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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Lessee Disclosure [Abstract] |
Components of total lease cost | The following table reflects the components of the Company’s total lease costs, whether capitalized or expensed, related to operating leases, including short-term leases, and variable lease payments made for both short-term and long-term leases for the years ended December 31, 2023, and 2022. 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,
| 2023 |  | 2022
| (in thousands)
Operating lease cost | $ | 15,625 |  |  | $ | 10,174 |
Short-term lease cost (1) | 251,628 |  |  | 175,098 |
Variable lease cost (2) | 11,838 |  |  | 7,085 |
Total lease cost | $ | 279,091 |  |  | $ | 192,357 |
____________________________________________ (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 relate to the 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 primarily driven by the number of drilling rigs and completion crews operating. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023, and 2022, were as follows:
| For the Years Ended December 31,
| 2023 |  | 2022
| (in thousands)
Operating cash flows related to operating leases | $ | 4,181 |  |  | $ | 4,718 |
Investing cash flows related to operating leases | $ | 11,300 |  |  | $ | 5,042 |
Operating lease liability maturities | Maturities for the Company’s operating lease liabilities included on the accompanying balance sheets as of December 31, 2023, were as follows:
|  | As of December 31, 2023
|  | (in thousands)
2024 |  | $ | 17,208 |
2025 |  | 11,242 |
2026 |  | 4,793 |
2027 |  | 2,685 |
2028 |  | 2,054 |
Thereafter |  | 6,906 |
Total Lease payments |  | $ | 44,888 |
Less: Imputed interest (1) |  | (5,110) |
Total |  | $ | 39,778 |
____________________________________________ (1) The weighted-average discount rate used to determine the operating lease liability as of December 31, 2023, was 6.2 percent.
Balance sheet information related to operating leases | The following table presents supplemental accompanying balance sheet information for operating leases as of December 31, 2023, and 2022:
| As of December 31,
| 2023 |  | 2022
| (in thousands, except discount rate and lease term)
Balance sheet classifications of operating leases: |  |  |
Other noncurrent assets | $ | 32,264 |  |  | $ | 26,368 |
Other current liabilities | $ | 15,425 |  |  | $ | 10,114 |
Other noncurrent liabilities | $ | 24,352 |  |  | $ | 23,621 |
ROU assets obtained in exchange for operating lease liabilities | $ | 19,341 |  |  | $ | 16,186 |
Weighted-average discount rate | 6.2% |  | 5.8%
Weighted-average remaining lease term (years) | 4 |  | 5

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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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