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Property, Plant, and Equipment (Tables)
 3 Months Ended
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, 2025December 31, 2024
(in thousands)
Oil and natural gas properties:
Proved properties$930,402$846,738
Unproved properties86,78786,490
Gross oil and natural gas properties1,017,189933,228
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)
20252024
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, 2025December 31, 2024
(in thousands)
Midstream assets$40,334$36,880
Vehicles1,8781,815
Furniture, fixtures, and office equipment770751
Leasehold improvements607607
Gross midstream and other property and equipment43,58940,053
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