Leases (Tables)

6 Months Ended

Jun. 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,		June 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		1,247,535
Drilling rigs and completion services	Operating lease right-of-use assets		—		26,306
Gas gathering lines and compressor stations (1)	Operating lease right-of-use assets		1,149,981		1,089,807
Office space	Operating lease right-of-use assets		33,345		30,955
Office, field and other equipment	Operating lease right-of-use assets		490		2,451
Total operating lease right-of-use assets		$	2,549,398		2,397,054
Operating lease liabilities:
Short-term operating lease liabilities	Short-term lease liabilities	$	492,624		512,654
Long-term operating lease liabilities	Long-term lease liabilities		2,048,942		1,876,660
Total operating lease liabilities		$	2,541,566		2,389,314
Finance Leases
Finance lease right-of-use assets:
Vehicles	Other property and equipment	$	2,665		3,695
Total finance lease right-of-use assets (2)		$	2,665		3,695
Finance lease liabilities:
Short-term finance lease liabilities	Short-term lease liabilities	$	1,270		1,638
Long-term finance lease liabilities	Long-term lease liabilities		1,395		2,058
Total finance lease liabilities		$	2,665		3,696

(1) Gas gathering lines and compressor stations includes $1.1 billion related to Antero Midstream as of December 31, 2024 and June 30, 2025. 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 June 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 June 30,				Six Months Ended June 30,
Cost	Classification	Location	2024		2025		2024		2025
Operating lease cost	Statement of operations	Gathering, compression, processing and transportation	$	425,926		406,240		847,994		801,361
Operating lease cost	Statement of operations	General and administrative		2,986		3,318		6,069		6,459
Operating lease cost	Statement of operations	Lease operating		27		302		48		527
Operating lease cost	Balance sheet	Proved properties (1)		28,714		6,267		62,126		13,666
Total operating lease cost			$	457,653		416,127		916,237		822,013
Finance lease cost:
Amortization of right-of-use assets	Statement of operations	Depletion, depreciation and amortization	$	418		422		848		831
Interest on lease liabilities	Statement of operations	Interest expense		137		127		285		245
Total finance lease cost			$	555		549		1,133		1,076
Short-term lease payments			$	28,228		47,371		57,671		90,277

(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,
	2024		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	709,807		794,364
Operating cash flows from finance leases		285		245
Investing cash flows from operating leases		55,704		8,050
Financing cash flows from finance leases		529		710
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 six months ended June 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 June 30, 2024. 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.

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, 2025 (in thousands):

	Operating Leases		Financing Leases		Total
Remainder of 2025	$	322,885		1,048		323,933
2026		602,332		1,793		604,125
2027		487,023		780		487,803
2028		406,177		607		406,784
2029		322,109		167		322,276
Thereafter		657,786		—		657,786
Total lease payments		2,798,312		4,395		2,802,707
Less: imputed interest		(408,998)		(699)		(409,697)
Total	$	2,389,314		3,696		2,393,010

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, 2025 (in thousands):

	Operating Leases		Financing Leases		Total
Remainder of 2025	$	322,885		1,048		323,933
2026		602,332		1,793		604,125
2027		487,023		780		487,803
2028		406,177		607		406,784
2029		322,109		167		322,276
Thereafter		657,786		—		657,786
Total lease payments		2,798,312		4,395		2,802,707
Less: imputed interest		(408,998)		(699)		(409,697)
Total	$	2,389,314		3,696		2,393,010

Summary of weighted-average remaining lease term and discount rate

					(Unaudited)
	December 31, 2024				June 30, 2025
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted average remaining lease term	6.0 years		2.1 years		5.8 years		2.7 years
Weighted average discount rate	5.5	%	8.4	%	5.6	%	8.5	%