Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.10.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017 are as follows:
 
December 31,
 
2018
 
2017
 
(In thousands)
Oil and natural gas properties
$
10,026,836

 
$
9,169,156

Office furniture and fixtures
42,581

 
37,369

Buildings
44,565

 
44,565

Land
5,521

 
4,820

Total property and equipment
10,119,503

 
9,255,910

Accumulated depletion, depreciation, amortization and impairment
(4,640,098
)
 
(4,153,733
)
Property and equipment, net
$
5,479,405

 
$
5,102,177

Schedule 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, 2018:
 
December 31, 2018
 
(In thousands)
Utica
$
1,483,194

MidContinent
1,388,706

Niobrara
451

Southern Louisiana
586

Bakken
100

 
$
2,873,037

The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2018:
 
Costs Incurred in
 
2018
 
2017
 
2016
 
Prior to 2016
 
Total
 
(In thousands)
Acquisition costs
$
128,415

 
$
1,469,820

 
$
122,399

 
$
1,128,975

 
$
2,849,609

Exploration costs
9,027

 
—

 
—

 
—

 
9,027

Development costs
548

 
869

 
4,536

 
5,789

 
11,742

Capitalized interest
2,120

 
2,915

 
(657
)
 
(1,719
)
 
2,659

Total oil and natural gas properties not subject to amortization
$
140,110

 
$
1,473,604

 
$
126,278

 
$
1,133,045

 
$
2,873,037

Schedule of asset retirement obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2018 and 2017 is as follows:
 
December 31,
 
2018
 
2017
 
(In thousands)
Asset retirement obligation, beginning of period
$
75,100

 
$
34,276

Liabilities incurred
1,827

 
16,300

Liabilities settled
(719
)
 
(3,057
)
Accretion expense
4,119

 
1,611

Revisions in estimated cash flows
(375
)
 
25,970

Asset retirement obligation as of end of period
79,952

 
75,100

Less current portion
—

 
120

Asset retirement obligation, long-term
$
79,952

 
$
74,980