5. Insurance Claims

During the third quarter of 2008, Hurricane Ike caused substantial damage to certain of our properties.  Our insurance policies in effect on the occurrence date of Hurricane Ike had a retention requirement of $10.0 million per occurrence, which has been satisfied, and coverage policy limits of $150.0 million for property damage due to named windstorms (excluding damage at certain facilities) and $250.0 million for, among other things, removal of wreckage if mandated by any governmental authority.

For 2016, 2015 and 2014, we received insurance reimbursements of $10.2 million, $0.2 million and $12.2 million, respectively, primarily related to hurricane damage.  In addition, we recorded receivables of $30.1 million as of December 31, 2016 for recent settlements with certain insurance companies related to Hurricane Ike claims within Receivables – Joint interest, insurance reimbursements and other on the Consolidated Balance Sheets.  Cash receipts from insurance proceeds are included within Net cash provided by operating activities in the Consolidated Statements of Cash Flows and are primarily recorded as reductions in Oil and natural gas properties and equipment on the Consolidated Balance Sheets, with some amounts recorded as reductions in Lease operating expense, General and administrative expenses and Other income (expense), net in the Consolidated Statements of Operations.  From the third quarter of 2008 through December 31, 2016, we have received $171.4 million cumulative reimbursements from insurance companies related to hurricane reimbursements.