v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
 
We have commitments under operating leases primarily related to office leases and as well as the commitment under the TEN FPSO finance lease. Our leases have initial lease terms ranging from one year to ten years. Certain lease agreements contain provisions for future rent increases.

Other information related to operating and finance leases at June 30, 2026 and December 31, 2025, is as follows:
 
June 30,
2026		December 31,
2025
(In thousands, except lease term discount rate)
Balance sheet classifications
Operating leases
Other assets (right-of-use assets)$8,705 $10,059 
Accrued liabilities (current maturities of leases)
3,060 2,777 
Other long-term liabilities (non-current maturities of leases)7,852 9,438 
Finance leases
Property and equipment, net(1)69,454 — 
Accrued liabilities
73,203 — 
(1)    Represents $88.2 million of proved property additions or our proportionate share of the TEN FPSO finance lease asset offset by depletion expense of approximately $18.7 million for the period ended June 30, 2026.
Future minimum rental commitments under our leases as of June 30, 2026, are as follows:
Operating Leases(1)
Financing Leases(1)
(In thousands)
2026(2)
$2,017 $24,504 
20273,951 52,514 
20283,744 — 
20293,176 — 
2030— — 
Thereafter
— — 
Total undiscounted lease payments
$12,888 $77,018 
Less: Imputed interest
(1,976)(3,815)
Total lease liabilities
$10,912 $73,203 
__________________________________
(1)     Does not include purchase commitments for jointly owned fields and facilities where we are not the operator and excludes commitments for exploration activities, including well commitments, in our petroleum contracts.
(2)    Represents the period July 1, 2026 through December 31, 2026
Leases Leases
 
We have commitments under operating leases primarily related to office leases and as well as the commitment under the TEN FPSO finance lease. Our leases have initial lease terms ranging from one year to ten years. Certain lease agreements contain provisions for future rent increases.

Other information related to operating and finance leases at June 30, 2026 and December 31, 2025, is as follows:
 
June 30,
2026		December 31,
2025
(In thousands, except lease term discount rate)
Balance sheet classifications
Operating leases
Other assets (right-of-use assets)$8,705 $10,059 
Accrued liabilities (current maturities of leases)
3,060 2,777 
Other long-term liabilities (non-current maturities of leases)7,852 9,438 
Finance leases
Property and equipment, net(1)69,454 — 
Accrued liabilities
73,203 — 
(1)    Represents $88.2 million of proved property additions or our proportionate share of the TEN FPSO finance lease asset offset by depletion expense of approximately $18.7 million for the period ended June 30, 2026.
Future minimum rental commitments under our leases as of June 30, 2026, are as follows:
Operating Leases(1)
Financing Leases(1)
(In thousands)
2026(2)
$2,017 $24,504 
20273,951 52,514 
20283,744 — 
20293,176 — 
2030— — 
Thereafter
— — 
Total undiscounted lease payments
$12,888 $77,018 
Less: Imputed interest
(1,976)(3,815)
Total lease liabilities
$10,912 $73,203 
__________________________________
(1)     Does not include purchase commitments for jointly owned fields and facilities where we are not the operator and excludes commitments for exploration activities, including well commitments, in our petroleum contracts.
(2)    Represents the period July 1, 2026 through December 31, 2026