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Form 8-K

sec.gov

8-K — ANTERO RESOURCES Corp

Accession: 0001104659-26-119693

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0001433270

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2628427d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2628427d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2628427d1_8k.htm · Sequence: 1

false

0001433270

0001433270

2026-10-28

2026-10-28

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xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

October 28, 2026

ANTERO RESOURCES CORPORATION

(Exact name of registrant as specified in its

charter)

Delaware

001-36120

80-0162034

(State or Other

Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

1615 Wynkoop Street

Denver, Colorado 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s

Telephone Number, Including Area Code: (303)

357-7310

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

symbol(s)

Name

of each exchange on which

registered

Common Stock, par value $0.01 Per Share

AR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 2.02

Results of Operations and Financial Condition

On October 28,

2026, Antero Resources Corporation issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated by

reference herein, announcing its financial and operational results for the quarter ended September 30, 2026.

The information

in this Current Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),

or otherwise subject to liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of

1933, as amended, or the Exchange Act unless specifically identified therein as being incorporated therein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Antero Resources Corporation press release dated October 28, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ANTERO

RESOURCES CORPORATION

By:

/s/ Brendan E. Krueger

Brendan E. Krueger

Chief Financial Officer and Senior Vice President – Finance

and Treasurer

Dated: October 28, 2026

2

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2628427d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Antero Resources Announces Third Quarter 2026

Financial and Operating Results

Denver, Colorado, October 28, 2026—Antero

Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced

its third quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’

Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Highlights:

· Net production was a company record at over

4.2 Bcfe/d, an increase of 23% from the year ago period

· Net income was $367 million and Adjusted Net

Income was $256 million (Non-GAAP)

· Adjusted EBITDAX was $634 million (Non-GAAP),

an increase of 99% compared to the prior year period

· Net cash provided by operating activities

was $575 million

· Adjusted Free Cash Flow was $215 million (Non-GAAP),

an increase of 137% compared to the year ago period

· Total cash operating costs were below the

low end of the guidance range at $2.05 per Mcfe, a decrease of $0.39 per Mcfe, or 16%, from the year ago period

· Purchased 1.6 million shares for approximately

$56 million

· Completed longest horizontal lateral length

in company history at approximately 25,000 feet

Strategic

Updates:

· Completed 265 MMcf/d of premium priced supply

contracts tied to growing in-basin demand at Clarington, Ohio

· Optimized 400 MMcf/d of firm transportation

in the third quarter of 2026; targeting 1 Bcf/d of optimization in 2027

Michael Kennedy, CEO and President of Antero Resources

commented, “It has been a remarkable year for Antero. Over the last twelve months we have grown our net production by nearly 1 Bcfe/d

though accretive transactions and efficiency gains. We also reduced our cost structure by approximately $0.40 per Mcfe, driving higher

margins for our business. We accomplished all of this while also reducing our share count by over 5 million shares and maintaining leverage

at approximately 1.0x. We believe our business strategy of product diversity, reduced cost structure and prudent hedging will decrease

earnings volatility and drive peer-leading Free Cash Flow per share growth.”

Brendan Krueger, CFO of Antero Resources said,

“In just the first year of our margin enhancement initiative, we have made substantial progress. For the third quarter of 2026,

we reduced our cash cost structure to $2.05 per Mcfe, compared to $2.44 per Mcfe in the third quarter of 2025, a decrease of $0.39 per

Mcfe. This drove a 27% improvement in our unhedged EBITDAX margin to $1.28 per Mcfe for the third quarter of 2026 from $1.01 per Mcfe

in the third quarter of 2025. This increase in margin was achieved despite NYMEX natural gas prices declining 4%.”

For a discussion of the non-GAAP financial

measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”

1

Margin Enhancement Update

During the third quarter Antero began executing

on its margin enhancement initiatives. Antero expects to achieve $140 million of its $300 million target by mid-2027. This includes $50

million through the optimization of its firm transportation portfolio, $60 million from the reversion of the Overriding Royalty Interest

and $30 million from the expiration of the Volumetric Production Payment.

