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Leases | 9 Months Ended
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Sep. 30, 2025
Leases |
Leases | (12) Leases The Company leases certain office space, processing plants, drilling rigs and completion services, gas gathering lines, compressor stations, and other office and field equipment. Leases with an initial term of 12 months or less are considered short-term and are not recorded on the balance sheet. Instead, the short-term leases are recognized in expense on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to 20 years or more. The exercise of the lease renewal options is at the Company’s sole discretion. The depreciable lives of the leased assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of the Company’s lease agreements include minimum payments based on a percentage of produced volumes over contractual levels and others include rental payments adjusted periodically for inflation. The Company considers all contracts that have assets specified in the contract, either explicitly or implicitly, that the Company has substantially all of the capacity of the asset, and has the right to obtain substantially all of the economic benefits of that asset, without the lessor’s ability to have a substantive right to substitute that asset, as leased assets. For any contract deemed to include a leased asset, that asset is capitalized on the condensed consolidated balance sheet as a right-of-use asset and a corresponding lease liability is recorded at the present value of the known future minimum payments of the contract using a discount rate on the date of commencement. The leased asset classification is determined at the date of recording as either operating or financing, depending upon certain criteria of the contract. The discount rate used for present value calculations is the discount rate implicit in the contract. If an implicit rate is not determinable, a collateralized incremental borrowing rate is used at the date of commencement. As new leases commence or previous leases are modified, the discount rate used in the present value calculation is the current period applicable discount rate. The Company has made an accounting policy election to adopt the practical expedient for combining lease and non-lease components on an asset class basis. This expedient allows the Company to combine non-lease components such as real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises with the lease component of a lease agreement on an asset class basis when the non-lease components of the agreement cannot be easily bifurcated from the lease payment. Currently, the Company is only applying this expedient to certain office space agreements.
(a) | Supplemental Balance Sheet Information Related to Leases
The Company’s lease assets and liabilities consisted of the following items (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​
​ | ​ | ​ | ​ | December 31, | ​ | September 30, | ​
Leases |  | Balance Sheet Classification |  | 2024 |  | 2025 | ​
Operating Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Processing plants | ​ | Operating lease right-of-use assets | ​ | $ | 1,365,582 | ​ | ​ | 1,190,677 | ​
Drilling rigs and completion services | ​ | Operating lease right-of-use assets | ​ | ​ | — | ​ | ​ | 21,189 | ​
Gas gathering lines and compressor stations (1) | ​ | Operating lease right-of-use assets | ​ | ​ | 1,149,981 | ​ | ​ | 1,023,286 | ​
Office space | ​ | Operating lease right-of-use assets | ​ | ​ | 33,345 | ​ | ​ | 29,687 | ​
Office, field and other equipment | ​ | Operating lease right-of-use assets | ​ | ​ | 490 | ​ | ​ | 2,137 | ​
Total operating lease right-of-use assets | ​ | ​ | ​ | $ | 2,549,398 | ​ | ​ | 2,266,976 | ​
Operating lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term operating lease liabilities | ​ | Short-term lease liabilities | ​ | $ | 492,624 | ​ | ​ | 507,711 | ​
Long-term operating lease liabilities | ​ | Long-term lease liabilities | ​ | ​ | 2,048,942 | ​ | ​ | 1,751,670 | ​
Total operating lease liabilities | ​ | ​ | ​ | $ | 2,541,566 | ​ | ​ | 2,259,381 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease right-of-use assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vehicles | ​ | Other property and equipment | ​ | $ | 2,665 | ​ | ​ | 3,648 | ​
Total finance lease right-of-use assets (2) | ​ | ​ | ​ | $ | 2,665 | ​ | ​ | 3,648 | ​
Finance lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term finance lease liabilities | ​ | Short-term lease liabilities | ​ | $ | 1,270 | ​ | ​ | 1,691 | ​
Long-term finance lease liabilities | ​ | Long-term lease liabilities | ​ | ​ | 1,395 | ​ | ​ | 1,957 | ​
Total finance lease liabilities | ​ | ​ | ​ | $ | 2,665 | ​ | ​ | 3,648 | ​
(1) | Gas gathering lines and compressor stations relate to Antero Midstream. See “—‍Related Party Lease Disclosure” for additional discussion.
(2) | Financing lease assets are recorded net of accumulated amortization of $3 million as of December 31, 2024 and September 30, 2025.
The processing plants, gathering lines and compressor stations that are classified as lease liabilities are classified as such under FASB ASC Topic 842, Leases, because Antero (i) is the sole customer of the assets and (ii) makes the decisions that most impact the economic performance of the assets. ​
(b) | Supplemental Information Related to Leases
Costs associated with operating and finance leases were included in the unaudited condensed consolidated statement of operations and comprehensive income (loss) (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
Cost |  | Classification |  | Location |  | 2024 |  | 2025 |  | 2024 |  | 2025 | ​
Operating lease cost | ​ | Statement of operations | ​ | Gathering, compression, processing and transportation | ​ | $ | 435,308 | ​ | ​ | 407,395 | ​ | ​ | 1,283,302 | ​ | ​ | 1,208,756 | ​
Operating lease cost | ​ | Statement of operations | ​ | General and administrative | ​ | ​ | 3,164 | ​ | ​ | 3,201 | ​ | ​ | 9,233 | ​ | ​ | 9,660 | ​
Operating lease cost | ​ | Statement of operations | ​ | Lease operating | ​ | ​ | 28 | ​ | ​ | 275 | ​ | ​ | 76 | ​ | ​ | 802 | ​
Operating lease cost | ​ | Balance sheet | ​ | Proved properties (1) | ​ | ​ | 30,864 | ​ | ​ | 6,306 | ​ | ​ | 92,990 | ​ | ​ | 19,972 | ​
Total operating lease cost | ​ | ​ | ​ | ​ | ​ | $ | 469,364 | ​ | ​ | 417,177 | ​ | ​ | 1,385,601 | ​ | ​ | 1,239,190 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | Statement of operations | ​ | Depletion, depreciation and amortization | ​ | $ | 405 | ​ | ​ | 456 | ​ | ​ | 1,253 | ​ | ​ | 1,287 | ​
Interest on lease liabilities | ​ | Statement of operations | ​ | Interest expense | ​ | ​ | 125 | ​ | ​ | 141 | ​ | ​ | 410 | ​ | ​ | 386 | ​
Total finance lease cost | ​ | ​ | ​ | ​ | ​ | $ | 530 | ​ | ​ | 597 | ​ | ​ | 1,663 | ​ | ​ | 1,673 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term lease payments | ​ | ​ | ​ | ​ | ​ | $ | 26,636 | ​ | ​ | 39,282 | ​ | ​ | 84,307 | ​ | ​ | 129,559 | ​
(1) | Capitalized costs related to drilling and completion activities.
​
(c) | Supplemental Cash Flow Information Related to Leases
The following table presents the Company’s supplemental cash flow information related to leases (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ |  | 2024 |  | 2025 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 1,098,799 | ​ | ​ | 1,201,548 | ​
Operating cash flows from finance leases | ​ | ​ | 410 | ​ | ​ | 386 | ​
Investing cash flows from operating leases | ​ | ​ | 78,275 | ​ | ​ | 11,179 | ​
Financing cash flows from finance leases | ​ | ​ | 811 | ​ | ​ | 1,113 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noncash activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for new operating lease obligations | ​ | $ | 97,720 | ​ | ​ | 127,187 | ​
Decrease to existing right-of-use assets and lease obligations from operating lease modifications, net (1) | ​ | $ | (1,472) | ​ | ​ | (14,453) | ​
(1) | During the nine months ended September 30, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5% as of December 31, 2023 to 6.0% as of September 30, 2024. During the nine months ended September 30, 2025, the weighted average discount rate for remeasured operating leases increased from 5.5% as of December 31, 2024 to 5.8% as of September 30, 2025.
