Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment as of June 30, 2024 and December 31, 2023 are as follows:
(in thousands) Depreciable Life As of
June 30, 2024		 As of
December 31, 2023
Office equipment
3 to 5 years
 $ 1,495  $ 776 
Buildings
5 to 30 years
 2,943  2,857 
Refinery and industrial equipment
5 to 30 years
 146,292  90,314 
Transportation equipment
3 to 5 years
 692  469 
151,422  94,416 
Less accumulated depreciation (2,751) (2,228)
148,671  92,188 
Land 7,856  7,856 
Construction in process 980,952  952,991 
Construction period interest 307,514  217,152 
Property, plant and equipment, net $ 1,444,993  $ 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 June 30, 2024 and 2023, respectively, and $0.8 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively. During the three months ended June 30, 2024 and 2023, $54.2 million and $23.6 million of interest was capitalized for the three months ending June 30, 2024 and 2023, respectively, and $100.6 million and $45.2 million of interest was capitalized for the six months ending June 30, 2024 and 2023, respectively. The Company has recognized a total of $317.7 million of capitalized interest during the construction of the Facility.