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 September 30, 2025, we held approximately 528,000 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 March 31, 2026, we held approximately 855,000 net acres in the Appalachian Basin.

Previous 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.

Current wording

During the three months ended March 31, 2026, we redeemed the remaining $365 million principal amount of the 2029 Notes at 101.271% of the principal amount thereof, plus accrued and unpaid interest, and the 2029 Notes were fully retired on such date. See Note 7—Long-Term Debt to our unaudited condensed consolidated financial statements for additional information.

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 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.

Current wording

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Benchmark prices for natural gas increased significantly, while benchmark prices for ethane and C3+ NGLs decreased and benchmark prices for oil remained relatively consistent during the three months ended March 31, 2026 as compared to the same period of 2025. As a result of the higher benchmark natural gas prices during the three months ended March 31, 2026, we experienced an increase in price realization for natural gas products, partially offset by the effects of decreased benchmark ethane and C3+ NGLs prices as compared to the three months ended March 31, 2025. 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, Venezuela 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 our 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 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.

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 March 31, 2025 and 2026, 4% and 42%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. Assuming our 2026 production is the same as our production in 2025, approximately 54% of our total production for 2026 is hedged through commodity derivatives, excluding basis swaps. In addition, for the three months ended March 31, 2025 and 2026, zero and 12%, respectively, of our production was hedged with basis swap commodity derivatives. Assuming our 2026 production is the same as our production in 2025, approximately 20% of our total production for 2026 is hedged with basis swap commodity derivatives. As of March 31, 2026, the estimated fair value of our commodity derivative contracts was a net asset of $202 million. See Note 11—Derivative Instruments to our unaudited condensed consolidated financial statements for additional information.

Previous 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.

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 March 31, 2026, Martica had no derivative instruments. See Note 11—Derivative Instruments to our 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 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.

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 2026. 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 1.75% in 2024 and 2025. Annual inflation rates have remained generally consistent at approximately 3% since 2023.

Previous wording

The economy also continues to be impacted by the effects of global events. These events have often caused global supply chain disruptions with additional pressure due to trade sanctions, tariffs, other global trade restrictions and the outbreak of armed conflict, including in the Middle East and Iran, among others. While our supply chain has not experienced any significant interruptions as a result of such events, there can be no assurance that we will not experience interruptions in the future.

Current wording

The economy also continues to be impacted by the effects of global events. These events have often caused global supply chain disruptions with additional pressure due to trade sanctions, tariffs, other global trade restrictions and conflicts, including those in the Middle East and Venezuela, among others. While our supply chain has not experienced any significant interruptions as a result of such events, there can be no assurance that we will not experience interruptions in the future.

Previous wording

We have three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii)marketing and utilization of excess firm transportation capacity; and (iii) midstream services through our equity method investment in Antero Midstream. Revenues from Antero Midstream’s operations were primarily derived from intersegment transactions for services provided to our exploration and production operations by Antero Midstream. All intersegment transactions were eliminated upon consolidation, including revenues from water handling services provided by Antero Midstream, which we capitalized as proved property development costs. Marketing revenues are primarily derived from activities to purchase and sell third-party natural gas and NGLs and to market and utilize excess firm transportation capacity. See Note 16—Reportable Segments to our unaudited condensed consolidated financial statements for additional information.

Current wording

We have three reportable segments: exploration and production, our equity method investment in Antero Midstream and marketing. Revenues from Antero Midstream’s operations were primarily derived from intersegment transactions for services provided to our exploration and production operations by Antero Midstream. All intersegment transactions were eliminated upon consolidation, including revenues from water handling services provided by Antero Midstream, which we capitalized as proved property development costs. Marketing revenues are primarily derived from activities to purchase and sell third-party natural gas and NGLs and to market and utilize excess firm transportation capacity. See Note 16—Reportable Segments to our unaudited condensed consolidated financial statements for additional information.

Previous 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).

