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, 2026, we held approximately 858,000 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, 2026, we held approximately 866,000 net acres in the Appalachian Basin.

Previous wording

On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Production for total cash consideration of $2.8 billion, subject to the terms and conditions thereof. The HG Acquisition included approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia. This acquisition closed on the Closing Date. The HG Acquisition was funded with borrowings under the Term Loan, net proceeds of the 2036 Notes, borrowings under the Credit Facility and restricted cash. See Note 3—Transactions to our unaudited condensed consolidated financial statements for additional information. The Company’s condensed consolidated statement of operations for the six months ended June 30, 2026 included results of operations from the assets and operations acquired in the HG Acquisition from the Closing Date through June 30, 2026.

Current wording

On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Production for total cash consideration of $2.8 billion, subject to the terms and conditions thereof. The HG Acquisition included approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia. This acquisition closed on the Closing Date. The HG Acquisition was funded with borrowings under the Term Loan, net proceeds of the 2036 Notes, borrowings under the Credit Facility and restricted cash. See Note 3—Transactions to our unaudited condensed consolidated financial statements for additional information. The Company’s unaudited condensed consolidated statement of operations for the nine months ended September 30, 2026 included results of operations from the assets and operations acquired in the HG Acquisition from the Closing Date through September 30, 2026.

Previous wording

On May 1, 2026, Sixth Street achieved its Hurdle for Martica. As such, beginning May 1, 2026, 85% of the distributions in respect of the ORRIs to which Sixth Street was entitled immediately prior to the Hurdle being achieved reverted to us. On June 30, 2026, we elected to dissolve Martica and make in-kind liquidating distributions to Sixth Street and ourselves, which included conveyance of the ORRIs to Sixth Street and Antero Resources after giving effect to the Reversion, after which Martica was deconsolidated for our condensed consolidated financial statements. On July 1, 2026, after the deconsolidation of Martica, our condensed consolidated financial statements will reflect the ORRIs conveyed to us by Martica after giving effect to the Reversion, including the related earnings and cash flows. See Note 2—Summary of Significant Accounting Policies for additional information.

Current wording

On May 1, 2026, Sixth Street achieved its Hurdle for Martica. As such, beginning May 1, 2026, 85% of the distributions in respect of the ORRIs to which Sixth Street was entitled immediately prior to the Hurdle being achieved reverted to us. On June 30, 2026, we elected to dissolve Martica and make in-kind liquidating distributions to Sixth Street and ourselves, which included conveyance of the ORRIs to Sixth Street and Antero Resources after giving effect to the Reversion, after which Martica was deconsolidated for our unaudited condensed consolidated financial statements. Beginning July 1, 2026, after the deconsolidation of Martica, our unaudited condensed consolidated financial statements reflect the ORRIs conveyed to us by Martica after giving effect to the Reversion, including the related earnings and cash flows. See Note 2—Summary of Significant Accounting Policies for additional information.

Previous wording

On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, we entered into an unsecured three year term loan facility in an aggregate principal amount of $1.5 billion with the lenders party thereto and Royal Bank of Canada, as administrative agent. Borrowings are unsecured and are not guaranteed by any of our subsidiaries. On February 3, 2026, we borrowed $1.5 billion in a single borrowing to partially fund the HG Acquisition. The Term Loan is scheduled to mature on February 3, 2029. As of June 30, 2026, we have $1.1 billion outstanding on the Term Loan. See Note 3—Transactions and Note 7—Debt to our unaudited condensed consolidated financial statements for additional information.

Current wording

On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, we entered into an unsecured three year term loan facility in an aggregate principal amount of $1.5 billion with the lenders party thereto and Royal Bank of Canada, as administrative agent. Borrowings are unsecured and are not guaranteed by any of our subsidiaries. On February 3, 2026, we borrowed $1.5 billion in a single borrowing to partially fund the HG Acquisition. The Term Loan is scheduled to mature on February 3, 2029. As of September 30, 2026, we have $1.0 billion outstanding on the Term Loan. See Note 3—Transactions and Note 7—Debt to our 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, 2026, we repurchased approximately 1.1 million shares of our common stock at a total cost of $38 million through our share repurchase program. As of June 30, 2026, we have approximately $877 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. During the three and nine months ended September 30, 2026, we repurchased approximately 2 million and approximately 3 million shares of our common stock, respectively, at a total cost of $56 million and $94 million, respectively, through our share repurchase program. As of September 30, 2026, we have approximately $821 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 C3+ NGLs and oil increased significantly, while benchmark prices for natural gas and ethane decreased during the three months ended June 30, 2026 as compared to the same period of 2025. Benchmark prices for natural gas and oil increased significantly, while benchmark prices for ethane decreased and C3+ NGLs remained consistent during the six months ended June 30, 2026 as compared to the same period of 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.

