Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases |
|
| Summary of classification and location of our right-of-use assets and lease liabilities on the condensed consolidated balance sheet |
|
|
|
|
|
|
(in thousands) |
September 30, |
|
December 31, |
|
2024 |
|
2023 |
Operating Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Operating Lease Right-of-Use Assets, Net |
$ |
15,650 |
|
$ |
16,726 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
$ |
1,631 |
|
$ |
1,676 |
Other Long-Term Liabilities |
$ |
14,333 |
|
$ |
14,716 |
|
|
|
|
|
|
Finance Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Property, Plant and Equipment |
$ |
970 |
|
$ |
— |
Less: Accumulated Depreciation |
|
(9) |
|
|
— |
Total Property, Plant and Equipment, Net |
$ |
961 |
|
$ |
— |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
$ |
205 |
|
$ |
— |
Other Long-Term Liabilities |
$ |
627 |
|
$ |
— |
|
| Summary of components of lease costs recognized in our condensed consolidated statements of operations |
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|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
September 30, |
|
September 30, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
Operating Lease Costs |
|
|
|
|
|
|
|
|
|
|
|
Direct Operating Costs (1) |
$ |
355 |
|
$ |
324 |
|
$ |
1,031 |
|
$ |
927 |
General and Administrative (1) |
|
516 |
|
|
230 |
|
|
1,550 |
|
|
627 |
Short-term lease costs (2) |
|
3,187 |
|
|
5,298 |
|
|
9,980 |
|
|
12,628 |
Finance Lease Costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use asset (3) |
|
9 |
|
|
— |
|
|
9 |
|
|
— |
Interest on Lease Obligations (4) |
|
2 |
|
|
— |
|
|
2 |
|
|
— |
Total Lease Cost |
$ |
4,069 |
|
$ |
5,852 |
|
$ |
12,572 |
|
$ |
14,182 |
| (1) |
Does not include short-term lease costs. |
| (2) |
Included in “Direct Operating Costs” or “General and Administrative” in our condensed consolidated statements of operations and primarily include field equipment rentals. |
| (3) |
Included in “Depreciation, Amortization and Accretion” in our condensed consolidated statements of operations. |
| (4) |
Included in “Interest Expense, Net” in our condensed consolidated statements of operations.
|
|
| Summary of supplemental statement of cash flow information |
|
|
|
|
|
|
(in thousands) |
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
|
Operating Cash Flows from Operating Leases |
$ |
1,931 |
|
$ |
1,051 |
Financing Cash Flows from Finance Leases |
$ |
243 |
|
$ |
— |
Right-of-Use Assets Obtained in Exchange for Lease Liabilities, Net |
|
|
|
|
|
Operating Leases |
$ |
768 |
|
$ |
9,462 |
Finance Leases |
$ |
970 |
|
$ |
— |
|
| Summary of lease terms and discount rates |
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
Weighted Average Remaining Lease Term (Years) |
|
|
|
|
|
|
Operating Leases |
|
|
|
7.1 |
|
|
7.6 |
Finance Leases |
|
|
|
3.8 |
|
|
— |
Weighted Average Discount Rate |
|
|
|
|
|
|
|
Operating Leases |
|
|
|
6.42% |
|
|
6.30% |
Finance Leases |
|
|
|
7.45% |
|
|
— |
|
| Summary of annual lease maturities |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Operating Leases |
|
Finance Leases |
|
Total |
Remainder of 2024 |
|
|
$ |
597 |
|
$ |
64 |
|
$ |
661 |
2025 |
|
|
|
2,230 |
|
|
257 |
|
|
2,487 |
2026 |
|
|
|
1,961 |
|
|
257 |
|
|
2,218 |
2027 |
|
|
|
3,302 |
|
|
238 |
|
|
3,540 |
2028 |
|
|
|
2,868 |
|
|
136 |
|
|
3,004 |
Thereafter |
|
|
|
9,241 |
|
|
— |
|
|
9,241 |
Total Lease Payments |
|
|
|
20,199 |
|
|
952 |
|
|
21,151 |
Less: Interest |
|
|
|
(4,235) |
|
|
(120) |
|
|
(4,355) |
Present Value of Lease Liabilities |
|
|
$ |
15,964 |
|
$ |
832 |
|
$ |
16,796 |
|