v3.26.1
Leases - Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Lease, Cost [Abstract]        
Finance lease costs - interest on lease liabilities $ 2,385 $ 2,848 $ 4,863 $ 5,775
Operating lease costs, excluding short-term leases [1] 903 1,081 1,806 2,156
Short-term lease costs [2] 791 29,995 35,897 70,108
Variable lease costs [3] 670 667 1,340 1,334
Variable and fixed sublease income (403) (396) (800) (793)
Total lease costs $ 4,346 $ 34,195 $ 43,106 $ 78,580
[1] Operating lease costs reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis.
[2] Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs and well intervention vessels, most of which are short-term contracts not recognized as a ROU asset and lease liability on the Condensed Consolidated Balance Sheets. The short-term operating lease costs incurred during the periods presented are not necessarily indicative of the Company’s future short-term lease costs and obligations, as it routinely executes short-term contracts for the use of drilling rigs to support its drilling activities. Short-term lease costs for drilling rigs can vary significantly based on the timing of the drilling program. Market conditions can also contribute to the volatility and variability of short-term drilling rig lease costs.
[3] Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.