Property and Equipment

3 Months Ended

Mar. 31, 2015

5. Property and Equipment

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

	March 31,			December 31,
	2015			2014
	(In thousands)
Oil and gas properties:
Proved properties	$	1,177,379		$	1,156,868
Unproved properties	366,717			363,717
Support equipment and facilities	1,017,103			968,722
Total oil and gas properties	2,561,199			2,489,307
Less: accumulated depletion	(750,778		)	(716,121		)
Oil and gas properties, net	1,810,421			1,773,186

Other property	33,950			33,718
Less: accumulated depreciation	(23,217		)	(22,058		)
Other property, net	10,733			11,660

Property and equipment, net	$	1,821,154		$	1,784,846

We recorded depletion expense of $34.7 million and $44.0 million for the three months ended March 31, 2015 and 2014, respectively.

- 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.

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