Annual report pursuant to Section 13 and 15(d)

Property And Equipment (Tables)

v3.3.1.900
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2015 and 2014 are as follows:
 
 
December 31,
 
2015
 
2014
 
(In thousands)
Oil and natural gas properties
$
5,424,342

 
$
3,923,154

Office furniture and fixtures
12,589

 
10,752

Building
16,915

 
5,398

Land
3,667

 
2,194

Total property and equipment
5,457,513

 
3,941,498

Accumulated depletion, depreciation, amortization and impairment
(2,829,110
)
 
(1,050,879
)
Property and equipment, net
$
2,628,403

 
$
2,890,619

Summary Of Oil And Gas Properties Not Subject To Amortization
The following is a summary of Gulfport’s oil and gas properties not subject to amortization as of December 31, 2015:
 
 
Costs Incurred in
 
2015
 
2014
 
2013
 
Prior to 2013
 
Total
 
(in thousands)
Acquisition costs
$
621,519

 
$
361,167

 
$
273,146

 
$
522,872

 
$
1,778,704

Exploration costs
—

 
—

 
—

 
—

 
—

Development costs
28,833

 
4,688

 
1,436

 
457

 
35,414

Capitalized interest
3,674

 
(2,353
)
 
2,262

 
—

 
3,583

Total oil and gas properties not subject to amortization
$
654,026

 
$
363,502

 
$
276,844

 
$
523,329

 
$
1,817,701

The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2015:
 
December 31, 2015
 
(In thousands)
Utica
$
1,812,256

Niobrara
4,932

Southern Louisiana
372

Bakken
96

Other
45

 
$
1,817,701

Schedule Of Asset Retirement Obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2015 and 2014 is as follows:
 
 
December 31,
 
2015
 
2014
 
(In thousands)
Asset retirement obligation, beginning of period
$
17,938

 
$
15,083

Liabilities incurred
8,800

 
9,295

Liabilities settled
(1,121
)
 
(7,201
)
Accretion expense
820

 
761

Asset retirement obligation as of end of period
26,437

 
17,938

Less current portion
75

 
75

Asset retirement obligation, long-term
$
26,362

 
$
17,863