Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Intangible assets, at cost:
Saltwater disposal easement	$	17,557	$	17,557
Groundwater rights acquired	3,846		3,846
Total intangible assets, at cost (1)	21,403		21,403
Less: accumulated amortization	(946)		(378)
Intangible assets, net	$	20,457	$	21,025

(1)The remaining weighted average amortization period for total intangible assets was 18.3 years as of June 30, 2024.

There were no intangible asset acquisitions for the six months ended June 30, 2024 or 2023.

Amortization of intangible assets was $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively. There was no amortization of intangible assets for the three and six months ended June 30, 2023. The estimated future annual amortization expense of intangible assets is $0.6 million for the remainder of 2024, $1.1 million for each year of 2025 through 2029, and $14.3 million thereafter.