ANTERO RESOURCES Corp

Previous wording

We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk. We focus on unconventional reservoirs, which can generally be characterized as fractured shale formations. Our management team has worked together for many years and has a successful track record of reserve and production growth as well as significant expertise in unconventional resource plays. Our strategy is to leverage our team’s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations in the Appalachian Basin. As of June 30, 2025, we held approximately 526,000 net acres in the Appalachian Basin.

Current wording

We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk. We focus on unconventional reservoirs, which can generally be characterized as fractured shale formations. Our management team has worked together for many years and has a successful track record of reserve and production growth as well as significant expertise in unconventional resource plays. Our strategy is to leverage our team’s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations in the Appalachian Basin. As of September 30, 2025, we held approximately 528,000 net acres in the Appalachian Basin.

Previous wording

Effective July 30, 2025, we obtained the consent of each of the lenders under our Unsecured Credit Facility to extend the Maturity Date from July 30, 2029 to July 30, 2030. The terms of the Credit Facility otherwise remain unchanged. Under the terms of the Unsecured Credit Agreement, we may request two one-year extensions of the Maturity Date, subject to the satisfaction of certain conditions. This is the first such extension.

Current wording

Effective July 30, 2025, we obtained the consent of each of the lenders under our Unsecured Credit Facility to extend the Maturity Date from July 30, 2029 to July 30, 2030. The terms of the Unsecured Credit Facility otherwise remain unchanged. Under the terms of the Unsecured Credit Facility, we may request two one-year extensions of the Maturity Date, subject to the satisfaction of certain conditions. This is the first such extension.

Previous wording

During the six months ended June 30, 2025, we redeemed the remaining $97 million aggregate principal amount of our 2026 Notes at a redemption price of 102.094% of the principal amount thereof, plus accrued and unpaid interest. In addition, we repurchased $42 million aggregate principal amount of our 2029 Notes through open market transactions at a weighted average price of approximately 103% of the principal amount thereof, plus accrued and unpaid interest. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for additional information.

Current wording

During the nine months ended September 30, 2025, we redeemed the remaining $97 million aggregate principal amount of our 2026 Notes at a redemption price of 102.094% of the principal amount thereof, plus accrued and unpaid interest. In addition, we repurchased $42 million aggregate principal amount of our 2029 Notes through open market transactions at a weighted average price of approximately 103% of the principal amount thereof, plus accrued and unpaid interest. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for additional information.

Previous wording

During 2022, our Board of Directors authorized a share repurchase program that allows us to repurchase up to $2.0 billion of outstanding common stock. During the three and six months ended June 30, 2025, we repurchased approximately 2.2 million shares of our common stock at a total cost of $75 million and approximately 2.5 million shares of our common stock at a total cost of $85 million, respectively, through our share repurchase program. As of June 30, 2025, we have approximately $966 million of capacity remaining under our share repurchase program. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements.

Current wording

During 2022, our Board of Directors authorized a share repurchase program that allows us to repurchase up to $2.0 billion of outstanding common stock. Through our share repurchase program, during the three and nine months ended September 30, 2025, we repurchased and retired approximately 1.5 million and 4 million shares of our common stock, respectively, at a total cost of $51 million and $136 million, respectively. As of September 30, 2025, we have approximately $915 million of capacity remaining under our share repurchase program. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements.

Previous wording

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Benchmark prices for natural gas and ethane increased significantly, while benchmark prices for C3+ NGLs remained relatively consistent and benchmark prices for oil decreased during the three and six months ended June 30, 2025 as compared to the same periods of 2024. As a result of the higher benchmark natural gas prices during the three and six months ended June 30, 2025, we experienced an increase in price realization for natural gas products, partially offset by the effects of decreased benchmark NGLs and oil prices as compared to the three and six months ended June 30, 2024. We monitor the economic factors that impact natural gas, NGLs and oil prices, including domestic and foreign supply and demand indicators, domestic and foreign commodity inventories, the actions of Organization of Petroleum Exporting Countries and other large producing nations and the current conflicts in Ukraine and in the Middle East, among others. In the current economic environment, we expect that commodity prices for some or all of the commodities we produce could remain volatile. This volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows.

