111150000000.33330.6667false--12-31Q22019000143327030912300030859400000trueP1YP20YtrueP1Y0000true0001433270ar:AnteroMidstreamPartnersLpMember2018-12-310001433270us-gaap:CommonStockMember2019-04-012019-06-300001433270us-gaap:CommonStockMember2019-01-012019-03-310001433270us-gaap:CommonStockMember2018-04-012018-06-300001433270us-gaap:CommonStockMember2018-01-012018-03-310001433270us-gaap:RetainedEarningsMember2019-06-300001433270us-gaap:AdditionalPaidInCapitalMember2019-06-300001433270us-gaap:RetainedEarningsMember2019-03-310001433270us-gaap:AdditionalPaidInCapitalMember2019-03-3100014332702019-03-310001433270us-gaap:RetainedEarningsMember2018-12-310001433270us-gaap:NoncontrollingInterestMember2018-12-310001433270us-gaap:AdditionalPaidInCapitalMember2018-12-310001433270us-gaap:RetainedEarningsMember2018-06-300001433270us-gaap:NoncontrollingInterestMember2018-06-300001433270us-gaap:AdditionalPaidInCapitalMember2018-06-300001433270us-gaap:RetainedEarningsMember2018-03-310001433270us-gaap:NoncontrollingInterestMember2018-03-310001433270us-gaap:AdditionalPaidInCapitalMember2018-03-3100014332702018-03-310001433270us-gaap:RetainedEarningsMember2017-12-310001433270us-gaap:NoncontrollingInterestMember2017-12-310001433270us-gaap:AdditionalPaidInCapitalMember2017-12-310001433270us-gaap:CommonStockMember2019-06-300001433270us-gaap:CommonStockMember2019-03-310001433270us-gaap:CommonStockMember2018-12-310001433270us-gaap:CommonStockMember2018-06-300001433270us-gaap:CommonStockMember2018-03-310001433270us-gaap:CommonStockMember2017-12-310001433270us-gaap:EmployeeStockOptionMember2018-01-012018-12-310001433270us-gaap:EmployeeStockOptionMember2018-12-310001433270ar:MidstreamLongTermIncentivePlanMember2019-06-300001433270srt:MaximumMemberus-gaap:EmployeeStockOptionMember2019-01-012019-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-03-120001433270us-gaap:PerformanceSharesMember2018-12-310001433270ar:RestrictedStockAndRestrictedStockUnitMember2018-12-310001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2018-12-310001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-01-012019-03-120001433270srt:MinimumMemberar:TSRPerformanceSharesMember2019-01-012019-06-300001433270srt:MaximumMemberar:TSRPerformanceSharesMember2019-01-012019-06-300001433270srt:MinimumMemberar:PriceTargetPerformanceSharesAndTSRMember2018-01-012018-12-310001433270srt:MaximumMemberar:PriceTargetPerformanceSharesAndTSRMember2018-01-012018-12-310001433270us-gaap:RestrictedStockMember2019-04-012019-06-300001433270us-gaap:PerformanceSharesMember2019-04-012019-06-300001433270us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001433270ar:CommonStockIssuedToDirectorsInLieuOfCashCompensationMember2019-04-012019-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-04-012019-06-300001433270us-gaap:RestrictedStockMember2019-01-012019-06-300001433270us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001433270ar:CommonStockIssuedToDirectorsInLieuOfCashCompensationMember2019-01-012019-06-300001433270us-gaap:RestrictedStockMember2018-04-012018-06-300001433270us-gaap:PerformanceSharesMember2018-04-012018-06-300001433270us-gaap:EmployeeStockOptionMember2018-04-012018-06-300001433270ar:CommonStockIssuedToDirectorsInLieuOfCashCompensationMember2018-04-012018-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2018-04-012018-06-300001433270us-gaap:RestrictedStockMember2018-01-012018-06-300001433270us-gaap:PerformanceSharesMember2018-01-012018-06-300001433270us-gaap:EmployeeStockOptionMember2018-01-012018-06-300001433270ar:CommonStockIssuedToDirectorsInLieuOfCashCompensationMember2018-01-012018-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2018-01-012018-06-300001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndCondensateMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasProductionMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:NaturalGasLiquidsSalesMember2019-04-012019-06-300001433270us-gaap:OilAndCondensateMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270us-gaap:NaturalGasProductionMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270ar:NaturalGasLiquidsSalesEthaneMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270ar:NaturalGasLiquidsSalesC3NglsMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270ar:MarketingsMemberar:MarketingMember2019-04-012019-06-300001433270us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001433270us-gaap:OilAndCondensateMember2019-04-012019-06-300001433270us-gaap:NaturalGasProductionMember2019-04-012019-06-300001433270ar:NaturalGasLiquidsSalesMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:ProductAndServiceOtherMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndCondensateMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasProductionMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:NaturalGasLiquidsSalesMember2019-01-012019-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270us-gaap:OilAndCondensateMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270us-gaap:NaturalGasProductionMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:ProductAndServiceOtherMember2019-01-012019-06-300001433270ar:WaterHandlingAndTreatmentsMemberus-gaap:WaterDistributionMember2019-01-012019-06-300001433270ar:NaturalGasLiquidsSalesEthaneMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270ar:NaturalGasLiquidsSalesC3NglsMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270ar:MarketingsMemberar:MarketingMember2019-01-012019-06-300001433270ar:GatheringAndCompressionsMemberar:GatheringAndCompressionMember2019-01-012019-06-300001433270us-gaap:ProductAndServiceOtherMember2019-01-012019-06-300001433270us-gaap:OilAndCondensateMember2019-01-012019-06-300001433270us-gaap:NaturalGasProductionMember2019-01-012019-06-300001433270ar:NaturalGasLiquidsSalesMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:ProductAndServiceOtherMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndCondensateMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasProductionMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:NaturalGasLiquidsSalesMember2018-04-012018-06-300001433270us-gaap:OilAndCondensateMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270us-gaap:NaturalGasProductionMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:ProductAndServiceOtherMember2018-04-012018-06-300001433270ar:WaterHandlingAndTreatmentsMemberus-gaap:WaterDistributionMember2018-04-012018-06-300001433270ar:NaturalGasLiquidsSalesEthaneMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270ar:NaturalGasLiquidsSalesC3NglsMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270ar:MarketingsMemberar:MarketingMember2018-04-012018-06-300001433270ar:GatheringAndCompressionsMemberar:GatheringAndCompressionMember2018-04-012018-06-300001433270us-gaap:OilAndCondensateMember2018-04-012018-06-300001433270us-gaap:NaturalGasProductionMember2018-04-012018-06-300001433270ar:NaturalGasLiquidsSalesMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:ProductAndServiceOtherMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndCondensateMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasProductionMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:NaturalGasLiquidsSalesMember2018-01-012018-06-300001433270us-gaap:OilAndCondensateMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270us-gaap:NaturalGasProductionMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:ProductAndServiceOtherMember2018-01-012018-06-300001433270ar:WaterHandlingAndTreatmentsMemberus-gaap:WaterDistributionMember2018-01-012018-06-300001433270ar:NaturalGasLiquidsSalesEthaneMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270ar:NaturalGasLiquidsSalesC3NglsMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270ar:MarketingsMemberar:MarketingMember2018-01-012018-06-300001433270ar:GatheringAndCompressionsMemberar:GatheringAndCompressionMember2018-01-012018-06-300001433270us-gaap:OilAndCondensateMember2018-01-012018-06-300001433270us-gaap:NaturalGasProductionMember2018-01-012018-06-300001433270ar:NaturalGasLiquidsSalesMember2018-01-012018-06-300001433270us-gaap:RetainedEarningsMember2019-04-012019-06-300001433270us-gaap:RetainedEarningsMember2019-01-012019-03-310001433270us-gaap:RetainedEarningsMember2018-04-012018-06-300001433270us-gaap:RetainedEarningsMember2018-01-012018-03-310001433270ar:AnteroMidstreamMember2019-03-122019-03-120001433270ar:OperatingLeasesOfficeAndEquipmentMember2018-12-310001433270ar:OfficeLeasesMember2018-12-310001433270ar:EquipmentLeasesMember2018-12-310001433270ar:ProcessingPlantsMember2019-06-300001433270ar:OfficeSpaceMember2019-06-300001433270ar:GasGatheringLinesAndCompressorStationsMember2019-06-300001433270ar:DrillingAndCompletionRigsMember2019-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001433270us-gaap:GeneralAndAdministrativeExpenseMember2019-04-012019-06-300001433270ar:ContractTerminationAndRigStackingMember2019-04-012019-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270us-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-06-300001433270ar:ContractTerminationAndRigStackingMember2019-01-012019-06-300001433270us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-06-300001433270us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2018-12-310001433270ar:WashingtonGasLightCompanyMemberus-gaap:PendingLitigationMember2019-06-300001433270ar:DoddridgeCountyTylerCountyAndRitchieCountyWestVirginiaMembersrt:MinimumMemberus-gaap:PendingLitigationMember2018-06-300001433270ar:WashingtonGasLightCompanyMemberus-gaap:PendingLitigationMember2018-03-310001433270ar:WashingtonGasLightCompanyMembersrt:MinimumMemberus-gaap:PendingLitigationMember2017-03-310001433270ar:SeniorNotes5625PercentDue2023Member2019-06-300001433270ar:SeniorNotes5125PercentDue2022Member2019-06-300001433270ar:SeniorNotes500PercentDue2025Member2019-06-300001433270ar:SeniorNotes5.375PercentDue2021Member2019-06-300001433270ar:AnteroMidstreamPartnersLpMemberar:SeniorNotes5375PercentDue2024Member2018-12-310001433270ar:SeniorNotes5625PercentDue2023Member2018-12-310001433270ar:SeniorNotes5125PercentDue2022Member2018-12-310001433270ar:SeniorNotes500PercentDue2025Member2018-12-310001433270ar:SeniorNotes5.375PercentDue2021Member2018-12-310001433270ar:AnteroMidstreamPartnersLpMemberar:MidstreamCreditFacilityMember2018-12-310001433270ar:WestVirginiaActivitiesMemberus-gaap:SettledLitigationMember2019-01-312019-01-310001433270ar:WashingtonGasLightCompanyMember2019-06-202019-06-200001433270us-gaap:RevolvingCreditFacilityMember2019-06-300001433270us-gaap:OtherCurrentLiabilitiesMemberus-gaap:RevolvingCreditFacilityMember2019-06-300001433270us-gaap:OtherCurrentLiabilitiesMemberus-gaap:RevolvingCreditFacilityMember2018-12-310001433270ar:AnteroMidstreamPartnersLpMember2019-03-112019-03-110001433270us-gaap:LineOfCreditMember2018-12-310001433270srt:MinimumMember2019-06-300001433270srt:MaximumMember2019-06-300001433270ar:MarkWestMemberar:AppalachiaJointVentureMember2018-12-310001433270ar:StonewallGasGatheringLLCMember2018-12-310001433270ar:OilAndGasPropertyWellsMember2019-01-012019-06-300001433270us-gaap:VehiclesMember2019-06-300001433270us-gaap:OtherMachineryAndEquipmentMember2019-06-300001433270ar:AnteroMidstreamMember2019-03-132019-06-300001433270ar:AnteroMidstreamMemberar:AnteroMidstreamMember2019-06-300001433270ar:AnteroMidstreamPartnersLpMemberar:StonewallGasGatheringLLCMember2019-03-120001433270ar:AnteroMidstreamPartnersLpMemberar:AppalachiaJointVentureMember2019-03-120001433270ar:MarkWestMemberar:AppalachiaJointVentureMember2019-01-012019-06-300001433270ar:StonewallGasGatheringLLCMember2019-01-012019-06-300001433270us-gaap:PerformanceSharesMember2019-06-300001433270us-gaap:EmployeeStockOptionMember2019-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2019-06-300001433270us-gaap:PerformanceSharesMember2019-01-012019-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2019-01-012019-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-01-012019-06-300001433270ar:YearEndingDecember312024Memberar:HedgedDifferentialMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312023Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312023Memberar:HedgedDifferentialMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312022Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312022Memberar:HedgedDifferentialMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312021Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312021Memberar:HedgedDifferentialMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312020Memberar:WtiNymexMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312020Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312020Memberar:HedgedDifferentialMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:WtiNymexMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:PropaneArgusFeiMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:PropaneArgusAraMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:ArgusButaneFeiMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:ArgusButaneAraMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:WtiNymexMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:NYMEXMemberus-gaap:SwapMember2019-06-300001433270us-gaap:DesignatedAsHedgingInstrumentMember2019-03-310001433270us-gaap:DesignatedAsHedgingInstrumentMember2018-12-310001433270ar:YearEndingDecember312020Memberar:WtiNymexMembersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:YearEndingDecember312020Memberar:NYMEXMembersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NYMEXMembersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:WtiNymexMembersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Membersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingDecember312019Membersrt:CrudeOilMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:MontBelvieuTetMemberar:NaturalGasLiquidsMemberus-gaap:NondesignatedMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:PropaneArgusFeiMemberar:NaturalGasLiquidsMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:PropaneArgusAraMemberar:NaturalGasLiquidsMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:ArgusButaneFeiMemberar:NaturalGasLiquidsMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:ArgusButaneAraMemberar:NaturalGasLiquidsMemberus-gaap:SwapMember2019-01-012019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NaturalGasLiquidsMemberus-gaap:SwapMember2019-01-012019-06-300001433270us-gaap:SalesMember2019-04-012019-06-300001433270us-gaap:SalesMember2019-01-012019-06-300001433270us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2018-12-310001433270us-gaap:NondesignatedMember2019-06-300001433270us-gaap:NondesignatedMember2018-12-310001433270us-gaap:CommodityContractMember2019-06-300001433270us-gaap:CommodityContractMember2018-12-310001433270srt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodPriorTo01March2020Memberar:SeniorNotes500PercentDue2025Member2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrAfterJune12021Memberar:SeniorNotes5625PercentDue2023Member2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrAfterJune12020Memberar:SeniorNotes5125PercentDue2022Member2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrAfter1November2019Memberar:SeniorNotes5.375PercentDue2021Member2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrAfter01March2023Memberar:SeniorNotes500PercentDue2025Member2019-01-012019-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrAfter01March2020Memberar:SeniorNotes500PercentDue2025Member2019-01-012019-06-300001433270ar:SeniorNotes5375PercentDue2024Member2019-06-300001433270us-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:AnteroMidstreamMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:AnteroMidstreamMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:MarketingsMember2019-04-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:ExplorationMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001433270us-gaap:OilAndGasOperationAndMaintenanceMember2019-04-012019-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001433270ar:MarketingsMember2019-04-012019-06-300001433270ar:ExplorationMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:MarketingsMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:ExplorationMember2019-01-012019-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-01-012019-06-300001433270us-gaap:OilAndGasOperationAndMaintenanceMemberar:AnteroMidstreamMember2019-01-012019-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:AnteroMidstreamMember2019-01-012019-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-01-012019-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:OilAndGasOperationAndMaintenanceMember2019-01-012019-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270us-gaap:OilAndGasOperationAndMaintenanceMember2019-01-012019-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001433270ar:MarketingsMember2019-01-012019-06-300001433270ar:ExplorationMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:AnteroMidstreamMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:AnteroMidstreamMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:MarketingsMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:ExplorationMember2018-04-012018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-04-012018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-04-012018-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-04-012018-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-04-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