THE SPIN-OFF, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2016

THE SPIN-OFF, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

Summary of the activity of capitalized exploratory well costs

	2016			2015			2014
	(in millions)
Balance - beginning of year	$	6		$	4		$	18
Additions to capitalized exploratory well costs pending the determination of proved reserves	1			16			3
Reclassification to property, plant and equipment based on the determination of proved reserves	—			(5		)	(8		)
Capitalized exploratory well costs charged to expense	(3		)	(9		)	(9		)
Balance - end of year	$	4		$	6		$	4

Summary of the activity of the asset retirement obligation

	For the years ended  December 31,
	2016			2015
	(in millions)
Beginning balance	$	357		$	415
Liabilities incurred - capitalized to PP&E	2			7
Liabilities settled and paid	(10		)	(18		)
Accretion expense	22			20
Disposition and other - changes in PP&E	(17		)	—
Revisions to estimated cash flows - changes in PP&E	57			(67		)
Ending balance	$	411		$	357