Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Oct. 31, 2013 | Jun. 29, 2012 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'Marathon Oil Corp | ' | ' |
Entity Central Index Key | '0000101778 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock Shares Outstanding | ' | 696,634,081 | ' |
Entity Public Float | ' | ' | $17,991 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues and other income: | ' | ' | ' | ' |
Sales and other operating revenues, including related party | $3,119 | $3,405 | $9,978 | $9,324 |
Marketing revenues | 668 | 631 | 1,597 | 2,237 |
Income from equity method investments | 114 | 122 | 309 | 260 |
Net gain (loss) on disposal of assets | -6 | -12 | -4 | 126 |
Other income | 19 | 15 | 38 | 38 |
Total revenues and other income | 3,914 | 4,161 | 11,918 | 11,985 |
Costs and expenses: | ' | ' | ' | ' |
Production | 575 | 601 | 1,767 | 1,581 |
Marketing, including purchases from related parties | 664 | 629 | 1,588 | 2,238 |
Other operating | 126 | 112 | 323 | 311 |
Exploration | 153 | 170 | 751 | 477 |
Depreciation, depletion and amortization | 720 | 625 | 2,205 | 1,779 |
Impairments | 11 | 8 | 49 | 271 |
Taxes other than income | 91 | 55 | 268 | 178 |
General and administrative | 152 | 179 | 490 | 499 |
Total costs and expenses | 2,492 | 2,379 | 7,441 | 7,334 |
Income from operations | 1,422 | 1,782 | 4,477 | 4,651 |
Net interest and other | -66 | -53 | -209 | -160 |
Income before income taxes | 1,356 | 1,729 | 4,268 | 4,491 |
Provision for income taxes | 787 | 1,279 | 2,890 | 3,231 |
Net income | $569 | $450 | $1,378 | $1,260 |
Basic: | ' | ' | ' | ' |
Net income, per basic share | $0.80 | $0.64 | $1.95 | $1.79 |
Diluted: | ' | ' | ' | ' |
Net income, per diluted share | $0.80 | $0.63 | $1.94 | $1.78 |
Dividends paid, per share | $0.19 | $0.17 | $0.53 | $0.51 |
Weighted average common shares outstanding, basic | 707 | 706 | 708 | 705 |
Weighted average common shares outstanding, diluted | 711 | 709 | 712 | 709 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $569 | $450 | $1,378 | $1,260 |
Postretirement and postemployment plans | ' | ' | ' | ' |
Change in actuarial loss and other | 34 | -90 | 180 | -80 |
Income tax (provision) benefit on postretirement and postemployment plans | -13 | 32 | -67 | 28 |
Postretirement and postemployment plans, net of tax | 21 | -58 | 113 | -52 |
Derivative hedges | ' | ' | ' | ' |
Net unrecognized gain | 0 | 1 | 0 | 1 |
Income tax provision on derivatives | 0 | 0 | 0 | 0 |
Derivative hedges, net of tax | 0 | 1 | 0 | 1 |
Foreign currency translation and other | ' | ' | ' | ' |
Net unrecognized gain | 1 | 0 | -3 | 0 |
Income tax benefit on foreign currency translation and other | 0 | 0 | 1 | 0 |
Foreign currency translation and other, net of tax | 1 | 0 | -2 | 0 |
Other comprehensive income (loss) | 22 | -57 | 111 | -51 |
Comprehensive income | $591 | $393 | $1,489 | $1,209 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $354 | $684 |
Receivables | 2,562 | 2,418 |
Inventories | 360 | 361 |
Other current assets | 179 | 299 |
Total current assets | 3,455 | 3,762 |
Equity method investments | 1,216 | 1,279 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $21,171 and $19,266 | 27,822 | 28,272 |
Goodwill | 499 | 525 |
Other noncurrent assets | 2,784 | 1,468 |
Total assets | 35,776 | 35,306 |
Current liabilities: | ' | ' |
Commercial paper | 200 | 200 |
Accounts payable | 2,406 | 2,324 |
Payroll and benefits payable | 162 | 217 |
Accrued taxes | 1,511 | 1,983 |
Other current liabilities | 326 | 173 |
Long-term debt due within one year | 68 | 184 |
Total current liabilities | 4,673 | 5,081 |
Long-term debt | 6,433 | 6,512 |
Deferred tax liabilities, noncurrent | 2,481 | 2,432 |
Defined benefit postretirement plan obligations | 713 | 856 |
Asset retirement obligations | 2,027 | 1,749 |
Deferred credits and other liabilities, noncurrent | 455 | 393 |
Total liabilities | 16,782 | 17,023 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock - no shares issued and outstanding (no par value, 26 million shares authorized) | 0 | 0 |
Common stock issued - 770 million and 770 million shares (par value $1 per share, 1.1 billion shares authorized) | 770 | 770 |
Common stock, securities exchangeable into common stock - no shares issued or outstanding (no par value, 29 million shares authorized) | 0 | 0 |
Held in treasury, at cost - 74 million and 63 million shares | -2,949 | -2,560 |
Additional paid-in capital | 6,603 | 6,616 |
Retained earnings | 14,892 | 13,890 |
Accumulated other comprehensive loss | -322 | -433 |
Total equity | 18,994 | 18,283 |
Total liabilities and stockholders' equity | $35,776 | $35,306 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets Parenthetical [Abstract] | ' | ' |
Less accumulated depreciation, depletion and amortization | ($21,171) | ($19,266) |
Preferred stock, no par value | $0 | $0 |
Preferred stock shares authorized | 26,000,000 | 26,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value per share | $1 | $1 |
Common stock shares authorized | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued | 770,000,000 | 770,000,000 |
Common stock, securities exchangeable, no par value | $0 | $0 |
Common stock, securities exchangeable, shares authorized | 29,000,000 | 29,000,000 |
Common stock, securities exchangeable, shares issued | 0 | 0 |
Common stock, securities exchangeable, shares outstanding | 0 | 0 |
Held in treasury, shares | 74,000,000 | 63,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $1,378 | $1,260 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Deferred income taxes | 17 | -27 |
Depreciation, depletion and amortization | 2,205 | 1,779 |
Impairments | 49 | 271 |
Pension and other postretirement benefits, net | 41 | -56 |
Exploratory dry well costs and unproved property impairments | 619 | 287 |
Net gain on disposal of assets | 4 | -126 |
Equity method investments, net | 12 | -14 |
Changes in: | ' | ' |
Current receivables, changes in | -151 | -646 |
Inventories, changes in | -8 | -6 |
Current accounts payable and accrued liabilities, changes in | -286 | 156 |
All other operating, net | 161 | -66 |
Net cash provided by operating activities | 4,041 | 2,812 |
Investing activities: | ' | ' |
Acquisitions, net of cash acquired | -74 | -806 |
Additions to property, plant and equipment | -3,818 | -3,509 |
Disposal of assets | 402 | 193 |
Investments - return of capital | 45 | 42 |
All other investing, net | 34 | 49 |
Net cash used in investing activities | -3,411 | -4,031 |
Financing activities: | ' | ' |
Commercial paper, net | 0 | 1,839 |
Debt issuance costs | 0 | 9 |
Debt repayments | -148 | -111 |
Purchases of common stock | -500 | 0 |
Dividends paid | -376 | -360 |
All other financing, net | 70 | 26 |
Net cash (used in) provided by financing activities | -954 | 1,385 |
Effect of exchange rate changes on cash | -6 | 12 |
Net decrease in cash and cash equivalents | -330 | 178 |
Cash and cash equivalents at beginning of period | 684 | 493 |
Cash and cash equivalents at end of period | $354 | $671 |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation [Text Block] | ' |
Basis of Presentation | |
These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission ("SEC") and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. | |
Beginning in the first quarter of 2013, we changed the presentation of our consolidated statements of income, primarily to present additional details of revenues and expenses and to classify certain expenses more consistently with our peer group of independent exploration and production companies. To effect these changes, reclassifications of previously reported amounts were made and are reflected in these consolidated financial statements. As a result of the reclassifications, general and administrative expenses for the third quarter and first nine months of 2012 increased by $40 million and $110 million which primarily includes certain costs associated with operations support and operations management. Offsetting reductions are reflected in production, other operating and exploration expenses and taxes other than income. | |
These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Marathon Oil Corporation 2012 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2013 are not necessarily indicative of the results to be expected for the full year. |
Accounting_Standards
Accounting Standards | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Standards Disclosure [Abstract] | ' |
Accounting Standards [Text Block] | ' |
Accounting Standards | |
Not Yet Adopted | |
In June 2013, the Financial Accounting Standards Board ("FASB") ratified the Emerging Issues Task Force consensus on Issue 13-C, which requires that an unrecognized tax benefit or a portion of an unrecognized tax benefit be presented as a reduction to a deferred tax asset for an available net operating loss carryforward, a similar tax loss or tax credit carryforward. This accounting standards update is effective for us beginning in the first quarter of 2014 and should be applied prospectively to unrecognized tax benefits that exist as of the effective date. Early adoption and retrospective application are permitted. We do not expect this accounting standards update to have a significant impact on our consolidated results of operations, financial position or cash flows. | |
In February 2013, an accounting standards update was issued to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations such as asset retirement and environmental obligations, contingencies, guarantees, income taxes and retirement benefits, which are separately addressed within United States generally accepted accounting principles ("U.S. GAAP"). An entity is required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of 1) the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and 2) any amount the entity expects to pay on behalf of its co-obligors. Disclosure of the nature of the obligation, including how the liability arose, the relationship with other co-obligors and the terms and conditions of the arrangement is required. In addition, the total outstanding amount under the arrangement, not reduced by the effect of any amounts that may be recoverable from other entities, plus the carrying amount of any liability or receivable recognized must be disclosed. This accounting standards update is effective for us beginning in the first quarter of 2014 and should be applied retrospectively for those in-scope obligations resulting from joint and several liability arrangements that exist at the beginning of 2014. Early adoption is permitted. We do not expect this accounting standards update to have a significant impact on our consolidated results of operations, financial position or cash flows. | |
Recently Adopted | |
In February 2013, an accounting standards update was issued to improve the reporting of reclassifications out of accumulated other comprehensive income. This standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This accounting standards update was effective for us beginning the first quarter of 2013 and we present the required disclosures in Note 16. Adoption of this standard did not have a significant impact on our consolidated results of operations, financial position or cash flows. | |
In December 2011, an accounting standards update designed to enhance disclosures about offsetting assets and liabilities was issued. Further clarification limiting the scope of these disclosures to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions was issued in January 2013. The disclosures are intended to enable financial statement users to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. Entities are required to disclose both gross information and net information about in-scope financial instruments that are either offset in the statement of financial position or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. The accounting standards update was effective for us beginning the first quarter of 2013 and we include the required disclosures in Note 14. Adoption of this standard did not have a significant impact on our consolidated results of operations, financial position or cash flows. |
