Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.19.3.a.u2
Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases  
Summary of supplemental balance sheet information related to leases

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

December 31, 2019

Operating Leases

Finance Leases

Right-of-use Assets:

Processing plants

$

1,460,770

Drilling rigs and completion services

71,662

Gas gathering lines and compressor stations(1)

1,308,428

Office space

40,491

Vehicles

4,983

2,328

Other office and field equipment

166

170

Total right-of-use assets

$

2,886,500

2,498

(2)

(1)Gas gathering lines and compressor stations leases includes $1.1 billion related to Antero Midstream Corporation.
(2)Financing lease assets are recorded net of accumulated amortization of $9 million as of December 31, 2019.

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

December 31, 2019

Operating Leases

Finance Leases

Location on the balance sheet:

Short-term lease liabilities

$

304,398

923

Long-term lease liabilities

2,582,102

1,575

Total lease liabilities

$

2,886,500

2,498

Summary of costs associated with operating leases

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

Statement of Operations Location

Year ended December 31, 2019

Gathering, compression, processing, and transportation

$

842,440

General and administrative

11,228

Contract termination and rig stacking

10,692

Total Lease Expense

$

864,360

Summary of supplemental cash flow information related to leases

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

Year ended December 31, 2019

Operating Leases

Finance Leases

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

Operating cash out flows related to operating leases

$

809,667

Investing cash out flows related to operating leases

178,898

Financing cash out flows related to financing leases

2,507

$

988,565

2,507

Noncash activities:

Right of use assets obtained in exchange for operating lease liabilities

$

3,720,945

Right of use assets obtained in exchange for financing lease liabilities

$

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, 2019 (in thousands):

(in thousands)

Operating Leases

Financing Leases

Total

2020

$

622,056

244

622,300

2021

554,000

1,007

555,007

2022

542,952

1,205

544,157

2023

538,771

42

538,813

2024

530,003

530,003

Thereafter

1,851,738

1,851,738

Total lease payments

4,639,520

2,498

4,642,018

Less: imputed interest

(1,753,020)

(1,753,020)

Total

$

2,886,500

2,498

2,888,998

As of December 31, 2019, the following future minimum payments were required for office and equipment leases:

(in thousands)

Office Leases

Equipment Leases

Total

2020

$

6,145

3,916

10,061

2021

6,071

2,931

9,002

2022

6,027

1,205

7,232

2023

4,761

42

4,803

2024

4,792

4,792

Thereafter

27,258

27,258

Total lease payments

55,054

8,094

63,148

Less: imputed interest

(14,562)

(447)

(15,009)

Total

$

40,492

7,647

48,139

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, 2019 (in thousands):

(in thousands)

Operating Leases

Financing Leases

Total

2020

$

622,056

244

622,300

2021

554,000

1,007

555,007

2022

542,952

1,205

544,157

2023

538,771

42

538,813

2024

530,003

530,003

Thereafter

1,851,738

1,851,738

Total lease payments

4,639,520

2,498

4,642,018

Less: imputed interest

(1,753,020)

(1,753,020)

Total

$

2,886,500

2,498

2,888,998

As of December 31, 2019, the following future minimum payments were required for office and equipment leases:

(in thousands)

Office Leases

Equipment Leases

Total

2020

$

6,145

3,916

10,061

2021

6,071

2,931

9,002

2022

6,027

1,205

7,232

2023

4,761

42

4,803

2024

4,792

4,792

Thereafter

27,258

27,258

Total lease payments

55,054

8,094

63,148

Less: imputed interest

(14,562)

(447)

(15,009)

Total

$

40,492

7,647

48,139

Summary of weighted-average remaining lease term and discount rate

December 31, 2019

Operating Leases

Finance Leases

Weighted-average remaining lease term:

8.7 years

2.1 years

Weighted-average discount rate:

11.5

%

6.0

%