XML 36 R13.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations At year-end 2016, we have divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets for all periods presented. In addition, in second quarter 2016, we changed the name of the oil and gas segment to mineral resources to reflect the strategic shift from oil and gas working interest investments to owned mineral interests. Summarized results from discontinued operations were as follows:
| For the Year
| 2016 |  | 2015 |  | 2014
Revenues | $ | 5,862 |  |  | $ | 43,845 |  |  | $ | 68,610 |
Cost of oil and gas producing activities | (6,578 | ) |  | (221,402 | ) |  | (94,581 | )
Other operating expenses | (7,754 | ) |  | (10,363 | ) |  | (14,357 | )
Loss from discontinued operations before income taxes | $ | (8,470 | ) |  | $ | (187,920 | ) |  | $ | (40,328 | )
Gain (loss) on sale of assets before income taxes | (13,664 | ) |  | (706 | ) |  | 8,526 |
Income tax benefit | 5,269 |  |  | 2,496 |  |  | 12,193 |
Loss from discontinued operations, net of taxes | $ | (16,865 | ) |  | $ | (186,130 | ) |  | $ | (19,609 | )
In 2016, we recorded a net loss of $13,664,000 on the sale of 199,263 net mineral acres leased from others and 379 gross (95 net) producing oil and gas working interest wells in Nebraska, Kansas, Oklahoma and North Dakota for total net proceeds of $80,374,000, which includes $3,269,000 in reimbursement of capital costs incurred on in-progress wells that were assumed by the buyer. Other operating expenses in 2016 include loss contingency charges of $2,990,000 related to litigation and $1,155,000 related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming. Please read Note 14—Litigation and Environmental Contingencies for additional information about these items. In 2015, we recorded a net loss of $706,000 on the sale of 109,000 net mineral acres leased from others and the disposition of 39 gross (7 net) producing oil and gas wells in Nebraska, Texas, Colorado, North Dakota and Oklahoma for total net proceeds of $17,800,000. In 2014, we recorded a net gain of $8,526,000 on the sale of 650 net mineral acres leased from others and 124 gross (18 net) producing oil and gas working interest wells in Nebraska, Kansas, Oklahoma and North Dakota for total net proceeds of $17,660,000. Cost of sales includes non-cash impairment charges of $612,000 in 2016, $163,029,000 in 2015 and $32,665,000 in 2014 related to our proved properties and unproved leasehold oil and gas working interests. The major classes of assets and liabilities of discontinued operations at year-end 2016 and 2015 are as follows:
| At Year-End
| 2016 |  | 2015
| (In thousands)
Assets of Discontinued Operations: |  |  |
Receivables, net of allowance for bad debt | $ | 6 |  |  | $ | 4,632 |
Oil and gas properties and equipment, net | — |  |  | 79,733 |
Goodwill and other intangible assets | — |  |  | 19,673 |
Prepaid expenses | 8 |  |  | 96 |
Other assets | — |  |  | 833 |
| $ | 14 |  |  | $ | 104,967 |
Liabilities of Discontinued Operations: |  |  |
Accounts payable | $ | 67 |  |  | $ | 342 |
Accrued property taxes | — |  |  | 259 |
Other accrued expenses | 5,228 |  |  | 8,924 |
Other liabilities | — |  |  | 1,667 |
| $ | 5,295 |  |  | $ | 11,192 |
Significant operating activities and investing activities of discontinued operations are as follows:
| For the Year
| 2016 |  | 2015 |  | 2014
| (In thousands)
Operating activities: |  |  |  |  |
Asset impairments | $ | 612 |  |  | $ | 105,337 |  |  | $ | 15,535 |
Dry hole and unproved leasehold impairment charges | — |  |  | 67,639 |  |  | 29,528 |
Loss (gain) on sale of assets | 13,664 |  |  | 706 |  |  | (8,526 | )
Depreciation, depletion and amortization | 2,202 |  |  | 28,391 |  |  | 28,758 |
| $ | 16,478 |  |  | $ | 202,073 |  |  | $ | 65,295 |
Investing activities: |  |  |  |  |
Oil and gas properties and equipment | $ | (579 | ) |  | $ | (49,717 | ) |  | $ | (101,145 | )
Acquisition of oil and gas properties | — |  |  | — |  |  | (1,100 | )
Proceeds from sales of assets | 77,105 |  |  | 17,800 |  |  | 17,660 |
| $ | 76,526 |  |  | $ | (31,917 | ) |  | $ | (84,585 | )

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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration