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Industry Segment Information
 9 Months Ended
Sep. 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
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
Oil and natural gas
 
$
96,619

 
$
188,471

 
$
309,944

 
$
575,176

 
 
 
 
 
 
 
 
 
Contract drilling
 
68,426

 
147,866

 
234,177

 
407,905

Elimination of inter-segment revenue
 
(3,404
)
 
(27,214
)
 
(19,063
)
 
(66,375
)
Contract drilling net of inter-segment revenue
 
65,022

 
120,652

 
215,114

 
341,530

 
 
 
 
 
 
 
 
 
Gas gathering and processing
 
66,836

 
113,467

 
209,803

 
350,181

Elimination of inter-segment revenue
 
(16,084
)
 
(21,616
)
 
(52,922
)
 
(72,494
)
Gas gathering and processing net of inter-segment revenue
 
50,752

 
91,851

 
156,881

 
277,687

 
 
 
 
 
 
 
 
 
Total revenues
 
$
212,393

 
$
400,974

 
$
681,939

 
$
1,194,393

Operating income (loss):
 

 

 
 
 
 
Oil and natural gas
 
$
(329,152
)
 
$
69,597

 
$
(1,163,358
)
 
$
240,239

Contract drilling
 
15,281

 
31,365

 
40,550

 
83,311

Gas gathering and processing
 
(538
)
 
3,021

 
(718
)
 
9,549

Total operating income (loss) (1)
 
(314,409
)
 
103,983

 
(1,123,526
)
 
333,099

General and administrative
 
(7,643
)
 
(10,172
)
 
(26,637
)
 
(30,409
)
Gain (loss) on disposition of assets
 
(7,230
)
 
(529
)
 
(6,270
)
 
9,092

Gain (loss) on derivatives not designated as hedges
 
8,250

 
19,841

 
12,917

 
(9,234
)
Interest expense, net
 
(8,286
)
 
(4,280
)
 
(23,482
)
 
(12,201
)
Other
 
16

 
(68
)
 
38

 
3

Income (loss) before income taxes
 
$
(329,302
)
 
$
108,775

 
$
(1,166,960
)
 
$
290,350

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