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

($/MMBtu)

Nine months ending December 31, 2017:

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of outstanding commodity derivatives

As of March 31, 2017, the Company’s fixed price natural gas and NGLs swap positions from April 1, 2017 through December 31, 2023 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: NYMEX=Henry Hub; CGTLA=Columbia Gas Louisiana Onshore; CCG=Chicago City Gate; Mont Belvieu-Ethane=Mont Belvieu Purity Ethane; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate):


	Natural gas MMbtu/day	Oil Bbls/day	Natural Gas Liquids Bbls/day	Weighted average index price
Three months ending June 30, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.26
CGTLA ($/MMBtu)	420,000	—	—	$	4.13
CCG ($/MMBtu)	70,000	—	—	$	4.38
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.38
Total	1,860,000	3,000	47,500
Three months ending September 30, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.33
CGTLA ($/MMBtu)	420,000	—	—	$	4.20
CCG ($/MMBtu)	70,000	—	—	$	4.45
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.39
Total	1,860,000	3,000	47,500
Three months ending December 31, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.46
CGTLA ($/MMBtu)	420,000	—	—	$	4.37
CCG ($/MMBtu)	70,000	—	—	$	4.68
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.40
Total	1,860,000	3,000	47,500
Year ending December 31, 2018:
NYMEX ($/MMBtu)	2,002,500		—	$	3.91
Mont Belvieu-Propane ($/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)	1,417,500			$	3.63
Year ending December 31, 2021:
NYMEX ($/MMBtu)	710,000			$	3.31
Year ending December 31, 2022:
NYMEX ($/MMBtu)	810,000			$	3.18
Year ending December 31, 2023:
NYMEX ($/MMBtu)	50,000			$	2.83

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


	December 31, 2016			March 31, 2017
	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	$	73,022	Current assets		237,086
Commodity contracts	Long-term assets		1,731,063	Long-term assets		1,811,435

Total asset derivatives			1,804,085			2,048,521

Liability derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current liabilities		203,635	Current liabilities		54,277
Commodity contracts	Long-term liabilities		234	Long-term liabilities		102

Total liability derivatives			203,869			54,379

Net derivatives		$	1,600,216			1,994,142

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, 2016						March 31, 2017
	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	$	1,914,245		(110,160)		1,804,085	$	2,136,955		(88,434)		2,048,521
Commodity derivative liabilities	$	(324,667)		120,798		(203,869)	$	(113,718)		59,339		(54,379)

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 the three months ended March 31, 2016 and 2017 (in thousands):


	Statement of operations	Three months ended March 31,
	location	2016		2017
Commodity derivative fair value gains	Revenue	$	279,924		438,775

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 pertinent information about 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