Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The major categories of property and equipment and related accumulated DD&A and impairment as of March 31, 2021 and December 31, 2020 are as follows:
March 31, 2021 December 31, 2020
(In thousands)
Oil and natural gas properties $ 10,895,625  $ 10,816,909 
Other depreciable property and equipment 85,827  85,530 
Land 3,008  3,008 
Total property and equipment 10,984,460  10,905,447 
Accumulated DD&A and impairment (8,874,899) (8,819,178)
Property and equipment, net $ 2,109,561  $ 2,086,269 
Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the Company's oil and natural gas properties. At March 31, 2021, the net book value of the Company's oil and gas properties was below the calculated ceiling for the period leading up to March 31, 2021. As a result, the Company recorded no impairment of its oil and natural gas properties for the three months ended March 31, 2021. The Company recorded an impairment of its oil and natural gas properties of $553.3 million for the three months ended March 31, 2020.
Certain general and administrative costs are capitalized to the full cost pool and represent management’s estimate of costs incurred directly related to exploration and development activities. All general and administrative costs not capitalized are charged to expense as they are incurred. Capitalized general and administrative costs were approximately $5.5 million and $5.4 million for the three months ended March 31, 2021 and 2020, respectively.
The following table summarizes the Company’s unevaluated properties excluded from amortization by area at March 31, 2021:
March 31, 2021
(In thousands)
Utica $ 761,397 
SCOOP 651,451 
Other 926 
$ 1,413,774 
At December 31, 2020, approximately $1.5 billion of unevaluated properties were not subject to amortization.
The Company evaluates the costs excluded from its amortization calculation at least annually. Individually insignificant unevaluated properties are grouped for evaluation and periodically transferred to evaluated properties over a timeframe consistent with their expected development schedule.
Impairment of Other Property and Equipment
During the three months ended March 31, 2021, the Company recorded an impairment of $14.6 million related to its corporate headquarters as a result of changes in the expected future use.
Asset Retirement Obligation
A reconciliation of the Company’s asset retirement obligation for the three months ended March 31, 2021 and 2020 is as follows:
March 31, 2021 March 31, 2020
(In thousands)
Asset retirement obligation, beginning of period $ 63,566  $ 60,355 
Liabilities incurred 483  381 
Liabilities removed due to divestitures —  (2,033)
Accretion expense 805  741 
Total asset retirement obligation as of end of period $ 64,854  $ 59,444 
Less: amounts reclassified to liabilities subject to compromise $ (64,854) $ — 
Total asset retirement obligation reflected as non-current liabilities $ —  $ 59,444