Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
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 | ' | 674,484,400 | ' |
Entity Public Float | ' | ' | $17,991 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues and other income: | ' | ' | ' | ' |
Sales and other operating revenues, including related party | $2,270 | $2,513 | $4,419 | $4,961 |
Marketing revenues | 618 | 497 | 1,159 | 929 |
Income from equity method investments | 120 | 77 | 257 | 195 |
Net gain (loss) on disposal of assets | -87 | -107 | -85 | 2 |
Other income | 20 | 10 | 40 | 19 |
Total revenues and other income | 2,941 | 2,990 | 5,790 | 6,106 |
Costs and expenses: | ' | ' | ' | ' |
Production | 562 | 552 | 1,104 | 1,085 |
Marketing, including purchases from related parties | 614 | 494 | 1,156 | 927 |
Other operating | 101 | 70 | 204 | 168 |
Exploration | 145 | 125 | 218 | 582 |
Depreciation, depletion and amortization | 680 | 626 | 1,323 | 1,257 |
Impairments | 4 | 0 | 21 | 38 |
Taxes other than income | 109 | 93 | 204 | 175 |
General and administrative | 139 | 159 | 326 | 322 |
Total costs and expenses | 2,354 | 2,119 | 4,556 | 4,554 |
Income from operations | 587 | 871 | 1,234 | 1,552 |
Net interest and other | -76 | -67 | -125 | -140 |
Income from continuing operations before income taxes | 511 | 804 | 1,109 | 1,412 |
Provision for income taxes | 151 | 563 | 351 | 1,013 |
Income from continuing operations | 360 | 241 | 758 | 399 |
Discontinued operations | 180 | 185 | 931 | 410 |
Net income | $540 | $426 | $1,689 | $809 |
Basic: | ' | ' | ' | ' |
Income from continuing operations per basic share | $0.53 | $0.34 | $1.11 | $0.56 |
Discontinued operations per basic share | $0.27 | $0.26 | $1.36 | $0.58 |
Net income, per basic share | $0.80 | $0.60 | $2.47 | $1.14 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations per diluted share | $0.53 | $0.34 | $1.10 | $0.56 |
Discontinued operations per diluted share | $0.27 | $0.26 | $1.36 | $0.58 |
Net income, per diluted share | $0.80 | $0.60 | $2.46 | $1.14 |
Dividends paid, per share | $0.19 | $0.17 | $0.38 | $0.34 |
Weighted average common shares outstanding, basic | 676 | 710 | 684 | 709 |
Weighted average common shares outstanding, diluted | 679 | 714 | 688 | 713 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $540 | $426 | $1,689 | $809 |
Postretirement and postemployment plans | ' | ' | ' | ' |
Change in actuarial loss and other | -13 | 133 | -43 | 146 |
Income tax benefit (provision) on postretirement and postemployment plans | 5 | -49 | 15 | -54 |
Postretirement and postemployment plans, net of tax | -8 | 84 | -28 | 92 |
Foreign currency translation and other | ' | ' | ' | ' |
Unrealized gain (loss) | 1 | -3 | 1 | -4 |
Income tax benefit (provision) on foreign currency translation and other | -1 | 1 | -1 | 1 |
Foreign currency translation and other, net of tax | 0 | -2 | 0 | -3 |
Other comprehensive income (loss) | -8 | 82 | -28 | 89 |
Comprehensive income | $532 | $508 | $1,661 | $898 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,169 | $264 |
Receivables | 2,042 | 2,134 |
Inventories | 404 | 364 |
Other current assets | 211 | 172 |
Current assets held for sale | 392 | 41 |
Total current assets | 4,218 | 2,975 |
Equity method investments | 1,184 | 1,201 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $20,207 and $21,895 | 27,824 | 28,145 |
Goodwill | 457 | 499 |
Other noncurrent assets | 1,088 | 1,153 |
Noncurrent assets held for sale | 1,164 | 1,647 |
Total assets | 35,935 | 35,620 |
Current liabilities: | ' | ' |
Commercial paper | 0 | 135 |
Accounts payable | 2,439 | 2,206 |
Payroll and benefits payable | 121 | 240 |
Accrued taxes | 193 | 1,445 |
Other current liabilities | 147 | 214 |
Long-term debt due within one year | 68 | 68 |
Current liabilities held for sale | 1,006 | 25 |
Total current liabilities | 3,974 | 4,333 |
Long-term debt | 6,362 | 6,394 |
Deferred tax liabilities, noncurrent | 2,525 | 2,492 |
Defined benefit postretirement plan obligations | 668 | 604 |
Asset retirement obligations | 1,804 | 2,009 |
Deferred credits and other liabilities, noncurrent | 392 | 401 |
Noncurrent liabilities held for sale | 342 | 43 |
Total liabilities | 16,067 | 16,276 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock - no shares issued or 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 |
Common stock, held in treasury, at cost - 97 million and 73 million shares | -3,718 | -2,903 |
Additional paid-in capital | 6,530 | 6,592 |
Retained earnings | 16,564 | 15,135 |
Accumulated other comprehensive loss | -278 | -250 |
Total stockholders equity | 19,868 | 19,344 |
Total liabilities and stockholders' equity | $35,935 | $35,620 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets Parenthetical [Abstract] | ' | ' |