Natural Gas Firm Transportation Optimization

- During the third quarter, driven by significant end-user demand, Antero entered into firm transportation optimization agreements

related to approximately 400 MMcf/d of natural gas. The impact of these agreements is a $20 million annualized increase of Free Cash Flow.

Antero is commencing a formal process in the fourth quarter of 2026, targeting the optimization of over 1 Bcf/d of natural gas, which

is expected to result in an annualized Free Cash Flow increase of $50 million.

Overriding Royalty Interests Reversion –

The Overriding Royalty Interest (“ORRI”) sold in 2020 achieved its return hurdles in the second quarter of 2026. As of

July 1, 2026, 85% of the ORRI distributions have reverted to Antero. The estimated impact of the reversion on annualized Free Cash

Flow is approximately $60 million.

Volumetric Production Payment - The Volumetric

Production Payment (“VPP”) transaction sold in 2020 expires on August 1, 2027. At expiration, VPP volumes will revert

to Antero, resulting in an increase in net production of approximately 35 MMcf/d of natural gas. The estimated impact of the reversion

on annualized Free Cash Flow is approximately $30 million.

Regional Natural Gas Sales Agreements

In addition to the progress made on the $300 million

margin enhancement initiatives detailed above, Antero entered into 265 MMcf/d of supply contracts that support the growing in-basin demand

at the Clarington, Ohio market. These transactions highlight Antero’s ability to achieve significant incremental margin improvement

driven by demand-pull sales agreements.

Share Repurchase Program

During the quarter, Antero purchased 1.6 million

shares for approximately $56 million, for an average weighted price of $34.15 per share. Antero has approximately $821 million of capacity

remaining under its share repurchase program. Antero expects to continue opportunistically repurchasing shares.

Fourth Quarter 2026 Guidance Update

Antero expects fourth quarter 2026 production

to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments, driven by low regional pricing.

Natural gas realized price guidance for the fourth

quarter is expected to be a $(0.15) - $(0.25) per Mcf differential to NYMEX, reflecting seasonally lower in-basin pricing. Cash production

expense during the fourth quarter is expected to be in the range of $2.10 to $2.20 per Mcfe.

The drilling and completion capital budget is

expected to be in the range of $325 to $350 million during the fourth quarter of 2026, as the company is targeting a $1.2 billion drilling

and completion capital budget for 2026. This development plan is expected to result in high single digit production growth in 2027. Antero’s

capital plan reflects the completion of one incremental liquids-rich pad in the 1300 BTU window and one incremental lean pad during the

fourth quarter of 2026.

The table below highlights the 2027 and 2028 natural

gas hedges that were added during the third quarter, supporting the completion of the lean pad during the fourth quarter of 2026.

Swaps

Volumes as of

June 30, 2026

(MMBtu/d)

Volumes as of

September 30, 2026

(MMBtu/d)

Volumes added during

3Q 2026

(MMBtu/d)

Weighted Average

Price of Added Volumes

($/MMBtu)

January – December 2027

935,000

1,082,000

147,000

$ 3.54

January – December 2028

265,000

398,000

133,000

$ 3.49

2

Fourth Quarter 2026 Guidance

Net Daily Natural Gas Equivalent Production (Bcfe/d)

4.3

Natural Gas Realized Price – Expected Discount to NYMEX ($/Mcf)

($0.15) to ($0.25)

Cash Production Expense ($/Mcfe)

$2.10 to $2.20

D&C Capital Expenditures ($MM)

$325 to $350

Natural Gas Hedge Program

The following tables detail Antero’s natural

gas swap and collar hedge position as of September 30, 2026. For more information on Antero’s hedge portfolio, including basis

hedges, please see the presentation titled “Hedges and Guidance Presentation” on the Company’s website or Antero’s

Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Swaps

Natural Gas

(MMBtu/d)

Weighted

Average

Index Price

($/MMBtu)

October – December 2026 NYMEX Henry Hub Swap

1,378,000

$ 3.91

2027 NYMEX Henry Hub Swap

1,082,000

$ 3.82

2028 NYMEX Henry Hub Swap

398,000

$ 3.48

Weighted

Average Index

Collars

Natural Gas

(MMBtu/d)

Floor

Price

($/MMBtu)

Ceiling Price

($/MMBtu)

October – December 2026 NYMEX Henry Hub Costless Collars

584,000

$ 3.27

$ 5.65

2027 NYMEX Henry Hub Costless Collars

81,000

$ 3.52

$ 4.63

Adjusted Free Cash Flow

During the third quarter of 2026, Adjusted Free

Cash Flow was $215 million.

