ANTERO RESOURCES Corp 10-Q for FY2026 Q1

ANTERO RESOURCES Corp (AR)

10-Q 2026-04-29 For: 2026-03-31

Added on April 29, 2026

About this 10-Q

ANTERO RESOURCES Corp filed this 10-Q on April 29, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.95B; up 43.8% from $1.35B a year earlier
Net income: $548.21M; up 149.8% from net income of $219.47M a year earlier
Diluted EPS: $1.72; up 160.6% from $0.66 a year earlier

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Delaware		80-0162034
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1615 Wynkoop Street, Denver, Colorado		80202
(Address of principal executive offices)		(Zip Code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	AR	New York Stock Exchange

Large Accelerated Filer ☒		Accelerated Filer ☐
Non-accelerated Filer ☐		Smaller Reporting Company ☐
Emerging Growth Company ☐


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		1
PART I—FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44
PART II—OTHER INFORMATION		45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
SIGNATURES		47


			(Unaudited)
	December 31,		March 31,
	2025		2026
Assets
Current assets:
Restricted cash	$	210,000		—
Accounts receivable		33,773		32,449
Accrued revenue		473,453		454,199
Derivative instruments		68,913		163,386
Prepaid expenses		14,554		13,621
Current assets held for sale		20,269		—
Other current assets		10,818		14,273
Total current assets		831,780		677,928
Property and equipment:
Oil and gas properties, at cost (successful efforts method):
Unproved properties		796,705		1,110,301
Proved properties		14,049,003		16,936,783
Other property and equipment		113,020		118,728
		14,958,728		18,165,812
Less accumulated depletion, depreciation and amortization		(5,753,416)		(5,956,634)
Property and equipment, net		9,205,312		12,209,178
Operating leases right-of-use assets		2,132,509		2,090,310
Derivative instruments		12,524		50,812
Investment in unconsolidated affiliate		245,653		253,164
Assets held for sale		754,737		—
Other assets		62,892		68,054
Total assets	$	13,245,407		15,349,446
Liabilities and Equity
Current liabilities:
Accounts payable	$	49,514		77,965
Accounts payable, related parties		101,454		138,084
Accrued liabilities		338,847		372,850
Revenue distributions payable		384,777		521,927
Derivative instruments		—		5,143
Short-term lease liabilities		516,256		536,304
Deferred revenue, VPP		23,502		23,647
Current liabilities held for sale		62,310		—
Other current liabilities		26,653		17,262
Total current liabilities		1,503,313		1,693,182
Long-term liabilities:
Long-term debt		1,397,976		2,664,797
Deferred income tax liability, net		907,306		1,141,934
Derivative instruments		—		7,380
Long-term lease liabilities		1,612,288		1,549,564
Deferred revenue, VPP		11,946		6,006
Liabilities held for sale		39,789		—
Other liabilities		57,140		63,370
Total liabilities		5,529,758		7,126,233
Commitments and contingencies
Equity:
Stockholders' equity:
Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued		—		—
Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,510 and 309,825 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively		3,085		3,098
Additional paid-in capital		5,865,447		5,842,435
Retained earnings		1,682,295		2,217,511
Total stockholders' equity		7,550,827		8,063,044
Noncontrolling interests		164,822		160,169
Total equity		7,715,649		8,223,213
Total liabilities and equity	$	13,245,407		15,349,446


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31,
	2025		2026
Revenue and other:
Natural gas sales	$	780,005		1,311,476
Natural gas liquids sales		561,432		503,649
Oil sales		50,335		46,695
Commodity derivative fair value gains (losses)		(71,671)		35,023
Marketing		25,558		41,661
Amortization of deferred revenue, VPP		6,230		5,795
Other revenue and income		818		827
Total revenue		1,352,707		1,945,126
Operating expenses:
Lease operating		33,986		44,529
Gathering, compression, processing and transportation		695,017		789,106
Production and ad valorem taxes		55,299		80,997
Marketing		42,770		62,553
Exploration		668		792
General and administrative (including equity-based compensation expense of $15,145 and $11,733 in 2025 and 2026, respectively)		62,445		63,340
Depletion, depreciation and amortization		186,352		206,239
Impairment of property and equipment		5,618		948
Accretion of asset retirement obligations		939		1,063
Contract termination, loss contingency and settlements		(1,308)		12,035
Gain on sale of assets		(575)		(45,950)
Other operating expense		24		22
Total operating expenses		1,081,235		1,215,674
Operating income		271,472		729,452
Other income (expense):
Interest expense, net		(23,368)		(36,963)
Equity in earnings of unconsolidated affiliate		28,661		30,118
Loss on early extinguishment of debt		(2,899)		(6,742)
Transaction expense		—		(22,144)
Total other income (expense)		2,394		(35,731)
Income before income taxes		273,866		693,721
Income tax expense		(54,400)		(145,508)
Net income and comprehensive income including noncontrolling interests		219,466		548,213
Less: net income and comprehensive income attributable to noncontrolling interests		11,495		12,997
Net income and comprehensive income attributable to Antero Resources Corporation	$	207,971		535,216

