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	%

ANTERO RESOURCES Corp 10-K