Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.19.3.a.u2
Property and Equipment (Tables)
 12 Months Ended
Dec. 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 December 31, 2019 and 2018 are as follows:
 
December 31,
 
2019
 
2018
 
(In thousands)
Oil and natural gas properties
$
10,595,735

 
$
10,026,836

Other depreciable property and equipment
91,198

 
87,146

Land
5,521

 
5,521

Total property and equipment
10,692,454

 
10,119,503

Accumulated depletion, depreciation, amortization and impairment
(7,228,660
)
 
(4,640,098
)
Property and equipment, net
$
3,463,794

 
$
5,479,405


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, 2019:
 
Costs Incurred in
 
2019
 
2018
 
2017
 
Prior to 2017
 
Total
 
(In thousands)
Acquisition costs
$
9,089

 
$
98,870

 
$
756,963

 
$
806,982

 
$
1,671,904

Exploration costs
259

 
—

 
—

 
—

 
259

Development costs
1,213

 
548

 
869

 
10,325

 
12,955

Capitalized interest
888

 
413

 
247

 
—

 
1,548

Total oil and natural gas properties not subject to amortization
$
11,449

 
$
99,831

 
$
758,079

 
$
817,307

 
$
1,686,666


The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2019:
 
December 31, 2019
 
(In thousands)
Utica
$
976,593

MidContinent
709,739

Other
334

 
$
1,686,666


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

 
$
75,100

Liabilities incurred
5,935

 
1,827

Liabilities settled
(273
)
 
(719
)
Liabilities removed due to divestitures
(30,146
)
 
—

Accretion expense
3,939

 
4,119

Revisions in estimated cash flows
948

 
(375
)
Asset retirement obligation as of end of period
$
60,355

 
$
79,952