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Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statements of Comprehensive Income [Abstract]      
Net Income (Loss) $ 453 [1] $ 725 [2] $ (131)
Oil and Gas Cash Flow Hedges      
Realized Losses Reclassified Into Earnings 0 20 58
Less Tax Provision (Benefit) 0 (8) (22)
Interest Rate Cash Flow Hedges      
Unrealized Change in Fair Value 23 (63) 0
Less Tax Provision (Benefit) (8) 22 0
Net Change in Other (17) 0 (2)
Less Tax Provision (Benefit) 6 0 1
Other Comprehensive Income (Loss) 4 (29) 35
Comprehensive Income (Loss) $ 457 $ 696 $ (96)
[1] First quarter 2011 included the following: $8 million asset impairment charges (See Note 4. Asset Impairments); and $286 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $303 million (See Note 10. Derivative Instruments and Hedging Activities). Second quarter 2011 included the following: $143 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $142 million (See Note 10. Derivative Instruments and Hedging Activities); $25 million pre-tax gain on divestitures due to the completed transfer of assets and exit from Ecuador (See Note 3. Acquisitions and Divestitures); and $131 million asset impairment charges (See Note 4. Asset Impairments). Third quarter 2011 included the following: $322 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $300 million (See Note 10. Derivative Instruments and Hedging Activities). Fourth quarter 2011 included the following: $620 million asset impairment charges (See Note 4. Asset Impairments); and $137 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $162 million (See Note 10. Derivative Instruments and Hedging Activities).
[2] First quarter 2010 included the following: $145 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $147 million (See Note 10. Derivative Instruments and Hedging Activities). Second quarter 2010 included the following: $96 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $63 million (See Note 10. Derivative Instruments and Hedging Activities); and $26 million rig contract termination expense due to the Deepwater Moratorium. Third quarter 2010 included the following: $38 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $5 million (See Note 10. Derivative Instruments and Hedging Activities); $114 million gain on sale of non-core onshore US assets (See Note 3. Acquisitions and Divestitures); and $100 million asset impairment charges (See Note 4. Asset Impairments). Fourth quarter 2010 included the following: $122 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $145 million (See Note 10. Derivative Instruments and Hedging Activities); and $44 million asset impairment charges (See Note 4. Asset Impairments).