Company: ACTG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000934549-25-000021
Chunk: 129

Company: ACACIA RESEARCH CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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,000, respectively, to all applicable operating expense categories, including cost of sales of $80,000 and $106,000, respectively. 

7. OIL AND NATURAL GAS PROPERTIES, NET

Benchmark’s oil and natural gas properties consisted of the following:March 31, 2025December 31, 2024(In thousands)Proved oil and gas properties$200,961 $199,559 Unproved oil and gas properties4,786 4,786 Accumulated depletion and depreciation(16,643)(12,665)Oil and natural gas properties, net$189,104 $191,680 

Total depletion and depreciation expense in the condensed consolidated statements of operations and comprehensive income (loss) was $4.0 million and $442,000 for the three months ended March 31, 2025 and 2024, respectively. Our Energy Operations includes depletion and depreciation in cost of production. Benchmark determined no impairment to proved oil and natural gas properties was necessary as of March 31, 2025 and December 31, 2024.

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8. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

The following table presents the changes in the carrying amount of goodwill for the three months ended March 31, 2025.  The carrying amount of goodwill was $9.0 million as of March 31, 2024, and there were no changes in the carrying amount of goodwill during the three months ended March 31, 2024.   March 31, 2025Industrial OperationsEnergy OperationsManufacturing OperationsTotal(In thousands)Beginning balance$7,541 $1,449 $20,349 $29,339 Effect of foreign currency translation— — 56 56 Measurement period adjustments— — (3,829)(3,829)Ending balance$7,541 $1,449 $16,576 $25,566 The ending balance of goodwill includes no accumulated impairment losses to date. Refer to Note 3 for additional information related to the Deflecto acquisition and measure period adjustments recorded during the three months ended March 31, 2025.Other intangible assets, net consisted of the following:March 31, 2025Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Book Value(In thousands)Patents:Intellectual property operations5 years$366,402 $(336,730)$