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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Summary of Lease Expenses, Term and Discount Rate | Expenses related to finance and operating leases included in the Consolidated Financial Statements are as follows:
|  |  |  | Year Ended December 31,
(Thousands of dollars) |  | Financial Statement Category |  | 2020 |  | 2019
Operating lease 1,2 |  | Lease operating expenses |  | $ | 208,104 |  |  | $ | 208,674 |
Operating lease 2 |  | Transportation, gathering and processing |  | 39,121 |  |  | 41,113 |
Operating lease 2 |  | Selling and general expense |  | 10,638 |  |  | 12,325 |
Operating lease 2 |  | Other operating expense |  | 9,524 |  |  | 2,588 |
Operating lease 2 |  | Property, plant and equipment |  | 40,227 |  |  | 133,837 |
Operating lease 2 |  | Asset retirement obligations |  | — |  |  | 3,024 |
Operating lease |  | Impairment of assets |  | 6,565 |  |  | — |
Operating lease 2 |  | Exploration Expenses |  | 994 |  |  | — |
Finance lease |  |  |  |  |  |
Amortization of asset |  | Depreciation, depletion and amortization |  | — |  |  | 420 |
Interest on lease liabilities |  | Interest expense, net |  | 372 |  |  | 202 |
Sublease income |  | Other income |  | (1,118) |  |  | (1,419) |
Net lease expense |  |  |  | $ | 314,427 |  |  | $ | 400,764 |
1 For the year ended December 31, 2020 and 2019, includes variable lease expenses of $21.8 million and $28.7 million, primarily related to additional volumes processed at a natural gas processing plant. 2 For the year ended December 31, 2020, includes $73.9 million in Lease operating expense, $22.9 million for Transportation, gathering and processing, $3.3 million in Selling and general expense, $2.5 million in Other operating expense, $25 million in Property, plant and equipment, net relating to short-term leases due within 12 months.. For the year ended December 31, 2019, includes $56.3 million in Lease operating expense, $4.3 million in Selling general expense, $2.6 million in Other operating expense, $102.7 million in Property, plant and equipment, net and $3 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. Lease Term and Discount Rate
| December 31, 2020
Weighted average remaining lease term: |
Operating leases | 8 years
Finance leases | 11 years
Weighted average discount rate: |
Operating leases | 5.7 | %
Finance leases | 5.1 | %
Maturity of Operating Leases | Maturity of Lease Liabilities
(Thousands of dollars) | Operating Leases 1 |  | Finance Leases |  | Total
2021 | $ | 149,099 |  |  | 1,068 |  |  | 150,167 |
2022 | 140,029 |  |  | 1,068 |  |  | 141,097 |
2023 | 136,909 |  |  | 1,069 |  |  | 137,978 |
2024 | 131,894 |  |  | 1,069 |  |  | 132,963 |
2025 | 81,647 |  |  | 1,069 |  |  | 82,716 |
Remaining | 708,931 |  |  | 3,473 |  |  | 712,404 |
Total future minimum lease payments | 1,348,509 |  |  | 8,816 |  |  | 1,357,325 |
Less imputed interest | (399,663) |  |  | (1,566) |  |  | (401,229) |
Present value of lease liabilities 2 | $ | 948,846 |  |  | 7,250 |  |  | 956,096 |
1 Excludes $90 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an offshore drilling rig and payments are planned to commence in the second quarter of 2021 for 16 months. 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, 2020.
Maturity of Finance Leases | Maturity of Lease Liabilities
(Thousands of dollars) | Operating Leases 1 |  | Finance Leases |  | Total
2021 | $ | 149,099 |  |  | 1,068 |  |  | 150,167 |
2022 | 140,029 |  |  | 1,068 |  |  | 141,097 |
2023 | 136,909 |  |  | 1,069 |  |  | 137,978 |
2024 | 131,894 |  |  | 1,069 |  |  | 132,963 |
2025 | 81,647 |  |  | 1,069 |  |  | 82,716 |
Remaining | 708,931 |  |  | 3,473 |  |  | 712,404 |
Total future minimum lease payments | 1,348,509 |  |  | 8,816 |  |  | 1,357,325 |
Less imputed interest | (399,663) |  |  | (1,566) |  |  | (401,229) |
Present value of lease liabilities 2 | $ | 948,846 |  |  | 7,250 |  |  | 956,096 |
1 Excludes $90 million of minimum lease payments for leases entered but not yet commenced. These payments relate to an offshore drilling rig and payments are planned to commence in the second quarter of 2021 for 16 months. 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, 2020.
Summary of Other Lease Information | Other Information
| Year Ended December 31,
(Thousands of dollars) | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 160,385 |  |  | $ | 193,968 |
Operating cash flows from finance leases | 372 |  |  | 408 |
Financing cash flows from finance leases | 695 |  |  | 688 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases ¹ | $ | 453,719 |  |  | $ | 125,026 |
1 For the year ended December 31, 2020, includes $268.8 million related to a 5-year lease for the Cascade/Chinook FPSO in the U.S. Gulf of Mexico and $168.4 million related to a 20-year lease for a gas plant expansion in Canada.

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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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