2. Acquisitions, Divestitures, and Assets Held for Sale

Acquisitions The following summarizes acquisitions made during 2013 and 2011. There were no acquisitions made during 2012.



millions, except percentages	Percentage Acquired		Cash Paid
2013
Certain oil and gas properties and related assets in the Moxa area of Wyoming	100	%	$	310	⁽¹⁾
Gas-gathering systems in the Marcellus shale in north-central Pennsylvania	33.75	%	135
Joint venture formed to design, construct, and own two fractionators located in Mont Belvieu, Texas	25	%	78
Intrastate pipeline in southwestern Wyoming	100	%	28
2011
Natural-gas processing plant and related gathering systems in northeast Colorado	100	%	302
Natural-gas processing plant (Wattenberg Plant) in northeast Colorado	93	%	500		⁽²⁾

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⁽¹⁾	Includes $306 million that represents the fair value of the oil and gas properties acquired.


⁽²⁾	The Company recognized a $76 million loss on preexisting contracts with the previous Wattenberg Plant owner in addition to the cash paid in the Wattenberg Plant acquisition. Anadarko operates and owns a 100% interest in the Wattenberg Plant.

Divestitures In 2013, sale proceeds of $509 million were primarily related to the Company’s divestiture of its interests in a soda ash joint venture and certain U.S. onshore and Indonesian oil and gas properties. Net gains of $234 million were primarily related to the Company’s divestiture of its interests in the soda ash joint venture and certain U.S. oil and gas properties.

In 2012, sale proceeds of $433 million were primarily related to U.S. oil and gas properties and net losses of $43 million were primarily related to Indonesian oil and gas properties. In 2011, the Company received $419 million related to contingent consideration received for the 2008 divestiture of its interest in the Peregrino field offshore Brazil.

In February 2014, the Company sold a 10% working interest in Rovuma Offshore Area 1 in Mozambique for $2.64 billion. Also in February 2014, the Company entered into an agreement to sell its oil and gas properties in China for $1.075 billion. The transaction is expected to close later in 2014 and is subject to preferential rights, regulatory approvals, and other customary closing conditions.

Property Exchange In 2013, the Company exchanged certain oil and gas properties in the Wattenberg field with a third party. The properties exchanged were measured at the Company’s historical net cost with no gain or loss recognized. Anadarko paid $106 million in cash as part of the exchange, which is included as an addition to properties and equipment on the Company’s Consolidated Statement of Cash Flows.

2. Acquisitions, Divestitures, and Assets Held for Sale (Continued)

Assets Held for Sale During the fourth quarter of 2013, the Company began marketing certain domestic properties from the oil and gas exploration and production reporting segment to redirect its operating activities and capital investments to other areas. These assets were remeasured to their fair value using a market approach, resulting in a Level 2 fair-value measurement. Losses of $704 million primarily related to the sale of the Pinedale/Jonah assets in the Rockies, which closed in January 2014 for sale proceeds of $581 million. Gains and losses on assets held for sale are included in gains (losses) on divestitures and other, net in the Company’s Consolidated Statements of Income. At December 31, 2013, the Company’s Consolidated Balance Sheets included long-term assets of $616 million and long-term liabilities of $27 million associated with assets held for sale.

In 2012, the Company recognized losses on assets held for sale of $28 million primarily related to certain oil and gas exploration and production reporting segment properties. At December 31, 2012, the balances of assets and liabilities associated with assets held for sale were not material.