Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of outstanding commodity derivatives for Antero Resources Corporation

				Weighted
				Average
Commodity / Settlement Period	Index	Contracted Volume		Price
Natural Gas
October-December 2023	Henry Hub	43,000	MMBtu/day	$	2.37	/MMBtu

Schedule of call option and embedded put option arrangements

							Embedded
				Call Option			Put Option
Commodity / Settlement Period	Index	Contracted Volume		Strike Price			Strike Price
Natural Gas
October-December 2023	Henry Hub	55,000	MMBtu/day	$	2.466	/MMBtu	$	2.466	/MMBtu
January-December 2024	Henry Hub	53,000	MMBtu/day		2.477	/MMBtu		2.527	/MMBtu
January-December 2025	Henry Hub	44,000	MMBtu/day		2.564	/MMBtu		2.614	/MMBtu
January-December 2026	Henry Hub	32,000	MMBtu/day		2.629	/MMBtu		2.679	/MMBtu

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

				Weighted Average
Commodity / Settlement Period	Index to Basis Differential	Contracted Volume		Hedged Differential
Natural Gas
October-December 2023	NYMEX to TCO	50,000	MMBtu/day	$	0.525	/MMBtu
January-December 2024	NYMEX to TCO	50,000	MMBtu/day		0.530	/MMBtu

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

				(Unaudited)
	Balance Sheet	December 31,		September 30,
	Location	2022		2023
Asset derivatives not designated as hedges for accounting purposes:
Embedded derivatives—current	Derivative instruments	$	1,900		2,563
Embedded derivatives—noncurrent	Derivative instruments		9,844		6,627
Total asset derivatives (1)			11,744		9,190
Liability derivatives not designated as hedges for accounting purposes:
Commodity derivatives—current (2)	Derivative instruments		97,765		31,134
Commodity derivatives—noncurrent (2)	Derivative instruments		345,280		52,584
Total liability derivatives (1)			443,045		83,718
Net derivatives liability (1)		$	(431,301)		(74,528)

(1) The fair value of derivative instruments was determined using Level 2 inputs.

(2) As of December 31, 2022, $47 million of commodity derivative liabilities, including $28 million of current commodity derivatives and $19 million of noncurrent commodity derivatives, are attributable to the Company’s consolidated VIE, Martica. As of September 30, 2023, $15 million of commodity derivative liabilities, including $9 million of current commodity derivatives and $6 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):

							(Unaudited)
	December 31, 2022						September 30, 2023
					Net Amounts of						Net Amounts of
	Gross		Gross		Assets		Gross		Gross		Assets
	Amounts		Amounts Offset		(Liabilities) on		Amounts		Amounts Offset		(Liabilities) on
	Recognized		Recognized		Balance Sheet		Recognized		Recognized		Balance Sheet
Commodity derivative assets	$	276		(276)		—		495		(495)		—
Embedded derivative assets		11,744		—		11,744		9,190		—		9,190
Commodity derivative liabilities		(443,321)		276		(443,045)		(84,213)		495		(83,718)

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):

	Statement of
	Operations	Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2023		2022		2023
Commodity derivative fair value gains (losses) (1)	Revenue	$	(500,557)		5,290		(1,732,720)		138,602
Embedded derivative fair value losses (1)	Revenue	$	(29,966)		(1,842)		(74,845)		(678)

(1) The fair value of derivative instruments was determined using Level 2 inputs.

VIE, Martica

Schedule of outstanding commodity derivatives

				Weighted
				Average
Commodity / Settlement Period	Index	Contracted Volume		Price
Natural Gas
October-December 2023	Henry Hub	31,366	MMBtu/day	$	2.35	/MMBtu
January-December 2024	Henry Hub	23,885	MMBtu/day		2.33	/MMBtu
January-March 2025	Henry Hub	18,021	MMBtu/day		2.53	/MMBtu
Natural Gasoline
October-December 2023	Mont Belvieu Natural Gasoline-OPIS Non-TET	217	Bbl/day		40.74	/Bbl
Oil
October-December 2023	West Texas Intermediate	71	Bbl/day		44.66	/Bbl
January-December 2024	West Texas Intermediate	43	Bbl/day		44.02	/Bbl
January-March 2025	West Texas Intermediate	39	Bbl/day		45.06	/Bbl