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Leases (Tables) | 3 Months Ended
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Mar. 31, 2020
Lessee Disclosure [Abstract] |
Summary of Lease Related Expenses | Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:
|  |  |  | Three Months Ended March 31,
(Thousands of dollars) |  | Financial Statement Category |  | 2020 |  | 2019
Operating lease 1,2 |  | Lease operating expenses |  | $ | 71,601 |  |  | 48,671 |
Operating lease 2 |  | Transportation, gathering and processing |  | 9,926 |  |  | 9,852 |
Operating lease 2 |  | Selling and general expense |  | 3,469 |  |  | 3,109 |
Operating lease 2 |  | Other operating expense |  | 414 |  |  | — |
Operating lease 2 |  | Property, plant and equipment |  | 24,556 |  |  | 23,447 |
Operating lease 2 |  | Asset retirement obligations |  | — |  |  | 3,024 |
Finance lease |  |  |  |  |  |
Amortization of asset |  | Depreciation, depletion and amortization |  | 268 |  |  | 210 |
Interest on lease liabilities |  | Interest expense, net |  | 96 |  |  | 101 |
Sublease income |  | Other income |  | (306 | ) |  | (217 | )
Net lease expense |  |  |  | $ | 110,024 |  |  | 88,197 |
1 The three months ended March 31, 2020 and 2019 included variable lease expenses of $6.3 million and $7.2 million, respectively, primarily related to additional volumes processed at a gas processing plant. 2 The three months ended March 31, 2020 included $32.9 million for Lease operating expense, $1.4 million for T ransportation, gathering and processing, $1.2 million for Selling and general expense and $15.4 million for Property, plant and equipment, net relating to short-term leases due within 12 months. The three months ended March 31, 2019 included $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 Operating Lease Liabilities | Maturity of Lease Liabilities໿
(Thousands of dollars) | Operating Leases 1 |  | Finance Leases |  | Total
2020 | $ | 103,106 |  |  | 801 |  |  | 103,907 |
2021 | 135,875 |  |  | 1,069 |  |  | 136,944 |
2022 | 116,818 |  |  | 1,069 |  |  | 117,887 |
2023 | 114,990 |  |  | 1,069 |  |  | 116,059 |
2024 | 110,652 |  |  | 1,069 |  |  | 111,721 |
Remaining | 478,780 |  |  | 4,541 |  |  | 483,321 |
Total future minimum lease payments | 1,060,221 |  |  | 9,618 |  |  | 1,069,839 |
Less imputed interest | (247,935 | ) |  | (1,842 | ) |  | (249,777 | )
Present value of lease liabilities 2 | $ | 812,286 |  |  | 7,776 |  |  | 820,062 |
1 Excludes $256.7 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.
Schedule of Maturity of Finance Lease Liabilities | Maturity of Lease Liabilities໿
(Thousands of dollars) | Operating Leases 1 |  | Finance Leases |  | Total
2020 | $ | 103,106 |  |  | 801 |  |  | 103,907 |
2021 | 135,875 |  |  | 1,069 |  |  | 136,944 |
2022 | 116,818 |  |  | 1,069 |  |  | 117,887 |
2023 | 114,990 |  |  | 1,069 |  |  | 116,059 |
2024 | 110,652 |  |  | 1,069 |  |  | 111,721 |
Remaining | 478,780 |  |  | 4,541 |  |  | 483,321 |
Total future minimum lease payments | 1,060,221 |  |  | 9,618 |  |  | 1,069,839 |
Less imputed interest | (247,935 | ) |  | (1,842 | ) |  | (249,777 | )
Present value of lease liabilities 2 | $ | 812,286 |  |  | 7,776 |  |  | 820,062 |
1 Excludes $256.7 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
| March 31, 2020
Weighted average remaining lease term: |
Operating leases | 9 years |
Finance leases | 9 years |
Weighted average discount rate: |
Operating leases | 5.3 | %
Finance leases | 5.1 | %
Summary of Other Lease Information | Other Information໿
| Three Months Ended March 31,
(Thousands of dollars) | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 53,039 |  |  | 44,730 |
Operating cash flows from finance leases | 102 |  |  | 102 |
Financing cash flows from finance leases | 168 |  |  | 160 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases ¹ | $ | 274,237 |  |  | 311 |
1 The three months ended March 31, 2020 includes $268.8 million related to a 5-year lease for the Cascade/Chinook FPSO in the U.S. Gulf of Mexico.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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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/2009/role/commonPracticeRef -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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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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