Gain (Loss) On Disposition Of Assets, Net

3 Months Ended

Mar. 31, 2012

Gain (Loss) On Disposition Of Assets, Net [Abstract]

Gain (Loss) On Disposition Of Assets, Net

NOTE N. Gain (Loss) on Disposition of Assets, Net

For the three months ended March 31, 2012, the Company recorded $43.6 million of net gain on disposition of assets from continuing operations, as compared to $2.2 million of net loss from continuing operations for the three months ended March 31, 2011.

The Company's net gain for the three months ended March 31, 2012 was primarily associated with the sale of a portion of its interest in an unproved oil and gas property in the Eagle Ford Shale to unaffiliated third parties for proceeds of $55.2 million, including normal closing adjustments. Associated therewith, the Company recorded a pretax gain of $43.1 million.

During the three months ended March 31, 2011, the Company's net loss was primarily associated with the sales of excess materials and supplies inventory.

See Note Q for information about the Company's gain during the three months ended March 31, 2011 from the sale of its Tunisia subsidiaries that are included in discontinued operations.