Business Segments

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure

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 depreciation, depletion and amortization expense.

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 and 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:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Segment revenues:
Oil and gas exploration and production	$	141,399		$	95,720
Gas marketing	3,233			26,937
Total revenues	$	144,632		$	122,657
Segment income (loss) before income taxes:
Oil and gas exploration and production	$	58,162		$	33,141
Gas marketing	(25		)	67
Unallocated	(30,352		)	(35,510		)
Income (loss) before income taxes	$	27,785		$	(2,302	)

	March 31, 2015		December 31, 2014
	(in thousands)
Segment assets:
Oil and gas exploration and production	$	2,372,565	$	2,254,751
Gas marketing	5,296		6,979
Unallocated	74,365		75,984
Assets held for sale	2,874		2,874
Total assets	$	2,455,100	$	2,340,588