Variable_Interest_Entity
Variable Interest Entity | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities Disclosure [Abstract] | ' |
Variable Interest Entity [Text Block] | ' |
Variable Interest Entity | |
The owners of the Athabasca Oil Sands Project (“AOSP”), in which we hold a 20 percent undivided interest, contracted with a wholly-owned subsidiary of a publicly traded Canadian limited partnership (“Corridor Pipeline”) to provide materials transportation capabilities among the Muskeg River and Jackpine mines, the Scotford upgrader and markets in Edmonton. The contract, originally signed in 1999 by a company we acquired, allows each holder of an undivided interest in the AOSP to ship materials in accordance with its undivided interest. Costs under this contract are accrued and recorded on a monthly basis, with current liabilities of $3 million recorded at September 30, 2013, consistent with December 31, 2012. Under this agreement, the AOSP absorbs all of the operating and capital costs of the pipeline. Currently, no third-party shippers use the pipeline. Should shipments be suspended, by choice or due to force majeure, we remain responsible for the portion of the payments related to our undivided interest for all remaining periods. The contract expires in 2029; however, the shippers can extend its term perpetually. This contract qualifies as a variable interest contractual arrangement and the Corridor Pipeline qualifies as a variable interest entity (“VIE”). We hold a variable interest but are not the primary beneficiary because our shipments are only 20 percent of the total; therefore the Corridor Pipeline is not consolidated by us. Our maximum exposure to loss as a result of our involvement with this VIE is the amount we expect to pay over the contract term, which was $707 million as of September 30, 2013. The liability on our books related to this contract at any given time will reflect amounts due for the immediately previous month’s activity, which is substantially less than the maximum exposure over the contract term. We have not provided financial assistance to Corridor Pipeline and we do not have any guarantees of such assistance in the future. |
Income_per_Common_Share
Income per Common Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Per Common Share Disclosure [Abstract] | ' | |||||||||||||||
Income per Common Share [Text Block] | ' | |||||||||||||||
Income per Common Share | ||||||||||||||||
Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options and stock appreciation rights, provided the effect is not antidilutive. | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Net income | $ | 569 | $ | 569 | $ | 450 | $ | 450 | ||||||||
Weighted average common shares outstanding | 707 | 707 | 706 | 706 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 3 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 707 | 711 | 706 | 709 | ||||||||||||
Per share: | ||||||||||||||||
Net income | $0.80 | $0.80 | $0.64 | $0.63 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Net income | $ | 1,378 | $ | 1,378 | $ | 1,260 | $ | 1,260 | ||||||||
Weighted average common shares outstanding | 708 | 708 | 705 | 705 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 708 | 712 | 705 | 709 | ||||||||||||
Per share: | ||||||||||||||||
Net income | $1.95 | $1.94 | $1.79 | $1.78 | ||||||||||||
The per share calculations above exclude 4 million and 5 million stock options for the third quarter and first nine months of 2013, as they were antidilutive. Excluded for the third quarter and first nine months of 2012 were 10 million stock options. |
Dispositions
Dispositions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Dispositions Disclosure [Abstract] | ' | |||
Dispositions [Text Block] | ' | |||
Dispositions | ||||
2013 - North America Exploration and Production ("E&P") Segment | ||||
In June 2013, we closed the sale of our interests in the DJ Basin for proceeds of $19 million. A loss of $114 million was recorded in the second quarter of 2013. | ||||
In February 2013, we conveyed our interests in the Marcellus natural gas shale play to the operator. A $43 million loss on this transaction was recorded in the first quarter of 2013. | ||||
In February 2013, we closed the sale of our interest in the Neptune gas plant, located onshore Louisiana, for proceeds of $166 million. A $98 million gain was recorded in the first quarter of 2013. | ||||
In January 2013, we closed the sale of our remaining assets in Alaska, for proceeds of $195 million, subject to a six-month escrow of $50 million which was collected in July 2013. After closing adjustments made in the second quarter of 2013, the gain on this sale was $55 million. | ||||
2013 - International E&P Segment | ||||
In June 2013, we entered into an agreement to sell our non-operated 10 percent working interest in the Production Sharing Contract and Joint Operating Agreement in Block 31 offshore Angola. This transaction, valued at $1.5 billion before closing adjustments, is expected to close in the fourth quarter of 2013, subject to government and regulatory approvals. Angola Block 31 is reflected as held for sale in the September 30, 2013 consolidated balance sheet as follows: | ||||
(In millions) | ||||
Other current assets | $ | 15 | ||
Other noncurrent assets | 1,598 | |||
Total assets | 1,613 | |||
Other current liabilities | 42 | |||
Deferred credits and other liabilities | 41 | |||
Total liabilities | $ | 83 | ||
2012 - North America E&P Segment | ||||
In the third quarter of 2012, we sold approximately 5,800 net undeveloped acres located outside the core of the Eagle Ford shale for proceeds of $9 million. A net loss of $18 million was recorded. | ||||
In January 2012, we closed on the sale of our interests in several Gulf of Mexico crude oil pipeline systems for proceeds of $206 million. This included our equity method interests in Poseidon Oil Pipeline Company, L.L.C. and Odyssey Pipeline L.L.C., as well as certain other oil pipeline interests including the Eugene Island pipeline system. A gain of $166 million was recorded in the first quarter of 2012. | ||||
2012 - International E&P Segment | ||||
In May 2012, we reached an agreement to relinquish our operatorship of and interests in the Bone Bay and Kumawa exploration licenses in Indonesia. A $36 million payment to settle all of our obligations related to these licenses, including well commitments, was accrued and reported as a loss on disposal of assets in the second quarter of 2012 and we paid the accrued amount in the third quarter of 2012. |
Acquisitions_Notes
Acquisitions (Notes) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Acquisitions | |||||
During the third quarters and first nine months of 2013 and 2012, our business combinations related to properties acquired by our North America E&P segment in the Eagle Ford shale in south Texas. The pro forma impact of these transactions, individually and in the aggregate, is not material to our consolidated statements of income for any periods presented. | |||||
The fair values of assets acquired and liabilities assumed in each of these business combinations were measured primarily using an income approach, specifically utilizing a discounted cash flow analysis. The estimated fair values were based on significant inputs not observable in the market, and therefore represent Level 3 measurements. Significant inputs included estimated reserve volumes, the expected future production profile, estimated commodity prices and assumptions regarding future operating and development costs. The discount rates used in the discounted cash flow analyses were approximately 10 percent for the both the 2013 and 2012 transactions. | |||||
2013 | |||||
In July 2013, we acquired 4,800 net undeveloped acres in the core of the Eagle Ford shale in a transaction valued at $97 million, including carried interest of $23 million. The transaction was accounted for as a business combination, with the entire up-front cash consideration of $74 million allocated to property, plant and equipment at the acquisition date. | |||||
2012 | |||||
We acquired approximately 20,000 net acres in the core of the Eagle Ford shale during the first nine months of 2012. The largest transaction was the acquisition of Paloma Partners II, LLC, which closed during the third quarter for cash consideration of $768 million. This transaction was accounted for as a business combination. Smaller transactions closed during the second quarter of 2012. | |||||
The following table summarizes the amounts allocated to the assets acquired and liabilities assumed for Paloma Partners II, LLC based upon their fair values at the acquisition date: | |||||
(In millions) | |||||
Assets: | |||||
Cash | $ | 8 | |||
Receivables | 22 | ||||
Inventories | 1 | ||||
Total current assets acquired | 31 | ||||
Property, plant and equipment | 822 | ||||
Total assets acquired | $ | 853 | |||
Liabilities: | |||||
Accounts payable | 78 | ||||
Asset retirement obligations | 7 | ||||
Total liabilities assumed | 85 | ||||
Net assets acquired | $ | 768 | |||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Information Disclosure [Abstract] | ' | |||||||||||||||
Segment Information [Text Block] | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Beginning in 2013, we changed our reportable segments and revised our management reporting to better reflect the growing importance of United States unconventional resource plays to our business. All prior-year periods presented have been recast to reflect these new segments. | ||||||||||||||||
We have three reportable operating segments. Each of these segments is organized and managed based upon both geographic location and the nature of the products and services it offers. | ||||||||||||||||
• | North America E&P ("N.A. E&P") – explores for, produces and markets liquid hydrocarbons and natural gas in North America; | |||||||||||||||
• | International E&P ("Int'l E&P") – explores for, produces and markets liquid hydrocarbons and natural gas outside of North America and produces and markets products manufactured from natural gas, such as liquefied natural gas ("LNG")and methanol, in Equatorial Guinea; and | |||||||||||||||
• | Oil Sands Mining (“OSM”) – mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada, and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil. | |||||||||||||||
Information regarding assets by segment is not presented because it is not reviewed by the chief operating decision maker (“CODM”). Segment income represents income from continuing operations excluding certain items not allocated to segments as discussed below, net of income taxes, attributable to the operating segments. Our corporate and operations support general and administrative costs are not allocated to the operating segments. These costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities, net of associated income tax effects. Unrealized gains or losses on crude oil derivative instruments, impairments, gains or losses on dispositions or other items that affect comparability (as determined by the CODM) also are not allocated to operating segments. | ||||||||||||||||
Differences between segment totals and our consolidated totals for income taxes and depreciation, depletion and amortization represent amounts related to corporate administrative activities and other unallocated items which are included in “Items not allocated to segments, net of income taxes” in the reconciliation below. Total capital expenditures include accruals but not corporate activities. | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 1,321 | $ | 1,396 | $ | 463 | $ | 3,180 | ||||||||