Net income per common share—basic	$	0.67		1.73
Net income per common share—diluted	$	0.66		1.72

Weighted average number of common shares outstanding:
Basic		311,328		308,933
Diluted		314,798		311,426


					Additional
	Common Stock				Paid-in		Retained		Noncontrolling		Total
	Shares		Amount		Capital		Earnings		Interests		Equity
Balances, December 31, 2024		311,165	$	3,111		5,909,373		1,109,166		194,883		7,216,533
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes		699		7		(16,305)		—		—		(16,298)
Repurchases and retirements of common stock		(280)		(3)		(5,320)		(4,771)		—		(10,094)
Equity-based compensation		—		—		15,145		—		—		15,145
Distributions to noncontrolling interests		—		—		—		—		(15,969)		(15,969)
Net income and comprehensive income		—		—		—		207,971		11,495		219,466
Balances, March 31, 2025		311,584	$	3,115		5,902,893		1,312,366		190,409		7,408,783

Balances, December 31, 2025		308,510	$	3,085		5,865,447		1,682,295		164,822		7,715,649
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes		1,315		13		(34,745)		—		—		(34,732)
Equity-based compensation		—		—		11,733		—		—		11,733
Distributions to noncontrolling interests		—		—		—		—		(17,650)		(17,650)
Net income and comprehensive income		—		—		—		535,216		12,997		548,213
Balances, March 31, 2026		309,825	$	3,098		5,842,435		2,217,511		160,169		8,223,213


	Preliminary Purchase
(in thousands)	Price Allocation
Cash consideration	$	2,804,466

Fair value of assets acquired:
Cash		69
Accounts receivable		2,635
Accrued revenue		114,755
Unproved properties		318,535
Proved properties		2,648,067
Other property and equipment		1,114
Operating lease right-of-use asset		96,002
Derivative instruments		10,082
Total assets acquired	$	3,191,259

Fair value of liabilities assumed:
Accounts payable	$	389
Accounts payable, related parties		16,671
Accrued liabilities		60,165
Revenue distributions payable		27,961
Operating lease liability		96,002
Derivative instruments		90,001
Deferred income tax liability ⁽¹⁾		90,807
Other liabilities		4,797
Total liabilities assumed	$	386,793


	February 3, 2026
	through March 31, 2026
Natural gas sales	$	178,301
Natural gas liquids sales		15,587
Oil sales		2,801
Commodity derivative fair value gains		49,224
Total revenue		245,913

Net income and comprehensive income including noncontrolling interests ⁽¹⁾		115,757
Less: net income and comprehensive income attributable to noncontrolling interests		—
Net income and comprehensive income attributable to Antero Resources Corporation ⁽¹⁾	$	115,757


	December 31, 2025
Current assets:
Accounts receivable	$	782
Accrued revenue		19,399
Other current assets		88
Long-term assets:
Unproved properties		27,720
Proved properties		1,045,145
Gathering systems and facilities		5,802
Other property and equipment		581
Less accumulated depletion, depreciation and amortization		(369,995)
Property and equipment, net		709,253
Operating leases right-of-use assets ⁽¹⁾		44,825
Other assets		659
Total assets	$	775,006

Current liabilities:
Accounts payable	$	2,118
Accounts payable, related parties		4,600
Accrued liabilities		17,650
Revenue distributions payable		17,130
Short-term lease liabilities		20,812
Long-term liabilities:
Long-term lease liabilities		24,210
Other liabilities		15,579
Total liabilities	$	102,099


Balance as of December 31, 2025 ⁽¹⁾		245,653
Equity in earnings of unconsolidated affiliate		30,118
Dividends from unconsolidated affiliate		(31,314)
Elimination of intercompany profit		8,707
Balance as of March 31, 2026 ⁽¹⁾	$	253,164


