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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company’s long-term leases consist primarily of office space, vehicles and other property and equipment used in its operations. The components of lease costs attributable to continuing operations were as follows for the periods presented:
| Year Ended December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (In thousands)
Operating lease costs | $ | 31,830 |  |  | $ | 9,853 |  |  | $ | 11,292 |  |  |  |
Variable lease costs(1) | 11,137 |  |  | 13,391 |  |  | 8,562 |  |  |  |
Short-term lease costs | 59,429 |  |  | 56,100 |  |  | 25,716 |  |  |  |
Sublease income | (1,570) |  |  | (199) |  |  | — |  |  |  |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of ROU assets | 1,569 |  |  | 1,367 |  |  | 1,342 |  |  |  |
Interest on lease liabilities | 299 |  |  | 126 |  |  | 65 |  |  |  |
Total lease costs | $ | 102,694 |  |  | $ | 80,638 |  |  | $ | 46,977 |  |  |  |
___________________ (1)Based on payments made by the Company to lessors for the right to use an underlying asset that vary because of changes in circumstances occurring after the commencement date, other than the passage of time, such as property taxes, operating and maintenance costs, which do not depend on an index or rate. The amounts disclosed herein are presented on a gross basis and do not reflect the Company’s net proportionate share of such amounts. A portion of these costs have been or will be billed to other working interest owners. Total lease costs attributable to discontinued operations were recorded in income from discontinued operations, net of income tax on the Consolidated Statements of Operations. Total lease costs attributable to discontinued operations were immaterial for the periods reported. As of December 31, 2024, maturities of the Company’s lease liabilities were as follows:
|  | Operating Leases |  | Finance Leases
|  | (In thousands)
2025 |  | $ | 33,863 |  |  | $ | 1,953 |
2026 |  | 11,587 |  |  | 1,771 |
2027 |  | 4,417 |  |  | 1,434 |
2028 |  | 2,918 |  |  | 585 |
2029 |  | 2,748 |  |  | 80 |
Thereafter |  | 1,379 |  |  | — |
Total future lease payments |  | 56,912 |  |  | 5,823 |
Less: Imputed interest |  | 4,060 |  |  | 578 |
Present value of future lease payments |  | $ | 52,852 |  |  | $ | 5,245 |
Supplemental balance sheet information related to the Company’s leases were as follows:
|  |  |  | December 31, |  |
|  | Balance Sheet Location |  | 2024 |  | 2023 |  |
|  |  |  | (In thousands) |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets(1) |  | Operating right-of-use assets |  | $ | 38,004 |  |  | $ | 21,343 |  |  |
Finance lease assets(2) |  | Other assets |  | 5,220 |  |  | 2,748 |  |  |
Total lease assets |  |  |  | $ | 43,224 |  |  | $ | 24,091 |  |  |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating lease liabilities(1) |  | Current operating lease liabilities |  | $ | 37,629 |  |  | $ | 13,258 |  |  |
Finance lease liabilities |  | Other current liabilities |  | 1,665 |  |  | 916 |  |  |
Long-term |  |  |  |  |  |  |  |
Operating lease liabilities(1) |  | Operating lease liabilities |  | 15,190 |  |  | 18,667 |  |  |
Finance lease liabilities |  | Other liabilities |  | 3,613 |  |  | 1,881 |  |  |
Total lease liabilities |  |  |  | $ | 58,097 |  |  | $ | 34,722 |  |  |
___________________ (1)The year ended December 31, 2024 includes $43.0 million of operating leases for certain operating equipment and office buildings acquired in connection with the Arrangement. (2)Finance lease ROU assets are recorded net of accumulated amortization of $2.4 million and $1.2 million as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company recorded impairment charges related to the Denver offices and its related fixed assets acquired in the Arrangement and Merger of $2.5 million and $17.5 million, respectively, as a result of overall market conditions. The ROU asset impairment charges are recorded within exploration and impairment on the Consolidated Statements of Operations. Supplemental cash flow information and non-cash transactions related to the Company’s leases were as follows:
| Year Ended December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (In thousands) |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 30,222 |  |  | $ | 15,627 |  |  | $ | 15,843 |  |  |  |
Operating cash flows from finance leases | 297 |  |  | 160 |  |  | 57 |  |  |  |
Financing cash flows from finance leases | 1,458 |  |  | 1,702 |  |  | 1,299 |  |  |  |
ROU assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases(1) | $ | 49,278 |  |  | $ | 22,201 |  |  | $ | 20,164 |  |  |  |
Finance leases(2) | 4,094 |  |  | 2,307 |  |  | 2,659 |  |  |  |
___________________ (1)The year ended December 31, 2024 includes $43.0 million related to operating leases acquired in the Arrangement. The year ended December 31, 2022 includes $15.8 million related to operating leases acquired in the Merger. (2)The year ended December 31, 2022 includes $2.1 million related to finance leases acquired in the Merger. Weighted-average remaining lease terms and discount rates for the Company’s leases were as follows:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Weighted average remaining lease term | 2.4 years |  | 3.6 years
Weighted average discount rate | 6.8 | % |  | 6.3 | %
Finance leases |  |  |
Weighted average remaining lease term | 3.2 years |  | 3.2 years
Weighted average discount rate | 6.7 | % |  | 5.7 | %
