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Properties and Equipment, Net
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Properties and Equipment, Net Properties and Equipment, Net
Properties and equipment, net are comprised of the following:
 
December 31,
(In thousands)
2019
 
2018
Proved oil and gas properties
$
6,508,443

 
$
5,717,145

Unproved oil and gas properties
133,475

 
194,435

Land, buildings and other equipment
104,700

 
94,797

 
6,746,618

 
6,006,377

Accumulated depreciation, depletion and amortization
(2,890,912
)
 
(2,542,771
)
 
$
3,855,706

 
$
3,463,606


Impairment of Oil and Gas Properties
In December 2017, the Company recorded an impairment of $414.3 million associated with its Eagle Ford Shale oil and gas properties located in south Texas. The impairment of these properties was due to the anticipated sale of these assets, as demonstrated by the execution of a purchase and sale agreement with a third party on December 19, 2017. These assets were reduced to fair value of approximately $765.6 million.
In June 2017, the Company recorded an impairment of $68.6 million associated with its proposed sale of oil and gas properties and related pipeline assets located in West Virginia, Virginia and Ohio. These assets were reduced to fair value of approximately $37.9 million.
The fair value of the impaired assets in 2017 was determined using a market approach that took into consideration the expected sales price included in the respective purchase and sale agreements the Company executed in June and December 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 for a description of fair value hierarchy.
Capitalized Exploratory Well Costs
The following table reflects the net changes in capitalized exploratory well costs:
 
Year Ended December 31,
(In thousands)
2019
 
2018
 
2017
Balance at beginning of period
$
—

 
$
19,511

 
$
—

Additions to capitalized exploratory well costs pending the determination of proved reserves
—

 
—

 
19,511

Reclassifications to wells, facilities, and equipment based on the determination of proved reserves
—

 
—

 
—

Capitalized exploratory well costs charged to expense
—

 
(19,511
)
 
—

Balance at end of period
$
—

 
$
—

 
$
19,511


The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed:
 
December 31,
(In thousands)
2019
 
2018
 
2017
Capitalized exploratory well costs that have been capitalized for a period of one year or less
$
—

 
$
—

 
$
19,511

Capitalized exploratory well costs that have been capitalized for a period greater than one year
—

 
—

 
—

 
$
—

 
$
—

 
$
19,511