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Quarterly Results of Operations
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information Text Block
Quarterly Results of Operations (Unaudited):

The results of operations by quarter for the indicated periods are as follows: 
 
 
2014 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(In millions, except per share data)
Oil, gas and NGL revenues(1)
 
$
571

 
$
612

 
$
610

 
$
495

Income (loss) from operations(1)
 
182

 
180

 
167

 
46

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations, net of tax
 
$
27

 
$
(23
)
 
$
279

 
$
367

Income (loss) from discontinued operations, net of tax(2)
 
257

 
1

 
(1
)
 
(7
)
Net income (loss)
 
$
284

 
$
(22
)
 
$
278

 
$
360

Basic earnings (loss) per common share(3)
 


 


 


 


Income (loss) from continuing operations
 
$
0.19

 
$
(0.16
)
 
$
2.04

 
$
2.67

Income (loss) from discontinued operations
 
1.89

 
—

 
—

 
(0.05
)
Basic earnings (loss) per share
 
$
2.08

 
$
(0.16
)
 
$
2.04

 
$
2.62

Diluted earnings (loss) per common share(3)
 


 


 


 


Income (loss) from continuing operations
 
$
0.19

 
$
(0.16
)
 
$
2.01

 
$
2.65

Income (loss) from discontinued operations
 
1.88

 
—

 
—

 
(0.05
)
Diluted earnings (loss) per share
 
$
2.07

 
$
(0.16
)
 
$
2.01

 
$
2.60

 
 
 
2013 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(In millions, except per share data)
Oil, gas and NGL revenues(1)
 
$
393

 
$
449

 
$
505

 
$
510

Income (loss) from operations(1)
 
91

 
93

 
140

 
126

 
 


 


 


 


Income (loss) from continuing operations, net of tax
 
$
(21
)
 
$
107

 
$
3

 
$
(16
)
Income (loss) from discontinued operations, net of tax
 
13

 
4

 
24

 
33

Net income (loss)
 
$
(8
)
 
$
111

 
$
27

 
$
17

Basic earnings (loss) per common share(3)
 


 


 


 


Income (loss) from continuing operations(4)
 
$
(0.15
)
 
$
0.79

 
$
(0.13
)
 
$
(0.12
)
Income (loss) from discontinued operations
 
0.09

 
0.03

 
0.18

 
0.25

Basic earnings (loss) per share
 
$
(0.06
)
 
$
0.82

 
$
0.05

 
$
0.13

Diluted earnings (loss) per common share(3)
 


 


 


 


Income (loss) from continuing operations(4)
 
$
(0.15
)
 
$
0.79

 
$
(0.13
)
 
$
(0.12
)
Income (loss) from discontinued operations
 
0.09

 
0.03

 
0.18

 
0.25

Diluted earnings (loss) per share
 
$
(0.06
)
 
$
0.82

 
$
0.05

 
$
0.13

 _________________
(1)
Oil, gas and NGL revenues and Income (loss) from operations are specific to our continuing operations.
(2)
During the quarter ended March 31, 2014, we sold our Malaysia business and recorded a gain of approximately $388 million ($252 million, after tax). During the fourth quarter, we reduced the previously recognized gain by $15 million ($10 million, after tax) due to recording an allowance against a receivable. See Note 3, "Discontinued Operations," for additional information.
(3)
The sum of the individual quarterly earnings (loss) per share may not agree with year-to-date earnings (loss) per share as each quarterly computation is based on the income or loss for that quarter and the weighted-average number of shares outstanding during that quarter.
(4)
Basic and diluted earnings per share includes an adjustment of $20 million related to the repurchase of preferred shares of a now wholly-owned subsidiary. See Note 2, "Earnings Per Share" for additional detail.