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Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

9. Goodwill and Intangible Assets, net

Goodwill

The amount of goodwill resulting from the TOPS Acquisition and the NGCS Acquisition is attributable to the expansion of our services in the Permian Basin where we currently operate and was allocated to our contract operations segment. Goodwill is considered to have an indefinite life and is reviewed on a quarterly basis for impairment or more frequently if indicators of potential impairment exist. During the fourth quarter of 2025, we performed an annual qualitative goodwill impairment assessment and determined that it is not more-likely-than-not that the fair value of our reporting unit is impaired. As a result, we determined that performance of a quantitative impairment test is not required. See Note 4 (“Business Transactions”) for further details.

The changes in goodwill are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)	​	2025		​	2024
Balance at beginning of period	​	$	52,155	​	$	—
TOPS Acquisition	​	​	—	​	​	52,155
NGCS Acquisition	​	​	73,582	​	​	—
Flowco Disposition	​	​	(548)	​	​	—
Balance at end of period	​	$	125,189	​	$	52,155

​

Intangible Assets, net

Intangible assets include customer relationships associated with various business and asset acquisitions as well as trade name intangible assets associated with the TOPS Acquisition and the NGCS Acquisition. These acquired intangible assets were recorded at fair value determined as of the TOPS acquisition date and the NGCS acquisition date and are being amortized over the period we expect to benefit from the assets. See Note 4 (“Business Transactions”) for further details.

Intangible assets, net is comprised of the following:

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)	​	2025		​	2024
Gross carrying amount	​	$	202,808	​	$	218,564
Accumulated amortization	​		(58,861)	​		(120,293)
Intangible assets, net	​	$	143,947	​	$	98,271

​

Intangible assets are amortized on a straight–line basis with estimated useful lives ranging from five to 25 years. Amortization expense was $14.5 million, $8.1 million and $6.9 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Estimated amortization expense for each of the subsequent five fiscal years and thereafter is expected to be as follows:

​

​	​	​	​
(in thousands)	​	​	​
2026	​	$	15,624
2027	​		14,749
2028	​		14,394
2029	​		13,730
2030	​		12,193
Thereafter	​		73,257
Total	​	$	143,947

​

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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