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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Our right-of-use assets and lease liabilities are recognized on the accompanying consolidated balance sheets within other noncurrent assets, other liabilities, and other long-term liabilities based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of our operating leases (in thousands):
|  | As of December 31,
|  | 2024 |  | 2023
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 68,897 |  |  | $ | 61,662 |
Corporate leases |  | 12,513 |  |  | 8,864 |
Vehicles |  | 12,214 |  |  | 7,740 |
Total right-of-use asset |  | $ | 93,624 |  |  | $ | 78,266 |
Field equipment(1) |  | $ | 68,978 |  |  | $ | 61,741 |
Corporate leases |  | 13,682 |  |  | 9,653 |
Vehicles |  | 12,214 |  |  | 7,740 |
Total lease liability |  | $ | 94,874 |  |  | $ | 79,134 |
____________________________ (1)Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. The following table summarizes the components of our gross lease costs incurred for the periods below (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 58,680 |  |  | $ | 32,769 |  |  | $ | 21,050 |
Short-term lease cost(1) |  | 140,780 |  |  | 79,405 |  |  | 55,059 |
Total lease cost(2) |  | $ | 199,460 |  |  | $ | 112,174 |  |  | $ | 76,109 |
___________________________ (1)Includes drilling rigs and other equipment. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. (2)Variable lease costs represent 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. Variable lease costs were not material for the years ended December 31, 2024, 2023, and 2022. 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. Our net share of these costs is included in various line items on the accompanying consolidated statements of operations or capitalized to proved properties or other property and equipment, as applicable. We recognize operating lease cost on a straight-line basis. Short-term lease costs are recognized as incurred and represent payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Our weighted-average remaining lease terms and discount rates as of December 31, 2024 are as follows:
|  | Operating Leases |  |
Weighted-average lease term (years) |  | 2.5 |  |
Weighted-average discount rate |  | 6.2% |  |
Future commitments by year for our leases with a lease term of greater than one year as of December 31, 2024 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 consolidated balance sheets as follows (in thousands):
|  | Operating Leases |  |
2025 |  | $ | 50,626 |  |  |
2026 |  | 26,226 |  |  |
2027 |  | 13,248 |  |  |
2028 |  | 5,313 |  |  |
2029 |  | 3,246 |  |  |
Thereafter |  | 3,815 |  |  |
Total lease payments |  | 102,474 |  |  |
Less: Imputed interest |  | (7,600) |  |  |
Total lease liability |  | $ | 94,874 |  |  |
LEASES | LEASES Our right-of-use assets and lease liabilities are recognized on the accompanying consolidated balance sheets within other noncurrent assets, other liabilities, and other long-term liabilities based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of our operating leases (in thousands):
|  | As of December 31,
|  | 2024 |  | 2023
Operating Leases |  |  |  |
Field equipment(1) |  | $ | 68,897 |  |  | $ | 61,662 |
Corporate leases |  | 12,513 |  |  | 8,864 |
Vehicles |  | 12,214 |  |  | 7,740 |
Total right-of-use asset |  | $ | 93,624 |  |  | $ | 78,266 |
Field equipment(1) |  | $ | 68,978 |  |  | $ | 61,741 |
Corporate leases |  | 13,682 |  |  | 9,653 |
Vehicles |  | 12,214 |  |  | 7,740 |
Total lease liability |  | $ | 94,874 |  |  | $ | 79,134 |
____________________________ (1)Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment. The following table summarizes the components of our gross lease costs incurred for the periods below (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 58,680 |  |  | $ | 32,769 |  |  | $ | 21,050 |
Short-term lease cost(1) |  | 140,780 |  |  | 79,405 |  |  | 55,059 |
Total lease cost(2) |  | $ | 199,460 |  |  | $ | 112,174 |  |  | $ | 76,109 |
___________________________ (1)Includes drilling rigs and other equipment. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. (2)Variable lease costs represent 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. Variable lease costs were not material for the years ended December 31, 2024, 2023, and 2022. 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. Our net share of these costs is included in various line items on the accompanying consolidated statements of operations or capitalized to proved properties or other property and equipment, as applicable. We recognize operating lease cost on a straight-line basis. Short-term lease costs are recognized as incurred and represent payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Our weighted-average remaining lease terms and discount rates as of December 31, 2024 are as follows:
|  | Operating Leases |  |
Weighted-average lease term (years) |  | 2.5 |  |
Weighted-average discount rate |  | 6.2% |  |
Future commitments by year for our leases with a lease term of greater than one year as of December 31, 2024 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 consolidated balance sheets as follows (in thousands):
|  | Operating Leases |  |
2025 |  | $ | 50,626 |  |  |
2026 |  | 26,226 |  |  |
2027 |  | 13,248 |  |  |
2028 |  | 5,313 |  |  |
2029 |  | 3,246 |  |  |
Thereafter |  | 3,815 |  |  |
Total lease payments |  | 102,474 |  |  |
Less: Imputed interest |  | (7,600) |  |  |
Total lease liability |  | $ | 94,874 |  |  |

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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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