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Dispositions | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Dispositions | (3) Dispositions We recognized a pretax net gain on the sale of assets of $701,000 in the year ended December 31, 2021 compared to a pretax gain of $110.8 million in 2020 and a pretax loss of $30.3 million in 2019. The following describes the significant divestitures that are included in our consolidated results of operations for each of three years ended December 31, 2021, 2020 and 2019. 2021 Dispositions North Louisiana. As described below, we completed the sale of our North Louisiana assets in third quarter 2020. In 2021, we recognized an additional gain on the sale of these assets of $479,000 which includes a gain of $1.9 million primarily related to final closing adjustments partially offset by a $1.5 million loss on settlement of royalty claims. 2020 Dispositions North Louisiana. In third quarter 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 reflects (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. During 2020, we recorded a pretax loss of $9.5 million, after closing adjustments and transaction costs. The sale included: • Divestiture contingent consideration. We are entitled to receive contingent consideration, annually through 2023, based on future realization 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 a current and noncurrent derivative asset on our consolidated balance sheets. 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 9 and Note 10 for additional information. • Divestiture contract obligation. As part of this sale, 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, along with accretion expense and any adjustments to this obligation, are recognized in exit and termination costs in our consolidated statements of operations. See also Note 10, Note 14 and Note 15 for additional information. Pennsylvania. In first quarter 2020, we completed the sale of our shallow legacy assets in Northwest Pennsylvania for proceeds of $1.0 million. Based upon the receipt of approval from state governmental authorities of a change in operatorship during that quarter, we recognized a pretax gain of $122.5 million primarily due to the elimination of the asset retirement obligation associated with these properties. 2019 Dispositions Pennsylvania. In third quarter 2019, we sold, in three separate transactions, a proportionately reduced 2.5% overriding royalty, primarily in our Washington County, Pennsylvania leases for gross proceeds of $750.0 million. We recorded a pretax loss of $36.5 million related to this sale which represents closing adjustments and transaction fees. In second quarter 2019, we sold natural gas and oil property, primarily representing over 20,000 unproved acres, for proceeds of $34.0 million and recognized a pretax gain of $5.9 million.

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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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