Three Months Ended September 30,

2025

2026

Net cash provided by operating activities

$ 310,090

575,201

Less: Capital expenditures

(202,659 )

(360,447 )

Less: Distributions to non-controlling interests in Martica

(16,525 )

—

Plus: Transaction expense

—

552

Adjusted Free Cash Flow

$ 90,906

215,306

Changes in Working Capital

(21,311 )

(3,115 )

Adjusted Free Cash Flow before Changes in Working Capital

$ 69,595

212,191

Third Quarter 2026 Financial Results

Net daily natural gas equivalent production in

the third quarter averaged 4.2 Bcfe/d, including 222 MBbl/d of liquids. During the third quarter, Antero had curtailments of approximately

10 Bcfe of production. Antero’s average realized natural gas price before hedges was $2.63 per Mcf. Antero’s average realized

C3+ NGL price before hedges was $42.18 per barrel and its C2+ NGL price before hedges was $29.36 per barrel.

3

The following table details average net production

and average realized prices for the three months ended September 30, 2026:

Three Months Ended September 30, 2026

Natural Gas

(MMcf/d)

Oil

(Bbl/d)

C3+ NGLs

(Bbl/d)

Ethane

(Bbl/d)

Combined

Natural Gas

Equivalent

(MMcfe/d)

Average Net Production

2,904

6,924

124,109

90,576

4,234

Three Months Ended September 30, 2026

Natural

Gas

Oil

C3+ NGLs

Ethane

Combined

Natural Gas

Equivalent

Average Realized Prices

($/Mcf)

($/Bbl)

($/Bbl)

($/Bbl)

($/Mcfe)

Average realized prices before settled derivatives

$ 2.63

70.17

42.18

11.79

3.41

Index price (1)

$ 2.95

85.79

44.48

10.21

2.95

Premium / (Discount) to Index price

$ (0.32 )

(15.62 )

(2.30 )

1.58

0.46

Settled commodity derivatives

$ 0.52

—

(0.36 )

—

0.35

Average realized prices after settled derivatives

$ 3.15

70.17

41.82

11.79

3.76

Premium / (Discount) to Index price

$ 0.20

(15.62 )

(2.66 )

1.58

0.81

(1) Please see Antero’s Quarterly Report on Form 10-Q for the quarter ended September 30,

2026, for more information on these index and average realized prices.

Cash production expense, which includes lease

operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.05 per Mcfe in the third quarter,

as compared to $2.44 per Mcfe during the third quarter of 2025. The decrease compared to the prior year reflects continued momentum with

the integration of HG Energy and the optimization of firm transportation agreements. Net marketing expense was $0.04 per Mcfe during the

third quarter of 2026, compared to $0.05 per Mcfe during the third quarter of 2025.

Operating Results

Antero placed 22 Marcellus wells to sales during

the third quarter with an average lateral length of 17,600 feet. Five of these wells have been online for approximately 60 days with an

average rate per well of 30 MMcfe/d. In addition, Antero had a number of notable company operating achievements, including:

· Completed longest lateral in company history

at approximately 25,000 feet

· Achieved company record for daily production

on a pad at 273 MMcf/d

· Set drilling speed record averaging under 4 days

per 10,000 feet drilled on an entire pad

· Continued drilling and completion improvement

on HG asset, accomplishing a 47% decrease on drilling days per well and a 280% increase in completion stages per day compared to the prior

operator

Third Quarter 2026 Capital Investment

Antero’s drilling and completion capital

expenditures for the three months ended September 30, 2026 were $324 million. In addition to capital invested in drilling and completion

activities, the Company invested $35 million in land during the third quarter. Through this investment, Antero added approximately 8,000

net acres, representing 35 incremental net drilling locations at an average cost of approximately $750,00 per location.

