Form 8-K

8-K — ANTERO RESOURCES Corp

Accession: 0001104659-26-051537

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001433270

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2612870d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2612870d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2612870d1_8k.htm · Sequence: 1

false

0001433270

2026-04-29

iso4217:USD

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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):

April 29, 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

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 April 29,

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 March 31, 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 April 29, 2026.

104

Cover

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

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: April 29, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2612870d1_ex99-1.htm · Sequence: 2

Exhibit

99.1

Antero Resources Announces First Quarter 2026

Financial and Operating Results

Denver, Colorado, April 29, 2026—Antero

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

its first 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 March 31, 2026.

Highlights:

· Net production averaged a company record 3.9 Bcfe/d, an increase of 13% from the year ago period

o Natural gas production averaged 2.6 Bcf/d, an increase of

21% from the year ago period

o Liquids production averaged 206 MBbl/d, in line with the

year ago period

· Realized a pre-hedge natural gas price of $5.57 per Mcf, a $0.53 per Mcf premium to NYMEX

· Realized a pre-hedge C3+ NGL price of $37.83 per barrel, a $0.94 per barrel premium to the benchmark

· Net income was $535 million and Adjusted Net Income was $357 million (Non-GAAP)

· Adjusted EBITDAX was $723 million (Non-GAAP) and net cash provided by operating activities was $859

million, increases of 32% and 88% compared to the prior year period, respectively

· Adjusted Free Cash Flow was $657 million (Non-GAAP)

· Closed HG acquisition in early February and completed the Ohio Utica Shale divestiture in late February

· Full HG quarter impact during the second quarter of 2026 is expected to result in 6% production growth

and 15% lower cash costs per Mcfe from the first quarter of 2026

Michael Kennedy, CEO and President of Antero Resources

commented, “During the first quarter we achieved record production, which was 13% above the year ago period. This production growth

drove one of the highest quarterly EBITDAX and Free Cash Flow results in company history. These results reflect a tremendous performance

from our operations team which navigated the harsh conditions of Winter Storm Fern without having to shut-in any volumes. This enabled

Antero to deliver critical natural gas to the various regions that needed it most, a truly remarkable achievement by our people in the

field.”

Mr. Kennedy continued, “Looking ahead, the

recent geopolitical events have highlighted the advantages of Antero’s corporate strategy. We are the largest producer exporter

of NGLs in the U.S., selling the majority of our NGL barrels into international markets. We expect recent global supply outages and disruptions

to lead to increasing risk premiums for U.S. NGL barrels both in the near term and in the years ahead. At the same time, we have the highest

LNG exposure among Appalachian producers, selling 2.3 Bcf/d of production to sales points along the LNG fairway. We are seeing growing

interest from global NGL and LNG buyers that are looking to increase exposure to U.S. supply. This prioritization toward U.S. supply supports

higher export utilization and more attractive price premiums at our sales points along the coasts. These attributes uniquely position

us to benefit from today’s rising global demand for U.S. energy.”

Brendan Krueger, CFO of Antero Resources said,

“During the first quarter we closed on the HG acquisition and began integration of the new asset. The impressive operational and

financial achievements mentioned above led to realizations for natural gas, NGLs and ethane all coming in ahead of expectations during

the quarter. This allowed us to reduce debt related to the HG acquisition ahead of our previously communicated targets. Importantly, as

a result of the transactions, we expect our net production to increase by approximately 700 MMcfe/d on an annual basis. Additionally,

the HG acquisition added 385,000 net acres and 400 drilling locations, while only increasing our Net Debt by $1.5 billion from the year-end

2025 level.”

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.”

Cash Cost Reduction

Antero expects cash production expense for the

remainder of 2026 to be $2.20 to $2.30 per Mcfe. This reduced range reflects a $0.25 per Mcfe, or 10% reduction from the full-year average

in 2025 and a $0.39 per Mcfe, or 15% reduction from the first quarter of 2026. Inclusive of G&A and net marketing expense the total

cost reduction is expected to be $0.30 per Mcfe. The production and development of the HG assets are expected to result in cash production

expenses remaining in that range going forward, assuming current natural gas strip pricing.

Second Quarter and Full-Year 2026 Guidance

Update

Antero expects second quarter production to average

4.1 Bcfe/d, a 6% increase from the first quarter of 2026, driven by a full quarter of production from the HG acquisition. The second half

of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d, unchanged from

prior guidance. This annual guidance reflects approximately 20% growth year-over-year. The Company is increasing its ethane realized price

premium to Mont Belvieu to $2.00 to $3.00 per barrel, reflecting a $1.00 per barrel increase at the midpoint from the prior guidance range.

