Investment in Dalea Investment Group, LLC

12 Months Ended

Dec. 31, 2016

Investments, All Other Investments [Abstract]

Investment in Dalea Investment Group, LLC

Investment in Dalea Investment Group, LLC

In June 2012, we cancelled an $11 million note receivable in exchange for a 7.66% non-controlling membership interest in Dalea Investment Group, LLC (“Dalea”), an international oilfield services company formed in March 2012.  Since the membership interests in Dalea are privately-held and are not traded in an active market, our investment in Dalea was carried at the lower of its initial cost of $11 million and its estimated fair value based on a qualitative assessment. We recorded an $8.4 million impairment on our investment in Dalea for the year ended December 31, 2016, $2.6 million for the year ended December 31, 2015 and none for the year ended December 31, 2014. As of December 31, 2016, our investment in Dalea was fully impaired compared to an estimated fair value of $8.4 million at December 31, 2015. We categorize the measurement of fair value of this investment as a Level 3 input.