Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.23.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
Property and Equipment
December 31, 2022 December 31, 2021
Land $ 24,989,784  $ 24,989,784 
Crude oil pipelines 185,047,366  180,663,146 
Natural gas pipeline 105,322,987  104,847,405 
Right-of-way agreements 87,206,374  85,451,574 
Pipeline related facilities 42,647,865  39,995,865 
Tanks 33,092,825  30,679,194 
Construction work in progress 10,495,266  8,581,560 
Vehicles and trailers and other equipment 2,684,993  1,840,609 
Office equipment and computers 1,569,698  1,403,090 
Gross property and equipment $ 493,057,158  $ 478,452,227 
Less: accumulated depreciation (52,908,191) (37,022,034)
Net property and equipment $ 440,148,967  $ 441,430,193 
Depreciation expense was $16.0 million, $14.7 million, and $3.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.