2. Dispositions

2017: We completed the sale of our enhanced oil recovery assets in the Permian Basin in August for proceeds of $597 million, after normal closing adjustments, and recognized a pre-tax gain of $273 million ($280 million attributable to Hess Corporation after income taxes and noncontrolling interest). This sale transaction included both upstream and midstream assets resulting in an after-tax gain of $314 million allocated to the E&P segment, and an after-tax loss of $34 million allocated to the Midstream segment. In November, we completed the sale of our interests in Equatorial Guinea for proceeds of $449 million, after normal closing adjustments, which resulted in a pre-tax gain of $486 million ($486 million after income taxes). In December, we completed the sale of our interests in the Valhall and Hod assets, offshore Norway for proceeds of $2,056 million, after normal closing adjustments, which resulted in a pre-tax loss of $857 million ($857 million after income taxes). This loss includes a recognition in earnings of $900 million for cumulative translation adjustments that were previously reflected within Accumulated Other Comprehensive Income (Loss) in Stockholders’ Equity. We also sold certain U.S. onshore assets for proceeds totaling approximately $194 million and recognized net pre-tax gains totaling $12 million ($12 million after income taxes). The 2017 asset sales of higher cost, mature assets will provide funds toward our future development projects in the Stabroek Block, offshore Guyana, where we, and our partners, have discovered significant crude oil and natural gas resources.

Pre-tax income (loss) associated with our interests in Equatorial Guinea and Norway, excluding the financial statement impacts resulting from the asset sales in 2017, were as follows for the three years ended December 31:

	2017			2016			2015
	(In millions)
Equatorial Guinea (a)	$	69		$	(95	)	$	(23	)
Norway (b)		(55	)		(195	)		(276	)
Income (Loss) from Continuing Operations Before Income Taxes	$	14		$	(290	)	$	(299	)

(a)	Pre-tax income for 2017 excludes the gain of $486 million related to sale of our assets in November 2017.

(b)	Pre-tax loss for 2017 excludes the loss of $857 million related to sale of our assets in December 2017. In addition, the 2017 loss excludes a pre-tax impairment charge of $2,503 million associated with the disposition.

2016: We sold miscellaneous non-core assets during the year for proceeds totaling approximately $100 million and recognized net pre-tax gains totaling $23 million ($14 million after income taxes).

2015: We sold approximately 13,000 acres of Utica dry gas acreage for a sale price of approximately $120 million. This transaction resulted in a pre-tax gain of $49 million ($31 million after income taxes). We also disposed of our interest in Algeria and recognized a pre-tax loss of $21 million ($21 million after income taxes) and sold land associated with our former joint venture interest in the Bayonne Energy Center for $20 million, resulting in a pre-tax gain of $20 million ($13 million after income taxes).