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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 12 — Commitments and Contingencies

Legal Proceedings and Other Contingencies

The Company is named as a party in certain lawsuits and regulatory proceedings arising in the ordinary course of business. The Company does not expect that these matters, individually or in the aggregate, will have a material adverse effect on its financial condition.

Performance Obligations

Regulations with respect to offshore operations govern, among other things, engineering and construction specifications for production facilities, safety procedures, plugging and abandonment of wells, removal of facilities and to guarantee the execution of the minimum work program under the Mexico production sharing contracts. As of December 31, 2020 and 2019, the Company had secured performance bonds totaling approximately $651.8 million and $637.3 million, respectively. As of December 31, 2020 and 2019, the Company had $13.6 million and $13.6 million, respectively, in letters of credit issued under its Bank Credit Facility.

The table below summarizes the Company’s total minimum commitments associated with vessel commitments and purchase obligations as of December 31, 2020 (in thousands):

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Vessel Commitments(1)

 

$

800

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

800

 

Committed purchase orders(2)

 

 

2,165

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,165

 

Total

 

$

2,965

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,965

 

 

(1)

Includes vessel commitments the Company will utilize for certain deep water well intervention and decommissioning activities. These commitments represent gross contractual obligations and accordingly, other joint owners in the properties operated by the Company will be billed for their working interest share of such costs.

(2)

Includes committed purchase orders to execute planned future drilling and completion activities. These commitments represent gross contractual obligations and accordingly, other joint owners in the properties operated by the Company will be billed for their working interest share of such costs.