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v3.22.1

LEASES | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
LEASES | LEASES The Company’s right-of-use 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 leases (in thousands):
|  | March 31, 2022 |  | December 31, 2021
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 26,470 |  |  | $ | 29,312 |
Corporate leases |  | 8,666 |  |  | 9,484 |
Vehicles |  | 918 |  |  | 1,089 |
Total right-of-use asset |  | $ | 36,054 |  |  | $ | 39,885 |
Field equipment(1) |  | $ | 26,470 |  |  | $ | 29,312 |
Corporate leases |  | 9,120 |  |  | 9,870 |
Vehicles |  | 918 |  |  | 1,089 |
Total lease liability |  | $ | 36,508 |  |  | $ | 40,271 |
____________________________ (1) Includes compressors, certain natural gas processing equipment, and other field equipment. The Company incurred gross short-term lease costs of $9.0 million and less than $0.1 million for the three months ended March 31, 2022 and 2021, respectively. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs, once paid, are capitalized to property and equipment or recognized as expense. Future commitments by year for the Company's leases with a lease term of one year or more as of March 31, 2022 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
Remainder of 2022 |  | $ | 15,271 |
2023 |  | 13,389 |
2024 |  | 5,333 |
2025 |  | 1,695 |
2026 |  | 1,195 |
Thereafter |  | 1,586 |
Total lease payments |  | 38,469 |
Less: imputed interest |  | (1,961) |
Total lease liability |  | $ | 36,508 |

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- 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
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