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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information | The table below summarizes our discount rate and remaining lease term as of the period presented.
|  | As of September 30, 2019
Weighted-average discount rate |  | 4.67 | %
Weighted-average remaining lease term (years) |  | 1.26 |
The following table presents the components of the Company’s lease expenses for the periods presented.
(in thousands) |  | For the Three Months Ended September 30, 2019 |  | For the Nine Months Ended September 30, 2019
Lease costs(1) |  |  |  |
Operating lease cost |  | $ | 9,361 |  |  | $ | 30,754 |
Variable lease cost |  | 1,819 |  |  | 3,323 |
Short-term lease cost |  | 18,679 |  |  | 47,587 |
Total Lease Cost |  | $ | 29,859 |  |  | $ | 81,664 |
(1) The majority of the Company’s operating leases relate to the operations or completion of the Company’s wells. Therefore, the lease costs presented in the above table represent the total gross costs the Company incurs, which are not comparable to the Company’s net costs recorded to the Consolidated Statements of Operations, Consolidated Statements of Cash Flows or capitalized in the Consolidated Balance Sheets, as amounts therein are reflected net of amounts billed to working interest partners.
Schedule of Maturities of Operating Lease Liabilities | Maturities of the Company’s long-term operating lease liabilities by fiscal year as of September 30, 2019 are as follows:
(in thousands) | Total
2019(1)(2) | $ | 6,428 |
2020 | 8,713 |
2021 | 2,855 |
2022 | 425 |
Total lease payments | 18,421 |
Less: imputed interest | (408 | )
Present value of lease liabilities (3) | $ | 18,013 |
(1) | Excludes payments made during the nine months ended September 30, 2019.
(2) | Includes drilling rigs as of September 30, 2019 with an initial term greater than one year.
(3) Of the total present value of lease liabilities, $14.2 million was recorded to current Operating lease liabilities and $3.9 million was recorded in noncurrent Operating lease liabilities in the Consolidated Balance Sheets as of September 30, 2019.
Schedule of Future Contractual Payments For Leases Under ASC 840 | The following is a schedule of the Company’s future contractual payments for operating leases under the scope of ASC 840 that had initial contractual terms greater than one year as of December 31, 2018:
(in thousands) | Drilling Rigs |  | Office Leases
2019 | $ | 43,036 |  |  | $ | 3,057 |
2020 | 4,124 |  |  | 2,830 |
2021 | — |  |  | 2,761 |
2022 | — |  |  | 404 |
Total lease payments | $ | 47,160 |  |  | $ | 9,052 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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