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Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2015
Business Combinations [Abstract] |
Acquisitions and Dispositions | (4) ACQUISITIONS AND DISPOSITIONS 2015 Dispositions In second quarter 2015, we sold miscellaneous unproved property and inventory for proceeds of $3.6 million resulting in a pre-tax gain of $2.9 million. In first quarter 2015, we also sold miscellaneous unproved and proved property and inventory for proceeds of $10.7 million resulting in a pre-tax loss of $175,000. Included in the $10.7 million of proceeds is $10.5 million received from the sale of certain West Texas properties which closed in February 2015. 2014 Dispositions In addition to the Conger Exchange described below, we sold miscellaneous unproved and proved property and inventory in the three months and the six months ended June 30, 2014 for total proceeds of $1.1 million resulting in a pre-tax gain of $1.6 million. Conger Exchange Transaction In April 2014, we entered into an exchange agreement with EQT Corporation and certain of its affiliates (collectively, “EQT”) in which we sold our Conger assets in Glasscock and Sterling Counties, Texas in exchange for producing properties and gas gathering assets in Virginia and $145.0 million in cash, before closing adjustments (“the Conger Exchange”). We closed the exchange transaction on June 16, 2014 and recognized a pre-tax gain of $285.1 million, before selling expenses of $5.0 million, which is recognized as a gain on sale of assets in our consolidated statements of operations for the three months and six months ended June 30, 2014. For the period from January 1, 2014 through June 16, 2014, we recognized $21.9 million of field net operating income (defined as natural gas, oil and NGLs sales and net brokered margin less direct operating expenses, production and ad valorem taxes and transportation expenses) for our Conger assets. For the period from June 16, 2014 through June 30, 2014, we recognized $2.8 million of natural gas, oil and NGLs sales from the property interests acquired in the Conger Exchange and we recognized $2.1 million of field net operating income (defined as natural gas, oil and NGLs sales less direct operating expenses, production and ad valorem taxes and transportation expenses).

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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