Marketing revenues | 607 | 58 | 3 | 668 | ||||||||||||
Segment revenues | $ | 1,928 | $ | 1,454 | $ | 466 | 3,848 | |||||||||
Unrealized loss on crude oil derivative instruments | (61 | ) | ||||||||||||||
Total revenues | $ | 3,787 | ||||||||||||||
Segment income | $ | 242 | $ | 321 | $ | 106 | $ | 669 | ||||||||
Income from equity method investments | — | 114 | — | 114 | ||||||||||||
Depreciation, depletion and amortization | 490 | 179 | 54 | 723 | ||||||||||||
Income tax provision | 143 | 714 | 35 | 892 | ||||||||||||
Capital expenditures | 831 | 254 | 65 | 1,150 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 993 | $ | 1,907 | $ | 460 | $ | 3,360 | ||||||||
Marketing revenues | 548 | 73 | 10 | 631 | ||||||||||||
Segment revenues | $ | 1,541 | $ | 1,980 | $ | 470 | 3,991 | |||||||||
Unrealized gain on crude oil derivative instruments | 45 | |||||||||||||||
Total revenues | $ | 4,036 | ||||||||||||||
Segment income | $ | 107 | $ | 405 | $ | 66 | $ | 578 | ||||||||
Income from equity method investments | 1 | 121 | — | 122 | ||||||||||||
Depreciation, depletion and amortization | 360 | 194 | 60 | 614 | ||||||||||||
Income tax provision | 66 | 1,219 | 20 | 1,305 | ||||||||||||
Capital expenditures | 1,045 | 229 | 41 | 1,315 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 3,820 | $ | 5,015 | $ | 1,204 | $ | 10,039 | ||||||||
Marketing revenues | 1,391 | 194 | 12 | 1,597 | ||||||||||||
Segment revenues | $ | 5,211 | $ | 5,209 | $ | 1,216 | 11,636 | |||||||||
Unrealized loss on crude oil derivative instruments | (61 | ) | ||||||||||||||
Total revenues | $ | 11,575 | ||||||||||||||
Segment income | $ | 404 | $ | 1,156 | $ | 164 | $ | 1,724 | ||||||||
Income from equity method investments | — | 309 | — | 309 | ||||||||||||
Depreciation, depletion and amortization | 1,458 | 575 | 154 | 2,187 | ||||||||||||
Income tax provision | 242 | 2,860 | 55 | 3,157 | ||||||||||||
Capital expenditures | 2,705 | 720 | 207 | 3,632 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 2,738 | $ | 5,383 | $ | 1,158 | $ | 9,279 | ||||||||
Marketing revenues | 2,019 | 193 | 25 | 2,237 | ||||||||||||
Segment revenues | $ | 4,757 | $ | 5,576 | $ | 1,183 | 11,516 | |||||||||
Unrealized gain on crude oil derivative instruments | 45 | |||||||||||||||
Total revenues | $ | 11,561 | ||||||||||||||
Segment income | $ | 281 | $ | 1,185 | $ | 154 | $ | 1,620 | ||||||||
Income from equity method investments | 2 | 258 | — | 260 | ||||||||||||
Depreciation, depletion and amortization | 964 | 622 | 159 | 1,745 | ||||||||||||
Income tax provision | 166 | 3,260 | 50 | 3,476 | ||||||||||||
Capital expenditures | 2,887 | 569 | 136 | 3,592 | ||||||||||||
The following reconciles total revenues to sales and other operating revenues as reported in the consolidated statements of income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 3,787 | $ | 4,036 | $ | 11,575 | $ | 11,561 | ||||||||
Less: Marketing revenues | 668 | 631 | 1,597 | 2,237 | ||||||||||||
Sales and other operating revenues, including related party | $ | 3,119 | $ | 3,405 | $ | 9,978 | $ | 9,324 | ||||||||
The following reconciles segment income to net income as reported in the consolidated statements of income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Segment income | $ | 669 | $ | 578 | $ | 1,724 | $ | 1,620 | ||||||||
Items not allocated to segments, net of income taxes: | ||||||||||||||||
Corporate and other unallocated items | (61 | ) | (146 | ) | (288 | ) | (294 | ) | ||||||||
Unrealized gain (loss) on crude oil derivative instruments | (39 | ) | 29 | (39 | ) | 29 | ||||||||||
Net gain (loss) on dispositions | — | (11 | ) | (9 | ) | 72 | ||||||||||
Impairments | — | — | (10 | ) | (167 | ) | ||||||||||
Net income | $ | 569 | $ | 450 | $ | 1,378 | $ | 1,260 | ||||||||
Defined_Benefit_Postretirement
Defined Benefit Postretirement Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Defined Benefit Postretirement Plans [Text Block] | ' | |||||||||||||||
Defined Benefit Postretirement Plans | ||||||||||||||||
The following summarizes the components of net periodic benefit cost: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 14 | $ | 12 | $ | 1 | $ | 1 | ||||||||
Interest cost | 16 | 16 | 3 | 4 | ||||||||||||
Expected return on plan assets | (17 | ) | (14 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 2 | 2 | (2 | ) | (2 | ) | ||||||||||
– actuarial loss | 9 | 12 | — | — | ||||||||||||
Net settlement loss(a) | 15 | 34 | — | — | ||||||||||||
Net periodic benefit cost | $ | 39 | $ | 62 | $ | 2 | $ | 3 | ||||||||
Nine months Ended September 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 42 | $ | 37 | $ | 3 | $ | 3 | ||||||||
Interest cost | 47 | 48 | 9 | 11 | ||||||||||||
Expected return on plan assets | (50 | ) | (46 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 5 | 6 | (5 | ) | (5 | ) | ||||||||||
– actuarial loss | 38 | 37 | — | — | ||||||||||||
Net settlement loss(a) | 32 | 34 | — | — | ||||||||||||
Net periodic benefit cost | $ | 114 | $ | 116 | $ | 7 | $ | 9 | ||||||||
(a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan's total service and interest cost for that year. Such settlements were recorded for our U.S. plans in the second and third quarters of 2013 and the third quarter of 2012. | ||||||||||||||||
During the second and third quarters of 2013 and the third quarter of 2012, we recorded the effects of partial settlements of our U.S. pension plans and we remeasured the plans' assets and liabilities as of the applicable balance sheet dates. As a result, we recognized decreases of $24 million and $163 million in actuarial losses in other comprehensive income for the three months and nine months ended September 30, 2013, and an increase of $103 million in actuarial losses, net of settlement loss, for the three months and nine months ended September 30, 2012. | ||||||||||||||||
During the first nine months of 2013, we made contributions of $50 million to our funded pension plans. We expect to make additional contributions up to an estimated $17 million to our funded pension plans over the remainder of 2013. Current benefit payments related to unfunded pension and other postretirement benefit plans were $19 million and $12 million during the first nine months of 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes Disclosure [Abstract] | ' |
Income Taxes [Text Block] | ' |
Income Taxes | |
The effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income. The provision for income taxes is allocated on a discrete, stand-alone basis to pretax segment income and to individual items not allocated to segments. The difference between the total provision and the sum of the amounts allocated to segments and to individual items not allocated to segments is reported in “Corporate and other unallocated items” in Note 7. | |
Our effective income tax rates in the first nine months of 2013 and 2012 were 68 percent and 72 percent. These rates are higher than the U.S. statutory rate of 35 percent due to earnings from foreign jurisdictions, primarily Norway and Libya, where the tax rates are in excess of the U.S. statutory rate. In Libya, where the statutory tax rate is in excess of 90 percent, sales decreased in the third quarter of 2013 due to labor strikes at the Es Sider oil terminal and there remains uncertainty around future production and sales levels. Reliable estimates of 2013 and 2012 annual ordinary income from our Libyan operations could not be made and the range of possible scenarios when including ordinary income from our Libyan operations in the worldwide annual effective tax rate calculation demonstrates significant variability. As such, for the first nine months of 2013 and 2012, estimated annual effective tax rates were calculated excluding Libya and applied to consolidated ordinary income excluding Libya and the tax provision applicable to Libyan ordinary income was recorded as a discrete item in the periods. Excluding Libya, the effective tax rates would be 60 percent and 64 percent for the first nine months of 2013 and 2012. In the third quarter of 2013, we recorded a net favorable tax adjustment of $42 million, largely related to greater expected utilization of foreign tax credits in future periods than previously estimated. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories [Text Block] | ' | |||||||
Inventories | ||||||||
Inventories are carried at the lower of cost or market value. | ||||||||
September 30, | December 31, | |||||||
(In millions) | 2013 | 2012 | ||||||
Liquid hydrocarbons, natural gas and bitumen | $ | 46 | $ | 73 | ||||
Supplies and other items | 314 | 288 | ||||||
Inventories, at cost | $ | 360 | $ | 361 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property Plant And Equipment Disclosure [Abstract] | ' | |||||||
Property, Plant and Equipment [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
September 30, | December 31, | |||||||
(In millions) | 2013 | 2012 | ||||||
North America E&P | $ | 25,858 | $ | 23,748 | ||||
International E&P | 12,342 | 13,214 | ||||||
Oil Sands Mining | 10,337 | 10,127 | ||||||
Corporate | 456 | 449 | ||||||
Total property, plant and equipment | 48,993 | 47,538 | ||||||
Less accumulated depreciation, depletion and amortization | (21,171 | ) | (19,266 | ) | ||||
Net property, plant and equipment | $ | 27,822 | $ | 28,272 | ||||
During the third quarter of 2013, our Libya production operations were impacted due to labor strikes at the Es Sider oil terminal. We had three oil liftings from Libya in July 2013, but no oil liftings in August or September. Uncertainty around sustained production and sales levels from Libya have existed since the first quarter of 2011 when production operations were suspended until limited production resumed in the fourth quarter of the same year. We and our partners in the Waha concessions continue to assess the situation and the condition of our assets in Libya. As of September 30, 2013, our net property, plant and equipment investment in Libya was approximately $743 million. | ||||||||
Exploratory well costs capitalized greater than one year after completion of drilling were $220 million as of September 30, 2013. The net decrease of $9 million from December 31, 2012 primarily related to the conveyance of our interests in the Marcellus natural gas shale play to the operator in February 2013. | ||||||||
Included in the total costs suspended for greater than one year are $127 million related to Angola Block 31 and $22 million related to Equatorial Guinea. The Angola Block 31 costs are included in the other noncurrent assets held for sale reported in Note 5. We intend to develop Block D offshore Equatorial Guinea through a unitization with the Alba field, which is now expected be completed late in 2014. |
Asset_Retirement_Obligations_A
Asset Retirement Obligations Asset Retirement Obligations | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Asset Retirement Obligation Disclosure [Text Block] | ' | |||
Asset Retirement Obligations | ||||
The following summarizes the changes in asset retirement obligations during the first nine months of 2013: | ||||
(In millions) | ||||
Beginning balance(a) | $ | 1,783 | ||
Incurred, including acquisitions | 10 | |||
Settled, including dispositions | (41 | ) | ||
Accretion expense (included in depreciation, depletion and amortization) | 103 | |||
Revisions to previous estimates | 306 | |||
Held for sale | (41 | ) | ||
Ending balance(a) | $ | 2,120 | ||
(a) Beginning and ending balances include asset retirement obligations of $34 million and $93 million classified as short-term at December 31, 2012 and September 30, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements [Text Block] | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Fair Values - Recurring | ||||||||||||||||||||
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by fair value hierarchy level. | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Collateral | Total | |||||||||||||||
Derivative instruments, assets | ||||||||||||||||||||
Commodity | $ | — | $ | 5 | $ | — | $ | — | $ | 5 | ||||||||||
Interest rate | — | 11 | — | — | 11 | |||||||||||||||
Foreign currency | — | 1 | — | — | 1 | |||||||||||||||
Derivative instruments, assets | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | ||||||||||
Derivative instruments, liabilities | ||||||||||||||||||||
Commodity | $ | — | $ | 14 | $ | — | $ | — | $ | 14 | ||||||||||
Foreign currency | — | 14 | — | — | 14 | |||||||||||||||
Derivative instruments, liabilities | $ | — | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Collateral | Total | |||||||||||||||
Derivative instruments, assets | ||||||||||||||||||||
Commodity | $ | — | $ | 52 | $ | — | $ | 1 | $ | 53 | ||||||||||
Interest rate | — | 21 | — | — | 21 | |||||||||||||||
Foreign currency | — | 18 | — | — | 18 | |||||||||||||||
Derivative instruments, assets | $ | — | $ | 91 | $ | — | $ | 1 | $ | 92 | ||||||||||
Commodity swaps in Level 2 are measured at fair value with a market approach using prices obtained from exchanges or pricing services, which have been corroborated with data from active markets for similar assets or liabilities. Commodity options in Level 2 are valued using the Black-Scholes Model. Inputs to this model include prices as noted above, discount factors, and implied market volatility. The inputs to this fair value measurement are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. Collateral deposits related to commodity derivatives are in broker accounts covered by master netting agreements. | ||||||||||||||||||||
Interest rate swaps are measured at fair value with a market approach using actionable broker quotes which are Level 2 inputs. Foreign currency forwards are measured at fair value with a market approach using third-party pricing services, such as Bloomberg L.P., which have been corroborated with data from active markets for similar assets or liabilities, and are Level 2 inputs. | ||||||||||||||||||||
Fair Values - Nonrecurring | ||||||||||||||||||||
The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. | ||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||||||
Long-lived assets held for use | $ | 5 | $ | 11 | $ | 2 | $ | 8 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||||||
Long-lived assets held for use | $ | 5 | $ | 49 | $ | 77 | $ | 271 | ||||||||||||
All long-lived assets held for use that were impaired in the first nine months of 2013 and 2012 were held by our North America E&P segment. The fair values of each discussed below were measured using an income approach based upon internal estimates of future production levels, prices and discount rate, all of which are Level 3 inputs. Inputs to the fair value measurement included reserve and production estimates made by our reservoir engineers, estimated commodity prices adjusted for quality and location differentials, and forecasted operating expenses for the remaining estimated life of the reservoir. | ||||||||||||||||||||
In the first quarter of 2013, as a result of our decision to wind down operations in the Powder River Basin due to poor economics, an impairment of $15 million was recorded. | ||||||||||||||||||||
In early 2012, production rates from the Ozona development in the Gulf of Mexico declined significantly. Accordingly, our reserve engineers prepared evaluations of our future production as well as our reserves and an impairment of $261 million was recorded in the first quarter of 2012. As the development produced towards abandonment pressures, further downward revisions of reserves were taken, resulting in an additional impairment recorded in the fourth quarter of 2012. Ozona production ceased in the first quarter of 2013 and an additional $21 million impairment was recorded. | ||||||||||||||||||||
Other impairments of long-lived assets held for use by our North America E&P segment in the first nine months of 2013 and 2012 were a result of reduced drilling expectations, reductions of estimated reserves or declining natural gas prices. | ||||||||||||||||||||
Fair Values – Financial Instruments | ||||||||||||||||||||
Our current assets and liabilities include financial instruments, the most significant of which are receivables, commercial paper and payables. We believe the carrying values of our receivables, commercial paper and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our investment-grade credit rating, and (3) our historical incurrence of and expected future insignificance of bad debt expense, which includes an evaluation of counterparty credit risk. | ||||||||||||||||||||
The following table summarizes financial instruments, excluding receivables, commercial paper, payables and derivative financial instruments, and their reported fair value by individual balance sheet line item at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Fair | Carrying | Fair | Carrying | |||||||||||||||||
(In millions) | Value | Amount | Value | Amount | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Other noncurrent assets | $ | 168 | $ | 165 | $ | 189 | $ | 186 | ||||||||||||
Total financial assets | 168 | 165 | 189 | 186 | ||||||||||||||||
Financial liabilities | ||||||||||||||||||||
Other current liabilities | 13 | 13 | 13 | 13 | ||||||||||||||||
Long-term debt, including current portion(a) | 6,941 | 6,461 | 7,610 | 6,642 | ||||||||||||||||
Deferred credits and other liabilities | 164 | 161 | 94 | 94 | ||||||||||||||||
Total financial liabilities | $ | 7,118 | $ | 6,635 | $ | 7,717 | $ | 6,749 | ||||||||||||
(a) Excludes capital leases. | ||||||||||||||||||||
Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value. | ||||||||||||||||||||
Most of our long-term debt instruments are publicly-traded. A market approach, based upon quotes from major financial institutions, is used to measure the fair value of such debt. Because these quotes cannot be independently verified to an active market they are considered Level 3 inputs. The fair value of our debt that is not publicly-traded is measured using an income approach. The future debt service payments are discounted using the rate at which we currently expect to borrow. All inputs to this calculation are Level 3. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives [Text Block] | ' | ||||||||||||||||
Derivatives | |||||||||||||||||
For information regarding the fair value measurement of derivative instruments, see Note 13. All of our interest rate and commodity derivatives are subject to enforceable master netting arrangements or similar agreements under which we may report net amounts. Netting is assessed by counterparty, and as of September 30, 2013 and December 31, 2012, there were no offsetting amounts. Positions by contract were all either assets or liabilities. The following tables present the gross fair values of derivative instruments, excluding cash collateral, and the reported net amounts along with where they appear on the consolidated balance sheets as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | 1 | $ | — | $ | 1 | Other current assets | ||||||||||
Interest rate | 11 | — | 11 | Other noncurrent assets | |||||||||||||
Total Designated Hedges | 12 | — | 12 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | 5 | — | 5 | Other current assets | |||||||||||||
Total Not Designated as Hedges | 5 | — | 5 | ||||||||||||||
Total | $ | 17 | $ | — | $ | 17 | |||||||||||
30-Sep-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 14 | $ | 14 | Other current liabilities | ||||||||||
Total Designated Hedges | — | 14 | 14 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | — | 14 | 14 | Other current liabilities | |||||||||||||
Total Not Designated as Hedges | — | 14 | 14 | ||||||||||||||
Total | $ | — | $ | 28 | $ | 28 | |||||||||||
31-Dec-12 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | 18 | $ | — | $ | 18 | Other current assets | ||||||||||
Interest rate | 21 | — | 21 | Other noncurrent assets | |||||||||||||
Total Designated Hedges | 39 | — | 39 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | 52 | — | 52 | Other current assets | |||||||||||||
Total Not Designated as Hedges | 52 | — | 52 | ||||||||||||||
Total | $ | 91 | $ | — | $ | 91 | |||||||||||
Derivatives Designated as Fair Value Hedges | |||||||||||||||||
The following table presents by maturity date, information about our interest rate swap agreements as of September 30, 2013, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate. | |||||||||||||||||
Maturity Dates | Aggregate Notional Amount (in millions) | Weighted Average, LIBOR-Based, Floating Rate | |||||||||||||||
1-Oct-17 | $ | 600 | 4.67 | % | |||||||||||||
15-Mar-18 | $ | 300 | 4.51 | % | |||||||||||||
As of December 31, 2012, we had multiple interest rate swap agreements with a total notional amount of $600 million, a weighted average, LIBOR-based, floating rate of 4.70 percent and a maturity date of October 1, 2017. | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, our foreign currency forwards had an aggregate notional amount of 3,115 million and 3,043 million Norwegian Kroner at a weighted average forward rate of 5.874 and 5.780. These forwards hedge our current Norwegian tax liability and have settlement dates through February 2014. | |||||||||||||||||
The pretax effect of derivative instruments designated as hedges of fair value in our consolidated statements of income are summarized in the table below. There is no ineffectiveness related to the fair value hedges. | |||||||||||||||||
Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivative | |||||||||||||||||
Interest rate | Net interest and other | $ | 5 | $ | 6 | $ | (9 | ) | $ | 17 | |||||||
Foreign currency | Provision for income taxes | $ | 5 | $ | 22 | $ | (41 | ) | $ | (18 | ) | ||||||
Hedged Item | |||||||||||||||||
Long-term debt | Net interest and other | $ | (5 | ) | $ | (6 | ) | $ | 9 | $ | (17 | ) | |||||
Accrued taxes | Provision for income taxes | $ | (5 | ) | $ | (22 | ) | $ | 41 | $ | 18 | ||||||
Derivatives not Designated as Hedges | |||||||||||||||||
In August 2012, we entered into crude oil derivatives related to a portion of our forecast North America E&P crude oil sales through December 31, 2013. These commodity derivatives were not designated as hedges and are shown in the table below. | |||||||||||||||||
Remaining Term | Bbls per Day | Weighted Average Price per Bbl | Benchmark | ||||||||||||||
Swaps | |||||||||||||||||
October 2013 - December 2013 | 20,000 | $96.29 | West Texas Intermediate | ||||||||||||||
October 2013 - December 2013 | 25,000 | $109.19 | Brent | ||||||||||||||
Option Collars | |||||||||||||||||
October 2013 - December 2013 | 15,000 | $90.00 floor / $101.17 ceiling | West Texas Intermediate | ||||||||||||||
October 2013 - December 2013 | 15,000 | $100.00 floor / $116.30 ceiling | Brent | ||||||||||||||
The following table summarizes the effect of all derivative instruments not designated as hedges in our consolidated statements of income. | |||||||||||||||||
Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Commodity | Sales and other operating revenues, including related party | $ | (86 | ) | $ | 45 | $ | (73 | ) | $ | 46 | ||||||
Incentive_Based_Compensation_P
Incentive Based Compensation Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Incentive Based Compensation Plans [Abstract] | ' | |||||||||||||
Incentive Based Compensation [Text Block] | ' | |||||||||||||
Incentive Based Compensation | ||||||||||||||
Stock option and restricted stock awards | ||||||||||||||
The following table presents a summary of stock option and restricted stock award activity for the first nine months of 2013: | ||||||||||||||
Stock Options | Restricted Stock | |||||||||||||
Number of | Weighted | Awards | Weighted | |||||||||||
Shares | Average | Average Grant | ||||||||||||
Exercise Price | Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 19,536,965 | $26.19 | 4,177,884 | $29.02 | ||||||||||