Current wording

Natural gas sales. Revenues from sales of natural gas increased from $0.8 billion for the three months ended March 31, 2025 to $1.3 billion for the three months ended March 31, 2026, an increase of $0.5 billion, or 68%, primarily due to an additional $178 million of natural gas revenue attributable to the HG Acquisition properties, as well as higher commodity prices and natural gas production volumes between periods. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended March 31, 2026 accounted for an approximate $367 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 $164 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

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).

Current wording

volumes accounted for an approximate $22 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 $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).

Current wording

Oil sales. Revenues from sales of oil decreased from $50 million for the three months ended March 31, 2025 to $47 million for the three months ended March 31, 2026, a decrease of $3 million, or 7%, primarily due to lower oil prices and production volumes, partially offset by $3 million of oil revenue attributable to the HG Acquisition properties. Lower oil prices, excluding the effects of derivative settlements, accounted for an approximate $2 million decrease in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower oil production volumes accounted for an approximate $1 million decrease in year-over-year oil revenues (calculated as the change in year-to-year volumes times the prior year average price).

Previous 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.

Current wording

Commodity derivative fair value gains (losses). Our commodity derivatives included fixed price swaps, collars, basis swaps and three-way collars, among others. 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. For the three months ended March 31, 2025 and 2026, our commodity hedges resulted in derivative fair value losses of $72 million and fair value gains of $35 million, respectively. For the three months ended March 31, 2025, commodity derivative fair value losses included $11 million of net cash payments for settled derivative losses. For the three months ended March 31, 2026, commodity derivative fair value gains included $165 million of net cash payments for settled derivative losses.

Previous 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.

Current wording

Amortization of deferred revenue, VPP. Amortization of deferred revenues associated with the VPP remained relatively consistent at $6 million for the three months ended March 31, 2025 and 2026. 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 $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.

Current wording

Lease operating expense. Lease operating expense increased from $34 million, or $0.11 per Mcfe, for the three months ended March 31, 2025 to $45 million, or $0.13 per Mcfe, for the three months ended March 31, 2026, an increase of $11 million primarily due to incremental lease operating expense of $6 million related to the HG Acquisition properties and higher wastewater trucking and disposal costs due to the timing of well completions activity between periods.

Previous 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:

Current wording

Production and ad valorem tax expense. Production and ad valorem taxes increased from $55 million for the three months ended March 31, 2025 to $81 million for the three months ended March 31, 2026, an increase of $26 million, or 46%,

Previous 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.

Current wording

primarily due to higher severance taxes as a result of increased natural gas prices during the three months ended March 31, 2026. Production and ad valorem taxes as a percentage of natural gas revenues remained relatively consistent at 7% and 6% for the three months ended March 31, 2025 and 2026, respectively.

Previous 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.

Current wording

General and administrative expense. General and administrative expense (excluding equity-based compensation expense) increased from $47 million for the three months ended March 31, 2025 to $52 million for the three months ended March 31, 2026, an increase of $5 million, or 9%, primarily due to higher salary and wage expense, software license costs and professional service fees between periods. General and administrative expense on a per unit basis (excluding equity-based compensation) remained consistent at$0.15 per Mcfe for the three months ended March 31, 2025 and 2026.

Previous 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.

Current wording

Equity-based compensation expense. Non-cash equity-based compensation expense decreased from $15 million for the three months ended March 31, 2025 to $12 million for the three months ended March 31, 2026, a decrease of $3 million or 23%. This decrease was primarily due to lower RSU award expense of $3 million between periods. 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 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.

Current wording

Depletion, depreciation and amortization expense. DD&A expense increased from $186 million for the three months ended March 31, 2025 to $206 million for the three months ended March 31, 2026, an increase of $20 million, or 11%, primarily due to higher production volumes between periods related to our HG Acquisition properties. On a per-unit basis, DD&A expense remained relatively consistent at $0.61 per Mcfe and $0.60 per Mcfe for the three months ended March 31, 2025 and 2026, respectively.

