MARATHON OIL CORPORATION Notes to Consolidated Financial Statements been reported as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented.
Discontinued operations—Revenues and pretax income associated with our discontinued Irish and Gabonese operations are shown in the following table:
## Table 0 ##
Angola disposition – In July 2009, we entered into an agreement to sell an undivided 20 percent outsideoperated interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 offshore Angola for $1.3 billion, excluding any purchase price adjustments at closing, with an effective date of January 1, 2009.
The sale closed and we received net proceeds of $1.3 billion in February 2010.
The pretax gain on the sale will be approximately $800 million.
We retained a 10 percent outside-operated interest in Block 32.
Gabon disposition – In December 2009, we closed the sale of our operated fields offshore Gabon, receiving net proceeds of $269 million, after closing adjustments.
A $232 million pretax gain on this disposition was reported in discontinued operations for 2009.
Permian Basin disposition – In June 2009, we closed the sale of our operated and a portion of our outsideoperated Permian Basin producing assets in New Mexico and west Texas for net proceeds after closing adjustments of $293 million.
A $196 million pretax gain on the sale was recorded.
Ireland dispositions – In April 2009, we closed the sale of our operated properties in Ireland for net proceeds of $84 million, after adjusting for cash held by the sold subsidiary.
A $158 million pretax gain on the sale was recorded.
As a result of this sale, we terminated our pension plan in Ireland, incurring a charge of $18 million.
In June 2009, we entered into an agreement to sell the subsidiary holding our 19 percent outside-operated interest in the Corrib natural gas development offshore Ireland.
Total proceeds were estimated to range between $235 million and $400 million, subject to the timing of first commercial gas at Corrib and closing adjustments.
At closing on July 30, 2009, the initial $100 million payment plus closing adjustments was received.
The fair value of the proceeds was estimated to be $311 million.
Fair value of anticipated sale proceeds includes (i) $100 million received at closing, (ii) $135 million minimum amount due at the earlier of first gas or December 31, 2012, and (iii) a range of zero to $165 million of contingent proceeds subject to the timing of first commercial gas.
A $154 million impairment of the held for sale asset was recognized in discontinued operations in the second quarter of 2009 (see Note 16) since the fair value of the disposal group was less than the net book value.
Final proceeds will range between $135 million (minimum amount) to $300 million and are due on the earlier of first commercial gas or December 31, 2012.
The fair value of the expected final proceeds was recorded as an asset at closing.
As a result of new public information in the fourth quarter of 2009, a writeoff was recorded on the contingent portion of the proceeds (see Note 10).
Existing guarantees of our subsidiaries’ performance issued to Irish government entities will remain in place after the sales until the purchasers issue similar guarantees to replace them.
The guarantees, related to asset retirement obligations and natural gas production levels, have been indemnified by the purchasers.
The fair value of these guarantees is not significant.
Norwegian disposition – On October 31, 2008, we closed the sale of our Norwegian outside-operated E&P properties and undeveloped offshore acreage in the Heimdal area of the Norwegian North Sea for net proceeds of $301 million, with a pretax gain of $254 million as of December 31, 2008.
Pilot Travel Centers disposition – On October 8, 2008, we completed the sale of our 50 percent ownership interest in PTC.
Sale proceeds were $625 million, with a pretax gain on the sale of $126 million.
Immediately preceding the sale, we received a $75 million partial redemption of our ownership interest from PTC that was accounted for as a return of investment.
This was an investment of our RM&T segment.
## Table 1 ##
As of December 31,
## Table 2 ##
(1) For purposes of this computation, earnings are defined as income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accounting change excluding undistributed income from equity method investments, fixed charges and interest capitalized.
Fixed charges are the sum of gross interest expense, interest credited to policyholders’ account balances and an estimated interest component of rent expense.
(2) Effective December 31, 2003, the Company adopted the revised guidance under FIN No.46.
As a result, the Trust was deconsolidated and the Prudential Financial debentures are reported as “Long-term debt.
”
MARKET PRICE OF AND DIVIDENDS ON COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Prudential Financial’s Common Stock was issued to eligible policyholders in Prudential Insurance’s demutualization and sold to investors in Prudential Financial’s initial public offering.
The Common Stock began trading on the New York Stock Exchange under the symbol “PRU” on December 13, 2001.
The following table presents the high and low closing prices for the Common Stock on the New York Stock Exchange during the periods indicated and the dividends declared per share during such periods:
## Table 3 ##
On January 31, 2007, there were 2,612,674 registered holders of record for the Common Stock and 469 million shares outstanding.
