XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Property and Equipment | 9 Months Ended
--- | ---
Sep. 30, 2016
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, 2016 and December 31, 2015 are as follows:
| September 30, 2016 |  | December 31, 2015
| (In thousands)
Oil and natural gas properties | $ | 5,816,458 |  |  | $ | 5,424,342 |
Office furniture and fixtures | 13,862 |  |  | 12,589 |
Building | 36,931 |  |  | 16,915 |
Land | 3,667 |  |  | 3,667 |
Total property and equipment | 5,870,918 |  |  | 5,457,513 |
Accumulated depletion, depreciation, amortization and impairment | (3,613,662 | ) |  | (2,829,110 | )
Property and equipment, net | $ | 2,257,256 |  |  | $ | 2,628,403 |
At September 30, 2016, the net book value of the Company's oil and natural gas properties was above the calculated ceiling as a result of the reduced commodity prices for the period leading up to September 30, 2016. As a result, the Company recorded an impairment of its oil and natural gas properties under the full cost method of accounting of $212.2 million and $601.8 million for the three and nine months ended September 30, 2016, respectively. An impairment of $594.8 million was required for oil and natural gas properties for the three and nine months ended September 30, 2015. Included in oil and natural gas properties at September 30, 2016 is the cumulative capitalization of $122.8 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 $7.2 million and $22.2 million for the three and nine months ended September 30, 2016, respectively, and $7.3 million and $20.8 million for the three and nine months ended September 30, 2015, respectively. The following table summarizes the Company’s non-producing properties excluded from amortization by area at September 30, 2016:
| September 30, 2016
| (In thousands)
Utica | $ | 1,718,379 |
Niobrara | 4,857 |
Southern Louisiana | 443 |
Bakken | 97 |
Other | 45 |
| $ | 1,723,821 |
At December 31, 2015, approximately $1.8 billion 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 typically occurs within three to five years. However, the majority of the Company's non-producing leases have five-year extension terms which could extend this time frame beyond five years. A reconciliation of the Company's asset retirement obligation for the nine months ended September 30, 2016 and 2015 is as follows:
| September 30, 2016 |  | September 30, 2015
| (In thousands)
Asset retirement obligation, beginning of period | $ | 26,437 |  |  | $ | 17,938 |
Liabilities incurred | 6,726 |  |  | 5,736 |
Liabilities settled | (955 | ) |  | (1,120 | )
Accretion expense | 777 |  |  | 594 |
Asset retirement obligation as of end of period | 32,985 |  |  | 23,148 |
Less current portion | 75 |  |  | 75 |
Asset retirement obligation, long-term | $ | 32,910 |  |  | $ | 23,073 |

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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 Reference 2: 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=51717284&loc=d3e1361-107760 Reference 3: 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=51719941&loc=d3e2921-110230 Reference 4: 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 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration