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Property And Equipment | 9 Months Ended
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Sep. 30, 2014
Property, Plant and Equipment [Abstract] |
Property And Equipment | PROPERTY AND EQUIPMENT The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of September 30, 2014 and December 31, 2013 are as follows:
| September 30, 2014 |  | December 31, 2013
| (In thousands)
Oil and natural gas properties | $ | 3,586,016 |  |  | $ | 2,477,178 |
Office furniture and fixtures | 9,741 |  |  | 6,093 |
Building | 4,942 |  |  | 4,626 |
Land | 2,197 |  |  | 412 |
Total property and equipment | 3,602,896 |  |  | 2,488,309 |
Accumulated depletion, depreciation, amortization and impairment | (969,962 | ) |  | (784,717 | )
Property and equipment, net | $ | 2,632,934 |  |  | $ | 1,703,592 |
Included in oil and natural gas properties at September 30, 2014 is the cumulative capitalization of $66.6 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $5.9 million and $19.1 million for the three and nine months ended September 30, 2014, respectively, and $3.5 million and $9.6 million for the three and nine months ended September 30, 2013, respectively. The following table summarizes the Company’s non-producing properties excluded from amortization by area at September 30, 2014:
| September 30, 2014
| (In thousands)
Colorado | $ | 5,842 |
Bakken | 295 |
Southern Louisiana | 708 |
Ohio | 1,445,840 |
Other | 45 |
| $ | 1,452,730 |
At December 31, 2013, approximately $950.6 million of non-producing leasehold costs was not subject to amortization. The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation is expected to occur within three to five years. A reconciliation of the Company's asset retirement obligation for the nine months ended September 30, 2014 and 2013 is as follows:
| September 30, 2014 |  | September 30, 2013
| (In thousands)
Asset retirement obligation, beginning of period | $ | 15,083 |  |  | $ | 13,275 |
Liabilities incurred | 5,713 |  |  | 1,771 |
Liabilities settled | (4,972 | ) |  | (807 | )
Accretion expense | 569 |  |  | 529 |
Asset retirement obligation as of end of period | 16,393 |  |  | 14,768 |
Less current portion | 75 |  |  | 780 |
Asset retirement obligation, long-term | $ | 16,318 |  |  | $ | 13,988 |
On May 7, 2012, the Company entered into a contribution agreement with Diamondback Energy Inc. ("Diamondback"). Under the terms of the contribution agreement, the Company agreed to contribute to Diamondback, prior to the closing of the Diamondback initial public offering (“Diamondback IPO”), all its oil and natural gas interests in the Permian Basin (the "Contribution"). The Contribution was completed on October 11, 2012. At the closing of the Contribution, Diamondback issued to the Company (i) 7,914,036 shares of Diamondback common stock and (ii) a promissory note for $63.6 million, which was repaid to the Company at the closing of the Diamondback IPO on October 17, 2012. This aggregate consideration was subject to a post-closing cash adjustment based on changes in the working capital, long-term debt and certain other items of Diamondback O&G LLC, formerly Windsor Permian LLC ("Diamondback O&G"), as of the date of the Contribution. In January 2013, the Company received an additional payment from Diamondback of approximately $18.6 million as a result of this post-closing adjustment. Diamondback O&G is a wholly-owned subsidiary of Diamondback. Under the contribution agreement, the Company is generally responsible for all liabilities and obligations with respect to the contributed properties arising prior to the Contribution and Diamondback is responsible for such liabilities and obligations with respect to the contributed properties arising after the Contribution. Immediately upon completion of the Contribution, the Company owned a 35% equity interest in Diamondback, rather than leasehold interests in the Company’s Permian Basin acreage. Upon completion of the Diamondback IPO in October 2012, Gulfport owned approximately 21.4% of Diamondback's outstanding common stock. Following the Contribution, the Company has accounted for its interest in Diamondback as an equity investment. See Note 3, "Equity Investments - Diamondback Energy, Inc." As of September 30, 2014, Gulfport owned 942,000 shares representing approximately 1.7% of Diamondback's outstanding common stock.

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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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