Granted | 1,704,734 | (a) | $33.30 | 1,254,935 | $32.96 | |||||||||
Options Exercised/Stock Vested | (2,098,887 | ) | $22.31 | (1,609,730 | ) | $28.09 | ||||||||
Canceled | (708,701 | ) | $34.01 | (384,719 | ) | $29.91 | ||||||||
Outstanding at September 30, 2013 | 18,434,111 | $26.99 | 3,438,370 | $30.80 | ||||||||||
(a) The weighted average grant date fair value of stock option awards granted was $10.51 per share. | ||||||||||||||
Performance unit awards | ||||||||||||||
In the first quarter of 2013, we granted 353,600 performance units to certain officers that provide a cash payout upon the achievement of certain performance goals at the end of a 36-month performance period. The performance goals are tied to our total shareholder return (“TSR”) as compared to TSR for a group of peer companies determined by the Compensation Committee of the Board of Directors. At the grant date, each unit represents the value of one share of our common stock, while payout after completion of the performance period will be based on the value of anywhere from zero to two times the number of units granted. Dividend equivalents accrue during the performance period and are paid in cash at the end of the performance period based on the number of shares that would represent the value of the units. The fair value of these performance units is re-measured on a quarterly basis using the Monte Carlo simulation method. These performance units are accounted for as liability awards because they are to be settled in cash at the end of the performance period and their fair value is expensed over the performance period. |
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclassifications out of AccumulatedOtherComprehensiveIncome [Abstract] | ' | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ' | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | |||||||||
The following table presents a summary of amounts reclassified from accumulated other comprehensive loss to net income in their entirety: | |||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
(In millions) | Income Statement Line | ||||||||
Accumulated Other Comprehensive Loss Components | |||||||||
Income (Expense) | |||||||||
Postretirement and postemployment plans | |||||||||
Amortization of actuarial loss | $ | (9 | ) | $ | (38 | ) | General and administrative | ||
Net settlement loss | (15 | ) | (32 | ) | General and administrative | ||||
9 | 26 | Provision for income taxes | |||||||
(15 | ) | (44 | ) | Net of tax | |||||
Other insignificant items, net of tax | — | (1 | ) | ||||||
Total reclassifications for the period | $ | (15 | ) | $ | (45 | ) | Net income |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Stockholders' Equity | |
In the third quarter of 2013, we acquired 14 million common shares at a cost of $500 million under our $5 billion authorized share repurchase program. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information [Text Block] | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Nine Months Ended September 30, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Net cash provided from operating activities: | ||||||||
Interest paid (net of amounts capitalized) | $ | 216 | $ | 164 | ||||
Income taxes paid to taxing authorities | 3,218 | 3,457 | ||||||
Commercial paper, net: | ||||||||
Commercial paper - issuances | $ | 4,975 | $ | 10,420 | ||||
- repayments | (4,975 | ) | (8,581 | ) | ||||
Noncash investing activities: | ||||||||
Asset retirement costs capitalized | $ | 316 | $ | 47 | ||||
Debt payments made by United States Steel | — | 19 | ||||||
Liabilities assumed in acquisition | — | 85 | ||||||
Change in capital expenditure accrual | (129 | ) | 170 | |||||
Asset retirement obligations assumed by buyer | 92 | 7 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
We are a defendant in a number of lawsuits arising in the ordinary course of business, including, but not limited to, royalty claims, contract claims and environmental claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Certain of these matters are discussed below. | |
Litigation – In March 2011, Noble Drilling (U.S.) LLC (“Noble”) filed a lawsuit against us in the District Court of Harris County, Texas, alleging, among other things, breach of contract, breach of the duty of good faith and fair dealing, and negligent misrepresentation, relating to a multi-year drilling contract for a newly constructed drilling rig to be deployed in the U.S. Gulf of Mexico. We filed an answer in April 2011, contending, among other things, failure to perform, failure to comply with material obligations, failure to mitigate alleged damages and that Noble failed to provide the rig according to the operating, performance and safety requirements specified in the drilling contract. In April 2013, we filed a counterclaim against Noble alleging, among other things, breach of contract and breach of the duty of good faith relating to the multi-year drilling contract. The counterclaim also included a breach of contract claim for reimbursement for the value of fuel used by Noble under an offshore daywork drilling contract. The parties have reached a tentative settlement of this litigation. We believe that the settlement of this litigation will not have a material adverse effect on our consolidated results of operations, financial position or cash flows. | |
Contractual commitments – At September 30, 2013, Marathon’s contract commitments to acquire property, plant and equipment were $1,154 million. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission ("SEC") and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. | |
Reclassification, Policy [Policy Text Block] | ' |
Beginning in the first quarter of 2013, we changed the presentation of our consolidated statements of income, primarily to present additional details of revenues and expenses and to classify certain expenses more consistently with our peer group of independent exploration and production companies. To effect these changes, reclassifications of previously reported amounts were made and are reflected in these consolidated financial statements. As a result of the reclassifications, general and administrative expenses for the third quarter and first nine months of 2012 increased by $40 million and $110 million which primarily includes certain costs associated with operations support and operations management. Offsetting reductions are reflected in production, other operating and exploration expenses and taxes other than income. |
Income_per_Common_Share_Tables
Income per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Net income | $ | 569 | $ | 569 | $ | 450 | $ | 450 | ||||||||
Weighted average common shares outstanding | 707 | 707 | 706 | 706 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 3 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 707 | 711 | 706 | 709 | ||||||||||||
Per share: | ||||||||||||||||
Net income | $0.80 | $0.80 | $0.64 | $0.63 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Net income | $ | 1,378 | $ | 1,378 | $ | 1,260 | $ | 1,260 | ||||||||
Weighted average common shares outstanding | 708 | 708 | 705 | 705 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 708 | 712 | 705 | 709 | ||||||||||||
Per share: | ||||||||||||||||
Net income | $1.95 | $1.94 | $1.79 | $1.78 | ||||||||||||
Dispositions_Dispositions_Tabl
Dispositions Dispositions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Dispositions Disclosure [Abstract] | ' | |||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | |||
Angola Block 31 is reflected as held for sale in the September 30, 2013 consolidated balance sheet as follows: | ||||
(In millions) | ||||
Other current assets | $ | 15 | ||
Other noncurrent assets | 1,598 | |||
Total assets | 1,613 | |||
Other current liabilities | 42 | |||
Deferred credits and other liabilities | 41 | |||
Total liabilities | $ | 83 | ||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||
The following table summarizes the amounts allocated to the assets acquired and liabilities assumed for Paloma Partners II, LLC based upon their fair values at the acquisition date: | |||||
(In millions) | |||||
Assets: | |||||
Cash | $ | 8 | |||
Receivables | 22 | ||||
Inventories | 1 | ||||
Total current assets acquired | 31 | ||||
Property, plant and equipment | 822 | ||||
Total assets acquired | $ | 853 | |||
Liabilities: | |||||
Accounts payable | 78 | ||||
Asset retirement obligations | 7 | ||||
Total liabilities assumed | 85 | ||||
Net assets acquired | $ | 768 | |||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 1,321 | $ | 1,396 | $ | 463 | $ | 3,180 | ||||||||
Marketing revenues | 607 | 58 | 3 | 668 | ||||||||||||
Segment revenues | $ | 1,928 | $ | 1,454 | $ | 466 | 3,848 | |||||||||
Unrealized loss on crude oil derivative instruments | (61 | ) | ||||||||||||||
Total revenues | $ | 3,787 | ||||||||||||||
Segment income | $ | 242 | $ | 321 | $ | 106 | $ | 669 | ||||||||
Income from equity method investments | — | 114 | — | 114 | ||||||||||||
Depreciation, depletion and amortization | 490 | 179 | 54 | 723 | ||||||||||||
Income tax provision | 143 | 714 | 35 | 892 | ||||||||||||
Capital expenditures | 831 | 254 | 65 | 1,150 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 993 | $ | 1,907 | $ | 460 | $ | 3,360 | ||||||||
Marketing revenues | 548 | 73 | 10 | 631 | ||||||||||||
Segment revenues | $ | 1,541 | $ | 1,980 | $ | 470 | 3,991 | |||||||||
Unrealized gain on crude oil derivative instruments | 45 | |||||||||||||||
Total revenues | $ | 4,036 | ||||||||||||||
Segment income | $ | 107 | $ | 405 | $ | 66 | $ | 578 | ||||||||
Income from equity method investments | 1 | 121 | — | 122 | ||||||||||||
Depreciation, depletion and amortization | 360 | 194 | 60 | 614 | ||||||||||||
Income tax provision | 66 | 1,219 | 20 | 1,305 | ||||||||||||
Capital expenditures | 1,045 | 229 | 41 | 1,315 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 3,820 | $ | 5,015 | $ | 1,204 | $ | 10,039 | ||||||||
Marketing revenues | 1,391 | 194 | 12 | 1,597 | ||||||||||||
Segment revenues | $ | 5,211 | $ | 5,209 | $ | 1,216 | 11,636 | |||||||||
Unrealized loss on crude oil derivative instruments | (61 | ) | ||||||||||||||
Total revenues | $ | 11,575 | ||||||||||||||
Segment income | $ | 404 | $ | 1,156 | $ | 164 | $ | 1,724 | ||||||||
Income from equity method investments | — | 309 | — | 309 | ||||||||||||
Depreciation, depletion and amortization | 1,458 | 575 | 154 | 2,187 | ||||||||||||
Income tax provision | 242 | 2,860 | 55 | 3,157 | ||||||||||||
Capital expenditures | 2,705 | 720 | 207 | 3,632 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | Total | ||||||||||||
Revenues: | ||||||||||||||||
Sales and other operating revenues | $ | 2,738 | $ | 5,383 | $ | 1,158 | $ | 9,279 | ||||||||
Marketing revenues | 2,019 | 193 | 25 | 2,237 | ||||||||||||
Segment revenues | $ | 4,757 | $ | 5,576 | $ | 1,183 | 11,516 | |||||||||
Unrealized gain on crude oil derivative instruments | 45 | |||||||||||||||
Total revenues | $ | 11,561 | ||||||||||||||
Segment income | $ | 281 | $ | 1,185 | $ | 154 | $ | 1,620 | ||||||||
Income from equity method investments | 2 | 258 | — | 260 | ||||||||||||
Depreciation, depletion and amortization | 964 | 622 | 159 | 1,745 | ||||||||||||
Income tax provision | 166 | 3,260 | 50 | 3,476 | ||||||||||||
Capital expenditures | 2,887 | 569 | 136 | 3,592 | ||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||
The following reconciles total revenues to sales and other operating revenues as reported in the consolidated statements of income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 3,787 | $ | 4,036 | $ | 11,575 | $ | 11,561 | ||||||||
Less: Marketing revenues | 668 | 631 | 1,597 | 2,237 | ||||||||||||
Sales and other operating revenues, including related party | $ | 3,119 | $ | 3,405 | $ | 9,978 | $ | 9,324 | ||||||||
Reconciliation of Segment Income to Net Income [Table Text Block] | ' | |||||||||||||||
