Leases (Tables)

12 Months Ended

Dec. 31, 2025

Summary of supplemental balance sheet information related to leases

The Company’s lease assets and liabilities consisted of the following items (in thousands):


				December 31,
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			1,135,203
Drilling rigs and completion services		Operating lease right-of-use assets			—			54,968
Gas gathering lines and compressor stations ⁽¹⁾		Operating lease right-of-use assets			1,149,981			912,073
Office space		Operating lease right-of-use assets			33,345			28,400
Office, field and other equipment		Operating lease right-of-use assets			490			1,865
Total operating lease right-of-use assets				$	2,549,398			2,132,509
Operating lease liabilities:
Short-term operating lease liabilities		Short-term lease liabilities		$	492,624			514,717
Long-term operating lease liabilities		Long-term lease liabilities			2,048,942			1,610,341
Total operating lease liabilities				$	2,541,566			2,125,058

Finance Leases
Finance lease right-of-use assets:
Vehicles		Other property and equipment		$	2,665			3,486
Total finance lease right-of-use assets ⁽²⁾				$	2,665			3,486
Finance lease liabilities:
Short-term finance lease liabilities		Short-term lease liabilities		$	1,270			1,539
Long-term finance lease liabilities		Long-term lease liabilities			1,395			1,947
Total finance lease liabilities				$	2,665			3,486

(1)	Gas gathering lines and compressor stations relate to Antero Midstream. See “—Related party lease disclosure” for additional information.

(2)	Financing lease assets are recorded net of accumulated amortization of $3 million as of December 31, 2024 and 2025.

Summary of costs associated with operating leases and finance leases

Costs associated with operating and finance leases were included in the consolidated financial statements as follows (in thousands):


						Year Ended December 31,
Cost		Classification		Location		2023			2024			2025
Operating lease cost		Statement of operations		Gathering, compression, processing and transportation		$	1,623,268			1,721,981			1,619,284
Operating lease cost		Statement of operations		General and administrative			12,121			12,345			12,881
Operating lease cost		Statement of operations		Contract termination, loss contingency and settlements			4,227			—			—
Operating lease cost		Statement of operations		Lease operating			84			148			1,077
Operating lease cost		Balance sheet		Proved properties ⁽¹⁾			160,638			131,623			37,721
Total operating lease cost						$	1,800,338			1,866,097			1,670,963

Finance lease cost:
Amortization of right-of-use assets		Statement of operations		Depletion, depreciation and amortization		$	1,530			1,639			1,768
Interest on lease liabilities		Statement of operations		Interest expense			597			522			520
Total finance lease cost						$	2,127			2,161			2,288

Short-term lease payments						$	137,781			109,874			154,079

(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):


		Year Ended December 31,
		2023			2024			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	1,366,677			1,492,421			1,606,289
Operating cash flows from finance leases			597			522			520
Investing cash flows from operating leases			126,483			97,984			22,072
Financing cash flows from finance leases			830			1,106			1,538

Noncash activities:
Right-of-use assets obtained in exchange for new operating lease obligations		$	76,797			97,866			166,711
Decrease to existing right-of-use assets and lease obligations from operating lease modifications, net ⁽¹⁾		$	(15,858)			20,911			(14,435)

(1)

During the year ended December 31, 2023, the weighted average discount rate for remeasured operating leases increased from 5.1% as of December 31, 2022 to 6.5% as of December 31, 2023. During the year ended December 31, 2024, the weighted average discount rate for remeasured operating leases decreased from 6.5% as of December 31, 2023 to 5.5% as of December 31, 2024. During the year ended December 31, 2025, the weighted average discount rate for remeasured operating leases increased from 5.5% as of December 31, 2024 to 5.8% as of December 31, 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 December 31, 2025 (in thousands):


		Operating Leases			Financing Leases			Total
2026		$	642,419			2,036			644,455
2027			487,275			1,064			488,339
2028			406,177			891			407,068
2029			322,110			373			322,483
2030			248,965			—			248,965
Thereafter			408,821			—			408,821
Total lease payments			2,515,767			4,364			2,520,131
Less: imputed interest			(345,884)			(681)			(346,565)
Total		$	2,169,883			3,683			2,173,566

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 December 31, 2025 (in thousands):


		Operating Leases			Financing Leases			Total
2026		$	642,419			2,036			644,455
2027			487,275			1,064			488,339
2028			406,177			891			407,068
2029			322,110			373			322,483
2030			248,965			—			248,965
Thereafter			408,821			—			408,821
Total lease payments			2,515,767			4,364			2,520,131
Less: imputed interest			(345,884)			(681)			(346,565)
Total		$	2,169,883			3,683			2,173,566

Summary of weighted-average remaining lease term and discount rate


		December 31, 2024				December 31, 2025
		Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted average remaining lease term		6.0 years		2.1 years		5.4 years		2.8 years
Weighted average discount rate		5.5	%	8.4	%	5.6	%	8.5	%