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Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2025
Fixed Assets And Asset Retirement Obligations [Abstract]  
Fixed Assets, Mineral Leaseholds, and Asset Retirement Obligations Fixed Assets and Asset Retirement Obligations
Fixed Assets
Fixed assets consisted of the following: 
March 31, 2025December 31, 2024
Crude oil and natural gas pipelines and related assets$3,434,423 $3,367,908 
Onshore facilities, machinery and equipment289,576 293,436 
Transportation equipment22,957 22,976 
Marine vessels1,071,235 1,062,720 
Land, buildings and improvements88,545 88,545 
Office equipment, furniture and fixtures10,152 10,101 
Construction in progress(1)
375,424 408,509 
Other26,665 26,665 
Fixed assets, at cost5,318,977 5,280,860 
Less: Accumulated depreciation(1,783,100)(1,740,974)
Net fixed assets$3,535,877 $3,539,886 
(1)Construction in progress primarily relates to our ongoing offshore growth capital projects, which are expected to be completed in 2025, and represents 100% of the costs incurred, including those funded by our noncontrolling interest holder.
Our depreciation expense for the periods presented was as follows:
Three Months Ended
March 31,
20252024
Depreciation expense$53,600 $46,932 
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, 2024:
ARO liability balance, December 31, 2024
$254,054 
Accretion expense2,841 
Settlements(9)
ARO liability balance, March 31, 2025
$256,886 
At March 31, 2025 and December 31, 2024, $25.8 million is included as current in “Accrued liabilities” on our Unaudited Condensed Consolidated Balance Sheets. The remainder of the ARO liability as of March 31, 2025 and December 31, 2024 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, 2025 and December 31, 2024 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.