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





 

 

 

 

 

 

 

 

 

 

 

 



 

Exploration and

 

 

 

 

 

 

 

 



 

Production

 

Midstream

 

Other

 

Total



 

(in millions)

Three months ended September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 381 

 

$

 270 

 

$

–  

 

$

 651 

Intersegment revenues

 

 

 (3)

 

 

 412 

 

 

–  

 

 

 409 

Depreciation, depletion and amortization expense

 

 

 83 

 

 

 16 

 

 

–  

 

 

 99 

Impairment of natural gas and oil properties

 

 

 817 

 

 

–  

 

 

–  

 

 

 817 

Operating income (loss)

 

 

 (777)

(1)

 

 52 

 

 

–  

 

 

 (725)

Interest expense (3)

 

 

 26 

 

 

–  

 

 

–  

 

 

 26 

Gain on derivatives

 

 

 71 

 

 

–  

 

 

–  

 

 

 71 

Loss on early extinguishment of debt

 

 

–  

 

 

–  

 

 

 (51)

 

 

 (51)

Other income, net

 

 

 2 

 

 

 1 

 

 

–  

 

 

 3 

Benefit for income taxes (3)

 

 

 (20)

 

 

–  

 

 

–  

 

 

 (20)

Assets

 

 

 4,015 

 

 

 1,253 

 

 

 1,622 

(4)

 

 6,890 

Capital investments (5)

 

 

 179 

 

 

 1 

 

 

–  

 

 

 180 



 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 491 

 

$

 258 

 

$

–  

 

$

 749 

Intersegment revenues

 

 

 (3)

 

 

 489 

 

 

–  

 

 

 486 

Depreciation, depletion and amortization expense

 

 

 255 

 

 

 20 

 

 

–  

 

 

 275 

Impairment of natural gas and oil properties

 

 

 2,839 

 

 

–  

 

 

–  

 

 

 2,839 

Operating income (loss)

 

 

 (2,910)

 

 

 68 

 

 

–  

 

 

 (2,842)

Gain on derivatives

 

 

 15 

 

 

–  

 

 

–  

 

 

 15 

Provision (benefit) for income taxes (3)

 

 

 (1,112)

 

 

 24 

 

 

–  

 

 

 (1,088)

Assets

 

 

 9,159 

 

 

 1,329 

 

 

 215 

 

 

 10,703 

Capital investments (5)

 

 

 461 

 

 

 7 

 

 

–  

 

 

 468 







 

 

 

 

 

 

 

 

 

 

 

 



 

Exploration and

 

 

 

 

 

 

 

 



 

Production

 

Midstream

 

Other

 

Total



 

(in millions)

Nine months ended September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 1,015 

 

$

 737 

 

$

–  

 

$

 1,752 

Intersegment revenues

 

 

 (17)

 

 

 1,125 

 

 

–  

 

 

 1,108 

Depreciation, depletion and amortization expense

 

 

 300 

 

 

 49 

 

 

–  

 

 

 349 

Impairment of natural gas and oil properties

 

 

 2,321 

 

 

–  

 

 

–  

 

 

 2,321 

Operating income (loss)

 

 

 (2,486)

(1)

 

 169 

(2)

 

–  

 

 

 (2,317)

Interest expense (3)

 

 

 56 

 

 

 1 

 

 

–  

 

 

 57 

Loss on derivatives

 

 

 (27)

 

 

 (1)

 

 

–  

 

 

 (28)

Loss on early extinguishment of debt

 

 

–  

 

 

–  

 

 

 (51)

 

 

 (51)

Other income (loss), net

 

 

 3 

 

 

 (2)

 

 

 (1)

 

 

–  

Benefit for income taxes (3)

 

 

 (20)

 

 

–  

 

 

–  

 

 

 (20)

Assets

 

 

 4,015 

 

 

 1,253 

 

 

 1,622 

(4)

 

 6,890 

Capital investments (5)

 

 

 372 

 

 

 3 

 

 

 1 

 

 

 376 



 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

 1,647 

 

$

 798 

 

$

 1 

 

$

 2,446 

Intersegment revenues

 

 

 (14)

 

 

 1,653 

 

 

–  

 

 

 1,639 

Depreciation, depletion and amortization expense

 

 

 824 

 

 

 52 

 

 

–  

 

 

 876 

Impairment of natural gas and oil properties

 

 

 4,374 

 

 

–  

 

 

–  

 

 

 4,374 

Operating income (loss)

 

 

 (4,471)

 

 

 511 

(6)

 

 (1)

 

 

 (3,961)

Interest expense (3)

 

 

 45 

 

 

 7 

 

 

–  

 

 

 52 

Gain (loss) on derivatives

 

 

 32 

 

 

–  

 

 

 (2)

 

 

 30 

Other income, net

 

 

 2 

 

 

–  

 

 

–  

 

 

 2 

Provision (benefit) for income taxes (3)

 

 

 (1,724)

 

 

 193 

 

 

 (1)

 

 

 (1,532)

Assets

 

 

 9,159 

 

 

 1,329 

 

 

 215 

 

 

 10,703 

Capital investments (5)

 

 

 1,880 

 

 

 164 

 

 

 10 

 

 

 2,054 

(1)

Operating income (loss) for the E&P segment includes $2 million and $74 million related to restructuring charges for the three and nine months ended September 30, 2016, respectively.

(2)

Operating income (loss) for the Midstream segment includes $3 million related to restructuring charges for the nine months ended September 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 September 30, 2016, other assets includes approximately $1,443 million in marketable securities.

(5)

Capital investments includes increases of $27 million and $6 million for the three months ended September 30, 2016 and 2015, respectively, and decreases of $24 million and $5 million for the nine months ended September 30, 2016 and 2015, respectively, relating to the change in accrued expenditures between periods.  E&P capital for the nine month period ended September 30, 2015 includes approximately $516 million related to the WPX Property and Statoil Property Acquisitions.  Midstream capital for the nine months ended September 30, 2015 includes approximately $119 million associated with the intangible asset related to the firm transportation acquired through the WPX Property Acquisition.

(6)

Operating income (loss) for the Midstream segment includes $277 million gain on sale of assets for the nine months ended September 30, 2015.