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v3.25.1

Property, Plant, and Equipment (Tables) | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Oil and Gas, Capitalized Cost | Our capitalized costs of oil and natural gas properties and the related accumulated depreciation, depletion, and amortization as of March 31, 2025 and December 31, 2024 are as follows:
| March 31, 2025 |  | December 31, 2024
(in thousands) |  |
Oil and natural gas properties: |  |  |
Proved properties | $ | 930,402 |  | $ | 846,738
Unproved properties | 86,787 |  | 86,490
Gross oil and natural gas properties | 1,017,189 |  | 933,228
Less: accumulated depreciation, depletion, and amortization | (169,215) |  | (148,638)
Oil and natural gas properties, net | $ | 847,974 |  | $ | 784,590
Oil and Gas, Average Sale Price and Production Cost | The following table shows our depletion expense for the three months ended March 31, 2025 and 2024 related to oil and gas properties and average depletion rate per Boe:
| For the Three Months Ended March 31,
(in thousands, except per Boe amounts) | 2025 |  | 2024
Depletion of Proved Oil and Natural Gas Properties | $ | 20,577 |  | $ | 15,049
Average Depletion Rate per Boe | $ | 8.68 |  | $ | 7.83
Property, Plant and Equipment | Our other property and equipment consists of the following assets that are recorded at cost and depreciated on a straight-line basis over the respective estimated useful lives.
| March 31, 2025 |  | December 31, 2024
(in thousands) |  |
Midstream assets | $ | 40,334 |  | $ | 36,880
Vehicles | 1,878 |  | 1,815
Furniture, fixtures, and office equipment | 770 |  | 751
Leasehold improvements | 607 |  | 607
Gross midstream and other property and equipment | 43,589 |  | 40,053
Less: Accumulated depreciation | (5,214) |  | (4,595)
Total midstream and other property and equipment, net | $ | 38,375 |  | $ | 35,458
The estimated useful lives of other property and equipment depreciated on a straight-line basis are as follows:
Midstream assets | 5 – 25 years
Vehicles | 5 years
Furniture, fixtures, and office equipment | 3 – 10 years
Leasehold improvements | 5 years

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- Definition Tabular disclosure of oil and gas sale price and production cost, including, but not limited to, average sale price and production cost per unit. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1204 -Publisher SEC + Details
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- Definition Tabular disclosure of information about capitalized cost in oil- and gas-producing activities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 55 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477916/932-235-55-3 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-12 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-13 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-14 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-15 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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