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Fixed Assets and Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2023
Fixed Assets And Asset Retirement Obligations [Abstract] |
Fixed Assets and Asset Retirement Obligations | Fixed Assets, Mineral Leaseholds and Asset Retirement Obligations Fixed Assets Fixed assets consisted of the following:
| December 31,
| 2023 |  | 2022
Crude oil and natural gas pipelines and related assets | $ | 2,945,215 |  |  | $ | 2,844,288 |
Alkali facilities, machinery, and equipment | 1,147,291 |  |  | 701,313 |
Onshore facilities, machinery, and equipment | 271,271 |  |  | 269,949 |
Transportation equipment | 24,913 |  |  | 22,340 |
Marine vessels | 1,021,080 |  |  | 1,017,087 |
Land, buildings and improvements | 293,733 |  |  | 231,651 |
Office equipment, furniture and fixtures | 25,029 |  |  | 24,271 |
Construction in progress(1) | 731,197 |  |  | 712,971 |
Other | 41,168 |  |  | 41,168 |
Fixed assets, at cost | 6,500,897 |  |  | 5,865,038 |
Less: Accumulated depreciation | (1,972,596) |  |  | (1,768,465) |
Net fixed assets | $ | 4,528,301 |  |  | $ | 4,096,573 |
(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2024 and 2025. Mineral Leaseholds Our Mineral Leaseholds, relating to our Alkali Business, consist of the following:
| December 31, 2023 |  | December 31, 2022
Mineral leaseholds | $ | 566,019 |  |  | $ | 566,019 |
Less: Accumulated depletion | (25,499) |  |  | (20,897) |
Mineral leaseholds, net | $ | 540,520 |  |  | $ | 545,122 |
Depreciation expense was $263.5 million, $281.4 million and $295.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Depletion expense was $4.6 million, $3.9 million, and $3.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Asset Sales and Divestitures On April 29, 2022, we entered into an agreement to sell the Independence Hub platform to a producer group in the Gulf of Mexico for gross proceeds of $40.0 million, of which $8.0 million, or 20%, was attributable and paid to our noncontrolling interest holder. For the year ended December 31, 2022, we recorded a gain of $40.0 million recorded in “Gain on sale of asset” on the Consolidated Statement of Operations, of which $8.0 million, or 20%, is included in “Net income attributable to noncontrolling interests” on the Consolidated Statement of Operations, as the platform asset sold had no book value at the time of the sale. Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. For any AROs acquired, we record AROs based on the fair value measurement assigned during the preliminary purchase price allocation. A reconciliation of our liability for asset retirement obligations is as follows:
December 31, 2020 | $ | 176,852 |
Accretion expense | 10,038 |
Revisions in timing and estimated costs of AROs | 35,735 |
Acquisitions | 3,008 |
Settlements | (4,727) |
December 31, 2021 | $ | 220,906 |
Accretion expense | 13,092 |
Revisions in timing and estimated costs of AROs | 11,216 |
Settlements | (16,641) |
December 31, 2022 | $ | 228,573 |
Accretion expense | 12,040 |
Revisions in timing and estimated costs of AROs | 3,185 |
Settlements | (90) |
December 31, 2023 | $ | 243,708 |
At December 31, 2023 and December 31, 2022, $26.1 million and $26.6 million are included as current in “Accrued liabilities” on our Consolidated Balance Sheets, respectively. The remainder of the ARO liability at each period is included in “Other long-term liabilities” on our Consolidated Balance Sheets. Revisions in timing and estimated costs during 2023, 2022 and 2021 are primarily attributable to the accelerated timing and updated costs associated with the abandonment of certain of our non-core offshore assets in the Gulf of Mexico. Such revisions take into account several factors, including changes to legal or regulatory requirements, changes in our estimated useful lives of the associated asset, and the timing and method of abandonment. As there are significant judgements involved in deriving our estimates, actual costs, including the scope of work once it is approved by the relative regulatory agency or contracted party, may differ from our estimates.

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