Less accumulated depreciation, depletion and amortization | ($20,207) | ($21,895) |
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 |
Common stock, held in treasury, shares | 97,000,000 | 73,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $1,689 | $809 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Discontinued operations | -931 | -410 |
Deferred income taxes | 173 | 35 |
Depreciation, depletion and amortization | 1,323 | 1,257 |
Impairments | 21 | 38 |
Pension and other postretirement benefits, net | 26 | 33 |
Exploratory dry well costs and unproved property impairments | 156 | 494 |
Net (gain) loss on disposal of assets | 85 | -2 |
Equity method investments, net | -10 | 0 |
Changes in: | ' | ' |
Current receivables, changes in | -266 | -11 |
Inventories, changes in | -58 | -19 |
Current accounts payable and accrued liabilities, changes in | -31 | -284 |
All other operating, net | -59 | -18 |
Net cash provided by continuing operations | 2,118 | 1,922 |
Net cash provided by discontinued operations | 440 | 474 |
Net cash provided by operating activities | 2,558 | 2,396 |
Investing activities: | ' | ' |
Additions to property, plant and equipment | -2,230 | -2,405 |
Disposal of assets | 2,232 | 333 |
Investments - return of capital | 27 | 29 |
Investing activities of discontinued operations | -233 | -271 |
All other investing, net | 0 | 15 |
Net cash used in investing activities | -204 | -2,299 |
Financing activities: | ' | ' |
Commercial paper, net | -135 | -200 |
Debt repayments | -34 | -148 |
Purchases of common stock | -1,000 | 0 |
Dividends paid | -260 | -241 |
All other financing, net | 86 | 46 |
Net cash used in financing activities | -1,343 | -543 |
Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations | 0 | 4 |
Effect of Exchange Rate on Cash and Cash Equivalents, Discontinued Operations | -10 | 4 |
Cash held for sale | -96 | ' |
Net increase (decrease) in cash and cash equivalents | 905 | -438 |
Cash and cash equivalents at beginning of period | 264 | 684 |
Cash and cash equivalents at end of period | $1,169 | $246 |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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. | |
As the result of the sale of our Angola assets in the first quarter of 2014 and the pending sale of our Norway business (see Note 5), the Angola and Norway businesses are reflected as discontinued operations in all periods presented. The disclosures in this report related to results of operations and cash flows are presented on the basis of continuing operations, unless otherwise noted. Assets and liabilities of these businesses are presented as held for sale in the consolidated balance sheets as of December 31, 2013 and June 30, 2014. | |
These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Marathon Oil Corporation 2013 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2014 are not necessarily indicative of the results to be expected for the full year. |
Accounting_Standards
Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Standards Disclosure [Abstract] | ' |
Accounting Standards [Text Block] | ' |
Accounting Standards | |
Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued an update that supersedes the existing revenue recognition requirements. This standard includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Among other things, the standard also eliminates industry-specific revenue guidance, requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively, and improves guidance for multiple-element arrangements. This standard is effective for us in the first quarter of 2017 and should be applied retrospectively to each prior reporting period presented or with the cumulative effect of initially applying the update recognized at the date of initial application. Early adoption is not permitted. We are evaluating the provisions of this accounting standards update and assessing the impact, if any, it may have on our consolidated results of operations, financial position or cash flows. | |
In April 2014, the FASB issued an amendment to accounting standards that changes the criteria for reporting discontinued operations while enhancing related disclosures. Under the amendment, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include disposal of a major geographic area, a major line of business, or a major equity method investment. Expanded disclosures about the assets, liabilities, income and expenses of discontinued operations will be required. In addition, disclosure of the pretax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting will be made in order to provide users with information about the ongoing trends in an organization’s results from continuing operations. The amendments are effective for us in the first quarter of 2015 and early adoption is permitted. We are evaluating the provisions of this amendment and assessing the impact, if any, it may have on our consolidated results of operations, financial position or cash flows. | |
