For the quarter ended March 31, 2021, our leases qualify as operating leases and we did not have any existing or new leases qualifying as financing leases or variable leases. We have leases for office space and equipment in our corporate office and operating regions as well as vehicles, compressors and surface rentals related to our business operations. In addition, we have offshore Southern California pipeline right-of-way use agreements. Most of our leases, other than our corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of our leases can be terminated with 30-day prior written notice. The majority of our month-to-month leases are not included as a lease liability in our balance sheet under ASC 842 because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less.

Our corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, we use our incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, we apply a portfolio approach based on the applicable lease terms and the current economic environment. We use a reasonable market interest rate for our office equipment and vehicle leases.

For the three months ended March 31, 2021 and 2020, we recognized approximately $0.6 million and $0.6 million, respectively, of costs relating to the operating leases in the Unaudited Condensed Statement of Operations.

Supplemental cash flow information related to the Company’s lease liabilities are included in the table below:

	For the Three Months Ended
	March 31,
	2021		2020
	(In thousands)
Non-cash amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	106	$	330

The following table presents the Company’s right-of-use assets and lease liabilities for the period presented:

	March 31,		December 31,
	2021		2020
	(In thousands)
Right-of-use asset	$	2,394	$	2,500

Lease liabilities:
Current lease liability		2,009		2,258
Long-term lease liability		404		266
Total lease liability	$	2,413	$	2,524

The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands):

	Office leases		Leased vehicles and office equipment		Total
Remaining 2021	$	1,365	$	701	$	2,066
2022		—		266		266
2023		—		150		150
2024 and thereafter		—		—		—
Total lease payments		1,365		1,117		2,482
Less: interest		31		38		69
Present value of lease liabilities	$	1,334	$	1,079	$	2,413

The weighted average remaining lease terms and discount rate for all of our operating leases for the period presented:

	March 31,
	2021			2020
Weighted average remaining lease term (years):
Office leases		0.47			1.27
Vehicles		0.77			0.55
Office equipment		0.03			0.07
Weighted average discount rate:
Office leases		2.75	%		3.50	%
Vehicles		1.45	%		1.00	%
Office equipment		0.14	%		0.20	%