v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Balance Sheet Activity, Asset Classes
Our right-of-use assets and lease liabilities are recognized on the accompanying consolidated balance sheets within other noncurrent assets, other liabilities, and other long-term liabilities based on the present value of the expected lease payments over the lease term. The following table summarizes the asset classes of our operating leases (in thousands):
As of December 31,
20242023
Operating Leases
Field equipment(1)
$68,897 $61,662 
Corporate leases12,513 8,864 
Vehicles 12,214 7,740 
Total right-of-use asset$93,624 $78,266 
Field equipment(1)
$68,978 $61,741 
Corporate leases13,682 9,653 
Vehicles12,214 7,740 
Total lease liability$94,874 $79,134 
____________________________
(1)Includes drilling rigs, compressors, certain natural gas processing equipment, and other field equipment.
Summary of Operating Lease Costs and Summary of Supplemental Cash Flow Information
The following table summarizes the components of our gross lease costs incurred for the periods below (in thousands):
Year Ended December 31,
202420232022
Operating lease cost
$58,680 $32,769 $21,050 
Short-term lease cost(1)
140,780 79,405 55,059 
Total lease cost(2)
$199,460 $112,174 $76,109 
___________________________
(1)Includes drilling rigs and other equipment. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component.
(2)Variable lease costs represent differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. Variable lease costs were not material for the years ended December 31, 2024, 2023, and 2022.
Schedule of Weighted-Average Information
Our weighted-average remaining lease terms and discount rates as of December 31, 2024 are as follows:
Operating Leases
Weighted-average lease term (years)2.5
Weighted-average discount rate 6.2%
Schedule of Future Minimum Commitments for Operating Leases
Future commitments by year for our leases with a lease term of greater than one year as of December 31, 2024 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying consolidated balance sheets as follows (in thousands):
Operating Leases
2025$50,626 
202626,226 
202713,248 
20285,313 
20293,246 
Thereafter3,815 
Total lease payments102,474 
Less: Imputed interest
(7,600)
Total lease liability$94,874 
Schedule of Future Minimum Commitments for Finance Leases
Future commitments by year for our leases with a lease term of greater than one year as of December 31, 2024 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying consolidated balance sheets as follows (in thousands):
Operating Leases
2025$50,626 
202626,226 
202713,248 
20285,313 
20293,246 
Thereafter3,815 
Total lease payments102,474 
Less: Imputed interest
(7,600)
Total lease liability$94,874