Exhibit 99.1

Antero Resources Reports Third Quarter 2020 Financial and Operational Results

Denver, Colorado, October 28, 2020— Antero Resources Corporation (NYSE: AR) (“Antero Resources”, “Antero”, or the “Company”) today announced its third quarter 2020 financial and operational results. The relevant unaudited condensed consolidated financial statements are included in Antero’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Third Quarter Highlights Include:

Paul Rady, Chairman and Chief Executive Officer of Antero Resources commented, “Our third quarter results highlight the exceptional operational momentum that continues at Antero. Our development program and well results continue to exceed expectations, which drove the quarterly production outperformance. Antero’s long-haul firm transportation portfolio allowed for no shut-ins or curtailments and delivered gas sales at just $0.05 per Mcf below NYMEX prices during a period of wide regional basis differentials. Our operational and strategic advantages combined with an improving backdrop for natural gas and NGLs support our expectation of significant free cash flow generation during the second half of 2020.

Mr. Rady continued “Earlier this month we published our annual Corporate Sustainability Report, which highlights our outstanding environmental, social, and governance (“ESG”) performance and unwavering commitment to being an industry leader in ESG metrics. We believe that natural gas will be key to the energy transition over the coming decades as it compliments renewable energy growth. As the third largest natural gas producer in the U.S., we are well positioned to maintain our peer-leading ESG position and be a natural gas provider of choice. Finally, we are committed to improving our already low greenhouse gas metrics even further as we work to achieve our 2025 environmental goals.”

Glen Warren, CFO and President of Antero Resources said, “We have delivered on our commitment to reduce debt through a combination of $751 million of asset sales and debt repurchases at a discount. Our debt repurchase program which we launched in late 2019, has resulted in a $1.3 billion reduction in near-term maturities and the elimination of $220 million of total debt due to the realized discount. During the second half of 2020, we expect to generate $175 to $200 million in free cash flow, based on today’s strip prices, and to receive the first of two $51 million contingency payments from our overriding royalty holder, Sixth Street Partners, providing additional funds for debt retirement. By year-end 2020 we estimate that Antero will have reduced total debt by over $800 million. Longer term, we are committed to maximizing free cash flow and further reducing total debt and financial leverage.”

For a discussion of the non-GAAP financial measures including Adjusted EBITDAX and Free Cash Flow please see “Non-GAAP Financial Measures.”

Asset Sale Program Update

Since the announcement of the Company’s $750 million to $1 billion asset sale target in December 2019, Antero has closed $751 million of transactions as detailed in the table below. Proceeds received to date have been used to repurchase debt at a discount. The Company intends to continue to evaluate other opportunities for asset monetizations with the proceeds earmarked for further debt reduction.

Debt Repurchases

Antero repurchased $461 million principal amount of senior notes during the third quarter of 2020 at a 13% weighted average discount price. The total includes the results of the completed tender offer for Antero’s senior notes maturing in 2021, 2022 and 2023. The repurchase discount during the third quarter reduced total indebtedness by $59 million. Since the commencement of the debt repurchase program in the fourth quarter of 2019, Antero has repurchased $1.3 billion of debt principal at a 17% weighted average discount. This discount alone reduced total indebtedness by $220 million, while interest expense has been reduced by $34 million on an annualized basis.

The table below shows the principal amount of our senior notes repurchased between September 30, 2019 and 2020.

Borrowing Base Redetermination Completed

As a result of the recently completed October 2020 borrowing base redetermination, the borrowing base under Antero Resources’ credit facility was reaffirmed at $2.85 billion. Lender commitments under the credit facility remained at $2.64 billion, supported by 24 banks. Antero has $1.1 billion in available liquidity under its credit facility as of September 30, 2020.

Firm Transportation Commitments

Antero’s firm transportation commitments will decline by 810 MMcf/d by year end 2024 at Antero’s option. Of that, 300 MMcf/d of firm transportation commitments will expire during 2021 and notice has been given to the pipeline counterparties to that effect. If Antero elects to release the remaining 510 MMcf/d, the annual reduction in demand fees will total $100 million by 2024. The released commitment volumes are expected to reduce net marketing expense by approximately $25 million in 2021 and $60 million in 2022, as compared to 2020 levels, assuming maintenance level capital spending.

