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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Schedule of Balance Sheet Activity, Asset Classes | The Company's right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands):
|  | September 30, 2021 |  | December 31, 2020
Operating leases |  |  |  |
Field equipment(1) |  | $ | 20,716 |  |  | $ | 27,537 |
Corporate leases |  | 6,519 |  |  | 1,481 |
Vehicles |  | 811 |  |  | 468 |
Total right-of-use asset |  | $ | 28,046 |  |  | $ | 29,486 |
Field equipment(1) |  | $ | 20,716 |  |  | $ | 27,537 |
Corporate leases |  | 6,830 |  |  | 1,900 |
Vehicles |  | 811 |  |  | 468 |
Total lease liability |  | $ | 28,357 |  |  | $ | 29,905 |
Finance leases |  |  |  |
Right-of-use asset - field equipment(1) |  | $ | — |  |  | $ | 219 |
Lease liability - field equipment(1) |  | $ | — |  |  | $ | 117 |
__________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment.
Summary of Operating Lease Costs and Summary of Supplemental Cash Flow Information | The following table summarizes the components of the Company's gross lease costs incurred during the three and nine months ended September 30, 2021 and 2020 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost(1) |  | $ | 3,635 |  |  | $ | 3,462 |  |  | $ | 10,529 |  |  | $ | 10,560 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | — |  |  | 6 |  |  | 3 |  |  | 13 |
Interest on lease liabilities |  | — |  |  | 1 |  |  | 1 |  |  | 3 |
Short-term lease cost |  | 281 |  |  | 129 |  |  | 492 |  |  | 2,011 |
Variable lease cost(2) |  | (9) |  |  | (89) |  |  | 56 |  |  | (133) |
Sublease income(3) |  | (91) |  |  | (89) |  |  | (274) |  |  | (267) |
Total lease cost |  | $ | 3,816 |  |  | $ | 3,420 |  |  | $ | 10,807 |  |  | $ | 12,187 |
____________________________ (1) Includes office rent expense of $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.3 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company has subleased a portion of one of its office spaces for the remainder of the office lease term. Supplemental cash flow information related to leases for the three and nine months ended September 30, 2021 and 2020 consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 3,293 |  |  | $ | 3,187 |  |  | $ | 9,783 |  |  | $ | 9,599 |
Operating cash flows from finance leases | — |  |  | 1 |  |  | 1 |  |  | 3 |
Financing cash flows from finance leases | — |  |  | 31 |  |  | 21 |  |  | 71 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ | 3,136 |  |  | $ | 918 |  |  | $ | 8,635 |  |  | $ | 8,306 |
Right-of-use assets obtained in exchange for new finance lease obligations | — |  |  | — |  |  | — |  |  | 219 |
Schedule of Weighted-Average Information | The Company's weighted-average remaining lease terms and discount rates for operating leases as of September 30, 2021 are as follows:
|  | Operating Leases
Weighted-average lease term (years) |  | 3.2
Weighted-average discount rate |  | 3.97%
Schedule of Future Minimum Commitments for Operating Leases | As of September 30, 2021, future commitments by year for the Company's operating with a lease term of one year or more are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands):
|  | Operating Leases
Remainder of 2021 |  | $ | 3,557 |
2022 |  | 11,594 |
2023 |  | 7,509 |
2024 |  | 3,564 |
2025 |  | 1,290 |
Thereafter |  | 2,765 |
Total lease payments |  | 30,279 |
Less: imputed interest |  | (1,922) |
Total lease liability |  | $ | 28,357 |

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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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