Company: ACTG
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000934549-25-000042
Chunk: 157

Company: ACACIA RESEARCH CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 157
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ed expenses and other current liabilities consisted of the following:June 30, 2025December 31, 2024(In thousands)Accrued consulting and other professional fees$1,367 $2,602 Income taxes payable6,069 3,832 Sales and tax and fees payable5,217 4,818 Other tax payable1,776 2,046 Interest accrual1,585 1,162 Service contract costs, current937 277 Short-term lease liability4,081 3,563 Other accrued liabilities1,645 2,275 Total$22,677 $20,575 

10. ASSET RETIREMENT OBLIGATIONS

The following table presents the changes in asset retirement obligations in the consolidated balance sheets:Six Months Ended June 30,20252024(In thousands)Beginning balance$32,616 $294 Liabilities acquired— 28,713 Liabilities settled(84)— Accretion of discounts867 254 Ending balance$33,399 $29,261 Less: Current portion(1,585)(1,543)   Asset retirement obligation, long-term$31,814 $27,718 

11. REVOLVING CREDIT FACILITY AND TERM LOAN

Benchmark Loan AgreementOn April 17, 2024 (the “Revolution Closing Date”), in connection with the Revolution Transaction, BE Anadarko II, LLC, a subsidiary of Benchmark, entered into a Loan Agreement (the “Benchmark Loan Agreement”) with Frost Bank, as Administrative Agent and LC Issuer (“Frost Bank”) and the lenders from time to time party thereto (the “Benchmark Lenders”), governing a revolving credit facility with a maximum aggregate credit amount of $150 million (the “Benchmark Revolving Credit Facility”), approximately $85 million of which was available at the Revolution Closing Date, that Benchmark may draw upon from time to time subject to the terms and conditions set forth in the Benchmark Loan Agreement. The Benchmark Revolving Credit Facility will mature April 17, 2027 and includes a letter of credit subfacility. On the Revolution Closing Date, $82.7 million, including $660,000 related to letters of credit, was drawn under the Benchmark Revolving Credit Facility. Benchmark pledged substantially all of its oil and gas properties and other assets as collateral to secure amounts outstanding under the Benchmark Loan Agreement. During the three and six months ended June