PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 6—PROPERTY AND EQUIPMENT

Property and equipment are stated at cost less accumulated depreciation. Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset. Property and equipment consists of the following as of September 30, 2024 and December 31, 2023:

	September 30, 2024		December 31, 2023
	(in thousands)
Machinery and equipment	$	607,576	$	608,780
Gathering and disposal infrastructure		268,679		87,354
Buildings and leasehold improvements		110,673		111,650
Pipelines		103,171		103,171
Recycling facilities		103,161		68,875
Land		38,056		23,745
Vehicles and equipment		14,914		19,007
Computer equipment and software		7,650		3,038
Computer equipment and software - finance lease		904		883
Office furniture and equipment		467		772
Machinery and equipment - finance lease		519		519
Vehicles and equipment - finance lease		14		27
Construction in progress		107,882		117,168
		1,363,666		1,144,989
Less accumulated depreciation(1)		(689,978)		(627,408)
Total property and equipment, net	$	673,688	$	517,581

(1) Includes $0.9 million and $0.7 million of accumulated depreciation related to finance leases as of September 30, 2024 and December 31, 2023, respectively.

Total depreciation, amortization and accretion expense related to property and equipment and finance leases presented in the table above, as well as amortization of intangible assets presented in “Note 7— Other Intangible Assets” is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands)
Category
Depreciation expense from property and equipment	$	34,425	$	30,185	$	101,949	$	90,578
Amortization expense from finance leases		52		60		165		69
Amortization expense from intangible assets		4,505		4,663		12,704		13,211
Accretion expense from asset retirement obligations		585		254		1,092		764
Total depreciation, amortization and accretion	$	39,567	$	35,162	$	115,910	$	104,622