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Leases (Tables)

3 Months Ended

Mar. 31, 2021

The components of lease costs were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Finance lease cost - interest on lease liabilities	$	3,256	$	4,265
Operating lease cost, excluding short-term leases⁽¹⁾		716		866
Short-term lease cost⁽²⁾		5,760		3,535
Variable lease cost⁽³⁾		322		3
Total lease cost	$	10,054	$	8,669

⁽¹⁾	Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis.

⁽²⁾	Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets.

⁽³⁾	Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.

Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives

The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives, are as follows (in thousands):

	March 31, 2021		December 31, 2020
Operating leases:
Operating lease assets	$	6,722	$	6,855

Current portion of operating lease liabilities	$	1,927	$	1,793
Operating lease liabilities		18,015		18,554
Total operating lease liabilities	$	19,942	$	20,347

Finance leases:
Proved property	$	124,299	$	124,299

Other current liabilities	$	23,002	$	21,804
Other long-term liabilities		33,966		40,222
Total finance lease liabilities	$	56,968	$	62,026

Schedule of Lease Maturity

The table below presents the lease maturity by year as of March 31, 2021 (in thousands). Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the Condensed Consolidated Balance Sheet.

	Operating Leases			Finance Leases
2021 (excluding the three months ended March 31, 2021)	$	3,421		$	27,715
2022		4,302			33,257
2023		4,239			13,857
2024		3,315			—
2025		3,293			—
Thereafter		12,496			—
Total lease payments	$	31,066		$	74,829
Imputed interest		(11,124	)		(17,861	)
Total lease liabilities	$	19,942		$	56,968

Schedule of Weighted Average Remaining Lease Term and Discount Rate

The table below presents the weighted average remaining lease term and discount rate related to leases:

	Three Months Ended March 31,
	2021			2020
Weighted average remaining lease term:
Operating leases	7.6 years			8.3 years
Finance leases	2.2 years			3.2 years
Weighted average discount rate:
Operating leases		12.0	%		10.3	%
Finance leases		21.9	%		21.9	%

Supplemental Cash Flow Information Related to Leases

The table below presents the supplemental cash flow information related to leases (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating cash outflow from finance leases	$	3,256	$	4,265
Financing cash outflow from finance leases	$	5,058	$	4,049
Operating cash outflow from operating leases	$	987	$	455