Quarterly report [Sections 13 or 15(d)]

Property, Plant and Equipment, net and Assets Held for Sale

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Property, Plant and Equipment, net and Assets Held for Sale
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant and Equipment, net and Assets Held for Sale Property, Plant and Equipment, net and Assets Held for Sale     
Property, plant and equipment, net includes the following (in thousands):
September 30, December 31,
Useful Life 2026 2025
Aviation equipment(a)
3-10 years
 $ 97,459  $ 43,498 
Machinery and equipment
7-20 years
 80,165  53,774 
Buildings and leasehold improvements
15-39 years
 29,136  30,100 
Rail improvements
10-20 years
 11,759  11,759 
Vehicles, trucks and trailers
5-10 years
 10,844  13,044 
Drilling rigs and directional drilling equipment
3-15 years
 9,150  13,062 
Land N/A 6,025  6,025 
Other property, plant and equipment
3-15 years
 6,373  6,721 
250,911  177,983 
Equipment not yet placed in service 35,740  25,970 
286,651  203,953 
Less: Accumulated depreciation(b)
102,307  97,856 
Total property, plant and equipment, net $ 184,344  $ 106,097 
(a)    This equipment relates to assets leased and available to be leased to customers under operating leases.
(b)    Includes accumulated depreciation of $15.7 million and $5.7 million at September 30, 2026 and December 31, 2025, respectively, related to assets under operating leases.

Depreciation, depletion, amortization and accretion
A summary of depreciation, depletion, amortization and accretion is below (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Depreciation $ 5,497  $ 1,908  $ 13,280  $ 6,178 
Amortization 91  14  118  41 
Depletion and accretion 969  829  1,263  1,442 
Depreciation, depletion, amortization and accretion $ 6,557  $ 2,751  $ 14,661  $ 7,661 

Assets Held for Sale
The Company’s assets held for sale consist solely of its contract drilling assets, which were classified as held for sale during the first quarter of 2025 pursuant to a plan to divest these assets. The Company continues to actively market the assets at a price that is reasonable in relation to their current fair value and remains committed to its plan of sale. At September 30, 2026 and December 31, 2025, assets held for sale totaled $2.2 million and $4.3 million and were recorded in “current assets held for sale” on the unaudited condensed consolidated balance sheets. These assets are measured at the lower of their carrying amount or fair value less costs to sell, and no impairment was recognized during the three and nine months ended September 30, 2026.