-04-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-04-012018-06-300001433270us-gaap:OilAndGasOperationAndMaintenanceMember2018-04-012018-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-04-012018-06-300001433270ar:MarketingsMember2018-04-012018-06-300001433270ar:ExplorationMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:OilAndGasOperationAndMaintenanceMemberar:AnteroMidstreamMember2018-01-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270us-gaap:OperatingSegmentsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberar:AnteroMidstreamMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:MarketingsMember2018-01-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMemberar:ExplorationMember2018-01-012018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-01-012018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-01-012018-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-01-012018-06-300001433270us-gaap:IntersegmentEliminationMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-01-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:OilAndGasOperationAndMaintenanceMember2018-01-012018-06-300001433270srt:ConsolidationEliminationsMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-01-012018-06-300001433270us-gaap:OilAndGasOperationAndMaintenanceMember2018-01-012018-06-300001433270us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2018-01-012018-06-300001433270ar:MarketingsMember2018-01-012018-06-300001433270ar:ExplorationMember2018-01-012018-06-300001433270us-gaap:LeaseAgreementsMember2019-06-300001433270ar:LongTermGasProcessingAgreementMember2019-06-300001433270ar:LandPaymentObligationsMember2019-06-300001433270ar:FirmTransportationAgreementsMember2019-06-300001433270ar:AnteroMidstreamMemberar:MidstreamLongTermIncentivePlanMember2019-06-300001433270ar:AnteroMidstreamMember2019-03-120001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2017-12-310001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2017-12-3100014332702017-12-310001433270us-gaap:AccountsPayableMember2019-06-300001433270ar:RevenueDistributionsPayableMember2019-06-300001433270us-gaap:AccountsPayableMember2018-12-310001433270ar:RevenueDistributionsPayableMember2018-12-310001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2019-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2019-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2019-06-300001433270us-gaap:IntersegmentEliminationMember2019-06-300001433270ar:MarketingMember2019-06-300001433270ar:AnteroMidstreamMember2019-06-300001433270ar:AnteroMidstreamPartnersLpMember2019-03-120001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2018-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2018-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2018-06-300001433270us-gaap:IntersegmentEliminationMember2018-06-3000014332702018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2019-04-012019-06-300001433270us-gaap:PerformanceSharesMember2019-04-012019-06-300001433270us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2019-04-012019-06-300001433270us-gaap:PerformanceSharesMember2019-01-012019-06-300001433270us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2019-01-012019-06-300001433270us-gaap:PerformanceSharesMember2018-04-012018-06-300001433270us-gaap:EmployeeStockOptionMember2018-04-012018-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2018-04-012018-06-300001433270us-gaap:PerformanceSharesMember2018-01-012018-06-300001433270us-gaap:EmployeeStockOptionMember2018-01-012018-06-300001433270ar:RestrictedStockAndRestrictedStockUnitMember2018-01-012018-06-300001433270us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001433270srt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2019-06-300001433270srt:ConsolidationEliminationsMember2019-06-300001433270ar:AnteroMidstreamMember2019-06-300001433270ar:YearEndingDecember312023Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312022Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312021Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312020Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:NYMEXMemberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312024Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312023Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312022Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312021Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:YearEndingDecember312020Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NYMEXMemberus-gaap:NondesignatedMember2019-06-300001433270ar:ThreeMonthsEndingSeptember302019Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:NYMEXMemberus-gaap:NondesignatedMember2019-06-300001433270ar:ThreeMonthsEndingDecember312019Memberar:NaturalGasMemberus-gaap:SwapMember2019-06-3000014332702019-07-260001433270ar:AnteroMidstreamMemberar:MidstreamLongTermIncentivePlanMember2019-01-012019-06-300001433270us-gaap:LineOfCreditMember2019-01-012019-06-300001433270us-gaap:LineOfCreditMember2017-10-262017-10-260001433270us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001433270us-gaap:NoncontrollingInterestMember2018-04-012018-06-300001433270us-gaap:AdditionalPaidInCapitalMember2018-04-012018-06-300001433270us-gaap:NoncontrollingInterestMember2018-01-012018-03-310001433270us-gaap:AdditionalPaidInCapitalMember2018-01-012018-03-3100014332702018-01-012018-03-310001433270us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100014332702019-01-012019-03-310001433270ar:ReturnOnCapitalEmployedPerformanceSharesMember2019-01-012019-06-300001433270ar:PriceTargetPerformanceSharesAndTSRMember2018-01-012018-12-310001433270srt:MaximumMemberar:PriceTargetPerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2019-01-012019-06-300001433270srt:MaximumMemberar:PriceTargetPerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2019