WPX ENERGY, INC. | 2013 | FY | 3


Discontinued Operations
During the first quarter of 2012, our management signed an agreement to divest its holdings in the Barnett Shale and the Arkoma Basin. The transaction closed in second-quarter 2012. Total proceeds received from the sale were $306 million.
Summarized Results of Discontinued Operations
 
 
2012
 
2011
 
(Millions)
Revenues
 
$
28

 
$
118

Income (loss) from discontinued operations before gain on sale, impairments and income taxes
 
$
(3
)
 
$
(15
)
Gain on sale
 
38

 

Impairments
 

 
(209
)
Less: Provision (benefit) for income taxes
 
13

 
(82
)
Income (loss) from discontinued operations
 
$
22

 
$
(142
)

The impairments in 2011 reflect write-downs to estimates of fair value of our holdings in the Barnett Shale and the Arkoma Basin. Impairment charges on our Fort Worth (Barnett Shale) properties were $180 million in 2011. Impairment charges in Arkoma were $29 million in 2011. These nonrecurring fair value measurements, which fall within Level 3 of the fair value hierarchy, utilized a probability-weighted discounted cash flow analysis that was based on internal cash flow models.

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