Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2013

Statements of Operations Information Other statements of operations information is as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2013		2012			2013			2012
(millions)
Production Expense
Lease Operating Expense	$	140	$	100		$	257		$	205
Production and Ad Valorem Taxes	43		44			86			81
Transportation and Gathering Expense	27		24			55			45
Total	$	210	$	168		$	398		$	331
Other Operating (Income) Expense, Net
Gain on Divestitures ⁽¹⁾	$	—	$	(9	)	$	(12	)	$	(9	)
Asset Impairments ⁽²⁾	—		73			—			73
Other, Net	16		7			20			19
Total	$	16	$	71		$	8		$	83
Other Non-Operating (Income) Expense, Net
Deferred Compensation (Income) Expense ⁽³⁾	$	3	$	(11	)	$	14		$	(8	)
Other (Income) Expense, Net	—		8			(2		)	5
Total	$	3	$	(3	)	$	12		$	(3	)


⁽¹⁾	See Note 3. Divestitures


⁽²⁾	Amounts for 2012 related primarily to our South Raton development in the deepwater Gulf of Mexico and our Piceance development, onshore US. The assets were written down to their estimated fair values, which were determined using discounted cash flow models.


⁽³⁾	Amounts represent increases (decreases) in the fair value of shares of our common stock held in a rabbi trust.

Balance Shee

Balance Sheet Information Other balance sheet information is as follows:



	June 30, 2013			December 31, 2012
(millions)
Accounts Receivable, Net
Commodity Sales	$	383		$	349
Joint Interest Billings	406			486
Other	68			139
Allowance for Doubtful Accounts	(10		)	(10		)
Total	$	847		$	964
Other Current Assets
Inventories, Current	$	109		$	90
Commodity Derivative Assets	72			63
Deferred Income Taxes, Net	45			106
Probable Insurance Claims ⁽¹⁾	—			45
Assets Held for Sale ⁽²⁾	37			45
Prepaid Expenses and Other Current Assets	95			71
Total	$	358		$	420
Other Noncurrent Assets
Equity Method Investments	$	410		$	367
Mutual Fund Investments	110			103
Commodity Derivative Assets	95			21
Other Assets	88			106
Total	$	703		$	597
Other Current Liabilities
Production and Ad Valorem Taxes	$	100		$	113
Commodity Derivative Liabilities	13			7
Income Taxes Payable	123			203
Asset Retirement Obligations	69			69
Interest Payable	57			55
Current Portion of Long Term Debt ⁽³⁾	527			324
Current Portion of FPSO and Other Capital Lease Obligations	50			48
Liabilities Associated with Assets Held for Sale ⁽²⁾	42			12
Other	142			193
Total	$	1,123		$	1,024
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	252		$	229
Asset Retirement Obligations	346			333
Accrued Benefit Costs	119			116
Other	97			132
Total	$	814		$	810


⁽¹⁾	Amounts represent the costs incurred to date of the Leviathan-2 appraisal well and expected well abandonment costs in excess of the insurance deductible less insurance proceeds received to date.


⁽²⁾	Assets held for sale consist primarily of North Sea oil and gas properties. Liabilities associated with assets held for sale consist primarily of asset retirement obligations related to these assets. See Note 3. Divestitures.


⁽³⁾	See Note 5. Debt.