| 2. | Dispositions |
Exploration and Production
2013: In December, the Corporation completed the sale of its interest in the Natuna A Field, offshore Indonesia for total cash proceeds of approximately $656 million. The transaction resulted in a pre-tax gain of $388 million ($343 million after income taxes), after deducting the net book value of assets including allocated goodwill of $39 million.
In April, the Corporation completed the sale of 100% of its Russian subsidiary, Samara-Nafta for cash proceeds of approximately $2.1 billion. Based on its 90% interest in Samara-Nafta, total after-tax proceeds to the Corporation were approximately $1.9 billion after working capital and other adjustments. The transaction resulted in a nontaxable gain of $1,119 million after deducting the net book value of assets, including allocated goodwill of $148 million. After reduction of the noncontrolling interest holder’s share of $168 million, which is reflected in Net income (loss) attributable to noncontrolling interests, the net gain attributable to the Corporation was $951 million.
In March, the Corporation sold its interests in the Azeri-Chirag-Guneshli (ACG) fields (Hess 3%), offshore Azerbaijan in the Caspian Sea, and the associated Baku-Tbilisi-Ceyhan (BTC) oil transportation pipeline company (Hess 2%) for cash proceeds of $884 million. The transaction resulted in a pre-tax gain of $360 million ($360 million after income taxes), after deducting the net book value of assets including allocated goodwill of $52 million.
In January, the Corporation completed the sale of its interests in the Beryl fields and the Scottish Area Gas Evacuation System (SAGE) in the UK North Sea for cash proceeds of $442 million. The transaction resulted in a pre-tax gain of $328 million, ($323 million after income taxes), after deducting the net book value of assets including allocated goodwill of $48 million.
2012: In October, the Corporation completed the sale of its interests in the Bittern Field (Hess 28%) in the UK North Sea and the associated Triton floating production, storage and offloading vessel for cash proceeds of $187 million. The transaction resulted in an after-tax gain of $172 million, after deducting the net book value of assets including allocated goodwill of $12 million.
In September, the Corporation completed the sale of its interests in the Schiehallion Field (Hess 16%) in the UK North Sea, its share of the associated floating production, storage and offloading vessel, and the West of Shetland pipeline system for cash proceeds of $524 million. The transaction resulted in a pre-tax gain of $376 million ($349 million after income taxes), after deducting the net book value of assets including allocated goodwill of $27 million.
In January, the Corporation completed the sale of its interest in the Snohvit Field (Hess 3%), a liquefied natural gas project, offshore Norway, for cash proceeds of $132 million. The transaction resulted in an after-tax gain of $36 million, after deducting the net book value of assets including allocated goodwill of $14 million.
2011: In February, the Corporation completed the sale of its interests in certain natural gas producing assets in the UK North Sea for cash proceeds of $359 million. These disposals resulted in pre-tax gains totaling $343 million ($310 million after income taxes). In August, the Corporation completed the sale of its interests in the Snorre Field (Hess 1%), offshore Norway and the Cook Field (Hess 28%) in the UK North Sea for cash proceeds of $131 million. These disposals resulted in after-tax gains totaling $103 million.
Discontinued Operations
2013: In December, the Corporation completed the sale of its U.S. East Coast terminal network, St. Lucia terminal and related businesses for cash proceeds of approximately $1.0 billion, which generated a pre-tax gain of $739 million ($531 million after income taxes), after deducting the net book value of assets. In November, the Corporation completed the sale of its energy marketing business for cash proceeds of approximately $1.2 billion, which generated a pre-tax gain of $761 million ($464 million after income taxes).