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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Lessee Disclosure [Abstract]  
Components of total lease cost
The following table reflects the components of the Company’s total lease costs, whether capitalized or expensed, related to operating leases, including short-term leases, and variable lease costs for both short-term and long-term leases for the years ended
December 31, 2024, 2023, and 2022. This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners.
For the Years Ended December 31,
202420232022
(in thousands)
Operating lease cost$26,809 $15,625 $10,174 
Short-term lease cost (1)
85,875 251,628 175,098 
Variable lease cost (2)
386,766 11,838 7,085 
Total lease cost$499,450 $279,091 $192,357 
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(1)    Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount includes drilling and completion activities, most of which are contracted for 12 months or less. It is expected that this amount will fluctuate primarily with the number of drilling rigs and completion crews the Company is operating under short-term agreements.
(2)    Variable lease payments relate to the actual volumes delivered under certain midstream agreements, actual usage associated with drilling rigs, completion crews, and vehicles, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are primarily driven by actual volumes delivered and the number of drilling rigs and completion crews operating.
Cash paid for amounts included in the measurement of lease liabilities were as follows:
For the Years Ended December 31,
202420232022
(in thousands)
Operating cash flows related to operating leases$10,806 $4,181 $4,718 
Investing cash flows related to operating leases$16,003 $11,300 $5,042 
Operating lease liability maturities
Maturities for the Company’s operating lease liabilities included on the accompanying balance sheets as of December 31, 2024, were as follows:
As of December 31, 2024
(in thousands)
2025$31,681 
202618,949 
202715,493 
20285,645 
20291,499 
Thereafter5,405 
Total Lease payments$78,672 
Less: Imputed interest (1)
(13,351)
Total$65,321 
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(1)    The weighted-average discount rate used to determine the operating lease liability as of December 31, 2024, was 5.5 percent.
Balance sheet information related to operating leases
The following table presents supplemental accompanying balance sheet information for operating leases:
As of December 31,
20242023
(in thousands, except discount rate and lease term)
Balance sheet classifications of operating leases:
Other noncurrent assets$111,882 $32,264 
Other current liabilities$22,419 $15,425 
Other noncurrent liabilities$42,902 $24,352 
ROU assets obtained in exchange for operating lease liabilities$26,844 $19,341 
Weighted-average discount rate
 5.5%
6.2%
Weighted-average remaining lease term (years)44