| PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT Property and equipment consist of the following:
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| Property and Equipment |
|
September 30, 2023 |
|
December 31, 2022 |
| Land |
$ |
24,303,454 |
|
|
$ |
24,989,784 |
|
| Crude oil pipelines |
193,310,961 |
|
|
185,047,366 |
|
| Natural gas pipeline |
— |
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|
105,322,987 |
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| Right-of-way agreements |
65,159,200 |
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|
87,206,374 |
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| Pipeline related facilities |
46,958,495 |
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|
42,647,865 |
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| Tanks |
35,002,009 |
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|
33,092,825 |
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| Vehicles, trailers and other equipment |
1,811,967 |
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|
2,684,993 |
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|
|
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| Office equipment and computers |
1,834,046 |
|
|
1,569,698 |
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| Construction work in progress |
7,328,790 |
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|
10,495,266 |
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| Gross property and equipment |
$ |
375,708,922 |
|
|
$ |
493,057,158 |
|
| Less: accumulated depreciation |
(33,417,433) |
|
|
(52,908,191) |
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| Net property and equipment |
$ |
342,291,489 |
|
|
$ |
440,148,967 |
|
Depreciation expense was $3.4 million and $10.6 million for the three and nine months ended September 30, 2023, respectively. Depreciation expense was $4.0 million and $11.9 million for the three and nine months ended September 30, 2022, respectively.
Held-for-sale property and equipment consist of the following:
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| Property and Equipment |
|
September 30, 2023 |
|
|
| Land |
686,330 |
|
|
|
| Natural gas pipeline |
105,387,405 |
|
|
|
| Right-of-way agreements |
22,047,174 |
|
|
|
|
|
|
|
|
|
|
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| Vehicles, trailers and other equipment |
876,686 |
|
|
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| Office equipment and computers |
268,559 |
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|
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| Construction work in process |
49,294 |
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|
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| Gross Property and equipment |
$ |
129,315,448 |
|
|
|
| Less: accumulated depreciation |
(30,077,501) |
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|
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| Net property and equipment |
$ |
99,237,947 |
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