XML 45 R15.htm IDEA: XBRL DOCUMENT
v3.20.1

Divestitures and Assets Held for Sale | 3 Months Ended
--- | ---
Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Assets Held for Sale | Divestitures and Assets Held for Sale Divestitures The Company reviews portfolio opportunities on an ongoing basis and has engaged in various divestiture transactions over recent years. In January 2020, the Company completed the initial closing for the sale of certain oil and gas properties located in the Williston Basin for total cash proceeds of $10.4 million. The transaction had an effective date of October 1, 2019, and the final closing statement for the transaction will be completed in July 2020. During the three months ended March 31, 2020, the Company recognized an $11.5 million net gain on sale of properties, which includes, and is subject to further, customary post-close adjustments, in its Condensed Consolidated Statements of Operations. The divested properties were in the Company’s exploration and production segment. Assets Held for Sale During the fourth quarter of 2019, the Company decided to pursue an exit from the well services business (the “Well Services Exit”) and began an active program to locate buyers for certain well services inventory and equipment included within the Company’s well services business segment. The assets expected to be sold related to the Well Services Exit met the criteria for assets held for sale at December 31, 2019 and were classified as such. During the three months ended March 31, 2020, the Company recorded an impairment loss of $14.5 million to write-off the net book value of certain well services equipment held for sale as of December 31, 2019 for which a sale is no longer probable to be completed within one year. In addition, the Company recorded an impairment loss of $1.4 million to adjust the carrying value of the remaining equipment held for sale to its estimated fair value less costs to sell. These impairment losses are included in impairment on the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2020. The fair value of the assets held for sale as of March 31, 2020 was determined using the expected sales price based on ongoing negotiations with a potential buyer. The Company considered all available information at the time the estimates were made; however, the fair value that will be ultimately realized upon the sale of these assets may differ from the estimated fair values reflected in the unaudited condensed consolidated financial statements. The expected sale of assets related to the Well Services Exit does not represent a strategic shift that will have a major effect on the Company’s operations and financial results, and therefore, is not reported as discontinued operations. The following table presents balance sheet data related to the assets held for sale related to the Well Services Exit as of March 31, 2020:
| March 31, 2020
| (In thousands)
Inventory | $ | 2,434 |
Other property and equipment | 15,786 |
Less: Accumulated depreciation and impairment | (13,111) |
Total assets held for sale | $ | 5,109 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: 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 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration