v3.26.3
Leases
 9 Months Ended
Sep. 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 September 30, 2026 and December 31, 2025, is as follows:
 
September 30,
2026		December 31,
2025
(In thousands)
Balance sheet classifications
Operating leases
Other assets (right-of-use assets)$8,087 $10,059 
Accrued liabilities (current maturities of leases)
3,126 2,777 
Other long-term liabilities (non-current maturities of leases)7,060 9,438 
Finance leases
Property and equipment, net(1)68,755 — 
Accrued liabilities
63,884 — 
(1)    Represents proved property additions for the Company’s proportionate share of the TEN FPSO finance lease asset of $88.2 million, partially offset by depletion expense of approximately $19.4 million during the nine months ended September 30, 2026.
Future minimum rental commitments under our leases as of September 30, 2026, are as follows:
Operating Leases(1)
Financing Leases(1)
(In thousands)
2026(2)
$1,011 $13,536 
20273,952 52,514 
20283,744 — 
20293,176 — 
2030— — 
Thereafter
— — 
Total undiscounted lease payments
$11,883 $66,050 
Less: Imputed interest
(1,697)(2,166)
Total lease liabilities
$10,186 $63,884 
__________________________________
(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 October 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 September 30, 2026 and December 31, 2025, is as follows:
 
September 30,
2026		December 31,
2025
(In thousands)
Balance sheet classifications
Operating leases
Other assets (right-of-use assets)$8,087 $10,059 
Accrued liabilities (current maturities of leases)
3,126 2,777 
Other long-term liabilities (non-current maturities of leases)7,060 9,438 
Finance leases
Property and equipment, net(1)68,755 — 
Accrued liabilities
63,884 — 
(1)    Represents proved property additions for the Company’s proportionate share of the TEN FPSO finance lease asset of $88.2 million, partially offset by depletion expense of approximately $19.4 million during the nine months ended September 30, 2026.
Future minimum rental commitments under our leases as of September 30, 2026, are as follows:
Operating Leases(1)
Financing Leases(1)
(In thousands)
2026(2)
$1,011 $13,536 
20273,952 52,514 
20283,744 — 
20293,176 — 
2030— — 
Thereafter
— — 
Total undiscounted lease payments
$11,883 $66,050 
Less: Imputed interest
(1,697)(2,166)
Total lease liabilities
$10,186 $63,884 
__________________________________
(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 October 1, 2026 through December 31, 2026