Leases | Leases The Company’s long-term leases consist primarily of office space, vehicles and other property and equipment used in its operations. The components of lease costs attributable to continuing operations were as follows for the periods presented:
| Year Ended December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (In thousands)
Operating lease costs | $ | 31,830 |  |  | $ | 9,853 |  |  | $ | 11,292 |  |  |  |
Variable lease costs(1) | 11,137 |  |  | 13,391 |  |  | 8,562 |  |  |  |
Short-term lease costs | 59,429 |  |  | 56,100 |  |  | 25,716 |  |  |  |
Sublease income | (1,570) |  |  | (199) |  |  | — |  |  |  |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of ROU assets | 1,569 |  |  | 1,367 |  |  | 1,342 |  |  |  |
Interest on lease liabilities | 299 |  |  | 126 |  |  | 65 |  |  |  |
Total lease costs | $ | 102,694 |  |  | $ | 80,638 |  |  | $ | 46,977 |  |  |  |
___________________ (1)Based on payments made by the Company to lessors for the right to use an underlying asset that vary because of changes in circumstances occurring after the commencement date, other than the passage of time, such as property taxes, operating and maintenance costs, which do not depend on an index or rate. The amounts disclosed herein are presented on a gross basis and do not reflect the Company’s net proportionate share of such amounts. A portion of these costs have been or will be billed to other working interest owners. Total lease costs attributable to discontinued operations were recorded in income from discontinued operations, net of income tax on the Consolidated Statements of Operations. Total lease costs attributable to discontinued operations were immaterial for the periods reported. As of December 31, 2024, maturities of the Company’s lease liabilities were as follows:
|  | Operating Leases |  | Finance Leases
|  | (In thousands)
2025 |  | $ | 33,863 |  |  | $ | 1,953 |
2026 |  | 11,587 |  |  | 1,771 |
2027 |  | 4,417 |  |  | 1,434 |
2028 |  | 2,918 |  |  | 585 |
2029 |  | 2,748 |  |  | 80 |
Thereafter |  | 1,379 |  |  | — |
Total future lease payments |  | 56,912 |  |  | 5,823 |
Less: Imputed interest |  | 4,060 |  |  | 578 |
Present value of future lease payments |  | $ | 52,852 |  |  | $ | 5,245 |
Supplemental balance sheet information related to the Company’s leases were as follows:
|  |  |  | December 31, |  |
|  | Balance Sheet Location |  | 2024 |  | 2023 |  |
|  |  |  | (In thousands) |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets(1) |  | Operating right-of-use assets |  | $ | 38,004 |  |  | $ | 21,343 |  |  |
Finance lease assets(2) |  | Other assets |  | 5,220 |  |  | 2,748 |  |  |
Total lease assets |  |  |  | $ | 43,224 |  |  | $ | 24,091 |  |  |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating lease liabilities(1) |  | Current operating lease liabilities |  | $ | 37,629 |  |  | $ | 13,258 |  |  |
Finance lease liabilities |  | Other current liabilities |  | 1,665 |  |  | 916 |  |  |
Long-term |  |  |  |  |  |  |  |
Operating lease liabilities(1) |  | Operating lease liabilities |  | 15,190 |  |  | 18,667 |  |  |
Finance lease liabilities |  | Other liabilities |  | 3,613 |  |  | 1,881 |  |  |
Total lease liabilities |  |  |  | $ | 58,097 |  |  | $ | 34,722 |  |  |
___________________ (1)The year ended December 31, 2024 includes $43.0 million of operating leases for certain operating equipment and office buildings acquired in connection with the Arrangement. (2)Finance lease ROU assets are recorded net of accumulated amortization of $2.4 million and $1.2 million as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company recorded impairment charges related to the Denver offices and its related fixed assets acquired in the Arrangement and Merger of $2.5 million and $17.5 million, respectively, as a result of overall market conditions. The ROU asset impairment charges are recorded within exploration and impairment on the Consolidated Statements of Operations. Supplemental cash flow information and non-cash transactions related to the Company’s leases were as follows:
| Year Ended December 31, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (In thousands) |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 30,222 |  |  | $ | 15,627 |  |  | $ | 15,843 |  |  |  |
Operating cash flows from finance leases | 297 |  |  | 160 |  |  | 57 |  |  |  |
Financing cash flows from finance leases | 1,458 |  |  | 1,702 |  |  | 1,299 |  |  |  |
ROU assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases(1) | $ | 49,278 |  |  | $ | 22,201 |  |  | $ | 20,164 |  |  |  |
Finance leases(2) | 4,094 |  |  | 2,307 |  |  | 2,659 |  |  |  |
___________________ (1)The year ended December 31, 2024 includes $43.0 million related to operating leases acquired in the Arrangement. The year ended December 31, 2022 includes $15.8 million related to operating leases acquired in the Merger. (2)The year ended December 31, 2022 includes $2.1 million related to finance leases acquired in the Merger. Weighted-average remaining lease terms and discount rates for the Company’s leases were as follows:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Weighted average remaining lease term | 2.4 years |  | 3.6 years
Weighted average discount rate | 6.8 | % |  | 6.3 | %
Finance leases |  |  |
Weighted average remaining lease term | 3.2 years |  | 3.2 years
Weighted average discount rate | 6.7 | % |  | 5.7 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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