Asset retirement obligations—December 31, 2025	$	57,139
Obligations incurred		524
Obligations assumed in acquisition		4,797
Accretion expense		1,063
Settlement of obligations		(107)
Revisions to prior estimates		(46)
Asset retirement obligations—March 31, 2026	$	63,370


		Weighted
		Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2025	2,336,401	$	29.67
Granted	1,011,461		38.83
Vested	(1,171,147)		28.41
Forfeited	(12,659)		31.20
Total awarded and unvested—March 31, 2026	2,164,056	$	34.62


Dividend yield		—	%
Volatility		42	%
Risk-free interest rate		3.56	%
Weighted average fair value of awards granted	$	43.84


					(Unaudited)
	December 31, 2025				March 31, 2026
	Fair		Carrying		Fair		Carrying
	Value ⁽¹⁾		Value ⁽²⁾		Value ⁽¹⁾		Value ⁽²⁾
2029 Notes	$	370,431		363,204		—		—
2030 Notes		607,500		596,172		602,580		591,971
2036 Notes		—		—		735,225		746,378
Total	$	977,931		959,376		1,337,805		1,338,349


				Weighted
				Average
Commodity / Settlement Period	Index	Contracted Volume		Price
Natural Gas
April-June 2026	Dom South	10,000	MMBtu/day	$	3.26	/MMBtu
April-December 2026	Henry Hub	1,286,727	MMBtu/day		3.92	/MMBtu
April-December 2026	TETCO M2	10,000	MMBtu/day		3.36	/MMBtu
January-December 2027	Henry Hub	915,329	MMBtu/day		3.88	/MMBtu
January-December 2027	Dom South	20,000	MMBtu/day		2.93	/MMBtu
January-December 2028	Henry Hub	174,973	MMBtu/day		3.78	/MMBtu
January-December 2028	Dom South	30,000	MMBtu/day		2.88	/MMBtu
January-December 2028	TETCO M2	60,000	MMBtu/day		2.92	/MMBtu
Propane
April-June 2026	Mont Belvieu Propane-OPIS TET	1,500	Bbl/day		33.26	/Bbl


				Weighted Average
Commodity / Settlement Period	Index to Basis Differential	Contracted Volume		Price
Natural Gas
April-December 2026	NYMEX to TETCO M2	423,382	MMBtu/day	$	(0.96)	/MMBtu
April-December 2026	NYMEX to Dom South	220,000	MMBtu/day		(0.99)	/MMBtu
April-December 2026	NYMEX to TCO	100,000	MMBtu/day		(0.82)	/MMBtu
January-December 2027	NYMEX to TETCO M2	302,959	MMBtu/day		(0.93)	/MMBtu
January-December 2027	NYMEX to Dom South	154,630	MMBtu/day		(1.00)	/MMBtu
January-December 2027	NYMEX to TCO	74,795	MMBtu/day		(0.78)	/MMBtu
January-December 2028	NYMEX to TETCO M2	104,863	MMBtu/day		(0.88)	/MMBtu
January-December 2028	NYMEX to Dom South	54,973	MMBtu/day		(0.95)	/MMBtu
January-December 2028	NYMEX to TCO	29,945	MMBtu/day		(0.81)	/MMBtu


	Statement of	Three Months Ended March 31,
	Operations Location	2025		2026
Commodity derivative fair value gains (losses) ⁽¹⁾	Revenue	$	(70,461)		35,131
Embedded derivative fair value losses ⁽¹⁾	Revenue		(1,210)		(108)


			Three Months Ended March 31,
Cost	Classification	Location	2025		2026
Operating lease cost	Statement of operations	Gathering, compression, processing and transportation	$	395,121		427,198
Operating lease cost	Statement of operations	General and administrative		3,141		3,355
Operating lease cost	Statement of operations	Lease operating		225		372
Operating lease cost	Balance sheet	Proved properties ⁽¹⁾		7,399		19,793
Total operating lease cost			$	405,886		450,718

Finance lease cost:
Amortization of right-of-use assets	Statement of operations	Depletion, depreciation and amortization	$	409		477
Interest on lease liabilities	Statement of operations	Interest expense, net		118		124
Total finance lease cost			$	527		601