The Company is reducing its cash production expense guidance to a range of $2.25 to $2.35 per Mcfe, a $0.10 per Mcfe reduction at the

midpoint. The lower cash production expense is due primarily to the impact of the integration of the lower production costs associated

with the HG assets.

2026 Initial

2026 Revised

Full Year 2026 Guidance Updates

Low

High

Low

High

Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)

$ 1.00

$ 2.00

$ 3.00

Cash Production Expense ($/Mcfe)(1)

$ 2.35

$ 2.45

$ 2.25

$ 2.35

(1) Includes lease operating, gathering, compression, processing and transportation expenses (“GP&T”)

and production and ad valorem taxes.

Note: Any 2026 guidance items not discussed

in this release are unchanged from previously stated guidance.

Natural Gas Hedge Program

The following tables detail Antero’s swap

and collar hedge position as of the publication of April 24, 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.

Swaps

Natural Gas

(MMBtu/d)

Weighted

Average

Index Price

($/MMBtu)

April – December 2026 NYMEX Henry Hub Swap

1,300,000

$ 3.91

2027 NYMEX Henry Hub Swap

935,000

$ 3.86

Weighted Average Index

Collars

Natural Gas

(MMBtu/d)

Floor Price

($/MMBtu)

Ceiling Price

($/MMBtu)

April – December 2026 NYMEX Henry Hub Costless Collars

575,000

$ 3.25

$ 5.66

2027 NYMEX Henry Hub Costless Collars

80,000

$ 3.52

$ 4.64

Adjusted Free Cash Flow

During the first quarter of 2026, Adjusted Free

Cash Flow was $657 million.

Three Months Ended March 31,

2025

2026

Net cash provided by operating activities

$ 457,739

859,058

Less: Capital expenditures

(206,145 )

(206,101 )

Less: Distributions to non-controlling interests in Martica

(15,969 )

(17,650 )

Plus: Transaction expense

—

22,144

Adjusted Free Cash Flow

$ 235,625

657,451

Changes in Working Capital

101,019

(224,134 )

Adjusted Free Cash Flow before Changes in Working Capital

$ 336,644

433,317

First Quarter 2026 Financial Results

Net daily natural gas equivalent production in

the first quarter averaged 3.9 Bcfe/d, including 206 MBbl/d of liquids. Antero’s average realized natural gas price before hedges

was $5.57 per Mcf, a $0.53 per Mcf premium to the benchmark Henry Hub index price. Antero’s average realized C3+ NGL price before

hedges was $37.83 per barrel, representing a $0.94 per barrel premium to the benchmark index price.

The following table details average net production

and average realized prices for the three months ended March 31, 2026:

Three Months Ended March 31, 2026

Natural Gas

(MMcf/d)

Oil

(Bbl/d)

C3+ NGLs

(Bbl/d)

Ethane

(Bbl/d)

Combined

Natural Gas

Equivalent

(MMcfe/d)

Average Net Production

2,617

9,067

120,800

75,956

3,852

Three Months Ended March 31, 2026

Combined

Natural

Natural Gas

Gas

Oil

C3+ NGLs

Ethane

Equivalent

Average Realized Prices

($/Mcf)

($/Bbl)

($/Mcfe)

Average realized prices before settled derivatives

$ 5.57

57.22

37.83

13.51

5.37

Index price (1)

$ 5.04

71.93

36.89

9.87

5.04

Premium / (Discount) to Index price

$ 0.53

(14.71 )

0.94

3.64

0.33

Settled commodity derivatives

$ (0.71 )

—

0.07

—

(0.48 )

Average realized prices after settled derivatives

$ 4.86

57.22

37.90

13.51

4.89

Premium / (Discount) to Index price

$ (0.18 )

(14.71 )

1.01

3.64

(0.15 )

(1) Please see Antero’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, for more

information on these index and average realized prices.

All-in cash expense, which includes lease operating,

gathering, compression, processing and transportation and production and ad valorem taxes was $2.64 per Mcfe in the first quarter, as

compared to $2.56 per Mcfe during the first quarter of 2025. The increase compared to the prior year was due to higher fuel costs related

to higher natural gas prices during the quarter. Net marketing expense was $0.06 per Mcfe during the first quarter of 2026, unchanged

from the first quarter of 2025.

