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Property and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Schedule of property and equipment | The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2019 and 2018 are as follows:
| December 31,
| 2019 |  | 2018
| (In thousands)
Oil and natural gas properties | $ | 10,595,735 |  |  | $ | 10,026,836 |
Other depreciable property and equipment | 91,198 |  |  | 87,146 |
Land | 5,521 |  |  | 5,521 |
Total property and equipment | 10,692,454 |  |  | 10,119,503 |
Accumulated depletion, depreciation, amortization and impairment | (7,228,660 | ) |  | (4,640,098 | )
Property and equipment, net | $ | 3,463,794 |  |  | $ | 5,479,405 |
Schedule of oil and gas properties not subject to amortization | The following is a summary of Gulfport’s oil and natural gas properties not subject to amortization as of December 31, 2019:
| Costs Incurred in
| 2019 |  | 2018 |  | 2017 |  | Prior to 2017 |  | Total
| (In thousands)
Acquisition costs | $ | 9,089 |  |  | $ | 98,870 |  |  | $ | 756,963 |  |  | $ | 806,982 |  |  | $ | 1,671,904 |
Exploration costs | 259 |  |  | — |  |  | — |  |  | — |  |  | 259 |
Development costs | 1,213 |  |  | 548 |  |  | 869 |  |  | 10,325 |  |  | 12,955 |
Capitalized interest | 888 |  |  | 413 |  |  | 247 |  |  | — |  |  | 1,548 |
Total oil and natural gas properties not subject to amortization | $ | 11,449 |  |  | $ | 99,831 |  |  | $ | 758,079 |  |  | $ | 817,307 |  |  | $ | 1,686,666 |
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of December 31, 2019:
| December 31, 2019
| (In thousands)
Utica | $ | 976,593 |
MidContinent | 709,739 |
Other | 334 |
| $ | 1,686,666 |
Schedule of asset retirement obligation | A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2019 and 2018 is as follows:
| December 31,
| 2019 |  | 2018
| (In thousands)
Asset retirement obligation, beginning of period | $ | 79,952 |  |  | $ | 75,100 |
Liabilities incurred | 5,935 |  |  | 1,827 |
Liabilities settled | (273 | ) |  | (719 | )
Liabilities removed due to divestitures | (30,146 | ) |  | — |
Accretion expense | 3,939 |  |  | 4,119 |
Revisions in estimated cash flows | 948 |  |  | (375 | )
Asset retirement obligation as of end of period | $ | 60,355 |  |  | $ | 79,952 |

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- Definition Tabular disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References No definition available. + Details
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- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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- Definition Tabular disclosure of the capitalized costs of unproved properties and major development projects that are excluded from capitalized costs being amortized. This includes the total costs excluded and, at a minimum, these categories of costs: acquisition costs, exploration costs, development costs in the case of significant development projects, and capitalized interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(7)(ii)) -URI http://asc.fasb.org/extlink&oid=82851474&loc=d3e511914-122862 + Details
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