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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2026
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies
(a) | Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information and should be read in the context of the Company’s December 31, 2025 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position and accounting policies. The Company’s December 31, 2025 consolidated financial statements were included in Antero Resources’ 2025 Annual Report on Form 10-K, which was filed with the SEC. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2025 and June 30, 2026, results of operations for the three and six months ended June 30, 2025 and 2026 and cash flows for the six months ended June 30, 2025 and 2026. The Company has no items of other comprehensive income; therefore, its net income is equal to its comprehensive income. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments and other factors.
(b) | Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Antero Resources Corporation and its wholly owned subsidiaries, as well as the accounts of Martica Holdings LLC (“Martica”), a variable interest entity for which the Company was the primary beneficiary up to June 30, 2026 when Martica was deconsolidated following its in-kind liquidation and dissolution. On May 1, 2026, Sixth Street Partners, LLC (“Sixth Street”) achieved its internal rate of return and cash-on-cash return (the “Hurdle”). As such, beginning May 1, 2026, Antero received 85% of the distributions in respect of the overriding royalty interests (“ORRIs”) to which Sixth Street was entitled immediately prior to the Hurdle being achieved (the “Reversion”). On June 30, 2026, following the achievement of the Hurdle and pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of Martica Holdings LLC, Antero elected to dissolve Martica and make in-kind liquidating distributions to Sixth Street and Antero, which included conveyance of the ORRIs to Sixth Street and Antero after giving effect to the Reversion. There was no gain or loss recorded for these distributions in the Company’s unaudited condensed consolidated financial statements. As of June 30, 2026, the Company no longer consolidates Martica in the unaudited condensed consolidated financial statements and accounts for its interest in the ORRIs conveyed by Martica using the proportionate consolidation method of accounting. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements.
(c) | Cash and Cash Equivalents
The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable and revenue distributions payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its unaudited condensed consolidated statements of cash flows. As of December 31, 2025, the book overdrafts included within accounts payable and revenue distributions payable were each $18 million. As of June 30, 2026, the book overdrafts included within accounts payable and revenue distributions payable were $26 million and $31 million, respectively.
(d) | Restricted Cash
The Company classifies restricted cash as all cash that is legally or contractually restricted as to withdrawal or usage, including amounts deposited in escrow that are restricted from use. The Company’s restricted cash as of December 31, 2025 was classified as a current asset because the restriction on such cash was released on February 3, 2026 at the closing of the HG Acquisition (as defined in Note 3—Transactions).
(e) | Net Income Per Common Share
Net income per common share—basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of common shares outstanding during the period. Net income per common share—diluted for each period is computed after giving consideration to the potential dilution from outstanding equity-based awards using the treasury stock method. The Company includes restricted stock unit (“RSU”) awards, performance share unit (“PSU”) awards and stock options in the calculation of diluted weighted average common shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of the awards. During periods in which the Company incurs a net loss, diluted weighted average common shares outstanding are equal to basic weighted average common shares outstanding because the effects of all equity-based awards are anti-dilutive. ​ The following is a reconciliation of the Company’s basic weighted average common shares outstanding to diluted weighted average common shares outstanding during the periods presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ ​ | 2025 | ​ ​ | 2026 | ​ ​ | 2025 | ​ ​ | 2026 | ​ ​
Basic weighted average number of common shares outstanding | ​ | 310,323 | ​ | 309,712 | ​ | 310,822 | ​ | 309,325 | ​
Add: Dilutive effect of RSUs | ​ | 911 | ​ | 326 | ​ | 1,305 | ​ | 678 | ​
Add: Dilutive effect of PSUs | ​ | 1,950 | ​ | 605 | ​ | 1,969 | ​ | 928 | ​
Diluted weighted average number of common shares outstanding | ​ | 313,184 | ​ | 310,643 | ​ | 314,096 | ​ | 310,931 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of outstanding securities excluded from calculation of diluted net income per common share (1): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs | ​ | — | ​ | 8 | ​ | — | ​ | 4 | ​
Stock options | ​ | 42 | ​ | — | ​ | 146 | ​ | — | ​
(1) | The potential dilutive effects of these securities were excluded from the computation of net income per common share—diluted because the inclusion of these securities would have been anti-dilutive.
(f) | Recently Issued Accounting Standard
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Company’s election. The Company is evaluating the impact that ASU 2024-03 will have on the consolidated financial statements and its plans for adoption, including its transition method and adoption date.

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
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