​
(d) | Maturities of Lease Liabilities
The table below is a schedule of future minimum payments for operating and financing lease liabilities as of September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Financing Leases | ​ | Total | ​
Remainder of 2025 | ​ | $ | 160,060 | ​ | ​ | 547 | ​ | ​ | 160,607 | ​
2026 | ​ | ​ | 602,332 | ​ | ​ | 1,905 | ​ | ​ | 604,237 | ​
2027 | ​ | ​ | 487,023 | ​ | ​ | 904 | ​ | ​ | 487,927 | ​
2028 | ​ | ​ | 406,177 | ​ | ​ | 730 | ​ | ​ | 406,907 | ​
2029 | ​ | ​ | 322,110 | ​ | ​ | 239 | ​ | ​ | 322,349 | ​
Thereafter | ​ | ​ | 657,786 | ​ | ​ | — | ​ | ​ | 657,786 | ​
Total lease payments | ​ | ​ | 2,635,488 | ​ | ​ | 4,325 | ​ | ​ | 2,639,813 | ​
Less: imputed interest | ​ | ​ | (376,107) | ​ | ​ | (677) | ​ | ​ | (376,784) | ​
Total | ​ | $ | 2,259,381 | ​ | ​ | 3,648 | ​ | ​ | 2,263,029 | ​
​
(e) | Lease Term and Discount Rate
The following table sets forth the Company’s weighted average remaining lease term and discount rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​ | ​
​ | ​ | December 31, 2024 | ​ | September 30, 2025 | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases | ​ | Operating Leases | ​ | Finance Leases | ​ | ​
Weighted average remaining lease term | ​ | 6.0 years | ​ | 2.1 years | ​ | 5.7 years | ​ | 2.7 years | ​ | ​
Weighted average discount rate | ​ | 5.5 | % | 8.4 | % | 5.6 | % | 8.5 | % | ​
​
(f) | Related Party Lease Disclosure
The Company has gathering and compression service agreements with Antero Midstream that include: (i) the second amended and restated gathering and compression agreement dated December 8, 2019 (the “2019 gathering and compression agreement”), (ii) a gathering and compression agreement from Antero Midstream’s acquisition in 2022 of certain Marcellus gathering and compression assets in an area of dedication (the “Marcellus gathering and compression agreement”) and (iii) a compression agreement from Antero Midstream’s acquisition in 2022 of certain Utica compressors (the “Utica compression agreement”) and (iv) a gathering and compression agreement from Antero Midstream’s acquisition in the second quarter of 2024 of certain central Marcellus gathering and compression assets (the “Mountaineer gathering and compression agreement,” and together with the 2019 gathering and compression agreement, Marcellus gathering and compression agreement and the Utica compression agreement, the “gathering and compression agreements”). Pursuant to the gathering and compression agreements with Antero Midstream, the Company has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to Antero Midstream for gathering and compression services. The 2019 gathering and compression agreement, Marcellus gathering and compression agreement and Mountaineer gathering and compression agreement have initial terms through 2038, 2031 and 2026, respectively, and the Utica compression agreement has one remaining acreage dedication that expires in 2030. Upon expiration of the Marcellus gathering and compression agreement, Utica compression agreement and Mountaineer gathering and compression agreement, Antero Midstream will continue to provide gathering and compression services under the 2019 gathering and compression agreement. Under the gathering and compression agreements, Antero Midstream receives a low pressure gathering fee per Mcf, a high pressure gathering fee per Mcf and a compression fee per Mcf, as applicable, subject to annual Consumer Price Index (“CPI”)-based adjustments. If and to the extent the Company requests that Antero Midstream construct new low pressure lines, high pressure lines and compressor stations, the 2019 gathering and compression agreement contains options at Antero Midstream’s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for 75% of the high pressure gathering capacity and 70% of the compression capacity of the requested capacity of such new construction for 10 years or (ii) a cost of service fee that allows the Antero Midstream to earn a 13% rate of return on such new construction over seven years. The Marcellus gathering and compression agreement provides for a minimum volume commitment that requires the Company to utilize or pay for 25% of the compression capacity for a period of 10 years from the in-service date. The Mountaineer gathering and compression agreement provides for monthly minimum compression and gathering fees for each compressor station or high pressure gathering line, respectively, for a period of 12 years commencing 90 days after such asset’s in-service date. As of September 30, 2025, the minimum volume commitments for the 2019 gathering and compression agreement end in 2035, and the minimum compression and gathering fees for the Mountaineer gathering and compression agreement end in 2026. As of January 1, 2025, there were no minimum volume commitments under the Marcellus gathering and compression agreement. Upon completion of the initial contract term, the 2019 gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Midstream to the other party on or before the 180th day prior to the anniversary of such agreement. Gathering and compression fees paid by the Company related to these agreements were $207 million and $212 million for the three months ended September 30, 2024 and 2025, respectively. For the nine months ended September 30, 2024 and 2025, gathering and compression fees paid by the Company related to this agreement were $608 million and $629 million, respectively. As of December 31, 2024 and September 30, 2025, $79 million and $82 million, respectively, was included within accounts payable, related parties on the condensed consolidated balance sheets as due to Antero Midstream related to these agreements.

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