-01-012019-06-300001433270srt:MaximumMemberar:PriceTargetPerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2019-01-012019-06-300001433270srt:MinimumMemberar:ReturnOnCapitalEmployedPerformanceSharesMember2019-01-012019-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-06-300001433270ar:AnteroMidstreamPartnersPhantomAndRestrictedUnitAwardsMember2019-03-132019-06-300001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270ar:MarketingMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberar:MarketingMember2018-01-012018-06-300001433270us-gaap:OperatingSegmentsMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270us-gaap:IntersegmentEliminationMemberar:ExplorationAndProductionMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMemberar:AnteroMidstreamMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMemberar:ExplorationAndProductionMember2019-01-012019-06-300001433270us-gaap:IntersegmentEliminationMemberar:AnteroMidstreamMember2019-01-012019-06-300001433270us-gaap:IntersegmentEliminationMemberar:ExplorationAndProductionMember2018-04-012018-06-300001433270us-gaap:IntersegmentEliminationMemberar:AnteroMidstreamMember2018-04-012018-06-300001433270us-gaap:IntersegmentEliminationMember2018-04-012018-06-300001433270us-gaap:IntersegmentEliminationMemberar:ExplorationAndProductionMember2018-01-012018-06-300001433270us-gaap:IntersegmentEliminationMemberar:AnteroMidstreamMember2018-01-012018-06-300001433270us-gaap:IntersegmentEliminationMember2018-01-012018-06-300001433270srt:MaximumMemberar:ReturnOnCapitalEmployedPerformanceSharesMember2019-01-012019-06-300001433270ar:TSRPerformanceSharesMember2019-01-012019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2018-12-310001433270ar:PriceTargetPerformanceSharesMember2019-01-012019-06-300001433270ar:SouthJerseyGasCompanyAndSouthJerseyResourcesGroupMemberus-gaap:PositiveOutcomeOfLitigationMember2019-06-300001433270ar:AnteroMidstreamPartnersLpMember2019-03-122019-03-120001433270ar:WashingtonGasLightCompanyMember2018-11-300001433270ar:WashingtonGasLightCompanyLoudounCountyVirginiaMember2018-11-300001433270ar:SouthJerseyGasCompanyAndSouthJerseyResourcesGroupMember2019-01-012019-06-300001433270ar:WashingtonGasLightCompanyBraxtonWestVirginiaMember2018-02-012018-02-010001433270ar:WashingtonGasLightCompanyBraxtonWestVirginiaMember2018-01-012018-01-010001433270ar:WashingtonGasLightCompanyMemberus-gaap:PositiveOutcomeOfLitigationMember2017-12-012018-01-310001433270ar:WashingtonGasLightCompanyMemberus-gaap:PositiveOutcomeOfLitigationMember2017-08-012017-11-300001433270ar:WashingtonGasLightCompanyMemberus-gaap:PositiveOutcomeOfLitigationMember2017-07-012017-07-310001433270us-gaap:SalesMember2018-04-012018-06-300001433270srt:MaximumMember2018-04-012018-06-300001433270us-gaap:SalesMember2018-01-012018-06-300001433270ar:DebtInstrumentRedemptionPeriodOnOrBefore01March2020Memberar:SeniorNotes500PercentDue2025Member2019-01-012019-06-300001433270us-gaap:LineOfCreditMember2019-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMember2019-04-012019-06-300001433270us-gaap:IntersegmentEliminationMember2019-01-012019-06-300001433270ar:AnteroMidstreamMember2019-01-012019-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2018-04-012018-06-3000014332702018-04-012018-06-300001433270us-gaap:OperatingSegmentsMemberar:AnteroMidstreamMember2018-01-012018-06-300001433270ar:AnteroMidstreamMember2019-04-012019-06-300001433270ar:AnteroMidstreamMember2019-01-012019-06-300001433270ar:AnteroMidstreamMemberar:GasGatheringLinesAndCompressorStationsMember2019-06-300001433270srt:MaximumMember2019-04-012019-06-300001433270srt:MaximumMember2019-01-012019-06-300001433270ar:MontBelvieuTetMemberus-gaap:NondesignatedMember2019-01-012019-06-300001433270us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2019-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2019-01-012019-06-300001433270ar:SeniorNotes5625PercentDue2023Member2019-01-012019-06-300001433270ar:SeniorNotes5125PercentDue2022Member2019-01-012019-06-300001433270ar:SeniorNotes500PercentDue2025Member2019-01-012019-06-300001433270ar:SeniorNotes5.375PercentDue2021Member2019-01-012019-06-300001433270srt:MinimumMemberus-gaap:InternalNoninvestmentGradeMemberus-gaap:LineOfCreditMember2019-01-012019-06-300001433270srt:MinimumMemberus-gaap:InternalInvestmentGradeMemberus-gaap:LineOfCreditMember2019-01-012019-06-300001433270srt:MaximumMemberus-gaap:InternalNoninvestmentGradeMemberus-gaap:LineOfCreditMember2019-01-012019-06-300001433270srt:MaximumMemberus-gaap:InternalInvestmentGradeMemberus-gaap:LineOfCreditMember2019-01-012019-06-300001433270ar:SeniorNotes500PercentDue2025Member2016-12-210001433270ar:SeniorNotes5625PercentDue2023Member2015-03-170001433270ar:SeniorNotes5125PercentDue2022Member2014-09-180001433270ar:SeniorNotes5125PercentDue2022Member2014-05-060001433270ar:SeniorNotes5.375PercentDue2021Member2013-11-050001433270ar:AnteroMidstreamPartnersLpMember2019-03-120001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2019-01-012019-06-300001433270srt:ConsolidationEliminationsMember2019-01-012019-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2018-04-012018-06-300001433270srt:ConsolidationEliminationsMember2018-04-012018-06-300001433270srt:ParentCompanyMembersrt:ReportableLegalEntitiesMember2018-01-012018-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2018-01-012018-06-300001433270srt:ConsolidationEliminationsMember2018-01-012018-06-3000014332702018-01-012018-06-3000014332702019-04-012019-06-300001433270srt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2018-12-310001433270srt:ConsolidationEliminationsMember2018-12-3100014332702019-01-012019-06-3000014332702019-06-3000014332702018-12-31utr:MTutr:bbliso4217:USDutr:bbliso4217:USDxbrli:sharesxbrli:pureutr:MMBTUutr:Dar:itemar:lawsuitar:contractiso4217:USDxbrli:sharesiso4217:USDutr:MMBTU

