Acquisitions and divestitures (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Operating results from discontinued operations

The following table presents revenues and expenses of the oil and natural gas properties that are a component of the Anadarko Basin Sale included in the accompanying consolidated statements of operations for the period presented:

(in thousands)	For the year ended December 31, 2013
Revenues	$	59,631
Expenses(1)	46,357

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(1) Expenses include (i) lease operating expense, (ii) production and ad valorem tax expense, (iii) accretion expense and (iv) depletion expense.

The following represents operating results from discontinued operations for the period presented:

(in thousands)	For the year ended December 31, 2013
Revenues:
Midstream service revenue	$	4,020
Total revenues from discontinued operations	4,020
Cost and expenses:
Midstream service expense, net	1,189
Depreciation and amortization	627
Total costs and expenses from discontinued operations	1,816
Non-operating expense, net	—
Income (loss) from discontinued operations before income tax	2,204
Income tax (expense) benefit	(781		)
Income (loss) from discontinued operations	$	1,423

The following table presents revenues and expenses of the oil and natural gas properties sold included in the accompanying consolidated statements of operations for the periods presented:

	For the years ended December 31,
(in thousands)	2015		2014		2013
Oil, NGL and natural gas sales	$	5,138	$	19,337	$	24,187
Expenses(1)	5,791		11,082		11,826

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(1) Expenses include (i) lease operating expense, (ii) production and ad valorem tax expense, (iii) accretion expense and (iv) depletion expense.

Estimated fair value of assets acquired and associated liabilities of acquisition

The following table presents the Company's 2014 and 2013 acquisitions. For further discussion of the estimates of fair value of the acquired assets and liabilities of these acquisitions, see Note C in the Company's 2013 Annual Report on Form 10-K and Note 3 in the Company's 2014 Annual Report on Form 10-K.

(in thousands)	Accounting treatment	Cash consideration		Common stock issued(2)
August 28, 2014 acquisition of leasehold interests	Acquisition of assets	$	192,484	$	—
June 23, 2014 acquisition of evaluated and unevaluated oil and natural gas properties	Acquisition method	1,800		—
June 11, 2014 acquisition of evaluated and unevaluated oil and natural gas properties	Acquisition method	4,693		—
February 25, 2014 acquisition of mineral interests	Acquisition of assets	7,305		—
September 6, 2013 acquisition of evaluated and unevaluated oil and natural gas properties(1)	Acquisition method	33,710		3,029

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(1) The fair value of the acquired assets and liabilities were allocated in the following manner: $9.7 million to evaluated properties, $27.1 million to unevaluated properties, $0.2 million to other assets and $0.2 million to other liabilities.

(2) In accordance with the acquisition agreement, on September 6, 2013, Laredo issued 123,803 restricted shares of its common stock to the sellers (the "Acquisition Shares"). In accordance with federal securities laws, the Acquisition Shares were restricted from trading on public markets for six months from the acquisition date. For accounting purposes, the fair value of the Acquisition Shares was determined in accordance with GAAP by adjusting the closing price of $26.21 per share of Laredo's common stock on September 6, 2013 for a discount for lack of marketability. The discount of 6.64% was determined utilizing an Asian put option model, which includes an assumption of the estimated volatility of Laredo's common stock. This assumption represents a Level 3 input under the fair value hierarchy, as described in Note 9.