Recently Adopted | |
In June 2013, the FASB ratified the Emerging Issues Task Force consensus which requires that an unrecognized tax benefit (or a portion thereof) 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 was effective for us beginning in the first quarter of 2014 and is required to be applied prospectively. Adoption of this standard did not 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"). This accounting standards update was effective for us beginning in the first quarter of 2014 and is required to be applied retrospectively. 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 | 6 Months Ended |
Jun. 30, 2014 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [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. Costs under this contract are accrued and recorded on a monthly basis, with current liabilities of $3 million recorded at June 30, 2014, consistent with December 31, 2013. 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 $622 million as of June 30, 2014. 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. |
Income_per_Common_Share
Income per Common Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [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, provided the effect is not antidilutive. The per share calculations below exclude 5 million and 6 million stock options for the second quarters of 2014 and 2013 and 4 million and 6 million stock options for the first six months of 2014 and 2013 as they were antidilutive. | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Income from continuing operations | $ | 360 | $ | 360 | $ | 241 | $ | 241 | ||||||||
Discontinued operations | 180 | 180 | 185 | 185 | ||||||||||||
Net income | $ | 540 | $ | 540 | $ | 426 | $ | 426 | ||||||||
Weighted average common shares outstanding | 676 | 676 | 710 | 710 | ||||||||||||
Effect of dilutive securities | — | 3 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 676 | 679 | 710 | 714 | ||||||||||||
Per share: | ||||||||||||||||
Income from continuing operations | $0.53 | $0.53 | $0.34 | $0.34 | ||||||||||||
Discontinued operations | $0.27 | $0.27 | $0.26 | $0.26 | ||||||||||||
Net income | $0.80 | $0.80 | $0.60 | $0.60 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Income from continuing operations | $ | 758 | $ | 758 | $ | 399 | $ | 399 | ||||||||
Discontinued operations | 931 | 931 | 410 | 410 | ||||||||||||
Net income | $ | 1,689 | $ | 1,689 | $ | 809 | $ | 809 | ||||||||
Weighted average common shares outstanding | 684 | 684 | 709 | 709 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 684 | 688 | 709 | 713 | ||||||||||||
Per share: | ||||||||||||||||
Income from continuing operations | $1.11 | $1.10 | $0.56 | $0.56 | ||||||||||||
Discontinued operations | $1.36 | $1.36 | $0.58 | $0.58 | ||||||||||||
Net income | $2.47 | $2.46 | $1.14 | $1.14 | ||||||||||||
Dispositions
Dispositions | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||
Dispositions [Text Block] | ' | ||||||||||||||
Dispositions | |||||||||||||||
2014 - International Exploration and Production ("E&P") Segment | |||||||||||||||
In June 2014, we entered into an agreement to sell our Norway business, including the operated Alvheim floating production, storage and offloading vessel, 10 operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea, with an effective date of January 1, 2014. We expect the transaction to close in the fourth quarter of 2014, pending government and regulatory approvals, with net proceeds of $2.1 billion. | |||||||||||||||
Our Norway business is reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented. Select amounts reported in discontinued operations were as follows: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues applicable to discontinued operations | $ | 693 | $ | 828 | $ | 1,373 | $ | 1,732 | |||||||
Pretax income from discontinued operations | $ | 598 | $ | 662 | $ | 1,130 | $ | 1,422 | |||||||
After-tax income from discontinued operations | $ | 180 | (a) | $ | 158 | $ | 322 | (a) | $ | 380 | |||||
(a) | Includes a tax benefit of $26 million related to a decrease in the valuation allowance on U.S. foreign tax credits from the Norway operations. | ||||||||||||||
Assets and liabilities presented as held for sale in the June 30, 2014 consolidated balance sheet reflect the Norway business. | |||||||||||||||
