XML 30 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Text Block]
 Property, Plant and Equipment, net of Accumulated Depreciation, Depletion and Amortization
 
June 30,
 
December 31,
(In millions)
2017
 
2016
United States E&P
$
15,888

 
$
14,158

International E&P
2,358

 
2,470

Corporate
91

 
99

Net property, plant and equipment
$
18,337


$
16,727



Our Libya operations have been interrupted in recent years due to civil unrest. On September 14, 2016, Force Majeure was lifted and production resumed in October 2016 at our Waha concession. During December 2016, liftings resumed from the Es Sider crude oil terminal. Sales volumes and production continued during the first six months of 2017, except for a brief interruption in March 2017 due to civil unrest.
As of June 30, 2017, our net property, plant and equipment investment in Libya is $767 million, and total proved reserves (unaudited) in Libya as of December 31, 2016 are 206 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 $767 million by a significant amount.
Exploratory well costs capitalized greater than one year after completion of drilling were $96 million and $118 million as of June 30, 2017 and December 31, 2016. The decrease in costs of $22 million was primarily due to an April 2017 approval by the host government in E.G. to develop Block D offshore E.G. through unitization with the Alba field.  As such, the $22 million exploratory well costs capitalized greater than one year after completion associated with the Corona well are no longer being deferred.