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PROPERTY AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2026
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | NOTE 6—PROPERTY AND EQUIPMENT Property and equipment are stated at cost less accumulated depreciation. Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset. Property and equipment consists of the following as of June 30, 2026 and December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | June 30, 2026 | ​ ​ ​ | December 31, 2025
​ | ​ | (in thousands)
Machinery and equipment | ​ | $ | 574,611 | ​ | $ | 561,560
Gathering and disposal infrastructure | ​ |  | 466,695 | ​ |  | 418,044
Pipelines | ​ | ​ | 262,302 | ​ | ​ | 226,303
Recycling facilities | ​ | ​ | 184,521 | ​ | ​ | 168,714
Buildings and leasehold improvements | ​ |  | 115,444 | ​ |  | 108,872
Land | ​ | ​ | 54,931 | ​ | ​ | 46,412
Computer equipment and software | ​ | ​ | 7,796 | ​ | ​ | 8,260
Vehicles and equipment | ​ |  | 5,335 | ​ |  | 7,247
Machinery and equipment - finance lease | ​ |  | 3,137 | ​ |  | 3,137
Office furniture and equipment | ​ |  | 1,208 | ​ |  | 1,213
Computer equipment and software - finance lease | ​ |  | 815 | ​ |  | 824
Construction in progress | ​ |  | 119,771 | ​ |  | 78,820
​ | ​ |  | 1,796,566 | ​ |  | 1,629,406
Less accumulated depreciation(1) | ​ |  | (770,358) | ​ |  | (717,223)
Total property and equipment, net | ​ | $ | 1,026,208 | ​ | $ | 912,183
| (1) | Includes $1.9 million and $1.6 million of accumulated depreciation related to finance leases as of June 30, 2026 and December 31, 2025, respectively.
During the Current Quarter, the Company paid $10.2 million to terminate operating leases for three facilities and acquire the underlying real property. One facility is located in East Texas, and the other two are located in South Texas. Upon completion of the transactions, the Company derecognized the related operating lease right-of-use assets and lease liabilities and recorded the acquired land and buildings within property and equipment. Amounts allocated to buildings will be depreciated over their estimated useful lives in accordance with the Company’s accounting policies. During the Current Quarter, the Company recognized $0.2 million in impairments and abandonments related to the abandonment of a SWD well in the Bakken region of the Water Infrastructure segment. During the Prior Quarter, the Company recognized $1.5 million in impairments and abandonments, consisting of $1.3 million in Other related to abandonment of back-office software development costs previously classified as Other long-term assets and $0.2 million in the Water Infrastructure segment related to the abandonment of property and equipment. During the Current Period, the Company recognized $5.9 million in impairments and abandonments primarily related to the abandonment of a SWD well in the Haynesville region of the Water Infrastructure segment. During the Prior Period, the Company recognized $2.6 million in impairments and abandonments, consisting of $1.3 million in Other related to abandonment of back-office software development costs previously classified as Other long-term assets, $0.6 million in the Water Services segment related to the relocation of operations from a leased facility and $0.7 million in the Water Infrastructure segment primarily associated with the termination of a disposal lease. ​ Total depreciation, amortization and accretion expense related to property and equipment and finance leases presented in the table above, as well as amortization of intangible assets presented in “Note 7— Other Intangible Assets” is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ | 2026 | ​ ​ ​ | 2025 | ​
​ | ​ | (in thousands) | ​
Category | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation expense from property and equipment | ​ | $ | 42,561 | ​ | $ | 37,376 | ​ | $ | 83,602 | ​ | $ | 71,420 | ​
Amortization expense from finance leases | ​ | ​ | 180 | ​ | ​ | 182 | ​ | ​ | 361 | ​ | ​ | 351 | ​
Amortization expense from intangible assets | ​ | ​ | 4,386 | ​ | ​ | 4,378 | ​ | ​ | 8,765 | ​ | ​ | 8,756 | ​
Accretion expense from asset retirement obligations | ​ | ​ | 1,307 | ​ | ​ | 1,036 | ​ | ​ | 2,569 | ​ | ​ | 2,045 | ​
Total depreciation, amortization and accretion | ​ | $ | 48,434 | ​ | $ | 42,972 | ​ | $ | 95,297 | ​ | $ | 82,572 | ​
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