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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |  | 2024 |  | 2023
Operating lease 1, 2 |  | Lease operating expenses |  | $ | 411,303 |  |  | $ | 246,721 |
Operating lease 2 |  | Transportation, gathering and processing |  | 16,117 |  |  | 37,797 |
Operating lease 2 |  | Selling and general expenses |  | 10,990 |  |  | 9,859 |
Operating lease 2 |  | Other operating expense |  | 6,622 |  |  | 675 |
Operating lease 2 |  | Exploration expenses |  | 38,974 |  |  | 110,577 |
Operating lease 2 |  | Property, plant and equipment |  | 277,170 |  |  | 204,595 |
Operating lease 2 |  | Asset retirement obligations |  | 10 |  |  | 57,442 |
Finance lease |  |  |  |  |  |
Amortization of asset |  | Depreciation, depletion and amortization |  | 855 |  |  | 1,505 |
Interest on lease liabilities |  | Interest expense, net |  | 193 |  |  | 221 |
Sublease income |  | Other income |  | (1,143) |  |  | (1,402) |
Net lease expense |  |  |  | $ | 761,091 |  |  | $ | 667,990 |
1 Variable lease expenses. For the years ended December 31, 2024 and 2023, includes variable lease expenses of $42.3 million and $36.7 million, respectively, primarily related to additional volumes processed at a natural gas processing plant. 2 Short-term leases due within 12 months. For the year ended December 31, 2024, includes $236.4 million in lease operating expenses, $13.0 million for “Transportation, gathering and processing”, $38.5 million for “Exploration expenses, including undeveloped lease amortization”, $0.8 million in “Selling and general expenses”, $6.2 million in “Other operating expense”, $97.1 million in “Property, plant and equipment, net” and nil 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. For the year ended December 31, 2023, includes $78.2 million in lease operating expenses, $29.4 million in “Transportation, gathering and processing”, $80.3 million for “Exploration expenses, including undeveloped lease amortization”, $1.6 million in “Selling and general expenses", $0.3 million in “Other operating expense”, $112.7 million in “Property, plant and equipment, net” and $57.4 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.
Schedule of Maturity of Operating Leases | Maturity of Lease Liabilities
(Thousands of dollars) | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 290,474 |  |  | $ | 1,257 |  |  | $ | 291,731 |
2026 | 123,487 |  |  | 1,257 |  |  | 124,744 |
2027 | 66,521 |  |  | 1,257 |  |  | 67,778 |
2028 | 59,398 |  |  | 1,257 |  |  | 60,655 |
2029 | 56,849 |  |  | 456 |  |  | 57,305 |
Remaining | 406,450 |  |  | 927 |  |  | 407,377 |
Total future minimum lease payments | 1,003,179 |  |  | 6,411 |  |  | 1,009,590 |
Less imputed interest | (212,590) |  |  | (1,534) |  |  | (214,124) |
Present value of lease liabilities 1 | $ | 790,589 |  |  | $ | 4,877 |  |  | $ | 795,466 |
1 Includes both the current and long-term portion of the lease liabilities.
Schedule of Maturity of Finance Leases | Maturity of Lease Liabilities
(Thousands of dollars) | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 290,474 |  |  | $ | 1,257 |  |  | $ | 291,731 |
2026 | 123,487 |  |  | 1,257 |  |  | 124,744 |
2027 | 66,521 |  |  | 1,257 |  |  | 67,778 |
2028 | 59,398 |  |  | 1,257 |  |  | 60,655 |
2029 | 56,849 |  |  | 456 |  |  | 57,305 |
Remaining | 406,450 |  |  | 927 |  |  | 407,377 |
Total future minimum lease payments | 1,003,179 |  |  | 6,411 |  |  | 1,009,590 |
Less imputed interest | (212,590) |  |  | (1,534) |  |  | (214,124) |
Present value of lease liabilities 1 | $ | 790,589 |  |  | $ | 4,877 |  |  | $ | 795,466 |
1 Includes both the current and long-term portion of the lease liabilities.
Schedule of Other Lease Information | Lease Term and Discount Rate
| December 31, 2024 |  | December 31, 2023
Weighted average remaining lease term: |  |  |
Operating leases | 8 years |  | 10 years
Finance leases | 6 years |  | 5 years
Weighted average discount rate: |  |  |
Operating leases | 5.7 | % |  | 5.9 | %
Finance leases | 4.9 | % |  | 4.7 | %
Other Information
| Year Ended December 31,
(Thousands of dollars) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 328,847 |  |  | $ | 271,488 |
Operating cash flows from finance leases | 311 |  |  | 221 |
Financing cash flows from finance leases | 665 |  |  | 622 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |
Operating leases ¹ | $ | 349,312 |  |  | $ | 5,923 |
1 For the year ended December 31, 2024, right-of-use assets obtained in exchange for lease liabilities primarily includes $254.1 million related to the extension of an operating lease pertaining to a drill ship used in our U.S. Offshore business and $52.7 million pertaining to two drilling rigs and several natural gas compressor units at our U.S. Onshore business. December 31, 2023 includes $4.5 million related to natural gas compressor units at various U.S. Onshore locations.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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