Current wording

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Benchmark prices for ethane, C3+ NGLs and oil increased while benchmark prices for natural gas decreased during the three months ended September 30, 2026 as compared to the same period of 2025. Benchmark prices for natural gas, C3+ NGLs and oil increased while benchmark prices for ethane decreased during the nine months ended September 30, 2026 as compared to the same period of 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 June 30, 2025 and 2026, 4% and 47%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. For the six months ended June 30, 2025 and 2026, 4% and 44%, 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 and six months ended June 30, 2026, 18% and 15%, respectively, of our production was hedged with basis swap commodity derivatives. We did not have any basis swap commodity derivatives for the three and six months ended June 30, 2025. 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 June 30, 2026, the estimated fair value of our commodity derivative contracts was a net asset of $228 million. See Note 11—Derivative Instruments to our 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, 2025 and 2026, 4% and 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. For the nine months ended September 30, 2025 and 2026, 4% and 44%, respectively, of our production was hedged through commodity derivatives, excluding basis swaps. Assuming our 2026 and 2027 production is the same as our production in 2025, approximately 54% and 35%, respectively, of our total production for such years is hedged through commodity derivatives, excluding basis swaps. In addition, for the three and nine months ended September 30, 2026, 18% and 16%, respectively, of our production was hedged with basis swap commodity derivatives. We did not have any basis swap commodity derivatives for the three and nine months ended September 30, 2025. Assuming our 2026 and 2027 production is the same as our production in 2025, approximately 20% and 15%, respectively of our total production for such years is hedged with basis swap commodity derivatives. As of September 30, 2026, the estimated fair value of our commodity derivative contracts was a net asset of $284 million. 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 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.

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% over that time. As a result, in September 2026, the Federal Reserve increased the federal funds rate by 0.25% in an effort to reach its stated goal for inflation of 2%.

Previous wording

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.

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

Natural gas sales. Revenues from sales of natural gas remained relatively consistent at $689 million and $688 million for the three months ended June 30, 2025 and 2026, respectively, primarily due to $143 million of natural gas sales revenue attributable to the HG Acquisition properties and higher natural gas production volumes between periods, partially offset by the Utica Shale Divestiture and lower natural gas commodity prices between periods. Higher natural gas production volumes accounted for an approximate $190 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). Lower commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2026 accounted for an approximate $189 million decrease in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes).

Current wording

Natural gas sales. Revenues from sales of natural gas increased from $631 million for the three months ended September 30, 2025 to $703 million for the three months ended September 30, 2026, an increase of $72 million, or 11%, primarily due to $150 million of natural gas sales revenue attributable to the HG Acquisition properties and higher natural gas production volumes between periods, partially offset by the Utica Shale Divestiture and lower natural gas commodity prices between periods. Higher natural gas production volumes accounted for an approximate $204 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). Lower commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2026 accounted for an approximate $132 million decrease in year-over-year natural gas sales revenue (calculated as the change in the year-to-year average price times current year production volumes).

Previous wording

NGLs sales. Revenues from sales of NGLs increased from $481 million for the three months ended June 30, 2025 to $588 million for the three months ended June 30, 2026, an increase of $107 million, or 22%, primarily due to an additional $38 million of NGLs revenue attributable to the HG Acquisition properties and higher NGLs commodity prices and production volumes between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2026 accounted for an approximate $80 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher NGLs production volumes accounted for an approximate $27 million increase in year-over-year revenues (calculated as the change in year-to-year volumes times the prior year average price).

