Subsidiary Guarantors

6 Months Ended

Jun. 30, 2024

Subsidiary Guarantors

Subsidiary Guarantors

(17) Subsidiary Guarantors

As of June 30, 2024, Antero Resources’ senior notes were fully and unconditionally guaranteed by Antero Resources’ existing subsidiaries that guaranteed the Prior Credit Facility.  In the event a subsidiary guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its capital stock so that it no longer qualifies as a “Subsidiary” of Antero (as defined in the indentures governing the notes) or the sale of all or substantially all of its assets (other than by lease)) and whether or not the subsidiary guarantor is the surviving entity in such transaction to a person that is not Antero or a restricted subsidiary of Antero, such subsidiary guarantor will be released from its obligations under its subsidiary guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the notes.

In addition, a subsidiary guarantor will be released from its obligations under the indentures and its guarantee (i) upon the release or discharge of the guarantee of other Indebtedness (as defined in the indentures governing the notes) that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee, (ii) if Antero designates such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indentures governing the notes or (iii) in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the notes. As described in Note 7—Long-Term Debt, the New Credit Facility is unsecured and is not guaranteed by any of Antero Resources’ subsidiaries. As such, each subsidiary guarantor was released from its obligations under the indentures and its guarantee effective July 30, 2024.

The tables set forth below present summarized financial information of Antero, as parent, and its guarantor subsidiaries as of December 31, 2023 and June 30, 2024 and for the six months ended June 30, 2024 (in thousands). The Company’s wholly owned subsidiaries are not restricted from making distributions to the Company.

Balance Sheets
			(Unaudited)
	December 31, 2023		June 30, 2024
Accounts receivable, non-guarantor subsidiaries	$	—		534
Other current assets		453,581		392,597
Total current assets		453,581		393,131
Noncurrent assets		12,562,439		12,447,779
Total assets	$	13,016,020		12,840,910
Accounts payable, related parties	$	86,284		97,455
Other current liabilities		1,360,102		1,299,231
Total current liabilities		1,446,386		1,396,686
Noncurrent liabilities		4,951,464		4,817,872
Total liabilities	$	6,397,850		6,214,558
Statement of Operations
			Six Months Ended
			June 30, 2024
Revenues			$	2,063,405
Operating expenses				2,077,373
Loss from operations				(13,968)
Net loss and comprehensive loss including noncontrolling interests				(29,307)
Net loss and comprehensive loss attributable to Antero Resources Corporation			$	(29,318)