Divestitures	3 Months Ended
Mar. 31, 2016
Divestitures [Abstract]
Divestitures	Divestitures Offshore Israel Assets In November 2015, we executed an agreement to divest our 47% interest in the Alon A and Alon C offshore Israel licenses, which include the Karish and Tanin fields, for a total transaction value of $73 million. These assets were held for sale as of December 31, 2015, and the transaction closed in January 2016. Cyprus Project (Offshore Cyprus) During fourth quarter 2015, we entered into a farm-out agreement with a partner for a 35% interest in Block 12, which includes the Aphrodite natural gas discovery, for $171 million. In first quarter 2016, we received proceeds of $131 million related to the farm-out agreement and expect to receive the remaining consideration of $40 million, subject to post-close adjustments, in 2017. The proceeds were applied to the Cyprus project asset with no gain or loss recognized. Onshore US Properties During first quarter 2016, we sold certain onshore US crude oil and natural gas properties, generating net proceeds of $20 million. Proceeds were primarily applied to the DJ Basin depletable field, with no recognition of gain or loss. During first quarter 2015, we sold certain onshore US crude oil and natural gas properties, generating net proceeds of $119 million. Proceeds were primarily applied to the DJ Basin depletable field, with no recognition of gain or loss. Subsequent Event On May 2, 2016, we entered into a purchase and sale agreement for the divestiture of certain producing and undeveloped crude oil and natural gas interests in approximately 33,100 net acres in Weld County, Colorado for $505 million, subject to customary closing adjustments. The divestiture is expected to close during 2016, with an effective date of April 1, 2016; however, there can be no assurance that the transaction contemplated by the agreement will be consummated.

Divestitures

3 Months Ended

Mar. 31, 2016

Offshore Israel Assets In November 2015, we executed an agreement to divest our 47% interest in the Alon A and Alon C offshore Israel licenses, which include the Karish and Tanin fields, for a total transaction value of $73 million. These assets were held for sale as of December 31, 2015, and the transaction closed in January 2016.

Cyprus Project (Offshore Cyprus) During fourth quarter 2015, we entered into a farm-out agreement with a partner for a 35% interest in Block 12, which includes the Aphrodite natural gas discovery, for $171 million. In first quarter 2016, we received proceeds of $131 million related to the farm-out agreement and expect to receive the remaining consideration of $40 million, subject to post-close adjustments, in 2017. The proceeds were applied to the Cyprus project asset with no gain or loss recognized.

Onshore US Properties During first quarter 2016, we sold certain onshore US crude oil and natural gas properties, generating net proceeds of $20 million. Proceeds were primarily applied to the DJ Basin depletable field, with no recognition of gain or loss.

During first quarter 2015, we sold certain onshore US crude oil and natural gas properties, generating net proceeds of $119 million. Proceeds were primarily applied to the DJ Basin depletable field, with no recognition of gain or loss.

Subsequent Event On May 2, 2016, we entered into a purchase and sale agreement for the divestiture of certain producing and undeveloped crude oil and natural gas interests in approximately 33,100 net acres in Weld County, Colorado for $505 million, subject to customary closing adjustments. The divestiture is expected to close during 2016, with an effective date of April 1, 2016; however, there can be no assurance that the transaction contemplated by the agreement will be consummated.