The Class B Stock was issued to institutional investors (two subsidiaries of American International Group, Inc.  and Pacific Life Corp. ) in a private placement pursuant to Section 4(2) of the Securities Act of 1933 on the date of demutualization.
There is no established public trading market for the Class B Stock.
During the fourth quarter of 2006 and 2005, Prudential Financial paid an annual dividend of $9.625 per share of Class B Stock.
On January 31, 2007, there were three holders of record for the Class B Stock and 2 million shares outstanding.
Prudential Financial’s Board of Directors currently intends to continue to declare and pay annual dividends on the Common Stock and Class B Stock.
Future dividend decisions will be based on, and affected by, a number of factors including the financial performance of the Financial Services Businesses and Closed Block Business; our overall financial condition, results of operations, cash requirements and future prospects; regulatory restrictions on the payment of dividends by Prudential Financial’s subsidiaries; and such other factors as the Board of Directors may deem relevant.
Dividends payable by Prudential Financial are limited to the amount that would be legally available for payment under New Jersey corporate law.
For additional information on dividends and related regulatory restrictions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources” and Note 13 to the Consolidated Financial Statements.
On the date of demutualization, Prudential Financial and Prudential Financial Capital Trust I, or the Trust, a statutory business trust, co-issued 13.8 million 6.75% equity security units, or the Units.
Each Unit had a stated amount of $50 and initially consisted of a purchase contract (requiring the holder to purchase shares of Prudential Financial’s Common Stock in November 2004, at a price determined by a formula described in the contract) and a redeemable capital security of the Trust with a stated liquidation amount of $50.
Prudential Financial settled the purchase contracts associated with the Units in November 2004.
Each purchase contract was settled for 1.47 shares of Prudential Financial’s Common Stock resulting in the issuance of 20.3 million shares of Common Stock.
Prudential Financial received $690 million in proceeds from the issuance, to be used for general corporate purposes.
In November 2005, Prudential Financial issued in a private placement $2.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used substantially all of the offering proceeds to purchase an investment grade fixed income investment portfolio as well as to repurchase, under the Company’s 2005 share repurchase authorization, shares of its Common Stock.
In December 2006, Prudential Financial issued in a private placement $2.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used the majority of the offering proceeds to purchase an investment grade fixed income investment portfolio, as well as to repurchase shares of its Common Stock under the 2006 share repurchase authorization.
For additional information about these notes see Note 12 to the Consolidated Financial Statements.
Sales Results The following table sets forth individual life insurance business sales, as measured by scheduled premiums from new sales on an annualized basis and first year excess premiums and deposits on a cash-received basis, for the periods indicated.
Sales of the individual life insurance business do not correspond to revenues under U. S.  GAAP.
They are, however, a relevant measure of business activity.
In managing our individual life insurance business, we analyze new sales on this basis because it measures the current sales performance of the business, while revenues primarily reflect the renewal persistency and aging of in force policies written in prior years and net investment income as well as current sales.
## Table 4 ##
(1) Scheduled premiums from new sales on an annualized basis and first year excess premiums and deposits on a cash-received basis.2006 to 2005 Annual Comparison.
Sales of new life insurance, excluding corporate-owned life insurance, measured as described above, increased $11 million, from $419 million in 2005 to $430 million in 2006.
Sales of our term life and variable life products increased $33 million.
This increase was partially offset by decreased sales of our universal life products.
Sales of life insurance, excluding corporate-owned life insurance, from the third party distribution channel increased $42 million, reflecting increased term and variable life sales, with universal life sales remaining unchanged.
Sales of life insurance by Prudential Agents decreased $31 million, reflecting a decline in the number of agents from 2,946 at December 31, 2005 to 2,562 at December 31, 2006, which impacted all life insurance product lines.
In 2006, for the first time, more than half of our individual life insurance sales were generated through third party channels.2005 to 2004 Annual Comparison.
Sales of new life insurance, excluding corporate-owned life insurance, measured as described above, increased $28 million from 2004 to 2005.
Sales of our universal life and term life products increased $42 million.
This increase was partially offset by declines in sales of our variable life products.
The increase in sales of life insurance, excluding corporate-owned life insurance, was driven by increased sales of $52 million from the third party distribution channel of our universal life and term life products, partially offset by lower variable life sales.
Sales of life insurance by Prudential Agents decreased $24 million reflecting a decline in the number of agents from 3,682 at December 31, 2004 to 2,946 at December 31, 2005.
