Divestitures

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment Impairment or Disposal [Abstract]

Divestitures

DIVESTITURES

Oil and Natural Gas

We sold $0.6 million of non-core oil and natural gas assets, net of related expenses, during the first three months of 2020 and 2019. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized.

Contract Drilling

In December 2019, we determined that $10.8 million of the assets held for sale would not be sold in the next twelve months and were moved back to long-lived assets. Seven drilling rigs and equipment were to be marketed for sale throughout the next twelve months and remained classified as assets held for sale. The fair value of those assets was $5.9 million. During the first quarter of 2020, due to market conditions, it was determined these assets would not be sold in the next twelve months and were moved back to long-lived assets. We no longer have assets that meet the criteria to be classified as held for sale.