The Company’s property and equipment consists of the following (in thousands):
As of December 31,
20252024
Oil and natural gas properties
Proved properties
$4,017,896 $2,419,998 
Accumulated depreciation, depletion, amortization and impairment
(879,253)(520,641)
Oil and natural gas properties, net
$3,138,643 $1,899,357 
Other property and equipment
Gas gathering system
$127,620 $35,241 
Gas processing plants
47,902 35,949 
Water disposal assets
30,292 28,977 
Vehicles
12,771 6,303 
Other assets
11,680 9,005 
Total other property and equipment
230,265 115,475 
Accumulated depreciation
(35,511)(23,710)
Total other property and equipment, net
$194,754 $91,765 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.