Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

6. Property and Equipment

Property and equipment consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023			December 31, 2022
Equipment	$	8,492,234		$	7,551,099
Oil and natural gas properties		255,797			236,156
Buildings		251,503			175,212
Rental equipment		107,389			—
Land		38,676			23,610
Total property and equipment		9,145,599			7,986,077
Less accumulated depreciation, depletion, amortization and impairment		(5,757,597	)		(5,725,501	)
Property and equipment, net	$	3,388,002		$	2,260,576

Depreciation and depletion expense on property and equipment of approximately $188 million and $121 million was recorded in the three months ended September 30, 2023 and 2022, respectively. Depreciation and depletion expense on property and equipment of approximately $436 million and $356 million was recorded in the nine months ended September 30, 2023 and 2022, respectively.

We review our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). In connection with this review, assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings. We estimate future cash flows over the life of the respective assets or asset groupings in our assessment of impairment. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. Provisions for asset impairment are charged against income when estimated future cash flows, on an undiscounted basis, are less than the asset’s net book value. Any provision for impairment is measured at fair value. We recorded a $0.4 million and a $6.2 million impairment expense recorded in our oil and natural gas business during the three and nine months ended September 30, 2023, respectively. We recorded a $2.5 million and a $3.7 million impairment expense recorded in our oil and natural gas business during the three and nine months ended September 30, 2022, respectively.