ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2016

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES

NOTE 3    ACQUISITIONS AND DIVESTITURES

In February 2017, we divested non-core assets resulting in $32 million of proceeds.  Additionally, we entered into a joint venture with a third party that is committed to invest $50 million initially and up to an additional $200 million subject to agreement of the parties.  The funds will be used to develop certain of our oil and gas properties in exchange for a contribution of a net profits interest in such properties.  After the investor achieves its targeted rate of return, the interests revert back to us.

2016

During the year ended December 31, 2016, there were no acquisitions.  However, we divested non-core assets resulting in $20 million of proceeds and a $30 million gain included in other non-operating income (expense).

2015

During the year ended December 31, 2015, we paid approximately $140 million to acquire certain producing and non-producing oil and gas properties, primarily in the San Joaquin basin.

2014

During the year ended December 31, 2014, we paid approximately $290 million to acquire certain producing and non-producing oil and gas properties, including oil and gas properties in the Ventura basin purchased for approximately $200 million in the fourth quarter of 2014.