Correction of Errors in Previously Reported Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2012

Correction of Errors in Previously Reported Consolidated Financial Statements

Summary of correction of previously reported financial statements

	Three months ended September 30, 2011			Nine months ended September 30, 2011
Legal and other costs	$	(19	)	$	(49	)
Repair and maintenance costs	59			11
Income tax benefit	5			25
Other immaterial adjustments, net	(10		)	14
Net adjustment to income from continuing operations	35			1
Net adjustment to income from discontinued operations, net of tax	4			—
Net adjustment to net income attributable to noncontrolling interest	—			(16		)
Net adjustment to net income attributable to controlling interest	$	39		$	17

	Three months ended September 30, 2011									Nine months ended September 30, 2011
	Previously reported			Adjustments			As adjusted			Previously reported			Adjustments			As adjusted
Operating revenues
Contract drilling revenues	$	1,830		$	(3	)	$	1,827		$	5,399		$	(3	)	$	5,396
Other revenues	164			—			164			576			—			576
	1,994			(3		)	1,991			5,975			(3		)	5,972
Costs and expenses
Operating and maintenance	1,377			(33		)	1,344			3,894			21			3,915
Depreciation and amortization	281			—			281			821			—			821
General and administrative	67			—			67			200			—			200
	1,725			(33		)	1,692			4,915			21			4,936
Loss on impairment	—			—			—			—			—			—
Gain (loss) on disposal of assets, net	(1		)	—			(1		)	(1		)	—			(1		)
Operating income	268			30			298			1,059			(24		)	1,035
Other income (expense), net
Interest income	7			—			7			27			—			27
Interest expense, net of amounts capitalized	(151		)	—			(151		)	(443		)	—			(443		)
Other, net	(77		)	—			(77		)	(79		)	—			(79		)
	(221		)	—			(221		)	(495		)	—			(495		)
Income from continuing operations before income tax expense	47			30			77			564			(24		)	540
Income tax expense	98			(5		)	93			236			(25		)	211
Income (loss) from continuing operations	(51		)	35			(16		)	328			1			329
Income (loss) from discontinued operations, net of tax	(9		)	4			(5		)	116			—			116
Net income (loss)	(60		)	39			(21		)	444			1			445
Net income (loss) attributable to noncontrolling interest	11			—			11			50			(16		)	34
Net income (loss) attributable to controlling interest	$	(71	)	$	39		$	(32	)	$	394		$	17		$	411
Earnings (loss) per share-basic
Earnings (loss) from continuing operations	$	(0.19	)	$	0.11		$	(0.08	)	$	0.86		$	0.06		$	0.92
Earnings (loss) from discontinued operations	(0.03		)	0.01			(0.02		)	0.36			—			0.36
Earnings (loss) per share	$	(0.22	)	$	0.12		$	(0.10	)	$	1.22		$	0.06		$	1.28
Earnings (loss) per share-diluted
Earnings (loss) from continuing operations	$	(0.19	)	$	0.11		$	(0.08	)	$	0.86		$	0.06		$	0.92
Earnings (loss) from discontinued operations	(0.03		)	0.01			(0.02		)	0.36			—			0.36
Earnings (loss) per share	$	(0.22	)	$	0.12		$	(0.10	)	$	1.22		$	0.06		$	1.28