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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table sets forth our property, plant and equipment by property type, as of the dates indicated:
|  | Estimated Useful Lives (Years) |  | Dec. 31, 2024 |  | Dec. 31, 2023 |  |
|  |  |  | (Millions of dollars)
Gathering pipelines and related equipment |  | 5 to 40 |  | $ | 11,643 |  |  | $ | 5,077 |  |  |
Processing and fractionation and related equipment |  | 3 to 40 |  | 12,406 |  |  | 8,591 |  |  |
Storage and related equipment |  | 5 to 54 |  | 3,684 |  |  | 3,330 |  |  |
Transmission pipelines and related equipment |  | 5 to 87 |  | 21,315 |  |  | 18,551 |  |  |
General plant and other |  | 2 to 60 |  | 1,316 |  |  | 1,002 |  |  |
Land |  | — |  | 592 |  |  | 375 |  |  |
Construction work in process |  | — |  | 1,318 |  |  | 1,528 |  |  |
Property, plant and equipment |  |  |  | 52,274 |  |  | 38,454 |  |  |
Accumulated depreciation and amortization |  |  |  | (6,339) |  |  | (5,757) |  |  |
Net property, plant and equipment |  |  |  | $ | 45,935 |  |  | $ | 32,697 |  |  |
The depreciation expense for the years ended Dec. 31, 2024 and 2023, was $1.1 billion and $736 million, respectively. We incurred costs for construction work in process that had not been paid at Dec. 31, 2024, 2023 and 2022, of $179 million, $242 million and $171 million, respectively. Such amounts are not included in capital expenditures (less AFUDC) on the Consolidated Statements of Cash Flows. EnLink Controlling Interest Acquisition - In October 2024, we completed the EnLink Controlling Interest Acquisition and acquired property, plant and equipment, which primarily include pipeline and rights of way, pipeline-related equipment, processing plant and fractionators valued at $11.4 billion. Medallion Acquisition - In October 2024, we completed the Medallion Acquisition and acquired property, plant and equipment, which primarily include pipeline and pump station equipment, valued at $1.6 billion. Interstate Natural Gas Pipeline Divestiture - In December 2024, we completed the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc. These assets, which are primarily transmission pipelines and related equipment, had a gross cost basis of $1.3 billion. Magellan Acquisition - In September 2023, we completed the Magellan Acquisition and acquired property, plant and equipment, which primarily include pipeline, pipeline-related equipment, storage tanks and processing equipment, valued at $11.6 billion.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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