Operating Results

Antero placed 20 Marcellus wells to sales during

the first quarter with an average lateral length of 11,652 feet. Thirteen of these wells have been on line for approximately 60 days with

an average rate per well of 25 MMcfe/d, including 1,457 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero had

a number of notable company operating achievements, including:

· Averaged 13.8 stages per day during the quarter, an increase from 13.4 completion stages per day average

in 2025

· Established a company record for drilling days per well of just under 9 days, a 9% improvement from the

average in 2025

· Turned-in-line first HG pad in late April, a 6-well pad located in the liquids-rich window with total

lateral length drilled of 110,000 feet

First Quarter 2026 Capital Investment

Antero’s drilling and completion

capital expenditures for the three months ended March 31, 2026 were $223 million. In addition to capital invested in drilling and

completion activities, the Company invested $25 million in land during the first quarter. Through this investment, Antero added

approximately 5,400 net acres, representing 24 incremental drilling locations at an average cost of approximately $900,000 per

location.

Conference Call

A conference call is scheduled on Thursday, April

30, 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 201-493-6746 (International) and

reference “Antero Resources.” A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at

877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. 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, May 7, 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 March 31,

2025

2026

Net income and comprehensive income attributable to Antero Resources Corporation

$ 207,971

535,216

Net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

Unrealized commodity derivative (gains) losses

60,654

(200,158 )

Amortization of deferred revenue, VPP

(6,230 )

(5,795 )

Gain on sale of assets

(575 )

(45,950 )

Impairment of property and equipment

5,618

948

Equity-based compensation

15,145

11,733

Loss on early extinguishment of debt

2,899

6,742

Equity in earnings of unconsolidated affiliate

(28,661 )

(30,118 )

Contract termination and loss contingency

(1,308 )

12,035

Transaction expense

—

22,144

Tax effect of reconciling items (1)

(10,387 )

50,240

256,621

370,034

Martica adjustments (2)

(9,963 )

(12,997 )

Adjusted Net Income

$ 246,658

357,037

Diluted Weighted Average Common Shares Outstanding (3)

314,798

311,426

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

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

(3) Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive

effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended

March 31, 2025 were 0.3 million.

Net Debt

Net Debt is calculated as total long-term 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

long-term debt to Net Debt as used in this release (in thousands):

December 31,

March 31,

2025

2026

Credit Facility

$ 438,600

72,500

Term Loan

—

1,264,000

7.625% senior notes due 2029

365,353

—

5.375% senior notes due 2030

600,000

5.400% senior notes due 2036

—

750,000

Unamortized debt issuance costs

(5,977 )

(21,703 )

Total long-term debt

$ 1,397,976

2,664,797

Less: Cash, cash equivalents and restricted cash

(210,000 )

—

Net Debt

$ 1,187,976

2,664,797

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.

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 March

31, 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 March 31,

2025

2026

Reconciliation of net income to Adjusted EBITDAX:

Net income and comprehensive income attributable to Antero Resources Corporation

$ 207,971

535,216

Net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

Unrealized commodity derivative (gains) losses

60,654

(200,158 )

Amortization of deferred revenue, VPP

(6,230 )

(5,795 )

Gain on sale of assets

(575 )

(45,950 )

Interest expense, net

23,368

36,963

Loss on early extinguishment of debt

2,899

6,742

Income tax expense

54,400

145,508

Depletion, depreciation, amortization and accretion

187,291

207,302

Impairment of property and equipment

5,618

948

Exploration expense

668

792

Equity-based compensation expense

15,145

11,733

Equity in earnings of unconsolidated affiliate

(28,661 )

(30,118 )

Dividends from unconsolidated affiliate

31,314

Contract termination, loss contingency and settlements

(1,308 )

12,035

Transaction expense and other

1,771

22,179

565,820

741,708

Martica related adjustments (1)

(16,392 )

(18,290 )

Adjusted EBITDAX

$ 549,428

723,418

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

Adjusted EBITDAX

$ 549,428

723,418

Martica related adjustments (1)

16,392

18,290

Interest expense, net

(23,368 )

(36,963 )

Amortization of debt issuance costs and other

466

420

Exploration expense

(668 )

(792 )

Changes in current assets and liabilities

(81,748 )

179,857

Contract termination, loss contingency and settlements

—

(1,198 )

Transaction expense and other

(2,763 )

(23,974 )

Net cash provided by operating activities

$ 457,739

859,058

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

Twelve

Months Ended

March 31, 2026

Reconciliation of net income to Adjusted EBITDAX:

Net income and comprehensive income attributable to Antero Resources Corporation

$ 961,663

Net income and comprehensive income attributable to noncontrolling interests

41,651

Unrealized commodity derivative gains

(388,929 )

Amortization of deferred revenue, VPP

(24,829 )

Gain on sale of assets

(45,641 )

Interest expense, net

97,277

Loss on early extinguishment of debt

7,471

Income tax expense

306,975

Depletion, depreciation, amortization, and accretion

773,578

Impairment of property and equipment

24,688

Exploration

3,114

Equity-based compensation expense

57,400

Equity in earnings of unconsolidated affiliate

(99,941 )

Dividends from unconsolidated affiliate

125,255

Contract termination, loss contingency and settlements

41,355

Transaction expense and other

26,948

1,908,035

Martica related adjustments (1)

(64,768 )

Adjusted EBITDAX

$ 1,843,267

(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 March 31,

2025

2026

Drilling and completion costs (cash basis)

$ 175,134

184,551

Change in accrued capital costs

(17,982 )

37,073

Adjusted drilling and completion costs (accrual basis)

$ 157,152

221,624

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.

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,”

“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 strategy, future operating 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, future financial position, 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 the Antero Resources’ control. These risks include, but are not limited to, risks associated with the successful

integration and future performance of acquired assets and operations, 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, changes in emission calculation methods,

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, including

the conflicts in Ukraine and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability

of, verified quality carbon offsets and the other risks described 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 March 31,

2026.

For more information, contact Daniel Katzenberg,

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

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

December 31,

March 31,

2025

2026

Assets

Current assets:

Restricted cash

$ 210,000

—

Accounts receivable

33,773

32,449

Accrued revenue

473,453

454,199

Derivative instruments

68,913

163,386

Prepaid expenses

14,554

13,621

Current assets held for sale

20,269

—

Other current assets

10,818

14,273

Total current assets

831,780

677,928

Property and equipment:

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

Unproved properties

796,705

1,110,301

Proved properties

14,049,003

16,936,783

Other property and equipment

113,020

118,728

14,958,728

18,165,812

Less accumulated depletion, depreciation and amortization

(5,753,416 )

(5,956,634 )

Property and equipment, net

9,205,312

12,209,178

Operating leases right-of-use assets

2,132,509

2,090,310

Derivative instruments

12,524

50,812

Investment in unconsolidated affiliate

245,653

253,164

Assets held for sale

754,737

—

Other assets

62,892

68,054

Total assets

$ 13,245,407

15,349,446

Liabilities and Equity

Current liabilities:

Accounts payable

$ 49,514

77,965

Accounts payable, related parties

101,454

138,084

Accrued liabilities

338,847

372,850

Revenue distributions payable

384,777

521,927

Derivative instruments

—

5,143

Short-term lease liabilities

516,256

536,304

Deferred revenue, VPP

23,502

23,647

Current liabilities held for sale

62,310

—

Other current liabilities

26,653

17,262

Total current liabilities

1,503,313

1,693,182

Long-term liabilities:

Long-term debt

1,397,976

2,664,797

Deferred income tax liability, net

907,306

1,141,934

Derivative instruments

—

7,380

Long-term lease liabilities

1,612,288

1,549,564

Deferred revenue, VPP

11,946

6,006

Liabilities held for sale

39,789

—

Other liabilities

57,140

63,370

Total liabilities

5,529,758

7,126,233

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 309,825 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively

3,085

3,098

Additional paid-in capital

5,865,447

5,842,435

Retained earnings

1,682,295

2,217,511

Total stockholders' equity

7,550,827

8,063,044

Noncontrolling interests

164,822

160,169

Total equity

7,715,649

8,223,213

Total liabilities and equity

$ 13,245,407

15,349,446

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations

and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended March 31,

2025

2026

Revenue and other:

Natural gas sales

$ 780,005

1,311,476

Natural gas liquids sales

561,432

503,649

Oil sales

50,335

46,695

Commodity derivative fair value gains (losses)

(71,671 )

35,023

Marketing

25,558

41,661

Amortization of deferred revenue, VPP

6,230

5,795

Other revenue and income

818

827

Total revenue

1,352,707

1,945,126

Operating expenses:

Lease operating

33,986

44,529

Gathering, compression, processing and transportation

695,017

789,106

Production and ad valorem taxes

55,299

80,997

Marketing

42,770

62,553

Exploration

668

792

General and administrative (including equity-based compensation expense of $15,145 and $11,733 in 2025 and 2026, respectively)

