XML 47 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Jul. 04, 2016
Feb. 01, 2016
Dec. 31, 2015
Oil, Gas and NGL Sales $ 882 $ 783 $ 2,411 $ 2,264      
Share Price           $ 31.65  
Production Expense              
Lease Operating Expense 131 133 412 419      
Production and Ad Valorem Taxes 30 28 73 89      
Transportation and Gathering Expense (1) [1] 113 86 335 207      
Total 274 247 820 715      
Other Operating (Income) Expense, Net              
Loss on Asset Due to Terminated Contract [2] (3) 0 44 0      
Midstream Gathering and Processing (Income) Expense, Net [3] 20 10 58 25      
Asset Impairments 0 0 0 43      
Inventory Write-down 14 0 14 0      
Business Exit Costs 4 18 8 18      
Business combination costs 0 71 0 [4] 73 [4]      
Pension And Other Postretirement Plans, Termination Expense 0 67 0 88      
Facility Costs 3 13 8 20      
Gain on Extinguishment of Debt [5] 0 0 (80) 0      
Other, Net 7 (12) 16 4      
Total 45 188 66 310      
Other Non-Operating Expense (Income), Net              
Deferred Compensation Expense [6] 2 (13) 7 (19)      
Other (Income) Expense, Net (3) 1 (4) (1)      
Total (1) (12) 3 (20)      
Additional expense due to unutilized firm transportation and shortfalls in delivering or transporting minimum volumes under certain commitments 12 6 39 15      
Accounts Receivable, Net              
Commodity Sales 317   317       $ 298
Joint Interest Billings 66   66       20
Proceeds Receivable [7] 40   40       0
Other 86   86       151
Allowance for Doubtful Accounts (23)   (23)       (19)
Total 486   486       450
Other Current Assets              
Inventories, Materials and Supplies 75   75       92
Inventories, Crude Oil 25   25       23
Assets Held-for-Sale [8] 214   214       67
Prepaid Expenses and Other Current Assets 38   38       34
Total 352   352       216
Other Noncurrent Assets              
Investments in Unconsolidated Subsidiaries 460   460       453
Mutual Fund Investments 83   83       90
Commodity Derivative Assets 0   0       10
Other Assets 44   44       67
Total 587   587       620
Other Current Liabilities              
Production and Ad Valorem Taxes 121   121       166
Derivative Liability, Current 27   27       0
Income Taxes Payable 168   168       86
Asset Retirement Obligations 128   128       128
Interest Payable 93   93       83
Current Portion of Capital Lease Obligations 61   61       53
Other 144   144       161
Total 742   742       677
Other Noncurrent Liabilities              
Deferred Compensation Liabilities 232   232       217
Asset Retirement Obligations 820   820       861
Accrual for Taxes Other than Income Taxes 35   35       68
Derivative Liability, Noncurrent 8   8       0
Other 44   44       73
Total $ 1,139   $ 1,139       $ 1,219
Percentage of divestiture farmed out 35.00%   35.00%       35.00%
Gain (Loss) on Disposition of Oil and Gas Property $ 0 0 $ (23) 0      
Restructuring Charges 0 21 0 39      
Finalization of Purchase Price Allocation for Rosetta Merger 0 [4] $ 0 [4] (25) $ 0 [4]      
Phantom Units [Member]              
Shares issued           1  
NGL Revenue Previously Netted with Expense [Member]              
Oil, Gas and NGL Sales 18   37        
Tamar Field, Offshore Israel [Member]              
Other Current Assets              
Assets Held-for-Sale [8] $ 127   $ 127        
Other Noncurrent Liabilities              
Percentage of divestiture farmed out         3.00%    
Working interest 3.00%   3.00%        
[1] Certain of our revenue received from purchasers was historically presented with deductions for transportation, gathering, fractionation or processing costs. Beginning in 2016, we have changed our presentation of revenue to no longer include these expenses as deductions from revenue. These costs are now included within production expense. Prior year amounts of $18 million and $37 million for the three and nine months ended September 30, 2015 have been reclassified to conform to the current presentation.
[2] Amount relates to the termination of a rig contract offshore Falkland Islands as a result of a supplier's non-performance. See Note 9. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs and Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Overview - Exploration Program Update
[3] For the three and nine months ended September 30, 2016, amount includes $12 million and $39 million, respectively, of expense due to unutilized firm transportation and shortfalls in delivering or transporting minimum volumes under certain commitments.Prior year amounts of $6 million and $15 million for the three and nine months ended September 30, 2015, were previously presented within production expense. These amounts have been reclassified to conform to the current presentation.
[4] Amount relates to an adjustment recorded to the purchase price allocation related to the Rosetta Merger. See Note 5. Rosetta Merger.
[5] Amount relates to the tendering of senior notes assumed in the Rosetta Merger. See Note 7. Debt.
[6] Amounts represent decreases (increases) in the fair value of shares of our common stock held in a rabbi trust.
[7] Amount relates to proceeds to be received from our farm-out of 35% interest in Block 12 offshore Cyprus. See Note 4. Divestitures.
[8] Assets held for sale at September 30, 2016 primarily include $127 million relating to our 3% working interest in the Tamar project, offshore Israel, and certain producing and undeveloped assets in the DJ Basin and Eagle Ford Shale, onshore US. Assets held for sale at December 31, 2015 include the Karish and Tanin natural gas discoveries, offshore Israel. See Note 4. Divestitures