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LEASES

9 Months Ended

Sep. 30, 2022

LEASES

LEASES

2. LEASES

The Company leases equipment and office space pursuant to net operating leases. Operating leases where the Company is the lessee are included in “Operating lease right of use assets” and “Operating lease liabilities” on the unaudited condensed consolidated balance sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The Company has no leases that meet the criteria for classification as a finance lease.

Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments, when applicable, are presented as “Gathering and other” or “General and administrative” in the unaudited condensed consolidated statements of operations in the same line item as the expense arising from the fixed lease payments on the operating leases.

The Company elected not to recognize right of use assets and lease liabilities for all short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases when incurred. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other leases.

The “Operating lease right of use assets” outstanding on the unaudited condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 both have initial lease terms of 2.3 years. Payments due under the lease contracts include fixed payments plus, in some instances, variable payments. The table below summarizes the Company’s leases for the nine months ended September 30, 2022 and 2021 (in thousands, except term and discount rate):

​

​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended						​
​	​	September 30,						​
​		2022		​		2021
Lease cost	​	​	​	​	​	​	​	​
Operating lease costs	​	$	294	​	​	$	346	​
Short-term lease costs	​	​	6,112	​	​	​	2,231	​
Variable lease costs	​	​	—	​	​	​	307	​
Total lease costs	​	$	6,406	​	​	$	2,884	​
​	​	​	​	​	​	​	​	​
Other information	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	294	​	​	$	439	​
Right-of-use assets obtained in exchange for new operating lease liabilities	​	​	​	​	​	​	841	​
Weighted-average remaining lease term - operating leases	​	​	1.2	years	​	​	2.2	years
Weighted-average discount rate - operating leases	​	​	4.29	%	​	​	4.29	%

​

Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space as of September 30, 2022 are presented in the table below (in thousands):

​

​	​	​	​
​		September 30, 2022
Remaining period in 2022	​	$	98
2023	​	​	359
2024	​	​	—
2025	​	​	—
2026	​	​	—
Thereafter	​	​	—
Total operating lease payments	​	​	457
Less: discount to present value	​	​	11
Total operating lease liabilities	​	​	446
Less: current operating lease liabilities	​	​	381
Noncurrent operating lease liabilities	​	$	65

​

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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