Annual report pursuant to Section 13 and 15(d)

Impairments

v3.6.0.2
Impairments
12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairments
Impairments 
The following table summarizes impairment charges recorded during the periods presented:
 
Successor
 
 
Predecessor
 
Period From
 
 
Period From
 
 
 
 
 
September 13, 2016 Through
 
 
January 1, 2016 Through
 
Year Ended December 31,
 
December 31, 2016
 
 
September 12,2016
 
2015
 
2014
Oil and gas properties
$

 
 
$

 
$
1,396,340

 
$
791,809

Other – tubular inventory and well materials

 
 

 
1,084

 

 
$

 
 
$

 
$
1,397,424

 
$
791,809


The following table summarizes the aggregate fair values of the assets described below, by asset category and the classification of inputs within the fair value measurement hierarchy, at the respective dates of impairment:
 
Fair Value
 
 
 
 
 
 
 
Measurement
 
Level 1
 
Level 2
 
Level 3
Year Ended December 31, 2015
 
 
 
 
 
 
 
Long-lived assets held for use
$
311,886

 
$

 
$

 
$
311,886

Year Ended December 31, 2014
 
 
 
 
 
 
 
Long-lived assets held for use
$
65,203

 
$

 
$

 
$
65,203


We recorded no impairment charges during 2016. The significant deterioration of commodity prices in 2015, as reflected in the future strip pricing as of December 31, 2015, triggered an impairment of approximately $1.4 billion to our proved and unproved Eagle Ford properties, which required us to reduce their carrying value to a fair value of approximately $312 million. In 2015, we also recorded an impairment charge of $1.1 million attributable to surplus tubular inventory and well materials. In 2014, we recognized oil and gas asset impairments of: (i) $667.8 million in the East Texas, Granite Wash and Marcellus regions due to the decline in commodity prices in the fourth quarter of 2014, (ii) $6.1 million in connection with an uneconomic field drilled in the Mid-Continent region and (iii) $117.9 million to write-down our Selma Chalk assets in Mississippi triggered by the disposition of those properties.