Divestitures (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Disposal Groups, Gain on Asset Divestitures [Table Text Block]

Onshore US Properties During the first six months of 2014, we sold certain non-core onshore US crude oil and natural gas properties. The information regarding the assets sold is as follows:



	Three Months Ended June 30,			Six Months Ended June 30,
(millions)	2014			2014
Sales Proceeds	$	18		$	110
Less
Net Book Value of Assets Sold	(11		)	(118		)
Goodwill Allocated to Assets Sold	—			(6		)
Asset Retirement Obligations Associated with Assets Sold	—			20
Gain on Divestitures	$	7		$	6

China On June 30, 2014, we closed the sale of our China assets. We determined the sale of our China assets did not meet the criteria for discontinued operations presentation under ASU 2014-08. See Note 2. Basis of Presentation - Recently Issued Accounting Standards. The information regarding the China assets sold is as follows:



	Six Months Ended June 30,
(millions)	2014
Sales Proceeds ⁽¹⁾	$	186
Less
Net Book Value of Assets Sold	(149		)
Other Closing Adjustments	(2		)
Gain on Divestiture	$	35

⁽¹⁾Proceeds included $36 million cash received prior to June 30, 2014 and $150 million cash received on July 2, 2014, which was recorded as accounts receivable at June 30, 2014.

Discontinued Operations Balance Sheet and Income Statement Disclosures [Table Text Block]

Summarized results of discontinued operations are as follows:



	Six Months Ended June 30,
(millions)	2013
Oil and Gas Sales	$	21
Income Before Income Taxes	4
Income Tax Expense	10
Operating Loss, Net of Tax	(6		)
Gain on Sale, Net of Tax	55
Discontinued Operations, Net of Tax	$	49

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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