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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment. |
Property, Plant and Equipment | 5.Property, Plant and Equipment Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful service life of the asset. PP&E consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | December 31, | December 31,
​ |  | 2024 | 2023
Wells, Facilities, Water Ponds and Related Equipment | ​ | $ | 626,182 | ​ | $ | 561,059
Pipelines | ​ | ​ | 460,455 | ​ | ​ | 427,528
Vehicles, Equipment, Site Improvements and Other | ​ | ​ | 30,375 | ​ | ​ | 24,496
Assets Subject to Depreciation | ​ | ​ | 1,117,012 | ​ | ​ | 1,013,083
Land | ​ | ​ | 43,618 | ​ | ​ | 463
Projects and Construction in Progress | ​ | ​ | 28,151 | ​ | ​ | 28,157
Total Property, Plant and Equipment | ​ | ​ | 1,188,781 | ​ | ​ | 1,041,703
Accumulated Depreciation | ​ | ​ | (160,176) | ​ | ​ | (121,989)
Total Property, Plant and Equipment, Net | ​ | $ | 1,028,605 | ​ | $ | 919,714
​ Accrued PP&E additions totaled $14.2 million, $13.1 million and $26.4 million at December 31, 2024, 2023 and 2022, respectively. Assets Sold and Asset Impairment During the third quarter of 2023, we closed the sale of certain assets and received cash consideration of $20.1 million. We recorded a gain of $2.6 million, which is included in “Other Operating Expense (Income), Net” in the consolidated statements of operations for the year ended December 31, 2023. No impairment was recorded during the year ended December 31, 2023. During the first quarter of 2022, management committed to a plan to sell certain assets located in the Midland Basin and determined that these assets met all the criteria for classification as assets held for sale. These assets were re-measured at their fair values less costs to sell, which resulted in the recognition of pre-tax impairment expense of $15.6 million during the first quarter of 2022. We estimated the fair value of the assets using indicative bids, which were representative of a Level 2 fair value measurement, and we ceased recording depreciation on the assets. During the third quarter of 2022, we closed the sale of these assets for proceeds of $7.4 million and recorded a gain of $0.1 million. We also disposed of other assets during the year ended December 31, 2022 for which we received $7.3 million in cash and recognized a de minimis gain. Abandoned Assets Total abandonment expense for the years ended December 31, 2024, 2023 and 2022 was $0.5 million, $1.3 million and $15.8 million, respectively, and primarily related to the following: In the third quarter of 2023, management determined a stand-alone produced water handling facility was no longer economically beneficial to the operations of the Company and should be shut-in and taken out of service. Accordingly, we removed the costs and the associated accumulated depreciation and recognized a $1.2 million charge for the remaining book value of the asset. This charge is included in “Abandoned Well Costs” in the consolidated statements of operations for the year ended December 31, 2023. In the second quarter of 2022, management determined that two previously acquired facilities were no longer economically beneficial to the operations of the Company due to required workover costs and should be shut-in and taken out of service. Management also determined that a well under construction in Texas needed to be abandoned after the well had encountered technical difficulties during the drilling phase and progress on the well had ceased. Management’s evaluation of these assets determined that abandoning the assets was the most prudent course of action. Accordingly, we removed the costs and the associated accumulated depreciation of the assets and recognized an abandonment charge of $5.8 million for the remaining book value. In the third quarter of 2022, we recognized an abandonment charge of $9.2 million related to a stand-alone produced water handling facility that was taken out of service. In the fourth quarter of 2022, we commenced the retirement work on several salt water disposal (“SWD”) wells that had previously been taken out of service and had their costs removed. In connection with this work, we revised the asset retirement obligation related to these SWD wells to reflect the estimated cost of the retirement work. The resulting charge of $1.1 million was recorded to abandoned well costs. Abandoned Projects During the year ended December 31, 2024, we recorded $1.5 million in abandoned project expense related to abandoned projects and the write-off of permits for water handling facilities and right-of-way easements that either expired prior to use or that we no longer planned to use for future projects. We recognized $0.2 million and $0.1 million of abandoned project expense during the years ended December 31, 2023 and 2022, respectively. Abandoned project expense is recorded in “Other Operating Expense (Income), Net” in the consolidated statements of operations. The amount of expense recorded during each year was equal to the recorded cost for each of the assets. No accumulated depreciation was recorded related to these assets.

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