This paper presents an external corrosion prevention equipment lifecycle management approach that aligns with and supports the transition of equipment from a reactive maintenance approach to a reliability-centered and conditioned-based maintenance approach. The lifecycle assessment is comprised of deterministic (remaining life estimate), probabilistic (probability of failure) and fitness for service approaches. The process output is a prioritized and optimized management plan for a set of equipment critical in the external corrosion threat prevention on mainline piping, facility piping, and aboveground storage tanks. The process outcome also forms the basis of planning the equipment’s preventative maintenance, refurbishment, replacement, and Long-Range Forecasting (LRF) for funding cycles. Once implemented, the process results in an optimized lifecycle management for equipment which translates into cost savings related to unplanned outages caused by equipment failures and unnecessary replacements. This paper discusses the process as applied to Impressed Current Cathodic Protection (ICCP) anode bed residual life estimates.