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v3.26.1

Leases (Tables) | 6 Months Ended
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Jun. 30, 2026
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, | ​ | June 30, | ​
Leases |  | Balance Sheet Classification |  | 2025 |  | 2026 | ​
Operating Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Processing plants | ​ | Operating lease right-of-use assets | ​ | $ | 1,135,203 | ​ | ​ | 1,027,181 | ​
Drilling rigs and completion services | ​ | Operating lease right-of-use assets | ​ | ​ | 54,968 | ​ | ​ | 160,370 | ​
Gas gathering lines and compressor stations (1) | ​ | Operating lease right-of-use assets | ​ | ​ | 912,073 | ​ | ​ | 789,992 | ​
Office space | ​ | Operating lease right-of-use assets | ​ | ​ | 28,400 | ​ | ​ | 25,771 | ​
Office, field and other equipment | ​ | Operating lease right-of-use assets | ​ | ​ | 1,865 | ​ | ​ | 2,259 | ​
Total operating lease right-of-use assets | ​ | ​ | ​ | $ | 2,132,509 | ​ | ​ | 2,005,573 | ​
Operating lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term operating lease liabilities | ​ | Short-term lease liabilities | ​ | $ | 514,717 | ​ | ​ | 530,520 | ​
Long-term operating lease liabilities | ​ | Long-term lease liabilities | ​ | ​ | 1,610,341 | ​ | ​ | 1,467,889 | ​
Total operating lease liabilities | ​ | ​ | ​ | $ | 2,125,058 | ​ | ​ | 1,998,409 | ​
Finance Leases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease right-of-use assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vehicles | ​ | Other property and equipment | ​ | $ | 3,486 | ​ | ​ | 2,638 | ​
Total finance lease right-of-use assets (2) | ​ | ​ | ​ | $ | 3,486 | ​ | ​ | 2,638 | ​
Finance lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term finance lease liabilities | ​ | Short-term lease liabilities | ​ | $ | 1,539 | ​ | ​ | 1,149 | ​
Long-term finance lease liabilities | ​ | Long-term lease liabilities | ​ | ​ | 1,947 | ​ | ​ | 1,489 | ​
Total finance lease liabilities | ​ | ​ | ​ | $ | 3,486 | ​ | ​ | 2,638 | ​
(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 and $2 million as of December 31, 2025 and June 30, 2026, respectively.
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 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
Cost |  | Classification |  | Location |  | 2025 |  | 2026 |  | 2025 |  | 2026 |
Operating lease cost | ​ | Statement of operations | ​ | Gathering, compression, processing and transportation | ​ | $ | 406,240 | ​ | ​ | 430,839 | ​ | ​ | 801,361 | ​ | ​ | 858,037 | ​
Operating lease cost | ​ | Statement of operations | ​ | General and administrative | ​ | ​ | 3,318 | ​ | ​ | 2,626 | ​ | ​ | 6,459 | ​ | ​ | 5,981 | ​
Operating lease cost | ​ | Statement of operations | ​ | Lease operating | ​ | ​ | 302 | ​ | ​ | 364 | ​ | ​ | 527 | ​ | ​ | 736 | ​
Operating lease cost | ​ | Balance sheet | ​ | Proved properties (1) | ​ | ​ | 6,267 | ​ | ​ | 31,705 | ​ | ​ | 13,666 | ​ | ​ | 51,498 | ​
Total operating lease cost | ​ | ​ | ​ | ​ | ​ | $ | 416,127 | ​ | ​ | 465,534 | ​ | ​ | 822,013 | ​ | ​ | 916,252 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | Statement of operations | ​ | Depletion, depreciation and amortization | ​ | $ | 422 | ​ | ​ | 600 | ​ | ​ | 831 | ​ | ​ | 1,077 | ​
Interest on lease liabilities | ​ | Statement of operations | ​ | Interest expense, net | ​ | ​ | 127 | ​ | ​ | 107 | ​ | ​ | 245 | ​ | ​ | 231 | ​
Total finance lease cost | ​ | ​ | ​ | ​ | ​ | $ | 549 | ​ | ​ | 707 | ​ | ​ | 1,076 | ​ | ​ | 1,308 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term lease payments | ​ | ​ | ​ | ​ | ​ | $ | 47,371 | ​ | ​ | 50,717 | ​ | ​ | 90,277 | ​ | ​ | 81,802 | ​
(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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ |  | 2025 |  | 2026 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 794,364 | ​ | ​ | 1,016,784 | ​
Operating cash flows from finance leases | ​ | ​ | 245 | ​ | ​ | 231 | ​
Investing cash flows from operating leases | ​ | ​ | 8,050 | ​ | ​ | 45,622 | ​
Financing cash flows from finance leases | ​ | ​ | 710 | ​ | ​ | 657 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noncash activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for new operating lease obligations | ​ | $ | 127,187 | ​ | ​ | 118,168 | ​
Decrease to existing right-of-use assets and lease obligations from operating lease modifications, net (1) | ​ | $ | (14,453) | ​ | ​ | (6,510) | ​
(1) | During the six months ended June 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 June 30, 2025. During the six months ended June 30, 2026, the weighted average discount rate for remeasured operating leases decreased from 5.1% as of December 31, 2025 to 4.4% as of June 30, 2026.
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 June 30, 2026 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Financing Leases | ​ | Total | ​
Remainder of 2026 | ​ | $ | 332,852 | ​ | ​ | 837 | ​ | ​ | 333,689 | ​
2027 | ​ | ​ | 568,835 | ​ | ​ | 1,003 | ​ | ​ | 569,838 | ​
2028 | ​ | ​ | 409,252 | ​ | ​ | 868 | ​ | ​ | 410,120 | ​
2029 | ​ | ​ | 322,117 | ​ | ​ | 364 | ​ | ​ | 322,481 | ​
2030 | ​ | ​ | 248,972 | ​ | ​ | — | ​ | ​ | 248,972 | ​
Thereafter | ​ | ​ | 408,821 | ​ | ​ | — | ​ | ​ | 408,821 | ​
Total lease payments | ​ | ​ | 2,290,849 | ​ | ​ | 3,072 | ​ | ​ | 2,293,921 | ​
Less: imputed interest | ​ | ​ | (292,440) | ​ | ​ | (434) | ​ | ​ | (292,874) | ​
Total | ​ | $ | 1,998,409 | ​ | ​ | 2,638 | ​ | ​ | 2,001,047 | ​
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 June 30, 2026 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Financing Leases | ​ | Total | ​
Remainder of 2026 | ​ | $ | 332,852 | ​ | ​ | 837 | ​ | ​ | 333,689 | ​
2027 | ​ | ​ | 568,835 | ​ | ​ | 1,003 | ​ | ​ | 569,838 | ​
2028 | ​ | ​ | 409,252 | ​ | ​ | 868 | ​ | ​ | 410,120 | ​
2029 | ​ | ​ | 322,117 | ​ | ​ | 364 | ​ | ​ | 322,481 | ​
2030 | ​ | ​ | 248,972 | ​ | ​ | — | ​ | ​ | 248,972 | ​
Thereafter | ​ | ​ | 408,821 | ​ | ​ | — | ​ | ​ | 408,821 | ​
Total lease payments | ​ | ​ | 2,290,849 | ​ | ​ | 3,072 | ​ | ​ | 2,293,921 | ​
Less: imputed interest | ​ | ​ | (292,440) | ​ | ​ | (434) | ​ | ​ | (292,874) | ​
Total | ​ | $ | 1,998,409 | ​ | ​ | 2,638 | ​ | ​ | 2,001,047 | ​
Summary of weighted-average remaining lease term and discount rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | (Unaudited) | ​ | ​
​ | ​ | December 31, 2025 | ​ | June 30, 2026 | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases | ​ | Operating Leases | ​ | Finance Leases | ​ | ​
Weighted average remaining lease term | ​ | 5.4 years | ​ | 2.8 years | ​ | 5.0 years | ​ | 2.6 years | ​ | ​
Weighted average discount rate | ​ | 5.6 | % | 8.5 | % | 5.5 | % | 8.5 | % | ​

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