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Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.24.3
Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
Intangible Assets Intangible Assets
Intangible assets, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):

Ìý September 30,
2024		 December 31,
2023
Intangible assets, at cost: Ìý Ìý
Saltwater disposal easement $ 17,557Ìý $ 17,557Ìý
Contracts acquired in a business combination (1)
15,700Ìý —Ìý
Groundwater rights acquired 3,846Ìý 3,846Ìý
Total intangible assets, at cost (2)
37,103Ìý 21,403Ìý
Less: accumulated amortization (1,330) (378)
Intangible assets, net $ 35,773Ìý $ 21,025Ìý
(1)See further discussion in Note 3, “Assets Acquired in a Business Combination.â€
(2)The remaining weighted average amortization period for total intangible assets was 15.8 years as of September 30, 2024.

Amortization of intangible assets was $0.4 million and $1.0 million for the three and nine months ended SeptemberÌý30, 2024, respectively. Amortization of intangible assets was $0.1 million for the three and nine months ended September 30, 2023. The estimated future annual amortization expense of intangible assets is $0.6 million for the remainder of 2024, $2.3 million for each year of 2025 through 2029, and $23.7 million thereafter.