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Properties and Equipment
 12 Months Ended
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