Divestitures and Assets Held for Sale

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Divestitures and Assets Held for Sale

2. Divestitures and Assets Held for Sale

Divestitures  For the six months ended June 30, 2014, the Company received $3.3 billion in proceeds from divestitures and recognized net gains of $1.5 billion, primarily related to Mozambique and Pinedale/Jonah transactions during the first quarter of 2014. 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.

2. Divestitures and Assets Held for Sale (Continued)

Assets Held for Sale  The Company is marketing certain properties from the oil and gas exploration and production reporting segment to direct 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 in the third quarter of 2014 and is subject to customary closing conditions. At June 30, 2014, the Company’s Consolidated Balance Sheet included current assets of $181 million, long-term assets of $452 million, current liabilities of $66 million, and long-term liabilities of $45 million associated with assets held for sale, primarily related to its Chinese subsidiary.