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Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Lessee Disclosure [Abstract]  
Components of total lease cost
The following table reflects the components of the Company’s total costs, whether capitalized or expensed, related to operating leases, including short-term leases, and variable lease payments made for leases with initial lease terms greater than 12 months, for the years ended December 31, 2022, and 2021. This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners.
For the Years Ended December 31,
20222021
(in thousands)
Operating lease cost$10,174 $12,825 
Short-term lease cost (1)
175,098 145,052 
Variable lease cost (2)
7,085 48,931 
Total lease cost$192,357 $206,808 
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(1)    Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount includes drilling and completion activities and field equipment rentals, most of which are contracted for 12 months or less. It is expected that this amount will fluctuate primarily with the number of drilling rigs and completion crews the Company is operating under short-term agreements.
(2)    Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding liability for lease agreements with terms longer than 12 months. Variable lease payments relate to the actual volumes transported under certain midstream agreements, actual usage associated with drilling rigs, completion crews, and vehicles, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are driven by actual volumes delivered and the number of drilling rigs and completion crews operating under long-term agreements.
Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2022, and 2021, were as follows:
For the Years Ended December 31,
20222021
(in thousands)
Operating cash flows from operating leases$4,718 $11,286 
Investing cash flows from operating leases$5,042 $2,316 
Operating lease liability maturities
Maturities for the Company’s operating lease liabilities included on the accompanying balance sheets as of December 31, 2022, were as follows:
As of December 31, 2022
(in thousands)
2023$11,164 
20248,520 
20255,808 
20262,931 
20272,008 
Thereafter8,957 
Total Lease payments$39,388 
Less: Imputed interest (1)
(5,654)
Total$33,734 
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(1)    The weighted-average discount rate used to determine the operating lease liability as of December 31, 2022, was 5.8 percent.
Balance sheet information related to operating leases
The following table presents supplemental accompanying balance sheet information for operating leases as of December 31, 2022, and 2021:
As of December 31,
20222021
(in thousands, except discount rate and lease term)
Balance sheet classifications of operating leases:
Other noncurrent assets$26,368 $19,026 
Other current liabilities$10,114 $6,516 
Other noncurrent liabilities$23,621 $19,440 
ROU assets obtained in exchange for operating lease liabilities$16,186 $13,018 
Weighted-average discount rate
 5.8%
5.4%
Weighted-average remaining lease term (years)57