Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.23.3
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 3 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net consist of the following (in thousands):
September 30, 2023 December 31, 2022
Upstream natural gas assets:
Proved properties $ 495,026  $ 412,977 
Wells in progress 66,917  55,374 
Accumulated DD&A (161,004) (92,423)
Total upstream natural gas assets, net 400,939  375,928 
Driftwood Project assets:
Terminal construction in progress 473,496  292,734 
Pipeline construction in progress 29,247  — 
Land and land improvements 53,664  52,460 
Finance lease assets, net of accumulated DD&A 55,827  56,708 
Buildings and other assets, net of accumulated DD&A 318  340 
Total Driftwood Project assets, net 612,552  402,242 
Fixed assets and other:
Finance lease assets, net of accumulated DD&A 71,315  — 
Leasehold improvements and other assets 17,910  12,672 
Accumulated DD&A (4,017) (1,766)
Total fixed assets and other, net 85,208  10,906 
Total property, plant and equipment, net $ 1,098,699  $ 789,076 
Terminal Construction in Progress
During the nine months ended September 30, 2023, we capitalized approximately $180.8 million of directly identifiable project costs as Driftwood terminal construction in progress.
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 in accordance with our accounting policies. During the nine months ended September 30, 2023, we also capitalized approximately $14.6 million of directly identifiable project costs as Pipeline construction in progress.