Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.1
Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases  
Summary of supplemental balance sheet information related to leases

The Company’s lease assets as of March 31, 2019 consisted of the following items (in thousands):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

Operating Leases

 

Finance Leases

 

Right-of-use Assets:

 

 

 

 

 

 

 

Processing plants

 

$

1,619,608

 

 

 —

 

Drilling rigs and completion services

 

 

139,492

 

 

 —

 

Gas gathering lines and compressor stations (1)

 

 

1,624,500

 

 

 —

 

Office space

 

 

43,083

 

 

 —

 

Vehicles

 

 

6,273

 

 

3,089

 

Other office and field equipment

 

 

559

 

 

1,081

 

Total right-of-use assets

 

$

3,433,515

 

 

4,170

(2)


(1)

Gas gathering lines and compressor stations leases includes $1.4 billion related to Antero Midstream Corporation.

(2)

Financing lease assets are recorded net of accumulated amortization of $9 million as of March 31, 2019.

 

The Company’s lease liabilities as of March 31, 2019 consisted of the following items (in thousands):

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

Operating Leases

 

Finance Leases

 

Location on the balance sheet:

 

 

 

 

 

 

 

Short-term lease liabilities

 

$

411,310

 

 

1,793

 

Long-term lease liabilities

 

 

3,022,205

 

 

2,377

 

Total lease liabilities

 

$

3,433,515

 

 

4,170

 

 

Summary of costs associated with operating leases

Costs associated with operating leases were included in the statement of operations and comprehensive income for the three months ended March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

Statement of Operations Location

 

 

Three months ended March 31, 2019

 

Gathering, compression, processing, and transportation

 

$

187,847

 

General and administrative

 

 

2,726

 

Contract termination and rig stacking

 

 

8,019

 

Total Lease Expense

 

$

198,592

 

 

Summary of supplemental cash flow information related to leases

The following is the Company’s supplemental cash flow information related to leases for the three months ended March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2019

 

 

 

Operating Leases

 

Finance Leases

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

150,320

 

   

                     —

 

Investing cash flows from operating leases

 

 

52,366

 

   

                     —

 

Financing cash flows from financing leases

 

 

                     —

 

 

791

 

 

 

 

202,686

 

 

791

 

 

 

 

 

 

 

 

 

Noncash activities:

 

 

 

 

 

 

 

Right of use assets obtained in exchange for operating lease liabilities

 

 

3,345,549

 

 

 —

 

Right of use assets obtained in exchange for financing lease liabilities

 

 

 —

 

 

 —

 

 

Summary of maturities of operating lease liabilities

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Operating Leases

 

Financing Leases

 

Total

 

Remainder of 2019

 

$

309,040

 

 

191

 

 

309,231

 

2020

 

 

396,473

 

 

1,073

 

 

397,546

 

2021

 

 

349,212

 

 

1,430

 

 

350,642

 

2022

 

 

359,759

 

 

1,476

 

 

361,235

 

2023

 

 

377,790

 

 

 —

 

 

377,790

 

2024

 

 

392,323

 

 

 —

 

 

392,323

 

Thereafter

 

 

1,248,918

 

 

 —

 

 

1,248,918

 

Total lease payments

 

 

3,433,515

 

 

4,170

 

 

3,437,685

 

Less: imputed interest

 

 

 —

 

 

 —

 

 

 —

 

Total

 

 

3,433,515

 

 

4,170

 

 

3,437,685

 

 

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 March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Operating Leases

 

Financing Leases

 

Total

 

Remainder of 2019

 

$

309,040

 

 

191

 

 

309,231

 

2020

 

 

396,473

 

 

1,073

 

 

397,546

 

2021

 

 

349,212

 

 

1,430

 

 

350,642

 

2022

 

 

359,759

 

 

1,476

 

 

361,235

 

2023

 

 

377,790

 

 

 —

 

 

377,790

 

2024

 

 

392,323

 

 

 —

 

 

392,323

 

Thereafter

 

 

1,248,918

 

 

 —

 

 

1,248,918

 

Total lease payments

 

 

3,433,515

 

 

4,170

 

 

3,437,685

 

Less: imputed interest

 

 

 —

 

 

 —

 

 

 —

 

Total

 

 

3,433,515

 

 

4,170

 

 

3,437,685

 

 

Summary of weighted-average remaining lease term and discount rate

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

Operating Leases

 

Finance Leases

 

Weighted-average remaining lease term:

 

 

8.7 years

 

 

1.6 years

 

Weighted-average discount rate:

 

 

6.0

%

 

5.4

%