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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | 6 Months Ended
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Jun. 30, 2025
Fixed Assets And Asset Retirement Obligations [Abstract] |
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations | Fixed Assets and Asset Retirement Obligations Fixed Assets Fixed assets consisted of the following:
| June 30, 2025 |  | December 31, 2024
Crude oil and natural gas pipelines and related assets | $ | 3,507,121 |  |  | $ | 3,367,908 |
Onshore facilities, machinery and equipment | 290,655 |  |  | 293,436 |
Transportation equipment | 24,273 |  |  | 22,976 |
Marine vessels | 1,067,572 |  |  | 1,062,720 |
Land, buildings and improvements | 88,545 |  |  | 88,545 |
Office equipment, furniture and fixtures | 10,337 |  |  | 10,101 |
Construction in progress(1) | 327,226 |  |  | 408,509 |
Other | 26,665 |  |  | 26,665 |
Fixed assets, at cost | 5,342,394 |  |  | 5,280,860 |
Less: Accumulated depreciation | (1,816,766) |  |  | (1,740,974) |
Net fixed assets | $ | 3,525,628 |  |  | $ | 3,539,886 |
(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2025, and represents 100% of the costs incurred, including those funded by our noncontrolling interest holder. Our depreciation expense for the periods presented was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation expense | $ | 53,347 |  |  | $ | 48,715 |  |  | $ | 106,947 |  |  | $ | 95,647 |
Asset Retirement Obligations We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. The following table presents information regarding our AROs since December 31, 2024:
ARO liability balance, December 31, 2024 | $ | 254,054 |
Accretion expense | 5,946 |
Settlements | (1,321) |
ARO liability balance, June 30, 2025 | $ | 258,679 |
At June 30, 2025 and December 31, 2024, $25.8 million is included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of June 30, 2025 and December 31, 2024 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets. Certain of our unconsolidated affiliates have AROs recorded at June 30, 2025 and December 31, 2024 relating to contractual agreements and regulatory requirements. In addition, certain entities that we consolidate have non-controlling interest owners that are responsible for their representative share of future costs of the related ARO. These amounts are immaterial to our Unaudited Condensed Consolidated Financial Statements.

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