Property and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following:


	Estimated useful lives (in years)	March 31,		December 31,
($ in thousands)		2023		2022
Land	N/A	$	29,283	$	29,276
Field services equipment	2-10	2,057,006		1,925,848
Vehicles	4-7	63,149		62,683
Lease Equipment	10	110,844		106,087
Buildings and facilities	5-30	135,772		135,281
Mineral reserves	>25	76,823		76,823
Office equipment and furniture	2-7	9,917		9,504
		2,482,794		2,345,502
Less accumulated depreciation and depletion		(1,224,736)		(1,141,656)
		1,258,058		1,203,846
Construction in-progress	N/A	172,921		158,518
Property and equipment, net		$	1,430,979	$	1,362,364

During the three months ended March 31, 2023 and 2022, the Company recognized depreciation expense of $88.4 million and $69.9 million, respectively. Depletion expense for the three months ended March 31, 2023 and 2022 was $0.3 million and $0.3 million, respectively.

As of March 31, 2023 and December 31, 2022, the Company concluded that no triggering events that could indicate possible impairment of property and equipment had occurred, other than related to the assets held for sale discussed below.

Additionally, as of March 31, 2023 and December 31, 2022, the Company classified $1.1 million of land and $6.2 million of buildings, net of accumulated depreciation, of two properties that it intends to sell within the next year, and that meet the held for sale criteria, to assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. The Company estimates that the carrying value of the assets is equal to the fair value less the estimated costs to sell, net of write-downs taken in the prior period, and therefore no gain or loss was recorded during the three months ended March 31, 2023.

As of March 31, 2022, the Company classified $3.4 million of land and $8.4 million of buildings, net of accumulated depreciation, of two properties as assets held for sale. The Company estimated that carrying value of the assets was greater than the fair value less the estimated costs to sell, and therefore recorded a $4.4 million loss during the three months ended March 31, 2022, included as a component of loss on disposal of assets in the accompanying unaudited condensed consolidated statements of operations.