Short-term lease payments			$	42,906		31,085


	Operating Leases		Financing Leases		Total
Remainder of 2026	$	499,884		1,165		501,049
2027		517,075		1,003		518,078
2028		403,845		868		404,713
2029		322,117		364		322,481
2030		248,972		—		248,972
Thereafter		408,821		—		408,821
Total lease payments		2,400,714		3,400		2,404,114
Less: imputed interest		(317,711)		(535)		(318,246)
Total	$	2,083,003		2,865		2,085,868


			Processing,
			Gathering,
	Firm		Compression		Operating and		Imputed Interest
	Transportation		and Water Service		Financing Leases		for Leases		Other
	(a)		(b)		(c)		(c)		(d)		Total
Remainder of 2026	$	938,779		52,179		422,332		78,717		11,589		1,503,596
2027		1,234,571		92,254		436,919		81,159		6,088		1,850,991
2028		1,171,165		113,591		345,399		59,314		2,578		1,692,047
2029		810,087		112,965		281,000		41,481		68		1,245,601
2030		739,404		112,013		221,800		27,172		—		1,100,389
Thereafter		3,160,069		558,792		378,418		30,403		—		4,127,682
Total	$	8,054,075		1,041,794		2,085,868		318,246		20,323		11,520,306


	Three Months Ended March 31, 2025
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream ⁽¹⁾		Affiliate		Total
Sales and revenues:
Third-party	$	1,326,601		25,558		505		(505)		1,352,159
Intersegment		548		—		290,624		(290,624)		548
Total revenue		1,327,149		25,558		291,129		(291,129)		1,352,707

Operating expenses:
Lease operating		33,986		—		—		—		33,986
Gathering and compression		236,134		—		26,193		(26,193)		236,134
Processing		261,155		—		—		—		261,155
Transportation		197,728		—		—		—		197,728
Water handling		—		—		30,637		(30,637)		—
Production and ad valorem taxes		55,299		—		—		—		55,299
Marketing		—		42,770		—		—		42,770
General and administrative (excluding equity-based compensation)		47,300		—		10,622		(10,622)		47,300
Equity-based compensation		15,145		—		12,402		(12,402)		15,145
Facility idling		—		—		443		(443)		—
Depletion, depreciation and amortization		186,352		—		32,748		(32,748)		186,352
Impairment of property and equipment		5,618		—		817		(817)		5,618
Other ⁽²⁾		(252)		—		44		(44)		(252)
Total operating expenses		1,038,465		42,770		113,906		(113,906)		1,081,235
Operating income (loss)	$	288,684		(17,212)		177,223		(177,223)		271,472
Equity in earnings of unconsolidated affiliates	$	28,661		—		28,020		(28,020)		28,661
Capital expenditures for segment assets	$	206,145		—		30,528		(30,528)		206,145


	Three Months Ended March 31, 2026
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream ⁽¹⁾		Affiliate		Total
Sales and revenues:
Third-party	$	1,902,907		41,661		606		(606)		1,944,568
Intersegment		558		—		313,605		(313,605)		558
Total revenue		1,903,465		41,661		314,211		(314,211)		1,945,126

Operating expenses:
Lease operating		44,529		—		—		—		44,529
Gathering and compression		269,113		—		30,030		(30,030)		269,113
Processing		287,768		—		—		—		287,768
Transportation		232,225		—		—		—		232,225
Water handling		—		—		40,667		(40,667)		—
Production and ad valorem taxes		80,997		—		—		—		80,997
Marketing		—		62,553		—		—		62,553
General and administrative (excluding equity-based compensation)		51,607		—		11,768		(11,768)		51,607
Equity-based compensation		11,733		—		10,579		(10,579)		11,733
Facility idling		—		—		—		—		—
Depletion, depreciation and amortization		206,239		—		34,635		(34,635)		206,239
Impairment of property and equipment		948		—		—		—		948
Gain on sale of assets		(45,950)		—		(2,658)		2,658		(45,950)
Other ⁽²⁾		13,912		—		579		(579)		13,912
Total operating expenses		1,153,121		62,553		125,600		(125,600)		1,215,674
Operating income (loss)	$	750,344		(20,892)		188,611		(188,611)		729,452
Equity in earnings of unconsolidated affiliates	$	30,118		—		30,012		(30,012)		30,118
Capital expenditures for segment assets	$	206,101		—		(37,906)		37,906		206,101


	As of December 31, 2025
					Equity Method
	Exploration				Investment in		Elimination of
	and				Antero		Unconsolidated		Consolidated
	Production		Marketing		Midstream ⁽¹⁾		Affiliate		Total
Investments in unconsolidated affiliates	$	245,653		—		585,778		(585,778)		245,653
Total assets		13,238,013		7,394		5,884,116		(5,884,116)		13,245,407


