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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2014
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands):
| March 31, 2014 |  | December 31, 2013
Oil and natural gas properties |  |  |
Proved(1) | $ | 10,443,534 |  |  | $ | 10,972,816 |
Unproved | 292,459 |  |  | 531,606 |
Total oil and natural gas properties | 10,735,993 |  |  | 11,504,422 |
Less accumulated depreciation, depletion and impairment | (6,043,109 | ) |  | (5,762,969 | )
Net oil and natural gas properties capitalized costs | 4,692,884 |  |  | 5,741,453 |
Land | 18,404 |  |  | 18,423 |
Non-oil and natural gas equipment(2) | 602,706 |  |  | 600,603 |
Buildings and structures(3) | 237,578 |  |  | 233,405 |
Total | 858,688 |  |  | 852,431 |
Less accumulated depreciation and amortization | (299,346 | ) |  | (286,209 | )
Other property, plant and equipment, net | 559,342 |  |  | 566,222 |
Total property, plant and equipment, net | $ | 5,252,226 |  |  | $ | 6,307,675 |
____________________
(1) | Includes cumulative capitalized interest of approximately $25.9 million and $23.4 million at March 31, 2014 and December 31, 2013, respectively.
(2) | Includes cumulative capitalized interest of approximately $4.3 million at both March 31, 2014 and December 31, 2013.
(3) | Includes cumulative capitalized interest of approximately $13.4 million and $12.0 million at March 31, 2014 and December 31, 2013, respectively.
Accumulated depreciation, depletion and impairment on oil and natural gas properties includes cumulative full cost ceiling limitation impairment of $3.7 billion and $3.5 billion at March 31, 2014 and December 31, 2013, respectively. During the three-month period ended March 31, 2014, the Company reduced the net carrying value of its oil and natural gas properties by $164.8 million as a result of its quarterly full cost ceiling analysis. Century Plant Construction Costs Included in proved oil and natural gas properties is approximately $180.0 million of costs in excess of contracted and reimbursed amounts incurred by the Company during construction of the Century Plant in Pecos County, Texas pursuant to an agreement with Occidental. Due to the high-CO 2 content of the Company’s reserves in the Piñon Field and the absence of adequate processing capacity in the Piñon Field area, construction of a large-scale processing facility, such as the Century Plant, was necessary for the development of the Company’s natural gas reserves in that area. The Company entered into the construction agreement and a related treating agreement with Occidental solely to facilitate the development of its reserves in the Piñon Field and greater West Texas Overthrust area and, accordingly, has recorded these unreimbursed costs as development costs within its full cost pool. See Note 11 for discussion of the related treating agreement. Drilling Carry Commitments The Company has agreements with two partners, which contain drilling carry commitments to fund a portion of its future drilling and completion costs within areas of mutual interest. The Company recorded approximately $72.3 million for Repsol E&P USA, Inc.’s (“Repsol”) drilling carry during the three-month period ended March 31, 2014, and a combined $123.3 million for both Atinum MidCon I, LLC’s and Repsol’s drilling carries during the three-month periods ended March 31, 2013, which reduced the Company’s capital expenditures for the respective periods. Atinum MidCon I, LLC fully funded its drilling carry commitment in the third quarter of 2013. Under the agreement with Repsol, the remaining drilling carry commitment may be reduced if a certain number of wells are not drilled within the area of mutual interest during a 12-month period. However, the Company expects Repsol to fully fund its drilling carry commitment during 2014.

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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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