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Properties and Equipment | 12 Months Ended
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Dec. 31, 2014
Property, Plant and Equipment [Abstract] |
Properties and Equipment | Properties and Equipment Properties and equipment are comprised of the following:
| December 31,
(In thousands) | 2014 |  | 2013
Proved oil and gas properties | $ | 7,984,979 |  |  | $ | 6,362,570 |
Unproved oil and gas properties | 492,208 |  |  | 375,428 |
Gathering and pipeline systems | 241,272 |  |  | 239,958 |
Land, building and other equipment | 109,758 |  |  | 94,243 |
| 8,828,217 |  |  | 7,072,199 |
Accumulated depreciation, depletion and amortization | (3,902,506 | ) |  | (2,525,972 | )
| $ | 4,925,711 |  |  | $ | 4,546,227 |
Impairment In December 2014, the Company recorded a $771.0 million impairment of oil and gas properties in certain non-core fields, primarily in east Texas. The impairment of these fields was due to a significant decline in commodity prices in late 2014 and management's decision not to pursue any further activity in these non-core areas in the current price environment. These fields were reduced to fair value of approximately $86.5 million using discounted future cash flows. The fair value of the impaired fields was based on significant inputs that were not observable in the market and are considered to be Level 3 inputs as defined by ASC 820. Refer to Note 1 for a description of fair value hierarchy. Key assumptions included (i) reserves, including risk adjustments for probable and possible reserves; (ii) production rates based on the Company's experience with similar properties in which it operates; (iii) estimated future operating and development costs; (iv) future commodity prices; (v) future cash flows; and (vi) a market-based weighted average cost of capital rate of 10%. Capitalized Exploratory Well Costs The following table reflects the net changes in capitalized exploratory well costs:
| Year Ended December 31,
(In thousands) | 2014 |  | 2013 |  | 2012
Balance at beginning of period | $ | — |  |  | $ | 10,390 |  |  | $ | 5,328 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 10,557 |  |  | — |  |  | 10,390 |
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves | — |  |  | (10,198 | ) |  | — |
Capitalized exploratory well costs charged to expense | — |  |  | (192 | ) |  | (5,328 | )
Balance at end of period | $ | 10,557 |  |  | $ | — |  |  | $ | 10,390 |
The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed:
| December 31,
(In thousands) | 2014 |  | 2013 |  | 2012
Capitalized exploratory well costs that have been capitalized for a period of one year or less | $ | 10,557 |  |  | $ | — |  |  | $ | 10,390 |
Capitalized exploratory well costs that have been capitalized for a period greater than one year | — |  |  | — |  |  | — |
| $ | 10,557 |  |  | $ | — |  |  | $ | 10,390 |

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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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