v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
Note 3 — Leases
The Company leases various assets, including the site for the Rio Grande LNG Facility, office space, and LNG vessels under time charter agreements. The Rio Grande LNG Facility site lease includes renewal options that are reasonably certain of exercise and are included in the lease term and recognized as part of our right of use assets and lease liabilities. The Company also subleases certain of our vessels under charter to third-parties from time to time. For LNG vessels, the Company has elected to combine the lease component and its associated non-lease component and account for them as a single lease component.
Additional vessel charters are expected to commence in the second half of 2026 upon delivery of the related vessels.
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
Consolidated Balance Sheets LocationJune 30, 2026December 31, 2025
Right-of-use assets - operatingOperating lease right-of-use assets$136,793 $162,493 
Right-of-use assets - financingProperty, plant and equipment, net434,079 — 
Total right-of-use assets$570,872 $162,493 
Current operating lease liabilitiesOperating leases - current liabilities$1,633 $3,883 
Current finance lease liabilitiesAccrued and other current liabilities33,409 — 
Non-current operating lease liabilitiesOperating leases - non-current liabilities118,932 142,266 
Non-current finance lease liabilitiesDebt, net396,707 — 
Total lease liabilities$550,681 $146,149 
Total lease costs consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$2,720 $2,579 $5,317 $5,114 
Finance lease cost:
Amortization of right-of-use assets7,352 — 7,352 — 
Interest on lease liabilities5,073 — 5,073 — 
Total finance lease cost12,425 — 12,425 — 
Sublease income(4,069)— (4,069)— 
Total lease cost$11,076 $2,579 $13,673 $5,114 
Maturities of operating and finance lease liabilities as of June 30, 2026 are as follows (in thousands, except lease term and discount rate):
Operating LeasesFinance Leases
2026 (remaining)$4,928 $31,576 
202710,359 62,638 
202810,403 42,308 
202910,146 35,624 
203010,191 35,624 
Thereafter319,587 578,475 
Total undiscounted lease payments365,614 786,245 
Discount to present value(245,049)(356,129)
Present value of lease liabilities$120,565 $430,116 
Weighted average remaining lease term — years41.218.9
Weighted average discount rate — percent7.0 7.1 
Other information related to our leases is as follows (in thousands):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,365 $3,824 
Operating cash flows from finance leases5,073 — 
Financing cash flows from finance leases5,397 — 
Noncash right-of-use assets and lease liabilities recorded for new and modified operating leases(23,927)— 
Noncash right-of-use assets and lease liabilities recorded for new finance leases435,513 — 
Leases
Note 3 — Leases
The Company leases various assets, including the site for the Rio Grande LNG Facility, office space, and LNG vessels under time charter agreements. The Rio Grande LNG Facility site lease includes renewal options that are reasonably certain of exercise and are included in the lease term and recognized as part of our right of use assets and lease liabilities. The Company also subleases certain of our vessels under charter to third-parties from time to time. For LNG vessels, the Company has elected to combine the lease component and its associated non-lease component and account for them as a single lease component.
Additional vessel charters are expected to commence in the second half of 2026 upon delivery of the related vessels.
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in thousands):
Consolidated Balance Sheets LocationJune 30, 2026December 31, 2025
Right-of-use assets - operatingOperating lease right-of-use assets$136,793 $162,493 
Right-of-use assets - financingProperty, plant and equipment, net434,079 — 
Total right-of-use assets$570,872 $162,493 
Current operating lease liabilitiesOperating leases - current liabilities$1,633 $3,883 
Current finance lease liabilitiesAccrued and other current liabilities33,409 — 
Non-current operating lease liabilitiesOperating leases - non-current liabilities118,932 142,266 
Non-current finance lease liabilitiesDebt, net396,707 — 
Total lease liabilities$550,681 $146,149 
Total lease costs consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$2,720 $2,579 $5,317 $5,114 
Finance lease cost:
Amortization of right-of-use assets7,352 — 7,352 — 
Interest on lease liabilities5,073 — 5,073 — 
Total finance lease cost12,425 — 12,425 — 
Sublease income(4,069)— (4,069)— 
Total lease cost$11,076 $2,579 $13,673 $5,114 
Maturities of operating and finance lease liabilities as of June 30, 2026 are as follows (in thousands, except lease term and discount rate):
Operating LeasesFinance Leases
2026 (remaining)$4,928 $31,576 
202710,359 62,638 
202810,403 42,308 
202910,146 35,624 
203010,191 35,624 
Thereafter319,587 578,475 
Total undiscounted lease payments365,614 786,245 
Discount to present value(245,049)(356,129)
Present value of lease liabilities$120,565 $430,116 
Weighted average remaining lease term — years41.218.9
Weighted average discount rate — percent7.0 7.1 
Other information related to our leases is as follows (in thousands):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,365 $3,824 
Operating cash flows from finance leases5,073 — 
Financing cash flows from finance leases5,397 — 
Noncash right-of-use assets and lease liabilities recorded for new and modified operating leases(23,927)— 
Noncash right-of-use assets and lease liabilities recorded for new finance leases435,513 —