SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of the activity of capitalized exploratory well costs for continuing operations

In millions	2013			2012			2011
Balance — Beginning of Year	$	124		$	189		$	77
Additions to capitalized exploratory well costs pending the determination of proved reserves	337			400			333
Reclassifications to property, plant and equipment based on the determination of proved reserves	(271		)	(389		)	(201		)
Capitalized exploratory well costs charged to expense	(50		)	(76		)	(20		)
Balance — End of Year	$	140		$	124		$	189

Summary of the activity of the asset retirement obligation

For the years ended December 31, (in millions)	2013			2012
Beginning balance	$	1,266		$	1,089
Liabilities incurred – capitalized to PP&E	101			86
Liabilities settled and paid	(72		)	(58		)
Accretion expense	68			61
Acquisitions, dispositions and other – changes in PP&E	(10		)	50
Revisions to estimated cash flows – changes in PP&E	(21		)	38
Ending balance	$	1,332		$	1,266