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Divestitures
9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures
Divestitures
Williston Non-Op Divestiture. On July 10, 2018, the Company completed the initial closing for the sale of certain non-operated oil and gas properties in the Williston Basin (the “Williston Non-Op Divestiture”). The transaction had an effective date of March 1, 2018, and the final closing statement will be completed in the fourth quarter of 2018. Upon the initial closing, the Company recognized a $27.5 million net gain on sale of properties, which is subject to customary closing adjustments, in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018. The divested properties were in the Company’s exploration and production segment.
Foreman Butte Divestiture. On July 31, 2018, the Company completed the initial closing for the sale of oil and gas properties and certain other property and equipment primarily located in the Foreman Butte area of the Williston Basin (the “Foreman Butte Divestiture”). The transaction had an effective date of March 1, 2018, and the final closing statement will be completed in the first quarter of 2019. During the second quarter of 2018, the Company recorded an impairment loss of $383.4 million, which was included in impairment on the Company’s Condensed Consolidated Statements of Operations, to adjust the carrying value of these assets to their estimated fair value, determined based on the expected sales price as negotiated with the purchaser, less costs to sell. Upon the initial closing, the Company recognized a $10.1 million net loss on sale of properties, which is subject to customary closing adjustments, in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018. The Foreman Butte Divestiture consisted of oil and gas properties in the Company’s exploration and production segment and included certain other property and equipment in the Company’s midstream segment.
Other Williston Divestiture. On August 17, 2018, the Company completed the initial closing for the sale of additional non-strategic oil and gas properties in the Williston Basin (the “Other Williston Divestiture”). The transaction had an effective date of March 1, 2018, and the final closing statement will be completed in the first quarter of 2019. Upon the initial closing, the Company recognized a $19.4 million net gain on sale of properties, which is subject to customary closing adjustments, in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2018. The divested properties were in the Company’s exploration and production segment.