Current wording

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Benchmark prices for natural gas and ethane increased significantly, while benchmark prices for C3+ NGLs and oil decreased during the three and nine months ended September 30, 2025 as compared to the same periods of 2024. As a result of the higher benchmark natural gas and ethane prices during the three and nine months ended September 30, 2025, we experienced an increase in price realization for natural gas and ethane products, partially offset by the effects of decreased benchmark NGLs and oil prices as compared to the three and nine months ended September 30, 2024. We monitor the economic factors that impact natural gas, NGLs and oil prices, including domestic and foreign supply and demand indicators, domestic and foreign commodity inventories, the actions of Organization of Petroleum Exporting Countries and other large producing nations and the current conflicts in Ukraine and in the Middle East, among others. In the current economic environment, we expect that commodity prices for some or all of the commodities we produce could remain volatile. This volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows. However, we use derivative instruments when circumstances warrant to manage our exposure to commodity price risk. See “—Hedge Position” and Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for additional information on our derivative instruments.

Previous wording

We are exposed to certain commodity price risks relating to our ongoing business operations, and we use derivative instruments when circumstances warrant to manage such risks. In addition, we periodically enter into contracts that contain embedded features that are required to be bifurcated and accounted for separately as derivatives. For the three months ended June 30, 2024 and 2025, 2% and 4%, respectively, of our production was hedged through commodity derivatives. For the six months ended June 30, 2024 and 2025, 4% of our production was hedged through commodity derivatives. Assuming our 2025 production is the same as our production in 2024, approximately 4% of our total production for 2025 is hedged through commodity derivatives. As of June 30, 2025, the estimated fair value of our commodity derivative contracts was a net liability of $48 million. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for additional information.

Current wording

We are exposed to certain commodity price risks relating to our ongoing business operations, and we use derivative instruments when circumstances warrant to manage such risks. In addition, we periodically enter into contracts that contain embedded features that are required to be bifurcated and accounted for separately as derivatives. For the three months ended September 30, 2024 and 2025, 2% and 4%, respectively, of our production was hedged through commodity derivatives. For the nine months ended September 30, 2024 and 2025, 4% of our production was hedged through commodity derivatives. Assuming our 2025 and 2026 production is the same as our production in 2024, approximately 8% and 29%, respectively, of our total production for such years is hedged through commodity derivatives. As of September 30, 2025, the estimated fair value of our commodity derivative contracts was a net liability of $7 million. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Our consolidated VIE, Martica, also maintained a portfolio of fixed swap natural gas, NGLs and oil derivatives for the benefit of the noncontrolling interests in Martica. As such, all gains and losses attributable to Martica’s derivative portfolio were fully attributable to the noncontrolling interests in Martica. During the three months ended March 31, 2025, all of Martica’s derivative contracts expired, and as a result Martica had no derivative instruments as of March 31, 2025 or June 30, 2025. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for additional information.

Current wording

Our consolidated VIE, Martica, previously maintained a portfolio of fixed swap natural gas, NGLs and oil derivatives for the benefit of the noncontrolling interests in Martica. As such, all gains and losses attributable to Martica’s derivative portfolio were fully attributable to the noncontrolling interests in Martica. During the three months ended March 31, 2025, all of Martica’s derivative contracts expired. As of September 30, 2025, Martica had no derivative instruments. See Note 11—Derivative Instruments to the unaudited condensed consolidated financial statements for additional information.

Previous wording

The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024. In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in March 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis. Between March 2022 and July 2023, the Federal Reserve increased the federal funds interest rate by 5.25%. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.0% between September and December 2024. However, recent tariff activity by the United States government has caused the Federal Reserve to keep the federal funds rate steady in the first half of 2025. While inflationary pressures in the United States’ economy have begun to subside, it is uncertain what impact recent tariff activity by the United States and foreign governments will have on inflation.

