Property and Equipment

6 Months Ended

Jun. 30, 2013

3. Property and Equipment

Property and equipment is stated at cost and consisted of the following:

	June 30,			December 31,
	2013			2012
	(In thousands)
Oil and gas properties:
Proved properties	$	730,977		$	682,276
Unproved properties	465,900			454,391
Support equipment and facilities	706,090			687,835
Total oil and gas properties	1,902,967			1,824,502
Less: accumulated depletion	(437,244		)	(314,190		)
Oil and gas properties, net	1,465,723			1,510,312

Other property	30,366			27,316
Less: accumulated depreciation	(14,125		)	(11,866		)
Other property, net	16,241			15,450

Property and equipment, net	$	1,481,964		$	1,525,762

We recorded depletion expense of $56.4 million and $31.2 million for the three months ended June 30, 2013 and 2012, respectively and $113.1 million and $61.3 million for the six months ended June 30, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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