Kinetik Holdings Inc

5. INTANGIBLE ASSETS, NET

Intangible assets, net, are comprised of the following:

The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which ranged fromone totwenty years. Right-of-way assets relate primarily to underground pipeline easements which have a useful life often years and are amortized using the straight-line method. The right of way agreements are typically for an initial term often years with an option to renew for an additionalten years at agreed upon renewal rates based on certain indices or up to 130% of the original consideration paid.

On March 31, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 6.81 years and 6.45 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of March 31, 2024 was approximately 6.76 years.

The Company recorded $30.7 million and $30.5 million of amortization expense for the three months ended March 31, 2024 and 2023, respectively. There wasno impairment recognized on intangible assets for the three months ended March 31, 2024 or 2023.