Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases  
Summary of supplemental balance sheet information related to leases

The Company’s lease assets as of June 30, 2019 consisted of the following items (in thousands):

June 30, 2019

Operating Leases

Finance Leases

Right-of-use Assets:

Processing plants

$

1,587,374

Drilling rigs and completion services

115,034

Gas gathering lines and compressor stations (1)

1,580,130

Office space

42,200

Vehicles

5,627

2,819

Other office and field equipment

430

831

Total right-of-use assets

$

3,330,795

3,650

(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 June 30, 2019.

The Company’s lease liabilities as of June 30, 2019 consisted of the following items (in thousands):

June 30, 2019

Operating Leases

Finance Leases

Location on the balance sheet:

Short-term lease liabilities

$

412,143

1,548

Long-term lease liabilities

2,918,652

2,102

Total lease liabilities

$

3,330,795

3,650

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 three and six months ended June 30, 2019 (in thousands):

Statement of Operations Location

Three months ended June 30, 2019

Six months ended June 30, 2019

Gathering, compression, processing, and transportation

$

218,542

$

406,389

General and administrative

2,810

5,536

Contract termination and rig stacking

2,673

10,692

Total Lease Expense

$

224,025

$

422,617

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 June 30, 2019 (in thousands):

Three months ended June 30, 2019

Six months ended June 30, 2019

Operating Leases

Finance Leases

Operating Leases

Finance Leases

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

Operating cash out flows related to operating leases

$

207,244

$

357,564

Investing cash out flows related to operating leases

46,532

98,898

Financing cash out flows related to financing leases

873

1,664

253,776

873

456,462

1,664

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

The table below is a schedule of future minimum payments for operating and financing lease liabilities as of June 30, 2019 (in thousands):

(in thousands)

Operating Leases

Financing Leases

Total

Remainder of 2019

$

206,320

99

206,419

2020

396,473

869

397,342

2021

349,212

1,294

350,506

2022

359,759

1,388

361,147

2023

377,790

377,790

2024

392,323

392,323

Thereafter

1,248,918

1,248,918

Total lease payments

3,330,795

3,650

3,334,445

Less: imputed interest

Total

$

3,330,795

3,650

3,334,445

As of December 31, 2018, the following future minimum payments were required for office and equipment leases:

(in thousands)

Office Leases

Equipment Leases

Total

2019

$

8,630

6,042

14,672

2020

8,471

4,517

12,988

2021

8,450

2,410

10,860

2022

8,427

274

8,701

2023

7,495

7,495

Thereafter

49,367

49,367

Total

$

90,840

13,243

104,083

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 June 30, 2019 (in thousands):

(in thousands)

Operating Leases

Financing Leases

Total

Remainder of 2019

$

206,320

99

206,419

2020

396,473

869

397,342

2021

349,212

1,294

350,506

2022

359,759

1,388

361,147

2023

377,790

377,790

2024

392,323

392,323

Thereafter

1,248,918

1,248,918

Total lease payments

3,330,795

3,650

3,334,445

Less: imputed interest

Total

$

3,330,795

3,650

3,334,445

As of December 31, 2018, the following future minimum payments were required for office and equipment leases:

(in thousands)

Office Leases

Equipment Leases

Total

2019

$

8,630

6,042

14,672

2020

8,471

4,517

12,988

2021

8,450

2,410

10,860

2022

8,427

274

8,701

2023

7,495

7,495

Thereafter

49,367

49,367

Total

$

90,840

13,243

104,083

Summary of weighted-average remaining lease term and discount rate

June 30, 2019

Operating Leases

Finance Leases

Weighted-average remaining lease term:

8.5 years

2.2 years

Weighted-average discount rate:

6.0

%

5.5

%