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Leases
 9 Months Ended
Sep. 30, 2025
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 natural gas field equipment.
Options to extend lease terms are at the Company’s discretion. Early lease terminations are at the Company’s discretion and/or the mutual agreement between the Company and lessor. Purchase options also exist for certain leases.
During the third quarter of 2025, the Company exercised an option to extend an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $167.1 million (discounted) to our right-of-use assets and operating lease liabilities at September 30, 2025.
Maturity of Lease Liabilities
(Thousands of dollars)Operating LeasesFinance LeasesTotal
2025$60,970 $319 $61,289 
2026248,750 1,274 250,024 
2027141,648 1,274 142,922 
202862,259 1,275 63,534 
202959,471 464 59,935 
Remaining419,202 958 420,160 
Total future minimum lease payments992,300 5,564 997,864 
Less imputed interest(199,449)(1,352)(200,801)
Present value of lease liabilities 1
$792,851 $4,212 $797,063 
1 Includes both the current and long-term portion of the lease liabilities.

Lease Term and Discount Rate
September 30, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases8 years8 years
Finance leases5 years6 years
Weighted average discount rate:
Operating leases5.5 %5.7 %
Finance leases4.9 %4.9 %
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 natural gas field equipment.
Options to extend lease terms are at the Company’s discretion. Early lease terminations are at the Company’s discretion and/or the mutual agreement between the Company and lessor. Purchase options also exist for certain leases.
During the third quarter of 2025, the Company exercised an option to extend an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $167.1 million (discounted) to our right-of-use assets and operating lease liabilities at September 30, 2025.
Maturity of Lease Liabilities
(Thousands of dollars)Operating LeasesFinance LeasesTotal
2025$60,970 $319 $61,289 
2026248,750 1,274 250,024 
2027141,648 1,274 142,922 
202862,259 1,275 63,534 
202959,471 464 59,935 
Remaining419,202 958 420,160 
Total future minimum lease payments992,300 5,564 997,864 
Less imputed interest(199,449)(1,352)(200,801)
Present value of lease liabilities 1
$792,851 $4,212 $797,063 
1 Includes both the current and long-term portion of the lease liabilities.

Lease Term and Discount Rate
September 30, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases8 years8 years
Finance leases5 years6 years
Weighted average discount rate:
Operating leases5.5 %5.7 %
Finance leases4.9 %4.9 %