	Three Months Ended				Amount of
	March 31,				Increase		Percent
	2025		2026		(Decrease)		Change
Production data ^{(1) (2)}:
Natural gas (Bcf)		195		236		41	21	%
C2 Ethane (MBbl)		7,442		6,836		(606)	(8)	%
C3+ NGLs (MBbl)		10,229		10,872		643	6	%
Oil (MBbl)		852		816		(36)	(4)	%
Combined (Bcfe)		306		347		41	13	%
Daily combined production (MMcfe/d)		3,397		3,852		455	13	%
Average prices before effects of derivative settlements⁽³⁾:
Natural gas (per Mcf)	$	4.01		5.57		1.56	39	%
C2 Ethane (per Bbl)	$	12.70		13.51		0.81	6	%
C3+ NGLs (per Bbl)	$	45.65		37.83		(7.82)	(17)	%
Oil (per Bbl)	$	59.08		57.22		(1.86)	(3)	%
Weighted Average Combined (per Mcfe)	$	4.55		5.37		0.82	18	%
Average realized prices after effects of derivative settlements⁽³⁾:
Natural gas (per Mcf)	$	3.95		4.86		0.91	23	%
C2 Ethane (per Bbl)	$	12.70		13.51		0.81	6	%
C3+ NGLs (per Bbl)	$	45.65		37.90		(7.75)	(17)	%
Oil (per Bbl)	$	58.97		57.22		(1.75)	(3)	%
Weighted Average Combined (per Mcfe)	$	4.52		4.89		0.37	8	%
Average costs (per Mcfe):
Lease operating	$	0.11		0.13		0.02	18	%
Gathering and compression	$	0.77		0.78		0.01	1	%
Processing	$	0.85		0.83		(0.02)	(2)	%
Transportation	$	0.65		0.67		0.02	3	%
Production and ad valorem taxes	$	0.18		0.23		0.05	28	%
Marketing expense, net	$	0.06		0.06		—	*
General and administrative (excluding equity-based compensation)	$	0.15		0.15		—	*
Depletion, depreciation, amortization and accretion	$	0.61		0.60		(0.01)	(2)	%


				Total Number	Approximate
				of Shares	Dollar Value
				Repurchased	of Shares
				as Part of	that May
	Total Number			Publicly	Yet be Purchased
	of Shares	Average Price		Announced	Under the Plan
Period	Purchased ⁽¹⁾	Paid Per Share		Plans	($ in thousands)⁽²⁾
January 1, 2026 - January 31, 2026	1,675	$	31.78	—	$	914,497
February 1, 2026 - February 28, 2026	403,081		34.41	—		914,497
March 1, 2026 - March 31, 2026	531,999		39.12	—		914,497
Total	936,755	$	37.08	—


Exhibit Number		Description of Exhibit
3.1		Amended and Restated Certificate of Incorporation of Antero Resources Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on October 17, 2013).
3.2		Certificate of Amendment to Second Amended and Restated Certificate of Incorporation of Antero Resources Corporation, dated June 8, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on June 8, 2023).
3.3		Third Amended and Restated Bylaws of Antero Resources Corporation, dated August 14, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on August 14, 2025).
4.1		Base Indenture, dated January 28, 2026, among Antero Resources Corporation and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on January 28, 2026).
4.2		First Supplemental Indenture, dated January 28, 2026, among Antero Resources Corporation and Computershare Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on January 28, 2026).
10.1†		Credit Agreement, by and among Antero Resources Corporation, as Borrower, the Lenders party thereto and Royal Bank of Canada, as Administrative Agent, dated February 3, 2026 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-36120) filed on February 3, 2026).
31.1*		Certification of the Company’s Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
31.2*		Certification of the Company’s Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
32.1*		Certification of the Company’s Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
32.2*		Certification of the Company’s Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
101*		The following financial information from this Quarterly Report on Form 10-Q of Antero Resources Corporation for the quarter ended March 31, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


ANTERO RESOURCES CORPORATION

By:	/s/ Brendan E. Krueger
	Brendan E. Krueger
	Chief Financial Officer, Senior Vice President – Finance and Treasurer

Date:	April 29, 2026


Date: April 29, 2026

/s/ Michael N. Kennedy
Michael N. Kennedy
Chief Executive Officer and President