Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Derivative Instruments, Gain (Loss)

We further reclassified all commodity hedges from oil and natural gas operating revenues to gain (loss) on derivative instruments, net, as follows:

	Three months ended
	March 31,
(in thousands)	2015			2014
Open non-cash mark-to-market losses on derivative instruments	$	(59,651	)	$	(33,681	)
Closed gains (losses) on derivative instruments	93,687			(19,710		)
Gain (loss) on derivative instruments, net	$	34,036		$	(53,391	)

Schedule of Discontinued Operations

The table below provides a detail of these items included in income (loss) from discontinued operations as follows:

Three months ended March 31, (in thousands)	2014
Alagasco net income	$	43,028
Depreciation, depletion and amortization	(152		)
General and administrative	940
Interest expense	(5,787		)
Other income	(119		)
Income tax expense	1,935
Alagasco income from discontinued operations	39,845
Energen loss from discontinued operations	(1,126		)
Income from discontinued operations	$	38,719

(in thousands, except per share data)	Three months ended March 31, 2014
Natural gas distribution revenues	$	263,900
Oil and natural gas revenues	4,812
Total revenues	$	268,712
Pretax income from discontinued operations	$	62,316
Income tax expense	23,597
Income From Discontinued Operations	$	38,719
Loss on disposal of discontinued operations	$	(1,667	)
Income tax benefit	(617		)
Loss on Disposal of Discontinued Operations	$	(1,050	)
Total Income From Discontinued Operations	$	37,669
Diluted Earnings Per Average Common Share
Income from discontinued operations	$	0.53
Loss on disposal of discontinued operations	(0.01		)
Total Income From Discontinued Operations	$	0.52
Basic Earnings Per Average Common Share
Income from discontinued operations	$	0.53
Loss on disposal of discontinued operations	(0.01		)
Total Income From Discontinued Operations	$	0.52

As discussed in Note 13, Acquisition and Disposition of Properties, the following table details held for sale properties by major classes of assets and liabilities:

(in thousands)	December 31, 2014
		San Juan Basin*
Oil and natural gas properties		$	1,166,124
Less accumulated depreciation, depletion and amortization		(770,327		)
Total assets held for sale		395,797
Other long-term liabilities		(24,230		)
Total liabilities held for sale		(24,230		)
Total net assets held for sale		$	371,567

*The San Juan Basin natural gas assets which were held for sale as of December 31, 2014, did not qualify for discontinued operations as we have ongoing operations in the San Juan Basin.