Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2013

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
(millions)
Production Expense
Lease Operating Expense	$	137		$	103		$	393		$	309
Production and Ad Valorem Taxes	51			31			137			112
Transportation and Gathering Expense	33			24			89			71
Total	$	221		$	158		$	619		$	492
Other Operating (Income) Expense, Net
Other, Net	6			(2		)	27			19
Total	$	6		$	(2	)	$	27		$	19
Other Non-Operating (Income) Expense, Net
Deferred Compensation (Income) Expense ⁽¹⁾	$	10		$	7		$	24		$	(1	)
Other (Income) Expense, Net	(1		)	(3		)	(3		)	3
Total	$	9		$	4		$	21		$	2


⁽¹⁾	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:



	September 30, 2013			December 31, 2012
(millions)
Accounts Receivable, Net
Commodity Sales	$	514		$	349
Joint Interest Billings	389			486
Other	80			139
Allowance for Doubtful Accounts	(10		)	(10		)
Total	$	973		$	964
Other Current Assets
Inventories, Current	$	116		$	90
Commodity Derivative Assets	15			63
Deferred Income Taxes, Net	20			106
Probable Insurance Claims ⁽¹⁾	—			45
Assets Held for Sale ⁽²⁾	99			45
Prepaid Expenses and Other Current Assets	78			71
Total	$	328		$	420
Other Noncurrent Assets
Equity Method Investments	$	414		$	367
Mutual Fund Investments	113			103
Commodity Derivative Assets	31			21
Other Assets	83			106
Total	$	641		$	597
Other Current Liabilities
Production and Ad Valorem Taxes	$	102		$	113
Commodity Derivative Liabilities	39			7
Income Taxes Payable	155			203
Asset Retirement Obligations	69			69
Interest Payable	41			55
Current Portion of Long Term Debt ⁽³⁾	200			324
Current Portion of FPSO and Other Capital Lease Obligations	51			48
Liabilities Associated with Assets Held for Sale ⁽²⁾	44			12
Other	173			193
Total	$	874		$	1,024
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	265		$	229
Asset Retirement Obligations	348			333
Accrued Benefit Costs	122			116
Other	130			132
Total	$	865		$	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 and non-core onshore US properties in New Mexico. 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