Impairments (Tables)

6 Months Ended

Jun. 30, 2013

The following summarizes impairments by segment:



	Three Months Ended June 30,				Six Months Ended June 30,
millions	2013		2012		2013		2012
Oil and gas exploration and production
Long-lived assets held for use
U.S. onshore properties	$	—	$	79	$	—	$	79
Gulf of Mexico properties	—		17		—		67
Cost-method investment	10		11		10		11
Midstream
Long-lived assets held for use	—		5		29		5
Impairments	$	10	$	112	$	39	$	162

Nonrecurring Fair Value Measurements Table

The following summarizes the post-impairment fair value of the above-described assets, by asset category and input level within the fair-value hierarchy:



millions
2013	Level 1		Level 2		Level 3⁽¹⁾		Total
Long-lived assets held for use	$	—	$	—	$	23	$	23
Cost-method investment⁽²⁾	—		—		32		32
2012
Long-lived assets held for use	$	—	$	—	$	41	$	41
Cost-method investment⁽²⁾	—		—		34		34

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⁽¹⁾	The income approach was used to measure fair value.


⁽²⁾	This represents the Company’s after-tax net investment.

- Definition

Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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