v3.26.1
Property, Plant, and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment
3.
Property, Plant, and Equipment

Property, plant, and equipment at June 30, 2026 and December 31, 2025 consisted of the following:

 

(in thousands)

 

June 30, 2026

 

 

December 31, 2025

 

Depreciable property, plant and equipment

 

 

 

 

 

 

Furniture and fixtures

 

$

52

 

 

$

240

 

Vehicles

 

 

981

 

 

 

886

 

Buildings

 

 

1,191

 

 

 

388

 

Leasehold improvements

 

 

6,044

 

 

 

2,076

 

Machinery and equipment

 

 

72,897

 

 

 

29,162

 

Pipelines and pits

 

 

64,106

 

 

 

3,768

 

Total depreciable property, plant and equipment, gross

 

 

145,271

 

 

 

36,520

 

Accumulated depreciation

 

 

(6,764

)

 

 

(4,120

)

Total depreciable property, plant and equipment, net

 

 

138,507

 

 

 

32,400

 

Non-depreciable property, plant and equipment

 

 

 

 

 

 

Land

 

 

225,783

 

 

 

23,154

 

Construction in progress

 

 

4,757

 

 

 

32

 

Construction deposit

 

 

8,850

 

 

 

—

 

Total non-depreciable property, plant and equipment

 

 

239,390

 

 

 

23,186

 

Total property, plant and equipment, net

 

$

377,897

 

 

$

55,586

 

 

All property and equipment are held and used in the United States. Depreciation expense for property, plant, and equipment for the three months ended June 30, 2026 and 2025 was approximately $2.2 million and $1.0 million, respectively, and $3.3 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively.