Antero Resources Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

Natural gas
MMbtu/day

Hedged
Differential

Six months ending December 31, 2016:

Year ending December 31, 2017:

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of outstanding commodity derivatives

As of June 30, 2016, the Company’s fixed price natural gas and NGLs swap contracts under short positions from July 1, 2016 through December 31, 2022 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: TCO=Columbia Gas Transmission; NYMEX=Henry Hub; CGTLA=Columbia Gas Louisiana Onshore; CCG=Chicago City Gate; Mont Belvieu-TET=Mont Belvieu Propane):


	Natural gas MMbtu/day	Propane Bbls/day	Weighted average index price
Three months ending September 30, 2016:
TCO ($/MMBtu)	60,000	—	$	4.81
Dominion South ($/MMBtu)	272,500	—	$	5.24
NYMEX ($/MMBtu)	1,110,000	—	$	3.44
CGTLA ($/MMBtu)	170,000	—	$	4.03
Mont Belvieu-TET ($/Gallon)	—	30,000	$	0.58
Total	1,612,500	30,000
Three months ending December 31, 2016:
TCO ($/MMBtu)	60,000	—	$	5.01
Dominion South ($/MMBtu)	272,500	—	$	5.47
NYMEX ($/MMBtu)	1,110,000	—	$	3.57
CGTLA ($/MMBtu)	170,000	—	$	4.20
Mont Belvieu-TET ($/Gallon)	—	30,000	$	0.61
Total	1,612,500	30,000
Year ending December 31, 2017:
NYMEX ($/MMBtu)	1,370,000	—	$	3.39
CGTLA ($/MMBtu)	420,000	—	$	4.27
CCG ($/MMBtu)	70,000	—	$	4.57
Mont Belvieu-TET ($/Gallon)	—	31,500	$	0.42
Total	1,860,000	31,500
Year ending December 31, 2018:
NYMEX ($/MMBtu)	2,002,500	—	$	3.91
Mont Belvieu-TET ($/Gallon)	—	2,000	$	0.65
Total	2,002,500	2,000
Year ending December 31, 2019:
NYMEX ($/MMBtu)	2,330,000		$	3.70
Year ending December 31, 2020:
NYMEX ($/MMBtu)	1,377,500		$	3.66
Year ending December 31, 2021:
NYMEX ($/MMBtu)	630,000		$	3.36
Year ending December 31, 2022:
NYMEX ($/MMBtu)	120,000		$	3.24

Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes


	December 31, 2015			June 30, 2016
	Balance sheet location	Fair value		Balance sheet location	Fair value
		(In thousands)			(In thousands)
Asset derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current assets	$	1,009,030	Current assets	$	429,920
Commodity contracts	Long-term assets		2,108,450	Long-term assets		1,673,907

Total asset derivatives			3,117,480			2,103,827

Liability derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current liabilities		—	Current liabilities		2,726
Commodity contracts	Long-term liabilities		—	Long-term liabilities		5,179

Total liability derivatives			—			7,905

Net derivatives		$	3,117,480		$	2,095,922

Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts

The following table presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands):


	December 31, 2015						June 30, 2016
	Gross amounts on balance sheet		Gross amounts offset on balance sheet		Net amounts of assets on balance sheet		Gross amounts on balance sheet		Gross amounts offset on balance sheet		Net amounts of assets (liabilities) on balance sheet
Commodity derivative assets	$	3,163,639		(46,159)		3,117,480	$	2,303,100		(199,273)		2,103,827
Commodity derivative liabilities	$	—		—		—	$	(8,308)		403		(7,905)

Summary of derivative fair value gains (losses)

The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for three and six months ended June 30, 2015 and 2016 (in thousands):


	Statement of operations	Three months ended June 30,				Six months ended June 30,
	location	2015		2016		2015		2016
Commodity derivative fair value gains (losses)	Revenue	$	(2,227)		(684,634)	$	757,327		(404,710)

TCOminusNYMEX

Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.

NYMEXminusTCO

Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of NYMEX Henry Hub to the Columbia Gas (TCO) natural gas price