| 9. | Asset Impairments |
During the fourth quarter of 2013, the Corporation announced the sale of its E&P assets in Indonesia for approximately $1.3 billion. The sale was executed in two separate transactions, with Natuna A completing in December 2013 and Pangkah in January 2014, as a result of a partner exercising their preemptive rights. Based on the sales proceeds for each transaction, fourth quarter 2013 results included a pre-tax gain on asset sale related to Natuna A of $388 million ($343 million after income taxes), and a pre-tax asset impairment charge of $289 million ($187 million after income taxes) to adjust the carrying value of the Pangkah assets to their fair value at December 31, 2013.
During 2012, the Corporation recorded E&P asset impairment charges totaling $582 million ($344 million after income taxes). These impairment charges consisted of $374 million ($228 million after income taxes) associated with the divestiture of assets in the Eagle Ford Shale in Texas and $208 million ($116 million after income taxes) related to non-producing properties in the UK North Sea. During 2011, the Corporation recorded E&P asset impairment charges of $358 million ($140 million after income taxes) related to non-producing properties.