Leases (Tables)

9 Months Ended

Sep. 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,			September 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			974,530
Gas gathering lines and compressor stations ⁽¹⁾		Operating lease right-of-use assets			912,073			726,998
Drilling rigs and completion services		Operating lease right-of-use assets			54,968			147,566
Office space		Operating lease right-of-use assets			28,400			24,478
Office, field and other equipment		Operating lease right-of-use assets			1,865			1,826
Total operating lease right-of-use assets				$	2,132,509			1,875,398
Operating lease liabilities:
Short-term operating lease liabilities		Short-term lease liabilities		$	514,717			516,233
Long-term operating lease liabilities		Long-term lease liabilities			1,610,341			1,352,146
Total operating lease liabilities				$	2,125,058			1,868,379
Finance Leases
Finance lease right-of-use assets:
Vehicles		Other property and equipment		$	3,486			2,774
Total finance lease right-of-use assets ⁽²⁾				$	3,486			2,774
Finance lease liabilities:
Short-term finance lease liabilities		Short-term lease liabilities		$	1,539			1,043
Long-term finance lease liabilities		Long-term lease liabilities			1,947			1,731
Total finance lease liabilities				$	3,486			2,774

(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, 2025 and September 30, 2026.

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 September 30,						Nine Months Ended September 30,
Cost		Classification		Location		2025			2026			2025			2026
Operating lease cost		Statement of operations		Gathering, compression, processing and transportation		$	407,395			442,437			1,208,756			1,300,474
Operating lease cost		Statement of operations		General and administrative			3,201			3,128			9,660			9,109
Operating lease cost		Statement of operations		Lease operating			275			361			802			1,097
Operating lease cost		Balance sheet		Proved properties ⁽¹⁾			6,306			37,915			19,972			89,413
Total operating lease cost						$	417,177			483,841			1,239,190			1,400,093

Finance lease cost:
Amortization of right-of-use assets		Statement of operations		Depletion, depreciation and amortization		$	456			493			1,287			1,570
Interest on lease liabilities		Statement of operations		Interest expense, net			141			93			386			324
Total finance lease cost						$	597			586			1,673			1,894

Short-term lease payments						$	39,282			51,376			129,559			133,178

(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,
		2025			2026
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	1,201,548			1,459,395
Operating cash flows from finance leases			386			324
Investing cash flows from operating leases			11,179			75,953
Financing cash flows from finance leases			1,113			1,058

Noncash activities:
Right-of-use assets obtained in exchange for new operating lease obligations		$	127,187			134,015
Decrease to existing right-of-use assets and lease obligations from operating lease modifications, net ⁽¹⁾		$	(14,453)			(6,446)

(1)

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. During the nine months ended September 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 September 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 September 30, 2026 (in thousands):


		Operating Leases			Financing Leases			Total
Remainder of 2026		$	164,541			421			164,962
2027			579,839			1,186			581,025
2028			410,166			1,052			411,218
2029			322,117			737			322,854
2030			248,972			113			249,085
Thereafter			408,821			—			408,821
Total lease payments			2,134,456			3,509			2,137,965
Less: imputed interest			(266,077)			(735)			(266,812)
Total		$	1,868,379			2,774			1,871,153

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, 2026 (in thousands):


		Operating Leases			Financing Leases			Total
Remainder of 2026		$	164,541			421			164,962
2027			579,839			1,186			581,025
2028			410,166			1,052			411,218
2029			322,117			737			322,854
2030			248,972			113			249,085
Thereafter			408,821			—			408,821
Total lease payments			2,134,456			3,509			2,137,965
Less: imputed interest			(266,077)			(735)			(266,812)
Total		$	1,868,379			2,774			1,871,153

Summary of weighted-average remaining lease term and discount rate


						(Unaudited)
		December 31, 2025				September 30, 2026
		Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted average remaining lease term		5 years		3 years		5 years		3 years
Weighted average discount rate		5.6	%	8.5	%	5.5	%	8.7	%