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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
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.