In the first quarter of 2014, we closed the sales of our non-operated 10 percent working interests in the Production Sharing Contracts and Joint Operating Agreements for Angola Blocks 31 and 32 for aggregate proceeds of approximately $2 billion. A $576 million after-tax gain on the sale of our Angola assets was recorded in the first quarter of 2014. Included in this after-tax gain is a deferred tax benefit reflecting our ability to utilize foreign tax credits that would have otherwise needed a valuation allowance. | |||||||||||||||
Our Angola operations are reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented. Select amounts reported in discontinued operations were as follows: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues applicable to discontinued operations | $ | — | $ | 79 | $ | 58 | $ | 165 | |||||||
Pretax income from discontinued operations | $ | — | $ | 37 | $ | 51 | $ | 78 | |||||||
After-tax income from discontinued operations | $ | — | $ | 27 | $ | 33 | $ | 30 | |||||||
Pretax gain on disposition of discontinued operations | $ | — | $ | — | $ | 470 | $ | — | |||||||
Assets and liabilities presented as held for sale in the December 31, 2013 consolidated balance sheet reflect the Angola business. | |||||||||||||||
2014 - North America E&P Segment | |||||||||||||||
In June 2014, we closed the sale of non-core acreage located in the far northwest portion of the Williston Basin for proceeds of $90 million. A pretax loss of $91 million was recorded in the second quarter of 2014. | |||||||||||||||
2013 - North America E&P Segment | |||||||||||||||
In June 2013, we closed the sale of our interests in the DJ Basin for proceeds of $19 million. A pretax 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 pretax 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 pretax 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 were made in the second quarter of 2013, the pretax gain on this sale was $55 million. | |||||||||||||||
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information [Text Block] | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
We have three reportable operating segments. Each of these segments is organized 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, 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. Unrealized gains or losses on crude oil derivative instruments, certain impairments, gains or losses on dispositions or other items that affect comparability (as determined by the CODM) also are not allocated to operating segments. | ||||||||||||||||||||
As discussed in Note 5, we sold our Angola assets in the first quarter of 2014 and entered into an agreement to sell our Norway business in June 2014. The Angola and Norway businesses are reflected as discontinued operations and are excluded from the International E&P segment in all periods presented. | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 1,540 | $ | 347 | $ | 383 | $ | — | $ | 2,270 | ||||||||||
Marketing revenues | 540 | 61 | 17 | — | 618 | |||||||||||||||
Total revenues | 2,080 | 408 | 400 | — | 2,888 | |||||||||||||||
Income from equity method investments | — | 120 | — | — | 120 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 15 | 15 | 1 | (98 | ) | (67 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 217 | 99 | 246 | — | 562 | |||||||||||||||
Marketing costs | 537 | 60 | 17 | — | 614 | |||||||||||||||
Exploration expenses | 82 | 63 | — | — | 145 | |||||||||||||||
Depreciation, depletion and amortization | 550 | 75 | 45 | 10 | 680 | |||||||||||||||
Impairments | 4 | — | — | — | 4 | |||||||||||||||
Other expenses (a) | 126 | 34 | 13 | 67 | (c) | 240 | ||||||||||||||
Taxes other than income | 102 | — | 6 | 1 | 109 | |||||||||||||||
Net interest and other | — | — | — | 76 | 76 | |||||||||||||||
Income tax provision (benefit) | 175 | 52 | 19 | (95 | ) | 151 | ||||||||||||||
Segment income/Income from continuing operations | $ | 302 | $ | 160 | $ | 55 | $ | (157 | ) | $ | 360 | |||||||||
Capital expenditures (b) | $ | 1,102 | $ | 115 | $ | 55 | $ | 10 | $ | 1,282 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $8 million. | |||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 1,284 | $ | 826 | $ | 353 | $ | 50 | (c) | $ | 2,513 | |||||||||
Marketing revenues | 439 | 49 | 9 | — | 497 | |||||||||||||||
Total revenues | 1,723 | 875 | 362 | 50 | 3,010 | |||||||||||||||
Income from equity method investments | — | 77 | — | — | 77 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 6 | 7 | 3 | (113 | ) | (97 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 195 | 83 | 274 | — | 552 | |||||||||||||||
Marketing costs | 438 | 47 | 9 | — | 494 | |||||||||||||||
Exploration expenses | 76 | 49 | — | — | 125 | |||||||||||||||
Depreciation, depletion and amortization | 490 | 77 | 48 | 11 | 626 | |||||||||||||||
Other expenses (a) | 94 | 21 | 2 | 112 | (d) | 229 | ||||||||||||||
Taxes other than income | 86 | — | 5 | 2 | 93 | |||||||||||||||
