Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2014

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



	Three Months Ended June 30,				Six Months Ended June 30,
(millions)	2014		2013		2014		2013
Production Expense
Lease Operating Expense	$	154	$	140	$	299	$	257
Production and Ad Valorem Taxes	53		43		102		86
Transportation and Gathering Expense	41		27		80		55
Total	$	248	$	210	$	481	$	398
Other Non-Operating (Income) Expense, Net
Deferred Compensation Expense ⁽¹⁾	$	8	$	3	$	12	$	14
Other (Income) Expense, Net	—		—		1		(2		)
Total	$	8	$	3	$	13	$	12


⁽¹⁾	Amounts represent increases in the fair value of shares of our common stock held in a rabbi trust.

Balance Sheet Information Other balance sheet information is as follows:



(millions)	June 30, 2014			December 31, 2013
Accounts Receivable, Net
Proceeds Receivable from China Asset Sale ⁽¹⁾	$	150		$	—
Commodity Sales	464			495
Joint Interest Billings	310			382
Other	91			81
Allowance for Doubtful Accounts	(11		)	(11		)
Total	$	1,004		$	947
Other Current Assets
Inventories, Materials and Supplies	$	94		$	96
Inventories, Crude Oil	23			25
Deferred Income Taxes, Net	63			62
Assets Held for Sale	74			292
Prepaid Expenses and Other Current Assets	58			72
Total	$	312		$	547
Other Noncurrent Assets
Equity Method Investments	$	484		$	437
Mutual Fund Investments	121			114
Commodity Derivative Assets	2			16
Other Assets	97			112
Total	$	704		$	679
Other Current Liabilities
Production and Ad Valorem Taxes	$	111		$	103
Commodity Derivative Liabilities	199			65
Income Taxes Payable	77			156
Asset Retirement Obligations	141			39
Interest Payable	61			63
Current Portion of Long Term Debt⁽²⁾	—			200
Current Portion of Capital Lease⁽²⁾	59			58
Liabilities Associated with Assets Held for Sale	14			111
Other	204			193
Total	$	866		$	988
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	276		$	253
Asset Retirement Obligations	563			547
Accrued Benefit Costs	108			155
Commodity Derivative Liabilities	89			10
Other	107			144
Total	$	1,143		$	1,109


⁽¹⁾	The sale was completed on June 30, 2014; bank transfer of the proceeds was completed on July 2, 2014.


⁽²⁾	See Note 6. Debt.