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Property and Equipment
12 Months Ended
Dec. 31, 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 LifeDecember 31,
in Years20232022
Tractors and trailers
5 – 6
$119,265 $128,223 
Field equipment
2 – 5
25,024 24,676 
Finance lease ROU assets (1)
3 – 6
35,724 25,106 
Pipeline and related facilities
20 – 25
20,397 20,362 
Linefill and base gas (2)
N/A3,922 3,922 
Buildings
5 – 39
17,089 16,163 
Office equipment
2 – 5
3,000 2,937 
LandN/A4,163 2,309 
Construction in progressN/A3,385 3,629 
Total property and equipment, at cost231,969 227,327 
Less accumulated depreciation and amortization(126,904)(120,902)
Property and equipment, net$105,065 $106,425 
______________
(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 17 for further information). Accumulated amortization of the assets presented as “Finance lease ROU assets” was $11.0 million and $9.9 million as of December 31, 2023 and 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):

Year Ended December 31,
202320222021
Depreciation and amortization, excluding amounts
under finance leases$18,525 $16,330 $14,264 
Amortization of intangible assets (see Note 8)
1,760 1,177 789 
Amortization of property and equipment under finance leases7,578 5,200 4,744 
Total depreciation and amortization$27,863 $22,707 $19,797 

Gains on Sales of Assets

We sold certain used tractors, trailers and other equipment and recorded net pre-tax gains as follows for the periods indicated (in thousands):

Year Ended December 31,
202320222021
Gains on sales of used tractors, trailers and equipment$4,036 $2,512 $733 
Asset Retirement Obligations

We record AROs for the estimated retirement costs associated with certain tangible long-lived assets. The estimated fair value of AROs are recorded in the period in which they are incurred and the corresponding cost is capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the useful life of the asset. If the liability is settled for an amount other than the recorded amount, an increase or decrease to expense is recognized. The following table reflects a summary of our AROs for the periods indicated (in thousands):

Year Ended December 31,
202320222021
ARO liability at beginning of year$2,463 $2,376 $2,307 
Liabilities incurred — 29 — 
Accretion of discount 51 58 69 
Liabilities settled — — — 
ARO liability at end of year$2,514 $2,463 $2,376