XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment:

	June 30, 2017				December 31, 2016
	(In thousands)
Proved oil and gas properties(1)	$	6,671,833			$	6,476,833
Less: accumulated depreciation, depletion, amortization and impairment	(2,130,330		)		(1,886,732		)
Proved oil and gas properties, net	4,541,503				4,590,101
Unproved oil and gas properties	816,242				819,735
Other property and equipment	695,592				618,790
Less: accumulated depreciation	(122,323		)		(109,059		)
Other property and equipment, net	573,269				509,731
Total property, plant and equipment, net	$	5,931,014			$	5,919,567

__________________

(1) Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of $43.3 million and $42.9 million at June 30, 2017 and December 31, 2016, respectively.

Midstream assets acquisition. On April 25, 2017, the Company completed purchase and sale agreements with two undisclosed private sellers to acquire certain midstream assets in McKenzie County, North Dakota for total consideration of $12.7 million, which includes $4.9 million of installment notes payable. Based on the FASB’s authoritative guidance, the acquisition qualified as a business combination, and as such, the Company estimated the fair value of the assets acquired as of the acquisition date. The Company recorded the assets acquired at their estimated fair value of $12.7 million, which the Company considers to be representative of the price paid by a typical market participant. This measurement resulted in no goodwill or bargain purchase being recognized.

The results of operations for the acquisition have been included in the Company’s condensed consolidated financial statements since the closing date. Pro forma information is not presented as the pro forma results would not be materially different from the information presented in the Company’s Condensed Consolidated Statement of Operations.

X

- References

No definition available.

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration