Property and equipment (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The following table presents depletion expense, which is included in "Depletion, depreciation and amortization" on the unaudited consolidated statements of operations, and depletion expense per BOE sold of evaluated oil and natural gas properties for the periods presented:

	Three months ended March 31,
	2020		2019
Depletion expense of evaluated oil and natural gas properties	$	57,752	$	59,370
Depletion expense per BOE sold	$	7.33	$	8.76

The following table presents full cost ceiling impairment expense, which is included in "Impairment expense" on the unaudited consolidated statements of operations for the periods presented:

	Three months ended March 31,
(in thousands)	2020		2019
Full cost ceiling impairment expense	$	16,733	$	—

The following table presents the Company's property and equipment as of the dates presented:

(in thousands)	March 31, 2020			December 31, 2019
Evaluated oil and natural gas properties	$	7,610,086		$	7,421,799
Less accumulated depletion and impairment	(5,799,703		)	(5,725,114		)
Evaluated oil and natural gas properties, net	1,810,383			1,696,685
Unevaluated oil and natural gas properties not being depleted	130,077			142,354
Midstream service assets	180,992			180,932
Less accumulated depreciation and impairment	(62,453		)	(52,254		)
Midstream service assets, net	118,539			128,678
Depreciable other fixed assets	37,515			37,894
Less accumulated depreciation and amortization	(24,051		)	(23,649		)
Depreciable other fixed assets, net	13,464			14,245
Land	18,684			18,259
Total property and equipment, net	$	2,091,147		$	2,000,221

See Note 10.b for discussion of impairments of long-lived assets during the three months ended March 31, 2020. See Note 6 in the 2019 Annual Report for additional discussion of the Company's property and equipment.

Schedule of costs incurred in the acquisition, exploration and development of oil and natural gas properties

The following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in evaluated property acquisition costs and development costs, for the periods presented:

	Three months ended March 31,
(in thousands)	2020		2019
Property acquisition costs:
Evaluated	$	7,586	$	—
Unevaluated	15,556		—
Exploration costs	6,710		7,505
Development costs	146,158		152,717
Total oil and natural gas properties costs incurred	$	176,010	$	160,222

Schedule of capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties

The following table presents capitalized employee-related costs incurred in the acquisition, exploration and development of oil and natural gas properties for the periods presented:

	Three months ended March 31,
(in thousands)	2020		2019
Capitalized employee-related costs	$	4,505	$	6,682

Schedule of benchmark prices and realized prices

The following table presents the Benchmark Prices and the Realized Prices as of the dates presented:

	March 31, 2020		December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Benchmark Prices:
Oil ($/Bbl)	$	52.23	$	52.19	$	54.27	$	57.90	$	59.52
NGL ($/Bbl)(1)	$	19.36	$	21.14	$	23.93	$	28.21	$	30.34
Natural gas ($/MMBtu)	$	0.58	$	0.87	$	0.85	$	1.14	$	1.58
Realized Prices:
Oil ($/Bbl)	$	52.47	$	52.12	$	52.86	$	55.69	$	56.72
NGL ($/Bbl)	$	10.47	$	12.21	$	14.78	$	18.64	$	20.46
Natural gas ($/Mcf)	$	0.28	$	0.53	$	0.52	$	0.70	$	1.09

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(1)

Based on the Company's average composite NGL barrel.