Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Operating leases

The following table sets forth the maturity of our operating lease liabilities as of March 31, 2021:

	Amount
	(In thousands)
Ending March 31,
2022	$	3,760
2023	661
2024	29
2025	12
2026	12
2027 and beyond	60
Total future payments	4,534
Less: Interest	145
Present value of future minimum operating lease payments	4,389
Less: Current portion	3,648
Total long-term operating lease payments	$	741

Finance leases

The following table sets forth the maturity of our finance lease liabilities as of March 31, 2021:

	Amount
Ending March 31,	(In thousands)
2022	$	2,226
Total future payments	2,226
Less payments related to:
Maintenance	72
Interest	5
Present value of future minimum finance lease payments	2,149
Less: Current portion	2,149
Total long-term finance lease payments	$	—

Schedule of lease assets and liabilities

The following table shows information about our lease assets and liabilities in our Unaudited Condensed Consolidated Balance Sheets:

	Classification on the Consolidated Balance Sheet	March 31, 2021		December 31, 2020
		(In thousands)
Assets
Operating right of use assets	Right of use assets	$	4,443	$	5,592
Finance right of use assets	Property, plant, and equipment, net	7,032		7,281
Total right of use assets		$	11,475	$	12,873
Liabilities
Current liabilities:
Operating lease liabilities	Current operating lease liabilities	$	3,648	$	4,075
Finance lease liabilities	Current portion of other long-term liabilities	2,149		3,216
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities	741		1,445
Finance lease liabilities	Other long-term liabilities	—		—
Total lease liabilities		$	6,538	$	8,736

Schedule of lease costs

The following table shows certain information related to the lease costs for our finance and operating leases for the periods indicated:

	Successor		Predecessor
	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
	(In thousands)
Components of total lease cost:
Amortization of finance leased assets	$	1,067	$	1,025
Interest on finance lease liabilities	29		70
Operating lease cost	1,047		1,244
Short-term lease cost (1)	1,444		3,991
Variable lease cost	58		82
Total lease cost	$	3,645	$	6,412

_______________________

1.Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.1 million and $1.0 million for the first three months of 2021 and 2020, respectively.

Supplemental cash flow information related to leases

The following table shows supplemental cash flow information related to leases for the periods indicated:

	Successor		Predecessor
	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
	(In thousands)
Cash paid for amounts in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,048	$	1,333
Financing cash flows for finance leases	$	1,067	$	1,025

Schedule of weighted average discount rate for leases

The following table shows certain information related to the weighted average remaining lease terms and the weighted average discount rates for our operating and finance leases:

	Weighted Average Remaining Lease Term	Weighted Average Discount Rate (1)
	(In years)
Operating leases	1.4	4.30%
Finance leases	0.4	4.00%

_______________________

1.Our weighted average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease.