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Dispositions | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Dispositions | (4) DISPOSITIONS We recognized a pretax net gain of $78,000 on the sale of assets in third quarter 2021 compared to a pretax net loss of $9.2 million in third quarter 2020 and a pretax net gain of $724,000 in first nine months 2021 compared to a pretax net gain of $112.4 million in first nine months 2020. See discussion below for further details. 2021 Dispositions North Louisiana. In second quarter 2021, we recorded an additional gain on the sale of our North Louisiana assets, which closed in third quarter 2020, of $2.4 million, which is primarily related to final closing adjustments. In first quarter 2021, we recorded an additional loss on the sale of these North Louisiana assets of $1.9 million. 2020 Dispositions North Louisiana. In August 2020, we completed the sale of our North Louisiana assets for total consideration having an estimated fair value of $260.0 million. This estimated fair value reflected (i) cash proceeds of $245.0 million, before normal closing adjustments and (ii) $15.0 million in contingent consideration which represents the estimated fair value, on August 14, 2020, of the contingent consideration we are entitled to receive in the future should certain commodity price thresholds be met. We recorded a pretax loss of $8.1 million, after closing adjustments, in third quarter 2020.  Divestiture contingent consideration. We are entitled to receive contingent consideration, annually through 2023, based on future achievement of certain natural gas and oil prices based on published indexes along with the realized NGLs price of the buyer. The fair value of the contingent consideration is classified as current and noncurrent derivative asset on our consolidated balance sheet. We revalue the contingent consideration each reporting period, with any valuation changes being recorded as derivative fair value income or loss in our consolidated statements of operations. See also Note 11 for additional information.  Divestiture contract obligation. As part of the sale of our North Louisiana assets, we retained certain midstream gathering, transportation and processing obligations through 2030. The divestiture contract obligation is included in current or non-current liabilities in our consolidated balance sheet based on the forecasted timing of payments. These costs are recognized in exit and termination costs in our consolidated statements of operations. See also Note 14 for additional information. Pennsylvania. In first quarter 2020, we completed the sale of our shallow legacy assets in northwestern Pennsylvania for proceeds of $1.0 million. Based upon the receipt of approval from state governmental authorities of a change in operatorship during first quarter, we recognized a pretax gain of $122.5 million primarily due to the elimination of the asset retirement obligation associated with these properties.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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