XML 57 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Business Segment Information
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Company’s exploration and production segment is engaged in the acquisition and development of oil and natural gas properties and includes the complementary marketing services provided by OPM. Revenues for the exploration and production segment are derived from the sale of oil and natural gas production. In the first quarter of 2012, the Company began its well services business segment (OWS) to perform completion services for the Company’s oil and natural gas wells operated by OPNA. Revenues for the well services segment are derived from providing well completion services, well completion product sales and tool rentals. In the first quarter of 2013, the Company formed its midstream services business segment (OMS) to perform salt water disposal and other midstream services for the Company’s oil and natural gas wells operated by OPNA. Revenues for the midstream segment are primarily derived from salt water transport, salt water disposal and fresh water sales. The revenues and expenses related to work performed by OWS and OMS for OPNA’s working interests are eliminated in consolidation, and only the revenues and expenses related to non-affiliated working interest owners are included in the Company’s Condensed Consolidated Statement of Operations. These segments represent the Company’s three current operating units, each offering different products and services. The Company’s corporate activities have been allocated to the supported business segments accordingly.
Management evaluates the performance of the Company’s business segments based on operating income, which is defined as segment operating revenues less operating expenses, including depreciation, depletion and amortization. The following table summarizes financial information for the Company’s business segments for the periods presented:
 
 
Exploration and
Production
 
Well Services
 
Midstream Services
 
Eliminations
 
Consolidated
 
(In thousands)
Three months ended June 30, 2015:
 
Revenues from non-affiliates
$
214,110

 
$
9,219

 
$
6,717

 
$
—

 
$
230,046

Inter-segment revenues
—

 
49,469

 
21,944

 
(71,413
)
 
—

Total revenues
214,110

 
58,688

 
28,661

 
(71,413
)
 
230,046

Operating income (loss)
(22,529
)
 
9,008

 
15,947

 
(9,863
)
 
(7,437
)
Other income (expense)
(76,635
)
 
22

 
(25
)
 
—

 
(76,638
)
Income (loss) before income taxes
$
(99,164
)
 
$
9,030

 
$
15,922

 
$
(9,863
)
 
$
(84,075
)
 
 
Three months ended June 30, 2014:
 
 
 
 
 
 
 
 
 
Revenues from non-affiliates
$
354,183

 
$
14,877

 
$
3,318

 
$
—

 
$
372,378

Inter-segment revenues
—

 
43,570

 
10,160

 
(53,730
)
 
—

Total revenues
354,183

 
58,447

 
13,478

 
(53,730
)
 
372,378

Operating income
153,669

 
16,295

 
6,096

 
(9,515
)
 
166,545

Other income (expense)
(104,448
)
 
23

 
—

 
—

 
(104,425
)
Income before income taxes
$
49,221

 
$
16,318

 
$
6,096

 
$
(9,515
)
 
$
62,120

 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2015:
 
 
 
 
 
 
 
 
 
Revenues from non-affiliates
$
387,969

 
$
11,927

 
$
10,537

 
$
—

 
$
410,433

Inter-segment revenues
—

 
97,666

 
35,766

 
(133,432
)
 
—

Total revenues
387,969

 
109,593

 
46,303

 
(133,432
)
 
410,433

Operating income (loss)
(64,776
)
 
18,618

 
25,255

 
(20,169
)
 
(41,072
)
Other income (expense)
(68,396
)
 
20

 
(44
)
 
—

 
(68,420
)
Income (loss) before income taxes
$
(133,172
)
 
$
18,638

 
$
25,211

 
$
(20,169
)
 
$
(109,492
)
 
 
Six months ended June 30, 2014:
 
 
 
 
 
 
 
 
 
Revenues from non-affiliates
$
686,030

 
$
30,704

 
$
5,163

 
$
—

 
$
721,897

Inter-segment revenues
—

 
80,149

 
17,668

 
(97,817
)
 
—

Total revenues
686,030

 
110,853

 
22,831

 
(97,817
)
 
721,897

Operating income
476,615

 
29,747

 
10,728

 
(21,465
)
 
495,625

Other income (expense)
(162,108
)
 
75

 
—

 
—

 
(162,033
)
Income before income taxes
$
314,507

 
$
29,822

 
$
10,728

 
$
(21,465
)
 
$
333,592

 
 
As of June 30, 2015:
 
Property, plant and equipment, net
$
5,179,023

 
$
70,924

 
$
245,842

 
$
(139,132
)
 
$
5,356,657

Total assets
5,599,726

 
385,362

 
330,858

 
(532,014
)
 
5,783,932

As of December 31, 2014:
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
$
5,074,588

 
$
58,767

 
$
172,394

 
$
(118,963
)
 
$
5,186,786

Total assets
5,802,295

 
281,844

 
212,685

 
(358,412
)
 
5,938,412