Leases (Tables)

6 Months Ended

Jun. 30, 2026

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	%