Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3
Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Lease Cost on Consolidated Statement of Operations

Three Months Ended September 30, 2019

Nine Months Ended September 30, 2019

Lease cost:

(in thousands)

Operating lease cost

$

4,820

$

12,154

Short-term lease cost

166

570

Variable lease cost

1,652

4,390

Total lease expense

6,638

17,114

Lease costs capitalized

99

99

Total lease costs

$

6,737

$

17,213

Other information:

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows to operating leases

$

13,364

Weighted-average remaining lease term

2.5 years 

Weighted-average discount rate

6.16% 

Components of Lease Costs

Three Months Ended September 30, 2019

Nine Months Ended September 30, 2019

(in thousands)

Production expense

$

1,979

$

5,202

General and administrative expense

49

147

Lease costs billed to the joint venture owners

4,610

11,765

Total lease expense

6,638

17,114

Lease costs capitalized

99

99

Total lease costs

$

6,737

$

17,213

Schedule of Future Maturities of Operating Lease Liabilities

Lease Obligation

Year

(in thousands)

2019

$

3,604

2020

14,066

2021

13,310

2022

9,304

2023

40,284

Less: imputed interest

3,455

Total lease liabilities

$

36,829

Operating Lease Obligations for Rentals

(in thousands)

Gross Obligation

VAALCO, Net

Year

2019

$

1,110

$

627

2020

693

450

2021

2022

2023

Total

$

1,803

$

1,077