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Properties and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment Disclosure
NOTE 6 - PROPERTIES AND EQUIPMENT, NET

The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization ("DD&A") as of the dates indicated:
March 31, 2021December 31, 2020
(in thousands)
Properties and equipment, net:
Crude oil and natural gas properties
Proved$7,650,594 $7,523,639 
Unproved350,993 350,677 
Total crude oil and natural gas properties8,001,587 7,874,316 
Equipment and other64,900 65,027 
Land and buildings17,665 24,299 
Construction in progress519,931 523,550 
Properties and equipment, at cost8,604,083 8,487,192 
Accumulated DD&A(3,771,285)(3,627,993)
Properties and equipment, net$4,832,798 $4,859,199 

Impairment of Oil and Gas Properties. There were no significant impairment charges recognized related to our proved and unproved properties during the three months ended March 31, 2021. In the first quarter of 2020, the significant decline in crude oil prices in addition to the ongoing effects of COVID-19 was considered a triggering event that required us to assess our crude oil and natural gas properties for possible impairment. As a result of our assessment, we recorded impairment expense of $881.1 million to our proved and unproved properties.
Proved Properties. Of the total impairment expense recognized in the first quarter of 2020, approximately $753.0 million was related to our Delaware Basin proved properties. These impairment charges represented the amount by which the carrying value of the crude oil and natural gas properties exceeded the estimated fair value. We estimated the fair value of proved crude oil and natural gas properties using valuation techniques that convert future cash flows to a single discounted amount, a level 3 input. Significant inputs and assumptions to the valuation of proved crude oil and natural gas properties include estimates of reserves volumes, future operating and development costs, future commodity prices, and a discount rate of 17 percent, which was based on a weighted-average cost of capital for the area where the assets are located.

Unproved Properties. We recognized approximately $127.3 million of impairment charges for our unproved properties in the Delaware Basin during the three months ended March 31, 2020. These impairment charges were recognized based on the fair value of the properties, a Level 3 input. The fair value is estimated based on a review of our current drilling plans, estimated future cash flows for probable well locations and expected future lease expirations, primarily in areas where we have no development plans.
    
Suspended Well Costs. The following table presents the capitalized exploratory well cost pending determination of proved reserves and included in properties and equipment for the periods presented:
    
Three Months Ended March 31,Year Ended December 31, 2020
(in thousands, except for number of wells)
Beginning balance$7,459 $16,078 
Additions to capitalized exploratory well costs pending the determination of proved reserves1,219 11,770 
Reclassifications to proved properties— (20,389)
Ending balance$8,678 $7,459 
Number of wells pending determination at period-end22

Our net capitalized exploratory well costs that have been capitalized for a period greater than one year were $7.5 million as of March 31, 2021 and December 31, 2020. We expect to complete our two gross suspended wells associated with two projects prior to the end of 2021.