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 terms of the customer contracts, which range fromone toseventeen years. Right-of-way assets relate primarily to underground pipeline easements which generally 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 September 30, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 9.03 years and 6.67 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of September 30, 2024 was approximately 8.69 years.

The Company recorded $38.9 million and $30.6 million of amortization expense for the three months ended September 30, 2024 and 2023, respectively, and $100.9 million and $91.6 million for the nine months ended September 30, 2024 and 2023, respectively. There wasno impairment recognized on intangible assets for the three and nine months ended September 30, 2024 and 2023.