Current wording

The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024. In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis. Between 2022 and 2023, the Federal Reserve increased the federal funds interest rate by 5.25%. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.25% in 2024 and 2025. While inflationary pressures in the United States’ economy have begun to subside, it is uncertain what impact recent tariff activity by the United States and foreign governments will have on inflation.

Previous wording

Natural gas sales. Revenues from sales of natural gas increased from $375 million for the three months ended June 30, 2024 to $689 million for the three months ended June 30, 2025, an increase of $314 million, or 84%. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2025 accounted for an approximate $299 million increase in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes). Higher natural gas production volumes accounted for an approximate $15 million increase in year-over-year natural gas sales revenue (calculated as the change in year-to-year volumes times the prior year average price).

Current wording

Natural gas sales. Revenues from sales of natural gas increased from $426 million for the three months ended September 30, 2024 to $631 million for the three months ended September 30, 2025, an increase of $205 million, or 48%. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2025 accounted for an approximate $200 million increase in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes). Higher natural gas production volumes accounted for an approximate $5 million increase in year-over-year natural gas sales revenue (calculated as the change in year-to-year volumes times the prior year average price).

Previous wording

NGLs sales. Revenues from sales of NGLs decreased from $489 million for the three months ended June 30, 2024 to $481 million for the three months ended June 30, 2025, a decrease of $8 million, or 2%. Lower commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2025 accounted for an approximate $4 million decrease in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower ethane production volumes accounted for an approximate $8 million decrease in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price), partially offset by higher C3+

Current wording

C3+ NGLs production volumes accounted for an approximate $12 million decrease in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price). Higher ethane commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2025 accounted for an approximate $24 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher ethane production volumes accounted for an approximate $4 million increase in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price).

Previous wording

Oil sales. Revenues from sales of oil decreased from $63 million for the three months ended June 30, 2024 to $34 million for the three months ended June 30, 2025, a decrease of $29 million, or 47%. Lower commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2025 accounted for an approximate $11 million decrease in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower oil production volumes during the three months ended June 30, 2025 accounted for an approximate $18 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).

Current wording

Oil sales. Revenues from sales of oil decreased from $53 million for the three months ended September 30, 2024 to $31 million for the three months ended September 30, 2025, a decrease of $22 million, or 41%. Lower oil production volumes during the three months ended September 30, 2025 accounted for an approximate $15 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price). Lower commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2025 accounted for an approximate $7 million decrease in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes).

Previous wording

Commodity derivative fair value gains (losses). Our commodity derivatives included fixed price swaps, collars, basis swaps, call options and embedded put options. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our statements of operations and comprehensive income (loss). For the three months ended June 30, 2024 and 2025, our commodity hedges resulted in derivative fair value losses of $6 million and fair value gains of $53 million, respectively. For the three months ended June 30, 2024, commodity derivative fair value losses included $6 million of net cash proceeds on settled commodity derivative gains. For the three months ended June 30, 2025, commodity derivative fair gains included $6 million of net cash payments for settled derivative losses.

Current wording

Commodity derivative fair value gains. Our commodity derivatives included fixed price swaps, collars, basis swaps, call options and embedded put options. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our unaudited condensed consolidated statements of operations and comprehensive income (loss). For the three months ended September 30, 2024 and 2025, our commodity hedges resulted in derivative fair value gains of $18 million and $39 million, respectively. For the three months ended September 30, 2024, commodity derivative fair value gains included $4 million of net cash proceeds on settled commodity derivative gains. For the three months ended September 30, 2025, commodity derivative fair value gains included $2 million of net cash payments for settled derivative losses.

Previous wording

Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled or monetized prior to settlement. Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement. Additionally, the substantial majority of our expected production is currently unhedged for 2025 and beyond, which limits our exposure to volatility in the fair value of our derivative instruments related to commodity price changes in the future.

Current wording

Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled or monetized prior to settlement. Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement. We expect continued volatility in commodity prices and the related fair value of our derivative instruments in the future.

Previous wording

Lease operating expense. Lease operating expense increased from $59 million, or $0.09 per Mcfe, for the six months ended June 30, 2024 to $71 million, or $0.12 per Mcfe, for the six months ended June 30, 2025, an increase of $12 million primarily due to higher oilfield service and workover costs between periods, as well as increased produced water trucking and disposal costs as a result of our completion activity timing during the six months ended June 30, 2025.

