ASSETS HELD FOR SALE, DIVESTITURES AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

DIVESTITURE AND DISCONTINUED OPERATIONS

In October 2014, we completed the sale of our entire 50 percent ownership interest in PDCM to an unrelated third-party for aggregate consideration, after our share of PDCM's debt repayment and other working capital adjustments, of approximately $192 million, comprised of approximately $153 million in net cash proceeds and a promissory note due in 2020 of approximately $39 million. The transaction included the buyer's assumption of our share of the firm transportation commitment related to the assets owned by PDCM, as well as our share of PDCM's natural gas hedging positions for the years 2014 through 2017. The divestiture resulted in a pre-tax gain of $76.3 million. As the divestiture represented a strategic shift that had a major effect on our operations as our organization structure no longer has joint venture partners and we no longer have dry gas assets, our proportionate share of PDCM's Marcellus Shale results of operations have been separately reported as discontinued operations in the consolidated statements of operations for the year ended December 31, 2014.

The tables below set forth selected financial information related to net assets divested and operating results related to discontinued operations. The following table presents consolidated statements of operations data related to our discontinued operations:

Consolidated statements of operations - discontinued operations	Year Ended December 31, 2014
	(in thousands)
Revenues
Crude oil, natural gas and NGLs sales	$	24,149
Commodity price risk management loss, net	(1,085		)
Other income	48
Total revenues	23,112
Costs, expenses and other
Lease operating expenses	1,280
Production taxes	1,579
Transportation, gathering and processing expenses	3,536
Impairment of properties and equipment	433
Depreciation, depletion and amortization	9,128
Other	4,170
Gain on sale of properties and equipment	(76,479		)
Total costs, expenses and other	(56,353		)
Interest expense	(2,222		)
Interest income	194
Income from discontinued operations	77,437
Provision for income taxes	(29,263		)
Income from discontinued operations, net of tax	$	48,174

The following table presents supplemental cash flows information related to our 50 percent ownership interest in PDCM, which is classified as discontinued operations:

Supplemental cash flows information - discontinued operations	Year Ended December 31, 2014
	(in thousands)
Cash flows from investing activities:
Capital expenditures	$	(17,253	)
Significant non-cash investing items:
Change in accounts payable related to purchases of properties and equipment	(5,727		)