Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of 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	December 31,
	in Years	2023		2022
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/A	3,922		3,922
Buildings	5 – 39	17,089		16,163
Office equipment	2 – 5	3,000		2,937
Land	N/A	4,163		2,309
Construction in progress	N/A	3,385		3,629
Total property and equipment, at cost		231,969		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,
	2023		2022		2021
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 leases	7,578		5,200		4,744
Total depreciation and amortization	$	27,863	$	22,707	$	19,797

Schedule of Pre-tax Gain on the Sale of Equipment

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,
	2023		2022		2021
Gains on sales of used tractors, trailers and equipment	$	4,036	$	2,512	$	733

Schedule of Company's Asset Retirement Obligations

The following table reflects a summary of our AROs for the periods indicated (in thousands):

	Year Ended December 31,
	2023		2022		2021
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