Current wording

Lease operating expense. Lease operating expense increased from $30 million, or $0.09 per Mcfe, for the three months ended September 30, 2024 to $32 million, or $0.10 per Mcfe, for the three months ended September 30, 2025, an increase of $2 million primarily due to increased produced water trucking and disposal costs as a result of our completion activity timing during the three months ended September 30, 2025, as well as higher oilfield service and workover costs between periods.

Previous wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense increased from $663 million for the three months ended June 30, 2024 to $702 million for the three months ended June 30, 2025, an increase of $39 million, or 6%. This was primarily a result of the following:

Current wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense increased from $685 million for the three months ended September 30, 2024 to $711 million for the three months ended September 30, 2025, an increase of $26 million, or 4%. This was primarily a result of the following:

Previous wording

Production and ad valorem tax expense. Production and ad valorem taxes decreased from $42 million for the three months ended June 30, 2024 to $35 million for the three months ended June 30, 2025, a decrease of $7 million, or 17%, primarily due to lower ad valorem taxes, partially offset by higher severance taxes as a result of increased natural gas prices during the three months ended June 30, 2025. Production and ad valorem taxes as a percentage of natural gas revenues

Current wording

Production and ad valorem tax expense. Production and ad valorem taxes decreased from $47 million for the three months ended September 30, 2024 to $29 million for the three months ended September 30, 2025, a decrease of $18 million, or 39%, primarily due to lower ad valorem taxes, partially offset by higher severance taxes as a result of increased natural gas prices during the three months ended September 30, 2025. Production and ad valorem taxes as a percentage of natural gas revenues decreased from 11% for the three months ended September 30, 2024 to 5% for the three months ended September 30, 2025, primarily as a result of lower ad valorem taxes. West Virginia ad valorem taxes in 2024 were based on commodity prices during 2022, and West Virginia ad valorem taxes in 2025 are based on commodity prices during 2023.

Previous wording

General and administrative expense. General and administrative expense (excluding equity-based compensation expense) increased from $82 million for the six months ended June 30, 2024 to $89 million for six months ended June 30, 2025, an increase of $7 million, or 8%, primarily due to higher professional service fees between periods. General and administrative expense on a per unit basis (excluding equity-based compensation) increased from$0.13 per Mcfe for the six months ended June 30, 2024 to $0.14 per Mcfe for the six months ended June 30, 2025 primarily as a result of higher overall costs between periods.

Current wording

General and administrative expense. General and administrative expense (excluding equity-based compensation expense) increased from $39 million for the three months ended September 30, 2024 to $41 million for the three months ended September 30, 2025, an increase of $2 million, or 7%, primarily due to higher professional service fees between periods. General and administrative expense on a per unit basis (excluding equity-based compensation) increased from $0.12 per Mcfe for the three months ended September 30, 2024 to $0.13 per Mcfe for the three months ended September 30, 2025 primarily as a result of higher overall costs between periods.

Previous wording

Equity-based compensation expense. Non-cash equity-based compensation expense remained relatively consistent at $17 million and $16 million for the three months ended June 30, 2024 and 2025, respectively. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Current wording

Equity-based compensation expense. Non-cash equity-based compensation expense remained consistent at $16 million for the three months ended September 30, 2024 and 2025. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Depletion, depreciation and amortization expense (“DD&A expense”). DD&A expense remained relatively consistent at $189 million, or $0.61 per Mcfe, and $188 million, or $0.60 per Mcfe, for the three months ended June 30, 2024 and 2025, respectively.

Current wording

Depletion, depreciation and amortization expense (“DD&A expense”). DD&A expense remained consistent at $189 million for each of the three months ended September 30, 2024 and 2025. DD&A expense per Mcfe also remained relatively consistent for the three months ended September 30, 2024 and 2025 at $0.61 and $0.60, respectively.

