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Leases (Tables) | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Components of Lease Costs | The components of lease costs were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2026 |  | 2025 |  | 2026 |  | 2025 |
Finance lease costs - interest on lease liabilities | $ | 2,385 |  | $ | 2,848 |  | $ | 4,863 |  | $ | 5,775 |
Operating lease costs, excluding short-term leases(1) |  | 903 |  |  | 1,081 |  |  | 1,806 |  |  | 2,156 |
Short-term lease costs(2) |  | 791 |  |  | 29,995 |  |  | 35,897 |  |  | 70,108 |
Variable lease costs(3) |  | 670 |  |  | 667 |  |  | 1,340 |  |  | 1,334 |
Variable and fixed sublease income |  | (403 | ) |  | (396 | ) |  | (800 | ) |  | (793 | )
Total lease costs | $ | 4,346 |  | $ | 34,195 |  | $ | 43,106 |  | $ | 78,580 |
(1) Operating lease costs reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs and well intervention vessels, most of which are short-term contracts not recognized as a ROU asset and lease liability on the Condensed Consolidated Balance Sheets. The short-term operating lease costs incurred during the periods presented are not necessarily indicative of the Company’s future short-term lease costs and obligations, as it routinely executes short-term contracts for the use of drilling rigs to support its drilling activities. Short-term lease costs for drilling rigs can vary significantly based on the timing of the drilling program. Market conditions can also contribute to the volatility and variability of short-term drilling rig lease costs. (3) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.
Schedule of ROU Asset and Lease Liability, Adjusted for Initial Direct Costs and Incentives | The present value of the fixed lease payments recorded as the Company’s ROU asset and lease liability, adjusted for initial direct costs and incentives were as follows (in thousands):
| June 30, 2026 |  | December 31, 2025 |
Operating leases: |  |  |  |
Operating lease assets | $ | 8,345 |  | $ | 9,214 |
Current portion of operating lease liabilities | $ | 3,872 |  | $ | 3,657 |
Operating lease liabilities |  | 10,051 |  |  | 11,956 |
Total operating lease liabilities | $ | 13,923 |  | $ | 15,613 |
Finance leases: |  |  |  |
Proved properties | $ | 166,261 |  | $ | 166,261 |
Other current liabilities | $ | 22,472 |  | $ | 21,473 |
Other long-term liabilities |  | 78,641 |  |  | 90,169 |
Total finance lease liabilities | $ | 101,113 |  | $ | 111,642 |
Supplemental Cash Flow Information Related to Leases | The table below presents the supplemental cash flow information related to leases (in thousands):
| Six Months Ended June 30, |
| 2026 |  | 2025 |
Operating cash outflow from finance leases | $ | 4,863 |  | $ | 5,775 |
Operating cash outflow from operating leases | $ | 2,611 |  | $ | 2,969 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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