Divestitures

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment Impairment or Disposal [Abstract]

Divestitures

DIVESTITURES

Oil and Natural Gas

We sold $0.9 million of non-core oil and natural gas assets, net of related expenses, during the first six months of 2020, compared to $2.1 million during the first six months of 2019. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized.

Contract Drilling

As of December 31, 2019, we had seven drilling rigs and other drilling equipment to be marketed for sale throughout the next twelve months, which we classified as assets held for sale with a fair value of $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 reclassified to long-lived assets. We no longer have assets that meet the criteria to be classified as held for sale.