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Segment Information | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
SEGMENT INFORMATION | The Company operates in two business segments: (i) exploration and production and (ii) midstream. The exploration and production segment is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States and is currently focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. The midstream segment conducts midstream operations in support of the Company’s exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and salt water gathering services and salt water disposal services to third parties. Substantially all of the Company’s midstream operations in the Rustler Breaks, Wolf and Stateline asset areas and the Greater Stebbins Area in the Delaware Basin are conducted through San Mateo. The following tables present selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis, corporate expenses that are not allocated to a segment and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis (in thousands). On a consolidated basis, midstream services revenues consist primarily of those revenues from midstream operations related to third parties, including working interest owners in the Company’s operated wells. All midstream services revenues associated with Company-owned production are eliminated in consolidation. In evaluating the operating results of the exploration and production and midstream segments, the Company does not allocate certain expenses to the individual segments, including general and administrative expenses. Such expenses are reflected in the column labeled “Corporate.”
| Exploration and Production |  |  |  |  |  | Consolidations and Eliminations |  | Consolidated Company
|  | Midstream |  | Corporate |  |
Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |
Oil and natural gas revenues | $ | 196,795 |  |  | $ | 1,119 |  |  | $ | — |  |  | $ | — |  |  | $ | 197,914 |
Midstream services revenues | — |  |  | 37,749 |  |  | — |  |  | (21,919 | ) |  | 15,830 |
Sales of purchased natural gas | 3,595 |  |  | 6,949 |  |  | — |  |  | — |  |  | 10,544 |
Realized gain on derivatives | 10,867 |  |  | — |  |  | — |  |  | — |  |  | 10,867 |
Unrealized gain on derivatives | 136,430 |  |  | — |  |  | — |  |  | — |  |  | 136,430 |
Expenses(1) | 161,325 |  |  | 24,330 |  |  | 14,317 |  |  | (21,919 | ) |  | 178,053 |
Operating income (loss)(2) | $ | 186,362 |  |  | $ | 21,487 |  |  | $ | (14,317 | ) |  | $ | — |  |  | $ | 193,532 |
Total assets | $ | 3,571,257 |  |  | $ | 715,413 |  |  | $ | 47,001 |  |  | $ | — |  |  | $ | 4,333,671 |
Capital expenditures(3) | $ | 209,735 |  |  | $ | 68,073 |  |  | $ | 787 |  |  | $ | — |  |  | $ | 278,595 |
_____________________
(1) | Includes depletion, depreciation and amortization expenses of $85.2 million and $4.8 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.7 million.
(2) | Includes $9.4 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.
(3) | Includes $39.7 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $47.6 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.
| Exploration and Production |  |  |  |  |  | Consolidations and Eliminations |  | Consolidated Company
|  | Midstream |  | Corporate |  |
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |
Oil and natural gas revenues | $ | 191,663 |  |  | $ | 1,606 |  |  | $ | — |  |  | $ | — |  |  | $ | 193,269 |
Midstream services revenues | — |  |  | 30,254 |  |  | — |  |  | (18,416 | ) |  | 11,838 |
Sales of purchased natural gas | — |  |  | 11,231 |  |  | — |  |  | — |  |  | 11,231 |
Realized gain on derivatives | 3,270 |  |  | — |  |  | — |  |  | — |  |  | 3,270 |
Unrealized loss on derivatives | (45,719 | ) |  | — |  |  | — |  |  | — |  |  | (45,719 | )
Expenses(1) | 141,980 |  |  | 25,834 |  |  | 16,950 |  |  | (18,416 | ) |  | 166,348 |
Operating income (loss)(2) | $ | 7,234 |  |  | $ | 17,257 |  |  | $ | (16,950 | ) |  | $ | — |  |  | $ | 7,541 |
Total assets | $ | 3,043,375 |  |  | $ | 477,836 |  |  | $ | 62,087 |  |  | $ | — |  |  | $ | 3,583,298 |
Capital expenditures(3) | $ | 197,611 |  |  | $ | 29,432 |  |  | $ | 807 |  |  | $ | — |  |  | $ | 227,850 |
_____________________
(1) | Includes depletion, depreciation and amortization expenses of $72.6 million and $3.7 million for the exploration and production and midstream segments, respectively. Also includes corporate depletion, depreciation and amortization expenses of $0.6 million.
(2) | Includes $7.5 million in net income attributable to non-controlling interest in subsidiaries related to the midstream segment.
(3) Includes $23.1 million attributable to land and seismic acquisition expenditures related to the exploration and production segment and $13.7 million in capital expenditures attributable to non-controlling interest in subsidiaries related to the midstream segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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