Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.8.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 are as follows:
 
December 31,
 
2017
 
2016
 
(In thousands)
Oil and natural gas properties
$
9,169,156

 
$
6,071,920

Office furniture and fixtures
37,369

 
21,204

Building
44,565

 
42,530

Land
4,820

 
5,252

Total property and equipment
9,255,910

 
6,140,906

Accumulated depletion, depreciation, amortization and impairment
(4,153,733
)
 
(3,789,780
)
Property and equipment, net
$
5,102,177

 
$
2,351,126

Summary of Oil and Gas Properties Not Subject to Amortization
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2017:
 
December 31, 2017
 
(In thousands)
Utica
$
1,513,452

MidContinent
1,396,642

Niobrara
2,184

Southern Louisiana
552

Bakken
99

Other
45

 
$
2,912,974

The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2017:
 
Costs Incurred in
 
2017
 
2016
 
2015
 
Prior to 2015
 
Total
 
(In thousands)
Acquisition costs
$
1,511,685

 
$
129,741

 
$
429,897

 
$
824,363

 
$
2,895,686

Exploration costs
—

 
—

 
—

 
—

 
—

Development costs
5,076

 
4,607

 
3,635

 
2,214

 
15,532

Capitalized interest
3,871

 
(536
)
 
(1,141
)
 
(438
)
 
1,756

Total oil and natural gas properties not subject to amortization
$
1,520,632

 
$
133,812

 
$
432,391

 
$
826,139

 
$
2,912,974

Schedule of Asset Retirement Obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2017 and 2016 is as follows:
 
December 31,
 
2017
 
2016
 
(In thousands)
Asset retirement obligation, beginning of period
$
34,276

 
$
26,437

Liabilities incurred
16,300

 
10,971

Liabilities settled
(3,057
)
 
(4,189
)
Accretion expense
1,611

 
1,057

Revisions in estimated cash flows
25,970

 
—

Asset retirement obligation as of end of period
75,100

 
34,276

Less current portion
120

 
195

Asset retirement obligation, long-term
$
74,980

 
$
34,081