Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.19.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 are as follows:
 
March 31, 2019
 
December 31, 2018
 
(In thousands)
Oil and natural gas properties
$
10,312,124

 
$
10,026,836

Office furniture and fixtures
46,118

 
42,581

Building
44,565

 
44,565

Land
5,521

 
5,521

Total property and equipment
10,408,328

 
10,119,503

Accumulated depletion, depreciation, amortization and impairment
(4,757,814
)
 
(4,640,098
)
Property and equipment, net
$
5,650,514

 
$
5,479,405

Summary of non-producing properties excluded from amortization by area
The following table summarizes the Company’s non-producing properties excluded from amortization by area at March 31, 2019:
 
March 31, 2019
 
(In thousands)
Utica
$
1,493,746

MidContinent
1,382,118

Niobrara
451

Southern Louisiana
586

Bakken
100

 
$
2,877,001

Schedule of asset retirement obligation
A reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2019 and 2018 is as follows:
 
March 31, 2019
 
March 31, 2018
 
(In thousands)
Asset retirement obligation, beginning of period
$
79,952

 
$
75,100

Liabilities incurred
969

 
329

Liabilities settled
(71
)
 
(99
)
Accretion expense
1,067

 
1,004

Revisions in estimated cash flows
983

 
53

Asset retirement obligation as of end of period
82,900

 
76,387

Less current portion
—

 
120

Asset retirement obligation, long-term
$
82,900

 
$
76,267