Previous wording

Impairment of property and equipment. Impairment of oil and gas properties of $6 million for the three months ended June 30, 2025 primarily related to expiring leases. During both periods, we recognized impairments primarily related to expiring leases as well as design and initial costs related to pads we no longer plan to place into service.

Current wording

Impairment of property and equipment. Impairment of oil and gas properties remained relatively consistent at $13 million and $12 million for the three months ended September 30, 2024 and 2025, respectively. During both periods, we recognized impairments primarily related to expiring leases as well as design and initial costs related to pads we no longer plan to place into service.

Previous wording

Contract termination, loss contingency, settlements and other operating expenses. Contract termination, loss contingency, settlements and other operating expenses increased from $5 million for the six months ended June 30, 2024 to $12 million for the six months ended June 30, 2025, an increase of $7 million. This increase was primarily due to a loss contingency recorded during the three months ended June 30, 2025. See Note 14—Contingencies to the unaudited condensed consolidated financial statements for additional information.

Current wording

Contract termination, loss contingency, settlements and other operating expenses. Contract termination, loss contingency, settlements and other operating expenses was a gain of $1 million for the three months ended September 30, 2024 primarily due to our receipt of 0.1 million shares of Antero Midstream common stock as part of a judgment in a legal proceeding with an unaffiliated third-party. Contract termination, loss contingency, settlements and other operating expenses was a loss of $13 million for the three months ended September 30, 2025 primarily due to loss contingencies recorded during the third quarter of 2025. See Note 14—Contingencies to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Marketing revenue. Marketing revenue decreased from $49 million for the three months ended June 30, 2024 to $34 million for the three months ended June 30, 2025, a decrease of $15 million, or 32%. This fluctuation primarily resulted from the following:

Current wording

Marketing revenue. Marketing revenue decreased from $47 million for the three months ended September 30, 2024 to $35 million for the three months ended September 30, 2025, a decrease of $12 million, or 26%. This fluctuation primarily resulted from the following:

Previous wording

*Marketing expense.*Marketing expense decreased from $131 million for the six months ended June 30, 2024 to $95 million for the six months ended June 30, 2025, a decrease of $36 million, or 27%. Marketing expense includes the cost of third-party purchased natural gas, NGLs and oil as well as firm transportation costs, including costs related to current excess firm capacity. The cost of third-party natural gas and oil purchases decreased $8 million and $33 million between periods,

Current wording

Marketing expense. Marketing expense decreased from $62 million for the three months ended September 30, 2024 to $51 million for the three months ended September 30, 2025, a decrease of $11 million, or 18%. Marketing expense includes the cost of third-party purchased natural gas, NGLs and oil as well as firm transportation costs, including costs related to current excess firm capacity. The costs of third-party natural gas and oil purchases each decreased $9 million between periods, and the cost of third-party NGLs purchases increased $4 million between periods. The total cost of third-party commodity purchases decreased primarily due to lower marketing volumes between periods, partially offset by higher natural gas prices during the three months ended September 30, 2025. Firm transportation costs increased $3 million between periods primarily due to higher fuel costs and lower pipeline utilization due to maintenance during the three months ended September 30, 2025.

Previous wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $270 million for the three months ended June 30, 2024 to $305 million for the three months ended June 30, 2025, an increase of $35 million. This increase is primarily due to higher gathering and processing revenues of $19 million and higher water handling revenues of $16 million. The increased gathering and processing revenues between periods is primarily a result of increased throughput and annual CPI-based gathering and compression rate adjustments between periods. The increased water handling revenues between periods is primarily due to higher wastewater trucking and disposal volumes, increased wastewater trucking and disposal costs that are billed at cost plus 3% and higher fresh water delivery volumes during the three months ended June 30, 2025, as well as increased blending cost of service fees and an increase to the fresh water delivery rate as a result of an annual CPI-based rate adjustment between periods.

Current wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $270 million for the three months ended September 30, 2024 to $295 million for the three months ended September 30, 2025, an increase of $25 million. This increase is primarily due to higher gathering and processing revenues of $15 million and higher water handling revenues of $10 million. The increased gathering and processing revenues between periods is primarily a result of increased throughput and annual CPI-based gathering and compression rate adjustments between periods. The increased water handling revenues between periods is primarily due to higher fresh water delivery volumes during the three months ended September 30, 2025, as well as increased blending volumes, increased wastewater handling costs and an increase to the fresh water delivery rate as a result of an annual CPI-based rate adjustment between periods.

