Impairment

12 Months Ended

Dec. 31, 2019

Impairments and Exploration Expenses [Abstract]

Impairment

Impairments

The following table summarizes impairment charges of proved properties from continuing operations. Additionally, it presents the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition.

	2019				2018				2017
(In millions)	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Long-lived assets held for use	$	56	$	24	$	113	$	75	$	179	$	229

• 2019 – Impairments of $24 million, to an aggregate fair value of $56 million, were primarily a result of proved property impairments primarily as a result of anticipated sales for certain non-core proved properties in our United States segment and the sale of our non-operated interest in the Atrush block (Kurdistan) in our International segment. The related fair value was measured using the market approach, based upon anticipated sales proceeds less costs to sell which resulted in a Level 2 classification.

• 2018 – Impairments in our International and United States segments of $75 million, to a fair value of $113 million, were largely the result of anticipated sales for certain non-core proved properties. The related fair value measurement utilized the market approach, based upon anticipated sales proceeds less costs to sell which resulted in a Level 2 classification.

• 2017 – Impairments in our International segment were primarily a result of lower forecasted long-term commodity prices and the anticipated sales of certain non-core proved properties of $136 million, to an aggregate fair value of $103 million. These fair values were measured using the market approach, based upon either anticipated sales proceeds less costs to sell or a market comparable sales price per boe which resulted in a Level 2 classification.

Impairments in our United States segment were $89 million, to an aggregate fair value of $76 million, and related to Gulf of Mexico and certain conventional Oklahoma assets primarily as a result of lower forecasted long-term commodity prices. The fair values were measured using an income approach based upon internal estimates of future production levels, prices and discount rate. Inputs to the fair value measurement include reserve and production estimates made by our reservoir engineers, estimated future commodity prices adjusted for quality and location differentials and forecasted operating expenses for the remaining estimated life of the reservoir which resulted in a Level 3 classification.

See Note 5 for discussion of the divestitures in further detail and Note 7 for relevant detail regarding segment presentation.