XML 30 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations Note 6. Asset Retirement Obligations
Asset retirement obligations (ARO) consist primarily of estimated costs of dismantlement, removal, site reclamation and similar activities associated with our oil and gas properties. Changes in ARO are as follows:
 
Three Months Ended March 31,
(millions)
2019
 
2018
Asset Retirement Obligations, Beginning Balance
$
880

 
$
875

Liabilities Incurred
2

 
2

Liabilities Settled
(27
)
 
(20
)
Revisions of Estimates
—

 
(11
)
Reclassification to Liabilities Associated with Assets Held for Sale
—

 
(227
)
Accretion Expense
12

 
9

Asset Retirement Obligations, Ending Balance
$
867

 
$
628


Three Months Ended March 31, 2019 Liabilities settled of $27 million relate to abandonment of US onshore properties, primarily in the DJ Basin where we have engaged in a program to plug and abandon older vertical wells. Costs associated with these abandonment activities will be incurred over several years.
Three Months Ended March 31, 2018 We transferred $227 million of ARO liabilities related to Gulf of Mexico properties to liabilities associated with assets held for sale. Liabilities settled include $20 million related to abandonment of US onshore properties, primarily in the DJ Basin. Revisions of estimates relate to decreases in cost and timing estimates of $11 million associated with the North Sea abandonment project.