Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment as of September 30, 2024 and December 31, 2023 are as follows:
(in thousands) Depreciable Life As of
September 30, 2024		 As of
December 31, 2023
Office equipment
3 to 5 years
 $ 1,875  $ 776 
Buildings
5 to 30 years
 3,044  2,857 
Refinery and industrial equipment
5 to 30 years
 1,518,044  90,314 
Transportation equipment
3 to 5 years
 759  469 
1,523,722  94,416 
Less accumulated depreciation (12,392) (2,228)
1,511,330  92,188 
Land 7,856  7,856 
Construction in process 3,336  952,991 
Construction period interest —  217,152 
Property, plant and equipment, net $ 1,522,522  $ 1,270,187 
Depreciation is computed using the straight-line method over estimated useful lives. Depreciation expense for property and equipment was approximately $9.8 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $10.6 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024 and 2023, $54.4 million and $28.2 million of interest was capitalized for the three months ending September 30, 2024 and 2023, respectively, and $155.0 million and $73.4 million of interest
was capitalized for the nine months ending September 30, 2024 and 2023, respectively. The Company has recognized a total of $372.1 million of capitalized interest during the construction of the Facility.