Net interest and other | — | — | — | 67 | 67 | |||||||||||||||
Income tax provision (benefit) | 129 | 512 | 7 | (85 | ) | 563 | ||||||||||||||
Segment income/Income from continuing operations | $ | 221 | $ | 170 | $ | 20 | $ | (170 | ) | $ | 241 | |||||||||
Capital expenditures (b) | $ | 904 | $ | 107 | $ | 98 | $ | 10 | $ | 1,119 | ||||||||||
(a)Includes other operating expenses and general and administrative expenses. | ||||||||||||||||||||
(b)Includes accruals. | ||||||||||||||||||||
(c)Unrealized gain on crude oil derivative instruments. | ||||||||||||||||||||
(d)Includes pension settlement loss of $17 million | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 2,932 | $ | 727 | $ | 760 | $ | — | $ | 4,419 | ||||||||||
Marketing revenues | 980 | 131 | 48 | — | 1,159 | |||||||||||||||
Total revenues | 3,912 | 858 | 808 | — | 5,578 | |||||||||||||||
Income from equity method investments | — | 257 | — | — | 257 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 18 | 32 | 3 | (98 | ) | (45 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 428 | 199 | 477 | — | 1,104 | |||||||||||||||
Marketing costs | 977 | 131 | 48 | — | 1,156 | |||||||||||||||
Exploration expenses | 139 | 79 | — | — | 218 | |||||||||||||||
Depreciation, depletion and amortization | 1,065 | 146 | 90 | 22 | 1,323 | |||||||||||||||
Impairments | 21 | — | — | — | 21 | |||||||||||||||
Other expenses (a) | 236 | 72 | 26 | 196 | (c) | 530 | ||||||||||||||
Taxes other than income | 192 | — | 11 | 1 | 204 | |||||||||||||||
Net interest and other | — | — | — | 125 | 125 | |||||||||||||||
Income tax provision (benefit) | 328 | 139 | 40 | (156 | ) | 351 | ||||||||||||||
Segment income/Income from continuing operations | $ | 544 | $ | 381 | $ | 119 | $ | (286 | ) | $ | 758 | |||||||||
Capital expenditures (b) | $ | 1,969 | $ | 220 | $ | 123 | $ | 13 | $ | 2,325 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $71 million. | |||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 2,499 | $ | 1,721 | $ | 741 | $ | — | $ | 4,961 | ||||||||||
Marketing revenues | 784 | 136 | 9 | — | 929 | |||||||||||||||
Total revenues | 3,283 | 1,857 | 750 | — | 5,890 | |||||||||||||||
Income from equity method investments | — | 195 | — | — | 195 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 6 | 23 | 3 | (11 | ) | 21 | ||||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 379 | 161 | 545 | — | 1,085 | |||||||||||||||
Marketing costs | 785 | 133 | 9 | — | 927 | |||||||||||||||
Exploration expenses | 511 | 71 | — | — | 582 | |||||||||||||||
Depreciation, depletion and amortization | 968 | 168 | 100 | 21 | 1,257 | |||||||||||||||
Impairments | 23 | — | — | 15 | 38 | |||||||||||||||
Other expenses (a) | 200 | 64 | 10 | 216 | (c) | 490 | ||||||||||||||
Taxes other than income | 162 | — | 11 | 2 | 175 | |||||||||||||||
Net interest and other | — | — | — | 140 | 140 | |||||||||||||||
Income tax provision (benefit) | 99 | 1,035 | 20 | (141 | ) | 1,013 | ||||||||||||||
Segment income/Income from continuing operations | $ | 162 | $ | 443 | $ | 58 | $ | (264 | ) | $ | 399 | |||||||||
Capital expenditures (b) | $ | 1,874 | $ | 194 | $ | 143 | $ | 40 | $ | 2,251 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $17 million. |
Defined_Benefit_Postretirement
Defined Benefit Postretirement Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 11 | $ | 13 | $ | 1 | $ | 1 | ||||||||
Interest cost | 15 | 16 | 3 | 3 | ||||||||||||
Expected return on plan assets | (14 | ) | (16 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 2 | 1 | (1 | ) | (1 | ) | ||||||||||
– actuarial loss | 10 | 16 | — | — | ||||||||||||
Net settlement loss(a) | 8 | 17 | — | — | ||||||||||||
Net periodic benefit cost | $ | 32 | $ | 47 | $ | 3 | $ | 3 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 23 | $ | 26 | $ | 2 | $ | 2 | ||||||||
Interest cost | 31 | 31 | 6 | 6 | ||||||||||||
Expected return on plan assets | (32 | ) | (33 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 3 | 3 | (2 | ) | (3 | ) | ||||||||||
– actuarial loss | 16 | 29 | — | — | ||||||||||||
Net settlement loss(a) | 71 | 17 | — | — | ||||||||||||
Net periodic benefit cost | $ | 112 | $ | 73 | $ | 6 | $ | 5 | ||||||||
(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. | |||||||||||||||
During the first and second quarters of 2014 and the second quarter of 2013, we recorded the effects of partial settlements of our United States ("U.S.") pension plans and we remeasured the plans’ assets and liabilities as of the applicable balance sheet dates. As a result, we recognized pretax decreases of $68 million and $32 million in actuarial losses in other comprehensive income for the second quarter and first six months of 2014 and a pretax decrease of $139 million in actuarial losses in other comprehensive income for the second quarter and first six months of 2013. | ||||||||||||||||
