Assets Held-for-Sale and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2013

Assets Held-for-Sale and Discontinued Operations

Schedule of assets held-for-sale

	September 30,			December 31,
Assets Held-for-Sale	2013			2012
	(In thousands)
Oil and Gas (1)	$	264,710	(2)	$	377,625
Rig Services (3)	131,491			6,232
	$	396,201		$	383,857

(1) Oil and Gas represents a former operating segment of the Company.  We began marketing efforts during 2010 to sell our oil and gas investments.  As of December 2012, all remaining assets relating to oil and gas were classified as held-for-sale.

(2) During the nine months ended September 30, 2013, the carrying value of these assets was adjusted by $34.4 million to reflect the sales price or current fair value.  In July 2013, we sold some of our gas and oil assets and received initial proceeds of $90 million, subject to customary post-closing adjustments.

(3) Represents the carrying value of Peak assets at September 30, 2013. Peak provided heavy equipment to move drilling rigs, water, other fluids and construction materials.  At September 30, 2013, the accounting criteria of assets held for sale was met and accordingly, we reclassified the carrying value of these assets to assets held-for-sale.  We completed our sale of Peak subsegment to Septemper 30, 2013.  The Rig Services balance at December 31, 2012 represents the assets of our logistics services that were sold on April 1, 2013 for a price of $9.3 million.

Schedule of condensed statements of income (loss) from discontinued operations for each operating segment

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2013			2012			2013			2012
	(In thousands)
Operating revenues
Oil and Gas	$	2,577		$	12,859		$	24,616		$	19,079
Rig Services	$	34,776		$	44,846		$	116,534		$	140,210
Income (loss) from Oil and Gas discontinued operations:
Income (loss) from discontinued operations	$	(8,555	)	$	5,527		$	(11,227	)	$	(2,752	)
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets	4,834			(3,961		)	47,027		(1)	(40,429		)
Less: Income tax expense (benefit)	2,011			(1,604		)	(9,154		)	2,623
Income (loss) from Oil and Gas discontinued operations, net of tax	$	(15,400	)	$	11,092		$	(49,100	)	$	35,054
Income (loss) from Rig Services discontinued operations: (2)
Income (loss) from discontinued operations	$	1,394		$	4,409		$	19,011		$	12,509
Less: Impairment charges or other (gains) and losses on sale of long-lived assets	67			2,459			(922		)	7,728
Less: Income tax expense (benefit)	357			887			5,125			3,947
Income (loss) from Rig Services discontinued operations, net of tax	$	970		$	1,063		$	14,808		$	834

(1) The carrying value of some assets was adjusted. Refer to discussion above.

(2) Income (loss) from Rig Services discontinued operations includes the operating results from Peak and our discontinued logistics services for all periods presented.