BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENTS

We separate our operating activities into two segments: Oil and Gas Exploration and Production and Gas Marketing. All material inter-company accounts and transactions between segments have been eliminated.

Oil and Gas Exploration and Production. Our Oil and Gas Exploration and Production segment includes all of our crude oil and natural gas properties. The segment represents revenues and expenses from the production and sale of crude oil, natural gas and NGLs. Segment revenue includes crude oil, natural gas and NGLs sales, commodity price risk management, net, and well operation and pipeline income. Segment income (loss) consists of segment revenue less production cost, exploration expense, impairment of crude oil and natural gas properties, direct general and administrative expense and DD&A expense. Segment DD&A expense was $122.2 million, $94.1 million and $83.6 million in 2013, 2012 and 2011, respectively.

Gas Marketing. Our Gas Marketing segment purchases, aggregates and resells natural gas produced by us and others. Segment income (loss) primarily represents sales from natural gas marketing and direct interest income less costs of natural gas marketing and direct general and administrative expense.

Unallocated amounts. Unallocated income includes unallocated other revenue, less corporate general administrative expense, corporate DD&A expense, interest income and interest expense. Unallocated assets include assets utilized for corporate, general and administrative purposes, as well as assets not specifically included in our two business segments.

The following tables present our segment information:

	2013			2012			2011
	(in thousands)
Year Ended December 31,
Segment revenues:
Oil and gas exploration and production	$	341,527		$	275,234		$	273,819
Gas marketing	69,787			45,371			63,470
Total revenues	$	411,314		$	320,605		$	337,289
Segment income (loss) before income taxes:
Oil and gas exploration and production	$	79,527		$	103,111		$	138,616
Gas marketing	(298		)	349			639
Unallocated	(120,498		)	(137,856		)	(104,891		)
Income (loss) before income taxes	$	(41,269	)	$	(34,396	)	$	34,364
Expenditures for segment long-lived assets:
Oil and gas exploration and production	$	403,227		$	656,443		$	479,027
Unallocated	1,379			3,509			1,363
Total	$	404,606		$	659,952		$	480,390
As of December 31,
Segment assets:
Oil and gas exploration and production	$	1,934,466		$	1,723,011
Gas marketing	20,342			11,090
Unallocated	67,610			92,747
Assets held for sale	2,785			—
Total assets	$	2,025,203		$	1,826,848