Previous wording

Impairment of property and equipment. Impairment of oil and gas properties increased from $19 million for the nine months ended September 30, 2024 to $24 million for the nine months ended September 30, 2025, primarily due to higher impairments of expiring leases between periods. 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 decreased from $6 million for the three months ended March 31, 2025 to $1 million for the three months ended March 31, 2026, primarily due to lower impairments of expiring leases between periods. 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 utilize.

Previous 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.

Current wording

Contract termination, loss contingency and settlements. Contract termination, loss contingency and settlements was a gain of $1 million for the three months ended March 31, 2025. Contract termination, loss contingency and settlements was a loss of $12 million for the three months ended March 31, 2026 primarily due to loss contingencies and settlements recorded during the first quarter of 2026. See Note 14—Contingencies to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Net marketing expense increased from $48 million, or $0.05 per Mcfe, for the nine months ended September 30, 2024 to $52 million, or $0.06 per Mcfe, for the nine months ended September 30, 2025, primarily due to higher fuel costs and lower pipeline utilization due to maintenance between periods.

Current wording

Net marketing expense increased from $17 million, or $0.06 per Mcfe, for the three months ended March 31, 2025 to $21 million, or $0.06 per Mcfe, for the three months ended March 31, 2026, primarily due to higher demand fees on certain pipelines and lower pipeline utilization due to maintenance between periods.

Previous 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:

Current wording

M**arketing revenue. Marketing revenue increased from $26 million for the three months ended March 31, 2025 to $42 million for the three months ended March 31, 2026, an increase of $16 million, or 63%. This fluctuation primarily resulted from the following:

Previous 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.

Current wording

*Marketing expense.*Marketing expense increased from $43 million for the three months ended March 31, 2025 to $63 million for the three months ended March 31, 2026, an increase of $20 million, or 46%. 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 oil purchases increased $11 million between periods, primarily due to higher oil marketing volumes during the three months ended March 31, 2026. Firm transportation costs increased $9 million between periods primarily due to lower pipeline utilization as a result of higher pricing in the Appalachian Basin and a pipeline force majeure during the three months ended March 31, 2026.

Previous wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $819 million for the nine months ended September 30, 2024 to $891 million for the nine months ended September 30, 2025, an increase of $72 million. This increase is primarily due to higher gathering and processing revenues of $45 million and higher water handling revenues of $27 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%, higher fresh water delivery volumes and increased blending cost of service fees and volumes during the nine months ended September 30, 2025, as well as an increase to the fresh water delivery rate as a result of the annual CPI-based rate adjustment between periods.

Current wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $291 million for the three months ended March 31, 2025 to $314 million for the three months ended March 31, 2026, an increase of $23 million. This increase is primarily due to higher gathering and processing revenues of $21 million and higher water handling revenues of $2 million. The increased gathering and processing revenues between periods is primarily due to the HG Acquisition and increased gathering rates as a result of annual CPI-based adjustments. The increased water handling revenues between periods is primarily due to higher blending cost of service fees, increased volumes and costs for wastewater trucking and disposal volumes, a higher fresh water delivery fee as a result of an annual CPI-based adjustment and fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the three months ended March 31, 2026, partially offset by decreased fresh water delivery volumes between periods due to the timing and location of our completions activity.

Previous 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.

Current wording

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment increased from $114 million for the three months ended March 31, 2025 to $126 million for the three months ended March 31, 2026, an increase of $12 million. This increase is primarily due to higher direct operating expenses as a result of increased gathering volumes between periods related to the HG Acquisition and fresh water delivery services on our acreage acquired in the HG Acquisition, as well as increased wastewater trucking and disposal volumes and higher blending costs between periods.

Previous wording

Loss on early extinguishment of debt. During the nine 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. During the nine months ended September 30, 2025, we recognized a loss on early debt extinguishment of $4 million related to the redemption of 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, and the repurchase of $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 more information.

