Properties and Equipment

9 Months Ended

Sep. 30, 2016

Oil and Gas Property [Abstract]

Property, Plant and Equipment Disclosure

PROPERTIES AND EQUIPMENT

The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization ("DD&A"):

	September 30, 2016			December 31, 2015
	(in thousands)
Properties and equipment, net:
Crude oil and natural gas properties
Proved	$	3,183,772		$	2,881,189
Unproved	61,838			60,498
Total crude oil and natural gas properties	3,245,610			2,941,687
Equipment and other	31,410			30,098
Land and buildings	10,900			12,667
Construction in progress	107,794			113,115
Properties and equipment, at cost	3,395,714			3,097,567
Accumulated DD&A	(1,463,440		)	(1,157,015		)
Properties and equipment, net	$	1,932,274		$	1,940,552

In September 2016, we closed on an acreage exchange transaction with Noble Energy, Inc. and certain of its subsidiaries ("Noble") to consolidate certain acreage positions in the core area of the Wattenberg Field. Pursuant to the transaction, we exchanged leasehold acreage and, to a lesser extent, interests in certain development wells. Upon closing, we received approximately 13,500 net acres in exchange for approximately 11,700 net acres, with no cash exchanged between the parties.

The following table presents impairment charges recorded for crude oil and natural gas properties:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Impairment of proved and unproved properties	$	338	$	150,840	$	2,391	$	152,764
Amortization of individually insignificant unproved properties	595		3,191		681		8,443
Impairment of crude oil and natural gas properties	933		154,031		3,072		161,207
Land and buildings	—		—		3,032		—
Impairment of properties and equipment	$	933	$	154,031	$	6,104	$	161,207