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Property Dispositions
12 Months Ended
Dec. 31, 2018
Extractive Industries [Abstract]  
Property Dispositions
Property Dispositions
2018
During 2018, the Company sold non-strategic properties in various areas for cash proceeds totaling $54.5 million. The Company recognized pre-tax gains on the transactions totaling $16.7 million. The disposed properties represented an immaterial portion of the Company’s production and proved reserves.
2017
In October 2017, the Company sold non-core leasehold in the STACK play for cash proceeds totaling $63.5 million and recognized a $56.9 million pre-tax gain in 2017 associated with the transaction. The disposed properties represented an immaterial portion of the Company’s production and proved reserves.
In September 2017, the Company sold properties in the Arkoma Woodford area for cash proceeds of $65.3 million. The sale included approximately 26,000 net acres of leasehold and producing properties with production totaling approximately 1,700 barrels of oil equivalent per day. In connection with the transaction, the Company recognized a pre-tax loss of $3.5 million in 2017. The disposed properties represented an immaterial portion of the Company’s proved reserves.
In September 2017, the Company sold certain oil-loading facilities in Oklahoma for $7.2 million and recognized a $4.2 million pre-tax gain in 2017 associated with the transaction.
2016
In October 2016, the Company sold approximately 30,000 net acres of non-core leasehold in the SCOOP play for cash proceeds totaling $295.6 million. The leasehold included producing properties with production totaling approximately 700 barrels of oil equivalent per day. In connection with the transaction, the Company recognized a pre-tax gain of $201.0 million. The disposed properties represented an immaterial portion of the Company’s proved reserves.
In September 2016, the Company sold properties in North Dakota and Montana for cash proceeds totaling $214.8 million, with no gain or loss recognized. The sale included approximately 68,000 net acres of leasehold in North Dakota and approximately 12,000 net acres of leasehold in Montana. The sale also included producing properties with production totaling approximately 2,700 barrels of oil equivalent per day. The disposed properties represented an immaterial portion of the Company’s proved reserves.
In April 2016, the Company sold approximately 132,000 net acres of undeveloped leasehold in Wyoming for cash proceeds totaling $110.0 million. In connection with the transaction, the Company recognized a pre-tax gain of $96.9 million. The disposed properties had no production or proved reserves.