Business Segments

3 Months Ended

Mar. 31, 2016

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 unrelated third-parties. 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,
	2016			2015
	(in thousands)
Segment revenues:
Oil and gas exploration and production	$	88,660		$	141,399
Gas marketing	2,171			3,233
Total revenues	$	90,831		$	144,632
Segment income (loss) before income taxes:
Oil and gas exploration and production	$	(34,033	)	$	60,526
Gas marketing	(407		)	(25		)
Unallocated	(78,929		)	(32,716		)
Income (loss) before income taxes	$	(113,369	)	$	27,785

	March 31, 2016		December 31, 2015
	(in thousands)
Segment assets:
Oil and gas exploration and production	$	2,482,677	$	2,294,288
Gas marketing	4,164		4,217
Unallocated	28,556		72,038
Total assets	$	2,515,397	$	2,370,543