Property, Plant and Equipment

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment Disclosure [Abstract]

4. PROPERTY, PLANT AND EQUIPMENT:

		December 31,
		2013						2012
		Cost		Accumulated Depreciation		Net Book Value		Net Book Value
Gathering systems(1), (2)	$	294,356	$	(105,246)	$	189,110	$	183,567
Computer equipment		2,726		(1,834)		892		1,000
Office equipment		431		(390)		41		80
Leasehold improvements		450		(314)		136		199
Land		22,359		-		22,359		22,359
Other		11,591		(7,220)		4,371		5,167
Property, plant and equipment, net	$	331,913	$	(115,004)	$	216,909	$	212,372

⁽¹⁾The Company recognized impairments of $92.5 million during the year ended December 31, 2012 related to the decline in fair value as defined in FASB ASC 820 as a result of forecast decreased throughput volumes on its gathering facilities in Pennsylvania due to the decline in commodity prices.

⁽²⁾During December 2012, the Company sold its system of pipelines and central gathering facilities (the “LGS”) and certain associated real property rights in the Pinedale Anticline in Wyoming for net cash proceeds of $203.0 million and additional consideration of $23.0 million in the form of marketable securities which were sold during December 2012 for net cash proceeds of $21.2 million.

In Pennsylvania, the Company and its partners continue constructing gas gathering pipelines and facilities, compression facilities and pipeline delivery stations to gather production from its newly completed natural gas wells. These facilities are gathering systems and related infrastructure, and their construction is expected to continue until the Company’s properties in Pennsylvania are fully developed. To date, none of the Company’s natural gas production in Pennsylvania has required processing, treating or blending in order to remove natural gas liquids or other impurities and it is anticipated that facilities of this type will not be required in the future to accommodate the Company’s production.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details