| Property and Equipment, net |
Note 6 – Property and Equipment, net
The Company’s property and equipment, net consisted of the following for the periods presented:
| |
|
June 30, 2026
|
|
|
December 31,
2025
|
|
| |
|
(In thousands)
|
|
|
Unproved oil and natural gas properties
|
|
$
|
40,442 |
|
|
$
|
32,796 |
|
|
Properties in development
|
|
|
61,057 |
|
|
|
25,101 |
|
|
Proved oil and natural gas properties
|
|
|
906,486 |
|
|
|
794,835 |
|
|
Less: Accumulated depletion
|
|
|
(80,823 |
)
|
|
|
(48,653 |
)
|
|
Proved oil and natural gas properties, net
|
|
|
825,663 |
|
|
|
746,182 |
|
|
Oil and natural gas properties, net
|
|
$
|
927,162 |
|
|
$
|
804,079 |
|
| |
|
|
|
|
|
|
|
|
|
Other property and equipment (1)
|
|
$
|
21,604 |
|
|
$
|
21,067 |
|
|
Less: Accumulated depreciation
|
|
|
(1,275 |
)
|
|
|
(690 |
)
|
|
Other property and equipment, net
|
|
$ |
20,329 |
|
|
$ |
20,377 |
|
| |
|
|
|
|
|
|
|
|
|
Total property and equipment, net
|
|
$
|
947,491 |
|
|
$
|
824,456 |
|
| (1) | Other property and equipment includes several salt–water disposal wells and the associated facilities, equipment, and pipelines acquired in the Bayswater Acquisition in March 2025, refer to Note 3 – Acquisitions for a discussion of the Bayswater Acquisition. |
|