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v3.23.2

LEASES | 6 Months Ended
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Jun. 30, 2023
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. As of June 30, 2023 and December 31, 2022, the Company did not have any agreements in place that were classified as finance leases. The following table summarizes the asset classes of the Company’s operating leases (in thousands):
|  | June 30, 2023 |  | December 31, 2022
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 30,829 |  |  | $ | 15,131 |
Corporate leases |  | 6,326 |  |  | 8,235 |
Vehicles |  | 4,417 |  |  | 759 |
Total right-of-use asset |  | $ | 41,572 |  |  | $ | 24,125 |
Field equipment(1) |  | $ | 30,857 |  |  | $ | 15,131 |
Corporate leases |  | 6,961 |  |  | 8,898 |
Vehicles |  | 4,417 |  |  | 759 |
Total lease liability |  | $ | 42,235 |  |  | $ | 24,788 |
____________________________ (1)Includes compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of one year or more as of June 30, 2023 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 2023 |  | $ | 12,419 |
2024 |  | 18,964 |
2025 |  | 7,416 |
2026 |  | 3,449 |
2027 |  | 2,106 |
Thereafter |  | 649 |
Total lease payments |  | 45,003 |
Less: imputed interest |  | (2,768) |
Total lease liability |  | $ | 42,235 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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