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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Schedule of outstanding commodity derivatives for Antero Resources Corporation

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Weighted

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Average

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Commodity / Settlement Period

 

Index

 

Contracted Volume

 

Price

   

Natural Gas

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July-December 2022

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Henry Hub

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1,105,897

MMBtu/day

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$

2.48

/MMBtu

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January-December 2023

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Henry Hub

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43,000

MMBtu/day

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2.37

/MMBtu

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Schedule of natural gas basis swap positions which settle on pricing index to basis differential of NYMEX to TCO

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Weighted Average

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Commodity / Settlement Period

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Index to Basis Differential

 

Contracted Volume

 

Hedged Differential

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Natural Gas

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July-December 2022

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NYMEX to TCO

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60,000

MMBtu/day

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$

0.515

/MMBtu

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January-December 2023

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NYMEX to TCO

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50,000

MMBtu/day

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0.525

/MMBtu

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January-December 2024

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NYMEX to TCO

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50,000

MMBtu/day

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0.530

/MMBtu

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

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(Unaudited)

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Balance Sheet

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December 31,

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June 30,

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Location

   

2021

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2022

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Asset derivatives not designated as hedges for accounting purposes:

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Commodity derivatives—current

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Derivative instruments

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$

—

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—

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Embedded derivatives—current

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Derivative instruments

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757

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578

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Commodity derivatives—noncurrent

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Derivative instruments

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—

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—

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Embedded derivatives—noncurrent

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Derivative instruments

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14,369

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7,058

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Total asset derivatives (1)

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15,126

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7,636

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Liability derivatives not designated as hedges for accounting purposes:

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Commodity derivatives—current (2)

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Derivative instruments

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559,851

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773,357

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Commodity derivatives—noncurrent (2)

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Derivative instruments

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181,806

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393,139

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Total liability derivatives (1)

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741,657

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1,166,496

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Net derivatives liability (1)

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$

(726,531)

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(1,158,860)

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(1)The fair value of derivative instruments was determined using Level 2 inputs.
(2)As of December 31, 2021, approximately $55 million of commodity derivative liabilities, including $31 million of current commodity derivatives and $24 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of June 30, 2022, approximately $88 million of commodity derivative liabilities, including $53 million of current commodity derivatives and $35 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica.
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts

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

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(Unaudited)

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December 31, 2021

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June 30, 2022

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Net Amounts of

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Net Amounts of

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Gross

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Gross

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Assets

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Gross

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Gross

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Assets

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Amounts

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Amounts Offset

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(Liabilities) on

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Amounts

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Amounts Offset

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(Liabilities) on

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Recognized

   

Recognized

   

Balance Sheet

   

Recognized

   

Recognized

   

Balance Sheet

 

Commodity derivative assets

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$

2,177

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(2,177)

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4

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(4)

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—

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Embedded derivative assets

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$

15,126

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—

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15,126

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7,636

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7,636

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Commodity derivative liabilities

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$

(743,834)

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2,177

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(741,657)

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(1,166,500)

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4

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(1,166,496)

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Summary of derivative fair value gains (losses)

The following table sets forth a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations (in thousands):

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Statement of

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Operations

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Three Months Ended June 30,

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Six Months Ended June 30,

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Location

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2021

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2022

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2021

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2022

Commodity derivative fair value losses (1)

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Revenue

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$

(819,725)

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(237,680)

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(989,692)

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(1,232,163)

Embedded derivative fair value losses (1)

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Revenue

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$

(12,115)

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(27,982)

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(19,904)

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(44,879)

(1)The fair value of derivative instruments was determined using Level 2 inputs.
VIE, Martica  
Schedule of outstanding commodity derivatives

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Weighted

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Average

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Commodity / Settlement Period

 

Index

 

Contracted Volume

 

Price

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Natural Gas

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July-December 2022

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Henry Hub

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41,585

MMBtu/day

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$

2.39

/MMBtu

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January-December 2023

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Henry Hub

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35,616

MMBtu/day

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2.35

/MMBtu

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January-December 2024

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Henry Hub

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23,885

MMBtu/day

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2.33

/MMBtu

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January-March 2025

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Henry Hub

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18,021

MMBtu/day

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2.53

/MMBtu

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Propane

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July-December 2022

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Mont Belvieu Propane-OPIS Non-TET

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973

Bbl/day

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$

19.32

/Bbl

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Natural Gasoline

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July-December 2022

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Mont Belvieu Natural Gasoline-OPIS Non-TET

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294

Bbl/day

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$

34.86

/Bbl

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January-December 2023

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Mont Belvieu Natural Gasoline-OPIS Non-TET

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247

Bbl/day

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40.74

/Bbl

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Oil

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July-December 2022

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West Texas Intermediate

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112

Bbl/day

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$

43.39

/Bbl

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January-December 2023

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West Texas Intermediate

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99

Bbl/day

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44.88

/Bbl

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January-December 2024

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West Texas Intermediate

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43

Bbl/day

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44.02

/Bbl

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January-March 2025

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West Texas Intermediate

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39

Bbl/day

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45.06

/Bbl

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