DISCONTINUED OPERATIONS
Sale of Unconventional Gas Production Business
In December 2012, the Company sold its 100% equity interest in its Unconventional Gas Production business which consisted of gas and oil production assets in the western Barnett and Marble Falls shale areas of Texas. The sale resulted in gross proceeds of approximately $255 million, which resulted in a pre-tax loss of approximately $83 million ($55 million after tax). The activity of the discontinued business is shown below. The amounts exclude general corporate overhead costs, and related tax effects, and no portion of corporate interest costs were allocated to discontinued operations.
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| | | | | | | |
| |
| 2012 | | 2011 |
| (In millions) | | |
Operating Revenues | $ | 55 |
| | $ | 39 |
|
| | | |
Operation and Maintenance | 24 |
| | 16 |
|
Depreciation, Depletion and Amortization | 23 |
| | 18 |
|
Taxes Other Than Income | 4 |
| | 3 |
|
Asset (Gains) and Losses, Net | 83 |
| | — |
|
| 134 |
| | 37 |
|
Operating Income (Loss) | (79 | ) | | 2 |
|
Other (Income) and Deductions | 6 |
| | 6 |
|
Loss Before Income Taxes | (85 | ) | | (4 | ) |
Income Tax Expense (Benefit) | (29 | ) | | (1 | ) |
Net Loss Attributable to DTE Energy Company | $ | (56 | ) | | $ | (3 | ) |
