Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Supplemental cash flow information related to leases

The following table shows supplemental cash flow information related to leases for the periods indicated:

	Successor		Predecessor
	One Month Ended		Eight Months Ended		Nine Months Ended
	September 30, 2020		August 31, 2020		September 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	351	$	3,849	$	2,862
Financing cash flows for finance leases	350		2,757		2,984
Lease liabilities recognized in exchange for new operating lease right of use assets	—		—		5

Schedule of lease assets and liabilities

The following table shows information about our lease assets and liabilities in our Unaudited Condensed Consolidated Balance Sheets:

		Successor		Predecessor
	Classification on the Consolidated Balance Sheets	September 30, 2020		December 31, 2019
		(In thousands)
Assets
Operating right of use assets	Right of use assets	$	6,488	$	5,673
Finance right of use assets	Property, plant, and equipment, net	15,985		17,396
Total right of use assets		$	22,473	$	23,069
Liabilities
Current liabilities:
Operating lease liabilities	Current operating lease liabilities	$	3,985	$	3,430
Finance lease liabilities	Current portion of other long-term liabilities	4,272		4,164
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities	2,431		2,071
Finance lease liabilities	Other long-term liabilities	—		3,215
Total lease liabilities		$	10,688	$	12,880

Schedule of lease costs

The following table shows certain information related to the lease costs for our finance and operating leases for the periods indicated:

	Successor		Predecessor
	One Month Ended		Two Months Ended		Three Months Ended
	September 30, 2020		August 31, 2020		September 30, 2019
	(In thousands)
Components of total lease cost:
Amortization of finance leased assets	$	350	$	696	$	1,005
Interest on finance lease liabilities	15		35		91
Operating lease cost	328		965		1,267
Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $0.1 million, and $7.0 million, respectively	867		1,448		10,841
Variable lease cost	29		58		93
Total lease cost	$	1,589	$	3,202	$	13,297

	Successor		Predecessor
	One Month Ended		Eight Months Ended		Nine Months Ended
	September 30, 2020		August 31, 2020		September 30, 2019
	(In thousands)
Components of total lease cost:
Amortization of finance leased assets	$	350	$	2,757	$	2,985
Interest on finance lease liabilities	15		165		302
Operating lease cost	328		3,604		2,915
Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $1.5 million, and $21.7 million, respectively	867		8,190		32,857
Variable lease cost	29		223		283
Total lease cost	$	1,589	$	14,939	$	39,341

Schedule of weighted average discount rate for leases

The following table shows certain information related to the weighted average remaining lease terms and the weighted average discount rates for our operating and finance leases:

	Weighted Average Remaining Lease Term	Weighted Average Discount Rate (1)
	(In years)
Operating leases	1.6	4.04%
Finance leases	0.9	4.00%

_______________________

1.Our weighted average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease.

Operating leases

The following table sets forth the maturity of our operating lease liabilities as of September 30, 2020:

	Amount
	(In thousands)
Ending October 1,
2021	$	4,184
2022	2,241
2023	157
2024	18
2025	12
2025 and beyond	66
Total future payments	6,678
Less: Interest	262
Present value of future minimum operating lease payments	6,416
Less: Current portion	3,985
Total long-term operating lease payments	$	2,431

Finance leases

The following table sets forth the maturity of our finance lease liabilities as of September 30, 2020:

	Amount
Ending October 1,	(In thousands)
2021	$	5,323
Total future payments	5,323
Less payments related to:
Maintenance	978
Interest	73
Present value of future minimum finance lease payments	4,272
Less: Current portion	4,272
Total long-term finance lease payments	$	—