Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2017

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

Asset Retirement Obligations

Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations for the nine months ended were as follows:

	September 30,			September 30,
(In millions)	2017			2016
Beginning balance	$	1,653		$	1,544
Incurred liabilities, including acquisitions	19			5
Settled liabilities, including dispositions	(40		)	(61		)
Accretion expense (included in depreciation, depletion and amortization)	65			60
Revisions of estimates	(113		)	(2		)
Held for sale	(2		)	(13		)
Ending balance	$	1,582		$	1,533

September 30, 2017

• Settled liabilities include dispositions, primarily related to the sale of certain conventional assets in Oklahoma as well as retirements in the U.K. and the Gulf of Mexico.

• Revisions of estimates were primarily due to changes in U.K. estimated costs as well as timing of abandonment activities in the U.K.

• Ending balance includes $60 million classified as short-term at September 30, 2017.

September 30, 2016

• Settled liabilities include dispositions, primarily related to the Gulf of Mexico and Wyoming as well as retirements in the Gulf of Mexico.

• Ending balance includes $21 million classified as short-term at September 30, 2016.

Schedule of Change in Asset Retirement Obligation [Table Text Block]

Changes in asset retirement obligations for the nine months ended were as follows:

	September 30,			September 30,
(In millions)	2017			2016
Beginning balance	$	1,653		$	1,544
Incurred liabilities, including acquisitions	19			5
Settled liabilities, including dispositions	(40		)	(61		)
Accretion expense (included in depreciation, depletion and amortization)	65			60
Revisions of estimates	(113		)	(2		)
Held for sale	(2		)	(13		)
Ending balance	$	1,582		$	1,533