XML 32 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
LEASES | LEASES The Company’s ROU assets and lease liabilities are recognized on the accompanying balance sheets based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of the Company's operating and finance leases (in thousands):
|  | December 31,
|  | 2021 |  | 2020
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 29,312 |  |  | $ | 27,537 |
Corporate leases |  | 9,484 |  |  | 1,481 |
Vehicles |  | 1,089 |  |  | 468 |
Total right-of-use asset |  | $ | 39,885 |  |  | $ | 29,486 |
Field equipment(1) |  | $ | 29,312 |  |  | $ | 27,537 |
Corporate leases |  | 9,870 |  |  | 1,900 |
Vehicles |  | 1,089 |  |  | 468 |
Total lease liability |  | $ | 40,271 |  |  | $ | 29,905 |
Finance Leases |  |  |  |
Right of use asset - field equipment(1) |  | $ | — |  |  | $ | 219 |
Lease liability - field equipment(1) |  | $ | — |  |  | $ | 117 |
____________________________ (1) Includes compressors, certain natural gas processing equipment, and other field equipment. The following table summarizes the components of the Company's gross lease costs incurred for the periods below consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Operating lease cost(1) |  | $ | 15,449 |  |  | $ | 13,957 |  |  | $ | 11,330 |
Finance lease cost |  |  |  |  |  |
Amortization of ROU assets |  | 3 |  |  | 18 |  |  | — |
Interest on lease liabilities |  | 1 |  |  | 5 |  |  | — |
Short-term lease cost |  | 3,662 |  |  | 2,058 |  |  | 8,169 |
Variable lease cost(2) |  | 56 |  |  | (186) |  |  | 259 |
Sublease income(3) |  | (367) |  |  | (358) |  |  | (348) |
Total lease cost |  | $ | 18,804 |  |  | $ | 15,494 |  |  | $ | 19,410 |
___________________________ (1)Includes office rent expense of $2.2 million, $1.1 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, 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. Lease costs disclosed above are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners. The Company's net share of these costs is included in various line items on the accompanying statements of operations or capitalized to proved properties or other property and equipment, as applicable. The Company recognizes operating lease cost on a straight-line basis. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease costs are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. The Company's weighted-average remaining lease terms and discount rates as of December 31, 2021 are as follows:
|  | Operating Leases
Weighted-average lease term (years) |  | 2.7
Weighted-average discount rate |  | 3.9%
Supplemental cash flow information related to leases for the periods below consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 14,284 |  |  | $ | 12,768 |  |  | $ | 10,993 |
Operating cash flows from finance leases |  | 1 |  |  | 5 |  |  | — |
Financing cash flows from finance leases |  | 21 |  |  | 102 |  |  | — |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 25,469 |  |  | $ | 8,306 |  |  | $ | 16,568 |
Right-of-use assets obtained in exchange for new finance lease obligations |  | — |  |  | 219 |  |  | — |
Future commitments by year for the Company's leases with a lease term of one year or more as of December 31, 2021 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands):
|  | Operating Leases
2022 |  | $ | 20,044 |
2023 |  | 12,980 |
2024 |  | 5,247 |
2025 |  | 1,496 |
2026 |  | 1,178 |
Thereafter |  | 1,586 |
Total lease payments |  | 42,531 |
Less: imputed interest |  | (2,260) |
Total lease liability |  | $ | 40,271 |
LEASES | LEASES The Company’s ROU assets and lease liabilities are recognized on the accompanying balance sheets based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of the Company's operating and finance leases (in thousands):
|  | December 31,
|  | 2021 |  | 2020
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 29,312 |  |  | $ | 27,537 |
Corporate leases |  | 9,484 |  |  | 1,481 |
Vehicles |  | 1,089 |  |  | 468 |
Total right-of-use asset |  | $ | 39,885 |  |  | $ | 29,486 |
Field equipment(1) |  | $ | 29,312 |  |  | $ | 27,537 |
Corporate leases |  | 9,870 |  |  | 1,900 |
Vehicles |  | 1,089 |  |  | 468 |
Total lease liability |  | $ | 40,271 |  |  | $ | 29,905 |
Finance Leases |  |  |  |
Right of use asset - field equipment(1) |  | $ | — |  |  | $ | 219 |
Lease liability - field equipment(1) |  | $ | — |  |  | $ | 117 |
____________________________ (1) Includes compressors, certain natural gas processing equipment, and other field equipment. The following table summarizes the components of the Company's gross lease costs incurred for the periods below consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Operating lease cost(1) |  | $ | 15,449 |  |  | $ | 13,957 |  |  | $ | 11,330 |
Finance lease cost |  |  |  |  |  |
Amortization of ROU assets |  | 3 |  |  | 18 |  |  | — |
Interest on lease liabilities |  | 1 |  |  | 5 |  |  | — |
Short-term lease cost |  | 3,662 |  |  | 2,058 |  |  | 8,169 |
Variable lease cost(2) |  | 56 |  |  | (186) |  |  | 259 |
Sublease income(3) |  | (367) |  |  | (358) |  |  | (348) |
Total lease cost |  | $ | 18,804 |  |  | $ | 15,494 |  |  | $ | 19,410 |
___________________________ (1)Includes office rent expense of $2.2 million, $1.1 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, 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. Lease costs disclosed above are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners. The Company's net share of these costs is included in various line items on the accompanying statements of operations or capitalized to proved properties or other property and equipment, as applicable. The Company recognizes operating lease cost on a straight-line basis. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease costs are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. The Company's weighted-average remaining lease terms and discount rates as of December 31, 2021 are as follows:
|  | Operating Leases
Weighted-average lease term (years) |  | 2.7
Weighted-average discount rate |  | 3.9%
Supplemental cash flow information related to leases for the periods below consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 14,284 |  |  | $ | 12,768 |  |  | $ | 10,993 |
Operating cash flows from finance leases |  | 1 |  |  | 5 |  |  | — |
Financing cash flows from finance leases |  | 21 |  |  | 102 |  |  | — |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 25,469 |  |  | $ | 8,306 |  |  | $ | 16,568 |
Right-of-use assets obtained in exchange for new finance lease obligations |  | — |  |  | 219 |  |  | — |
Future commitments by year for the Company's leases with a lease term of one year or more as of December 31, 2021 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands):
|  | Operating Leases
2022 |  | $ | 20,044 |
2023 |  | 12,980 |
2024 |  | 5,247 |
2025 |  | 1,496 |
2026 |  | 1,178 |
Thereafter |  | 1,586 |
Total lease payments |  | 42,531 |
Less: imputed interest |  | (2,260) |
Total lease liability |  | $ | 40,271 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration