Properties and Equipment, Net

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Properties and equipment, net are comprised of the following:



(In thousands)	September 30, 2017			December 31, 2016
Proved oil and gas properties	$	6,967,205		$	7,437,604
Unproved oil and gas properties	287,147			260,543
Gathering and pipeline systems	1,451			187,846
Land, building and other equipment	88,371			84,462
	7,344,174			7,970,455
Accumulated depreciation, depletion and amortization	(3,109,402		)	(3,720,330		)
	$	4,234,772		$	4,250,125

Proved oil and gas properties, gathering and pipeline systems and accumulated depreciation, depletion and amortization decreased from December 31, 2016 to September 30, 2017 primarily as a result of the sale of assets in West Virginia, Virginia and Ohio discussed below.

At September 30, 2017, the Company did not have any projects that had exploratory well costs capitalized for a period of greater than one year after drilling.

Divestitures

In September 2017, the Company sold certain proved and unproved oil and gas properties and related pipeline assets located in West Virginia, Virginia and Ohio for $41.3 million, subject to customary purchase price adjustments. During the second quarter of 2017, the Company classified these assets as held for sale and recorded an impairment charge of $68.6 million associated with the proposed sale of these properties. Upon closing the sale in the third quarter of 2017, the Company recognized a loss on sale of oil and gas properties of $11.9 million.

The fair value of the impaired properties was determined using a market approach that took into consideration the expected sales price included in the purchase and sale agreement the Company executed on June 30, 2017. Accordingly, the inputs associated with the fair value of these assets were considered Level 3 in the fair value hierarchy. Refer to Note 1 of the Notes to the Consolidated Financial Statements in the Form 10-K for a description of the fair value hierarchy.

In February 2016, the Company completed the divestiture of certain proved and unproved oil and gas properties in east Texas for approximately $56.4 million resulting in a $0.5 million gain on sale of assets.