v3.26.1
Intangible Assets
 3 Months Ended
Mar. 31, 2026
Lea & Eddy Holdings, LLC  
Finite-Lived Intangible Assets [Line Items]  
Intangible Assets
5.
Intangible Assets

The following table identifies the weighted average useful lives by class of intangible asset:

 

 

Weighted Average Remaining Useful Life
(in years)

 

Water rights

 

 

13.7

 

Surface rights

 

 

13.6

 

Saltwater disposal rights

 

 

14.0

 

 

Definite lived intangible assets are comprised of the following at March 31, 2026 and December 31, 2025:

 

 

March 31, 2026

 

December 31, 2025

(in thousands)

Gross
Carrying
Amount

 

Accumulated
Amortization

 

Net

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

Net

Water rights

$136,166

 

$(12,052)

 

$124,114

 

$136,166

 

$(9,783)

 

$126,383

Surface rights

60,550

 

(5,538)

 

55,012

 

60,550

 

(4,528)

 

56,022

Saltwater disposal rights

9,300

 

(620)

 

8,680

 

9,300

 

(465)

 

8,835

Total

$206,016

 

$(18,210)

 

$187,806

 

$206,016

 

$(14,776)

 

$191,240

 

Amortization expense for the three months ended March 31, 2026 and 2025, for intangible assets, which include permits, water rights, and surface rights, was approximately $3.4 million and $1.1 million, respectively.

Estimated remaining amortization expense for the future periods is expected to be as follows:

 

(in thousands)

 

 

 

Year Ending December 31,

 

 

 

Remainder of 2026

 

$

10,301

 

2027

 

 

13,734

 

2028

 

 

13,734

 

2029

 

 

13,734

 

2030

 

 

13,734

 

Thereafter

 

 

122,569

 

Total future amortization

 

$

187,806