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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Components Of The Lease Costs And Supplemental Information | For the years ended December 31, 2024, 2023 and 2022, the components of the lease costs and supplemental information was as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Lease cost: | (in thousands)
Finance lease cost (1) | $ | 19,198 |  |  | $ | 17,297 |  |  | $ | 3,682 |
Operating lease cost | 5,100 |  |  | 1,403 |  |  | 11,040 |
Short-term lease cost (2) | 893 |  |  | 6,574 |  |  | 5,213 |
Variable lease cost (3) | 1 |  |  | 653 |  |  | 4,513 |
Total lease expense | 25,192 |  |  | 25,927 |  |  | 24,448 |
Lease costs capitalized | — |  |  | 55 |  |  | 4,127 |
Total lease costs | $ | 25,192 |  |  | $ | 25,982 |  |  | $ | 28,575 |
(1)Represents depreciation and interest associated with financing leases. (2)Represents short term leases under contracts that are 1 year or less where a ROU asset and lease liability are not required to be recorded. (3)Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts. Other information:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Other information: | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Financing cash flows attributable to finance leases (in thousands) | $ | 10,477 |  | $ | 7,161 |  |  | $ | 3,039 |
Weighted-average remaining lease term (in years) | 7.36 |  | 8.16 |  | 9.65
Weighted-average discount rate | 7.16 | % |  | 7.99 | % |  | 4.59 | %
Operating cash flows attributable to operating leases (in thousands) | $ | 2,127 |  |  | $ | 505 |  |  | $ | 19,300 |
Weighted-average remaining lease term (in years) | 4.09 |  | 0.67 |  | 1.33
Weighted-average discount rate | 6.14 | % |  | 8.45 | % |  | 9.91 | %
Schedule of Lease Costs in Consolidated Statements of Operations | The table below describes the presentation of the total lease cost on the Company’s consolidated statements of operations and other comprehensive income (loss). As discussed above, the Company’s joint venture owners are required to reimburse the Company for their share of certain expenses, including certain lease costs.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Finance lease cost | $ | 11,290 |  |  | $ | 10,231 |  |  | $ | 2,188 |
Production expense | 3,517 |  |  | 3,556 |  |  | 12,222 |
General and administrative expense | 346 |  |  | 196 |  |  | 160 |
Lease costs billed to the joint venture owners | 10,039 |  |  | 11,964 |  |  | 11,390 |
Total lease expense | 25,192 |  |  | 25,947 |  |  | 25,960 |
Lease costs capitalized | — |  |  | 35 |  |  | 2,615 |
Total lease costs | $ | 25,192 |  |  | $ | 25,982 |  |  | $ | 28,575 |
Finance Lease, Liability, to be Paid, Maturity | The following table describes the future maturities of the Company’s operating and financing lease liabilities at December 31, 2024:
| Operating Leases |  | Finance Leases
Year | (in thousands)
2025 | $ | 4,368 |  |  | $ | 18,755 |
2026 | 4,842 |  |  | 16,674 |
2027 | 5,008 |  |  | 15,023 |
2028 | 4,780 |  |  | 11,321 |
2029 | 520 |  |  | 11,315 |
Thereafter | 220 |  |  | 28,925 |
| 19,738 |  |  | 102,013 |
Less: imputed interest | 2,323 |  |  | 21,253 |
Total lease liabilities | $ | 17,415 |  |  | $ | 80,760 |
Lessee, Operating Lease, Liability, to be Paid, Maturity | The following table describes the future maturities of the Company’s operating and financing lease liabilities at December 31, 2024:
| Operating Leases |  | Finance Leases
Year | (in thousands)
2025 | $ | 4,368 |  |  | $ | 18,755 |
2026 | 4,842 |  |  | 16,674 |
2027 | 5,008 |  |  | 15,023 |
2028 | 4,780 |  |  | 11,321 |
2029 | 520 |  |  | 11,315 |
Thereafter | 220 |  |  | 28,925 |
| 19,738 |  |  | 102,013 |
Less: imputed interest | 2,323 |  |  | 21,253 |
Total lease liabilities | $ | 17,415 |  |  | $ | 80,760 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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