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Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Discount Rate and Remaining Lease Term, Components of Lease Expenses, and Other Information The following table presents the various components of the Company’s lease expenses for the periods presented.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Lease costs(1)
 
 
 
 
 
 
 
Operating lease cost
$
1,258

 
$
9,361

 
$
7,529

 
$
30,754

Variable lease cost
53

 
1,819

 
5,074

 
3,323

Short-term lease cost(2)
5,823

 
18,679

 
37,650

 
47,587

Total lease cost
$
7,134

 
$
29,859

 
$
50,253

 
$
81,664

 
(1)  
The majority of the Company’s operating leases relate to the operations, drilling 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 the Company’s working interest partners.
(2)  
Includes drilling rig lease costs of $15.8 million for the nine months ended September 30, 2020, which may not necessarily be recurring in these amounts in the near-term based on the Company’s reduction in its drilling plan.
The table below summarizes the Company’s weighted-average discount rate and weighted-average remaining lease term as of the period presented.
 
 
As of September 30, 2020
Weighted-average discount rate
 
4.96
%
Weighted-average remaining lease term (years)
 
1.27
Schedule of Maturities of Operating Lease Liabilities
Maturities of the Company’s long-term operating lease liabilities by fiscal year as of September 30, 2020 are as follows:
(in thousands)
Total(2)
2020(1)
$
1,068

2021
3,178

2022
425

Total lease payments
4,671

  Less: imputed interest
(159
)
Present value of lease liabilities (3)
$
4,512

 
(1)
Excludes payments made during the nine months ended September 30, 2020.
(2) 
Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
(3)
Of the total present value of lease liabilities, $3.4 million was recorded to current Operating lease liabilities and $1.1 million was recorded in noncurrent Operating lease liabilities in the consolidated balance sheets as of September 30, 2020.