The following reconciles segment income to net income as reported in the consolidated statements of income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Segment income | $ | 669 | $ | 578 | $ | 1,724 | $ | 1,620 | ||||||||
Items not allocated to segments, net of income taxes: | ||||||||||||||||
Corporate and other unallocated items | (61 | ) | (146 | ) | (288 | ) | (294 | ) | ||||||||
Unrealized gain (loss) on crude oil derivative instruments | (39 | ) | 29 | (39 | ) | 29 | ||||||||||
Net gain (loss) on dispositions | — | (11 | ) | (9 | ) | 72 | ||||||||||
Impairments | — | — | (10 | ) | (167 | ) | ||||||||||
Net income | $ | 569 | $ | 450 | $ | 1,378 | $ | 1,260 | ||||||||
Defined_Benefit_Postretirement1
Defined Benefit Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||||||||||
The following summarizes the components of net periodic benefit cost: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 14 | $ | 12 | $ | 1 | $ | 1 | ||||||||
Interest cost | 16 | 16 | 3 | 4 | ||||||||||||
Expected return on plan assets | (17 | ) | (14 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 2 | 2 | (2 | ) | (2 | ) | ||||||||||
– actuarial loss | 9 | 12 | — | — | ||||||||||||
Net settlement loss(a) | 15 | 34 | — | — | ||||||||||||
Net periodic benefit cost | $ | 39 | $ | 62 | $ | 2 | $ | 3 | ||||||||
Nine months Ended September 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 42 | $ | 37 | $ | 3 | $ | 3 | ||||||||
Interest cost | 47 | 48 | 9 | 11 | ||||||||||||
Expected return on plan assets | (50 | ) | (46 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 5 | 6 | (5 | ) | (5 | ) | ||||||||||
– actuarial loss | 38 | 37 | — | — | ||||||||||||
Net settlement loss(a) | 32 | 34 | — | — | ||||||||||||
Net periodic benefit cost | $ | 114 | $ | 116 | $ | 7 | $ | 9 | ||||||||
(a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan's total service and interest cost for that year. Such settlements were recorded for our U.S. plans in the second and third quarters of 2013 and the third quarter of 2012. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
September 30, | December 31, | |||||||
(In millions) | 2013 | 2012 | ||||||
Liquid hydrocarbons, natural gas and bitumen | $ | 46 | $ | 73 | ||||
Supplies and other items | 314 | 288 | ||||||
Inventories, at cost | $ | 360 | $ | 361 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property Plant And Equipment Disclosure [Abstract] | ' | |||||||
Schedule Of Property Plant And Equipment [Table Text Block] | ' | |||||||
September 30, | December 31, | |||||||
(In millions) | 2013 | 2012 | ||||||
North America E&P | $ | 25,858 | $ | 23,748 | ||||
International E&P | 12,342 | 13,214 | ||||||
Oil Sands Mining | 10,337 | 10,127 | ||||||
Corporate | 456 | 449 | ||||||
Total property, plant and equipment | 48,993 | 47,538 | ||||||
Less accumulated depreciation, depletion and amortization | (21,171 | ) | (19,266 | ) | ||||
Net property, plant and equipment | $ | 27,822 | $ | 28,272 | ||||
Asset_Retirement_Obligations_A1
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||
The following summarizes the changes in asset retirement obligations during the first nine months of 2013: | ||||
(In millions) | ||||
Beginning balance(a) | $ | 1,783 | ||
Incurred, including acquisitions | 10 | |||
Settled, including dispositions | (41 | ) | ||
Accretion expense (included in depreciation, depletion and amortization) | 103 | |||
Revisions to previous estimates | 306 | |||
Held for sale | (41 | ) | ||
Ending balance(a) | $ | 2,120 | ||
(a) Beginning and ending balances include asset retirement obligations of $34 million and $93 million classified as short-term at December 31, 2012 and September 30, 2013. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by fair value hierarchy level. | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Collateral | Total | |||||||||||||||
Derivative instruments, assets | ||||||||||||||||||||
Commodity | $ | — | $ | 5 | $ | — | $ | — | $ | 5 | ||||||||||
Interest rate | — | 11 | — | — | 11 | |||||||||||||||
Foreign currency | — | 1 | — | — | 1 | |||||||||||||||
Derivative instruments, assets | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | ||||||||||
Derivative instruments, liabilities | ||||||||||||||||||||
Commodity | $ | — | $ | 14 | $ | — | $ | — | $ | 14 | ||||||||||
Foreign currency | — | 14 | — | — | 14 | |||||||||||||||
Derivative instruments, liabilities | $ | — | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Collateral | Total | |||||||||||||||
Derivative instruments, assets | ||||||||||||||||||||
Commodity | $ | — | $ | 52 | $ | — | $ | 1 | $ | 53 | ||||||||||
Interest rate | — | 21 | — | — | 21 | |||||||||||||||
Foreign currency | — | 18 | — | — | 18 | |||||||||||||||
Derivative instruments, assets | $ | — | $ | 91 | $ | — | $ | 1 | $ | 92 | ||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||||||
The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. | ||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||||||
Long-lived assets held for use | $ | 5 | $ | 11 | $ | 2 | $ | 8 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||||||
Long-lived assets held for use | $ | 5 | $ | 49 | $ | 77 | $ | 271 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes financial instruments, excluding receivables, commercial paper, payables and derivative financial instruments, and their reported fair value by individual balance sheet line item at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Fair | Carrying | Fair | Carrying | |||||||||||||||||
(In millions) | Value | Amount | Value | Amount | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Other noncurrent assets | $ | 168 | $ | 165 | $ | 189 | $ | 186 | ||||||||||||
Total financial assets | 168 | 165 | 189 | 186 | ||||||||||||||||
Financial liabilities | ||||||||||||||||||||
Other current liabilities | 13 | 13 | 13 | 13 | ||||||||||||||||
Long-term debt, including current portion(a) | 6,941 | 6,461 | 7,610 | 6,642 | ||||||||||||||||
Deferred credits and other liabilities | 164 | 161 | 94 | 94 | ||||||||||||||||
Total financial liabilities | $ | 7,118 | $ | 6,635 | $ | 7,717 | $ | 6,749 | ||||||||||||
(a) Excludes capital leases. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives as they appear on the balance sheet [Table Text Block] | ' | ||||||||||||||||
The following tables present the gross fair values of derivative instruments, excluding cash collateral, and the reported net amounts along with where they appear on the consolidated balance sheets as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | 1 | $ | — | $ | 1 | Other current assets | ||||||||||
Interest rate | 11 | — | 11 | Other noncurrent assets | |||||||||||||
Total Designated Hedges | 12 | — | 12 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | 5 | — | 5 | Other current assets | |||||||||||||
Total Not Designated as Hedges | 5 | — | 5 | ||||||||||||||
Total | $ | 17 | $ | — | $ | 17 | |||||||||||
30-Sep-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 14 | $ | 14 | Other current liabilities | ||||||||||
Total Designated Hedges | — | 14 | 14 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | — | 14 | 14 | Other current liabilities | |||||||||||||
Total Not Designated as Hedges | — | 14 | 14 | ||||||||||||||
Total | $ | — | $ | 28 | $ | 28 | |||||||||||
31-Dec-12 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | 18 | $ | — | $ | 18 | Other current assets | ||||||||||
Interest rate | 21 | — | 21 | Other noncurrent assets | |||||||||||||
Total Designated Hedges | 39 | — | 39 | ||||||||||||||
Not Designated as Hedges | |||||||||||||||||
Commodity | 52 | — | 52 | Other current assets | |||||||||||||
Total Not Designated as Hedges | 52 | — | 52 | ||||||||||||||
Total | $ | 91 | $ | — | $ | 91 | |||||||||||
Effects of derivatives designated as fair value hedges [Table Text Block] | ' | ||||||||||||||||
The pretax effect of derivative instruments designated as hedges of fair value in our consolidated statements of income are summarized in the table below. There is no ineffectiveness related to the fair value hedges. | |||||||||||||||||
Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivative | |||||||||||||||||
Interest rate | Net interest and other | $ | 5 | $ | 6 | $ | (9 | ) | $ | 17 | |||||||
Foreign currency | Provision for income taxes | $ | 5 | $ | 22 | $ | (41 | ) | $ | (18 | ) | ||||||
Hedged Item | |||||||||||||||||
Long-term debt | Net interest and other | $ | (5 | ) | $ | (6 | ) | $ | 9 | $ | (17 | ) | |||||
Accrued taxes | Provision for income taxes | $ | (5 | ) | $ | (22 | ) | $ | 41 | $ | 18 | ||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||
The following table presents by maturity date, information about our interest rate swap agreements as of September 30, 2013, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate. | |||||||||||||||||
Maturity Dates | Aggregate Notional Amount (in millions) | Weighted Average, LIBOR-Based, Floating Rate | |||||||||||||||
1-Oct-17 | $ | 600 | 4.67 | % | |||||||||||||
15-Mar-18 | $ | 300 | 4.51 | % | |||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||||||||
Remaining Term | Bbls per Day | Weighted Average Price per Bbl | Benchmark | ||||||||||||||
Swaps | |||||||||||||||||
October 2013 - December 2013 | 20,000 | $96.29 | West Texas Intermediate | ||||||||||||||
October 2013 - December 2013 | 25,000 | $109.19 | Brent | ||||||||||||||
Option Collars | |||||||||||||||||
October 2013 - December 2013 | 15,000 | $90.00 floor / $101.17 ceiling | West Texas Intermediate | ||||||||||||||
October 2013 - December 2013 | 15,000 | $100.00 floor / $116.30 ceiling | Brent | ||||||||||||||
Effects of derivatives not designated as hedges | ' | ||||||||||||||||
The following table summarizes the effect of all derivative instruments not designated as hedges in our consolidated statements of income. | |||||||||||||||||
Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Commodity | Sales and other operating revenues, including related party | $ | (86 | ) | $ | 45 | $ | (73 | ) | $ | 46 | ||||||
Incentive_Based_Compensation_P1
Incentive Based Compensation Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Incentive Based Compensation Plans [Abstract] | ' | |||||||||||||
Table of Incentive based compensation activity [Table Text Block] | ' | |||||||||||||
The following table presents a summary of stock option and restricted stock award activity for the first nine months of 2013: | ||||||||||||||
Stock Options | Restricted Stock | |||||||||||||
Number of | Weighted | Awards | Weighted | |||||||||||
Shares | Average | Average Grant | ||||||||||||
Exercise Price | Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 19,536,965 | $26.19 | 4,177,884 | $29.02 | ||||||||||
Granted | 1,704,734 | (a) | $33.30 | 1,254,935 | $32.96 | |||||||||
Options Exercised/Stock Vested | (2,098,887 | ) | $22.31 | (1,609,730 | ) | $28.09 | ||||||||
Canceled | (708,701 | ) | $34.01 | (384,719 | ) | $29.91 | ||||||||
Outstanding at September 30, 2013 | 18,434,111 | $26.99 | 3,438,370 | $30.80 | ||||||||||
(a) The weighted average grant date fair value of stock option awards granted was $10.51 per share. |
Reclassifications_out_of_Accum1
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclassifications out of AccumulatedOtherComprehensiveIncome [Abstract] | ' | ||||||||
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||
The following table presents a summary of amounts reclassified from accumulated other comprehensive loss to net income in their entirety: | |||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||
(In millions) | Income Statement Line | ||||||||
Accumulated Other Comprehensive Loss Components | |||||||||
Income (Expense) | |||||||||
Postretirement and postemployment plans | |||||||||
Amortization of actuarial loss | $ | (9 | ) | $ | (38 | ) | General and administrative | ||
Net settlement loss | (15 | ) | (32 | ) | General and administrative | ||||
