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Leases (Tables)

9 Months Ended

Sep. 30, 2025

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	%