LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Notes Tables |
|
| Lease, Cost [Table Text Block] |
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|
|
|
|
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|
|
|
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December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Operating lease costs, excluding short-term leases |
|
$ |
1,579 |
|
$ |
1,743 |
|
$ |
3,060 |
Short-term lease cost (1) |
|
|
2,957 |
|
|
5,926 |
|
|
1,633 |
Variable lease cost (2) |
|
|
647 |
|
|
— |
|
|
— |
Total lease cost |
|
$ |
5,183 |
|
$ |
7,669 |
|
$ |
4,693 |
|
(1) |
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 balance sheet. The majority of such costs are recorded within Oil and natural gas properties and other, net, on the Consolidated Balance Sheet. |
|
(2) |
Variable lease costs primarily represent differences between minimum lease payment obligations and actual operating charges incurred by the Company related to long-term operating leases. |
|
| Operating Lease, Lessee, Assets and Liabilities [Table Text Block] |
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):
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|
|
|
|
|
|
|
|
December 31, |
|
|
2022 |
|
2021 |
ROU assets |
|
$ |
10,364 |
|
$ |
10,602 |
|
|
|
|
|
|
|
Lease liability: |
|
|
|
|
|
|
Accrued liabilities |
|
$ |
1,628 |
|
$ |
1,115 |
Other liabilities |
|
|
10,527 |
|
|
11,227 |
Total lease liability |
|
$ |
12,155 |
|
$ |
12,342 |
|
| Lessee, Operating Lease, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] |
The table below presents the weighted average remaining lease term and discount rate related to leases (in thousands):
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|
|
|
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|
|
|
|
December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
Weighted average remaining lease term: |
|
13.1 years |
|
14.1 years |
|
14.8 years |
|
Weighted average discount rate: |
|
10.1 |
% |
10.1 |
% |
10.2 |
% |
|
| Lessee, Operating Lease, Supplemental Cash Flow Information [Table Text Block] |
The table below presents the supplemental cash flow information related to leases (in thousands):
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|
|
|
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|
|
|
|
|
|
December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Operating cash outflow from operating leases |
|
$ |
1,224 |
|
$ |
425 |
|
$ |
1,825 |
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
5,142 |
|
| Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
Undiscounted future minimum payments as of December 31, 2022 are as follows (in thousands):
|
|
|
|
2023 |
|
$ |
1,628 |
2024 |
|
|
2,026 |
2025 |
|
|
1,514 |
2026 |
|
|
1,545 |
2027 |
|
|
1,576 |
Thereafter |
|
|
14,242 |
Total lease payments |
|
|
22,531 |
Present value adjustment |
|
|
(10,376) |
Total |
|
$ |
12,155 |
|