Company: ACTG
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000934549-25-000054
Chunk: 35

Company: ACACIA RESEARCH CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 sales of $103,000 and $96,000, respectively. For the nine months ended September 30, 2025 and 2024, our Industrial Operations allocated depreciation and amortization, totaling $338,000 and $749,000, respectively, to all applicable operating expense categories, including cost of sales of $235,000 and $304,000, respectively. 

7. OIL AND NATURAL GAS PROPERTIES, NET

Benchmark’s oil and natural gas properties consisted of the following:September 30, 2025December 31, 2024(In thousands)Proved oil and gas properties$203,228 $199,559 Unproved oil and gas properties9,971 4,786 Accumulated depletion and depreciation(24,322)(12,665)Oil and natural gas properties, net$188,877 $191,680 

Total depletion and depreciation expense for the proved oil and gas properties in the consolidated statements of operations and comprehensive income (loss) was $3.8 million and $4.3 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, total depletion and depreciation expense in the consolidated statements of operations and comprehensive income (loss) was $11.7 million and $8.2 million, 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 September 30, 2025 and December 31, 2024.

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8. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Changes in the carrying amount of goodwill consisted of the following:Industrial OperationsEnergy OperationsManufacturing OperationsTotal(In thousands)Balance at December 31, 2024$7,541 $1,449 $20,349 $29,339 Effect of foreign currency translation— — 185 185 Measurement period adjustments— — (3,829)(3,829)Impairment losses— — — — Balance at September 30, 2025$7,541 $1,449 $16,705 $25,695 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 measurement period adjustments recorded during the nine months ended September 30,