62,445

63,340

Depletion, depreciation and amortization

186,352

206,239

Impairment of property and equipment

5,618

948

Accretion of asset retirement obligations

939

1,063

Contract termination, loss contingency and settlements

(1,308 )

12,035

Gain on sale of assets

(575 )

(45,950 )

Other operating expense

Total operating expenses

1,081,235

1,215,674

Operating income

271,472

729,452

Other income (expense):

Interest expense, net

(23,368 )

(36,963 )

Equity in earnings of unconsolidated affiliate

28,661

30,118

Loss on early extinguishment of debt

(2,899 )

(6,742 )

Transaction expense

—

(22,144 )

Total other income (expense)

2,394

(35,731 )

Income before income taxes

273,866

693,721

Income tax expense

(54,400 )

(145,508 )

Net income and comprehensive income including noncontrolling interests

219,466

548,213

Less: net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

Net income and comprehensive income attributable to Antero Resources Corporation

$ 207,971

535,216

Net income per common share—basic

$ 0.67

1.73

Net income per common share—diluted

$ 0.66

1.72

Weighted average number of common shares outstanding:

Basic

311,328

308,933

Diluted

314,798

311,426

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Three Months Ended March 31,

2025

2026

Cash flows provided by (used in) operating activities:

Net income including noncontrolling interests

$ 219,466

548,213

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

Depletion, depreciation, amortization and accretion

187,291

207,302

Impairment of property and equipment

5,618

948

Commodity derivative fair value losses (gains)

71,671

(35,023 )

Losses on settled commodity derivatives

(11,017 )

(165,135 )

Deferred income tax expense

53,462

143,820

Equity-based compensation expense

15,145

11,733

Equity in earnings of unconsolidated affiliate

(28,661 )

(30,118 )

Dividends of earnings from unconsolidated affiliate

31,314

Amortization of deferred revenue

(6,230 )

(5,795 )

Amortization of debt issuance costs and other

466

420

Settlement of asset retirement obligations

(54 )

(107 )

Contract termination, loss contingency and settlements

(1,308 )

10,837

Gain on sale of assets

(575 )

(45,950 )

Loss on early extinguishment of debt

2,899

6,742

Changes in current assets and liabilities:

Accounts receivable

(5,972 )

1,302

Accrued revenue

(59,769 )

49,149

Prepaid expenses and other current assets

(2,190 )

4,596

Accounts payable including related parties

11,995

60,720

Accrued liabilities

(86,552 )

(46,571 )

Revenue distributions payable

48,286

120,021

Other current liabilities

12,454

(9,360 )

Net cash provided by operating activities

457,739

859,058

Cash flows provided by (used in) investing activities:

Additions to unproved properties

(30,407 )

(16,922 )

Drilling and completion costs

(175,134 )

(184,551 )

Additions to other property and equipment

(604 )

(4,628 )

Acquisition of HG Production

—

(2,794,308 )

Acquisitions of oil and gas properties

—

(7,631 )

Proceeds from asset sales

575

737,123

Change in other assets

(2,321 )

(12,569 )

Net cash used in investing activities

(207,891 )

(2,283,486 )

Cash flows provided by (used in) financing activities:

Issuance of senior notes

—

750,000

Repayment of senior notes

(118,046 )

(369,997 )

Borrowings on Term Loan

—

1,500,000

Repayments on Term Loan

—

(236,000 )

Borrowings on Credit Facility

1,308,400

2,079,800

Repayments on Credit Facility

(1,397,500 )

(2,445,900 )

Repurchases of common stock

(10,094 )

—

Payment of debt issuance costs

—

(10,838 )

Distributions to noncontrolling interests in Martica Holdings LLC

(15,969 )

(17,650 )

Employee tax withholding for settlement of equity-based compensation awards

(16,298 )

(34,732 )

Other

(341 )

(255 )

Net cash provided by (used in) financing activities

(249,848 )

1,214,428

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

$ 43,078

50,616

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

$ (19,271 )

44,277

Increase in accounts payable, related parties for acquisition of HG Production

$ —

10,809

The following table sets forth selected financial data for the three

months ended March 31, 2025 and 2026 (in thousands):

Three Months Ended

Amount of

March 31,

Increase

Percent

2025

2026

(Decrease)

Change

Operating revenues and other:

Natural gas sales

$ 780,005

1,311,476

531,471

68 %

Natural gas liquids sales

561,432

503,649

(57,783 )

(10 )%

Oil sales

50,335

46,695

(3,640 )

(7 )%

Commodity derivative fair value gains (losses)

