Divestitures and Assets Held for Sale

12 Months Ended

Dec. 31, 2012

Disclosure Text Block [Abstract]

Divestitures and Assets Held for Sale

3.  Divestitures and Assets Held for Sale

Divestitures   In 2012, proceeds from divestitures of $433 million were primarily related to U.S. oil and gas properties and net losses on divestitures of $43 million were primarily related to oil and gas properties in Indonesia. In 2011, the Company received $419 million related to contingent consideration received for the 2008 divestiture of its interest in the Peregrino field offshore Brazil.In 2010, proceeds from divestitures of $70million and net gains on divestitures of $29 million were primarily related to U.S. onshore oil and gas properties.

Assets Held for Sale   In 2011, the Company began marketing certain domestic properties from the oil and gas exploration and production reporting segment and the midstream reporting segment in order to redirect operating activities and capital investment to other areas. These assets were remeasured to their fair value, estimated using Level 3 fair-value inputs, with resulting losses of $390 million related to oil and gas exploration and production reporting segment properties and $32 million related to midstream reporting segment properties. On the Company's Consolidated Balance Sheet at December 31, 2011, amounts associated with assets held for sale included$320 million in net properties and equipment, $38 million in goodwill and other intangible assets, and $75 million in other long-term liabilities.

       In 2012, the Company recognized losses on assets held for sale of $28 million primarily related to certain oil and gas exploration and production reporting segment properties. Gains and losses related to assets held for sale are included in gains (losses) on divestitures and other, net in the Company's Consolidated Statements of Income. At December 31, 2012, the remaining balances of assets and liabilities associated with assets held for sale were not material.