Property, Plant And Equipment

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	September 30, 2015			December 31, 2014
	(in thousands)
	(Restated)
Oil and gas properties
Subject to depletion	$	5,687,844		$	5,821,167
Unevaluated costs	21,377			18,803
Accumulated depletion	(5,367,733		)	(5,225,302		)
Net oil and gas properties	341,488			614,668
Other property and equipment
Pipelines and processing facilities	293,859			316,013
General properties	63,288			66,455
Accumulated depreciation	(257,815		)	(268,356		)
Net other property and equipment	99,332			114,112
Property, plant and equipment, net of accumulated depletion and depreciation	$	440,820		$	728,780

Ceiling Test Analysis and Impairment

We recorded impairment expense of $150.8 million at September 30, 2015 for our U.S. oil and gas properties and $13.7 million and $77.4 million at September 30, 2015 and June 30, 2015, respectively, for our Canadian oil and gas properties. We computed the September 30, 2015 ceiling amount for our U.S. oil and gas properties using the Henry Hub natural gas price of $3.06 per MMBtu of natural gas, calculated as the unweighted average of the preceding 12-month first-day-of-the-month prices. The Henry Hub natural gas price used to compute the ceiling amount at September 30, 2015 was 30% lower than the comparable price at December 31, 2014. We computed the September 30, 2015 and June 30, 2015 ceiling amounts for our Canadian oil and gas properties using AECO prices of $2.51 and $2.90 per MMBtu of natural gas, respectively, calculated as the unweighted average of the preceding 12-month first-day-of-the-month prices. The AECO natural gas prices used to compute the ceiling amount at September 30, 2015 and June 30, 2015 were 41% and 31% lower, respectively, than the comparable price used at December 31, 2014.

Notes 2 and 7 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contain additional information regarding our property, plant and equipment and our quarterly ceiling test analysis.