AR Filings — Antero Resources Corporation - FilingSpy
AR
Antero Resources Corporation
An independent oil and natural gas producer that drills for natural gas, natural gas liquids, and oil in the Marcellus and Utica shale formations of the Appalachian Basin, with headquarters in Denver. Founded in 2002 by Paul M. Rady and Glen C. Warren Jr., the company grew in the Barnett Shale before selling those assets and concentrating entirely on Appalachia. Its name echoes Mount Antero, a Colorado peak honoring Chief Antero of the Ute people.
Q2 2026 revenue rose 20.2% to $1.56B as the HG Acquisition lifted production 21%
The kept lifting volumes into Q2. rose 20.2% to $1,559.8M and was $0.90, up 80% , as acquired output and higher NGL and oil prices offset a 22% drop in gas realizations. Antero now carries $2.43B of after the deal and faces interest costs from it.
Key takeaways
rose 20.2% to $1,559.8M in Q2 2026, driven by a 21% increase in combined production to 4,144 MMcfe/d largely from the that closed earlier in 2026.
Exploration and production grew 75% to $391M as higher realized C3+ NGL and oil prices more than offset a 22% decline in natural gas price realizations.
nearly doubled to $38M, reflecting borrowings under a new $1.5B and $750M of 2036 Notes issued to fund the .
Section summaries
Management's Discussion and Analysis
HG Acquisition closed, boosting production 21% YoY in Q2 2026; higher NGL and oil prices lifted revenue, while interest expense rose sharply.
⌄
Consolidated total rose 20% to $1.56 billion in Q2 2026, driven by a 21% increase in combined production to 4,144 MMcfe/d, largely from the .
was $438.8M in Q2, down 10.9% and 48.9% from Q1, while first-half operating cash flow was $1.3B against $2.6B of investing outflows dominated by the $2.8B acquisition.
The company repurchased 1.1M shares for $38M in Q2, leaving $877M under its $2.0B authorization, and hedged 47% of Q2 production versus 4% a year earlier.
What changed
Q2 2026 production trend under the : combined volumes rose 21% to 4,144 MMcfe/d, confirming the acquired output integrated after the 21% Q1 increase.
trajectory from $2,664.8M at Q1 end: fell 8.7% to $2,432.3M in Q2 after the redemption of remaining 2029 Notes, still up 121.4% from acquisition financing.
Hedging percentage rose to 47% of Q2 production from 4% a year earlier and 42% in Q1, after the FY2025 figure of 8% and the post-2022 unhedged posture.
against acquisition outflow: first-half operating cash of $1.3B did not cover $2.6B investing outflows, with no new draw noted beyond the $417M previously outstanding.
Natural gas price exposure narrowed as hedging rose; a $0.10/MMBtu gas drop would cut six-month by $55M versus $145M annual sensitivity at FY2025's 8% hedge level.
What to watch
Q3 2026 production volumes as properties integrate under the 2026 capital budget.
trajectory from $2,432.3M as 2026 and any further note activity proceed.
Hedging percentage next quarter after 47% of Q2 production was hedged, and net position moves.
trend as the $1.5B and $750M 2036 Notes carry full-quarter cost in Q3.
Exploration and production grew 75% to $391 million, as higher realized C3+ NGLs and oil prices more than offset a 22% decline in natural gas price realizations.
Per-unit midstream costs improved, with gathering, compression, processing, and transportation expense falling 12% to $1.99 per Mcfe, partly due to lower-cost properties.
nearly doubled to $38 million in Q2 2026, reflecting borrowings under a new $1.5 billion Term Loan and $750 million of 2036 Notes issued to fund the .
Net was $1.3 billion for the first half of 2026, while investing outflows of $2.6 billion were dominated by the $2.8 billion , partially offset by $757 million from the .
The company repurchased 1.1 million shares for $38 million in Q2 2026, with $877 million remaining under its $2.0 billion authorization.
Quantitative and Qualitative Disclosures About Market Risk
Commodity price risk is the primary exposure, managed through derivatives covering 47% of Q2 2026 production, with interest rate risk from floating-rate debt.
⌄
Commodity price risk on natural gas, NGLs, and oil production is the primary market risk, with pricing driven by spot regional and worldwide oil markets.
For the three months ended June 30, 2026, 47% of production was hedged through commodity derivatives (excluding ), up from 4% a year earlier.
A $0.10/MMBtu decrease in natural gas and $1.00/Bbl decrease in oil and NGLs prices would have reduced revenues by $55 million for the six months ended June 30, 2026.
Commodity derivatives are not designated as accounting hedges, so gains and losses cause earnings volatility but do not affect cash flows until settlement.
Interest rate risk arises from floating-rate borrowings under the and Term Loan; a 1% rate increase would have raised by an estimated $7 million for the six months.
Credit risk is concentrated in from energy customers ($458 million) and derivative counterparties ($232 million), with 10 of 12 counterparties being lenders.
The information required by this item is included in Note 14—Contingencies to our unaudited condensed consolidated financial statements and is incorporated herein.
⌄
The information required by this item is included in Note 14—Contingencies to our unaudited condensed consolidated financial statements and is incorporated herein.
We are subject to certain risks and hazards due to the nature of the business activities we conduct. For a discussion of these risks, see “Item 1A. Risk Factors” in the 2025 Form 10-K. There have been no material changes to the risks described in such report. We may experience a…
⌄
We are subject to certain risks and hazards due to the nature of the business activities we conduct. For a discussion of these risks, see “Item 1A. Risk Factors” in the 2025 Form 10-K. There have been no material changes to the risks described in such report. We may experience additional risks and uncertainties not currently known to us. Furthermore, as a result of developments occurring in the future, conditions that we currently deem to be immaterial may also materially and adversely affect us.