Third quarter net marketing expense of $0.11 per Mcfe was the lowest since Antero’s full firm transportation portfolio was completed in 2018. As basis differentials widened during the third quarter of 2020, Antero’s firm transportation portfolio allowed for the flow of its production without any shut-ins or curtailments and shielded it from the wide regional basis to NYMEX prices. During the month of September, when the regional basis differential expanded to over $1.50 per Mcf, Antero’s firm transportation provided a $38 million benefit relative to selling gas in-basin, net of utilized transportation expense and unutilized marketing expense. The wide basis differentials continued during October and Antero experienced similar benefits from its firm transportation portfolio.

Third Quarter 2020 Free Cash Flow

Antero generated $88 million in Free Cash Flow before changes in working capital during the third quarter. After adjusting for working capital investments of $80 million during the quarter, Free Cash Flow was $7 million. Antero expects working capital adjustments to reverse during the fourth quarter of 2020 and continues to expect Free Cash Flow of $175 to $200 million during the second half of 2020, assuming strip pricing.

Corporate Sustainability Report

Antero published its 2019 Corporate Sustainability Report (“CSR”) in October detailing the Company’s ongoing commitment to environmental excellence, strong governance, safe operations and the communities in which it operates. The report highlights Antero’s leadership in greenhouse gas (GHG) intensity, methane leak loss rate and safety metrics. Within the report, Antero set in place year 2025 environmental goals which include a 50% reduction in its 2019 methane leak loss rate to under 0.025%, a 10% reduction in GHG intensity, alignment with TCFD and SASB reporting guidelines and endeavoring to achieve net zero carbon emissions through operational improvements and carbon offsets.

The Company believes that natural gas will be key to the energy transition and the ability to address the risks associated with climate change. As the lightest and least GHG intensive hydrocarbon, natural gas is as important as wind and solar in the energy mix that allows the U.S. and the globe to transition to a lower carbon energy future. The CSR press release and full report is available at www.anteroresources.com/sustainability/founders-message. Information on the Company’s website does not constitute a portion of, and is not incorporated by reference into, this press release.

COVID-19 Pandemic Developments

As a producer of natural gas, NGLs and oil, Antero Resources is recognized as an essential business under various federal, state and local regulations related to the COVID-19 pandemic and the communities in which it operates. The Company has continued to operate under these regulations, while taking steps to protect the health and safety of its workers. Antero has implemented protocols to reduce the risk of an outbreak within its field operations, and these protocols have not had an impact on production or performance. A substantial portion of the Company’s non-field level employees have transitioned to remote work from home arrangements. Antero has been able to maintain a consistent level of effectiveness, including maintaining day-to-day operations and decision making, and financial reporting systems and internal control over financial reporting. For more information, please see Antero’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Third Quarter 2020 Financial Results

For the three months ended September 30, 2020, Antero reported a GAAP net loss of $536 million, or $1.99 per diluted share, compared to a GAAP net loss of $879 million, or $2.86 per diluted share, in the prior year period. The loss was driven by a $749 million unrealized commodity derivative fair value loss as a result of the 10% rise in the natural gas strip pricing during the quarter. Adjusted Net Income (non-GAAP measure) was $15 million, or $0.05 per diluted share, compared to Adjusted Net Loss of $150 million during the three months ended September 30, 2019, or $0.49 per diluted share.

Adjusted EBITDAX (non-GAAP measure) was $272 million, a 5% increase compared to the prior year period driven by lower operating costs and increased production. Antero’s average realized gas equivalent price after hedges declined by 7% from $3.13 per Mcfe in the third quarter of 2019 to $2.92 per Mcfe in the third quarter of 2020, a $0.94 per Mcf premium to NYMEX pricing.

The following table details the components of average net production and average realized prices for the three months ended September 30, 2020:

Net daily natural gas equivalent production in the third quarter averaged 3,772 MMcfe/d, including 219,859 Bbl/d of liquids (65% natural gas by volume), a new company record. Net production increased 12% from the prior year period. Throughput on Antero Midstream’s low pressure gathering system was in excess of the third quarter 2020 growth incentive fee threshold of 2,800 MMcf/d, resulting in a $12 million rebate to Antero Resources.

Antero’s average realized natural gas price before hedging was $1.93 per Mcf, representing a 23% decrease versus the prior year period. Despite a sharp widening in the regional basis differential during the quarter, Antero realized a $0.05 per Mcf discount to the average NYMEX Henry Hub price through the use of its premium firm transportation to NYMEX-based markets. Antero expects its pre-hedge natural gas differentials to return to a $0.00 to $0.10 premium to NYMEX in the fourth quarter of 2020. Including hedges, Antero’s average realized natural gas price was $2.73 per Mcf, a $0.75 premium to the average NYMEX price.

