4. Divestitures

Divestitures The following summarizes the proceeds received and gains (losses) recognized on divestitures for the three months ended March 31:



millions	2018			2017
Proceeds received, net of closing adjustments	$	371		$	2,851
Gains (losses) on divestitures, net ⁽¹⁾	(24		)	804

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⁽¹⁾	Includes the $126 million gain related to the property exchange discussed below.

2018 During the three months ended March 31, 2018, the Company divested of the following assets:

•

Alaska nonoperated assets, included in the Exploration and Production and Other Midstream reporting segments, for net proceeds of $383 million and net losses of $30 million in 2018 and $154 million in the fourth quarter of 2017. As this transaction is subject to regulatory approval, the Company recognized a contingent liability, which is presented net with the related assets, equal to the net proceeds received from the buyer.

2017 During the three months ended March 31, 2017, the Company divested of the following assets:


•	Eagleford assets in South Texas, included in the Exploration and Production reporting segment, for net proceeds of $2.1 billion and a net gain of $726 million.


•	Marcellus assets in Pennsylvania, included in the Exploration and Production and Other Midstream reporting segments, for net proceeds of $763 million and net losses of $44 million in 2017 and $129 million in the fourth quarter of 2016.

Property Exchange On March 17, 2017, WES acquired a third party’s 50% nonoperated interest in the DBJV System in exchange for WES’s 33.75% interest in nonoperated Marcellus midstream assets and $155 million in cash. WES recognized a gain of $126 million as a result of this transaction. After the acquisition, the DBJV System is 100% owned by WES and consolidated by Anadarko.