Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
As of December 31, 2023 and 2022, total property and equipment, net consisted of the following:
As of December 31,
2023
2022*
Oil and natural gas properties, successful efforts accounting method
 (In thousands)
Proved properties
 $9,657,105  $9,268,135 
Accumulated depreciation, depletion, amortization and impairments (4,570,132) (4,416,606)
Proved properties, net
 5,086,973  4,851,529 
Unproved properties
 1,063,033  1,225,768 
Total oil and natural gas properties, net $6,150,006  $6,077,297 
Other property and equipment $41,011  $40,530 
Accumulated depreciation (14,227) (14,378)
Other property and equipment, net $26,784  $26,152 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
Capitalized Exploratory Well Cost
The following table reflects the changes in capitalized exploratory costs pending the determination of proved reserves and included in unproved properties for the periods presented:
Years Ended December 31,
2023
2022*
2021*
(In thousands)
Beginning of period
 $—  $19,640  $13,768 
Additions pending the determination of proved reserves
 29,687  47,711  49,294 
Reclassifications to proved properties
 (29,401) (67,351) (43,422)
End of period
 $286  $—  $19,640 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
For the years ended December 31, 2023, 2022 and 2021, the Company did not have any exploratory well costs capitalized for a period greater than one year after drilling.
Impairment of Oil and Gas Properties
The Company recognized an impairment of proved oil and gas properties for the year ended December 31, 2023 of $406.9 million as the fair value less cost to sell was less than the carrying amount of the net assets associated with the Eagle Ford Divestiture. See “Note 5 - Acquisitions and Divestitures” for further discussion of the Eagle Ford Divestiture. The Company recognized an impairment of unproved oil and gas properties in the fourth quarter of 2022 of $2.2 million due to certain leases approaching the end of their lease terms with no future plans to develop the acreage.