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Assets Held for Sale and Discontinued Operations
 3 Months Ended
Mar. 31, 2016
Assets Held for Sale and Discontinued Operations  
Assets Held for Sale and Discontinued Operations

Note 11 Assets Held-for-Sale and Discontinued Operations

 

Assets Held-for-Sale

 

Assets held-for-sale included the following:

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

    

2016

    

 

2015

 

 

 

(In thousands)

 

Oil and Gas

 

$
78,000

 

 

$
73,578

 

Other

 

 
2,100

 

 

 
2,100

 

 

 

$
80,100

 

 

$
75,678

 

 

We have contracts with pipeline companies to pay specified fees based on committed volumes for gas transport and processing.  At March 31, 2016, our undiscounted contractual commitments for these contracts approximated $23.0 million and we had liabilities of $16.1 million, $5.5 million of which were classified as current and were included in accrued liabilities.  At December 31, 2015, our undiscounted contractual commitments for these contracts approximated $23.3 million and we had liabilities of $16.1 million, $5.2 million of which were classified as current and were included in accrued liabilities. These amounts represent our best estimate of the fair value of the excess capacity of the pipeline commitments calculated using a discounted cash flow model, when considering our disposal plan, current production levels, natural gas prices and expected utilization of the pipeline over the remaining contractual term.  Decreases in actual production or natural gas prices could result in future charges related to excess pipeline commitments.

 

Discontinued Operations

 

Our condensed statements of income (loss) from discontinued operations were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

    

March 31,

 

 

 

    

2016

    

 

2015

    

 

 

 

(In thousands)

 

Operating revenues (1)

 

$
377

 

 

$
1,450

 

 

Income (loss) from Oil & Gas discontinued operations:

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$
(1,326)

 

 

$
(1,386)

 

 

Less: Impairment charges or other (gains) and losses on sale of wholly owned assets

 

 

 —

 

 

 

 —

 

 

Less: Income tax expense (benefit)

 

 
(400)

 

 

 
(569)

 

 

Income (loss) from Oil and Gas discontinued operations, net of tax

 

$
(926)

 

 

$
(817)

 

 

 

(1)

Reflects operating revenues of our historical oil and gas operating segment.