Oil And Gas Properties (Tables)

12 Months Ended

Dec. 31, 2012


		2012		2011
Asset retirement obligations at January 1,	$	227,090	$	222,653
Liability incurred during the period		3,664		4,982
Liability settled during the period		(105,160)		(37,769)
Other revisions in estimated cash flows ⁽¹⁾		62,834		22,345
Accretion expense (included in depreciation and amortization)		12,550		14,879
Asset retirement obligations at December 31,	$	200,978	$	227,090

(1) The increased amount of these liabilities includes revisions to both non-producing and producing oil and gas properties. Increases to liabilities associated with non-producing fields ($12.4 million and $22.5 million during the year ended December 31, 2012 and 2011, respectively) include corresponding abandonment expense charges to cost of sales within our consolidated statements of operations while changes in estimates for producing properties are recorded as an increase to property and equipment carrying costs of the related oil and gas properties within our consolidated balance sheets.

Results of Operations for Oil and Gas Producing Activities Disclosure


		Year Ended December 31,
		2012		2011		2010

Revenues	$	557,231	$	696,607	$	425,369
Costs:
Production (lifting) costs		164,663		176,269		131,156
Hurricane repair expense		662		(4,838)		4,699
Exploration expenses ⁽¹⁾		3,295		10,914		8,276
Depreciation, depletion, amortization and accretion		158,284		219,915		235,243
Proved property impairment and abandonment charges ⁽²⁾		151,045		113,439		177,138
(Gain) loss on sale of oil and gas properties		1,714		(4,531)		(287)
Non-hedge gain on commodity derivative contracts		(5,550)		-		(1,088)
Selling, general and administrative expenses		17,823		12,951		15,966
Net interest expense and other ⁽³⁾		28,191		25,558		19,687
Total costs		520,127		549,677		590,790
Pretax income (loss) from discontinued operations		37,104		146,930		(165,421)
Income tax provision (benefit)		13,420		51,709		(58,764)
Income (loss) from discontinued operations, net of tax	$	23,684	$	95,221	$	(106,657)

(1) See “Exploration and Other” below for additional information related to the components of our exploration costs, including impairment charges for expiring unproved leases.

(2) Includes $138.6 million recorded to reduce our carrying value of ERT to its estimated fair value less costs to sell.

(3) Net interest expense of $27.7 million, $25.2 million and $19.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, was allocated to ERT primarily based on interest associated with indebtedness directly attributed to the substantial acquisition made by our oil and gas subsidiary in 2006. This includes interest related to debt required to be paid upon the disposition of ERT.

Schedule of Results of Discontinued Operations


		2012		2011

Cash and cash equivalents	$	2	$	2
Accounts receivable		63,762		90,882
Other current assets		20,236		28,037
Current assets of discontinued operations		84,000		118,921
Property and equipment, net		787,852		871,658
Restricted cash and other		28,375		33,741
Non-current assets of discontinued operations	$	816,227	$	905,399

Accounts payable	$	110,569	$	73,124
Accrued liabilities		18,217		27,968
Current asset retirement obligations		53,741		65,883
Current liabilities of discontinued operations		182,527		166,975
Asset retirement obligations		147,237		161,208
Non-current liabilities of discontinued operations	$	147,237	$	161,208

Schedule of Aging of Capitalized Exploratory Well Costs


		2012		2011

Wang ⁽¹⁾	$	-	$	3,096
Danny II		-		2,619
T-6 ⁽¹⁾		8,122		-
Other		125		125
Total	$	8,247	$	5,840

(1) Both of these wells are located within the Phoenix field at Green Canyon Block 237.

Capitalized Exploratory Well Costs, Roll Forward


		2012		2011		2010

Beginning balance at January 1,	$	5,840	$	3,252	$	3,059
Additions pending the determination of proved reserves		135,311		2,513		(944)
Reclassifications to proved properties		(132,959)		5		713
Charged to dry hole expense		55		70		424
Ending balance at December 31,	$	8,247	$	5,840	$	3,252

Components Of Exploration Expenses


		Year Ended December 31,
		2012		2011		2010

Delay rental and geological and geophysical costs	$	2,517	$	2,650	$	2,306
Impairment of unproved properties		833		8,334		6,394
Dry hole expense		(55)		(70)		(424)
Total exploration expense	$	3,295	$	10,914	$	8,276

- Definition

Tabular disclosure of the results of operations for oil and gas producing activities for the year.

+ References

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+ Details

- Definition

Tabular disclosure of the amount of exploratory well costs that have been capitalized after the completion of drilling and the number of projects for which those costs relate. Additionally, for exploratory well costs that have been capitalized for periods greater than one year at the most recent balance sheet date, this block of text may be used to disclose an aging of those amounts by year, or by using a range of years, and the number of projects to which those costs relate.

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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