Sale of Piceance and Arkoma Properties - Discontinued Operations (Piceance Basin and Arkoma Basin)

12 Months Ended

Dec. 31, 2014

Piceance Basin and Arkoma Basin

Sale of Assets

Sale of Piceance and Arkoma Properties - Discontinued Operations

(3) Sale of Piceance and Arkoma Properties—Discontinued Operations

In 2012, the Company sold its Piceance Basin assets in Colorado and its Arkoma Basin assets in Oklahoma.  Total proceeds from the sales, including liquidation of related hedge positions, were approximately $843 million and pre-tax losses on the asset sales of approximately $796 million were recorded in 2012.  Pre-tax losses were adjusted downward in 2013 and 2014 by $8.5 million and $3.6 million for the resolution of certain liabilities recorded at the time of the sales and settlement of final contractual purchase price adjustments.

Results of operations and the loss on the sale of the Piceance Basin and Arkoma Basin assets are shown as discontinued operations on the accompanying Consolidated Statement of Operations and Comprehensive Income (Loss) and are comprised of the following (in thousands):

	Year ended December 31,
	2012		2013		2014
Sales of oil, natural gas, and natural gas liquids	$	125,396		—		—
Commodity derivative fair value gains		46,358		—		—
Revenues		171,754		—		—
Operating expenses		158,707		—		—
Loss (gain) on sale of assets		795,945		(8,506)		(3,564)
Total expenses		954,652		(8,506)		(3,564)
Income (loss) from discontinued operations before income taxes		(782,898)		8,506		3,564
Income tax (expense) benefit		272,553		(3,249)		(1,354)
Net income (loss) from discontinued operations	$	(510,345)		5,257		2,210