Oil and Gas Assets

9 Months Ended

Sep. 30, 2014

Oil and Gas Assets:

Property and Equipment

Property and equipment consisted of the following:



	September 30, 2014			December 31, 2013
	(In millions)
Oil and gas properties:
Subject to amortization	$	14,348		$	15,107
Not subject to amortization	1,438			1,300
Gross oil and gas properties	15,786			16,407
Accumulated depreciation, depletion and amortization	(7,915		)	(8,306		)
Net oil and gas properties	$	7,871		$	8,101
Other property and equipment:
Furniture, fixtures and equipment	$	150		$	139
Gathering systems and equipment	111			104
Accumulated depreciation and amortization	(81		)	(69		)
Net other property and equipment	$	180		$	174

Oil and gas properties not subject to amortization as of September 30, 2014, consisted of the following:



	Costs Incurred In
	2014		2013		2012		2011 and Prior		Total
	(In millions)
Acquisition costs	$	129	$	199	$	86	$	410	$	824
Exploration costs	345		1		1		7		354
Development costs	14		8		31		11		64
Fee mineral interests	—		1		—		23		24
Capitalized interest	39		53		67		13		172
Total oil and gas properties not subject to amortization	$	527	$	262	$	185	$	464	$	1,438

Granite Wash Asset Sale

On September 19, 2014, we closed on the sale of our Granite Wash assets, located primarily in Texas, for approximately $588 million, subject to customary post-closing purchase price adjustments. The sale of our Granite Wash assets did not significantly alter the relationship between capitalized costs and proved reserves, and as such, all proceeds were recorded as adjustments to our domestic full cost pool with no gain or loss recognized. These consolidated financial statements include the results of our Granite Wash operations through the date of sale.