Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.6.0.2
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015 are as follows:
 
December 31,
 
2016
 
2015
 
(In thousands)
Oil and natural gas properties
$
6,071,920

 
$
5,424,342

Office furniture and fixtures
21,204

 
12,589

Building
42,530

 
16,915

Land
5,252

 
3,667

Total property and equipment
6,140,906

 
5,457,513

Accumulated depletion, depreciation, amortization and impairment
(3,789,780
)
 
(2,829,110
)
Property and equipment, net
$
2,351,126

 
$
2,628,403

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, 2016:
 
Costs Incurred in
 
2016
 
2015
 
2014
 
Prior to 2014
 
Total
 
(In thousands)
Acquisition costs
$
147,382

 
$
515,905

 
$
314,077

 
$
571,924

 
$
1,549,288

Exploration costs
—

 
—

 
—

 
—

 
—

Development costs
18,853

 
5,067

 
3,248

 
1,533

 
28,701

Capitalized interest
3,632

 
(876
)
 
(2,504
)
 
2,064

 
2,316

Total oil and gas properties not subject to amortization
$
169,867

 
$
520,096

 
$
314,821

 
$
575,521

 
$
1,580,305

The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2016:
 
December 31, 2016
 
(In thousands)
Utica
$
1,577,207

Niobrara
2,172

Southern Louisiana
462

Bakken
96

Other
368

 
$
1,580,305

Schedule of Asset Retirement Obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2016 and 2015 is as follows:
 
December 31,
 
2016
 
2015
 
(In thousands)
Asset retirement obligation, beginning of period
$
26,437

 
$
17,938

Liabilities incurred
10,971

 
8,800

Liabilities settled
(4,189
)
 
(1,121
)
Accretion expense
1,057

 
820

Asset retirement obligation as of end of period
34,276

 
26,437

Less current portion
195

 
75

Asset retirement obligation, long-term
$
34,081

 
$
26,362