v2.4.0.6
Discontinued Operations
 6 Months Ended
Jun. 30, 2012
Discontinued Operations [Abstract]  
Discontinued Operations

19. Discontinued Operations 

 

In March 2012, Devon received $71 million upon closing the divestiture of its operations in Angola, which completed Devon’s offshore divestiture program that was announced in November 2009. In aggregate, Devon’s U.S. and International offshore divestitures generated total proceeds of $10.1 billion, or approximately $8 billion after-tax, assuming repatriation of a substantial portion of the foreign proceeds under current U.S. tax law.

 

Revenues related to Devon’s discontinued operations totaled $43 million in the six months ended June 30, 2011. Devon did not have revenues related to its discontinued operations during the second quarter of 2011 or the first six months of 2012. Earnings (loss) from discontinued operations before income taxes totaled $(16) million in the six months ended June 30, 2012 and $2.6 billion for the second quarter and first six months of 2011, respectively. Devon did not have any earnings in the second quarter of 2012. Earnings (loss) from discontinued operations in 2012 and 2011 were primarily due to Devon’s International divestiture transactions.

 

The following table presents the main classes of assets and liabilities associated with Devon’s discontinued operations at December 31, 2011. Devon did not have assets or liabilities held for sale at June 30, 2012.

 

 

 

 

 

Balance Sheet Caption

 

 

(In millions)

  Other current assets...................

Other current assets..................................

$                      21

  Property and equipment, net... .........................................................

Other long-term assets.............................

$                    132

 

 

 

  Accounts payable......................

Other current liabilities.............................

$                      20

  Other current liabilities..............

Other current liabilities.............................

$                      28