Dispositions	6 Months Ended
Jun. 30, 2011
Dispositions [Abstract]
DISPOSITIONS	(4) DISPOSITIONS 2011 Asset Sales In February 2011, we entered into an agreement to sell substantially all of our Barnett Shale natural gas properties in the Barnett Shale Play located in North Central Texas (Dallas, Denton, Ellis, Hill, Hood, Johnson, Parker, Tarrant and Wise Counties), which also included the assumption of certain derivative contracts by the buyer and is subject to normal post closing adjustments. We closed substantially all of this sale in second quarter 2011, for gross cash proceeds of approximately $877.0 million, including the derivative contracts assumed. This transaction is subject to additional closings on certain properties subject to preferential rights along with other post-closing adjustments. We expect to close the remainder of the sale in the third quarter 2011. The agreements have an effective date of February 1, 2011 and consequently operating net revenues after February 1, 2011 were a downward adjustment to the selling price. We recorded a pretax gain of $3.8 million in discontinued operations related to this sale. In the accompanying December 31, 2010 balance sheet, we have classified these assets and liabilities as discontinued operations. As indicated in Note 2 and 5, the historic results of our Barnett operations are presented as discontinued operations. As part of the sale of our Barnett properties, certain derivative contracts were assumed by the buyer. This resulted in a loss of $1.7 million in second quarter 2011. Under cash flow hedge accounting, an $18.8 million pretax gain related to these hedges is included in accumulated other comprehensive income at June 30, 2011 and will be recognized in earnings during the remainder of 2011 as the hedged production occurs. The hedges assumed as part of the sale were not designated to our Barnett production and were sold to balance our volumes hedged. 2010 Asset Sales In February 2010, we entered into an agreement to sell our tight gas sand properties in Ohio. We closed approximately 90% of the sale in March 2010 and closed the remainder in June 2010. Proceeds received in first six months 2010 were approximately $323.0 million and we recorded a gain of $77.4 million in continuing operations. The agreement had an effective date of January 1, 2010, and consequently operating net revenues after January 1, 2010 were a downward adjustment to the selling price. The proceeds we received were placed in a like-kind exchange account and in June 2010, we used a portion of the proceeds to purchase proved and unproved natural gas properties in Virginia. In September 2010, the like-kind exchange account was closed and the balance of these proceeds ($135.0 million) was used to repay amounts outstanding under our bank credit facility.

(4) DISPOSITIONS

2011 Asset Sales

In February 2011, we entered into an agreement to sell substantially all of our Barnett Shale natural gas properties in the Barnett Shale Play located in North Central Texas (Dallas, Denton, Ellis, Hill, Hood, Johnson, Parker, Tarrant and Wise Counties), which also included the assumption of certain derivative contracts by the buyer and is subject to normal post closing adjustments. We closed substantially all of this sale in second quarter 2011, for gross cash proceeds of approximately $877.0 million, including the derivative contracts assumed. This transaction is subject to additional closings on certain properties subject to preferential rights along with other post-closing adjustments. We expect to close the remainder of the sale in the third quarter 2011. The agreements have an effective date of February 1, 2011 and consequently operating net revenues after February 1, 2011 were a downward adjustment to the selling price. We recorded a pretax gain of $3.8 million in discontinued operations related to this sale. In the accompanying December 31, 2010 balance sheet, we have classified these assets and liabilities as discontinued operations. As indicated in Note 2 and 5, the historic results of our Barnett operations are presented as discontinued operations.

As part of the sale of our Barnett properties, certain derivative contracts were assumed by the buyer. This resulted in a loss of $1.7 million in second quarter 2011. Under cash flow hedge accounting, an $18.8 million pretax gain related to these hedges is included in accumulated other comprehensive income at June 30, 2011 and will be recognized in earnings during the remainder of 2011 as the hedged production occurs. The hedges assumed as part of the sale were not designated to our Barnett production and were sold to balance our volumes hedged.

2010 Asset Sales

In February 2010, we entered into an agreement to sell our tight gas sand properties in Ohio. We closed approximately 90% of the sale in March 2010 and closed the remainder in June 2010. Proceeds received in first six months 2010 were approximately $323.0 million and we recorded a gain of $77.4 million in continuing operations. The agreement had an effective date of January 1, 2010, and consequently operating net revenues after January 1, 2010 were a downward adjustment to the selling price. The proceeds we received were placed in a like-kind exchange account and in June 2010, we used a portion of the proceeds to purchase proved and unproved natural gas properties in Virginia. In September 2010, the like-kind exchange account was closed and the balance of these proceeds ($135.0 million) was used to repay amounts outstanding under our bank credit facility.