Leases (Tables)
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3 Months Ended |
Mar. 31, 2019 |
Leases |
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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):
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March 31, 2019
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Operating Leases
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Finance Leases
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Right-of-use Assets:
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Processing plants
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$
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1,619,608
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—
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Drilling rigs and completion services
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139,492
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—
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Gas gathering lines and compressor stations (1)
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1,624,500
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—
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Office space
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43,083
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—
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Vehicles
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6,273
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3,089
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Other office and field equipment
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559
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1,081
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Total right-of-use assets
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$
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3,433,515
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4,170
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(2)
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(1)
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Gas gathering lines and compressor stations leases includes $1.4 billion related to Antero Midstream Corporation.
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(2)
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Financing lease assets are recorded net of accumulated amortization of $9 million as of March 31, 2019.
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The Company’s lease liabilities as of March 31, 2019 consisted of the following items (in thousands):
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March 31, 2019
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Operating Leases
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Finance Leases
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Location on the balance sheet:
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Short-term lease liabilities
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$
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411,310
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1,793
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Long-term lease liabilities
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3,022,205
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2,377
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Total lease liabilities
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$
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3,433,515
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4,170
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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):
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Statement of Operations Location
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Three months ended March 31, 2019
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Gathering, compression, processing, and transportation
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$
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187,847
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General and administrative
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2,726
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Contract termination and rig stacking
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8,019
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Total Lease Expense
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$
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198,592
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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):
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Three months ended March 31, 2019
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Operating Leases
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Finance Leases
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Cash paid for amounts included in the measurement of lease liabilities:
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Operating cash flows from operating leases
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$
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150,320
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—
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Investing cash flows from operating leases
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52,366
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—
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Financing cash flows from financing leases
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—
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791
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202,686
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791
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Noncash activities:
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Right of use assets obtained in exchange for operating lease liabilities
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3,345,549
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—
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Right of use assets obtained in exchange for financing lease liabilities
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—
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—
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Summary of maturities of operating lease liabilities |
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(in thousands)
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Operating Leases
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Financing Leases
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Total
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Remainder of 2019
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$
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309,040
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191
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309,231
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2020
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396,473
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1,073
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397,546
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2021
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349,212
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1,430
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350,642
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2022
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359,759
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1,476
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361,235
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2023
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377,790
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—
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377,790
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2024
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392,323
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—
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392,323
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Thereafter
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1,248,918
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—
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1,248,918
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Total lease payments
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3,433,515
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4,170
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3,437,685
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Less: imputed interest
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—
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—
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—
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Total
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3,433,515
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4,170
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3,437,685
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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):
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(in thousands)
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Operating Leases
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Financing Leases
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Total
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Remainder of 2019
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$
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309,040
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191
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309,231
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2020
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396,473
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1,073
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397,546
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2021
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349,212
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1,430
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350,642
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2022
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359,759
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1,476
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361,235
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2023
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377,790
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—
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377,790
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2024
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392,323
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—
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392,323
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Thereafter
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1,248,918
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—
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1,248,918
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Total lease payments
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3,433,515
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4,170
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3,437,685
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Less: imputed interest
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—
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—
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—
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Total
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3,433,515
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4,170
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3,437,685
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Summary of weighted-average remaining lease term and discount rate |
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March 31, 2019
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Operating Leases
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Finance Leases
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Weighted-average remaining lease term:
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8.7 years
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1.6 years
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Weighted-average discount rate:
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6.0
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%
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5.4
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%
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