Acquisitions – In July 2026,

as previously disclosed, Antero acquired properties in its West Virginia development footprint for approximately $315 million. These acquired

properties include approximately 125 MMcfe/d of net production and 3,500 of net undeveloped acres supporting 15 locations.

4

Conference Call

A conference call is scheduled on Thursday, October 29,

2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow

the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or +1 201-493-6746 (International) and reference

“Antero Resources.” A telephone replay of the call will be available until Thursday, November 5, 2026 at 9:00 am MT at

877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758946. To access the live webcast and view the related

earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until

Thursday, November 5, 2026 at 9:00 am MT.

Presentation

An updated presentation will be posted to the

Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information

on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.

Non-GAAP Financial Measures

Adjusted Net Income

Adjusted Net Income as set forth in this release

represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational

trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial

performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance.

The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted

Net Income (in thousands):

Three Months Ended September 30,

2025

2026

Net income and comprehensive income attributable to Antero Resources Corporation

$ 76,179

367,140

Net income and comprehensive income attributable to noncontrolling interests

9,431

—

Unrealized commodity derivative gains

(40,812 )

(53,006 )

Amortization of deferred revenue, VPP

(6,368 )

(5,924 )

Loss (gain) on sale of assets

171

(1,153 )

Impairment of property and equipment

12,228

1,555

Equity-based compensation

15,501

13,152

Equity in earnings of unconsolidated affiliate

(29,055 )

(110,710 )

Contract termination and loss contingency

12,571

12,991

Transaction expense

—

552

Tax effect of reconciling items (1)

7,813

31,352

57,659

255,949

Martica adjustments (2)

(9,431 )

—

Adjusted Net Income

$ 48,228

255,949

Diluted Weighted Average Common Shares Outstanding

311,034

308,626

(1) Deferred taxes were approximately 22% for 2025 and 2026.

(2) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above

5

Net Debt

Net Debt is calculated as total debt less cash

and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its

debt obligations.

The following table reconciles Consolidated Total

Debt to Net Debt as used in this release (in thousands):

September 30,

2025

September 30,

2026

Commercial paper

$ —

451,000

Credit Facility

348,200

—

Term Loan

—

1,000,000

7.625% senior notes due 2029

365,353

—

5.375% senior notes due 2030

600,000

600,000

5.400% senior notes due 2036

—

750,000

Unamortized debt issuance costs

(6,333 )

(19,188 )

Total debt

$ 1,307,220

2,781,812

Less: Cash, cash equivalents and restricted cash

—

—

Net Debt

$ 1,307,220

2,781,812

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a measure of financial

performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing,

or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as net

cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion

costs and additions to other property and equipment, less distributions to non-controlling interests in Martica, plus transaction expenses.

The Company has not provided projected net cash

provided by operating activities or a reconciliation of Adjusted Free Cash Flow to projected net cash provided by operating activities,

the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating

activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the

timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is

unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.

Adjusted Free Cash Flow is a useful indicator

of the Company’s ability to internally fund its activities, service or incur additional debt and estimate our ability to return

capital to shareholders. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the

inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the

lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow

reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds

may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration

expenses, and other commitments and obligations.

Adjusted EBITDAX

Adjusted EBITDAX is a non-GAAP financial measure

that we define as net income, adjusted for certain items detailed below.

Adjusted EBITDAX as used and defined by us, may

not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance

with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss,

cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance

with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures,

working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds

may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and

obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because

this measure:

· is widely used by investors in the oil and natural

gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially

from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets

were acquired, among other factors;

· helps investors to more meaningfully evaluate

and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating

structure;

· is used by our management team for various purposes,

including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning

and forecasting; and

· is used by our Board of Directors as a performance

measure in determining executive compensation.