During the first six months of 2014, we made contributions of $37 million to our funded pension plans. We expect to make additional contributions up to an estimated $52 million to our funded pension plans over the remainder of 2014. Current benefit payments related to unfunded pension and other postretirement benefit plans were $47 million and $8 million during the first six months of 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
The effective income tax rate is influenced by a variety of factors including the geographic and functional 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 is reported in the “Not Allocated to Segments” column of the tables in Note 6. | |
Our effective income tax rates on continuing operations for the first six months of 2014 and 2013 were 32 percent and 72 percent. The decrease in the effective tax rate on continuing operations in the first six months of 2014 is primarily due to a decrease in pretax income from Libya operations, where the tax rate is in excess of 90 percent. In Libya, we have had no oil liftings since July 2013 due to third-party labor strikes at the Es Sider oil terminal. | |
The tax provision (benefit) applicable to Libyan ordinary income (loss) was recorded as a discrete item in the first six months of 2014 and 2013. Excluding Libya, the effective tax rates on continuing operations would be 34 percent and 39 percent for the first six months of 2014 and 2013. In Libya, there remains uncertainty around future production and sales levels. Reliable estimates of 2014 and 2013 Libyan annual ordinary income from our operations could not be made and the range of possible scenarios in the worldwide annual effective tax rate calculation demonstrates significant variability. As such, for the first six months of 2014 and 2013, estimated annual effective tax rates were calculated excluding Libya and applied to consolidated ordinary income excluding Libya. | |
We have reviewed our foreign operations, including the disposition of Norway, and concluded that our foreign operations do not have the same level of immediate capital needs as previously expected. Therefore, we no longer intend for previously unremitted foreign earnings of $746 million associated with our United Kingdom ("U.K.") operations to be permanently reinvested outside the U.S. Foreign tax credits associated with these earnings would be sufficient to offset any incremental U.S. tax liabilities. The remaining undistributed income of certain consolidated foreign subsidiaries for which no U.S. deferred income tax provision has been recorded because we intend to permanently reinvest such income in our foreign operations amounted to $862 million at June 30, 2014. If such income was not permanently reinvested, income tax expense of approximately $302 million would be recorded, not including potential utilization of foreign tax credits. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories [Text Block] | ' | |||||||
Inventories | ||||||||
Inventories are carried at the lower of cost or market value. | ||||||||
June 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
Liquid hydrocarbons, natural gas and bitumen | $ | 100 | $ | 55 | ||||
Supplies and other items | 304 | 309 | ||||||
Inventories, at cost | $ | 404 | $ | 364 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
June 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
North America E&P | $ | 15,595 | $ | 14,973 | ||||
International E&P (a) | 2,617 | 3,590 | ||||||
Oil Sands Mining | 9,494 | 9,447 | ||||||
Corporate | 118 | 135 | ||||||
Net property, plant and equipment | $ | 27,824 | $ | 28,145 | ||||
(a) | International E&P decrease is due to Norway assets reflected as held for sale in the June 30, 2014 consolidated balance sheet. | |||||||
Beginning in the third quarter of 2013, our Libya operations have been impacted by on-going third-party labor strikes at the Es Sider oil terminal. In early July 2014, Libya's National Oil Corporation rescinded force majeure associated with these third-party labor strikes. However, liftings have yet to resume and there remains uncertainty around future production and sales levels. As of June 30, 2014, our net property, plant and equipment investment in Libya is approximately $772 million. We and our partners in the Waha concessions continue to assess the situation and the condition of our assets in Libya. Our periodic assessment of the carrying value of our net property, plant and equipment in Libya specifically considers the net investment in the assets, the duration of our concessions and the reserves anticipated to be recoverable in future periods. | ||||||||
