Divestitures

Onshore US Properties During the first nine months of 2014, we sold certain non-core onshore US crude oil and natural gas properties. The information regarding the assets sold is as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
(millions)	2014			2014
Sales Proceeds	$	16		$	126
Less
Net Book Value of Assets Sold	—			(118		)
Goodwill Allocated to Assets Sold	(1		)	(7		)
Asset Retirement Obligations Associated with Assets Sold	14			34
Other Closing Adjustments	1			2
Gain on Divestitures	$	30		$	37

On October 23, 2014, we closed the sale of our non-core onshore US properties in the Piceance Basin of western Colorado, with net proceeds of $9 million. These properties were reclassified as held for sale at September 30, 2014, and written down to expected proceeds less costs to sell which resulted in an impairment charge of $31 million. See Note 4. Asset Impairments and Note 7. Fair Value Measurements and Disclosures.

In October 2014, we signed a purchase and sale agreement related to certain of our properties located on the western side of the DJ Basin, outside of our core DJ Basin operating area. The sale is expected to close in late 2014, with net proceeds of approximately $145 million.

China On June 30, 2014, we closed the sale of our China assets. The information regarding the China assets sold is as follows:



	Nine Months Ended September 30,
(millions)	2014
Sales Proceeds	$	186
Less
Net Book Value of Assets Sold	(149		)
Other Closing Adjustments	(2		)
Gain on Divestiture	35

Offshore Israel Properties Assets held for sale as of September 30, 2014, include two natural gas discoveries, Tanin and Karish, offshore Israel. We expect to divest these assets pursuant to an agreement we and our partners reached with the Israeli Antitrust Authority in March 2014 on various antitrust matters. The agreement is subject to final approval of the Israeli government.

North Sea Properties During the first nine months of 2013, we sold non-operated working interests in properties located in the North Sea. The sales resulted in a $55 million gain based on net sales proceeds of $54 million. See Note 2. Basis of Presentation - Discontinued Operations.

Summarized results of discontinued operations are as follows:



	Nine Months Ended September 30,
(millions)	2013
Oil and Gas Sales	$	32
Income Before Income Taxes	10
Income Tax Expense	7
Operating Loss, Net of Tax	3
Gain on Sale, Net of Tax	55
Discontinued Operations, Net of Tax	$	58