Divestitures (Tables)

9 Months Ended

Sep. 30, 2014

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

Onshore US Properties During the first nine 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 September 30,			Nine Months Ended September 30,
(millions)	2014			2014
Sales Proceeds	$	16		$	126
Less
Net Book Value of Assets Sold	—			(118		)
Goodwill Allocated to Assets Sold	(1		)	(7		)
Asset Retirement Obligations Associated with Assets Sold	14			34
Other Closing Adjustments	1			2
Gain on Divestitures	$	30		$	37

On October 23, 2014, we closed the sale of our non-core onshore US properties in the Piceance Basin of western Colorado, with net proceeds of $9 million. These properties were reclassified as held for sale at September 30, 2014, and written down to expected proceeds less costs to sell which resulted in an impairment charge of $31 million. See Note 4. Asset Impairments and Note 7. Fair Value Measurements and Disclosures.

In October 2014, we signed a purchase and sale agreement related to certain of our properties located on the western side of the DJ Basin, outside of our core DJ Basin operating area. The sale is expected to close in late 2014, with net proceeds of approximately $145 million.

China On June 30, 2014, we closed the sale of our China assets. The information regarding the China assets sold is as follows:



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

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

Summarized results of discontinued operations are as follows:



	Nine Months Ended September 30,
(millions)	2013
Oil and Gas Sales	$	32
Income Before Income Taxes	10
Income Tax Expense	7
Operating Loss, Net of Tax	3
Gain on Sale, Net of Tax	55
Discontinued Operations, Net of Tax	$	58

- 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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