Acquisitions, Divestitures, and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following summarizes the fair value of assets acquired and liabilities assumed at the acquisition date, which were finalized during the quarter ended June 30, 2017:

millions
Current assets	$	8
Properties and equipment	2,492
Other assets	145
AROs	(816		)
Net assets acquired	$	1,829
Accounts payable	(5		)
Other long-term liabilities	(109		)
Cash paid	$	1,715

Schedule of pro forma condensed financial information

The following summarizes the unaudited pro forma condensed financial information of the Company as if the acquisition had occurred on January 1, 2015:

millions	2016			2015
Revenues	$	8,849		$	9,786
Net income (loss)	(2,623		)	(6,560		)

Schedule of Proceeds Received and Gains (Losses) Recognized on Divestitures

The following summarizes the proceeds received and gains (losses) recognized on divestitures and assets held for sale for the years ended December 31:

millions	2017		2016			2015
Proceeds received, net of closing adjustments	$	4,008	$	2,356		$	1,415
Gains (losses) on divestitures, net (1) (2)	674		(757		)	(1,022		)

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⁽¹⁾  Includes goodwill allocated to divestitures of $209 million in 2017, $397 million in 2016, and $184 million in 2015.

⁽²⁾  Includes the $126 million gain related to the property exchange discussed above.