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Property, Plant and Equipment

3 Months Ended

Mar. 31, 2019

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, 2019						December 31, 2018
Oil and natural gas properties
Proved			$	1,344,552					$	1,269,091
Unproved			57,363						60,152
Total oil and natural gas properties			1,401,915						1,329,243
Less accumulated depreciation, depletion and impairment			(614,972)						(580,132)
Net oil and natural gas properties capitalized costs			786,943						749,111
Land			4,400						4,400
Electrical infrastructure			131,176						131,176
Other non-oil and natural gas equipment			13,410						13,458
Buildings and structures			77,148						77,148
Financing leases			1,727						—
Total			227,861						226,182
Less accumulated depreciation and amortization			(27,847)						(25,344)
Other property, plant and equipment, net			200,014						200,838
Total property, plant and equipment, net			$	986,957					$	949,949

During the first quarter of 2018, the Company classified its remaining midstream generator assets as held for sale. These assets had a carrying value of $5.7 million which exceeded the estimated net realizable value of $1.6 million based on expected sales prices obtained from third parties. As a result, the Company recorded an impairment of $4.1 million for the three-month period ended March 31, 2018. The midstream generator assets were sold during the second quarter of 2018 with no gain or loss recognized on the sale. No significant assets were classified as held for sale at March 31, 2019 or December 31, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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