Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.22.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
Property and Equipment
June 30, 2022 December 31, 2021
Land $ 24,989,784  $ 24,989,784 
Crude oil pipelines 182,094,747  180,663,147 
Natural gas pipeline 105,050,920  104,847,405 
Right-of-way agreements 85,456,374  85,451,574 
Pipeline related facilities 41,367,716  39,995,865 
Tanks 31,236,118  30,679,194 
Vehicles, trailers and other equipment 2,003,200  1,840,609 
Office equipment and computers 1,433,089  1,403,090 
Construction work in progress $ 8,567,087  $ 8,581,560 
Gross property and equipment $ 482,199,035  $ 478,452,228 
Less: accumulated depreciation (44,870,127) (37,022,035)
Net property and equipment $ 437,328,908  $ 441,430,193 
Depreciation expense was $4.0 million and $7.9 million for the three and six months ended June 30, 2022, respectively. Depreciation expense was $3.7 million and $6.4 million for the three and six months ended June 30, 2021, respectively.