Property, Plant and Equipment (Notes)

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

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

	September 30,		December 31,
(In millions)	2017		2016
United States E&P	$	15,783	$	14,158
International E&P	1,772		2,470
Corporate	90		99
Net property, plant and equipment	$	17,645	$	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 nine months of 2017, except for a brief interruption in March 2017 due to civil unrest.

As of September 30, 2017, our net property, plant and equipment investment in Libya is $764 million, and total proved reserves (unaudited) in Libya as of December 31, 2016 are 206 million barrels of oil equivalent (“mmboe”). 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 $764 million by a significant amount.

Exploratory well costs capitalized greater than one year after completion of drilling were $32 million and $118 million as of September 30, 2017 and December 31, 2016. The decrease in costs of $86 million during the first nine months of 2017 was primarily due to $64 million in exploratory well costs being expensed as a result of our agreement to sell our Diaba License G4-223 in the Republic of Gabon in August of 2017, see Note 6 for further information about the divestment of certain non-core properties in our International E&P segment. Additionally, in April 2017 we received approval by the host government in E.G. to develop Block D offshore E.G. through unitization with the Alba field resulting in $22 million exploratory well costs associated with the Corona well no longer being deferred.