Divestitures

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

DIVESTITURES

In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company. The purchase price was subject to customary purchase price adjustments, which resulted in Southwestern paying us $95.6 million, including a final adjustment of $2.1 million, which we received in the third quarter of 2014. We determined that the Southwestern Transaction did not represent a significant disposal of reserves under GAAP, therefore we reduced the balance of U.S. oil and gas properties by the amount of these proceeds and we did not recognize a gain or loss.

Note 3 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on other divestitures.