Property and Equipment

9 Months Ended

Sep. 30, 2014

Property Plant And Equipment [Abstract]

3. Property and Equipment

Property and equipment consisted of the following at September 30, 2014 and December 31, 2013 (in thousands):

	September 30,			December 31,
	2014			2013
Equipment	$	6,361,452		$	5,749,975
Oil and natural gas properties		207,340			183,571
Buildings		83,230			80,050
Land		12,046			12,054
		6,664,068			6,025,650
Less accumulated depreciation and depletion		(2,756,737	)		(2,390,109	)
Property and equipment, net	$	3,907,331		$	3,635,541

During the period ended September 30, 2014, in connection with its ongoing planning process, the Company evaluated its fleet of marketable drilling rigs and identified 55 mechanical rigs that it determined would no longer be marketed. The Company’s consolidated statements of operations includes a charge of $77.9 million related to the Company’s mechanically powered rig fleet. This charge reflects the retirement of the 55 mechanical drilling rigs and the write-off of excess spare components for the now reduced size of the Company’s mechanical rig fleet.

- 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.

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