Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

5. Property, Plant and Equipment

Property, plant and equipment, net of accumulated depreciation and depletion consisted of the following:


	Year Ended December 31,
	2025			2024
Oil and natural gas properties
Proved	$	36,179		$	36,068
Unproved		2,932			3,043
Total oil and natural gas properties		39,111			39,111
Land and land improvements		1,031,128			855,092
Water wells, pipelines, facilities, ponds and related equipment		29,981			21,109
Buildings, vehicles, equipment, furniture and other		7,778			5,162
Construction in progress		107			14
		1,108,105			920,488
Less: accumulated depreciation and depletion		(23,655	)		(17,746	)
Total property, plant and equipment, net	$	1,084,450		$	902,742

Depreciation expense and depletion expense for the years ended December 31, 2025, 2024 and 2023 are shown in the following table:


	Year Ended December 31,
	2025		2024		2023
Depreciation expense	$	3,289	$	2,616	$	2,357
Depletion expense		2,740		3,575		4,050
Total depreciation and depletion expense	$	6,029	$	6,191	$	6,407