Exploratory well costs capitalized greater than one year after completion of drilling were $102 million as of June 30, 2014 (including $44 million related to Norway project costs which are reflected in noncurrent assets held for sale) and $281 million as of December 31, 2013 (including $70 million related to Norway project costs). This $179 million net decrease was the result of a $153 million reduction due to the sale of our interests in Angola Blocks 31 and 32 and a decrease of $26 million due to the commencement of drilling at the Boyla development offshore Norway. |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Notes) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 six months of 2014: | ||||
(In millions) | ||||
Beginning balance | $ | 2,096 | ||
Incurred, including acquisitions | 31 | |||
Settled, including dispositions | (96 | ) | ||
Accretion expense (included in depreciation, depletion and amortization) | 66 | |||
Revisions to previous estimates | 41 | |||
Held for sale | (309 | ) | ||
Ending balance(a) | $ | 1,829 | ||
(a) Includes asset retirement obligations of $25 million classified as a short-term at June 30, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 and December 31, 2013 by fair value hierarchy level. | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative instruments, assets | ||||||||||||||||
Interest rate | $ | — | $ | 11 | $ | — | $ | 11 | ||||||||
Derivative instruments, assets | $ | — | $ | 11 | $ | — | $ | 11 | ||||||||
Derivative instruments, liabilities | ||||||||||||||||
Foreign currency | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||
Derivative instruments, liabilities | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative instruments, assets | ||||||||||||||||
Interest rate | $ | — | $ | 8 | $ | — | $ | 8 | ||||||||
Foreign currency | — | 2 | — | 2 | ||||||||||||
Derivative instruments, assets | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||
Derivative instruments, liabilities | ||||||||||||||||
Foreign currency | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Derivative instruments, liabilities | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
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 June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||
Long-lived assets held for use | $ | — | $ | 4 | $ | — | $ | — | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||
Long-lived assets held for use | $ | — | $ | 21 | $ | — | $ | 38 | ||||||||
All long-lived assets held for use that were impaired in the first six months of 2014 and 2013 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. | ||||||||||||||||
The Ozona development in the Gulf of Mexico ceased producing in the first quarter of 2013 and a $21 million impairment was recorded. In the first and second quarters of 2014, we recorded additional impairments of $17 million and $4 million as a result of estimated abandonment cost revisions. | ||||||||||||||||
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. | ||||||||||||||||
Other impairments of long-lived assets held for use by our North America E&P segment in the first six months of 2013 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 June 30, 2014 and December 31, 2013. | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Fair | Carrying | Fair | Carrying | |||||||||||||
(In millions) | Value | Amount | Value | Amount | ||||||||||||
Financial assets | ||||||||||||||||
Other noncurrent assets | $ | 166 | $ | 159 | $ | 154 | $ | 147 | ||||||||
Total financial assets | 166 | 159 | 154 | 147 | ||||||||||||
Financial liabilities | ||||||||||||||||
Other current liabilities | 13 | 13 | 13 | 13 | ||||||||||||
Long-term debt, including current portion(a) | 7,133 | 6,394 | 6,922 | 6,427 | ||||||||||||
Deferred credits and other liabilities | 93 | 147 | 149 | 147 | ||||||||||||
Total financial liabilities | $ | 7,239 | $ | 6,554 | $ | 7,084 | $ | 6,587 | ||||||||
(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, which are Level 2 inputs, is used to measure the fair value of such debt. 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives [Text Block] | ' | ||||||||||||||||
Derivatives | |||||||||||||||||
For further information regarding the fair value measurement of derivative instruments, see Note 12. All of our interest rate 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 June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate | $ | 11 | $ | — | $ | 11 | Other noncurrent assets | ||||||||||
Total Designated Hedges | $ | 11 | $ | — | $ | 11 | |||||||||||
30-Jun-14 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 12 | $ | 12 | Current liabilities held for sale | ||||||||||
Total Designated Hedges | $ | — | $ | 12 | $ | 12 | |||||||||||
