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Industry Segment Information
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Industry Segment Information
INDUSTRY SEGMENT INFORMATION

We have three main business segments offering different products and services:
 
•
Oil and natural gas,
•
Contract drilling, and
•
Mid-stream

The oil and natural gas segment is engaged in the development, acquisition, and production of oil, NGLs, and natural gas properties. The contract drilling segment is engaged in the land contract drilling of oil and natural gas wells and the mid-stream segment is engaged in the buying, selling, gathering, processing, and treating of natural gas and NGLs.

We evaluate each segment’s performance based on its operating income, which is defined as operating revenues less operating expenses and depreciation, depletion, amortization, and impairment. Our oil and natural gas properties outside the United States are not significant.

The following table provides certain information about the operations of each of our segments:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
Oil and natural gas
 
$
107,256

 
$
198,498

 
$
213,325

 
$
386,705

 
 
 
 
 
 
 
 
 
Contract drilling
 
60,813

 
135,782

 
165,751

 
260,040

Elimination of inter-segment revenue
 
(5,798
)
 
(21,504
)
 
(15,659
)
 
(39,162
)
Contract drilling net of inter-segment revenue
 
55,015

 
114,278

 
150,092

 
220,878

 
 
 
 
 
 
 
 
 
Gas gathering and processing
 
69,163

 
116,354

 
142,967

 
236,714

Elimination of inter-segment revenue
 
(16,987
)
 
(23,699
)
 
(36,838
)
 
(50,878
)
Gas gathering and processing net of inter-segment revenue
 
52,176

 
92,655

 
106,129

 
185,836

 
 
 
 
 
 
 
 
 
Total revenues
 
$
214,447

 
$
405,431

 
$
469,546

 
$
793,419

Operating income (loss):
 

 

 
 
 
 
Oil and natural gas
 
$
(417,353
)
 
$
82,530

 
$
(834,206
)
 
$
170,642

Contract drilling
 
(3,049
)
 
27,545

 
25,269

 
51,946

Gas gathering and processing
 
736

 
3,898

 
(180
)
 
6,528

Total operating income (loss) (1)
 
(419,666
)
 
113,973

 
(809,117
)
 
229,116

General and administrative
 
(9,624
)
 
(10,600
)
 
(18,994
)
 
(20,237
)
Gain on disposition of assets
 
415

 
195

 
960

 
9,621

Gain (loss) on derivatives not designated as hedges
 
(1,919
)
 
(10,709
)
 
4,667

 
(29,075
)
Interest expense, net
 
(7,956
)
 
(4,131
)
 
(15,196
)
 
(7,921
)
Other
 
24

 
(49
)
 
22

 
71

Income (loss) before income taxes
 
$
(438,726
)
 
$
88,679

 
$
(837,658
)
 
$
181,575

_______________________
(1)
Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, amortization, and impairment and does not include general corporate expenses, gain on disposition of assets, gain (loss) on non-designated hedges, interest expense, other income (loss), or income taxes.