With us today in addition to Tony and myself are Laura Doerre, our General Counsel; Clark Wood, our Principal Accounting Officer; and essentially, all of the heads of our various principal business units. As you all understand, much of our remarks, of course, will be forward-looking statements and as such, are subject to numerous risk factors as elaborated on -- in our 10-K and other filings. Since they constitute forward-looking statements within the meaning of the Securities Act of 1933 and '34, such forward-looking statements are subject to certain risks and uncertainties as discussed in our filings from time to time and we encourage you to refer to those. And with that, I will -- now that the lawyers are smiling, I will turn it over to Tony.Anthony G. Petrello Thank you, Denny. Good morning, everyone. Welcome to our first quarter conference call. I want to thank everyone for participating this morning. As Denny explained, we have on the website a series of slides. These slides contain details of our business, the performance of the various segments and other relevant information, and I'm going to be referring to them by the page number on the bottom-hand corner. As you saw in yesterday's press release, we had a solid quarter, a prime example of what I think distinguishes our company. Before I go into the quarter's results and outlook, I would like to give you a brief overview of certain key initiatives I've previously spoken about and where they stand. First, E&P monetization. As you know, we are committed to monetizing our E&P portfolio as expeditiously but as prudently as possible. In addition to the previous year-end sale of our California properties, we have now sold our remaining Colombia oil and gas operation for $73 million, as well as certain residual holdings in the US Lower 48 for $4 million. These are summarized on Slide 3. To date, these sales total $149 million, which in the context of our overall investment is a low-hanging fruit, but I hope reflects our commitment to get this done expeditiously.
Slide 3 also lists the remaining E&P properties to be monetized. We have engaged investment bankers, as we've previously said, to market our Eagle Ford and Alaska properties. Because of the oil's nature, we expect we will be able to conclude sales of these properties before year end. On the tape this morning, I noticed that GeoResources has received a buyout from Alcon. GeoResources is our partner in the Eagle Ford. We are valuating various avenues for our gas assets in the British Colombia shales and our NFR Energy joint venture. The current gas commodity environment makes that challenging, of course, but we are looking for any way to create value and we're open to all kinds of suggestions, if any of you out there have any. The timing is, of course, uncertain with respect to these gas assets, but they remain high on the priority list.Second, other asset monetization. As I indicated during our last quarter's call, we would review a number of our different asset classes and identify whether they made sense to retain them. We have, as a result of that, identified additional assets for divestiture. These are summarized on Slide 4. These assets include our Canadian aircraft business, hybrid coiled tube drilling rigs and our Canadian well-servicing operations. We have also decided to sell our Alaska oilfield hauling and services operation. We have engaged in a Canadian investment bank to help with the Canadian asset and we anticipate concluding most of this, if not all of these processes, in the second half of the year. We've also retained a U.S. investment bank for the Alaska assets. Read the rest of this transcript for free on seekingalpha.com