ProFrac Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property, plant, and equipment

Property, plant, and equipment

6 Months Ended

Jun. 30, 2022

Property Plant And Equipment [Abstract]

5. Property, plant, and equipment

The following table summarizes the components of our property, plant, and equipment, net as of June 30, 2022, and December 31, 2021:

(In thousands)	June 30, 2022			December 31, 2021
Machinery and equipment	$	1,070,672		$	760,829
Mining property and mine development		48,464			34,809
Office equipment, software and other		14,303			5,550
Land		950			—
Buildings and leasehold improvements		24,587			15,947
Total		1,158,976			817,135
Less: accumulated depreciation and depletion		(566,960	)		(464,178	)
Construction in progress		72,229			10,730
Property, plant, and equipment, net	$	664,245		$	363,687

The increase in net property, plant, and equipment from December 31, 2021, to June 30, 2022, was due to acquired assets of $328.7 million related to our FTSI and Flotek acquisitions. This increase was partially offset by $48.2 million of FTSI assets sold in the sale lease-back transaction immediately following the FTSI acquisition.

Depreciation expense for the three months ended June 30, 2022 and 2021, was $63.6 million and $34.7 million, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021, was $107.8 million and $70.1 million, respectively.

Major classifications of property, plant, and equipment and their respective useful lives are as follows:

Machinery and equipment		2 years—10 years
Office equipment, software, and other		3 years—7 years
Buildings and leasehold improvements		2 years—40 years