Policy Surrender Experience The following table sets forth the individual life insurance business’ policy surrender experience for variable and universal life insurance, measured by cash value of surrenders, for the periods indicated.
These amounts do not correspond to expenses under U. S.  GAAP.
In managing this business, we analyze the cash value of surrenders because it is a measure of the degree to which policyholders are maintaining their in force business with us, a driver of future profitability.
Our term life insurance products do not provide for cash surrender values.

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(In millions)</i></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Revenues applicable to discontinued operations</td><td>$188</td><td>$439</td><td>$456</td></tr><tr><td>Pretax income from discontinued operations</td><td>$80</td><td>$221</td><td>$281</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td> 2006</td><td>2005</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td></td><td colspan="5">(in millions, except per share and ratio information)</td></tr><tr><td> Income Statement Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$13,908</td><td>$13,756</td><td>$12,521</td><td>$13,163</td><td>$12,914</td></tr><tr><td>Policy charges and fee income</td><td>2,653</td><td>2,520</td><td>2,342</td><td>1,978</td><td>1,815</td></tr><tr><td>Net investment income</td><td>11,354</td><td>10,597</td><td>9,455</td><td>8,651</td><td>8,782</td></tr><tr><td>Realized investment gains (losses), net</td><td>774</td><td>1,378</td><td>778</td><td>375</td><td>-1,290</td></tr><tr><td>Asset management fees and other income</td><td>3,799</td><td>3,348</td><td>3,000</td><td>3,418</td><td>3,850</td></tr><tr><td>Total revenues</td><td>32,488</td><td>31,599</td><td>28,096</td><td>27,585</td><td>26,071</td></tr><tr><td>Benefits and expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ benefits</td><td>14,283</td><td>13,883</td><td>12,863</td><td>13,301</td><td>13,250</td></tr><tr><td>Interest credited to policyholders’ account balances</td><td>2,917</td><td>2,699</td><td>2,359</td><td>1,857</td><td>1,869</td></tr><tr><td>Dividends to policyholders</td><td>2,622</td><td>2,850</td><td>2,481</td><td>2,599</td><td>2,641</td></tr><tr><td>General and administrative expenses</td><td>8,263</td><td>7,879</td><td>7,108</td><td>7,443</td><td>8,229</td></tr><tr><td>Loss on disposition of property and casualty insurance operations</td><td>—</td><td>—</td><td>—</td><td>491</td><td>—</td></tr><tr><td>Total benefits and expenses</td><td>28,085</td><td>27,311</td><td>24,811</td><td>25,691</td><td>25,989</td></tr><tr><td>Income from continuing operations before income taxes, equity in earnings of operating joint ventures, extraordinary gain on acquisition andcumulative effect of accounting change</td><td>4,403</td><td>4,288</td><td>3,285</td><td>1,894</td><td>82</td></tr><tr><td>Income tax expense (benefit)</td><td>1,248</td><td>808</td><td>938</td><td>627</td><td>-186</td></tr><tr><td>Income from continuing operations before equity in earnings of operating joint ventures, extraordinary gain on acquisition and cumulativeeffect of accounting change</td><td>3,155</td><td>3,480</td><td>2,347</td><td>1,267</td><td>268</td></tr><tr><td>Equity in earnings of operating joint ventures, net of taxes</td><td>208</td><td>142</td><td>55</td><td>45</td><td>5</td></tr><tr><td>Income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change-3</td><td>3,363</td><td>3,622</td><td>2,402</td><td>1,312</td><td>273</td></tr><tr><td>Income (loss) from discontinued operations, net of taxes</td><td>65</td><td>-82</td><td>-88</td><td>-48</td><td>-79</td></tr><tr><td>Extraordinary gain on acquisition, net of taxes</td><td>—</td><td>—</td><td>21</td><td>—</td><td>—</td></tr><tr><td>Cumulative effect of accounting change, net of taxes</td><td>—</td><td>—</td><td>-79</td><td>—</td><td>—</td></tr><tr><td>Net income</td><td>$3,428</td><td>$3,540</td><td>$2,256</td><td>$1,264</td><td>$194</td></tr><tr><td>Basic income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock</td><td>$6.50</td><td>$6.61</td><td>$3.66</td><td>$2.08</td><td>$1.39</td></tr><tr><td>Diluted