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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2016
Segment Information [Abstract]  
Summary Financial Information For Company's Reportable Segments





 

 

 

 

 

 

 

 

 

 

 

 



 

Exploration and

 

 

 

 

 

 

 

 



 

Production

 

Midstream

 

Other

 

Total



 

(in millions)

Three months ended June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 291 

 

$

 231 

 

$

–  

 

$

 522 

Intersegment revenues

 

 

 (7)

 

 

 328 

 

 

–  

 

 

 321 

Depreciation, depletion and amortization expense

 

 

 90 

 

 

 17 

 

 

–  

 

 

 107 

Impairment of natural gas and oil properties

 

 

 470 

 

 

–  

 

 

–  

 

 

 470 

Operating income (loss)

 

 

 (549)

 (1)

 

 57 

 

 

–  

 

 

 (492)

Interest expense (3)

 

 

 16 

 

 

 1 

 

 

–  

 

 

 17 

Other income (loss), net

 

 

 3 

 

 

 (2)

 

 

 (1)

 

 

–  

Loss on derivatives

 

 

 (85)

 

 

–  

 

 

–  

 

 

 (85)

Benefit for income taxes (3)

 

 

 (1)

 

 

–  

 

 

–  

 

 

 (1)

Assets

 

 

 5,000 

 

 

 1,227 

 

 

 1,150 

(4)

 

 7,377 

Capital investments (5)

 

 

 73 

 

 

–  

 

 

 1 

 

 

 74 



 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 496 

 

$

 267 

 

$

 1 

 

$

 764 

Intersegment revenues

 

 

 (6)

 

 

 499 

 

 

 (1)

 

 

 492 

Depreciation, depletion and amortization expense

 

 

 291 

 

 

 17 

 

 

–  

 

 

 308 

Impairment of natural gas and oil properties

 

 

 1,535 

 

 

–  

 

 

–  

 

 

 1,535 

Operating income (loss)

 

 

 (1,639)

 

 

 355 

 

 

–  

 

 

 (1,284)

Interest expense (3)

 

 

–  

 

 

–  

 

 

 1 

 

 

 1 

Other income, net

 

 

 3 

 

 

–  

 

 

–  

 

 

 3 

Gain (loss) on derivatives

 

 

 2 

 

 

–  

 

 

 (1)

 

 

 1 

Provision (benefit) for income taxes (3)

 

 

 (630)

 

 

 138 

 

 

 (1)

 

 

 (493)

Assets

 

 

 11,882 

 

 

 1,352 

 

 

 246 

 

 

 13,480 

Capital investments (5)

 

 

 389 

 

 

 19 

 

 

 7 

 

 

 415 



























 

 

 

 

 

 

 

 

 

 

 

 



 

Exploration and

 

 

 

 

 

 

 

 



 

Production

 

Midstream

 

Other

 

Total



 

(in millions)

Six months ended June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 634 

 

$

 467 

 

$

–  

 

$

 1,101 

Intersegment revenues

 

 

 (14)

 

 

 713 

 

 

–  

 

 

 699 

Depreciation, depletion and amortization expense

 

 

 217 

 

 

 33 

 

 

–  

 

 

 250 

Impairment of natural gas and oil properties

 

 

 1,504 

 

 

–  

 

 

–  

 

 

 1,504 

Operating income (loss)

 

 

 (1,709)

 (1)

 

 117 

(2)

 

–  

 

 

 (1,592)

Interest expense (3)

 

 

 30 

 

 

 1 

 

 

–  

 

 

 31 

Other income (loss), net

 

 

 1 

 

 

 (3)

 

 

 (1)

 

 

 (3)

Loss on derivatives

 

 

 (98)

 

 

 (1)

 

 

–  

 

 

 (99)

Assets

 

 

 5,000 

 

 

 1,227 

 

 

 1,150 

(4)

 

 7,377 

Capital investments (5)

 

 

 193 

 

 

 2 

 

 

 1 

 

 

 196 



 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 1,156 

 

$

 540 

 

$

 1 

 

$

 1,697 

Intersegment revenues

 

 

 (11)

 

 

 1,164 

 

 

–  

 

 

 1,153 

Depreciation, depletion and amortization expense

 

 

 569 

 

 

 32 

 

 

–  

 

 

 601 

Impairment of natural gas and oil properties

 

 

 1,535 

 

 

–  

 

 

–  

 

 

 1,535 

Operating income (loss)

 

 

 (1,561)

 

 

 443 

 

 

 (1)

 

 

 (1,119)

Interest expense (3)

 

 

 45 

 

 

 7 

 

 

–  

 

 

 52 

Other income, net

 

 

 2 

 

 

–  

 

 

–  

 

 

 2 

Gain (loss) on derivatives

 

 

 17 

 

 

–  

 

 

 (2)

 

 

 15 

Provision (benefit) for income taxes (3)

 

 

 (612)

 

 

 169 

 

 

 (1)

 

 

 (444)

Assets

 

 

 11,882 

 

 

 1,352 

 

 

 246 

 

 

 13,480 

Capital investments (5)

 

 

 1,419 

 

 

 157 

 

 

 10 

 

 

 1,586 

(1)

Operating income (loss) for the E&P segment includes $11 million and $72 million related to restructuring charges for the three and six months ended June 30, 2016, respectively.

(2)

Operating income (loss) for the Midstream segment includes $3 million related to restructuring charges for the six months ended June 30, 2016.

(3)

Interest expense and the provision for income taxes by segment are an allocation of corporate amounts as they are incurred at the corporate level.

(4)

Other assets represent corporate assets not allocated to segments and assets for non-reportable segments.  At June 30, 2016, other assets includes approximately $986 million in marketable securities.

(5)

Capital investments includes a  $27 million increase and an $11 million decrease for the three months ended June 30, 2016 and 2015, respectively, and decreases of $51 million and $11 million for the six months ended June 30, 2016 and 2015, respectively, relating to the change in accrued expenditures between periods.  E&P capital for the three month period ended June 30, 2015 includes approximately $516 million related to the WPX Property and Statoil Property Acquisitions.  Midstream capital for the six months ended June 30, 2015 includes approximately $119 million associated with the intangible asset related to the firm transportation acquired through the WPX Property Acquisition.