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                   

Commission file number: 001-36120

Graphic

ANTERO RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

80-0162034

(State or other jurisdiction of
incorporation or organization)

(IRS Employer Identification No.)

1615 Wynkoop Street, Denver, Colorado

80202

(Address of principal executive offices)

(Zip Code)

(303357-7310

(Registrant’s telephone number, including area code)

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

AR

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes   No

The registrant had 309,221,992 shares of common stock outstanding as of July 26, 2019.

Table of Contents

TABLE OF CONTENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    

2

PART I—FINANCIAL INFORMATION

4

Item 1.

    

Financial Statements (Unaudited)

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

68

Item 4.

Controls and Procedures

70

PART II—OTHER INFORMATION

70

Item 1.

Legal Proceedings

70

Item 1A.

Risk Factors

70

Item 2.

Unregistered Sales of Equity Securities

71

Item 6.

Exhibits

71

SIGNATURES

72

1

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-Q includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

Forward looking statements may include statements about:

business strategy;
reserves;
financial strategy, liquidity, and capital required for our development program;
natural gas, natural gas liquids (“NGLs”), and oil prices;
timing and amount of future production of natural gas, NGLs, and oil;
hedging strategy and results;
our ability to successfully complete our share repurchase program;
our ability to meet minimum volume commitments and to utilize or monetize our firm transportation commitments;
future drilling plans;
competition and government regulations;
pending legal or environmental matters;
marketing of natural gas, NGLs, and oil;
leasehold or business acquisitions;
costs of developing our properties;
operations of Antero Midstream Corporation;
general economic conditions;
credit markets;
uncertainty regarding our future operating results; and
plans, objectives, expectations, and intentions.

We caution investors 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 our control. These risks include, but are not limited to, commodity price volatility, inflation, availability of drilling, completion, and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes, the uncertainty inherent in

2

Table of Contents

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, and the other risks described under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) on file with the Securities and Exchange Commission (“SEC”).

Reserve engineering is a process of estimating underground accumulations of natural gas, NGLs, and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing, and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs, and oil that are ultimately recovered.

Should one or more of the risks or uncertainties described in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.

3

Table of Contents

PART I—FINANCIAL INFORMATION

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

December 31, 2018 and June 30, 2019

(Unaudited)

(In thousands, except per share amounts)

    

December 31, 2018

    

June 30, 2019

Assets

Current assets:

  

Accounts receivable

$

51,073

49,994

Accrued revenue

474,827

308,761

Derivative instruments

245,263

346,894

Other current assets

35,450

7,400

Total current assets

806,613

713,049

Property and equipment:

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

Unproved properties

1,767,600

1,585,355

Proved properties

12,705,672

13,357,733

Water handling and treatment systems

1,013,818

Gathering systems and facilities

2,470,708

17,825

Other property and equipment

65,842

69,676

18,023,640

15,030,589

Less accumulated depletion, depreciation, and amortization

(4,153,725)

(4,115,187)

Property and equipment, net

13,869,915

10,915,402

Operating leases right-of-use assets

3,330,795

Derivative instruments

362,169

369,548

Investments in unconsolidated affiliates

433,642

1,967,203

Other assets

47,125

34,883

Total assets

$

15,519,464

17,330,880

Liabilities and Equity

Current liabilities:

  

