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PROPERTIES AND EQUIPMENT, NET | 6 Months Ended
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Jun. 30, 2013
PROPERTIES AND EQUIPMENT, NET |
PROPERTIES AND EQUIPMENT, NET | 2. PROPERTIES AND EQUIPMENT, NET Properties and equipment, net are comprised of the following:
|  | June 30, |  | December 31, |
(In thousands) |  | 2013 |  | 2012 |
Proved oil and gas properties |  | $ | 6,245,196 |  | $ | 5,724,940 |
Unproved oil and gas properties |  | 458,047 |  | 467,483 |
Gathering and pipeline systems |  | 240,062 |  | 239,656 |
Land, building and other equipment |  | 90,690 |  | 86,137 |
|  | 7,033,995 |  | 6,518,216 |
Accumulated depreciation, depletion and amortization |  | (2,475,788 | ) | (2,207,239 | )
|  | $ | 4,558,207 |  | $ | 4,310,977 |
At June 30, 2013, the Company did not have any projects that had exploratory well costs that were capitalized for a period of greater than one year after drilling. Divestitures In June 2012, the Company sold a 35% non-operated working interest associated with certain of its Pearsall Shale undeveloped leaseholds in south Texas to a wholly-owned subsidiary of Osaka Gas Co., Ltd. (Osaka) for total consideration of approximately $251.0 million. The Company received $125.0 million in cash proceeds and Osaka agreed to fund 85% of the Company’s share of future drilling and completion costs associated with these leaseholds until it has paid approximately $126.0 million in accordance with a joint development agreement entered into at the closing. The Company recognized a $67.0 million gain on sale of assets associated with this sale. The drilling and completion carry under the joint development agreement will terminate two years after the closing of the transaction; however, based on the Company’s current drilling and completion activities in the Pearsall Shale, the Company expects that the carry will be fully satisfied in the second half of 2013.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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