9 | 26 | Provision for income taxes | |||||||
(15 | ) | (44 | ) | Net of tax | |||||
Other insignificant items, net of tax | — | (1 | ) | ||||||
Total reclassifications for the period | $ | (15 | ) | $ | (45 | ) | Net income |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information [Table Text Block] | ' | |||||||
Nine Months Ended September 30, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Net cash provided from operating activities: | ||||||||
Interest paid (net of amounts capitalized) | $ | 216 | $ | 164 | ||||
Income taxes paid to taxing authorities | 3,218 | 3,457 | ||||||
Commercial paper, net: | ||||||||
Commercial paper - issuances | $ | 4,975 | $ | 10,420 | ||||
- repayments | (4,975 | ) | (8,581 | ) | ||||
Noncash investing activities: | ||||||||
Asset retirement costs capitalized | $ | 316 | $ | 47 | ||||
Debt payments made by United States Steel | — | 19 | ||||||
Liabilities assumed in acquisition | — | 85 | ||||||
Change in capital expenditure accrual | (129 | ) | 170 | |||||
Asset retirement obligations assumed by buyer | 92 | 7 | ||||||
Basis_of_Presentation_Reclassi
Basis of Presentation Reclassifications (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
General and administrative | $152 | $179 | $490 | $499 |
Reclassifications [Member] | ' | ' | ' | ' |
General and administrative | ' | $40 | ' | $110 |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Recorded liability related to unconsolidated VIE | $3 |
Maximum exposure to loss related to unconsolidated VIE | $707 |
Income_per_Common_Share_Detail
Income per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $569 | $450 | $1,378 | $1,260 |
Weighted average common shares outstanding, basic | 707 | 706 | 708 | 705 |
Effect of dilutive securities | 4 | 3 | 4 | 4 |
Weighted average common shares outstanding, diluted | 711 | 709 | 712 | 709 |
Basic: | ' | ' | ' | ' |
Net income, per basic share | $0.80 | $0.64 | $1.95 | $1.79 |
Diluted: | ' | ' | ' | ' |
Net income, per diluted share | $0.80 | $0.63 | $1.94 | $1.78 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4 | 10 | 5 | 10 |
Dispositions_Details
Dispositions (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | 31-May-12 | |
DJ Basin [Member] | Marcellus Shale [Member] | Neptune Gas Plant [Member] | Alaska EP [Member] | Angola Blk 31 [Member] | Eagle Ford Shale Member [Member] | GOM Pipelines [Member] | Indonesia [Member] | |||
acre | ||||||||||
Dispositions Detail [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gas and oil acreages undeveloped and developed net | ' | ' | ' | ' | ' | ' | ' | 5,800 | ' | ' |
Pretax gain/loss on sale | ' | ' | ($114,000,000) | ($43,000,000) | $98,000,000 | $55,000,000 | ' | ($18,000,000) | $166,000,000 | ($36,000,000) |
Interest Percentage | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Proceeds from Sale of Oil and Gas Property and Equipment | 402,000,000 | 193,000,000 | 19,000,000 | ' | 166,000,000 | 195,000,000 | ' | 9,000,000 | 206,000,000 | -36,000,000 |
Proceeds from Sale of Oil and Gas Property and Equipment, Six Month Escrow | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Transaction Value, Disposition | ' | ' | ' | ' | ' | ' | $1,500,000,000 | ' | ' | ' |
Dispositions_Dispositions_2_De
Dispositions Dispositions 2 (Details) (Angola Blk 31 [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Angola Blk 31 [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Other Current Assets | $15 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Assets | 1,598 |
Assets Held-for-sale, at Carrying Value | 1,613 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 42 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 41 |
Liabilities of Disposal Group, Including Discontinued Operation | $83 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2012 | Jul. 31, 2013 |
Eagle Ford [Member] | Eagle Ford Paloma [Member] | Eagle Ford Paloma [Member] | |
acres | acres | ||
Business Acquisition [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | ' |
Gas and oil acreages undeveloped and developed net | 4,800 | 20,000 | ' |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract] | ' | ' | ' |
Payments to Acquire Businesses, Gross | $74 | $768 | ' |
Business Combination, Consideration Transferred, Other | 23 | ' | ' |
Business Combination, Consideration Transferred | 97 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | 8 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | 22 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | 1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | ' | ' | 31 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | 822 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | 853 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | 78 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities,Asset Retirement Obligations | ' | ' | 7 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | 85 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | $768 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | $3,119 | $3,405 | $9,978 | $9,324 |
Marketing revenues | 668 | 631 | 1,597 | 2,237 |
Segment income | 669 | 578 | 1,724 | 1,620 |
Income from equity method investments | 114 | 122 | 309 | 260 |
Depreciation, depletion and amortization | 720 | 625 | 2,205 | 1,779 |
Income tax provision (benefit) | 787 | 1,279 | 2,890 | 3,231 |
North America Exploration and Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | 1,321 | 993 | 3,820 | 2,738 |
Marketing revenues | 607 | 548 | 1,391 | 2,019 |
Segment revenues | 1,928 | 1,541 | 5,211 | 4,757 |
Segment income | 242 | 107 | 404 | 281 |
Income from equity method investments | 0 | 1 | 0 | 2 |
Depreciation, depletion and amortization | 490 | 360 | 1,458 | 964 |
Income tax provision (benefit) | 143 | 66 | 242 | 166 |
Capital expenditures | 831 | 1,045 | 2,705 | 2,887 |
International Exploration and Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | 1,396 | 1,907 | 5,015 | 5,383 |
Marketing revenues | 58 | 73 | 194 | 193 |
Segment revenues | 1,454 | 1,980 | 5,209 | 5,576 |
Segment income | 321 | 405 | 1,156 | 1,185 |
Income from equity method investments | 114 | 121 | 309 | 258 |
Depreciation, depletion and amortization | 179 | 194 | 575 | 622 |
Income tax provision (benefit) | 714 | 1,219 | 2,860 | 3,260 |
Capital expenditures | 254 | 229 | 720 | 569 |
Oil Sands Mining Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | 463 | 460 | 1,204 | 1,158 |
Marketing revenues | 3 | 10 | 12 | 25 |
Segment revenues | 466 | 470 | 1,216 | 1,183 |
Segment income | 106 | 66 | 164 | 154 |
Income from equity method investments | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 54 | 60 | 154 | 159 |
Income tax provision (benefit) | 35 | 20 | 55 | 50 |
Capital expenditures | 65 | 41 | 207 | 136 |
Total All Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | 3,180 | 3,360 | 10,039 | 9,279 |
Marketing revenues | 668 | 631 | 1,597 | 2,237 |
Segment revenues | 3,848 | 3,991 | 11,636 | 11,516 |
Unrealized loss on crude oil derivative instruments | -61 | 45 | -61 | 45 |
Segment reporting revenue from external customers | 3,787 | 4,036 | 11,575 | 11,561 |
Segment income | 669 | 578 | 1,724 | 1,620 |
Income from equity method investments | 114 | 122 | 309 | 260 |
Depreciation, depletion and amortization | 723 | 614 | 2,187 | 1,745 |
Income tax provision (benefit) | 892 | 1,305 | 3,157 | 3,476 |
Capital expenditures | $1,150 | $1,315 | $3,632 | $3,592 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation Of Segment Revenues To Revenues As Presented On Income Statement [Abstract] | ' | ' | ' | ' |
Sales and other operating revenues, including related party | $3,119 | $3,405 | $9,978 | $9,324 |
Marketing revenues | 668 | 631 | 1,597 | 2,237 |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' |
Segment income | 669 | 578 | 1,724 | 1,620 |
Items not allocated to segments, net of income taxes: | ' | ' | ' | ' |
Corporate and other unallocated items | -61 | -146 | -288 | -294 |
Unrealized gain (loss) on crude oil derivative instruments, not allocated to segments | -39 | 29 | -39 | 29 |
Gain (loss) on dispositions, not allocated to segments | 0 | -11 | -9 | 72 |
Impairments, not allocated to segments | 0 | 0 | -10 | -167 |
Net income | $569 | $450 | $1,378 | $1,260 |
Defined_Benefit_Postretirement2
Defined Benefit Postretirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' | ||||
Pension Contributions | ' | ' | $50 | ' | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 17 | ' | ||||
Defined Benefit Plan, Benefits Paid | ' | ' | 19 | ' | ||||
Other Postretirement Benefits Payments | ' | ' | 12 | ' | ||||
United States and Foreign Pension Plans Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' | ||||
Service cost | 14 | 12 | 42 | 37 | ||||
Interest cost | 16 | 16 | 47 | 48 | ||||
Expected return on plan assets | -17 | -14 | -50 | -46 | ||||
Amortization: | ' | ' | ' | ' | ||||
- prior service cost (credit) | 2 | 2 | 5 | 6 | ||||
-actuarial loss (gain) | 9 | 12 | 38 | 37 | ||||
Net settlement loss | 15 | [1] | 34 | [1] | 32 | [1] | 34 | [1] |
Net periodic benefit cost | 39 | 62 | 114 | 116 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 24 | -103 | 163 | -103 | ||||
Other Postretirement Benefit Plans Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' | ||||
Service cost | 1 | 1 | 3 | 3 | ||||
Interest cost | 3 | 4 | 9 | 11 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization: | ' | ' | ' | ' | ||||
- prior service cost (credit) | -2 | -2 | -5 | -5 | ||||
-actuarial loss (gain) | 0 | 0 | 0 | 0 | ||||
Net settlement loss | 0 | 0 | 0 | 0 | ||||
Net periodic benefit cost | $2 | $3 | $7 | $9 | ||||
[1] | (a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan's total service and interest cost for that year. Such settlements were recorded for our U.S. plans in the second and third quarters of 2013 and the third quarter of 2012. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Effective Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Effective income tax rate excluding Libya | ' | 60.00% | 64.00% |
Statutory rate | ' | 35.00% | 35.00% |
Effective income tax rate | ' | 68.00% | 72.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $42 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Libya Statutory Income Tax Rate | ' | 90.00% | 90.00% |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Liquid hydrocarbons natural gas and bitumen | $46 | $73 |
Supplies and other items | 314 | 288 |
Total inventories, at cost | $360 | $361 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Less accumulated depreciation, depletion and amortization | ($21,171) | ($19,266) |
Property, plant and equipment, net | 27,822 | 28,272 |
Libya 1 [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 743 | ' |
North America Exploration and Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total property, plant and equipment | 25,858 | 23,748 |
International Exploration and Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total property, plant and equipment | 12,342 | 13,214 |
Oil Sands Mining Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total property, plant and equipment | 10,337 | 10,127 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total property, plant and equipment | 456 | 449 |
Total All Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total property, plant and equipment | $48,993 | $47,538 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Details 3) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Total Deferred Exploratory Well Costs [Abstract] | ' |
Amounts capitalized greater than one year after completion of drilling | $220 |
Capitalized exploratory well cost period increase decrease for sold assets | 9 |
Angola Blk 31 [Member] | ' |
Total Deferred Exploratory Well Costs [Abstract] | ' |
Amounts capitalized greater than one year after completion of drilling | 127 |
EQUATORIAL GUINEA | ' |
Total Deferred Exploratory Well Costs [Abstract] | ' |
