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LEASES | 12 Months Ended
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Dec. 31, 2024
LEASES |
LEASES | 4. LEASES The Company leases equipment and office space pursuant to operating leases. The Company determines if an arrangement is or contains a lease at inception and combines lease and nonlease components, when fixed, for all lease contracts. Nonlease components include common area maintenance charges on office leases and, when applicable, services associated with equipment leases. Operating leases with a lease term greater than 12 months where the Company is the lessee are included in “Operating lease right of use assets” and “Operating lease liabilities” on the consolidated balance sheets and recorded based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The Company does not recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, but rather recognizes the lease payments associated with its short-term leases when incurred. Payments due under the lease contracts include fixed payments plus, in some instances, variable payments. Variable lease payments, if applicable, 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 consolidated statements of operations in the same line item as the expense arising from the fixed lease payments on the operating leases. The table below summarizes the Company’s leases for the periods indicated (in thousands, except years and discount rate):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, | ​
​ | ​ | 2024 | ​ |  | 2023 |
Lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs | ​ | $ | 668 | ​ | ​ | $ | 601 | ​
Short-term lease costs | ​ | ​ | 4,319 | ​ | ​ | ​ | 2,536 | ​
Total lease costs | ​ | $ | 4,987 | ​ | ​ | $ | 3,137 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 688 | ​ | ​ | $ | 604 | ​
Weighted-average remaining lease term - operating leases | ​ | ​ | 1.0 | years | ​ | ​ | 1.8 | years
Weighted-average discount rate - operating leases | ​ | ​ | 12.17 | % | ​ | ​ | 12.32 | %
​ The “Operating lease right of use assets” outstanding on the consolidated balance sheet as of December 31, 2024 and 2023 resulted from operating leases entered into during the year ended December 31, 2023 with initial lease terms of 1.9 years and 2.7 years. Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment as of December 31, 2024, are presented in the table below (in thousands):
​ | ​ | ​ | ​
​ | ​ | December 31, 2024
2025 | ​ | $ | 431
2026 | ​ | ​ | 86
Total operating lease payments | ​ | ​ | 517
Less: discount to present value | ​ | ​ | (27)
Total operating lease liabilities | ​ | ​ | 490
Less: current operating lease liabilities | ​ | ​ | 406
Noncurrent operating lease liabilities | ​ | $ | 84
​

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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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