SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

in millions	2015		2014		2013

Balance — Beginning of Year	$	141	$	140	$	124
Additions to capitalized exploratory well costs pending the determination of proved reserves	82		462		337
Reclassifications to property, plant and equipment based on the determination of proved reserves	(78)		(423)		(271)
Spin-off of California Resources	—		(17)		—
Capitalized exploratory well costs charged to expense	(75)		(21)		(50)

Balance — End of Year	$	70	$	141	$	140

For the years ended December 31, (in millions)	2015				2014			2013


OIL AND GAS
United States
Impairments and related charges of exiting operations	$		1,862	(a)	$		3,253	$		485
Impairments related to decline in commodity prices and changes in future development plans	1,428				1,381			122
Rig termination charges	192				—			—
Other asset impairment related charges	204				119			—

Latin America
Impairments related to decline in commodity prices	559				57			—

Middle East and North Africa
Impairments of exiting operations	1,658				918			—
Impairments related to decline in commodity prices	2,833				91			—

CHEMICAL
Impairments of assets	121				149			—

MIDSTREAM AND MARKETING
Century gas processing plant	814				—			—
Other asset impairment related charges	216				40			14

CORPORATE
Other-than-temporary impairment of investment in California Resources	227				553			—
Joslyn impairment	—				805			—
Severance, spin-off and other	125				13			—


	$	10,239			$	7,379		$	621

(a)

A portion of the 2015 charges are reported in the Midstream and Marketing segment.

For the years ended December 31, (in millions)	2015		2014


Beginning balance	$	1,091	$	1,332
Liabilities incurred – capitalized to PP&E	46		57
Liabilities settled and paid	(35)		(78)
Accretion expense	54		69
Acquisitions, dispositions and other – changes in PP&E	(209)		(11)
Spin-off of California Resources	—		(399)
Revisions to estimated cash flows – changes in PP&E	177		121

Ending balance	$	1,124	$	1,091