Water Technologies, Inc. for the Utica Shale Divestiture. Antero Clearwater Facility legal matter that concluded during the three months ended September 30, 2026.

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Loss on early extinguishment of debt. During the three months ended June 30, 2025, we repurchased $23 million aggregate principal amount of our 2029 Notes through open market transactions at a weighted average premium of approximately 102% of the principal amount thereof, plus accrued and unpaid interest, and recognized a loss on early debt extinguishment of $1 million. There was no loss on early extinguishment of debt for the three months ended June 30, 2026. See Note 7 Debt to the unaudited condensed consolidated financial statements for more information.

Interest expense. Interest expense increased from $20 $18 million for the three months ended June September 30, 2025 to $38 million for the three months ended June September 30, 2026, an increase of $18 $20 million, or 88%, primarily due to borrowings to fund our the HG Acquisition under the Term Loan, and issuance of the 2036 Notes during the first quarter of 2026 and borrowings on our Commercial Paper Program, partially offset by the redemption of the 2029 Notes on February 24, 2026 and lower Credit Facility borrowings and rates between periods. See Note 7 Debt to the unaudited condensed consolidated financial statements for more information.

Income tax expense . Income tax expense increased from $48 $43 million, with an effective tax rate of 22%, 34%, for the three months ended June September 30, 2025 to $79 $96 million, with an effective tax rate of 22%, 21%, for the three months ended June September 30, 2026 primarily due to the increase in income before income taxes between periods. The decrease in the effective tax rate between periods was primarily due to the effects of noncontrolling interests and stock compensation expense.

Six Nine Months Ended June September 30, 2025 Compared to Six Nine Months Ended June September 30, 2026

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Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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Commodity derivative fair value losses gains

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Gain Loss on sale of assets

Contract termination, loss contingency, settlements and other operating expenses (912) (1,406)

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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Contract termination, loss contingency, settlements and other operating expenses (1,320) (1,662)

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(4) The average realized price for the six nine months ended June September 30, 2025 includes $0.5 $1 million of proceeds related to a take-or-pay contract. Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the six nine months ended June September 30, 2025 would have been $12.01 $11.66 per Bbl.

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Natural gas sales . Revenues from sales of natural gas increased from $1.5 $2.1 billion for the six nine months ended June September 30, 2025 to $2.0 $2.7 billion for the six nine months ended June September 30, 2026, an increase of $0.5 $0.6 billion, or 36%, 29%, primarily due to an additional $321 $471 million of natural gas revenue attributable to the HG Acquisition properties and higher natural gas production volumes and commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher natural gas production volumes accounted for an approximate $358 $568 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). Higher commodity prices (excluding the effects of derivative settlements) during the six nine months ended June September 30, 2026 accounted for an approximate $173 $35 million 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).

NGLs sales . Revenues from sales of NGLs increased from $1.0 $1.5 billion for the six nine months ended June September 30, 2025 to $1.1 $1.7 billion for the six nine months ended June September 30, 2026, an increase of $0.1 $0.2 billion, or 5%, 10%, primarily due to an additional $54 $101 million of NGLs revenue attributable to the HG Acquisition properties and higher NGLs production volumes and higher ethane commodity prices between periods, partially offset by the Utica Shale Divestiture. and lower C3+ NGLs commodity prices during the six months ended June 30, 2026. Higher NGLs production volumes during the six nine months ended June September 30, 2026 accounted for an approximate $49 $90 million increase in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price). Higher ethane commodity prices (excluding the effects of derivative settlements) during the six months ended June 30, 2026 accounted for an approximate $14 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 six nine months ended June September 30, 2026 accounted for an approximate $13 $69 million decrease increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes).

Oil sales . Revenues from sales of oil increased from $84 $115 million for the six nine months ended June September 30, 2025 to $106 $151 million for the six nine months ended June September 30, 2026, an increase of $22 $36 million, or 26%, 31%, primarily due to an additional $12 $21 million of oil revenue attributable to the HG Acquisition properties and higher oil prices and production volumes between periods, partially offset by the Utica Shale Divestiture. Higher oil prices (excluding the effects of derivative settlements) accounted for an approximate $19 $32 million increase in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes accounted for an approximate $3 $4 million increase in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).

Commodity derivative fair value gains. (losses). Our commodity derivatives included fixed price swaps, collars, basis swaps and three-way collars, among others. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our unaudited condensed consolidated statements of operations and comprehensive income. For the six nine months ended June September 30, 2025 and 2026, our commodity hedges resulted in derivative fair value losses gains of $18 $21 million and fair value gains of $196 $384 million, respectively. For the six nine months ended June September 30, 2025, commodity derivative fair value losses gains included $17 $19 million of net cash payments for settled derivative losses. For the six nine months ended June September 30, 2026, commodity derivative fair value gains included $31 $105 million of net cash payments proceeds for settled derivative losses. gains.

