Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.20.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 are as follows:
December 31,
2020 2019
(In thousands)
Oil and natural gas properties $ 10,816,909  $ 10,595,735 
Other depreciable property and equipment 85,530  91,198 
Land 3,008  5,521 
Total property and equipment 10,905,447  10,692,454 
Accumulated depletion, depreciation, amortization and impairment (8,819,178) (7,228,660)
Property and equipment, net $ 2,086,269  $ 3,463,794 
Schedule of oil and gas properties not subject to amortization
The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2020:
  Costs Incurred in
  2020 2019 2018 Prior to 2018 Total
(In thousands)
Acquisition costs $ 18,485  $ 8,067  $ 98,876  $ 1,330,895  $ 1,456,323 
Exploration costs —  —  —  —  — 
Development costs —  —  —  —  — 
Capitalized interest —  121  172  427  720 
Total oil and natural gas properties not subject to amortization $ 18,485  $ 8,188  $ 99,048  $ 1,331,322  $ 1,457,043 
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2020:
December 31, 2020
(In thousands)
Utica $ 793,441 
SCOOP 662,614 
Other 988 
$ 1,457,043 
Schedule of asset retirement obligation
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2020 and 2019 is as follows:
December 31,
2020 2019
(In thousands)
Asset retirement obligation, beginning of period $ 60,355  $ 79,952 
Liabilities incurred 2,358  5,935 
Liabilities settled —  (273)
Liabilities removed due to divestitures (2,213) (30,146)
Accretion expense 3,066  3,939 
Revisions in estimated cash flows —  948 
Total asset retirement obligation as of end of period 63,566  60,355 
Less: amounts reclassified to liabilities subject to compromise (63,566) — 
Total asset retirement obligation reflected as non-current liabilities $ —  $ 60,355