Divestitures

Onshore US Properties During the first three 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 March 31,
(millions)	2014
Sales Proceeds	$	92
Less
Net Book Value of Assets Sold	(106		)
Goodwill Allocated to Assets Sold	(6		)
Asset Retirement Obligations Associated with Assets Sold	20
Other Closing Adjustments	(1		)
Loss on Divestitures	$	(1	)

Offshore Israel Properties Assets held for sale as of March 31, 2014, include two natural gas discoveries, 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. The assets are held for sale at their carrying amounts as expected sales proceeds, less costs to sell, exceed the carrying amounts.

North Sea Properties During the first three months of 2013, we sold non-operated working interests in properties located in the North Sea. The sales resulted in a $37 million gain based on net sales proceeds of $38 million. See Note 2. Basis of Presentation - Discontinued Operations.

Summarized results of discontinued operations are as follows:



	Three Months Ended March 31,
(millions)	2013
Oil and Gas Sales	$	10
Income Before Income Taxes	(1		)
Income Tax Expense	7
Operating Income (Loss), Net of Tax	(8		)
Gain on Sale, Net of Tax	37
Discontinued Operations, Net of Tax	$	29