Antero’s average realized C3+ NGL price before hedging was $22.01 per barrel, a 47% sequential improvement and a 2% decrease versus the prior year period. Antero shipped 49% of its total C3+ NGL net production on Mariner East 2 for export and realized a $0.06 per gallon premium to Mont Belvieu pricing on these volumes at Marcus Hook, PA. Antero sold the remaining 51% of C3+ NGL net production at a $0.10 per gallon discount to Mont Belvieu pricing at Hopedale, OH. The resulting blended price on 145,654 Bbl/d of net C3+ NGL production was $22.01 per barrel, which was a $0.02 per gallon discount to Mont Belvieu pricing. Antero expects to sell at least 50% of its C3+ NGL production in 2020 at Marcus Hook for export at a premium to Mont Belvieu.

All-in cash expense, which includes lease operating, gathering, compression, processing and transportation, production and ad valorem taxes, net marketing, and general and administrative expense (excluding equity-based compensation) was $2.21 per Mcfe in the third quarter, a 10% decrease compared to $2.46 per Mcfe average during the third quarter of 2019. Lease operating expense was $0.06 per Mcfe in the third quarter, a 50% decline from $0.12 per Mcfe in the year ago period driven by a decrease in water handling costs as Antero increased water blending and reuse in completion operations. G&A expense was $0.07 per Mcfe, a 30% decrease from the third quarter of 2019 primarily due to a lower employee headcount and a 12% increase in production.

Per unit net marketing expense declined to $0.11 per Mcfe in the third quarter, compared to $0.20 per Mcfe reported in the prior year period. The decline was driven primarily by higher production volumes during the quarter and wide regional basis differentials resulting in less unutilized transportation capacity.

Third Quarter 2020 Operating Update

Marcellus Shale — Antero placed 27 horizontal Marcellus wells to sales during the third quarter with an average lateral length of 11,937 feet. Fifteen of the 27 new wells have been on-line for at least 60 days and the average 60-day rate per well was 24.5 MMcfe/d, including approximately 1,169 Bbl/d of liquids assuming 25% ethane recovery. Year-to-date, Antero has averaged over 6,000 feet per day drilling the lateral section of its wells. Additionally, Antero’s ongoing emphasis on completion efficiencies resulted in an improvement during the third quarter to 8.5 stages completed per day.

These efficiency gains led to average all-in well costs of $675 per lateral foot, normalized to a 12,000 foot lateral. This represents a 30% reduction in all-in well cost per lateral foot since the beginning of 2019. The vast majority of the improvement in well costs has been driven by operational efficiency and process changes. Actual well costs averaged $640 per lateral foot during the third quarter as the average lateral length drilled was 15,900 feet. All-in well costs are expected to average $675 per lateral during the fourth quarter for a 12,000 foot lateral. Antero currently has one drilling rig and one completion crew running.

Third Quarter 2020 Capital Investment

Antero’s drilling and completion capital expenditures for the three months ended September 30, 2020, were $161 million. Through the first nine months of 2020, Antero has turned in line 96 of the projected 105 well completions planned for the year. Antero anticipates a decline in capital spending during the fourth quarter of 2020, reflecting reduced drilling and completion activity with full year drilling and capital spend of $750 million, unchanged from prior guidance. In addition to capital invested in drilling and completion costs, the Company invested $10 million in land during the third quarter. For a reconciliation of accrued capital expenditures to cash capital expenditures see the table on page 11.

Balance Sheet and Liquidity

As of September 30, 2020, Antero’s total debt was $3.2 billion, of which $827 million were borrowings outstanding under the Company’s revolving credit facility. Antero has a borrowing base of $2.85 billion with lender commitments that total $2.64 billion. After deducting letters of credit outstanding of $730 million, the Company had $1.1 billion in available liquidity at September 30, 2020. Net debt to trailing twelve month Adjusted EBITDA ratio was 3.2x as of September 30, 2020, down from the prior quarter’s ratio of 3.6x.

Commodity Derivative Positions

Antero had realized hedge gains of $234 million during the third quarter and $759 million during the first nine months of 2020. The Company has hedged 1.3 Tcf of natural gas at a weighted average index price of $2.68 per MMBtu through 2023 with fixed price swap positions. Antero also has oil, NGL and ethane fixed price swap positions, including oil positions that total 26,000 Bbl/d, NGL positions that total 10,315 Bbl/d and ethane positions that total 24,500 Bbl/d during the fourth quarter of 2020.

