Dispositions

2015 - North America E&P Segment

In July 2015, we entered into an agreement to sell our East Texas/North Louisiana and Wilburton, Oklahoma natural gas assets for expected proceeds of $102 million, excluding closing adjustments. We expect the transaction to close during the third quarter of 2015.

2014 - North America E&P Segment

In June 2014, we closed the sale of non-core acreage located in the far northwest portion of Williston Basin for proceeds of $90 million. A pretax loss of $91 million was recorded in the second quarter of 2014.

2014 - International E&P Segment

In the second quarter of 2014, we entered into an agreement to sell our Norway business, including the operated Alvheim floating production, storage and offloading vessel, 10 operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. The transaction closed during the fourth quarter of 2014.

Our Norway business was reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for 2014. Select amounts reported in discontinued operations follow:



	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)		2014			2014
Revenues applicable to discontinued operations		$	693		$	1,373
Pretax income from discontinued operations		$	598		$	1,130
After-tax income from discontinued operations ^(a)		$	180		$	322

^(a)Includes a tax benefit of $26 million related to a decrease in the valuation allowance on U.S. foreign tax credits from the Norway operations.

In the first quarter of 2014, we closed the sales of our non-operated 10% working interests in the Production Sharing Contracts and Joint Operating Agreements for Angola Blocks 31 and 32 for aggregate proceeds of approximately $2 billion and recorded a $576 million after-tax gain on sale. Included in the after-tax gain is a deferred tax benefit reflecting our ability to utilize foreign tax credits that otherwise would have needed a valuation allowance.

Our Angola operations are reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for the prior period. Select amounts reported in discontinued operations follow:



	Six Months Ended June 30,
(In millions)	2014
Revenues applicable to discontinued operations	$	58
Pretax income from discontinued operations, before gain	$	51
Pretax gain on disposition of discontinued operations	$	470
After-tax income from discontinued operations	$	609