Previous wording

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment increased from $230 million for the six months ended June 30, 2024 to $233 million for the six months ended June 30, 2025, an increase of $3 million. This increase is primarily due to higher direct operating expenses as a result of increased water handling volumes and costs, as well as increased blending costs during the six months ended June 30, 2025, partially offset by lower depreciation expense associated with Antero Midstream’s program to repurpose underutilized compressor units to expand existing or construct new compressor stations between periods.

Current wording

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment increased from $107 million for the three months ended September 30, 2024 to $114 million for the three months ended September 30, 2025, an increase of $7 million. This increase is primarily due to higher direct operating expenses as a result of increased gathering and compression and fresh water delivery volumes between periods, as well as higher heavy maintenance expense and increased wastewater handling costs during the three months ended September 30, 2025.

Previous wording

Interest expense. Interest expense decreased from $33 million for the three months ended June 30, 2024 to $20 million for the three months ended June 30, 2025, a decrease of $13 million, or 39%, primarily due to the redemption or repurchase of $139 million aggregate principal amount of our Senior Notes during the six months ended June 30, 2025 and lower average Credit Facility borrowings and interest rates during the three months ended June 30, 2025. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.

Current wording

Interest expense. Interest expense decreased from $28 million for the three months ended September 30, 2024 to $18 million for the three months ended September 30, 2025, a decrease of $10 million, or 36%, primarily due to the redemption or repurchase of $139 million aggregate principal amount of our Senior Notes during the nine months ended September 30, 2025 and lower average Credit Facility borrowings and interest rates during the three months ended September 30, 2025. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.

Previous wording

Loss on early extinguishment of debt. There was no loss on early extinguishment of debt for the three months ended June 30, 2024. During the three months ended June 30, 2025, we repurchased $23 million aggregate principal amount of our 2029 Notes through open market transactions at a weighted average premium of approximately 102% of the principal amount thereof, plus accrued and unpaid interest, and recognized a loss on early debt extinguishment of $1 million. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.

Current wording

Loss on early extinguishment of debt. During the three months ended September 30, 2024, we recognized a loss on early debt extinguishment of $1 million related to the amendment and restatement of our senior revolving credit facility. There was no loss on early extinguishment of debt for the three months ended September 30, 2025. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.

Previous wording

Income tax expense. For the three months ended June 30, 2024, we had an income tax benefit of $17 million, with an effective tax rate of 19%, due to a loss before income taxes of $92 million. For the three months ended June 30, 2025, we had an income tax expense of $48 million, with an effective tax rate of 22%, due to income before income taxes of $215 million. The increase in the effective tax rate between periods was primarily due to the effects of noncontrolling interests and stock compensation expense. See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements for additional information on the effects of the OBBB.

Current wording

Income tax benefit (expense). For the three months ended September 30, 2024, we recognized an income tax benefit of $3 million, with an effective tax rate of 10%, due to a loss before income taxes of $28 million. For the three months ended September 30, 2025, we recognized income tax expense of $43 million, with an effective tax rate of 34%, due to income before income taxes of $129 million. The increase in the effective tax rate between periods was primarily due to the effects of noncontrolling interests and stock compensation expense. See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements for additional information on the effects of the OBBB.

Previous wording

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2025

Current wording

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2025

Previous wording

Natural gas sales. Revenues from sales of natural gas increased from $849 million for the six months ended June 30, 2024 to $1.5 billion for the six months ended June 30, 2025, an increase of $620 million, or 73%. Higher commodity prices (excluding the effects of derivative settlements) during the six months ended June 30, 2025 accounted for an approximate $619 million increase in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes). Higher natural gas production volumes accounted for an approximate $1 million increase in year-over-year natural gas sales revenue (calculated as the change in year-to-year volumes times the prior year average price).

