4. Divestitures

Divestitures The following summarizes the proceeds received and gains (losses) recognized on divestitures:



	Six Months Ended
	June 30,
millions	2018		2017
Proceeds received, net of closing adjustments	$	384	$	3,460
Gains (losses) on divestitures, net ⁽¹⁾	28		1,009

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⁽¹⁾	Includes the $126 million gain related to the 2017 property exchange discussed below.

2018 During the six months ended June 30, 2018, the Company divested of the following U.S. onshore and Gulf of Mexico assets:


•	Alaska nonoperated assets, included in the Exploration and Production and Other Midstream reporting segments, for net proceeds of $383 million and net losses of $37 million in 2018 and $154 million in the fourth quarter of 2017. During the second quarter of 2018, all necessary regulatory approvals were obtained and finalized for this transaction.


•	Ram Powell nonoperated assets in the Gulf of Mexico, included in the Exploration and Production reporting segment, resulting in a net gain of $67 million.

2017 During the six months ended June 30, 2017, the Company divested of the following U.S. onshore assets:


•	Eagleford assets in South Texas, included in the Exploration and Production reporting segment, for net proceeds of $2.1 billion and a net gain of $729 million


•	Marcellus assets in Pennsylvania, included in the Exploration and Production and Other Midstream reporting segments, for net proceeds of $758 million and net losses of $54 million in 2017 and $129 million in the fourth quarter of 2016


•	Eaglebine assets in Southeast Texas, included in the Exploration and Production reporting segment, for net proceeds of $534 million and a net gain of $281 million


•	Utah CBM assets, included in the Exploration and Production and Other Midstream reporting segments, for net proceeds of $70 million and a net loss of $52 million

Property Exchange On March 17, 2017, WES acquired a third party’s 50% nonoperated interest in the DBJV System in exchange for WES’s 33.75% interest in nonoperated Marcellus midstream assets and $155 million in cash. WES recognized a gain of $126 million as a result of this transaction. Following the acquisition, the DBJV System is 100% owned by WES and consolidated by Anadarko.