Current wording

Loss on early extinguishment of debt. During the three months ended March 31, 2025, we recognized a loss on early debt extinguishment of $3 million primarily related to the redemption of 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. During the three months ended March 31, 2026, we recognized a loss on early debt extinguishment of $7 million related to the redemption of the remaining $365 million principal amount of our 2029 Notes at 101.271% of the principal amount thereof, plus accrued and unpaid interest. See Note 7—Long-Term Debt to our unaudited condensed consolidated financial statements for more information.

Previous wording

Income tax expense (benefit). For the nine months ended September 30, 2024, we recognized an income tax benefit of $14 million, with an effective tax rate of 18%, related to our loss before income taxes of $79 million. For the nine months ended September 30, 2025, we recognized income tax expense of $146 million, with an effective tax rate of 24%, related to our income before income taxes of $618 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 expense. For the three months ended March 31, 2025, we recognized an income tax expense of $54 million, with an effective tax rate of 20%, related to our income before income taxes of $274 million. For the three months ended March 31, 2026, we recognized income tax expense of $146 million, with an effective tax rate of 21%, related to our income before income taxes of $694 million.

Previous wording

Our primary sources of liquidity have been through net cash provided by operating activities, borrowings under our Credit Facility, issuances of debt and equity securities and additional contributions from our asset sales, including our drilling partnerships. Our primary use of cash has been for the exploration, development and acquisition of oil and natural gas properties. As we develop our reserves, we continually monitor what capital resources, including equity and debt financings, are available to meet our future financial obligations, planned capital expenditure activities and liquidity requirements. Our

Current wording

Our primary sources of liquidity have been through net cash provided by operating activities, borrowings under our Credit Facility and Term Loan, issuances of debt and equity securities and additional contributions from our asset sales, including our drilling partnerships. Our primary use of cash has been for the exploration, development and acquisition of oil and natural gas properties. As we develop our reserves, we continually monitor what capital resources, including equity and debt financings, are available to meet our future financial obligations, planned capital expenditure activities and liquidity requirements. Our future success in developing our proved reserves and production will be highly dependent on net cash provided by operating activities and the capital resources available to us.

Previous wording

Operating activities. Net cash provided by operating activities was $571 million and $1.3 billion for the nine months ended September 30, 2024 and 2025, respectively. Net cash provided by operating activities increased between periods primarily due to higher natural gas revenues, lower ad valorem taxes, lower interest expense and changes in working capital, partially offset by lower oil revenues between periods and higher lease operating, gathering, compression, processing and transportation expenses during the nine months ended September 30, 2025.

Current wording

Operating activities. Net cash provided by operating activities was $458 million and $859 million for the three months ended March 31, 2025 and 2026, respectively. Net cash provided by operating activities increased between periods primarily due to higher natural gas revenues and changes in working capital, partially offset by lower NGLs and oil revenues, higher lease operating, gathering, compression, processing, transportation and marketing and production and ad valorem taxes between periods.

Previous wording

Investing activities. Net cash used in investing activities increased from $588 million for the nine months ended September 30, 2024 to $854 million for the nine months ended September 30, 2025, primarily due to asset acquisitions during the third quarter of 2025 of $241 million and increased drilling and leasing activity of $35 million between periods, partially offset by higher proceeds from asset sales and trades of $8 million between periods primarily due to oil and gas property trades during the nine months ended September 30, 2025.

Current wording

Investing activities. Net cash used in investing activities increased from $208 million for the three months ended March 31, 2025 to $2.3 billion for the three months ended March 31, 2026, primarily due to cash paid for our HG Acquisition of $2.8 billion during the three months ended March 31, 2026, increased drilling activity of $9 million between periods and acquisitions of oil and gas properties during the three months ended March 31, 2026 of $8 million, partially offset by proceeds from the Utica Shale Divestiture of $737 million during the three months ended March 31, 2026 and decreased oil and gas leasing activity of $13 million between periods.