There are significant limitations to using Adjusted

EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that

materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different

methods of calculating Adjusted EBITDAX reported by different companies.

6

The GAAP measures most directly comparable to

Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero’s

net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero’s Adjusted EBITDAX to net cash

provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended September 30,

2025 and 2026 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed

in the table below as Martica related adjustments.

Three Months Ended

September 30,

2025

2026

Reconciliation of net income to Adjusted EBITDAX:

Net income and comprehensive income attributable to Antero Resources Corporation

$ 76,179

367,140

Net income and comprehensive income attributable to noncontrolling interests

9,431

—

Unrealized commodity derivative gains

(40,812 )

(53,006 )

Amortization of deferred revenue, VPP

(6,368 )

(5,924 )

Gain on sale of assets

171

(1,153 )

Interest expense, net

18,232

38,430

Loss on early extinguishment of debt

—

—

Income tax expense

43,330

96,371

Depletion, depreciation, amortization and accretion

189,724

242,163

Impairment of property and equipment

12,228

1,555

Exploration expense

844

911

Equity-based compensation expense

15,501

13,152

Equity in earnings of unconsolidated affiliate

(29,055 )

(110,710 )

Dividends from unconsolidated affiliate

31,313

31,313

Contract termination, loss contingency and settlements

12,571

12,991

Transaction expense and other

314

645

333,603

633,878

Martica related adjustments (1)

(15,363 )

—

Adjusted EBITDAX

$ 318,240

633,878

Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities:

Adjusted EBITDAX

$ 318,240

633,878

Martica related adjustments (1)

15,363

—

Interest expense, net

(18,232 )

(38,430 )

Amortization of debt issuance costs and other

90

382

Exploration expense

(844 )

(911 )

Changes in current assets and liabilities

8,978

(9,324 )

Contract termination, loss contingency and settlements

(13,143 )

(6,379 )

Transaction expense and other

(362 )

(4,015 )

Net cash provided by operating activities

$ 310,090

575,201

(1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.

Drilling and Completion Capital Expenditures

For a reconciliation between cash paid for drilling

and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital

expenditures section below (in thousands):

Three Months Ended

September 30,

2025

2026

Drilling and completion costs (cash basis)

$ 166,968

311,888

Change in accrued capital costs

4,792

11,676

Adjusted drilling and completion costs (accrual basis)

$ 171,760

323,564

Notwithstanding their use for comparative purposes,

the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

7

This release includes "forward-looking

statements." Words such as “may,” “assume,” “forecast,” “position,” “predict,”

“strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”

“believe,” “project,” “budget,” “potential,” or “continue,” “goal,”

or “target,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements

contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are

not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities,

events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our

financial and hedging strategies, future operating and hedging results, financial position, estimated revenues and losses, our ability

to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected

costs, estimated realized natural gas, NGL and oil prices, prospects, plans and objectives of management, return of capital program, expected

results, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events,

future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage

targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development

plans, projected well costs and cost savings initiatives, operations of Antero Midstream, the participation level of our drilling partner

and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying

our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of

future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans,

intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these

plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed,

implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not

intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking

statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many

of which are beyond Antero Resources’ control. These risks include, but are not limited to, commodity price volatility, inflation,

supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks,

drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty

inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital,

the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events and world health

events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described

or referenced under the heading “Risk Factors” in Antero Resources’ Annual Report on Form 10-K for the year ended

December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

For more information, contact Daniel Katzenberg,

Vice President - Investor Relations of Antero Resources at (303) 357-7219 or dkatzenberg@anteroresources.com.

