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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | 10. Leases In the normal course of business, we enter into lease agreements to support our operations. Our operating lease assets include right-of-way easements for our wells and facilities, office space and other assets. Our finance lease assets include field vehicles. Balance Sheet Information The following table shows the classification and location of our right-of-use assets and lease liabilities on our consolidated balance sheet: ​
​ | ​ | ​ | ​ | ​ | ​
(in thousands) | December 31, | ​ | December 31,
​ | 2024 | ​ | 2023
Operating Leases | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​
Operating Lease Right-of-Use Assets, Net | $ | 15,016 | ​ | $ | 16,726
Liabilities | ​ | ​ | ​ | ​ | ​
Accrued and Other Current Liabilities | ​ | 1,568 | ​ | ​ | 1,676
Other Long-Term Liabilities | ​ | 14,040 | ​ | ​ | 14,716
​ | ​ | ​ | ​ | ​ | ​
Finance Leases | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​
Property, Plant and Equipment | $ | 2,902 | ​ | $ | —
Less: Accumulated Depreciation | ​ | (171) | ​ | ​ | —
Total Property, Plant and Equipment, Net | ​ | 2,731 | ​ | ​ | —
Liabilities | ​ | ​ | ​ | ​ | ​
Accrued and Other Current Liabilities | ​ | 571 | ​ | ​ | —
Other Long-Term Liabilities | ​ | 1,747 | ​ | ​ | —
​ During the third quarter of 2024, we entered into an agreement to begin leasing a portion of our field vehicles, which are accounted for as finance leases and primarily have an initial term of 48 months. As of December 31, 2024, we had 54 vehicle leases. The operating lease for our corporate office space in Houston, Texas commenced on September 30, 2023 and expires in September 2033, with options for renewal. On the commencement date, we recorded a right-of-use asset of $7.7 million, a current lease liability of $0.3 million and a noncurrent lease liability of $6.4 million. Statement of Operations Information The following table provides the components of lease costs recognized in our consolidated statements of operations for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | Year Ended December 31,
​ | ​ | ​ | 2024 |  | 2023 | ​ |  | 2022
Operating Lease Costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct Operating Costs (1) | ​ | $ | 1,388 | ​ | $ | 1,253 | ​ | $ | 969
General and Administrative (1) | ​ | ​ | 2,067 | ​ | ​ | 1,144 | ​ | ​ | 700
Finance Lease Costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset (2) | ​ | ​ | 171 | ​ | ​ | — | ​ | ​ | —
Interest on Lease Obligations (3) | ​ | ​ | 40 | ​ | ​ | — | ​ | ​ | —
Total Lease Cost | ​ | $ | 3,666 | ​ | $ | 2,397 | ​ | $ | 1,669
(1) | Does not include short-term lease costs.
(2) | Included in “Depreciation, Amortization and Accretion” in our consolidated statements of operations.
(3) | Included in “Interest Expense, Net” in our consolidated statements of operations.
Short-term Leases Our short-term lease costs, consisting primarily of field equipment rentals, totaled $12.9 million, $14.6 million and $11.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Cash Flow Information The following table summarizes supplemental cash flow information related to leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | Year Ended December 31,
​ | ​ | 2024 |  | ​ | 2023 |  | ​ | 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Cash Flows from Operating Leases | $ | 2,528 | ​ | $ | 1,543 | ​ | $ | 1,282
Financing Cash Flows from Finance Leases | ​ | 553 | ​ | ​ | — | ​ | ​ | —
Right-of-Use Assets Obtained in Exchange for Lease Liabilities, Net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | $ | 768 | ​ | $ | 10,052 | ​ | $ | 2,639
Finance Leases | ​ | 2,902 | ​ | ​ | — | ​ | ​ | —
​ Lease Terms and Discount Rates The following table provides lease terms and discount rates related to leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Weighted Average Remaining Lease Term (Years) | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | ​ | 6.9 | ​ | ​ | 7.6
Finance Leases | ​ | ​ | ​ | 3.7 | ​ | ​ | —
Weighted Average Discount Rate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | ​ | 6.42% | ​ | ​ | 6.30%
Finance Leases | ​ | ​ | ​ | 7.45% | ​ | ​ | —
​ Annual Lease Maturities The following table provides maturities of lease liabilities at December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | Operating Leases | ​ | Finance Leases | ​ | Total
2025 | ​ | ​ | $ | 2,230 | ​ | $ | 725 | ​ | $ | 2,955
2026 | ​ | ​ | ​ | 1,961 | ​ | ​ | 725 | ​ | ​ | 2,686
2027 | ​ | ​ | ​ | 3,302 | ​ | ​ | 702 | ​ | ​ | 4,004
2028 | ​ | ​ | ​ | 2,868 | ​ | ​ | 508 | ​ | ​ | 3,376
2029 | ​ | ​ | ​ | 2,423 | ​ | ​ | — | ​ | ​ | 2,423
Thereafter | ​ | ​ | ​ | 6,819 | ​ | ​ | — | ​ | ​ | 6,819
Total Lease Payments | ​ | ​ | ​ | 19,603 | ​ | ​ | 2,660 | ​ | ​ | 22,263
Less: Interest | ​ | ​ | ​ | (3,995) | ​ | ​ | (342) | ​ | ​ | (4,337)
Present Value of Lease Liabilities | ​ | ​ | $ | 15,608 | ​ | $ | 2,318 | ​ | $ | 17,926
​ Subleases During the fourth quarter of 2023, we entered into two subleases related to our previous office space in Houston, Texas. The first sublease commenced in October 2023 and expires in December 2025, with no option for renewal. The second sublease commenced in November 2023 and expires in October 2028, with no option for renewal. The subtenants are also responsible for certain operating expenses associated with the office building, including utilities, which are considered variable lease payments. We recognized total sublease income, including variable lease payments, of $0.6 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively, which is recorded as a reduction of rent expense under our head lease and is included in “General and Administrative” expense on the consolidated statements of operations. The following table provides the sublease income we expect to recognize, excluding variable lease payments and undiscounted, as of December 31, 2024: ​
​ | ​ | ​ | ​ | ​
(in thousands) | ​ | ​ | ​ | ​
2025 | ​ | ​ | $ | 388
2026 | ​ | ​ | ​ | 287
2027 | ​ | ​ | ​ | 292
2028 | ​ | ​ | ​ | 248
Total Sublease Income | ​ | ​ | $ | 1,215
​

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