Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment as of March 31, 2024 and December 31, 2023 are as follows:
(in thousands) Depreciable Life As of
March 31, 2024		 As of
December 31, 2023
Office equipment
3 to 5 years
 $ 1,037  $ 776 
Buildings
5 to 30 years
 2,872  2,857 
Refinery and industrial equipment
5 to 30 years
 90,440  90,314 
Transportation equipment
3 to 5 years
 516  469 
94,865  94,416 
Less accumulated depreciation (2,468) (2,228)
92,397  92,188 
Land 7,856  7,856 
Construction in process 1,005,679  952,991 
Construction period interest 263,466  217,152 
Property, plant and equipment, net $ 1,369,398  $ 1,270,187 
Depreciation is computed using the straight-line method over estimated useful lives. Depreciation expense for property and equipment was approximately $0.4 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, $46.3 million and $22.0 million of interest was capitalized for the three months ending March 31, 2024 and 2023, respectively. The Company has recognized a total of $263.5 million of capitalized interest during the construction of the Bakersfield Renewable Fuels Facility.