Accounts payable

$

66,289

44,758

Accounts payable, related parties

98,570

Accrued liabilities

465,070

358,680

Revenue distributions payable

310,827

301,032

Derivative instruments

532

274

Short-term lease liabilities

2,459

413,691

Other current liabilities

8,363

4,102

Total current liabilities

853,540

1,221,107

Long-term liabilities:

Long-term debt

5,461,688

3,602,379

Deferred income tax liability

650,788

1,188,975

Long-term lease liabilities

2,873

2,920,754

Other liabilities

63,098

57,965

Total liabilities

7,031,987

8,991,180

Commitments and contingencies (Notes 13 and 14)

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; 308,594 shares and 309,123 shares issued and outstanding at December 31, 2018 and June 30, 2019, respectively

3,086

3,091

Additional paid-in capital

6,485,174

6,138,130

Accumulated earnings

1,177,548

2,198,479

Total stockholders' equity

7,665,808

8,339,700

Noncontrolling interests in consolidated subsidiary

821,669

Total equity

8,487,477

8,339,700

Total liabilities and equity

$

15,519,464

17,330,880

See accompanying notes to the unaudited condensed consolidated financial statements.

4

Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended June 30, 2018 and 2019

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30,

    

2018

    

2019

 

Revenue and other:

Natural gas sales

$

473,540

553,372

Natural gas liquids sales

255,985

303,963

Oil sales

38,873

49,062

Commodity derivative fair value gains

55,336

328,427

Gathering, compression, water handling and treatment

5,518

Marketing

160,202

63,080

Marketing derivative fair value losses

(110)

Other income

1,760

Total revenue

989,344

1,299,664

Operating expenses:

Lease operating

30,164

40,857

Gathering, compression, processing, and transportation

307,786

566,834

Production and ad valorem taxes

25,891

30,968

Marketing

213,420

137,539

Exploration

1,471

314

Impairment of oil and gas properties

134,437

130,999

Impairment of gathering systems and facilities

8,501

Depletion, depreciation, and amortization

238,050

242,302

Loss on sale of assets

951

Accretion of asset retirement obligations

700

918

General and administrative (including equity-based compensation expense of $19,071 and $6,549 in 2018 and 2019, respectively)

61,687

42,382

Contract termination and rig stacking

5,604

Total operating expenses

1,022,107

1,199,668

Operating income (loss)

(32,763)

99,996

Other income (expenses):

Equity in earnings of unconsolidated affiliates

9,264

13,585

Interest expense, net

(69,349)

(54,164)

Total other expenses

(60,085)

(40,579)

Income (loss) before income taxes

(92,848)

59,417

Provision for income tax (expense) benefit

25,573

(17,249)

Net income (loss) and comprehensive income (loss) including noncontrolling interests

(67,275)

42,168

Net income and comprehensive income attributable to noncontrolling interests

69,110

Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation

$

(136,385)

42,168

Earnings (loss) per common share—basic

$

(0.43)

0.14

Earnings (loss) per common share—assuming dilution

$

(0.43)

0.14

Weighted average number of shares outstanding:

Basic

316,992

309,062

Diluted

316,992

309,137

See accompanying notes to the unaudited condensed consolidated financial statements.

5

Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Six Months Ended June 30, 2018 and 2019

(Unaudited)

(In thousands, except per share amounts)

Six Months Ended June 30,

    

2018

    

2019

 

Revenue and other:

Natural gas sales

$

971,203

1,210,638

Natural gas liquids sales

490,155

617,648

Oil sales

69,146

97,114

Commodity derivative fair value gains

77,773

251,059

Gathering, compression, water handling and treatment

10,453

4,479

Marketing

304,591

154,266

Marketing derivative fair value gains

94,124

Other income

1,867

Total revenue and other

2,017,445

2,337,071

Operating expenses:

Lease operating

56,886

82,589

Gathering, compression, processing, and transportation

599,724

991,363

Production and ad valorem taxes

51,714

66,646

Marketing

409,159

300,623

Exploration

3,356

440

Impairment of oil and gas properties

184,973

212,243

Impairment of gathering systems and facilities

8,501

6,982

Depletion, depreciation, and amortization

466,294

482,503

Loss on sale of assets

951

Accretion of asset retirement obligations

1,390

1,894

General and administrative (including equity-based compensation expense of $40,227 and $15,452 in 2018 and 2019, respectively)

121,717

110,584

Contract termination and rig stacking

13,964

Total operating expenses

1,903,714

2,270,782

Operating income

113,731

66,289

Other income (expenses):

Equity in earnings of unconsolidated affiliates

17,126

27,666

Interest expense, net

(133,775)

(126,114)

Gain on deconsolidation of Antero Midstream Partners LP

1,406,042

Total other income (expenses)

(116,649)

1,307,594

Income (loss) before income taxes

(2,918)

1,373,883

Provision for income tax (expense) benefit

16,453

(305,959)

Net income and comprehensive income including noncontrolling interests

13,535

1,067,924

Net income and comprehensive income attributable to noncontrolling interests

135,087

46,993

Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation

$

(121,552)