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Amortization of deferred revenue, VPP. Amortization of deferred revenues associated with the VPP remained relatively consistent at $13 million and $12 million for the six months ended June 30, 2025 and 2026, 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.

Equity-based compensation expense . Non-cash equity-based compensation expense decreased from $31 million for the six months ended June 30, 2025 to $25 million for the six months ended June 30, 2026, a decrease of $6 million or 19%. This decrease was primarily due to lower RSU and PSU award expense of $5 million and $1 million, respectively, between periods. See Note 9 Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Depletion, depreciation and amortization expense. DD&A expense per Mcfe remained relatively consistent at $0.61 per Mcfe and $0.60 per Mcfe for the six months ended June 30, 2025 and 2026, respectively. DD&A expense increased from $374 million for the six months ended June 30, 2025 to $433 million for the six months ended June 30, 2026, an increase of $59 million, or 16%, primarily due to higher production volumes between periods related to our HG Acquisition properties, partially offset by the Utica Shale Divestiture.

Impairment of property and equipment . Impairment of oil and gas properties decreased from $12 million for the six months ended June 30, 2025 to $5 million for the six months ended June 30, 2026, primarily due to lower impairments of expiring leases between periods. During both periods, we recognized impairments primarily related to expiring leases as well as design and initial costs related to pads we no longer plan to utilize.

Contract termination, loss contingency and settlements . Contract termination, loss contingency, settlements and other operating expenses increased from $12 million for the six months ended June 30, 2025 to $14 million for the six months ended June 30, 2026, an increase of $2 million. This increase was primarily due to contract termination expense related to certain HG Acquisition contracts during the six months ended June 30, 2026. See Note 14 Contingencies to the unaudited condensed consolidated financial statements for additional information.

Lease operating expense . Lease operating expense per Mcfe increased 8% 9% from $0.12 $0.11 per Mcfe for the six nine months ended June September 30, 2025 to $0.13 $0.12 per Mcfe for the six nine months ended June September 30, 2026 primarily due to higher wastewater trucking and disposal costs due to the timing of well completions activity between periods. Lease operating expense increased from $71 million for the six months ended June 30, 2025 to $93 million for the six months ended June 30, 2026, an increase of $22 million, or 30%, primarily due to incremental expense of $14 million related to the HG Acquisition properties and higher wastewater trucking and disposal increased workover costs due to the timing of well completions activity between periods. partially offset by the Utica Shale Divestiture.

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 6% 9% from $2.26 $2.25 per Mcfe for the six nine months ended June September 30, 2025 to $2.13 $2.04 per Mcfe for the six nine months ended June September 30, 2026 primarily due to the HG Acquisition properties that have a lower compression, processing and transportation costs Gathering, compression, processing and transportation expense increased from $1.4 billion for the six months ended June 30, 2025 certain commercial arrangements related to $1.5 billion for the six months ended June 30, 2026, an increase of $0.1 billion, or 10%, primarily our firm transportation commitments due to incremental expense of $109 million related to the HG Acquisition properties and higher production volumes between periods, partially offset the Utica Shale Divestiture. strong end-user demand for our natural gas firm transportation capacity. The fluctuation of decrease in our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Gathering and compression costs on a per unit basis decreased from $0.77 $0.75 per Mcfe for the six nine months ended June September 30, 2025 to $0.75 $0.73 per Mcfe for the six nine months ended June September 30, 2026, primarily due to lower gathering and compression expense on a per unit basis for the HG Acquisition properties, partially offset by 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 decreased from $0.88 $0.89 per Mcfe for the six nine months ended June September 30, 2025 to $0.80 per Mcfe for the six nine months ended June September 30, 2026, primarily due to lower NGLs transportation fees related to the HG Acquisition properties between periods.

Transportation costs on a per unit basis decreased from $0.61 per Mcfe for the six nine months ended June September 30, 2025 to $0.58 $0.51 per Mcfe for the six nine months ended June September 30, 2026, primarily due to lower transportation expense on a per unit basis for the HG Acquisition properties and certain commercial arrangements related to our natural gas firm transportation capacity, partially offset by increased fuel costs as a result of higher natural gas prices between periods.

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained consistent at 6% for each of the six nine months ended June September 30, 2025 and 2026. Production and ad valorem taxes increased from $90 million for the six months ended June 30, 2025 to $119 million for the six months ended June 30, 2026, an increase of $29 million, or 32%, primarily due to higher natural gas prices between periods and incremental expense of $15 million related to the HG Acquisition properties, partially offset by the Utica Shale Divestiture.