Previous wording

*Financing activities.*Net cash provided by financing activities was $17 million for the nine months ended September 30, 2024. Net cash used in financing activities was $406 million for the nine months ended September 30, 2025. The increase in net cash used in financing activities between periods is primarily due to higher net repayments on our Credit Facility of $155 million, redemptions and repurchases of $142 million principal amount of our Senior Notes during the nine months ended September 30, 2025, share repurchases of $136 million during the nine months ended September 30, 2025, partially offset by lower payment of debt issuance costs for our Unsecured Credit Facility of $5 million and lower distributions to the noncontrolling interests in Martica of $5 million between periods.

Current wording

*Financing activities.*Net cash used in financing activities was $250 million for the three months ended March 31, 2025. Net cash provided by financing activities was $1.2 billion for the three months ended March 31, 2026. The increase in net cash provided by financing activities between periods is primarily due to borrowings to fund our HG Acquisition on the Term Loan of $1.5 billion and the issuance of our 2036 Notes of $750 million, partially offset by higher net repayments on our Credit Facility of $277 million between periods, repayments on the Term Loan of $236 million for the three months ended March 31, 2026, higher repayments and redemptions of our senior notes of $252 million between periods, and increased payments of employee tax withholdings for the settlement of equity-based compensation awards of $18 million between periods.

Previous wording

On February 12, 2025, we announced a net capital budget for 2025 of $725 million to $800 million that included a range of $650 million to $700 million for drilling and completion and $75 million to $100 million for leasehold expenditures. During the nine months ended September 30, 2025, we decreased our drilling and completion budget range to $650 million to $675 million to reflect our operational efficiencies, and we increased our leasehold expenditures budget range to $125 million to $150 million to expand our acreage position in the Marcellus Shale in West Virginia. Our revised net capital budget for 2025 is $775 million to $825 million. We do not budget for acquisitions. During 2025, we plan to complete 60 to 65 net horizontal wells in the Appalachian Basin. We periodically review our capital expenditures and adjust our budget and its allocation based on liquidity, drilling results, leasehold acquisition opportunities and commodity prices.

Current wording

capital that is dependent on commodity prices. Our capital budget reflects the closing of the HG Acquisition on February 3, 2026 and closing of the Utica Shale Divestiture on February 23, 2026. We do not budget for acquisitions. During 2026, we plan to complete 70 to 80 net horizontal wells in the Appalachian Basin. We periodically review our capital expenditures and adjust our budget and its allocation based on liquidity, drilling results, leasehold acquisition opportunities and commodity prices.

Previous wording

For the three months ended September 30, 2025, our total consolidated capital expenditures were $217 million, including drilling and completion costs of $172 million, leasehold acquisitions of $42 million and other capital expenditures of $3 million. For the nine months ended September 30, 2025, our total consolidated capital expenditures were $604 million, including drilling and completion costs of $500 million, leasehold acquisitions of $98 million and other capital expenditures of

Current wording

For the three months ended March 31, 2026, our total consolidated capital expenditures were $252 million, including drilling and completion costs of $222 million, leasehold acquisitions of $25 million, and other capital expenditures of $5 million.

Previous wording

Based on future prices as of September 30, 2025, the estimated undiscounted future net cash flows exceeded the carrying amount and no further evaluation was required. We have not recorded any impairment expenses associated with our proved properties during the nine months ended September 30, 2024 and 2025.

Current wording

Based on future prices as of March 31, 2026, the estimated undiscounted future net cash flows exceeded the carrying amount and no further evaluation was required. We have not recorded any impairment expenses associated with our proved properties during the three months ended March 31, 2025 and 2026.

Previous wording

See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements for information on new accounting pronouncements.

Current wording

See Note 2—Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements for information on new accounting pronouncements.

Previous wording

See Note 13—Commitments to the unaudited condensed consolidated financial statements for information on off balance sheet arrangements.

Current wording

See Note 13—Commitments to our unaudited condensed consolidated financial statements for information on off balance sheet arrangements.