Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Lease, Cost
The following table summarizes the components of our total lease cost for the periods presented:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Operating lease cost $ 220    $ 194    $ 430    $ 357   
Short-term lease cost 4,595    11,484    15,891    23,055   
Variable lease cost 4,990    5,548    10,647    10,643   
Less: Amounts charged as drilling costs 1
(3,710)   (10,790)   (14,331)   (21,641)  
Total lease cost recognized in the Condensed Consolidated Statement of Operations 2
$ 6,095    $ 6,436    $ 12,637    $ 12,414   
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Represents the combined gross amounts paid and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs.
Includes $2.8 million and $2.9 million and $5.6 million and $5.0 million recognized in Gathering, processing and transportation expense (“GPT”), $3.0 million and $ 3.3 million and $6.6 million and $7.1 million recognized in Lease operating expense (“LOE”) for the three and six months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million recognized in General and administrative expense (“G&A”) for each of the three and six months ended June 30, 2020 and 2019, respectively.
Schedule of Supplemental Cash Flow Information Related to Leases
The following table summarizes supplemental cash flow information related to leases for the periods presented:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 253    $ 182    $ 471    $ 221   
ROU assets obtained in exchange for lease obligations:
Operating leases 1
$ —    $ 753    $ 306    $ 3,325   
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Includes $2.5 million recognized upon the adoption of Accounting Standards Codification Topic 842 (“ASC842”) in 2019.
Schedule of Supplemental Balance Sheet Information Related to Leases
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 253    $ 182    $ 471    $ 221   
ROU assets obtained in exchange for lease obligations:
Operating leases 1
$ —    $ 753    $ 306    $ 3,325   
___________________
Includes $2.5 million recognized upon the adoption of Accounting Standards Codification Topic 842 (“ASC842”) in 2019.
The following table summarizes supplemental balance sheet information related to leases as of the dates presented:
June 30, December 31,
2020 2019
ROU assets – operating leases $ 2,734    $ 2,740   
Current operating lease obligations $ 886    $ 847   
Noncurrent operating lease obligations 2,142    2,232   
Total operating lease obligations $ 3,028    $ 3,079   
Weighted-average remaining lease term – operating leases 3.6 years 4.1 years
Weighted-average discount rate – operating leases 3.25  % 5.97  %
Remaining maturities of operating lease obligations as of June 30, 2020:
2020 $ 429   
2021 894   
2022 874   
2023 872   
2024 and thereafter 145   
Total undiscounted lease payments 3,214   
Less: imputed interest (186)  
Total operating lease obligations $ 3,028