Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.22.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
As of December 31, 2021 and 2020, total property and equipment, net consisted of the following:
As of December 31,
2021 2020
Oil and natural gas properties, full cost accounting method (In thousands)
Evaluated properties $9,238,823  $7,894,513 
Accumulated depreciation, depletion, amortization and impairments (5,886,002) (5,538,803)
Evaluated properties, net 3,352,821  2,355,710 
Unevaluated properties
Unevaluated leasehold and seismic costs 1,557,453  1,532,304 
Capitalized interest 255,374  200,946 
Total unevaluated properties 1,812,827  1,733,250 
Total oil and natural gas properties, net $5,165,648  $4,088,960 
Other property and equipment $58,367  $60,287 
Accumulated depreciation (30,239) (28,647)
Other property and equipment, net $28,128  $31,640 
The Company capitalized internal costs of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities totaling $47.4 million for the year ended December 31, 2021 and $36.2 million for the years ended December 31, 2020 and 2019.
The Company capitalized interest costs to unproved properties totaling $99.6 million, $88.6 million and $78.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Impairment of Evaluated Oil and Gas Properties
The Company did not recognize impairments of evaluated oil and gas properties for the years ended December 31, 2021 and 2019. Primarily as a result of the significant reduction in the 12-Month Average Realized Price of crude oil, the Company recognized impairments of evaluated oil and gas properties of $2.5 billion for the year December 31, 2020.
Details of the 12-Month Average Realized Price of crude oil for the years ended December 31, 2021, 2020, and 2019 are summarized in the table below:
Years Ended December 31,
2021 2020 2019
Impairment of evaluated oil and natural gas properties (In thousands) $— $2,547,241 $—
Beginning of period 12-Month Average Realized Price ($/Bbl) $37.44 $53.90 $58.40
End of period 12-Month Average Realized Price ($/Bbl) $65.44 $37.44 $53.90
Percent increase (decrease) in 12-Month Average Realized Price 75  % (31  %) (8  %)
Unevaluated property costs not subject to amortization as of December 31, 2021 were incurred in the following periods:
2021 2020 2019 2018 and Prior Total
(In thousands)
Unevaluated property costs $401,403  $113,079  $479,836  $818,509  $1,812,827