Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 4 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following (in thousands):
December 31,
2023 2022
Upstream natural gas assets:
Proved properties $ 492,506  $ 412,977 
Wells in progress 68,797  55,374 
Accumulated DD&A (187,171) (92,423)
Total upstream natural gas assets, net 374,132  375,928 
Driftwood Project assets:
Terminal construction in progress 533,316  292,734 
Pipeline construction in progress 35,939  — 
Land and land improvements 53,664  52,460 
Finance lease assets, net of accumulated DD&A 55,534  56,708 
Buildings and other assets, net of accumulated DD&A 310  340 
Total Driftwood Project assets, net 678,763  402,242 
Fixed assets and other:
Finance lease assets, net of accumulated DD&A 70,691  — 
Leasehold improvements and other assets, net of accumulated DD&A 12,713  10,906 
Total fixed assets and other, net 83,404  10,906 
Total property, plant and equipment, net $ 1,136,299  $ 789,076 
Depreciation, depletion and amortization expenses for the years ended December 31, 2023, 2022 and 2021 were approximately $98.4 million, $44.4 million and $11.5 million, respectively.
Terminal Construction in Progress
During the year ended December 31, 2023, we capitalized approximately $240.6 million of directly identifiable project costs as construction in progress, inclusive of approximately $22.4 million in capitalized interest.
Pipeline Construction in Progress
On April 21, 2023, the Company received FERC approval for the construction of the Driftwood pipelines. During the second quarter of 2023, pipeline materials and rights of way of approximately $14.6 million were transferred to construction in progress. For the year ended December 31, 2023, we also capitalized approximately $21.4 million of directly identifiable project costs as Pipeline construction in progress, inclusive of approximately $0.6 million in capitalized interest.
Proved Properties
During the year ended December 31, 2023, we put in production five operated Haynesville wells and participated in nine non-operated Haynesville wells that were put in production.