Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment (Tables)

v3.24.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment include the following (in thousands):
September 30, December 31,
Useful Life 2024 2023
Pressure pumping equipment
3-5 years
 $ 251,363  $ 251,111 
Drilling rigs and related equipment
3-15 years
 97,372  97,207 
Machinery and equipment
7-20 years
 151,344  155,921 
Buildings
15-39 years
 37,789  40,869 
Vehicles, trucks and trailers
5-10 years
 90,051  92,257 
Coil tubing equipment
4-10 years
 7,237  6,954 
Land N/A 12,349  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
 15,303  15,171 
686,691  695,742 
Deposits on equipment and equipment in process of assembly(b)
16,154  8,670 
702,845  704,412 
Less: accumulated depreciation(c)
593,451  590,507 
Total property, plant and equipment, net $ 109,394  $ 113,905 
a.    Included in Other property and equipment are costs of $3.1 million at each of September 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 $2.6 million and $2.3 million at September 30, 2024 and December 31, 2023, respectively, related to assets under operating leases.
Schedule of Depreciation, Depletion, Accretion and Amortization Expense
A summary of depreciation, depletion, amortization and accretion expense is below (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Depreciation expense $ 5,229  $ 9,240  $ 17,522  $ 33,097 
Amortization expense 193  193  580  583 
Accretion and depletion expense 762  1,800  1,154  3,159 
Depreciation, depletion, amortization and accretion $ 6,184  $ 11,233  $ 19,256  $ 36,839