v3.26.1
Fixed Assets and Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2026
Fixed Assets And Asset Retirement Obligations [Abstract]  
Fixed Assets and Asset Retirement Obligations Fixed Assets and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following: 
March 31, 2026December 31, 2025
Crude oil and natural gas pipelines and related assets$3,850,816 $3,845,631 
Onshore facilities, machinery and equipment291,756 291,896 
Transportation equipment23,937 24,026 
Marine vessels1,069,577 1,073,262 
Land, buildings and improvements88,629 88,629 
Office equipment, furniture and fixtures10,403 10,317 
Construction in progress21,510 13,634 
Other25,897 26,665 
Fixed assets, at cost5,382,525 5,374,060 
Less: Accumulated depreciation(1,951,203)(1,908,737)
Net fixed assets$3,431,322 $3,465,323 
Our depreciation expense for the periods presented was as follows:
Three Months Ended
March 31,
20262025
Depreciation expense$56,378 $53,600 
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, 2025:
ARO liability balance, December 31, 2025
$266,348 
Accretion expense2,239 
Settlements(279)
ARO liability balance, March 31, 2026
$268,308 
At March 31, 2026 and December 31, 2025, $24.2 million and $24.3 million, respectively, are included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of March 31, 2026 and December 31, 2025 is included in “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheets.
Certain of our unconsolidated affiliates have AROs recorded at March 31, 2026 and December 31, 2025 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.