Current wording

NGLs sales. Revenues from sales of NGLs increased from $470 million for the three months ended September 30, 2025 to $580 million for the three months ended September 30, 2026, an increase of $110 million, or 23%, primarily due to an additional $47 million of NGLs revenue attributable to the HG Acquisition properties and higher NGLs commodity prices and production volumes between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2026 accounted for an approximate $70 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher NGLs production volumes accounted for an approximate $40 million increase in year-over-year 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 increased from $34 million for the three months ended June 30, 2025 to $60 million for the three months ended June 30, 2026, an increase of $26 million, or 77%, primarily due to an additional $10 million of oil revenue attributable to the HG Acquisition properties and higher oil commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended June 30, 2026 accounted for an approximate $22 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes during the three months ended June 30, 2026 accounted for an approximate $4 million increase 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 increased from $31 million for the three months ended September 30, 2025 to $45 million for the three months ended September 30, 2026, an increase of $14 million, or 43%, primarily due to an additional $8 million of oil revenue attributable to the HG Acquisition properties and higher oil commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher commodity prices (excluding the effects of derivative settlements) during the three months ended September 30, 2026 accounted for an approximate $13 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes during the three months ended September 30, 2026 accounted for an approximate $1 million increase 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 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 June 30, 2025 and 2026, our commodity hedges resulted in derivative fair value gains of $53 million and $161 million, respectively. For the three months ended June 30, 2025, commodity derivative fair value gains included $6 million of net cash payments for settled commodity derivative losses. For the three months ended June 30, 2026, commodity derivative fair value gains included $134 million of net cash proceeds for settled derivative gains.

Current wording

Commodity derivative fair value gains. 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 September 30, 2025 and 2026, our commodity hedges resulted in derivative fair value gains of $39 million and $189 million, respectively. For the three months ended September 30, 2025, commodity derivative fair value gains included $2 million of net cash payments for settled commodity derivative losses. For the three months ended September 30, 2026, commodity derivative fair value gains included $136 million of net cash proceeds for settled derivative gains.

Previous wording

Lease operating expense. Lease operating expense per Mcfe increased 8% from $0.12 per Mcfe for the three months ended June 30, 2025 to $0.13 per Mcfe for the three months ended June 30, 2026 primarily due to higher wastewater trucking and disposal costs due to the timing of well completions activity between periods. Lease operating expense increased from $37 million for the three months ended June 30, 2025 to $48 million for the three months ended June 30, 2026, an increase of $11 million, or 29%, primarily due to incremental expense of $8 million related to the HG Acquisition properties and higher wastewater trucking and disposal costs due to the timing of well completions activity between periods, partially offset by the Utica Shale Divestiture.

Current wording

Lease operating expense. Lease operating expense per Mcfe increased 10% from $0.10 per Mcfe for the three months ended September 30, 2025 to $0.11 per Mcfe for the three months ended September 30, 2026 primarily due to higher wastewater trucking and disposal costs due to the timing of well completions activity and increased workover costs between periods.

Previous wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 12% from $2.25 per Mcfe for the three months ended June 30, 2025 to $1.99 per Mcfe, for the three months ended June 30, 2026 primarily due to the HG Acquisition properties that have a lower compression, processing and transportation costs. Gathering, compression, processing and transportation expense increased from $702 million for the three months ended June 30, 2025 to $748 million for the three months ended June 30, 2026, an increase of $46 million, or 7%, primarily due to incremental expense of $70 million related to the HG Acquisition properties and higher production volumes between periods, partially offset the Utica Shale Divestiture. The fluctuation of our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Current wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 17% from $2.25 per Mcfe for the three months ended September 30, 2025 to $1.86 per Mcfe for the three months ended September 30, 2026 primarily due to the HG Acquisition properties that have lower compression, processing and transportation costs and certain commercial arrangements related to our firm transportation commitments due to strong end-user demand for our natural gas firm transportation capacity. The decrease in our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Previous wording

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained consistent at 5% for the three months ended June 30, 2025 and 2026. Production and ad valorem taxes increased from $35 million for the three months ended June 30, 2025 to $38 million for the three months ended June 30, 2026, an increase of $3 million, or 8%, primarily due to incremental expense of $6 million related to the HG Acquisition properties and higher production volumes between periods, partially offset by the Utica Shale Divestiture and lower natural gas prices during the three months ended June 30, 2026.

