Property, Plant and Equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

 Property, Plant and Equipment, net of Accumulated Depreciation, Depletion and Amortization

	March 31,		December 31,
(In millions)	2016		2015
North America E&P	$	14,953	$	15,226
International E&P	2,521		2,533
Oil Sands Mining	9,148		9,197
Corporate	115		105
Net property, plant and equipment	$	26,737	$	27,061

Our Libya operations continue to be impacted by civil unrest. Operations were interrupted in mid-2013 as a result of the shutdown of the Es Sider crude oil terminal, and although temporarily re-opened during the second half of 2014, production remains shut-in. Considerable uncertainty remains around the timing of future production and sales levels.

As of March 31, 2016, our net property, plant and equipment investment in Libya is $776 million, and total proved reserves (unaudited) in Libya as of December 31, 2015 are 235 million barrels of oil equivalent ("mmboe"). We and our partners in the Waha concessions continue to assess the situation and the condition of our assets in Libya. Our periodic assessment of the carrying value of our net property, plant and equipment in Libya specifically considers the net investment in the assets, the duration of our concessions and the reserves anticipated to be recoverable in future periods. The undiscounted cash flows related to our Libya assets continue to exceed the carrying value of $776 million by a material amount.

Exploratory well costs capitalized greater than one year after completion of drilling were $120 million and $85 million as of March 31, 2016 and December 31, 2015. The $35 million increase primarily relates to the Alba Block Sub Area B offshore Equatorial Guinea where the Rodo well reached total depth in the first quarter of 2015. We have since completed a seismic feasibility study and continue to finalize next steps in the Alba Block Sub Area B exploration program.