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Leases (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, |  | Six Months Ended June 30,
(Thousands of dollars) |  | Financial Statement Category |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease 1,2 |  | Lease operating expenses |  | $ | 48,049 |  |  | $ | 53,588 |  |  | $ | 94,133 |  |  | 125,189 |
Operating lease 2 |  | Transportation, gathering and processing |  | 9,982 |  |  | 9,137 |  |  | 19,758 |  |  | 19,063 |
Operating lease 2 |  | Selling and general expense |  | 2,453 |  |  | 3,281 |  |  | 5,273 |  |  | 6,750 |
Operating lease 2 |  | Other operating expense |  | 2,427 |  |  | 4,201 |  |  | 4,842 |  |  | 4,615 |
Operating lease 2 |  | Property, plant and equipment |  | 26,738 |  |  | 13,104 |  |  | 31,634 |  |  | 37,660 |
Operating lease |  | Impairment of assets |  | — |  |  | 6,555 |  |  | — |  |  | 6,555 |
Finance lease |  |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  | Interest expense, net |  | 86 |  |  | 92 |  |  | 172 |  |  | 188 |
Sublease income |  | Other income |  | (662) |  |  | (336) |  |  | (958) |  |  | (642) |
Net lease expense |  |  |  | $ | 89,073 |  |  | $ | 89,636 |  |  | $ | 154,854 |  |  | 199,392 |
1 Variable lease expenses. The three and six months ended June 30, 2021 included variable lease expenses of $8.2 million and $13.5 million; and for the three and six months ended June 30, 2020 included variable lease expenses of $6.0 million and $12.3 million, respectively, primarily related to additional volumes processed at a gas processing plant. 2 Short-term leases due within 12 months.The three and six months ended June 30, 2021 included $11.1 million and $23.5 million for Lease operating expense, $7.6 million and $14.9 million for Transportation, gathering and processing, $0.5 million and $1.3 million for Selling and general expense and $10.0 million and $14.9 million for Property, plant and equipment, net relating to short term leases due within 12 months. The three and six months ended June 30, 2020 included $21.4 million and $54.3 million for Lease operating expense, $6.6 million and $8.0 million for Transportation, gathering and processing, $1.0 million and $2.2 million for Selling and general expense, $7.5 million and $22.9 million for Property, plant and equipment, net, and $2.4 million for other operating expense 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 Operating Lease Liabilities | Maturity of Lease Liabilities
(Thousands of dollars) | Operating Leases |  | Finance Leases |  | Total
2021 | $ | 109,284 |  |  | 534 |  |  | 109,818 |
2022 | 185,790 |  |  | 1,068 |  |  | 186,858 |
2023 | 138,692 |  |  | 1,069 |  |  | 139,761 |
2024 | 133,502 |  |  | 1,069 |  |  | 134,571 |
2025 | 83,210 |  |  | 1,069 |  |  | 84,279 |
Remaining | 726,103 |  |  | 3,472 |  |  | 729,575 |
Total future minimum lease payments | 1,376,581 |  |  | 8,281 |  |  | 1,384,862 |
Less imputed interest | (382,394) |  |  | (1,403) |  |  | (383,797) |
Present value of lease liabilities 1 | $ | 994,187 |  |  | 6,878 |  |  | 1,001,065 |
1 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 |  | Finance Leases |  | Total
2021 | $ | 109,284 |  |  | 534 |  |  | 109,818 |
2022 | 185,790 |  |  | 1,068 |  |  | 186,858 |
2023 | 138,692 |  |  | 1,069 |  |  | 139,761 |
2024 | 133,502 |  |  | 1,069 |  |  | 134,571 |
2025 | 83,210 |  |  | 1,069 |  |  | 84,279 |
Remaining | 726,103 |  |  | 3,472 |  |  | 729,575 |
Total future minimum lease payments | 1,376,581 |  |  | 8,281 |  |  | 1,384,862 |
Less imputed interest | (382,394) |  |  | (1,403) |  |  | (383,797) |
Present value of lease liabilities 1 | $ | 994,187 |  |  | 6,878 |  |  | 1,001,065 |
1 Includes both the current and long-term portion of the lease liabilities.
Summary of Lease Term and Discount Rate | Lease Term and Discount Rate
| June 30, 2021
Weighted average remaining lease term: |
Operating leases | 11 years
Finance leases | 8 years
Weighted average discount rate: |
Operating leases | 5.4 | %
Finance leases | 4.7 | %
Summary of Other Lease Information | Other Information
| Six Months Ended June 30,
(Thousands of dollars) | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 87,768 |  |  | $ | 90,831 |
Operating cash flows from finance leases | 172 |  |  | 188 |
Financing cash flows from finance leases | 371 |  |  | 336 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases ¹ | $ | 94,788 |  |  | 277,662 |
1 The six months ended June 30, 2021 includes $90.3 million related to an offshore drilling rig with a lease term of 16 months. The six months ended June 30, 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=123408670&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=123408670&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=123408670&loc=SL77918701-209980 + Details
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