Current wording

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained relatively consistent at 5% and 4% for the three months ended September 30, 2025 and 2026, respectively.

Previous wording

General and administrative expense. General and administrative expense (excluding equity-based compensation expense) per Mcfe decreased 8% from $0.13 per Mcfe for the three months ended June 30, 2025 to $0.12 per Mcfe for the three months ended June 30, 2026 primarily due to higher production volumes from our HG Acquisition, partially offset by higher overall general and administrative costs between periods. General and administrative expense (excluding equity-based compensation expense) increased from $41 million for the three months ended June 30, 2025 to $45 million for the three months ended June 30, 2026, an increase of $4 million, or 8%, primarily due to higher salary and wage expense, software license costs and professional service fees between periods.

Current wording

General and administrative expense. General and administrative expense (excluding equity-based compensation expense) per Mcfe decreased 15% from $0.13 per Mcfe for the three months ended September 30, 2025 to $0.11 per Mcfe for the three months ended September 30, 2026 primarily due to higher production volumes between periods and synergies related to the HG Acquisition.

Previous wording

Depletion, depreciation and amortization expense (“DD&A expense”). DD&A expense per Mcfe remained relatively consistent at $0.60 per Mcfe and $0.61 per Mcfe for the three months ended June 30, 2025 and 2026, respectively. DD&A expense increased from $188 million for the three months ended June 30, 2025 to $227 million for the three months ended June 30, 2026, an increase of $39 million, or 21%, primarily due to higher production volumes between periods related to our HG Acquisition properties, partially offset by the Utica Shale Divestiture.

Current wording

Depletion, depreciation and amortization expense (“DD&A expense”). DD&A expense per Mcfe remained relatively consistent at $0.60 per Mcfe and $0.62 per Mcfe for the three months ended September 30, 2025 and 2026, respectively.

Previous wording

Net marketing expense decreased from $0.06 per Mcfe, or $18 million, for the three months ended June 30, 2025 to $0.04 per Mcfe, or $16 million, for the three months ended June 30, 2026, primarily due to higher pipeline utilization and lower fuel costs between periods, partially offset by higher demand fees on certain pipelines.

Current wording

Net marketing expense per Mcfe decreased from $0.05 per Mcfe for the three months ended September 30, 2025 to $0.04 per Mcfe for the three months ended September 30, 2026, primarily due to higher margins on our oil marketing volumes and lower fuel costs between periods, partially offset by higher demand fees on certain pipelines.

Previous wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $305 million for the three months ended June 30, 2025 to $327 million for the three months ended June 30, 2026, an increase of $22 million. This increase is primarily due to higher gathering and processing revenues of $18 million and higher water handling revenues of $4 million. The increased gathering and processing revenues between periods is primarily due to higher low pressure gathering and compression volumes from the HG Acquisition and 80 wells connected to their system between periods and increased gathering and centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to their system between periods. The increased water handling revenues between periods is primarily due to fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the three months ended June 30, 2026, as well as higher blending cost of service fees, increased costs for wastewater trucking and disposal volumes 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 $295 million for the three months ended September 30, 2025 to $327 million for the three months ended September 30, 2026, an increase of $32 million. This increase is primarily due to higher gathering and processing revenues and water handling revenues of $21 million and $16 million, respectively, between periods, partially offset by higher amortization of customer relationship of $5 million between periods. The increased gathering and processing revenues between periods is primarily due to higher low pressure gathering and compression volumes from the HG Acquisition and 86 wells connected to their system between periods and increased gathering and centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to their system between periods. The increased water handling revenues between periods is primarily due to fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the three months ended September 30, 2026, as well as higher blending volumes and cost of service fees, increased costs for wastewater trucking and disposal volumes 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 $233 million for the six months ended June 30, 2025 to $271 million for the six months ended June 30, 2026, an increase of $38 million. This increase is primarily due to higher direct operating expenses as a result of increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition, fresh water delivery services on our acreage acquired in the HG Acquisition and increased wastewater trucking and disposal volumes and higher blending costs between periods, partially offset by the Utica Shale Divestiture.

