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Leases (Notes) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | Leases Nature of Leases The Company has entered into various operating leases such as a natural gas processing plant, floating production storage and off-take vessels, buildings, marine vessels, vehicles, drilling rigs, pipelines and other oil and gas field equipment. Remaining lease terms range from 1 year to 20 years, some of which may include options to extend leases for multi-year periods and others which include options to terminate the leases within 1 month. Options to extend lease terms are at the Company’s discretion. Early lease terminations are a combination of both at Company discretion and mutual agreement between the Company and lessor. Purchase options also exist for certain leases. Related Expenses Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:
(Thousands of dollars) |  | Financial Statement Category |  | Year Ended December 31, 2019
Operating lease 1,2 |  | Lease operating expenses |  | $ | 249,787 |
Operating lease 2 |  | Selling and general expense |  | 12,325 |
Operating lease 2 |  | Other operating expense |  | 2,588 |
Operating lease 2 |  | Property, plant and equipment |  | 133,837 |
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 |  | (1,419 | )
Net lease expense |  |  |  | $ | 400,764 |
1 For the year ended December 31, 2019, includes variable lease expenses of $28.7 million, primarily related to additional volumes processed at a natural gas processing plant. 2 For the year ended December 31, 2019, includes $56.3 million in Lease operating expense, $4.3 million in Selling and general expense, $2.6 million in Other operating expense, $102.7 million in Property, plant and equipment, net and $3.0 million in Asset retirement obligations relating to short-term leases due within 12 months. Expenses primarily relate to drilling rigs and other oil and natural gas field equipment. Maturity of Lease Liabilities໿
(Thousands of dollars) | Operating Leases 1 |  | Finance Leases |  | Total
2020 | $ | 124,267 |  |  | 1,069 |  |  | 125,336 |
2021 | 74,978 |  |  | 1,069 |  |  | 76,047 |
2022 | 56,756 |  |  | 1,069 |  |  | 57,825 |
2023 | 54,986 |  |  | 1,069 |  |  | 56,055 |
2024 | 50,640 |  |  | 1,069 |  |  | 51,709 |
Remaining | 493,833 |  |  | 4,541 |  |  | 498,374 |
Total future minimum lease payments | 855,460 |  |  | 9,886 |  |  | 865,346 |
Less imputed interest | (241,850 | ) |  | (1,941 | ) |  | (243,791 | )
Present value of lease liabilities 2 | $ | 613,610 |  |  | 7,945 |  |  | 621,555 |
1 Excludes $278.7 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an expansion of an existing natural gas processing plant and payments are planned to commence at the end of 2020 for 20 years. 2 Includes both the current and long-term portion of the lease liabilities. Financing lease pertains to Brunei, which is classified as held for sale on the Consolidated Balance Sheet as of December 31, 2019. Lease Term and Discount Rate
﻿ | December 31, 2019
Weighted average remaining lease term: |
Operating leases | 10 years |
Finance leases | 9 years |
Weighted average discount rate: |
Operating leases | 4.7 | %
Finance leases | 4.7 | %
Other Information໿
(Thousands of dollars) | Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 193,968 |
Operating cash flows from finance leases | 408 |
Financing cash flows from finance leases | 688 |
Right-of-use assets obtained in exchange for lease liabilities: |
Operating leases | $ | 125,026 |

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