Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2015

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



	Three Months Ended June 30,						Six Months Ended June 30,
(millions)	2015			2014			2015			2014
Production Expense
Lease Operating Expense	$	129		$	150		$	286		$	292
Production and Ad Valorem Taxes	28			53			61			102
Transportation and Gathering Expense	56			41			112			80
Total	$	213		$	244		$	459		$	474
Other Operating (Income) Expense, Net
Midstream Gathering and Processing Expense	$	6		$	4		$	10		$	7
Corporate Restructuring Expense ⁽¹⁾	18			—			18			—
Stacked Drilling Rig Expense ⁽²⁾	7			—			7			—
Pension Plan Termination Expense⁽³⁾	21			—			21			—
Gain on Divestitures	(1		)	(44		)	—			(42		)
Other, Net	16			17			17			23
Total	$	67		$	(23	)	$	73		$	(12	)
Other Non-Operating (Income) Expense, Net
Deferred Compensation (Income) Expense ⁽⁴⁾	$	(7	)	$	8		(5		)	$	12
Other (Income) Expense, Net	(2		)	—			(4		)	1
Total	$	(9	)	$	8		$	(9	)	$	13


⁽¹⁾	Amount represents severance costs and expenses associated with the relocation of our accounting department from Ardmore, Oklahoma to Houston, Texas.


⁽²⁾	Amount represents the day rate cost associated with drilling rigs under contract, but not currently being utilized in our US onshore drilling programs.


⁽³⁾	Amount includes the reclassification of a portion of the remaining actuarial loss from AOCL, related to our defined benefit pension plan which is in the process of being terminated.


⁽⁴⁾	Amounts represent increases (decreases) 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, 2015			December 31, 2014
Accounts Receivable, Net
Commodity Sales	$	296		$	405
Joint Interest Billings	175			297
Other	102			171
Allowance for Doubtful Accounts	(19		)	(16		)
Total	$	554		$	857
Other Current Assets
Inventories, Materials and Supplies	$	79		$	81
Inventories, Crude Oil	20			24
Assets Held for Sale⁽¹⁾	77			180
Prepaid Expenses and Other Current Assets	68			40
Total	$	244		$	325
Other Noncurrent Assets
Investments in Unconsolidated Subsidiaries	$	400		$	325
Mutual Fund Investments	112			111
Commodity Derivative Assets	100			180
Other Assets	102			99
Total	$	714		$	715
Other Current Liabilities
Production and Ad Valorem Taxes	$	151		$	110
Income Taxes Payable	117			180
Deferred Income Taxes, Current	91			158
Accrued Benefit Costs, Current	111			125
Asset Retirement Obligations	135			81
Interest Payable	69			70
Current Portion of Capital Lease Obligations	61			68
Other	99			152
Total	$	834		$	944
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	218		$	218
Asset Retirement Obligations	717			670
Accrued Benefit Costs	19			24
Other	76			175
Total	$	1,030		$	1,087

⁽¹⁾Assets held for sale include our Tanin and Karish natural gas discoveries, offshore Israel. See Update on Core Area – Israel, above.