The effect of elevated temperatures, typically 95–115 °C, on antioxidant depletion from a high-density polyethylene (HDPE) geomembrane (GMB) incubated in air, water and synthetic leachate is examined. It is shown that the antioxidant depletion in synthetic leachate at 95–115 °C is consistent with what would be expected from Arrhenius modeling based on data from lower temperatures (25–85 °C). A similar finding is reached for incubation in air. However, when incubated in water the antioxidant depletion is more complicated. At temperatures above 100 °C a four-parameter exponential model was needed to fit oxidative induction time data that exhibited quite different early-time and later-time depletion rates. The early-time depletion rate decreases with an increase of the temperature while the later-time depletion rates follow the more typical pattern of increasing with increasing temperature. Three additional HDPE GMBs with different antioxidant packages are examined at elevated temperatures in air. The GMB with the lowest initial standard (Std) oxidative induction time (OIT) and without hindered amine light stabilizer (HALS) has the longest antioxidant depletion stage based on Std-OIT at these elevated temperatures. GMBs stabilized with HALS showed only a slight change in their high pressure OIT during the current study. It is shown also that degradation in physical properties can start at Std-OIT values above the residual OIT values.