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v3.23.3

LEASES | 9 Months Ended
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Sep. 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. The following table summarizes the asset classes of the Company’s leases (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 64,076 |  |  | $ | 15,131 |
Corporate leases |  | 6,140 |  |  | 8,235 |
Vehicles |  | 4,446 |  |  | 759 |
Total right-of-use asset |  | $ | 74,662 |  |  | $ | 24,125 |
Field equipment(1) |  | $ | 64,132 |  |  | $ | 15,131 |
Corporate leases |  | 6,796 |  |  | 8,898 |
Vehicles |  | 4,446 |  |  | 759 |
Total lease liability |  | $ | 75,374 |  |  | $ | 24,788 |
Finance Leases |  |  |  |
Right of use asset - field equipment |  | $ | 17,104 |  |  | $ | — |
Lease liability - field equipment |  | $ | 17,131 |  |  | $ | — |
____________________________ (1)Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 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 |  | Finance Leases
Remainder of 2023 |  | $ | 11,103 |  |  | $ | 992 |
2024 |  | 39,100 |  |  | 4,210 |
2025 |  | 21,887 |  |  | 4,277 |
2026 |  | 5,554 |  |  | 4,020 |
2027 |  | 2,138 |  |  | 3,683 |
Thereafter |  | 654 |  |  | 2,810 |
Total lease payments |  | 80,436 |  |  | 19,992 |
Less: imputed interest |  | (5,062) |  |  | (2,861) |
Total lease liability |  | $ | 75,374 |  |  | $ | 17,131 |
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 leases (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 64,076 |  |  | $ | 15,131 |
Corporate leases |  | 6,140 |  |  | 8,235 |
Vehicles |  | 4,446 |  |  | 759 |
Total right-of-use asset |  | $ | 74,662 |  |  | $ | 24,125 |
Field equipment(1) |  | $ | 64,132 |  |  | $ | 15,131 |
Corporate leases |  | 6,796 |  |  | 8,898 |
Vehicles |  | 4,446 |  |  | 759 |
Total lease liability |  | $ | 75,374 |  |  | $ | 24,788 |
Finance Leases |  |  |  |
Right of use asset - field equipment |  | $ | 17,104 |  |  | $ | — |
Lease liability - field equipment |  | $ | 17,131 |  |  | $ | — |
____________________________ (1)Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of greater than one year as of September 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 |  | Finance Leases
Remainder of 2023 |  | $ | 11,103 |  |  | $ | 992 |
2024 |  | 39,100 |  |  | 4,210 |
2025 |  | 21,887 |  |  | 4,277 |
2026 |  | 5,554 |  |  | 4,020 |
2027 |  | 2,138 |  |  | 3,683 |
Thereafter |  | 654 |  |  | 2,810 |
Total lease payments |  | 80,436 |  |  | 19,992 |
Less: imputed interest |  | (5,062) |  |  | (2,861) |
Total lease liability |  | $ | 75,374 |  |  | $ | 17,131 |

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