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Properties and Equipment, Net | 6 Months Ended
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Jun. 30, 2017
Property, Plant and Equipment [Abstract] |
Properties and Equipment, Net | Properties and Equipment, Net Properties and equipment, net are comprised of the following:
(In thousands) |  | June 30, 2017 |  | December 31, 2016
Proved oil and gas properties |  | $ | 6,801,380 |  |  | $ | 7,437,604 |
Unproved oil and gas properties |  | 291,250 |  |  | 260,543 |
Gathering and pipeline systems |  | 1,569 |  |  | 187,846 |
Land, building and other equipment |  | 84,680 |  |  | 84,462 |
|  | 7,178,879 |  |  | 7,970,455 |
Accumulated depreciation, depletion and amortization |  | (2,975,894 | ) |  | (3,720,330 | )
|  | $ | 4,202,985 |  |  | $ | 4,250,125 |
At June 30, 2017, the Company did not have any projects that had exploratory well costs capitalized for a period of greater than one year after drilling. Divestitures In February 2016, the Company completed the divestiture of certain proved and unproved oil and gas properties in east Texas for approximately $56.4 million resulting in a $0.5 million gain on sale of assets. Assets Held for Sale In June 2017, the Company agreed to sell certain proved and unproved oil and gas properties and related pipeline assets located in West Virginia, Virginia and Ohio for $41.3 million, subject to customary purchase price adjustments, and recorded an impairment of $68.6 million associated with the proposed sale of these properties. Accordingly, these assets were classified as held for sale as of June 30, 2017. The Company expects to close this transaction in the third quarter of 2017. Balance sheet data related to the assets held for sale is as follows:
(In thousands) |  | June 30, 2017
ASSETS |  |
Inventories |  | $ | 2,228 |
Properties and equipment, net |  | 104,518 |
Deferred income taxes |  | 6,803 |
|  | 113,549 |
LIABILITIES |  |
Asset retirement obligations |  | 75,693 |
|  | 75,693 |
Net assets |  | $ | 37,856 |
The fair value of the impaired properties was determined using a market approach that took into consideration the expected sales price included in the purchase and sale agreement the Company executed on June 29, 2017. Accordingly, the inputs associated with the fair value of the assets held for sale were considered Level 3 in the fair value hierarchy. Refer to Note 1 of the Notes to the Consolidated Financial Statements in the Form 10-K for a description of the fair value hierarchy.

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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 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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