Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The historical costs of our property and equipment and related accumulated depreciation and amortization balances were as follows at the dates indicated (in thousands):

	Estimated
	Useful Life	September 30,		December 31,
	in Years	2023		2022
Tractors and trailers	5 – 6	$	123,694	$	128,223
Field equipment	2 – 5	24,820		24,676
Finance lease ROU assets (1)	3 – 6	40,023		25,106
Pipeline and related facilities	20 – 25	20,397		20,362
Linefill and base gas (2)	N/A	3,922		3,922
Buildings	5 – 39	16,189		16,163
Office equipment	2 – 5	2,964		2,937
Land	N/A	4,163		2,309
Construction in progress	N/A	4,985		3,629
Total		241,157		227,327
Less accumulated depreciation and amortization		(130,115)		(120,902)
Property and equipment, net		$	111,042	$	106,425

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(1)Our finance lease right-of-use (“ROU)” assets arise from leasing arrangements for the right to use various classes of underlying assets including tractors, trailers, a tank storage and throughput arrangement and office equipment (see Note 15 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $12.5 million and $9.9 million at September 30, 2023 and December 31, 2022, respectively.

(2)Linefill and base gas represents crude oil in the VEX pipeline and storage tanks we own, and the crude oil is recorded at historical cost.

Components of depreciation and amortization expense were as follows for the periods indicated (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Depreciation and amortization, excluding amounts under finance leases	$	4,523	$	4,392	$	14,260	$	11,644
Amortization of property and equipment under finance leases	1,983		1,323		5,691		3,792
Amortization of intangible assets	430		293		1,338		673
Total depreciation and amortization	$	6,936	$	6,008	$	21,289	$	16,109