Property, Plant and Equipment

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, plant and equipment consists of the following (in thousands):



	June 30, 2016			December 31, 2015
Oil and natural gas properties
Proved(1)	$	12,029,734		$	12,529,681
Unproved	338,573			363,149
Total oil and natural gas properties	12,368,307			12,892,830
Less accumulated depreciation, depletion and impairment	(11,313,610		)	(11,149,888		)
Net oil and natural gas properties capitalized costs	1,054,697			1,742,942
Land	5,210			14,260
Non-oil and natural gas equipment(2)	306,989			373,687
Buildings and structures(3)	230,685			227,673
Total	542,884			615,620
Less accumulated depreciation and amortization	(122,329		)	(123,860		)
Other property, plant and equipment, net	420,555			491,760
Total property, plant and equipment, net	$	1,475,252		$	2,234,702

____________________


(1)	Includes cumulative capitalized interest of approximately $50.9 million and $48.9 million at June 30, 2016 and December 31, 2015, respectively.


(2)	Includes cumulative capitalized interest of approximately $4.3 million at both June 30, 2016 and December 31, 2015.


(3)	Includes cumulative capitalized interest of approximately $20.4 million at both June 30, 2016 and December 31, 2015.

The Company reduced the net carrying value of its oil and natural gas properties by $251.0 million and $359.4 million during the three and six-month periods ended June 30, 2016, as a result of its quarterly full cost ceiling analysis. See Note 2 for discussion of the proportionate consolidation of the Royalty Trusts for the three and six-month periods ended June 30, 2016.

The Company disposed of certain drilling and oilfield services assets previously classified as held for sale during 2016 and recorded losses on the sale of those assets of $2.7 million and $1.6 million for the three and six-month periods ended June 30, 2016, which are included in gain on sale of assets in the accompanying unaudited condensed consolidated statements of operations. At June 30, 2016, the Company has remaining drilling and oilfield services assets with a net book value of $1.4 million classified as held for sale in the other current assets line of the accompanying unaudited condensed consolidated balance sheet, and expects to dispose of these assets prior to the fourth quarter of 2016.