| PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT Property and equipment consist of the following:
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| Property and Equipment |
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June 30, 2023 |
|
December 31, 2022 |
| Land |
$ |
24,303,454 |
|
|
$ |
24,989,784 |
|
| Crude oil pipelines |
186,018,051 |
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|
185,047,366 |
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| 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 |
43,642,440 |
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|
42,647,865 |
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| Tanks |
34,389,952 |
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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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| Office equipment and computers |
1,301,139 |
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|
1,569,698 |
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| Construction work in progress |
13,245,282 |
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|
10,495,266 |
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| Gross property and equipment |
$ |
369,871,485 |
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|
$ |
493,057,158 |
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| Less: accumulated depreciation |
(30,066,195) |
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|
(52,908,191) |
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| Net property and equipment |
$ |
339,805,290 |
|
|
$ |
440,148,967 |
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Depreciation expense was $3.2 million and $7.2 million for the three and six months ended June 30, 2023, respectively. Depreciation expense was $4.0 million and $7.9 million for the three and six months ended June 30, 2022, respectively.
Held-for-sale property and equipment consist of the following:
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| Property and Equipment |
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June 30, 2023 |
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| Land |
686,330 |
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|
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| Natural gas pipeline |
105,387,405 |
|
|
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| Right-of-way agreements |
22,047,174 |
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|
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|
|
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| Vehicles, trailers and other equipment |
876,686 |
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|
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| Office equipment and computers |
268,559 |
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| Construction work in process |
20,000 |
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| Gross Property and equipment |
$ |
129,286,154 |
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|
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| Less: accumulated depreciation |
(30,077,501) |
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| Net property and equipment |
$ |
99,208,653 |
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