Company: ACTG
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000934549-25-000054
Chunk: 127

Company: ACACIA RESEARCH CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 3,563 Other accrued liabilities3,143 2,275 Total$20,326 $20,575 

10. ASSET RETIREMENT OBLIGATIONS

The following table presents the changes in asset retirement obligations in the consolidated balance sheets:Nine Months EndedSeptember 30,20252024(In thousands)Beginning balance$32,616 $294 Liabilities acquired6 28,713 Liabilities settled(118)— Changes in assumptions(2)— Accretion of discounts1,299 620 Ending balance$33,801 $29,627 Less: Current portion(1,569)(1,562)   Asset retirement obligation, long-term$32,232 $28,065 

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 

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collateral to secure amounts outstanding under the Benchmark Loan Agreement. During the nine months ended September 30, 2025, Benchmark drew $4.0 million from the Benchmark Revolving Credit Facility and during the three and nine months ended September 30, 2025, Benchmark made payments of $3.5 million and $12.0 million, respectively, under the Benchmark Revolving Credit Facility reducing the borrowing base. The outstanding balance on the Benchmark Revolving Credit Facility was $58.5 million and $66.5 million as of September 30,