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Property, Plant, and Equipment (Tables) | 3 Months Ended
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Mar. 31, 2026
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, 2026 and December 31, 2025 are as follows:
| March 31, 2026 |  | December 31, 2025 |
(in thousands) |  |  |  |
Oil and natural gas properties: |  |  |  |
Proved properties | $ | 1,716,425 |  | $ | 1,175,523 |
Unproved properties | 126,366 |  | 88,689 |
Gross oil and natural gas properties | 1,842,791 |  | 1,264,212 |
Less: accumulated depreciation, depletion, and amortization | (283,221) |  | (249,296) |
Oil and natural gas properties, net | $ | 1,559,570 |  | $ | 1,014,916 |
Oil and Gas, Average Sale Price and Production Cost | The following table shows our depletion expense for the three months ended March 31, 2026 and 2025 related to oil and gas properties:
|  |  | For the Three Months Ended March 31,
(in thousands, except per Boe amounts) |  |  |  |  | 2026 |  | 2025
Depletion of Proved Oil and Natural Gas Properties |  |  |  |  | 33,925 |  | 20,577
Average Depletion Rate per Boe |  |  |  |  | $ | 7.50 |  | $ | 8.68
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, 2026 |  | December 31, 2025 |
Midstream assets | $ | 338,327 |  | $ | 53,077 |
Other property and equipment | 4,739 |  | 4,039 |
Gross midstream and other property and equipment | 343,066 |  | 57,116 |
Less: accumulated depreciation | (9,014) |  | (7,416) |
Total midstream and other property and equipment, net | $ | 334,052 |  | $ | 49,700 |
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 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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