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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,
20212020
Operating Leases
Field equipment(1)
$29,312 $27,537 
Corporate leases9,484 1,481 
Vehicles 1,089 468 
Total right-of-use asset$39,885 $29,486 
Field equipment(1)
$29,312 $27,537 
Corporate leases9,870 1,900 
Vehicles1,089 468 
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,
202120202019
Operating lease cost(1)
$15,449 $13,957 $11,330 
Finance lease cost
Amortization of ROU assets3 18 — 
Interest on lease liabilities1 5 — 
Short-term lease cost3,662 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,
202120202019
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 leases1 5 — 
Financing cash flows from finance leases21 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 
202312,980 
20245,247 
20251,496 
20261,178 
Thereafter1,586 
Total lease payments42,531 
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,
20212020
Operating Leases
Field equipment(1)
$29,312 $27,537 
Corporate leases9,484 1,481 
Vehicles 1,089 468 
Total right-of-use asset$39,885 $29,486 
Field equipment(1)
$29,312 $27,537 
Corporate leases9,870 1,900 
Vehicles1,089 468 
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,
202120202019
Operating lease cost(1)
$15,449 $13,957 $11,330 
Finance lease cost
Amortization of ROU assets3 18 — 
Interest on lease liabilities1 5 — 
Short-term lease cost3,662 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,
202120202019
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 leases1 5 — 
Financing cash flows from finance leases21 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 
202312,980 
20245,247 
20251,496 
20261,178 
Thereafter1,586 
Total lease payments42,531 
Less: imputed interest(2,260)
Total lease liability$40,271