Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure Property and Equipment
The following table summarizes our property and equipment as of the dates presented: 
  June 30, December 31,
  2021 2020
Oil and gas properties:    
Proved $ 1,701,353  $ 1,545,910 
Unproved 58,525  49,935 
Total oil and gas properties 1,759,878  1,595,845 
Other property and equipment 28,185  27,746 
Total properties and equipment 1,788,063  1,623,591 
Accumulated depreciation, depletion, amortization and impairments (954,340) (900,042)
  Total property and equipment, net $ 833,723  $ 723,549 
Unproved property costs of $58.5 million and $49.9 million have been excluded from amortization as of June 30, 2021 and December 31, 2020, respectively. An additional $1.2 million of costs, associated with wells in-progress for which we had not previously recognized any proved undeveloped reserves, were excluded from amortization as of December 31, 2020. We transferred $13.5 million and $4.4 million of undeveloped leasehold costs associated with acreage unlikely to be drilled or associated with proved undeveloped reserves, including capitalized interest, from unproved properties to the full cost pool during the six months ended June 30, 2021 and 2020, respectively. We capitalized internal costs of $1.7 million and $1.2 million and interest of $1.6 million and $1.4 million during the six months ended June 30, 2021 and 2020, respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $12.82 and $16.66 for the six months ended June 30, 2021 and 2020, respectively.
At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated after-tax discounted future net revenues from proved properties adjusted for costs excluded from amortization (the “Ceiling Test”). During the three and six months ended June 30, 2021, the Company recorded zero and a $1.8 million impairment of its oil and gas properties, respectively. During the three and six months ended June 30, 2020, the Company recorded an impairment of its oil and gas properties of $35.5 million.