v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following (in thousands):
December 31,
20252024
Oil and natural gas properties
Proved$1,759,943 $1,689,807 
Unproved27,520 23,504 
Total oil and natural gas properties1,787,463 1,713,311 
Less accumulated depreciation, depletion and impairment(1,446,824)(1,415,110)
Net oil and natural gas properties capitalized costs340,639 298,201 
Land200 200 
Electrical infrastructure122,380 121,818 
Non-oil and natural gas equipment1,626 1,634 
Buildings and structures3,603 3,603 
Financing leases1,345 1,286 
Total129,154 128,541 
Less accumulated depreciation and amortization(53,505)(47,852)
Other property, plant and equipment, net75,649 80,689 
Total property, plant and equipment, net$416,288 $378,890 

The average rates used for depreciation and depletion of oil and natural gas properties were $4.63 per Boe in 2025, $3.52 per Boe in 2024 and $1.82 per Boe in 2023.
Costs Excluded from Amortization

Costs excluded from amortization were related to unproved properties and were $27.5 million and $23.5 million, at December 31, 2025 and 2024, respectively.

For leases that do not have existing production that would otherwise extend the lease term, the Company estimates that any associated unproved costs will be evaluated and transferred to the amortization base of the full cost pool within a three to five year period from the original lease date. In addition, the Company’s internal engineers evaluate all properties on a quarterly basis.