Equity-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity-Based Compensation |
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| Schedule of equity-based compensation expense |
The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): | | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | RSU awards | | $ | 32,745 | | | 42,780 | | | 41,664 | | PSU awards | | | 25,322 | | | 22,177 | | | 17,543 | | Equity awards issued to directors | | | 1,452 | | | 1,505 | | | 1,605 | | Total expense | | $ | 59,519 | | | 66,462 | | | 60,812 | |
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| Summary of RSU award activity |
| | | | | | | | | | | Weighted | | | | | | Average | | | | Number | | Grant Date | | | | of Units | | Fair Value | | Total awarded and unvested—December 31, 2024 | | 3,035,362 | | $ | 26.05 | | Granted | | 1,138,906 | | | 33.64 | | Vested | | (1,697,987) | | | 25.85 | | Forfeited | | (139,880) | | | 29.85 | | Total awarded and unvested—December 31, 2025 | | 2,336,401 | | $ | 29.67 | |
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| Summary of PSU award activity |
| | | | | | | | | | | Weighted | | | | | | Average | | | | Number | | Grant Date | | | | of Units | | Fair Value | | Total awarded and unvested—December 31, 2024 | | 1,351,295 | | $ | 35.27 | | Granted | | 289,370 | | | 34.33 | | Vested (1) | | (281,318) | | | 41.41 | | Total awarded and unvested—December 31, 2025 | | 1,359,347 | | $ | 33.80 | |
| (1) | During the year ended December 31, 2025, the 2022 Absolute TSR PSUs and 2022 Leverage Ratio PSUs met the performance criteria to achieve vesting at 110% and 194% of target, respectively, and converted into approximately 0.5 million shares of the Company’s common stock. |
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| Schedule of weighted average fair value assumptions used for PSUs granted |
| | | | | | | | | | | | | | Year Ended December 31, | | | | | 2023 | | 2024 | | 2025 | | | Dividend yield | | | — | % | | — | % | | — | % | | Volatility | | | 82 | % | | 55 | % | | 48 | % | | Risk-free interest rate | | | 4.61 | % | | 4.23 | % | | 3.97 | % | | Weighted average fair value of awards granted | | $ | 33.96 | | | 32.29 | | | 35.01 | | |
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| Summary of stock option activity |
| | | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | Average | | | | | | | | Average | | Remaining | | Intrinsic | | | | Number | | Exercise | | Contractual | | Value | | | | of Options | | Price | | Life | | (in thousands) (1) | | Outstanding—December 31, 2024 | | 252,451 | | $ | 50.00 | | 0.3 | | $ | — | | Expired | | (252,451) | | | 50.00 | | — | | | — | | Outstanding—December 31, 2025 | | — | | $ | — | | — | | | — | | Vested—December 31, 2025 | | — | | $ | — | | — | | $ | — | | Exercisable—December 31, 2025 | | — | | $ | — | | — | | $ | — | |
| (1) | Intrinsic values are based on the exercise price of the options and the closing price of Antero Resources’ common stock on the referenced dates. |
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