Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transaction Text Block

Related Party Transaction:

Kevin M. Robinson, our Vice President — Asia through February 10, 2014, and Susan G. Riggs, our Treasurer, are minority owners of Huffco International L.L.C. (Huffco). In May 1997, before Mr. Robinson and Ms. Riggs joined us, we acquired from Huffco an entity now known as Newfield China, LDC, the owner of a 12% interest in a three field unit located on Blocks 4/36 and 5/36 in Bohai Bay, offshore China. Huffco retained preferred shares of Newfield China that provide for an aggregate dividend equal to 10% of the excess of proceeds received by Newfield China from the sale of oil, gas and other minerals over all costs incurred with respect to exploration and production in Block 5/36, plus the cash purchase price we paid Huffco for Newfield China ($6 million). During 2013, 2012 and 2011, Newfield China paid dividends of $2 million, $7 million and $5 million, respectively, to Huffco on the preferred shares of Newfield China. During 2013, we purchased from Huffco the outstanding preferred shares of Newfield China for approximately $20 million. The repurchase of the preferred shares was recorded as a charge against retained earnings.