(71,671 )

35,023

106,694

Marketing

25,558

41,661

16,103

63 %

Amortization of deferred revenue, VPP

6,230

5,795

(435 )

(7 )%

Other revenue and income

818

827

1 %

Total revenue

1,352,707

1,945,126

592,419

44 %

Operating expenses:

Lease operating

33,986

44,529

10,543

31 %

Gathering and compression

236,134

269,113

32,979

14 %

Processing

261,155

287,768

26,613

10 %

Transportation

197,728

232,225

34,497

17 %

Production and ad valorem taxes

55,299

80,997

25,698

46 %

Marketing

42,770

62,553

19,783

46 %

Exploration

668

792

124

19 %

General and administrative (excluding equity-based compensation)

47,300

51,607

4,307

9 %

Equity-based compensation

15,145

11,733

(3,412 )

(23 )%

Depletion, depreciation and amortization

186,352

206,239

19,887

11 %

Impairment of property and equipment

5,618

948

(4,670 )

(83 )%

Accretion of asset retirement obligations

939

1,063

124

13 %

Contract termination, loss contingency and settlements

(1,308 )

12,035

13,343

Gain on sale of assets

(575 )

(45,950 )

(45,375 )

7,891 %

Other expense

(2 )

(8 )%

Total operating expenses

1,081,235

1,215,674

134,439

12 %

Operating income

271,472

729,452

457,980

169 %

Other income (expense):

Interest expense, net

(23,368 )

(36,963 )

(13,595 )

58 %

Equity in earnings of unconsolidated affiliate

28,661

30,118

1,457

5 %

Loss on early extinguishment of debt

(2,899 )

(6,742 )

(3,843 )

133 %

Transaction expenses

—

(22,144 )

Total other income (expense)

2,394

(35,731 )

(38,125 )

Income before income taxes

273,866

693,721

419,855

153 %

Income tax expense

(54,400 )

(145,508 )

(91,108 )

167 %

Net income and comprehensive income including noncontrolling interests

219,466

548,213

328,747

150 %

Less: net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

1,502

13 %

Net income and comprehensive income attributable to Antero Resources Corporation

207,971

535,216

327,245

157 %

Adjusted EBITDAX

$ 549,428

723,418

173,990

32 %

* Not meaningful

The following table sets forth selected financial data for the three

months ended March 31, 2025 and 2026:

Three Months Ended

Amount of

March 31,

Increase

Percent

2025

2026

(Decrease)

Change

Production data (1) (2):

Natural gas (Bcf)

195

236

21 %

C2 Ethane (MBbl)

7,442

6,836

(606 )

(8 )%

C3+ NGLs (MBbl)

10,229

10,872

643

6 %

Oil (MBbl)

852

816

(36 )

(4 )%

Combined (Bcfe)

306

347

13 %

Daily combined production (MMcfe/d)

3,397

3,852

455

13 %

Average prices before effects of derivative settlements (3):

Natural gas (per Mcf)

$ 4.01

5.57

1.56

39 %

C2 Ethane (per Bbl)

$ 12.70

13.51

0.81

6 %

C3+ NGLs (per Bbl)

$ 45.65

37.83

(7.82 )

(17 )%

Oil (per Bbl)

$ 59.08

57.22

(1.86 )

(3 )%

Weighted Average Combined (per Mcfe)

$ 4.55

5.37

0.82

18 %

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

Natural gas (per Mcf)

$ 3.95

4.86

0.91

23 %

C2 Ethane (per Bbl)

$ 12.70

13.51

0.81

6 %

C3+ NGLs (per Bbl)

$ 45.65

37.90

(7.75 )

(17 )%

Oil (per Bbl)

$ 58.97

57.22

(1.75 )

(3 )%

Weighted Average Combined (per Mcfe)

$ 4.52

4.89

0.37

8 %

Average costs (per Mcfe):

Lease operating

$ 0.11

0.13

0.02

18 %

Gathering and compression

$ 0.77

0.78

0.01

1 %

Processing

$ 0.85

0.83

(0.02 )

(2 )%

Transportation

$ 0.65

0.67

0.02

3 %

Production and ad valorem taxes

$ 0.18

0.23

0.05

28 %

Marketing expense, net

$ 0.06

0.06

—

General and administrative (excluding equity-based compensation)

$ 0.15

0.15

—

Depletion, depreciation, amortization and accretion

$ 0.61

0.60

(0.01 )

(2 )%

* Not meaningful

(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.

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

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.

+ References

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

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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