income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock</td><td>$6.37</td><td>$6.49</td><td>$3.58</td><td>$2.07</td><td>$1.39</td></tr><tr><td>Basic net income per share—Common Stock</td><td>$6.63</td><td>$6.45</td><td>$3.38</td><td>$1.99</td><td>$1.25</td></tr><tr><td>Diluted net income per share—Common Stock</td><td>$6.50</td><td>$6.34</td><td>$3.31</td><td>$1.98</td><td>$1.25</td></tr><tr><td>Basic and diluted net income (loss) per share—Class B Stock</td><td>$108.00</td><td>$119.50</td><td>$249.00</td><td>$89.50</td><td>$-264.00</td></tr><tr><td>Dividends declared per share—Common Stock</td><td>$0.95</td><td>$0.78</td><td>$0.625</td><td>$0.50</td><td>$0.40</td></tr><tr><td>Dividends declared per share—Class B Stock</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td></tr><tr><td>Ratio of earnings to fixed charges-1</td><td>2.12</td><td>2.19</td><td>2.11</td><td>1.79</td><td>1.05</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2006</td><td> 2005</td><td> 2004</td><td> 2003</td><td> 2002</td></tr><tr><td></td><td colspan="5"> (in millions)</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total investments excluding policy loans</td><td>$226,530</td><td>$213,031</td><td>$209,383</td><td>$174,042</td><td>$174,895</td></tr><tr><td>Separate account assets</td><td>177,463</td><td>153,159</td><td>115,568</td><td>106,680</td><td>70,555</td></tr><tr><td>Total assets</td><td>454,266</td><td>413,374</td><td>400,828</td><td>321,274</td><td>292,579</td></tr><tr><td>Future policy benefits and policyholders’ account balances</td><td>187,603</td><td>177,531</td><td>179,337</td><td>146,223</td><td>140,168</td></tr><tr><td>Separate account liabilities</td><td>177,463</td><td>153,159</td><td>115,568</td><td>106,680</td><td>70,555</td></tr><tr><td>Short-term debt</td><td>12,536</td><td>11,114</td><td>4,044</td><td>4,739</td><td>3,469</td></tr><tr><td>Long-term debt</td><td>11,423</td><td>8,270</td><td>7,627</td><td>5,610</td><td>4,757</td></tr><tr><td>Total liabilities</td><td>431,374</td><td>390,611</td><td>378,484</td><td>299,982</td><td>270,559</td></tr><tr><td>Guaranteed beneficial interest in Trust holding solely debentures of Parent-2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>690</td></tr><tr><td>Stockholders’ equity-4</td><td>$22,892</td><td>$22,763</td><td>$22,344</td><td>$21,292</td><td>$21,330</td></tr></table>
<table><tr><td></td><td> High</td><td> Low</td><td> Dividends</td></tr><tr><td> 2006:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$86.84</td><td>$76.03</td><td>$0.95</td></tr><tr><td>Third Quarter</td><td>79.06</td><td>71.47</td><td>—</td></tr><tr><td>Second Quarter</td><td>78.89</td><td>74.43</td><td>—</td></tr><tr><td>First Quarter</td><td>77.48</td><td>73.19</td><td>—</td></tr><tr><td> 2005:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$77.96</td><td>$63.27</td><td>$0.78</td></tr><tr><td>Third Quarter</td><td>68.30</td><td>63.09</td><td>—</td></tr><tr><td>Second Quarter</td><td>66.30</td><td>55.23</td><td>—</td></tr><tr><td>First Quarter</td><td>59.32</td><td>52.62</td><td>—</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2006</td><td> 2005</td><td> 2004</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td> Life insurance sales-1:</td><td></td><td></td><td></td></tr><tr><td>Excluding corporate-owned life insurance:</td><td></td><td></td><td></td></tr><tr><td>Variable life</td><td>$90</td><td>$83</td><td>$97</td></tr><tr><td>Universal life</td><td>192</td><td>214</td><td>178</td></tr><tr><td>Term life</td><td>148</td><td>122</td><td>116</td></tr><tr><td>Total excluding corporate-owned life insurance</td><td>430</td><td>419</td><td>391</td></tr><tr><td>Corporate-owned life insurance</td><td>12</td><td>7</td><td>14</td></tr><tr><td>Total</td><td>$442</td><td>$426</td><td>$405</td></tr><tr><td> Life insurance sales by distribution channel, excluding corporate-owned life insurance-1:</td><td></td><td></td><td></td></tr><tr><td>Prudential Agents</td><td>$181</td><td>$212</td><td>$236</td></tr><tr><td>Third party</td><td>249</td><td>207</td><td>155</td></tr><tr><td>Total</td><td>$430</td><td>$419</td><td>$391</td></tr></table>

Question: In which year is Total investments excluding policy loans greater than 200000?
Answer: 2006 2005 2004