| Additional Financial Statement Information |
3.Additional Financial Statement Information
Balance Sheet
Other Balance Sheet information is as follows:
|
|
|
|
|
|
|
(in thousands) |
|
December 31, |
December 31, |
|
|
2024 |
2023 |
Other Receivables |
|
|
|
|
|
|
Insurance and Third Party Receivables for Remediation Expenses |
|
$ |
5,149 |
|
$ |
4,064 |
Reimbursable Research and Development Receivable |
|
|
207 |
|
|
1,450 |
Property Insurance Receivable |
|
|
2,337 |
|
|
4,000 |
Financing Receivable |
|
|
3,242 |
|
|
— |
Reimbursable Projects |
|
|
2,894 |
|
|
3,253 |
Total Other Receivables |
|
$ |
13,829 |
|
$ |
12,767 |
|
|
|
|
|
|
|
Prepaids and Deposits |
|
|
|
|
|
|
Prepaid Insurance |
|
$ |
7,257 |
|
$ |
5,494 |
Other Prepaids and Deposits |
|
|
3,161 |
|
|
2,870 |
Total Prepaids and Deposits |
|
$ |
10,418 |
|
$ |
8,364 |
|
|
|
|
|
|
|
Accrued and Other Current Liabilities |
|
|
|
|
|
|
Accrued Operating Expense |
|
$ |
28,897 |
|
$ |
33,491 |
Accrued Capital Costs |
|
|
4,023 |
|
|
3,812 |
Accrued Interest |
|
|
8,067 |
|
|
8,510 |
Accrued Compensation |
|
|
12,651 |
|
|
10,118 |
Accrued General and Administrative Expense |
|
|
2,244 |
|
|
1,030 |
Sales Tax Payable |
|
|
12,721 |
|
|
1,645 |
Operating Lease Liabilities |
|
|
1,568 |
|
|
1,676 |
Finance Lease Liabilities |
|
|
571 |
|
|
— |
Contingent Consideration Liability |
|
|
1,024 |
|
|
1,221 |
Advance Billings for Reimbursable Research and Development Expense |
|
|
431 |
|
|
1,120 |
Tax-Related Partnership Distribution Payable |
|
|
1,340 |
|
|
— |
Other |
|
|
3,802 |
|
|
1,793 |
Total Accrued and Other Current Liabilities |
|
$ |
77,339 |
|
$ |
64,416 |
|
|
|
|
|
|
|
Other Long-Term Liabilities |
|
|
|
|
|
|
Noncurrent Operating Lease Liabilities |
|
$ |
14,040 |
|
$ |
14,716 |
Noncurrent Finance Lease Liabilities |
|
|
1,747 |
|
|
— |
Contingent Consideration Liability |
|
|
1,548 |
|
|
2,078 |
Total Other Long-Term Liabilities |
|
$ |
17,335 |
|
$ |
16,794 |
Statement of Operations
Other Statement of Operations information is as follows:
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|
|
|
|
|
|
|
|
|
(in thousands) |
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Depreciation, Amortization and Accretion |
|
|
|
|
|
|
|
|
|
Depreciation - Property, Plant and Equipment |
|
$ |
40,566 |
|
$ |
37,859 |
|
$ |
30,254 |
Amortization - Intangible Assets |
|
|
37,053 |
|
|
37,569 |
|
|
36,735 |
Accretion of Asset Retirement Obligations |
|
|
1,369 |
|
|
1,204 |
|
|
535 |
Amortization of Finance Right-of-Use Assets |
|
|
171 |
|
|
— |
|
|
— |
Total Depreciation, Amortization and Accretion |
|
$ |
79,159 |
|
$ |
76,632 |
|
$ |
67,524 |
|
|
|
|
|
|
|
|
|
|
Other Operating Expense (Income), Net |
|
|
|
|
|
|
|
|
|
Loss (Gain) on Disposal of Asset, Net |
|
$ |
102 |
|
$ |
(2,606) |
|
$ |
478 |
Transaction Costs |
|
|
997 |
|
|
802 |
|
|
1,520 |
Abandoned Projects |
|
|
1,537 |
|
$ |
216 |
|
$ |
72 |
Other |
|
|
(367) |
|
|
358 |
|
|
142 |
Total Other Operating Expense (Income), Net |
|
$ |
2,269 |
|
$ |
(1,230) |
|
$ |
2,212 |
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net |
|
|
|
|
|
|
|
|
|
Interest on Debt Instruments |
|
$ |
34,481 |
|
$ |
34,639 |
|
$ |
31,609 |
Amortization of Debt Issuance Costs |
|
|
3,057 |
|
|
2,590 |
|
|
2,440 |
Interest on Finance Lease Obligations |
|
|
40 |
|
|
— |
|
|
— |
Total Interest Expense |
|
|
37,578 |
|
|
37,229 |
|
|
34,049 |
Less: Capitalized Interest |
|
|
(1,345) |
|
|
(4,376) |
|
|
(4,864) |
Total Interest Expense, Net |
|
$ |
36,233 |
|
$ |
32,853 |
|
$ |
29,185 |
Significant Customers
Customers that comprised more than 10% of our total revenue are as follows:
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Year Ended December 31, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
ConocoPhillips |
|
32 |
% |
|
33 |
% |
|
34 |
% |
Chevron U.S.A. Inc. |
|
21 |
% |
|
18 |
% |
|
11 |
% |
Mewbourne Oil Company |
|
** |
% |
|
11 |
% |
|
12 |
% |
** |
Revenue was less than 10% of total revenue. |
As of December 31, 2024, ConocoPhillips accounted for 16% and Chevron U.S.A. Inc. accounted for 34% of accounts receivable. As of December 31, 2023, ConocoPhillips accounted for 28% and Chevron U.S.A. Inc. accounted for 27% of accounts receivable.
Supplemental Non-Cash Disclosure
Significant non-cash activity for the years ended December 31, 2024, 2023 and 2022 is discussed in the following locations:
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Non-Cash Item |
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Location |
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Non-Cash Investing and Financing Activities: |
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Shares of Class A Common Stock Issued in Acquisition |
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Note 4. Acquisitions |
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Accrued Additions to Property, Plant and Equipment |
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Note 5. Property, Plant and Equipment |
Asset Retirement Obligations |
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Note 7. Asset Retirement Obligations |
Increase in TRA Liability Related to Share Redemption |
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Note 8. TRA Liability |
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Right-of-Use Assets Obtained in Exchange for Operating and Finance Lease Liabilities, Net |
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Note 10. Leases |
Treasury Stock Reimbursement |
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Note 12. Stockholders' Equity |
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