Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets, net consisted of the following as of December 31, 2024 and 2023 (in thousands):

  December 31,
2024		 December 31,
2023
Intangible assets, at cost:    
Saltwater disposal easement $ 17,557  $ 17,557 
Contracts acquired in a business combination (1)
15,700  — 
Groundwater rights acquired 3,846  3,846 
Total intangible assets, at cost (2)
37,103  21,403 
Less: accumulated amortization (1,915) (378)
Intangible assets, net $ 35,188  $ 21,025 
(1)See further discussion in Note 3, “Assets Acquired in a Business Combination.”
(2)The remaining weighted average amortization period for total intangible assets was 11.8 years as of December 31, 2024.

Amortization of intangible assets was $1.5 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively. There was no amortization of intangible assets for the year ended December 31, 2022. The estimated future annual amortization expense of intangible assets for each of the next five years and thereafter is as follows (in thousands):

Year Estimated Future Annual Amortization Expense
2025 $ 2,342 
2026 2,342 
2027 2,342 
2028 2,342 
2029 2,342 
2030 and thereafter 23,478