Other Operating Revenues and Expenses

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Operating Revenues and Expenses

Other Operating Revenues and Expenses

Other operating revenues and expenses for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016		2015		2014
	(In thousands)
Other operating revenues:
Gain on sales of assets	$	123,392	$	8,718	$	11,685
Marketing revenue	—		24		3,708
Total other operating revenues	$	123,392	$	8,742	$	15,393
Other operating expenses:
Loss on sales of assets	$	3,152	$	1,355	$	2,511
Marketing expense	440		849		—
Impairment of inventory	1,454		10,381		36
Total other operating expenses	$	5,046	$	12,585	$	2,547

Gain on sales of assets for the year ended December 31, 2016 included the sale of substantially all of our assets in the Giddings Area in East Central Texas in December 2016 and the sale of our interests in certain wells in Glasscock County, Texas in July 2016 (see Note 4).

Gain on sales of assets for the year ended December 31, 2015 included the sale of selected leases and wells in South Louisiana in September 2015, the release of sales proceeds previously held in escrow pending resolution of title requirements associated with the sale of certain non-core Austin Chalk/Eagle Ford assets sold in March 2014, the sale of leases in Oklahoma in May and June 2015 and the sale of selected wells in Martin and Yoakum Counties, Texas in March 2015 (see Note 4).

Gain on sales of assets for the year ended December 31, 2014 included the sale of certain non-core Austin Chalk/Eagle Ford assets in March 2014 and the sale of a property in Ward County, Texas in February 2014 (see Note 4).

We maintain an inventory of tubular goods and other well equipment for use in our exploration and development drilling activities.  Inventory is carried at the lower of average cost or estimated fair market value.  We categorize the measurement of fair value of inventory as Level 2 under applicable accounting standards.  To determine estimated fair value of inventory, we subscribe to market surveys and obtain quotes from equipment dealers for similar equipment.  We then correlate the data as needed to estimate the fair value of the specific items (or groups of similar items) in our inventory.  If the estimated fair values for those specific items (or groups of similar items) in our inventory are less than the related average cost, a provision for impairment is made.