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Divestitures
12 Months Ended
Dec. 31, 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 was completed in the fourth quarter of 2018. The Company recognized a $18.1 million net gain on sale of properties, which includes customary post close adjustments, in its Consolidated Statements of Operations for the year ended December 31, 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 was completed in January 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 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. The Company recognized a $10.7 million net loss on sale of properties, which includes customary post close adjustments, in its Consolidated Statements of Operations for the year ended December 31, 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 March 2019. The Company recognized a $19.0 million net gain on sale of properties, which includes, and is subject to further, customary post close adjustments, in its Consolidated Statements of Operations for the year ended December 31, 2018. The divested properties were in the Company’s exploration and production segment.
The Company determined that the Williston Non-Op Divestiture, Foreman Butte Divestiture and Other Williston Divestiture did not represent a strategic shift in its operations or have a significant impact on its financial position or results of operations; therefore, the Company did not account for these divestitures as discontinued operations.