ANTERO RESOURCES Corp Revenue Disclosure
(4) Revenue
(a) | Disaggregation of Revenue |
The table set forth below presents revenue disaggregated by type and reportable segment to which it relates (in thousands). See Note 17—Reportable Segments for additional information on reportable segments.
Year Ended December 31, | ||||||||||||
| 2023 | 2024 | | 2025 | | Reportable Segment | ||||||
Revenues from contracts with customers: | ||||||||||||
Natural gas sales | $ | 2,192,349 | 1,818,297 | 2,873,241 | Exploration and production | |||||||
Natural gas liquids sales (ethane) | 250,116 | 275,120 | 355,437 | Exploration and production | ||||||||
Natural gas liquids sales (C3+ NGLs) | 1,586,834 | 1,791,855 | 1,631,403 | Exploration and production | ||||||||
Oil sales | 247,146 | 230,027 | 150,158 | Exploration and production | ||||||||
Marketing | 206,122 | 179,069 | 125,900 | Marketing | ||||||||
Other revenue | 633 | 1,098 | 1,095 | Exploration and production | ||||||||
Total revenue from contracts with customers | 4,483,200 | 4,295,466 | 5,137,234 | |||||||||
Income from derivatives, deferred revenue and other sources, net | 198,772 | 30,130 | 138,589 | |||||||||
Total revenue | $ | 4,681,972 | 4,325,596 | 5,275,823 | ||||||||
(b) | Transaction Price Allocated to Remaining Performance Obligations |
For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
(c) | Contract Balances |
Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2024 and 2025, the Company’s receivables from contracts with customers were $454 million and $493 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.