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DTE > SEC Filings for DTE > Form 8-K on 19-Nov-2012All Recent SEC Filings

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Form 8-K for DTE ENERGY CO


Material Impairments

Item 2.06. Material Impairments.

On November 19, 2012, DTE Energy Company ("DTE Energy" or the "company") agreed to sell its remaining gas and oil production assets in the western Barnett and Marble Falls shale areas of Texas to Atlas Resource Partners LP for $255 million. The properties in the sale include all of the proved and probable reserves on approximately 88,000 net acres near Dallas, Texas. The deal is expected to close by year end 2012, subject to standard closing conditions.

The company expects the transaction to generate after-tax cash proceeds of approximately $225 million and result in a reported, non-operating after-tax book loss of approximately $55 million, subject to customary purchase price adjustments. The cash proceeds from this transaction and the strong cash flows for this year are in line with the company's recently announced three-year equity issuance plan of approximately $300 million per year. This agreement represents the final piece of the company's multi-year exit from the gas and oil production business, with prior sales resulting in gross proceeds of $1.5 billion and reported, non-operating after-tax book gains totaling $450 million.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's 2011 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy's actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

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