Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, plant and equipment consists of the following (in thousands):


	December 31,
	2024		2023
Oil and natural gas properties
Proved	$	1,689,807	$	1,538,724
Unproved	23,504		11,197
Total oil and natural gas properties	1,713,311		1,549,921
Less accumulated depreciation, depletion and impairment	(1,415,110)		(1,393,801)
Net oil and natural gas properties capitalized costs	298,201		156,120

Land	200		200
Electrical infrastructure	121,818		121,819
Non-oil and natural gas equipment	1,634		1,656
Buildings and structures	3,603		3,603
Financing Leases	1,286		1,399
Total	128,541		128,677
Less accumulated depreciation and amortization	(47,852)		(42,184)
Other property, plant and equipment, net	80,689		86,493
Total property, plant and equipment, net	$	378,890	$	242,613

The average rates used for depreciation and depletion of oil and natural gas properties were $3.52 per Boe in 2024, $1.82 per Boe in 2023 and $1.18 per Boe in 2022.

Costs Excluded from Amortization

Costs excluded from amortization were related to unproved properties and were $23.5 million and $11.2 million, at December 31, 2024 and 2023, 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.