Impairments

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment Impairment or Disposal [Abstract]

IMPAIRMENTS

4. IMPAIRMENTS

Cancelled Capital Projects

During 2012, we wrote down the carrying value of equipment associated with permanently cancelled capital projects at several of our refineries and recognized asset impairment losses of $65 million.

Retail Stores

During 2012, we evaluated certain of our convenience stores operated by our former retail segment for potential impairment and concluded that they were impaired, and we wrote down the carrying values of these stores to their estimated fair values and recognized asset impairment losses of $21 million.