Property, Plant and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

The following table sets forth the Company’s property, plant and equipment:



	June 30, 2015			December 31, 2014
	(In thousands)
Proved oil and gas properties⁽¹⁾	$	5,589,637		$	5,156,875
Less: Accumulated depreciation, depletion, amortization and impairment	(1,273,361		)	(1,043,121		)
Proved oil and gas properties, net	4,316,276			4,113,754
Unproved oil and gas properties	689,089			809,265
Total oil and gas properties, net	5,005,365			4,923,019
Other property and equipment	416,417			313,439
Less: Accumulated depreciation	(65,125		)	(49,672		)
Other property and equipment, net	351,292			263,767
Total property, plant and equipment, net	$	5,356,657		$	5,186,786

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(1)	Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of $38.2 million and $36.9 million at June 30, 2015 and December 31, 2014, respectively.

Impairment. As a result of expiring leases and periodic assessments of unproved properties, the Company recorded non-cash impairment charges on its unproved oil and natural gas properties of $19.5 million and $24.8 million for the three and six months ended June 30, 2015, respectively, and $42,000 and $0.8 million for the three and six months ended June 30, 2014, respectively. The impairment charges for the three and six months ended June 30, 2015 included $19.1 million and $20.3 million, respectively, related to acreage expiring within the next 12 months because there were no current plans to drill or extend the leases prior to their expiration. For the three and six months ended June 30, 2014, the Company did not record similar impairment charges based on its ability to actively manage and prioritize its capital expenditures to drill leases and to make payments to extend leases that would have otherwise expired. No impairment charges on proved oil and gas properties were recorded for the three and six months ended June 30, 2015 or 2014.

Divestiture. On March 5, 2014, the Company completed the sale of certain non-operated properties in and around its Sanish position for cash proceeds of approximately $324.9 million, which includes customary post close adjustments. The Company recognized a $187.0 million gain on sale of properties in its Consolidated Statement of Operations for the year ended December 31, 2014.