8

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance

Sheets

(In thousands, except per share

amounts)

(Unaudited)

December 31,

September 30,

2025

2026

Assets

Current assets:

Restricted cash

$ 210,000

—

Accounts receivable

33,773

25,739

Accrued revenue

473,453

427,407

Derivative instruments

68,913

293,308

Prepaid expenses

14,554

11,810

Current assets held for sale

20,269

—

Other current assets

10,818

6,846

Total current assets

831,780

765,110

Property and equipment:

Oil and gas properties, at cost (successful efforts method):

Unproved properties

796,705

1,134,012

Proved properties

14,049,003

17,538,866

Other property and equipment

113,020

140,178

14,958,728

18,813,056

Less accumulated depletion, depreciation and amortization

(5,753,416 )

(6,323,760 )

Property and equipment, net

9,205,312

12,489,296

Operating leases right-of-use assets

2,132,509

1,875,398

Derivative instruments

12,524

11,680

Investment in unconsolidated affiliate

245,653

348,005

Assets held for sale

754,737

—

Other assets

62,892

90,002

Total assets

$ 13,245,407

15,579,491

Liabilities and Equity

Current liabilities:

Accounts payable

$ 49,514

59,169

Accounts payable, related parties

101,454

118,618

Accrued liabilities

338,847

318,441

Revenue distributions payable

384,777

445,798

Commercial paper

—

451,000

Derivative instruments

—

1,192

Short-term lease liabilities

516,256

517,276

Deferred revenue, VPP

23,502

17,869

Current liabilities held for sale

62,310

—

Other current liabilities

26,653

15,688

Total current liabilities

1,503,313

1,945,051

Long-term liabilities:

Long-term debt

1,397,976

2,330,812

Deferred income tax liability, net

907,306

1,220,991

Derivative instruments

—

20,214

Long-term lease liabilities

1,612,288

1,353,877

Deferred revenue, VPP

11,946

—

Liabilities held for sale

39,789

—

Other liabilities

57,140

67,149

Total liabilities

5,529,758

6,938,094

Commitments and contingencies

Equity:

Stockholders' equity:

Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

—

—

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

3,085

3,072

Additional paid-in capital

5,865,447

5,816,691

Retained earnings

1,682,295

2,821,634

Total stockholders' equity

7,550,827

8,641,397

Noncontrolling interests

164,822

—

Total equity

7,715,649

8,641,397

Total liabilities and equity

$ 13,245,407

15,579,491

9

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations

and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended September 30,

2025

2026

Revenue and other:

Natural gas sales

$ 630,887

702,721

Natural gas liquids sales

470,392

579,842

Oil sales

31,351

44,698

Commodity derivative fair value gains

39,243

188,567

Marketing

34,902

40,102

Amortization of deferred revenue, VPP

6,368

5,924

Other revenue and income

851

983

Total revenue

1,213,994

1,562,837

Operating expenses:

Lease operating

32,415

44,121

Gathering, compression, processing and transportation

711,003

726,019

Production and ad valorem taxes

28,884

30,920

Marketing

51,068

55,708

Exploration

844

911

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

56,944

57,795

Depletion, depreciation and amortization

188,778

241,167

Impairment of property and equipment

12,228

1,555

Accretion of asset retirement obligations

946

996

Contract termination, loss contingency and settlements

12,571

12,991

Loss (gain) on sale of assets

171

(1,153 )

Other operating expense

25

24

Total operating expenses

1,095,877

1,171,054

Operating income

118,117

391,783

Other income (expense):

Interest expense, net

(18,232 )

(38,430 )

Equity in earnings of unconsolidated affiliate

29,055

110,710

Transaction expense

—

(552 )

Total other income

10,823

71,728

Income before income taxes

128,940

463,511

Income tax expense

(43,330 )

(96,371 )

Net income and comprehensive income including noncontrolling interests

85,610

367,140

Less: net income and comprehensive income attributable to noncontrolling interests

9,431

—

Net income and comprehensive income attributable to Antero Resources Corporation

$ 76,179

367,140

Net income per common share—basic

$ 0.25

1.19

Net income per common share—diluted

$ 0.24

1.19

Weighted average number of common shares outstanding:

Basic

308,763

307,408

Diluted

311,034

308,626

10

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Nine Months Ended September 30,

2025

2026

Cash flows provided by (used in) operating activities:

Net income including noncontrolling interests

$

471,649

1,201,770

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion, depreciation, amortization and accretion

565,546

677,702

Impairment of property and equipment

24,143

6,958

Commodity derivative fair value gains

(20,981)

(384,223)

Gains (losses) on settled commodity derivatives

(18,940)

104,647

Deferred income tax expense

145,757

313,685

Equity-based compensation expense

46,501

38,151

Equity in earnings of unconsolidated affiliate

(88,279)

(170,207)

Dividends of earnings from unconsolidated affiliate

93,941

93,941

Amortization of deferred revenue

(18,896)

(17,579)

Amortization of debt issuance costs and other

913

1,335

Settlement of asset retirement obligations

(71)

(119)

Contract termination, loss contingency and settlements

11,429

8,765

Loss (gain) on sale of assets

142

(61,719)

Loss on early extinguishment of debt

3,628

6,742

Changes in current assets and liabilities:

Accounts receivable

(2,735)

7,164

Accrued revenue

96,738

61,299

Prepaid expenses and other current assets

2,122

23,366

Accounts payable including related parties

(2,679)

912

Accrued liabilities

(94,535)

(72,419)

Revenue distributions payable

45,323

43,902

Other current liabilities

(529)

(10,965)

Net cash provided by operating activities

1,260,187

1,873,108

Cash flows provided by (used in) investing activities:

Additions to unproved properties

(89,954)

(79,283)

Drilling and completion costs

(523,302)

(804,260)

Additions to other property and equipment

(3,957)

(23,721)

Acquisition of HG Production

—

(2,803,195)

Acquisitions of oil and gas properties

(241,162)

(321,792)

Proceeds from asset sales

15,956

755,142

Change in other assets

(11,770)

(31,463)

Net cash used in investing activities

(854,189)

(3,308,572)

Cash flows provided by (used in) financing activities:

Issuances and borrowings of debt

3,641,800

10,923,493

Repayments of debt

(3,828,533)

(9,531,090)

Repurchases of common stock

(136,321)

(93,589)

Payment of debt issuance costs

(1,078)

(12,291)

Distributions to noncontrolling interests in Martica Holdings LLC

(54,006)

(24,996)

Employee tax withholding for settlement of equity-based compensation awards

(26,749)

(35,005)

Other

(1,111)

(1,058)

Net cash provided by (used in) financing activities

(405,998)

1,225,464

Net decrease in cash, cash equivalents and restricted cash

—

(210,000)

Cash, cash equivalents and restricted cash, beginning of period

—

210,000

Cash, cash equivalents and restricted cash, end of period

$

—

—

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

$

80,909

128,279

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

$

(17,248)

46,921

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

$

15,951

—

In-kind liquidating distribution to noncontrolling interests

$

—

160,583

11

The following table sets forth selected financial data for the three

months ended September 30, 2025 and 2026 (in thousands):

(Unaudited)

Three Months Ended

Amount of

September 30,

Increase

Percent

2025

2026

(Decrease)

Change

Revenue:

Natural gas sales

$ 630,887

702,721

71,834

11 %

Natural gas liquids sales

470,392

579,842

109,450

23 %

Oil sales

31,351

44,698

13,347

43 %

Commodity derivative fair value gains

39,243

188,567

149,324

381 %

Marketing

34,902

40,102

5,200

15 %

Amortization of deferred revenue, VPP

6,368

5,924

(444 )

(7 )%

Other revenue and income

851

983

132

16 %

Total revenue

1,213,994

1,562,837

348,843

29 %

Operating expenses:

Lease operating

32,415

44,121

11,706

36 %

Gathering and compression

231,413

270,055

38,642

17 %

Processing

289,035

310,030

20,995

7 %

Transportation

190,555

145,934

(44,621 )

(23 )%

Production and ad valorem taxes

28,884

30,920

2,036

7 %

Marketing

51,068

55,708

4,640

9 %

Exploration

844

911

67

8 %

General and administrative (excluding equity-based compensation)

41,443

44,643

3,200

8 %

Equity-based compensation

15,501

13,152

(2,349 )