Current wording

Natural gas sales. Revenues from sales of natural gas increased from $1.3 billion for the nine months ended September 30, 2024 to $2.1 billion for the nine months ended September 30, 2025, an increase of $0.8 billion, or 65%. Higher commodity prices (excluding the effects of derivative settlements) during the nine months ended September 30, 2025 accounted for an approximate $0.8 billion increase in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes). Natural gas production volumes remained relatively consistent between periods.

Previous wording

NGLs sales. Revenues from sales of NGLs remained consistent at $1.0 billion for the six months ended June 30, 2024 and 2025. Higher commodity prices (excluding the effects of derivative settlements) during the six months ended June 30, 2025 accounted for an approximate $47 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower NGLs production volumes accounted for an approximate $12 million decrease in year-over-year NGLs revenues, respectively (calculated as the change in year-to-year volumes times the prior year average price).

Current wording

NGLs sales. Revenues from sales of NGLs remained consistent at $1.5 billion for each of the nine months ended September 30, 2024 and 2025. Higher commodity prices (excluding the effects of derivative settlements) during the nine months ended September 30, 2025 accounted for an approximate $21 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower NGLs production volumes accounted for an approximate $20 million decrease in year-over-year NGLs revenues, respectively (calculated as the change in year-to-year volumes times the prior year average price).

Previous wording

Oil sales. Revenues from sales of oil decreased from $128 million for the six months ended June 30, 2024 to $84 million for the six months ended June 30, 2025, a decrease of $44 million, or 34%. Lower oil production volumes during the six months ended June 30, 2025 accounted for an approximate $30 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price). Lower oil prices, excluding the effects of derivative settlements, accounted for an approximate $14 million decrease in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes).

Current wording

Oil sales. Revenues from sales of oil decreased from $181 million for the nine months ended September 30, 2024 to $115 million for the nine months ended September 30, 2025, a decrease of $66 million, or 36%. Lower oil production volumes during the nine months ended September 30, 2025 accounted for an approximate $45 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price). Lower oil prices, excluding the effects of derivative settlements, accounted for an approximate $21 million decrease in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes).

Previous wording

Commodity derivative fair value gains (losses). Our commodity derivatives included fixed price swaps, collars, basis swaps, call options and embedded put options. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our statements of operations and comprehensive income (loss). For the six months ended June 30, 2024 and 2025, our commodity hedges resulted in derivative fair value gains of $4 million and fair value losses of $18 million, respectively. For the six months ended June 30, 2024, commodity derivative fair value gains included $7 million of net cash proceeds for settled derivative gains. For the six months ended June 30, 2025, commodity derivative fair value losses included $17 million of net cash payments for settled derivative losses.

Current wording

Commodity derivative fair value gains. Our commodity derivatives included fixed price swaps, collars, basis swaps, call options and embedded put options. Because we do not designate these derivatives as accounting hedges, they do not receive hedge accounting treatment. Consequently, all mark-to-market gains or losses, as well as cash receipts or payments on settled derivative instruments, are recognized in our unaudited condensed consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 and 2025, our commodity hedges resulted in derivative fair value gains of $22 million and $21 million, respectively. For the nine months ended September 30, 2024, commodity derivative fair value gains included $12 million of net cash proceeds for settled derivative gains. For the nine months ended September 30, 2025, commodity derivative fair value gains included $19 million of net cash payments for settled derivative losses.

Previous wording

Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled or monetized prior to settlement. Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement. We expect continued volatility in commodity prices and the related fair value of our derivative instruments in the future. Additionally, the substantial majority of our expected production is currently unhedged for 2025 and beyond, which limits our exposure to volatility in the fair value of our derivative instruments related to commodity price changes in the future.

Current wording

Commodity derivative fair value gains or losses vary based on future commodity prices and have no cash flow impact until the derivative contracts are settled or monetized prior to settlement. Derivative asset or liability positions at the end of any accounting period may reverse to the extent future commodity prices increase or decrease from their levels at the end of the accounting period, or as gains or losses are realized through settlement.

