Asset Impairments

12 Months Ended

Dec. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Asset Impairments

8. Asset Impairments

In 2013, the Corporation announced the sale of its E&P assets in Indonesia for approximately $1.3 billion.  The sale was executed in two separate transactions, with Natuna A completing in December 2013 and Pangkah in January 2014, as a result of a partner exercising their preemptive rights.  Based on the sales proceeds for each transaction, results of operations for 2013 included a pre‑tax gain on sale related to Natuna A of $388 million ($343 million after income taxes), and a pre‑tax asset impairment charge of $289 million ($187 million after income taxes) to adjust the carrying value of the Pangkah assets to their fair value at December 31, 2013.

During 2012, the Corporation recorded E&P asset impairment charges totaling $582 million ($344 million after income taxes). These impairment charges consisted of $374 million ($228 million after income taxes) associated with the divestiture of assets in the Eagle Ford Shale in Texas and $208 million ($116 million after income taxes) related to non‑producing properties in the UK North Sea.