Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

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Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment     
Property, plant and equipment include the following (in thousands):
June 30, December 31,
Useful Life 2024 2023
Pressure pumping equipment
3-5 years
 $ 252,168  $ 251,111 
Drilling rigs and related equipment
3-15 years
 97,281  97,207 
Machinery and equipment
7-20 years
 152,835  155,921 
Buildings
15-39 years
 37,796  40,869 
Vehicles, trucks and trailers
5-10 years
 89,976  92,257 
Coil tubing equipment
4-10 years
 7,237  6,954 
Land N/A 12,393  12,393 
Land improvements
15 years or life of lease
 10,090  10,066 
Rail improvements
10-20 years
 13,793  13,793 
Other property and equipment(a)
3-12 years
 15,267  15,171 
688,836  695,742 
Deposits on equipment and equipment in process of assembly(b)
12,758  8,670 
701,594  704,412 
Less: accumulated depreciation(c)
592,077  590,507 
Total property, plant and equipment, net $ 109,517  $ 113,905 
a.    Included in Other property and equipment are costs of $3.1 million at each of June 30, 2024 and December 31, 2023, respectively, related to assets leased to customers under operating leases.
b.    Deposits on equipment and equipment in process of assembly represents deposits placed with vendors for equipment that is in the process of assembly and purchased equipment that is being outfitted for its intended use. The equipment is not yet placed in service.
c.    Includes accumulated depreciation of $2.5 million and $2.3 million at June 30, 2024 and December 31, 2023, respectively, related to assets under operating leases.

Disposals
Proceeds from customers for horizontal and directional drilling services equipment damaged or lost down-hole are reflected in revenue with the carrying value of the related equipment charged to cost of service revenues and are reported as cash inflows from investing activities in the unaudited condensed consolidated statements of cash flows. The Company did not have any proceeds or gains from the sale of equipment damaged or lost down-hole during the three and six months ended June 30, 2024. For the three and six months ended June 30, 2023 proceeds and gains from the sale of equipment damaged or lost down-hole were nominal amounts, respectively.

Proceeds from assets sold or disposed of as well as the carrying value of the related equipment are reflected in “gains on disposal of assets, net” on the unaudited condensed consolidated statements of comprehensive (loss) income. For the three and six months ended June 30, 2024 and 2023, total cash and accrued proceeds from the sale of equipment were $1.1 million, $3.3 million, $0.5 million and $0.9 million, respectively, and gains from the sale or disposal of equipment were $1.0 million, $2.2 million, $0.5 million and $0.8 million, respectively.

Depreciation, depletion, amortization and accretion
A summary of depreciation, depletion, amortization and accretion expense is below (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Depreciation expense $ 5,505  $ 11,130  $ 12,294  $ 23,857 
Amortization expense 193  195  386  389 
Accretion and depletion expense 353  1,325  393  1,360 
Depreciation, depletion, amortization and accretion $ 6,051  $ 12,650  $ 13,073  $ 25,606