Oil & Gas: Risk factors (Item 1A)

Summary Risk Factors

The following is a summary description of material risks and uncertainties facing our Company.

Risks Related to Operating our Business

• Natural gas, oil and NGL prices fluctuate widely, and lower prices for an extended period of time are likely to have a material adverse effect on our business.

• Conservation measures and technological advances could reduce demand for natural gas and oil.

• Negative public perception regarding us or our industry could have an adverse effect on our operations.

• The gas and oil exploration and production industry is very competitive; some of our competitors have greater financial and other resources than we do, and there is competition to attract and retain talent and competition over access to certain industry equipment.

• Risks related to potential acquisitions or dispositions may adversely affect our business.

• Government policies and support and market demand for low-carbon technologies.

• If commodity prices fall or drilling efforts are unsuccessful, we may be required to record write-downs of the carrying value of our natural gas and oil properties.

• Significant capital expenditures are required to replace our reserves and conduct our business.

• If we are not able to replace reserves, we may not be able to sustain production.

• The actual quantities of and future net revenues from our proved reserves may be less than our estimates.

• Our development and exploratory drilling efforts and our well operations may not be profitable or achieve our targeted returns.

• Certain of our undeveloped properties are subject to leases that will expire over the next several years unless production is established on units containing the acreage or the leases are renewed.

• Our commodity price risk management activities may limit the benefit we would receive from increases in commodity prices, may require us to provide collateral for derivative liabilities and involve risk that our counterparties may be unable to satisfy their obligations to us.

• Natural gas and oil operations are uncertain and involve substantial costs and risks.

• Our ability to produce natural gas, oil and NGLs economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in compliance with environmental laws.

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GLOSSARY OF COMMONLY USED TERMS	i
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	v
SUMMARY RISK FACTORS	vii
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PART I	1
Items 1 and 2.	Business and Properties	1
Item 1A.	Risk Factors	20
Item 1B.	Unresolved Staff Comments	45
Item 1C.	Cybersecurity	45
Item 3.	Legal Proceedings	47
Item 4.	Mine Safety Disclosures	47
PART II	47
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	47
Item 6 .	Reserved	48
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 8.	Financial Statements and Supplementary Data	65
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	65
Item 9A.	Controls and Procedures	65
Item 9B.	Other Information	66
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	66
PART III	67
Item 10.	Directors, Executive Officers and Corporate Governance	67

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GLOSSARY OF COMMONLY USED TERMS

The following are abbreviations and definitions of certain terms used in this document, some of which are commonly used in the oil and gas industry:

2026 Convertible Notes. The 4.25% convertible senior notes due September 1, 2026.

Antero Midstream. Antero Midstream Corporation.

Antero Midstream Partners. Antero Midstream Partners LP, a wholly owned subsidiary of Antero Midstream.

ASC. Accounting Standards Codification.

ASU. Accounting Standards Update.

Basin. A large natural depression on the earth’s surface in which sediments, generally brought by water, accumulate.

Bbl. One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate, NGLs or water.

Bbl/d. Bbl per day.

Bcf. One billion cubic feet of natural gas.

Bcf/d. Bcf per day.

Bcfe. One billion cubic feet of natural gas equivalent with one barrel of oil, condensate or NGLs converted to six Mcf of natural gas.

Btu . British thermal unit.

C3+ NGLs. Natural gas liquids excluding ethane, consisting primarily of propane, isobutane, normal butane and natural gasoline.