Previous wording

Amortization of deferred revenue, VPP. Amortization of deferred revenues associated with the VPP remained consistent at $13 million for the six months ended June 30, 2024 and 2025. Amortization of the deferred revenues associated with the VPP are recognized as the production volumes are delivered at $1.61 per MMBtu over the contractual term.

Current wording

Amortization of deferred revenue, VPP. Amortization of deferred revenues associated with the VPP remained relatively consistent at $20 million and $19 million for the nine months ended September 30, 2024 and 2025, respectively. Amortization of the deferred revenues associated with the VPP are recognized as the production volumes are delivered at $1.61 per MMBtu over the contractual term.

Previous wording

Lease operating expense. Lease operating expense increased from $30 million, or $0.10 per Mcfe, for the three months ended June 30, 2024 to $37 million, or $0.12 per Mcfe, for the three months ended June 30, 2025, an increase of $7 million primarily due to higher oilfield service and produced water trucking and disposal costs as a result of our completion activity timing during the three months ended June 30, 2025.

Current wording

Lease operating expense. Lease operating expense increased from $88 million, or $0.09 per Mcfe, for the nine months ended September 30, 2024 to $104 million, or $0.11 per Mcfe, for the nine months ended September 30, 2025, an increase of $16 million primarily due to higher oilfield service and workover costs between periods, as well as increased produced water trucking and disposal costs as a result of our completion activity timing during the nine months ended September 30, 2025.

Previous wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense increased from $1.3 billion for the six months ended June 30, 2024 to $1.4 billion for the six months ended June 30, 2025, an increase of $0.1 billion, or 5%. This fluctuation was primarily a result of the following:

Current wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense increased from $2.0 billion for the nine months ended September 30, 2024 to $2.1 billion for the nine months ended September 30, 2025, an increase of $0.1 billion, or 4%. This fluctuation was primarily a result of the following:

Previous wording

Production and ad valorem tax expense. Production and ad valorem taxes decreased from $100 million for the six months ended June 30, 2024 to $90 million for the six months ended June 30, 2025, a decrease of $10 million, or 10%, primarily due to lower ad valorem taxes, partially offset by higher severance taxes as a result of increased natural gas prices during the six months ended June 30, 2025. Production and ad valorem taxes as a percentage of natural gas revenues decreased from 12% for the six months ended June 30, 2024 to 6% for the six months ended June 30, 2025, primarily as a result of lower ad valorem taxes. West Virginia ad valorem taxes in 2024 were based on commodity prices during 2022, and West Virginia ad valorem taxes in 2025 are based on commodity prices during 2023.

Current wording

Production and ad valorem tax expense. Production and ad valorem taxes decreased from $148 million for the nine months ended September 30, 2024 to $119 million for the nine months ended September 30, 2025, a decrease of $29 million, or 19%, primarily due to lower ad valorem taxes, partially offset by higher severance taxes as a result of increased natural gas prices during the nine months ended September 30, 2025. Production and ad valorem taxes as a percentage of natural gas revenues decreased from 12% for the nine months ended September 30, 2024 to 6% for the nine months ended September 30, 2025, primarily as a result of lower ad valorem taxes. West Virginia ad valorem taxes in 2024 were based on commodity prices during 2022, and West Virginia ad valorem taxes in 2025 are based on commodity prices during 2023.

Previous wording

Equity-based compensation expense. Non-cash equity-based compensation expense remained relatively consistent at $33 million and $31 million for the six months ended June 30, 2024 and 2025, respectively. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Current wording

Equity-based compensation expense. Non-cash equity-based compensation expense remained relatively consistent at $49 million and $47 million for the nine months ended September 30, 2024 and 2025, respectively. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Depletion, depreciation and amortization expense. DD&A expense remained relatively consistent at $379 million, or $0.61 per Mcfe, and $374 million, or $0.61 per Mcfe, for the six months ended June 30, 2024 and 2025, respectively.

Current wording

Depletion, depreciation and amortization expense. DD&A expense remained relatively consistent at $568 million, or $0.61 per Mcfe, and $563 million, or $0.61 per Mcfe, for the nine months ended September 30, 2024 and 2025, respectively.