7.Leases

In the normal course of business, we enter into operating lease agreements to support our operations. Our leased assets include right-of-way easements for our wells and facilities, office space and other assets. We currently have no finance leases.

Balance Sheet Information

The following table provides supplemental consolidated balance sheet information related to leases:

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Statement of Operations Information

The following table provides the components of lease cost, excluding lease costs related to short-term leases:

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Short-Term Leases

Our short-term lease costs, which consisted primarily of field equipment rentals, totaled $3.1 million and $4.5 million for the three months ended March 31, 2024 and 2023, respectively.

Cash Flow Information

The following table summarizes supplemental cash flow information related to leases:

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Lease Terms and Discount Rates

The following table provides lease terms and discount rates related to leases:

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Annual Lease Maturities

The following table provides maturities of lease liabilities at March 31, 2024:

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Subleases

During the fourth quarter of 2023, we entered into two subleases related to our previous office space in Houston, Texas. The subtenants are responsible for monthly fixed rent and certain operating expenses associated with the office building, including utilities, which are considered variable lease payments. The sublease income is recorded as a reduction of rent expense under our head lease and is included in “General and Administrative” expense on the consolidated statements of operations. During the three months ended March 31, 2024, we recognized total sublease income of $0.2 million, including variable lease payments.

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