Current wording

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment, excluding the gain on litigation, increased from $114 million for the three months ended September 30, 2025 to $147 million for the three months ended September 30, 2026, an increase of $33 million. This increase is primarily due to increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition and fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3%, partially offset by the Utica Shale Divestiture. In addition, operating expenses during the three months ended September 30, 2026 include a gain on litigation of $377 million related to the receipt of damages, interest and attorneys’ fees from Veolia Water Technologies, Inc. for the Antero Clearwater Facility legal matter that concluded during the three months ended September 30, 2026.

Previous wording

Interest expense. Interest expense increased from $20 million for the three months ended June 30, 2025 to $38 million for the three months ended June 30, 2026, an increase of $18 million, or 88%, primarily due to borrowings to fund our HG Acquisition under the Term Loan and issuance of the 2036 Notes during the first quarter of 2026, partially offset by the redemption of the 2029 Notes on February 24, 2026 and lower Credit Facility borrowings and rates between periods. See Note 7—Debt to the unaudited condensed consolidated financial statements for more information.

Current wording

Interest expense. Interest expense increased from $18 million for the three months ended September 30, 2025 to $38 million for the three months ended September 30, 2026, an increase of $20 million, primarily due to borrowings to fund the HG Acquisition under the Term Loan, issuance of the 2036 Notes during the first quarter of 2026 and borrowings on our Commercial Paper Program, partially offset by the redemption of the 2029 Notes on February 24, 2026 and lower Credit Facility borrowings and rates between periods. See Note 7—Debt to the unaudited condensed consolidated financial statements for more information.

Previous wording

Income tax expense. Income tax expense increased from $48 million, with an effective tax rate of 22%, for the three months ended June 30, 2025 to $79 million, with an effective tax rate of 22%, for the three months ended June 30, 2026 primarily due to the increase in income before income taxes between periods.

Current wording

Income tax expense. Income tax expense increased from $43 million, with an effective tax rate of 34%, for the three months ended September 30, 2025 to $96 million, with an effective tax rate of 21%, for the three months ended September 30, 2026 primarily due to the increase in income before income taxes between periods. The decrease in the effective tax rate between periods was primarily due to the effects of noncontrolling interests and stock compensation expense.

Previous wording

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2026

Current wording

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2026

Previous wording

Natural gas sales. Revenues from sales of natural gas increased from $1.5 billion for the six months ended June 30, 2025 to $2.0 billion for the six months ended June 30, 2026, an increase of $0.5 billion, or 36%, primarily due to an additional $321 million of natural gas revenue attributable to the HG Acquisition properties and higher natural gas production volumes and commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher natural gas production volumes accounted for an approximate $358 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). Higher commodity prices (excluding the effects of derivative settlements) during the six months ended June 30, 2026 accounted for an approximate $173 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).

Current wording

Natural gas sales. Revenues from sales of natural gas increased from $2.1 billion for the nine months ended September 30, 2025 to $2.7 billion for the nine months ended September 30, 2026, an increase of $0.6 billion, or 29%, primarily due to an additional $471 million of natural gas revenue attributable to the HG Acquisition properties and higher natural gas production volumes and commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher natural gas production volumes accounted for an approximate $568 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). Higher commodity prices (excluding the effects of derivative settlements) during the nine months ended September 30, 2026 accounted for an approximate $35 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).

Previous wording

NGLs sales. Revenues from sales of NGLs increased from $1.0 billion for the six months ended June 30, 2025 to $1.1 billion for the six months ended June 30, 2026, an increase of $0.1 billion, or 5%, primarily due to an additional $54 million of NGLs revenue attributable to the HG Acquisition properties, higher NGLs production volumes and higher ethane commodity prices between periods, partially offset by the Utica Shale Divestiture and lower C3+ NGLs commodity prices during the six months ended June 30, 2026. Higher NGLs production volumes during the six months ended June 30, 2026 accounted for an approximate $49 million increase 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 six months ended June 30, 2026 accounted for an approximate $14 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes). Lower C3+ NGLs commodity prices (excluding the effects of derivative settlements) during the six months ended June 30, 2026 accounted for an approximate $13 million decrease in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes).

