Divestitures and Assets Held for Sale

3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Divestitures and Assets Held for Sale

2. Divestitures and Assets Held for Sale

Divestitures  During the first quarter of 2014, the Company received $3.3 billion in proceeds and recognized net gains of $1.5 billion, primarily related to the Mozambique and Pinedale/Jonah divestitures. The Company sold a 10% working interest in Rovuma Offshore Area 1 in Mozambique for $2.64 billion and recognized a gain of $1.5 billion. The Company sold its interest in the Pinedale/Jonah assets in Wyoming for $581 million. The Mozambique and Pinedale/Jonah assets were both included in the oil and gas exploration and production reporting segment.

Assets Held for Sale  The Company is marketing certain domestic and international properties from the oil and gas exploration and production reporting segment to redirect its operating activities and capital investments to other areas. In February 2014, the Company entered into an agreement to sell its Chinese subsidiary for $1.075 billion. The transaction is expected to close later this year and is subject to regulatory approvals and other customary closing conditions. At March 31, 2014, the Company’s Consolidated Balance Sheet included current assets of $206 million, long-term assets of $458 million, current liabilities of $66 million, and long-term liabilities of $49 million associated with assets held for sale, primarily related to its Chinese subsidiary.