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Leases (Tables)

12 Months Ended

Dec. 31, 2019

The components of the Company’s lease costs as of December 31, 2019 were as follows (in thousands):



	Year Ended December 31, 2019
Finance lease costs:
Amortization of right-of-use assets	$	2,779
Interest on lease liabilities	242
Operating lease costs⁽¹⁾	92,709
Short-term lease costs⁽²⁾	20,578
Variable lease costs⁽³⁾	29,024
Sublease income	(463		)
Total lease costs	$	144,869

(1)

For the year ended December 31, 2019, operating lease costs are included in the following line items on the Company’s consolidated financial statements: $69.1 million are capitalized as part of Oil and natural gas properties; $10.1 million, are included in General and administrative expenses; $7.1 million are included in Lease operating expenses; and $6.4 million are included in Other operating expenses.


(2)	Short-term lease costs represent costs related to leases with a contract term of one year or less. For the year ended December 31, 2019, short-term lease costs are included in the following line items on the Company’s consolidated financial statements: $3.1 million are capitalized as part of Oil and natural gas properties; and $17.5 million are included in Lease operating expenses.

(3)

Variable lease costs that are not dependent on an index or rate are not included in the lease liability or ROU assets. For the year ended December 31, 2019, variable lease costs are included in the following line items on the Company’s consolidated financial statements: $19.6 million are capitalized as part of Oil and natural gas properties and $9.4 million are included in General and administrative expenses.

Supplemental cash flow information related to the Company’s leases as of December 31, 2019 was as follows (in thousands):



Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	23,644
Investing cash outflows from operating leases	$	71,487
Operating cash outflows from finance leases	$	242
Financing cash outflows from finance leases	$	2,746

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	109,681
Finance leases	$	2,618

Assets And Liabilities, Leases

Supplemental balance sheet information related to the Company’s leases as of December 31, 2019 was as follows (in thousands):



Operating leases
Assets
Operating lease assets, net of accumulated depreciation	$	128,529
Liabilities
Current operating lease liabilities	(61,198		)
Operating lease liabilities	(69,195		)
Total operating lease liabilities	$	(130,393	)

Finance leases
Assets
Property and equipment, gross	$	8,418
Accumulated depreciation	(5,063		)
Property and equipment, net	$	3,355
Liabilities
Other current liabilities	$	(2,101	)
Financing lease liabilities	(1,320		)
Total finance liabilities	$	(3,421	)

Weighted average remaining lease term (in years)
Operating leases	3.0
Finance leases	1.8

Weighted average discount rate
Operating leases	4.7		%
Finance leases	5.6		%

Lessee, Operating Lease, Liability, Maturity

Maturities of the Company’s lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating leases			Finance leases
2020	$	65,408		$	2,234
2021	36,386			1,176
2022	16,240			184
2023	8,792			13
2024	7,750			—
Thereafter	5,063			—
Total lease payments	$	139,639		$	3,607
Less imputed interest	(9,246		)	(186		)
Total lease obligations	$	130,393		$	3,421
Less: Current obligations	(61,198		)	(2,101		)
Long-term lease obligations	$	69,195		$	1,320

Finance Lease, Liability, Maturity

Maturities of the Company’s lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating leases			Finance leases
2020	$	65,408		$	2,234
2021	36,386			1,176
2022	16,240			184
2023	8,792			13
2024	7,750			—
Thereafter	5,063			—
Total lease payments	$	139,639		$	3,607
Less imputed interest	(9,246		)	(186		)
Total lease obligations	$	130,393		$	3,421
Less: Current obligations	(61,198		)	(2,101		)
Long-term lease obligations	$	69,195		$	1,320

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2018, minimum future contractual payments for long-term operating leases under the scope of ASC 840 were as follows (in thousands):



	Operating leases⁽¹⁾		Finance leases
2019	$	71,998	$	2,413
2020	39,403		1,288
2021	26,658		436
2022	22,473		51
2023	21,822		14
Thereafter	148,508		—
Total lease payments	$	330,862	$	4,202

(1)

Operating leases included minimum future contractual payments for long-term operating leases that have not commenced.

Schedule of Future Minimum Lease Payments for Capital Leases

As of December 31, 2018, minimum future contractual payments for long-term operating leases under the scope of ASC 840 were as follows (in thousands):



	Operating leases⁽¹⁾		Finance leases
2019	$	71,998	$	2,413
2020	39,403		1,288
2021	26,658		436
2022	22,473		51
2023	21,822		14
Thereafter	148,508		—
Total lease payments	$	330,862	$	4,202

(1)

Operating leases included minimum future contractual payments for long-term operating leases that have not commenced.