Kinetik Holdings Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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PROPERTY, PLANT AND EQUIPMENT
- PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at carrying value, is as follows:
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Gathering, processing, and transmission systems and facilities | $3,300,290 | $3,253,539 |
| Vehicles | 12,642 | 11,447 |
| Computers and equipment | 7,324 | 6,242 |
| Less: accumulated depreciation | (666,838) | (626,223) |
| Total depreciable assets, net | 2,653,418 | 2,645,005 |
| Construction in progress | 68,816 | 74,369 |
| Land | 25,249 | 23,853 |
| Total property, plant, and equipment, net | $2,747,483 | $2,743,227 |
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 $42.9 million and $38.4 million of depreciation expense for the three months ended March 31, 2024 and 2023, respectively. There wereno impairment triggering events for property, plant and equipment during the three months ended March 31, 2024 and 2023.
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