General and administrative expense . General and administrative expense (excluding equity-based compensation) per Mcfe decreased 7% from $0.14 per Mcfe for the six nine months ended June September 30, 2025 to $0.13 per Mcfe for the six nine months ended June September 30, 2026 primarily due to increased higher production volumes related to our HG Acquisition, partially offset by higher overall general and administrative costs between periods General and administrative expense (excluding equity-based compensation expense) increased from $89 million for the six months ended June 30, 2025 synergies related to $96 million for the six months ended June 30, 2026, an increase of $7 million, or 8%, primarily due to higher salary and wage expense, software license costs and professional service fees between periods. HG Acquisition.

Depletion, depreciation and amortization expense. DD&A expense per Mcfe remained consistent at $0.61 per Mcfe for the nine months ended September 30, 2025 and 2026.

Loss (gain) on sale of assets. Gain Loss on sale of assets was less than $1 million for the six nine months ended June September 30, 2025. Gain on sale of assets was $61 $62 million for the six nine months ended June September 30, 2026 is primarily due to the Utica Shale Divestiture that closed on February 23, 2026. See Note 3 Transactions to the unaudited condensed consolidated financial statements for additional information.

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Marketing revenue. Marketing revenue increased from $59 million for the six months ended June 30, 2025 to $98 million for the six months ended June 30, 2026, an increase of $39 million, or 65%. This fluctuation primarily resulted from the following:

Natural gas marketing revenue decreased by $5 million between periods primarily due to lower natural gas marketing volumes.

NGLs marketing revenue increased by $4 million between periods primarily due to higher ethane marketing volumes and prices for the six months ended June 30, 2026.

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and 18 more changes in the filing

Market risk 8 changes

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We may enter into financial derivative instruments for a portion of our natural gas, NGLs and oil production when circumstances warrant and management believes that favorable future prices can be secured in order to mitigate some of the potential negative impact on our cash flows caused by changes in commodity prices. For the three months ended June September 30, 2025 and 2026, 4% and 47%, 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. For the six nine months ended June September 30, 2025 and 2026, 4% and 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. In addition, for the three and six nine months ended June September 30, 2026, 18% and 15%, 16%, respectively, of our production was hedged through basis swap commodity derivatives. We did not have any basis swap commodity derivatives for the three and six nine months ended June September 30, 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. These contracts may include commodity price swaps whereby we will receive a fixed price and pay a variable market price to the contract counterparty, collars that set a floor and ceiling price for the hedged production, basis differential swaps or three-way collars, among others. These contracts are financial instruments and do not require or allow for physical delivery of the hedged commodity. As of June September 30, 2026, our commodity derivatives included fixed swaps, basis swaps, collars and three-way collars, among others at index-based pricing for a portion of our production. See Note 11 Derivative Instruments to our unaudited condensed consolidated financial statements for additional information.

Based on our production and our derivative instruments that settled during the six nine months ended June September 30, 2026, our revenues would have decreased by $55 $85 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 June September 30, 2026.

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Mark-to-market adjustments of derivative instruments cause earnings volatility but have no cash flow impact relative to changes in market prices until the derivative contracts are settled or monetized prior to settlement. We expect continued volatility in the fair value of our derivative instruments. Our cash flows are impacted when the associated derivative contracts are settled or monetized by making or receiving payments to or from the counterparty. As of December 31, 2025 and June September 30, 2026, the estimated fair value of our commodity derivative instruments was a net asset of $81 million and $228 $284 million, respectively, comprised of current and noncurrent assets and liabilities, as applicable.

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Our principal exposures to credit risk are through receivables resulting from the following: the sale of our natural gas, NGLs and oil production ($458 ($427 million as of June September 30, 2026), which we market to energy companies, end users and refineries, and commodity derivative contracts ($232 ($305 million as of June September 30, 2026).

We are subject to credit risk due to the concentration of our receivables from several significant customers for sales of natural gas, NGLs and oil. While we do at times require customers to post letters of credit or other credit support in connection with their obligations, we generally do not require our customers to post collateral. The inability or failure of our significant customers to meet their obligations to us, or their insolvency or liquidation, may adversely affect our financial results. As of September 30, 2026, we did not have any past-due receivables from any of our major customers.