1,020,931

Earnings (loss) per common share—basic

$

(0.38)

3.31

Earnings (loss) per common share—assuming dilution

$

(0.38)

3.30

Weighted average number of shares outstanding:

Basic

316,733

308,879

Diluted

316,733

309,082

6

Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Equity

Three and Six Months Ended June 30, 2018

(Unaudited)

(In thousands)

Common Stock

Additional paid-

Accumulated

Noncontrolling

Total

    

Shares

    

Amount

    

in capital

    

earnings

    

interests

    

equity

Balances, December 31, 2017

316,379

$

3,164

6,570,952

1,575,065

726,955

8,876,136

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

145

1

(1,067)

(1,066)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(50)

32

(18)

Equity-based compensation

18,802

2,354

21,156

Net income and comprehensive income

14,833

65,977

80,810

Effects of changes in ownership interests in consolidated subsidiaries

(555)

555

Distributions to noncontrolling interests

(55,915)

(55,915)

Other

(5)

(5)

Balances, March 31, 2018

316,524

$

3,165

6,588,082

1,589,898

739,953

8,921,098

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

528

6

(5,589)

(5,583)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(4,007)

2,707

(1,300)

Equity-based compensation

16,930

2,141

19,071

Net income (loss) and comprehensive income (loss)

(136,385)

69,110

(67,275)

Effects of changes in ownership interests in consolidated subsidiaries

2,121

(2,121)

Distributions to noncontrolling interests

(63,108)

(63,108)

Other

8

8

Balances, June 30, 2018

317,052

$

3,171

6,597,537

1,453,513

748,690

8,802,911

See accompanying notes to the unaudited condensed consolidated financial statements.

7

Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Equity

Three and Six Months Ended June 30, 2019

(Unaudited)

(In thousands)

Common Stock

Additional paid-

Accumulated

Noncontrolling

Total

    

Shares

    

Amount

    

in capital

    

earnings

    

interests

    

equity

Balances, December 31, 2018

308,594

$

3,086

6,485,174

1,177,548

821,669

8,487,477

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

147

1

(451)

(450)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(85)

56

(29)

Equity-based compensation

7,801

1,102

8,903

Net income and comprehensive income

978,763

46,993

1,025,756

Distributions to noncontrolling interests

(85,076)

(85,076)

Effect of deconsolidation of Antero Midstream Partners LP

(359,039)

(784,744)

(1,143,783)

Balances, March 31, 2019

308,741

$

3,087

6,133,400

2,156,311

8,292,798

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

382

4

(1,819)

(1,815)

Equity-based compensation

6,549

6,549

Net income and comprehensive income

42,168

42,168

Balances, June 30, 2019

309,123

$

3,091

6,138,130

2,198,479

8,339,700

See accompanying notes to the unaudited condensed consolidated financial statements.

8

Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

Six Months Ended June 30, 2018 and 2019

(Unaudited)

(In thousands)

Six Months Ended June 30,

    

2018

    

2019

 

Cash flows provided by (used in) operating activities:

  

Net income including noncontrolling interests

$

13,535

1,067,924

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

Depletion, depreciation, amortization, and accretion

467,684

484,397

Impairment of oil and gas properties

184,973

212,243

Impairment of gathering systems and facilities

8,501

6,982

Commodity derivative fair value gains

(77,773)

(251,059)

Gains on settled commodity derivatives

197,225

141,791

Marketing derivative fair value gains

(94,124)

Gains on settled marketing derivatives

94,158

Deferred income tax expense (benefit)

(16,453)

304,963

Loss on sale of assets

951

Equity-based compensation expense

40,227

15,452

Equity in earnings of unconsolidated affiliates

(17,126)

(27,666)

Distributions/dividends of earnings from unconsolidated affiliates

17,895

60,527

Gain on deconsolidation of Antero Midstream Partners LP

(1,406,042)

Other

1,932

5,670

Changes in current assets and liabilities:

Accounts receivable

10,237

5,848

Accrued revenue

(21,092)

166,066

Other current assets

2,353

2,307

Accounts payable including related parties

2,948

(2,424)

Accrued liabilities

24,065

(22,146)

Revenue distributions payable

1,617

(9,795)

Other current liabilities

(1,842)

1,119

Net cash provided by operating activities

838,940

757,108

Cash flows provided by (used in) investing activities:

Additions to unproved properties

(87,861)

(56,814)

Drilling and completion costs

(752,781)

(680,088)

Additions to water handling and treatment systems

(58,127)

(24,416)

Additions to gathering systems and facilities

(206,753)

(48,239)

Additions to other property and equipment

(3,502)

(4,629)

Investments in unconsolidated affiliates

(56,297)

(25,020)

Proceeds from the Antero Midstream Partners LP Transactions

296,611

Change in other assets

(7,026)

(4,974)

Proceeds from asset sales

1,983

Net cash used in investing activities

(1,172,347)

(545,586)

Cash flows provided by (used in) financing activities:

Issuance of senior notes