Amounts capitalized greater than one year after completion of drilling | $22 |
Asset_Retirement_Obligations_A2
Asset Retirement Obligations Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | |
Asset Retirement Obligation Begining Balance | $1,783 | ' | |
Asset Retirement Obligation, Liabilities Incurred | 10 | ' | |
Asset Retirement Obligation, Liabilities Settled | -41 | ' | |
Asset Retirement Obligation, Accretion Expense | 103 | ' | |
Asset Retirement Obligation, Revision of Estimate | 306 | ' | |
Asset Retirement Obligation, Held for Sale | -41 | ' | |
Asset Retirement Obligation Ending Balance | 2,120 | [1] | ' |
Asset Retirement Obligation, Current | $93 | $34 | |
[1] | (a) Beginning and ending balances include asset retirement obligations of $34 million and $93 million classified as short-term at December 31, 2012 and September 30, 2013. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details-Recurring) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | $17 | $92 |
Derivative Liabilities | 28 | ' |
Commodity Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 5 | 53 |
Derivative Liabilities | 14 | ' |
Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 11 | 21 |
Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 1 | 18 |
Derivative Liabilities | 14 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 17 | 91 |
Derivative Liabilities | 28 | ' |
Fair Value Inputs Level 2 [Member] | Commodity Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 5 | 52 |
Derivative Liabilities | 14 | ' |
Fair Value Inputs Level 2 [Member] | Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 11 | 21 |
Fair Value Inputs Level 2 [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 1 | 18 |
Derivative Liabilities | 14 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | ' |
Fair Value (no inputs) Collateral [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 1 |
Derivative Liabilities | 0 | ' |
Fair Value (no inputs) Collateral [Member] | Commodity Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 1 |
Derivative Liabilities | 0 | ' |
Fair Value (no inputs) Collateral [Member] | Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Fair Value (no inputs) Collateral [Member] | Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | $0 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2-Nonrecurring) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets Held and Used Powder River Basin [Member] | Assets Held and Used Ozona [Member] | Assets Held and Used Ozona [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | $5 | $2 |
Fair value of long-lived assets held for use, year-to-date | ' | ' | ' | ' | ' | ' | ' | 5 | 77 |
Assets, Fair Value Adjustment | $11 | $8 | $49 | $271 | $15 | $21 | $261 | ' | ' |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3-Reported) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Other noncurrent financial assets | $168 | $189 |
Total financial assets | 168 | 189 |
Financial liabilities | ' | ' |
Other current financial liabilities | 13 | 13 |
Long-term debt, including current portion | 6,941 | 7,610 |
Deferred credits and other financial liabilities | 164 | 94 |
Financial Liabilities Fair Value Disclosure | 7,118 | 7,717 |
Carrying Amount [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Other noncurrent financial assets | 165 | 186 |
Total financial assets | 165 | 186 |
Financial liabilities | ' | ' |
Other current financial liabilities | 13 | 13 |
Long-term debt, including current portion | 6,461 | 6,642 |
Deferred credits and other financial liabilities | 161 | 94 |
Financial Liabilities Fair Value Disclosure | $6,635 | $6,749 |
Derivatives_DetailsBS
Derivatives (Details-BS) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $17 | $91 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 17 | 91 |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 28 | ' |
Derivative Liability, Fair Value, Net | 28 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 5 | 52 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 5 | 52 |
Commodity Contract [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 5 | 52 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 5 | 52 |
Commodity Contract [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 14 | ' |
Derivative Liability, Fair Value, Net | 14 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 14 | ' |
Derivative Liability, Fair Value, Net | 14 | ' |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 12 | 39 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 12 | 39 |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 14 | ' |
Derivative Liability, Fair Value, Net | 14 | ' |
Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1 | 18 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 1 | 18 |
Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 14 | ' |
Derivative Liability, Fair Value, Net | 14 | ' |
Fair Value Hedging [Member] | Interest rate [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 11 | 21 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | $11 | $21 |
Derivatives_Details_2Fair_Valu
Derivatives (Details 2-Fair Value Hedges) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Notes Due 2018 [Member] | Debentures Due 2017 [Member] | Debentures Due 2017 [Member] | |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | |||||
NOK | NOK | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | |||||
USD ($) | USD ($) | USD ($) | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | 3,115,000,000 | 3,043,000,000 | $300,000,000 | $600,000,000 | $600,000,000 |
Weighted-average, LIBOR-based, floating rate | ' | ' | ' | ' | ' | ' | 4.51% | 4.67% | 4.70% |
Derivative, Average Forward Exchange Rate | ' | ' | ' | ' | 5.874 | 5.78 | ' | ' | ' |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Derivatives_Details_3Fair_Valu
Derivatives (Details 3-Fair Value Hedges IS & OCI) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net interest and other [Member] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments [Line Items] | ' | ' | ' | ' |
Change in unrealized gain (loss) on hedged item in fair value hedge | ($5) | ($6) | $9 | ($17) |
Provision For Income Taxes [Member] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments [Line Items] | ' | ' | ' | ' |
Change in unrealized gain (loss) on hedged item in fair value hedge | -5 | -22 | 41 | 18 |
Interest rate [Member] | Net interest and other [Member] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivative instruments recognized in income | 5 | 6 | -9 | 17 |
Foreign Exchange Contract [Member] | Provision For Income Taxes [Member] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivative instruments recognized in income | $5 | $22 | ($41) | ($18) |
Derivatives_Derivatives_Detail
Derivatives Derivatives (Details 4-Non Hedges Commodity) (Details) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member]) | 3 Months Ended |
Sep. 30, 2013 | |
Swap [Member] | West Texas Intermediate [Member] | ' |
Exploration and Production Commodity Derivative [Line Items] | ' |
Commodity Derivative, Nonmonetary Notional Amount | 20,000 |
Derivative, Swap Type, Average Fixed Price | 96.29 |
Swap [Member] | Brent [Member] | ' |
Exploration and Production Commodity Derivative [Line Items] | ' |
Commodity Derivative, Nonmonetary Notional Amount | 25,000 |
Derivative, Swap Type, Average Fixed Price | 109.19 |
Option Collar [Member] | West Texas Intermediate [Member] | ' |
Exploration and Production Commodity Derivative [Line Items] | ' |
Commodity Derivative, Nonmonetary Notional Amount | 15,000 |
Derivative, Average Floor Price | 90 |
Derivative, Average Cap Price | 101.17 |
Option Collar [Member] | Brent [Member] | ' |
Exploration and Production Commodity Derivative [Line Items] | ' |
Commodity Derivative, Nonmonetary Notional Amount | 15,000 |
Derivative, Average Floor Price | 100 |
Derivative, Average Cap Price | 116.3 |
Derivatives_Derivatives_Detail1
Derivatives Derivatives (Details 5-Non Hedges) (Details) (Not Designated as Hedging Instrument [Member], Commodity [Member], Sales and other operating revenues [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Not Designated as Hedging Instrument [Member] | Commodity [Member] | Sales and other operating revenues [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($86) | $45 | ($73) | $46 |
Incentive_Based_Compensation_P2
Incentive Based Compensation Plans (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Stock Options | ' | |
Beginning year stock option awards | 19,536,965 | |
Granted stock option awards | 1,704,734 | [1] |
Exercised stock option awards | -2,098,887 | |
Canceled stock option awards | -708,701 | |
End of year stock option awards | 18,434,111 | |
Beginning year weighted average exercise price | $26.19 | |
Granted weighted average exercise price | $33.30 | |
Exercises weighted average exercise price | $22.31 | |
Canceled weighted average exercise price | $34.01 | |
End of year weighted average exercise price | $26.99 | |
Stock options weighted average grant date fair value | $10.51 | |
[1] | The weighted average grant date fair value of stock option awards granted was $10.51 per share. |
Incentive_Based_Compensation_P3
Incentive Based Compensation Plans (Details 4-Restricted) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock | ' |
Beginning year unvested restricted stock | 4,177,884 |
Granted restricted stock | 1,254,935 |
Vested restricted stock | -1,609,730 |
Forfeited restricted stock | -384,719 |
End of year unvested restricted stock | 3,438,370 |
Beginning year weighted average grant date fair value unvested restricted stock | $29.02 |
Granted restricted stock weighted average grant date fair value restricted stock | $32.96 |
Vested restricted stock weighted average grant date fair value restricted stock | $28.09 |
Forfeited restricted stock weighted average grant date fair value restricted stock | $29.91 |
End of year weighted average grant date fair value unvested restricted stock | $30.80 |
Incentive_Based_Compensation_P4
Incentive Based Compensation Plans (Details 5-Performance) | 3 Months Ended |
Mar. 31, 2013 | |
Performance Unit Disclosures [Abstract] | ' |
Performance Unit Granted | 353,600 |
Performance Unit Awards Vesting Period | '36 months |
Reclassifications_out_of_Accum2
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Provision for income taxes | ($787) | ($1,279) | ($2,890) | ($3,231) |
Income before income taxes | 1,356 | 1,729 | 4,268 | 4,491 |
Other Expenses | -126 | -112 | -323 | -311 |
Total reclassification for the period | 569 | 450 | 1,378 | 1,260 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Actuarial loss | -9 | ' | -38 | ' |
Net settlement loss | -15 | ' | -32 | ' |
Provision for income taxes | 9 | ' | 26 | ' |
Income before income taxes | -15 | ' | -44 | ' |
Other Expenses | 0 | ' | -1 | ' |
Total reclassification for the period | ($15) | ' | ($45) | ' |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' |
Stock Repurchased During Period, Shares | 14 | ' | ' |
Payments for Repurchase of Common Stock | $500,000,000 | $500,000,000 | $0 |
Stock Repurchase Program, Authorized Amount | $5,000,000,000 | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash provided by operating activities included: | ' | ' |
Interest paid (net of amounts capitalized) | $216 | $164 |
Income taxes paid to taxing authorities | 3,218 | 3,457 |
Commercial paper, net: | ' | ' |
Commercial paper - issuances | 4,975 | 10,420 |
Commercial paper - repayments | -4,975 | -8,581 |
Noncash investing activities: | ' | ' |
Asset retirement costs capitalized | 316 | 47 |
Debt payments made by United States Steel | 0 | 19 |
Liabilities Assumed | 0 | 85 |
Change in capital expenditure accrual | -129 | 170 |
Asset retirement obligations assumed by buyer | $92 | $7 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments to acquire property, plant and equipment | $1,154 |