In addition, we are exposed to the credit risk of our counterparties for our derivative instruments. Credit risk is the potential failure of a counterparty to perform under the terms of a derivative contract. When the fair value of a derivative contract is positive, the counterparty is expected to owe us, which creates credit risk. To minimize the credit risk in derivative instruments, it is our policy to enter into derivative contracts only with counterparties that are creditworthy financial institutions that management deems to be competent and competitive market makers. The creditworthiness of our counterparties is subject to periodic review. As of June September 30, 2026, we have commodity hedges in place with 12 different counterparties, 10 of which are lenders under the Credit Facility. We had derivative assets of $231 $287 million with bank counterparties under our Credit Facility as of June September 30, 2026. 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 June September 30, 2026. We believe that all of the counterparties to our derivative instruments are acceptable credit risks as of June September 30, 2026. 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. As of June September 30, 2026, we did not have any past-due receivables from, or payables to, any of the counterparties to our derivative contracts.

Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Facility and Term Loan, which have floating interest rates. The average annualized interest rate incurred on the Credit Facility and the Term Loan for borrowings during the six nine months ended June September 30, 2026 was 5.2% and 5.0%, respectively. 5.3%. We estimate that a 1.0% increase in the applicable average interest rates for the six nine months ended June September 30, 2026 would have resulted in an estimated $7 $10 million increase in interest expense. Additional short-term or variable-rate debt may be issued in the future, including under the Credit Facility or Commercial Paper Program, which may provide further exposure to interest rate risk.

Controls and procedures 2 changes

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As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June September 30, 2026 at a level of reasonable assurance.

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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 June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 6 changes

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April 1, 2026 - April 30, 2026

May 1, 2026 - May 31, 2026

June 1, 2026 - June 30, 2026

July 1, 2026 - July 31, 2026

August 1, 2026 - August 31, 2026

September 1, 2026 - September 30, 2026

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Other information 2 changes

On May 5, 2026 , Michael N. Kennedy , our Chief Executive Officer and President and a Director , terminated the Rule 10b5-1 trading arrangement, dated as of November 6, 2025 , for the sale of up to 200,000 shares of the Company s common stock, of which 185,826 shares had been sold prior to the termination.

On July 28, 2026 (the First Amendment Effective Date ), we entered an amendment to our Credit Facility (the Credit Facility Amendment ), pursuant to which the Maturity Date was extended to July 30, 2031 and the 0.10% credit adjustment spread on SOFR was removed. We may request two more one-year extensions of the Maturity Date after the First Amendment Effective Date, subject to satisfaction of certain conditions and consent of the extending lenders. A description of the Credit Facility Amendment is included in Note 7 Debt to the unaudited condensed consolidated financial statements and is incorporated into this Item 5. The description of the Credit Facility Amendment is a summary and is qualified in its entirety by the terms of the Credit Facility Amendment. A copy of the Credit Facility Amendment is filed as Exhibit 10.3 hereto, and is incorporated herein by reference.

Exhibits 10 changes

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Base Indenture, dated January 28, 2026, among Antero Resources Corporation and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company s Current Report on Form 8-K (Commission File No. 001-36120) filed on January 28, 2026).

First Supplemental Indenture, dated January 28, 2026, among Antero Resources Corporation and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company s Current Report on Form 8-K (Commission File No. 001-36120) filed on January 28, 2026).

Credit Agreement, by and among Antero Resources Corporation, as Borrower, the Lenders party thereto and Royal Bank of Canada, as Administrative Agent, dated February 3, 2026 (incorporated by reference to Exhibit 4.1 to the Company s Current Report on Form 8-K (Commission File No. 001-36120) filed on February 3, 2026).

Form of Commercial Paper Dealer Agreement between Antero Resources Corporation, as Issuer and the Dealer party thereto (incorporated by reference to Exhibit 10.1 to the Company s Current Report on Form 8-K (Commission File No. 001-36120) filed on June 17, 2026).

First Amendment to Amended and Restated Credit Agreement, dated as of July 28, 2026, among Antero Resources Corporation, as Borrower, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.3 to the Company s Quarterly Report on Form 10-Q (Commission File No. 001-36120) filed on July 29, 2026).

Certification of the Company s Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 (15 U.S.C. Section 7241).

Certification of the Company s Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 (15 U.S.C. Section 7241).

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The following financial information from this Quarterly Report on Form 10-Q of Antero Resources Corporation for the quarter ended June September 30, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text.

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The exhibits marked with the asterisk symbol (*) are filed or furnished with this Quarterly Report on Form 10-Q.

Certain of the annexes, schedules and exhibits to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted annex, schedule or exhibit will be furnished to the U.S. Securities and Exchange Commission upon request. Certain personally identifiable information has also been omitted from this Exhibit pursuant to Item 601(a)(6) of Regulation S-K.

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