Quarterly report pursuant to Section 13 or 15(d)

Property and equipment, net

v3.20.2
Property and equipment, net
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and equipment, net
Property and equipment, net
 
Property and equipment, net is comprised of the following: 
 
 
March 31,
 
December 31,
 
 
2020
 
2019
 
 
(In thousands)
Proved oil and natural gas properties
 
$
1,056,236

 
$
1,013,952

Unproved oil and natural gas properties
 
97,726

 
97,706

Land
 
1,575

 
1,575

Less: accumulated DD&A and impairment
 
(746,215
)
 
(368,636
)
    Total oil and natural gas properties (successful efforts), net
 
409,322

 
744,597

Other property and equipment
 
7,415

 
7,348

Less: accumulated DD&A
 
(4,676
)
 
(4,364
)
    Total other property and equipment
 
2,739

 
2,984

Total property and equipment, net
 
$
412,061

 
$
747,581


The Company recorded depreciation, depletion and amortization (“DD&A”) to property and equipment as follows:
 
Three Months Ended March 31,
 
2020
 
2019
 
(in thousands)
Proved oil and natural gas properties
$
30,933

 
$
35,567

Other property and equipment
336

 
207

Total DD&A related to property and equipment
$
31,269

 
$
35,774



As a result of the decrease in commodity price forecasts at the end of the first quarter of 2020, specifically decreases in oil and NGL prices, the Company recorded impairment expense of $333.8 million to its proved oil and gas properties for the three months ended March 31, 2020. The Company recorded an impairment of approximately $12.8 million within Exploration costs for the three months ended March 31, 2020 related to actual and anticipated lease expirations, as well as anticipated losses on acreage due to title defects. There were no impairment charges to proved and unproved oil and natural gas properties for the three months ended March 31, 2019. Capitalized costs included in proved oil and natural gas properties not subject to DD&A totaled $24.8 million at March 31, 2020 and $19.9 million at December 31, 2019.