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Divestitures, Assets Held for Sale, and Acquisitions | 9 Months Ended
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Sep. 30, 2018
Divestitures, Assets Held for Sale, and Acquisitions [Abstract] |
Divestitures, Assets Held for Sale, and Acquisitions [Text Block] | Note 3 - Divestitures, Assets Held for Sale, and Acquisitions Divestitures On March 26, 2018, the Company divested approximately 112,000 net acres of its Powder River Basin assets (the “PRB Divestiture”) for total cash received at closing, net of costs (referred to throughout this report as “net divestiture proceeds”), of $490.8 million, subject to final purchase price adjustments, and recorded an estimated net gain of $410.6 million for the nine months ended September 30, 2018. These assets were recorded as properties held for sale as of December 31, 2017. During the second quarter of 2018, the Company completed the divestitures of its remaining assets in the Williston Basin located in Divide County, North Dakota (the “Divide County Divestiture”) and its Halff East assets in the Midland Basin (the “Halff East Divestiture”), for combined net divestiture proceeds received at closing of $250.8 million, subject to final purchase price adjustments, and recorded a combined estimated net gain of $15.4 million for the nine months ended September 30, 2018. A portion of these assets were recorded as properties held for sale as of December 31, 2017. The following table presents income (loss) before income taxes from the Divide County, North Dakota assets sold for the three and nine months ended September 30, 2018, and 2017. The Divide County Divestiture was considered a disposal of a significant asset group.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (in thousands)
Income (loss) before income taxes (1) | $ | — |  |  | $ | 7,593 |  |  | $ | (28,975 | ) |  | $ | (478,572 | )
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(1) | Income (loss) before income taxes reflects oil, gas, and NGL production revenue, less oil, gas, and NGL production expense, depletion, depreciation, amortization, and asset retirement obligation liability accretion expense, impairment expense, and net loss on divestiture activity.
On March 10, 2017, the Company closed the divestiture of its outside-operated Eagle Ford shale assets, including its ownership interest in related midstream assets, for final net divestiture proceeds of $744.1 million. The Company recorded a final net gain of $396.8 million related to these divested assets for the year ended December 31, 2017. Additionally, during the first nine months of 2017, the Company divested certain non-core properties in its Rocky Mountain and Permian regions for net divestiture proceeds of $31.0 million. Properties Held for Sale Assets are classified as held for sale when the Company commits to a plan to sell the assets and it is probable the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to identify and expense any excess of carrying value over fair value less estimated costs to sell. When assets no longer meet the criteria of assets held for sale, they are measured at the lower of the carrying value of the assets before being classified as held for sale, adjusted for any depletion, depreciation, and amortization expense that would have been recognized, or the fair value at the date they are reclassified to assets held for use. Any gain or loss recognized on assets held for sale or on assets held for sale that are subsequently reclassified to assets held for use is reflected in the net gain (loss) on divestiture activity line item on the accompanying statements of operations. As of September 30, 2018, and December 31, 2017, there were $5.0 million and $111.7 million, respectively, of assets held for sale presented on the accompanying balance sheets. The balance as of December 31, 2017, consisted primarily of approximately 112,000 net acres in the Powder River Basin, and is presented net of accumulated depletion, depreciation, and amortization expense. As discussed above, the Company sold these assets in the first quarter of 2018. During the nine months ended September 30, 2017, the Company recorded a $526.5 million write-down on its Divide County, North Dakota, assets previously held for sale. As discussed above, the Company sold these assets in the second quarter of 2018. Acquisitions During the third quarter of 2018, the Company completed two non-monetary acreage trades of primarily unproved properties located in Howard and Martin Counties, Texas, resulting in the Company receiving 2,658 net acres in exchange for 2,654 net acres, with $95.1 million of carrying value attributed to the properties surrendered by the Company. These trades were recorded at carryover basis with no gain or loss recognized. During the second quarter of 2018, the Company acquired 720 net acres of unproved properties in Martin County, Texas, for $24.6 million. Under authoritative accounting guidance, this transaction was considered an asset acquisition. Therefore, the properties were recorded based on the fair value of the total consideration transferred on the acquisition date and the transaction costs were capitalized as a component of the cost of the assets acquired. During the nine months ended September 30, 2017, the Company acquired 3,400 net acres of primarily unproved properties in Howard and Martin Counties, Texas, in multiple transactions for a total of $72.2 million of cash consideration. Each of these transactions was accounted for as an asset acquisition. Also, during the nine months ended September 30, 2017, the Company completed several non-monetary acreage trades of primarily unproved properties in Howard and Martin Counties, Texas, resulting in the Company receiving 7,425 net acres in exchange for 6,725 net acres, with $283.7 million of carrying value attributed to the properties surrendered by the Company. These trades were recorded at carryover basis with no gain or loss recognized.

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- Definition The entire disclosure of activity related to acquisitions, divestitures, and assets held for sale. [Text Block] + References No definition available. + Details
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- Definition Divestitures, Assets Held for Sale, and Acquisitions [Abstract] + References No definition available. + Details
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