0000936340-12-000128.txt : 20121119 0000936340-12-000128.hdr.sgml : 20121119 20121119162841 ACCESSION NUMBER: 0000936340-12-000128 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121119 ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DTE ENERGY CO CENTRAL INDEX KEY: 0000936340 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 383217752 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11607 FILM NUMBER: 121214907 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DTE HOLDINGS INC DATE OF NAME CHANGE: 19950127 8-K 1 form8-kbarnettassetsale.htm 8-K Form 8-K BarnettAssetSale


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2012



Commission
File Number
Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number

IRS Employer
Identification No.
1-11607
DTE Energy Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279
313-235-4000

38-3217752

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 

Item 2.06. Material Impairments.

On November 19, 2012, DTE Energy Company (“DTE Energy” or the “company”) agreed to sell its remaining gas and oil production assets in the western Barnett and Marble Falls shale areas of Texas to Atlas Resource Partners LP for $255 million. The properties in the sale include all of the proved and probable reserves on approximately 88,000 net acres near Dallas, Texas. The deal is expected to close by year end 2012, subject to standard closing conditions.

The company expects the transaction to generate after-tax cash proceeds of approximately $225 million and result in a reported, non-operating after-tax book loss of approximately $55 million, subject to customary purchase price adjustments. The cash proceeds from this transaction and the strong cash flows for this year are in line with the company’s recently announced three-year equity issuance plan of approximately $300 million per year. This agreement represents the final piece of the company’s multi-year exit from the gas and oil production business, with prior sales resulting in gross proceeds of $1.5 billion and reported, non-operating after-tax book gains totaling $450 million.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy’s 2011 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy’s actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.




SIGNATURES

 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 19, 2012            
    
DTE ENERGY COMPANY
(Registrant)
 
 
/s/ Peter B. Oleksiak    
Peter B. Oleksiak
Senior Vice President