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Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues      
Oil, Gas and NGL Sales $ 4,037 $ 3,179 $ 2,523
Income from Equity Method Investees 186 193 118
Other Revenues 0 32 [1] 72 [1]
Total Revenues 4,223 3,404 2,713
Costs and Expenses      
Production Expense 673 558 515
Exploration Expense 409 277 242
Depreciation, Depletion and Amortization 1,370 878 819
General and Administrative 384 339 273
Gain on Divestitures (154) (25) (113)
Asset Impairments 104 757 144
Other Operating (Income) Expense, Net 25 86 64
Total Operating Expenses 2,811 2,870 1,944
Operating Income 1,412 534 769
Other (Income) Expense      
Gain on Commodity Derivative Instruments (75) (42) (157)
Interest, Net of Amount Capitalized 125 65 72
Other Non-Operating (Income) Expense, Net 6 9 6
Total Other (Income) Expense 56 32 (79)
Total 1,356 502 848
Income Tax Provision 391 90 217
Income from Continuing Operations 965 412 631
Discontinued Operations, Net of Tax 62 41 94
Net Income $ 1,027 $ 453 $ 725
Earnings Per Share, Basic      
Income from Continuing Operations (in dollars per share) $ 5.43 $ 2.34 $ 3.61
Discontinued Operations, Net of Tax (in dollars per share) $ 0.34 $ 0.23 $ 0.54
Net Income (in dollars per share) $ 5.77 $ 2.57 $ 4.15
Earnings Per Share, Diluted      
Income from Continuing Operations (in dollars per share) $ 5.37 $ 2.31 $ 3.56
Discontinued Operations, Net of Tax (in dollars per share) $ 0.34 $ 0.23 $ 0.54
Net Income (in dollars per share) $ 5.71 $ 2.54 $ 4.10
Weighted Average Number of Shares Outstanding, Basic (in shares) 178 176 175
Weighted Average Number of Shares Outstanding, Diluted (in shares) 180 179 177
[1] Other revenues consist primarily of electricity sales from the Machala power plant, located in Machala, Ecuador, through May 2011. Electricity generation expense includes all operating and non-operating expenses associated with the plant, including depreciation and changes in the allowance for doubtful accounts. In May 2011, we transferred our assets in Ecuador to the Ecuadorian government.