Kinetik Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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FY2023 · Filed Mar 5, 2024
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5. Property, Plant, and Equipment F-
- PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment, at carrying value, is as follows:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands) | ||
| Gathering, processing, and transmission systems and facilities | $3,253,539 | $2,904,084 |
| Vehicles | 11,447 | 9,290 |
| Computers and equipment | 6,242 | 4,289 |
| Less: accumulated depreciation | (626,223) | (474,258) |
| Total depreciable assets, net | 2,645,005 | 2,443,405 |
| Construction in progress | 74,369 | 70,325 |
| Land | 23,853 | 21,482 |
| Total property, plant, and equipment, net | $2,743,227 | $2,535,212 |
The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded $158.6 million, $139.6 million and $106.8 million of depreciation expense for the years ended December 31, 2023, 2022, and 2021, respectively.
Capitalized interest included in property, plant and equipment amounted to $6.4 million, $1.4 million and $0.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.
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