Divestitures

Onshore US Properties During the first six 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 June 30,			Six Months Ended June 30,
(millions)	2014			2014
Sales Proceeds	$	18		$	110
Less
Net Book Value of Assets Sold	(11		)	(118		)
Goodwill Allocated to Assets Sold	—			(6		)
Asset Retirement Obligations Associated with Assets Sold	—			20
Gain on Divestitures	$	7		$	6

China On June 30, 2014, we closed the sale of our China assets. We determined the sale of our China assets did not meet the criteria for discontinued operations presentation under ASU 2014-08. See Note 2. Basis of Presentation - Recently Issued Accounting Standards. The information regarding the China assets sold is as follows:



	Six Months Ended June 30,
(millions)	2014
Sales Proceeds ⁽¹⁾	$	186
Less
Net Book Value of Assets Sold	(149		)
Other Closing Adjustments	(2		)
Gain on Divestiture	$	35

⁽¹⁾Proceeds included $36 million cash received prior to June 30, 2014 and $150 million cash received on July 2, 2014, which was recorded as accounts receivable at June 30, 2014.

Offshore Israel Properties Assets held for sale as of June 30, 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.

North Sea Properties During the first six 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:



	Six Months Ended June 30,
(millions)	2013
Oil and Gas Sales	$	21
Income Before Income Taxes	4
Income Tax Expense	10
Operating Loss, Net of Tax	(6		)
Gain on Sale, Net of Tax	55
Discontinued Operations, Net of Tax	$	49