Current wording

NGLs sales. Revenues from sales of NGLs increased from $1.5 billion for the nine months ended September 30, 2025 to $1.7 billion for the nine months ended September 30, 2026, an increase of $0.2 billion, or 10%, primarily due to an additional $101 million of NGLs revenue attributable to the HG Acquisition properties and higher NGLs production volumes and commodity prices between periods, partially offset by the Utica Shale Divestiture. Higher NGLs production volumes during the nine months ended September 30, 2026 accounted for an approximate $90 million increase in year-over-year NGLs revenues (calculated as the change in year-to-year volumes times the prior year average price). Higher NGLs commodity prices (excluding the effects of derivative settlements) during the nine months ended September 30, 2026 accounted for an approximate $69 million increase in year-over-year revenues (calculated as the change in the year-to-year average price times current year production volumes).

Previous wording

Oil sales. Revenues from sales of oil increased from $84 million for the six months ended June 30, 2025 to $106 million for the six months ended June 30, 2026, an increase of $22 million, or 26%, primarily due to an additional $12 million of oil revenue attributable to the HG Acquisition properties and higher oil prices between periods, partially offset by the Utica Shale Divestiture. Higher oil prices (excluding the effects of derivative settlements) accounted for an approximate $19 million increase in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes accounted for an approximate $3 million increase 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 increased from $115 million for the nine months ended September 30, 2025 to $151 million for the nine months ended September 30, 2026, an increase of $36 million, or 31%, primarily due to an additional $21 million of oil revenue attributable to the HG Acquisition properties and higher oil prices and production volumes between periods, partially offset by the Utica Shale Divestiture. Higher oil prices (excluding the effects of derivative settlements) accounted for an approximate $32 million increase in year-over-year oil revenues (calculated as the change in the year-to-year average price times current year production volumes). Higher oil production volumes accounted for an approximate $4 million increase 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 (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 six months ended June 30, 2025 and 2026, our commodity hedges resulted in derivative fair value losses of $18 million and fair value gains of $196 million, respectively. For the six months ended June 30, 2025, commodity derivative fair value losses included $17 million of net cash payments for settled derivative losses. For the six months ended June 30, 2026, commodity derivative fair value gains included $31 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 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 nine months ended September 30, 2025 and 2026, our commodity hedges resulted in derivative fair value gains of $21 million and $384 million, respectively. For the nine months ended September 30, 2025, commodity derivative fair value gains included $19 million of net cash payments for settled derivative losses. For the nine months ended September 30, 2026, commodity derivative fair value gains included $105 million of net cash proceeds for settled derivative gains.

Previous wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 6% from $2.26 per Mcfe for the six months ended June 30, 2025 to $2.13 per Mcfe for the six months ended June 30, 2026 primarily due to the HG Acquisition properties that have a lower compression, processing and transportation costs. Gathering, compression, processing and transportation expense increased from $1.4 billion for the six months ended June 30, 2025 to $1.5 billion for the six months ended June 30, 2026, an increase of $0.1 billion, or 10%, primarily due to incremental expense of $109 million related to the HG Acquisition properties and higher production volumes between periods, partially offset the Utica Shale Divestiture. The fluctuation of our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Current wording

Gathering, compression, processing and transportation expense. Gathering, compression, processing and transportation expense per Mcfe decreased 9% from $2.25 per Mcfe for the nine months ended September 30, 2025 to $2.04 per Mcfe for the nine months ended September 30, 2026 primarily due to the HG Acquisition properties that have a lower compression, processing and transportation costs and certain commercial arrangements related to our firm transportation commitments due to strong end-user demand for our natural gas firm transportation capacity. The decrease in our gathering, compression, processing and transportation expense on a per unit basis was primarily a result of the following:

Previous wording

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained consistent at 6% for each of the six months ended June 30, 2025 and 2026. Production and ad valorem taxes increased from $90 million for the six months ended June 30, 2025 to $119 million for the six months ended June 30, 2026, an increase of $29 million, or 32%, primarily due to higher natural gas prices between periods and incremental expense of $15 million related to the HG Acquisition properties, partially offset by the Utica Shale Divestiture.

Current wording

Production and ad valorem tax expense. Production and ad valorem taxes as a percentage of natural gas revenues remained consistent at 6% for each of the nine months ended September 30, 2025 and 2026.