Please see Antero’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, for more information on all commodity derivative positions, including basis swaps and natural gas calls.

The following tables summarize Antero’s hedge position as of September 30, 2020:

Fixed price natural gas positions from October 1, 2020 through December 31, 2023 were as follows:

C3+ NGL, ethane and oil derivative contract positions from October 1, 2020 through December 31, 2020 were as follows:

Guidance

All guidance not discussed in this release is unchanged from previously stated guidance.

2020 Asset Sales Program Accounting Treatment

For the three months and nine months ended September 30, 2020, Martica Holdings, LLC (“Martica”), the entity associated with the previously announced ORRI transaction, is consolidated in the Company’s consolidated financial statements. All significant intercompany accounts and transactions have been eliminated in the Company’s unaudited condensed consolidated financial statements. The noncontrolling interest in the Company’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020 represents the interest in Martica, which is the entity established with the overriding royalty sale, not owned by Antero.

Under the VPP transaction entered into during the third quarter of 2020, all production volumes and reserves are treated as a divestiture and not included in the results. Net proceeds are recognized as deferred revenue as of September 30, 2020. Deferred revenue is recognized as volumes are delivered using the unit-of-production method over the term of the VPP.

For more information, please see Antero’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Conference Call

A conference call is scheduled on Thursday, October 29, 2020 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference “Antero Resources”. A telephone replay of the call will be available until Thursday, November 5, 2020 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13703919.

A simultaneous webcast of the call may be accessed over the internet at www.anteroresources.com. The webcast will be archived for replay on the Company’s website until Thursday, November 5, 2020 at 9:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage.

Non-GAAP Financial Measures

Adjusted Net Income (Loss)

Adjusted Net Income (Loss) as set forth in this release represents net income (loss), adjusted for certain items. Antero believes that Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income (Loss) is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (loss) as an indicator of financial performance. The following tables reconcile net income (loss) to Adjusted Net Income (Loss) (in thousands):

Per Share Amounts

Net Debt

Net Debt is calculated as total debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

Free Cash Flow

Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity. The Company defines Free Cash Flow as net cash provided by operating activities, less drilling and completion capital and leasehold capital, less distributions to non-controlling interests in Martica.

The Company has not provided projected net cash provided by operating activities or a reconciliation of Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.

Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities and to service or incur additional debt. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

Adjusted EBITDAX

Adjusted EBITDAX is a non-GAAP financial measure that we define as net income (loss), adjusted for certain items detailed below.

Through March 12, 2019, the financial results of Antero Midstream Partners were included in our consolidated results. Effective March 13, 2019, we no longer consolidate Antero Midstream Partners and account for our interest in Antero Midstream using the equity method of accounting. Adjusted EBITDAX includes distributions received with respect to limited partner interests in Antero Midstream Partners common units through March 12, 2019.

Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:

There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.

The following table represents a reconciliation of our net income (loss), including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of our Adjusted EBITDAX to net cash provided by operating activities per our unaudited condensed consolidated statements of cash flows, in each case, for the three and nine months ended September 30, 2019 and 2020. Adjusted EBITDAX also excludes the noncontrolling interests in Martica and these adjustments are disclosed in the table below as Martica related adjustments.

Drilling and Completion Capital Expenditures

For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands):

Notwithstanding their use for comparative purposes, the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company’s website is located at www.anteroresources.com.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future commodity prices, future production targets, realizing potential future fee rebates or reductions, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, asset monetization opportunities and pricing, improved and/or increasing capital efficiency, estimated realized natural gas, NGL and oil prices, expected drilling and development plans, projected well costs and cost savings initiatives, future financial position, the amount and timing of any litigation settlements or awards, future marketing opportunities and Antero Resources’ environmental goals are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources’ control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2019 and in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

For more information, contact Michael Kennedy – SVP – Finance, at (303) 357-6782 or mkennedy@anteroresources.com.

ANTERO RESOURCES CORPORATION

Consolidated Balance Sheets

December 31, 2019 and September 30, 2020

(In thousands, except per share amounts)

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

Three Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands, except per share amounts)

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands)

The following table set forth selected operating data for the three months ended September 30, 2019 and 2020:

* Not meaningful