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Leases (Tables) | 9 Months Ended
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Sep. 30, 2025
Leases |
Summary of 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.
Summary of costs associated with operating leases and finance 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.
Summary of 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.
Summary of maturities of operating 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 | ​
Summary of maturities of financing 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 | ​
Summary of 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 | % | ​

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