Previous wording

General and administrative expense. General and administrative expense (excluding equity-based compensation) per Mcfe decreased 7% from $0.14 per Mcfe for the six months ended June 30, 2025 to $0.13 per Mcfe for the six months ended June 30, 2026 primarily due to increased production volumes related to our HG Acquisition, partially offset by higher overall general and administrative costs between periods. General and administrative expense (excluding equity-based compensation expense) increased from $89 million for the six months ended June 30, 2025 to $96 million for the six months ended June 30, 2026, an increase of $7 million, or 8%, primarily due to higher salary and wage expense, software license costs and professional service fees between periods.

Current wording

General and administrative expense. General and administrative expense (excluding equity-based compensation) per Mcfe decreased 7% from $0.14 per Mcfe for the nine months ended September 30, 2025 to $0.13 per Mcfe for the nine months ended September 30, 2026 primarily due to higher production volumes between periods and synergies related to the HG Acquisition.

Previous wording

Depletion, depreciation and amortization expense. DD&A expense per Mcfe remained relatively consistent at $0.61 per Mcfe and $0.60 per Mcfe for the six months ended June 30, 2025 and 2026, respectively. DD&A expense increased from $374 million for the six months ended June 30, 2025 to $433 million for the six months ended June 30, 2026, an increase of $59 million, or 16%, primarily due to higher production volumes between periods related to our HG Acquisition properties, partially offset by the Utica Shale Divestiture.

Current wording

Depletion, depreciation and amortization expense. DD&A expense per Mcfe remained consistent at $0.61 per Mcfe for the nine months ended September 30, 2025 and 2026.

Previous wording

Gain on sale of assets. Gain on sale of assets was less than $1 million for the six months ended June 30, 2025. Gain on sale of assets was $61 million for the six months ended June 30, 2026 primarily due to the Utica Shale Divestiture that closed on February 23, 2026. See Note 3—Transactions to the unaudited condensed consolidated financial statements for additional information.

Current wording

Loss (gain) on sale of assets. Loss on sale of assets was less than $1 million for the nine months ended September 30, 2025. Gain on sale of assets was $62 million for the nine months ended September 30, 2026 is primarily due to the Utica Shale Divestiture that closed on February 23, 2026. See Note 3—Transactions to the unaudited condensed consolidated financial statements for additional information.

Previous wording

Net marketing expense decreased from $0.06 per Mcfe for the six months ended June 30, 2025 to $0.05 per Mcfe for the six months ended June 30, 2026, primarily due higher production volumes from our HG Acquisition, partially offset by higher net marketing expense between periods. Net marketing expense increased from $35 million for the six months ended June 30, 2025 to $37 million for the six months ended June 30, 2026 primarily due to higher demand fees on certain pipelines and lower pipeline utilization due to maintenance between periods.

Current wording

Net marketing expense decreased from $0.06 per Mcfe for the nine months ended September 30, 2025 to $0.05 per Mcfe for the nine months ended September 30, 2026, primarily due to higher production volumes from the HG Acquisition.

Previous wording

Marketing expense. Marketing expense increased from $52 million for the three months ended June 30, 2025 to $72 million for the three months ended June 30, 2026, an increase of $20 million, or 39%. 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 purchases increased $23 million between periods primarily due to higher oil marketing prices and volumes during the three months ended June 30, 2026, partially offset by lower natural gas marketing volumes during the three months ended June 30, 2026. Firm transportation costs decreased $3 million between periods primarily due to higher pipeline utilization between periods and lower fuel costs during the three months ended June 30, 2026.

Current wording

*Marketing expense.*Marketing expense increased from $146 million for the nine months ended September 30, 2025 to $190 million for the nine months ended September 30, 2026, an increase of $44 million, or 31%. 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 purchases increased $36 million between periods primarily due to higher oil marketing prices and volumes during the nine months ended September 30, 2026, partially offset by lower natural gas marketing volumes during the nine months ended September 30, 2026.

Previous wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $597 million for the six months ended June 30, 2025 to $641 million for the six months ended June 30, 2026, an increase of $44 million. This increase is primarily due to higher gathering and processing revenues of $39 million and higher water handling revenues of $5 million. The increased gathering and processing revenues between periods is primarily due to higher low pressure gathering and compression volumes from the HG Acquisition and 80 wells connected to their system between periods and increased gathering and centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of wells connected to their system between periods. The increased water handling revenues between periods is primarily due to fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the six months ended June 30, 2026, higher blending cost of service fees, increased wastewater trucking and disposal volumes and costs and a higher fresh water delivery fee as a result of an annual CPI-based adjustment, partially offset by decreased fresh water delivery volumes between periods due to the timing and location of our completions activity.

