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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Lessee Disclosure [Abstract] |
Summary of Lease Related Expenses | Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:
(Thousands of dollars) |  | Financial Statement Category |  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Operating lease 1,2 |  | Lease operating expenses |  | $ | 62,260 |  |  | 178,164 |
Operating lease 2 |  | Selling and general expense |  | 2,700 |  |  | 9,044 |
Operating lease 2 |  | Other operating expense |  | 1,011 |  |  | 1,905 |
Operating lease 2 |  | Property, plant and equipment |  | 53,117 |  |  | 108,679 |
Operating lease 2 |  | Asset retirement obligations |  | — |  |  | 3,024 |
Finance lease |  |  |  |  |  |
Amortization of asset |  | Depreciation, depletion and amortization |  | — |  |  | 420 |
Interest on lease liabilities |  | Interest expense, net |  | — |  |  | 202 |
Sublease income |  | Other income |  | (395 | ) |  | (1,034 | )
Net lease expense |  |  |  | $ | 118,693 |  |  | 300,404 |
1 For the three months and nine months ended September 30, 2019, includes variable lease expenses of $9.0 million and $22.8 million, respectively, primarily related to additional volumes processed at a gas processing plant. 2 The three months ended September 30, 2019 includes $10.9 million for Lease operating expense, $1.0 million for Selling and general expense, $37.4 million for Property, plant and equipment, net relating to short-term leases due within 12 months. For the nine months ended includes $33.3 million for Lease operating expense, $3.1 million for Selling and general expense, $86.2 million for Property, plant and equipment, net and $3.0 million for Asset retirement obligations relating to short-term leases due within 12 months. 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 | $ | 53,597 |  |  | 267 |  |  | 53,864 |
2020 | 136,283 |  |  | 1,069 |  |  | 137,352 |
2021 | 57,190 |  |  | 1,069 |  |  | 58,259 |
2022 | 54,955 |  |  | 1,069 |  |  | 56,024 |
2023 | 54,453 |  |  | 1,069 |  |  | 55,522 |
Remaining | 471,202 |  |  | 5,610 |  |  | 476,812 |
Total future minimum lease payments | 827,680 |  |  | 10,153 |  |  | 837,833 |
Less imputed interest | (253,403 | ) |  | (1,985 | ) |  | (255,388 | )
Present value of lease liabilities 2 | $ | 574,277 |  |  | 8,168 |  |  | 582,445 |
1 Excludes $272.6 million of 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 2020 for 20 years. 2 Includes both the current and long-term portion of the lease liabilities.
Summary of Lease Term and Discount Rate | Lease Term and Discount Rate
﻿ | September 30, 2019
Weighted average remaining lease term: |
Operating leases | 11 years |
Finance leases | 10 years |
Weighted average discount rate: |
Operating leases | 4.8 | %
Finance leases | 4.7 | %
Summary of Other Lease Information | Other Information໿
(Thousands of dollars) | Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 140,424 |
Operating cash flows from finance leases | 306 |
Financing cash flows from finance leases | 510 |
Right-of-use assets obtained in exchange for lease liabilities: |
Operating leases | $ | 31,281 |

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