Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets

v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

  December 31,
2025		 December 31,
2024
Intangible assets, at cost:    
Saltwater disposal easement $ 17,557  $ 17,557 
Contracts acquired in a business combination(1)
15,700  15,700 
Groundwater rights acquired 3,846  3,846 
Total intangible assets, at cost (2)
37,103  37,103 
Less: accumulated amortization (4,257) (1,915)
Intangible assets, net $ 32,846  $ 35,188 
(1)For further information, see Note 3, “Assets Acquired in a Business Combination.”
(2)The remaining weighted average amortization period for total intangible assets was 9.8 years as of December 31, 2025.

Amortization of intangible assets was $2.3 million, $1.5 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. The estimated future amortization expense of intangible assets for each of the next five years and thereafter is as follows (in thousands):
Year Estimated Future Amortization Expense
2026 $ 2,342 
2027 2,342 
2028 2,342 
2029 2,342 
2030 2,342 
2031 and thereafter 21,136 
Total expected amortization expense $ 32,846