Current wording

Antero Midstream revenue. Revenue from the Antero Midstream segment increased from $891 million for the nine months ended September 30, 2025 to $968 million for the nine months ended September 30, 2026, an increase of $77 million. This increase is primarily due to higher gathering and processing revenues of $68 million and higher water handling revenues of $23 million, partially offset by higher amortization of customer relationship of $14 million between periods. The increased gathering and processing revenues between periods is primarily due to higher low pressure gathering and compression volumes from the HG Acquisition and 86 wells connected to their system between periods and increased gathering and centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to their system between periods. The increased water handling revenues between periods is primarily due to fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% during the nine months ended September 30, 2026, as well as higher blending volumes and 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, 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 $119 million for the three months ended June 30, 2025 to $145 million for the three months ended June 30, 2026, an increase of $26 million. This increase is primarily due to higher direct operating expenses as a result of gathering and well pad compression costs related to assets acquired with the HG Acquisition during the three months ended June 30, 2026, as well as increased fresh water delivery services on our acreage acquired in the HG Acquisition during the three month ended June 30, 2026, increased wastewater trucking and disposal volumes between periods and increased blending volumes and costs between periods, partially offset by the Utica Shale Divestiture.

Current wording

Antero Midstream operating expense. Total operating expense related to the Antero Midstream segment, excluding the gain on litigation, increased from $347 million for the nine months ended September 30, 2025 to $417 million for the nine months ended September 30, 2026, an increase of $70 million. This increase is primarily due to increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition, fresh water delivery volumes for our acreage acquired in the HG Acquisition that are charged at cost plus 3% and increased wastewater trucking and disposal volumes and blending volumes and costs between periods, partially offset by the Utica Shale Divestiture. In addition, operating expenses during the nine months ended September 30, 2026 include a gain on litigation of $377 million related to the receipt of damages, interest and attorneys’ fees from Veolia Water Technologies, Inc. for the Antero Clearwater Facility legal matter that concluded during the three months ended September 30, 2026.

Previous wording

Interest expense, net. Interest expense, net increased from $43 million for the six months ended June 30, 2025 to $74 million for the six months ended June 30, 2026, an increase of $31 million or 72%, primarily due to borrowings to fund our HG Acquisition under the Term Loan and issuance of the 2036 Notes during the first quarter of 2026, partially offset by the redemption of the 2029 Notes on February 24, 2026 and lower Credit Facility borrowings and rates between periods. See Note 7—Debt to our unaudited condensed consolidated financial statements for more information.

Current wording

Interest expense, net. Interest expense, net increased from $62 million for the nine months ended September 30, 2025 to $113 million for the nine months ended September 30, 2026, an increase of $51 million, primarily due to borrowings to fund the HG Acquisition under the Term Loan, issuance of the 2036 Notes during the first quarter of 2026 and borrowings on our Commercial Paper Program, partially offset by the redemption of the 2029 Notes on February 24, 2026 and lower Credit Facility borrowings and rates between periods. See Note 7—Debt to our unaudited condensed consolidated financial statements for more information.

Previous wording

Loss on early extinguishment of debt. During the six months ended June 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. During the six months ended June 30, 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—Debt to our unaudited condensed consolidated financial statements for more information.

Current wording

Loss on early extinguishment of debt. 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. During the nine months ended September 30, 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—Debt to our unaudited condensed consolidated financial statements for more information.

Previous wording

Transaction expense. There were no transaction expenses incurred during the six months ended June 30, 2025. During the six months ended June 30, 2026, we incurred $24 million of transaction expense related to the HG Acquisition. See Note 3—Transactions to our unaudited condensed consolidated financial statements for more information.

Current wording

Transaction expense. There were no transaction expenses incurred during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, we incurred $25 million of transaction expense related to the HG Acquisition. See Note 3—Transactions to our unaudited condensed consolidated financial statements for more information.