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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Summary of Lease Related Expenses |
﻿ |  |  |  |
﻿ |  |  |  | Three Months Ended
﻿(Thousands of dollars) |  | Financial Statement Category |  | March 31, 2019
﻿Operating lease 1,2 |  | Lease operating expenses | $ | 58,523
﻿Operating lease 2 |  | Selling and general expense |  | 3,109
﻿Operating lease 2 |  | Property, plant and equipment |  | 23,447
﻿Operating lease 2 |  | Asset retirement obligations |  | 3,024
﻿Finance lease |  |  |  |
﻿ Amortization of asset |  | Depreciation, depletion and amortization |  | 210
﻿ Interest on lease liabilities |  | Interest expense, net |  | 101
﻿Sublease income |  | Other income |  | (217)
﻿Net lease expense |  |  | $ | 88,197
﻿ |  |  |  |
1 Includes variable lease expenses of $7.2 million primarily related to additional volumes processed at a gas processing plant. 2 Includes $12.0 million for Lease operating expense, $1.1 million for Selling and general expense, $20.1 million for Property, plant and equipment, net and $3.0 million for Asset retirement obligations relating to short-term leases. Expenses primarily relate to drilling rigs and other oil and gas field equipment.
Schedule of Maturity of Lease Liabilities | Maturity of Lease Liabilities ﻿
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) |  | Operating Leases 1 |  | Finance Leases |  | Total
﻿2019 | $ | 164,979 |  | 801 |  | 165,780
﻿2020 |  | 109,790 |  | 1,069 |  | 110,859
﻿2021 |  | 58,415 |  | 1,069 |  | 59,484
﻿2022 |  | 53,639 |  | 1,069 |  | 54,708
﻿2023 |  | 53,140 |  | 1,069 |  | 54,209
﻿Remaining |  | 465,611 |  | 5,610 |  | 471,221
﻿Total future minimum lease payments |  | 905,574 |  | 10,687 |  | 916,261
﻿Less imputed interest |  | (281,613) |  | (2,234) |  | (283,847)
﻿Present value of lease liabilities 2 | $ | 623,961 |  | 8,453 |  | 632,414
﻿ |  |  |  |  |  |
1 Excludes $272.2 million o f minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing gas processing plant and payments are anticipated to commence at the end of 2019 for 20 years. 2 Includes both the current and long-term portion of the lease liabilities.
Summary of Lease Term and Discount Rate |
﻿ |  |
﻿ |  | March 31, 2019
﻿Weighted average remaining lease term: |  |
﻿Operating leases |  | 11 years
﻿Finance leases |  | 10 years
﻿Weighted average discount rate: |  |
﻿Operating leases |  | 5.07%
﻿Finance leases |  | 4.80%
﻿
Summary of Other Lease Information |
﻿ |  |
﻿ |  | Three Months Ended
﻿(Thousands of dollars) |  | March 31, 2019
﻿Cash paid for amounts included in the measurement of lease liabilities: |  |
﻿Operating cash flows from operating leases | $ | 44,730
﻿Operating cash flows from finance leases |  | 102
﻿Financing cash flows from finance leases |  | 160
﻿Right-of-use assets obtained in exchange for lease liabilities: |  |
﻿Operating leases | $ | 311
﻿

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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/2003/role/presentationRef -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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