(15 )%

Depletion, depreciation and amortization

188,778

241,167

52,389

28 %

Impairment of property and equipment

12,228

1,555

(10,673 )

(87 )%

Accretion of asset retirement obligations

946

996

50

5 %

Contract termination and loss contingency

12,571

12,991

420

3 %

Loss (gain) on sale of assets

171

(1,153 )

(1,324 )

*

Other operating expense

25

24

(1 )

(4 )%

Total operating expenses

1,095,877

1,171,054

75,177

7 %

Operating income

118,117

391,783

273,666

232 %

Other earnings (expenses):

Interest expense, net

(18,232 )

(38,430 )

(20,198 )

111 %

Equity in earnings of unconsolidated affiliate

29,055

110,710

81,655

281 %

Transaction expenses

—

(552 )

(552 )

*

Total other income

10,823

71,728

60,905

563 %

Income before income taxes

128,940

463,511

334,571

259 %

Income tax expense

(43,330 )

(96,371 )

(53,041 )

122 %

Net income and comprehensive income including noncontrolling interests

85,610

367,140

281,530

329 %

Less: net income and comprehensive income attributable to noncontrolling interests

9,431

—

(9,431 )

*

Net income and comprehensive income attributable to Antero Resources Corporation

$ 76,179

367,140

290,961

382 %

Adjusted EBITDAX

$ 318,240

633,878

315,638

99 %

* Not meaningful

12

The following table sets forth selected operating data for the three

months ended September 30, 2025 and 2026:

Three Months Ended

Amount of

September 30,

Increase

Percent

2025

2026

(Decrease)

Change

Production data (1) (2):

Natural gas (Bcf)

202

267

65

32 %

C2 Ethane (MBbl)

7,808

8,333

525

7 %

C3+ NGLs (MBbl)

10,495

11,418

923

9 %

Oil (MBbl)

619

637

18

3 %

Combined (Bcfe)

315

390

75

24 %

Daily combined production (MMcfe/d)

3,429

4,234

805

23 %

Average prices before effects of derivative settlements (3):

Natural gas (per Mcf)

$ 3.12

2.63

(0.49 )

(16 )%

C2 Ethane (per Bbl) (4)

$ 11.05

11.79

0.74

7 %

C3+ NGLs (per Bbl)

$ 36.60

42.18

5.58

15 %

Oil (per Bbl)

$ 50.65

70.17

19.52

39 %

Weighted Average Combined (per Mcfe)

$ 3.59

3.41

(0.18 )

(5 )%

Average realized prices after effects of derivative settlements (3):

Natural gas (per Mcf)

$ 3.12

3.15

0.03

1 %

C2 Ethane (per Bbl) (4)

$ 11.05

11.79

0.74

7 %

C3+ NGLs (per Bbl)

$ 36.60

41.82

5.22

14 %

Oil (per Bbl)

$ 50.65

70.17

19.52

39 %

Weighted Average Combined (per Mcfe)

$ 3.59

3.76

0.17

5 %

Average costs (per Mcfe):

Lease operating

$ 0.10

0.11

0.01

10 %

Gathering and compression

$ 0.73

0.69

(0.04 )

(5 )%

Processing

$ 0.92

0.80

(0.12 )

(13 )%

Transportation

$ 0.60

0.37

(0.23 )

(38 )%

Production and ad valorem taxes

$ 0.09

0.08

(0.01 )

(11 )%

Marketing expense, net

$ 0.05

0.04

(0.01 )

(20 )%

General and administrative (excluding equity-based compensation)

$ 0.13

0.11

(0.02 )

(15 )%

Depletion, depreciation, amortization and accretion

$ 0.60

0.62

0.02

3 %

(1) Production data excludes volumes related to VPP transaction.

(2) Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate

of the equivalent energy content of the products and may not reflect their relative economic value.

(3) Average prices reflect the before and after effects of our settled commodity derivatives. 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.

(4) The average realized price for the three months ended September 30, 2025 includes 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 September 30, 2025 would have been $11.02 per Bbl.

13

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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