Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisitions and Dispositions

(4) ACQUISITIONS AND DISPOSITIONS

We recognized a pretax net loss on the sale of assets of $1.6 million in first quarter 2016 compared to a net loss of $175,000 in the same period of the prior year.

2016 Dispositions

Pennsylvania. In first quarter 2016, we sold our non-operated interest in certain wells and gathering facilities in northeast Pennsylvania for proceeds of $111.5 million. After closing adjustments, we recorded a pretax loss of $2.1 million related to this sale.

Other. In first quarter 2016, we sold miscellaneous proved and unproved properties, inventory, other assets and surface acreage for proceeds of $1.6 million resulting in a pre-tax gain of $443,000. Included in the $1.6 million of proceeds is $1.2 million received from the sales of proved properties in Mississippi and South Texas.

2015 Dispositions

In first quarter 2015, we sold miscellaneous unproved property, proved property and inventory for proceeds of $10.7 million resulting in a pre-tax loss of $175,000. Included in the $10.7 million of proceeds is $10.5 million received from the sale of West Texas properties which closed in February 2015.