31-Dec-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate | $ | 8 | $ | — | $ | 8 | Other noncurrent assets | ||||||||||
Foreign currency | 2 | — | 2 | Other current assets | |||||||||||||
Total Designated Hedges | $ | 10 | $ | — | $ | 10 | |||||||||||
31-Dec-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 4 | $ | 4 | Other current liabilities | ||||||||||
Total Designated Hedges | $ | — | $ | 4 | $ | 4 | |||||||||||
Derivatives Designated as Fair Value Hedges | |||||||||||||||||
The following table presents by maturity date, information about our interest rate swap agreements as of June 30, 2014 and December 31, 2013, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate. | |||||||||||||||||
Aggregate Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||
Amount | Weighted Average, LIBOR-Based, | ||||||||||||||||
Maturity Dates | (in millions) | Floating Rate | |||||||||||||||
1-Oct-17 | $ | 600 | 4.64 | % | 4.65 | % | |||||||||||
15-Mar-18 | $ | 300 | 4.48 | % | 4.5 | % | |||||||||||
As of June 30, 2014 and December 31, 2013, our foreign currency forwards had an aggregate notional amount of 2,870 million and 2,387 million Norwegian Kroner at weighted average forward rates of 6.003 and 6.060. These forwards hedge our current Norwegian tax liability and those outstanding at June 30, 2014 have settlement dates through October 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 June 30, | Six Months Ended June 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Derivative | |||||||||||||||||
Interest rate | Net interest and other | $ | 4 | $ | (12 | ) | $ | 3 | $ | (15 | ) | ||||||
Foreign currency | Discontinued operations | $ | (14 | ) | $ | (21 | ) | $ | (11 | ) | $ | (46 | ) | ||||
Hedged Item | |||||||||||||||||
Long-term debt | Net interest and other | $ | (4 | ) | $ | 12 | $ | (3 | ) | $ | 15 | ||||||
Accrued taxes | Discontinued operations | $ | 14 | $ | 21 | $ | 11 | $ | 46 | ||||||||
Derivatives not Designated as Hedges | |||||||||||||||||
The impact of all commodity derivative instruments not designated as hedges appears in sales and other operating revenues in our consolidated statements of income and were net gains of $67 million and $13 million in the second quarter and first six months of 2013. |
Incentive_Based_Compensation_P
Incentive Based Compensation Plans | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 six months of 2014: | ||||||||||||||
Stock Options | Restricted Stock | |||||||||||||
Number of | Weighted | Awards | Weighted | |||||||||||
Shares | Average | Average Grant | ||||||||||||
Exercise Price | Date Fair Value | |||||||||||||
Outstanding at December 31, 2013 | 18,104,887 | $27.27 | 4,031,888 | $31.80 | ||||||||||
Granted | 1,935,423 | (a) | $34.48 | 1,887,487 | $34.84 | |||||||||
Options Exercised/Stock Vested | (3,800,690 | ) | $20.15 | (694,785 | ) | $33.10 | ||||||||
Canceled | (440,429 | ) | $34.14 | (319,737 | ) | $31.65 | ||||||||
Outstanding at June 30, 2014 | 15,799,191 | $29.68 | 4,904,853 | $32.79 | ||||||||||
(a) The weighted average grant date fair value of stock option awards granted was $10.50 per share. | ||||||||||||||
Stock-based performance unit awards | ||||||||||||||
During the first six months of 2014, we granted 221,491 stock-based performance units to certain officers. The grant date fair value per unit was $34.28. |
Debt_Notes
Debt (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Debt | |
As of June 30, 2014, we had no borrowings against our revolving credit facility, as described below, or under our U.S. commercial paper program that is backed by the revolving credit facility. | |
In May 2014, we amended our $2.5 billion unsecured revolving credit facility (the "Credit Facility"), including an extension of the maturity to May 2019. Terms of this amended Credit Facility include the ability to request two one-year extensions and an option to increase the commitment amount by up to an additional $1.0 billion, subject to the consent of any increasing lenders, and sub-facilities for swing-line loans and letters of credit up to an aggregate amount of $100 million and $500 million. Fees on the unused commitment of each lender range from 8 basis points to 22.5 basis points depending on our credit ratings. Borrowings under the Credit Facility bear interest, at our option, at either (a) an adjusted LIBOR rate plus a margin ranging from 87.5 basis points to 150 basis points depending on our credit ratings or (b) the Base Rate plus a margin ranging from 0 basis points to 50 basis points depending on our credit ratings. Base Rate is defined as a per annum rate equal to the greatest of (a) the prime rate, (b) the federal funds rate plus one-half of one percent or (c) LIBOR for a one-month interest period plus 1 percent. | |
The agreement contains a covenant that requires our ratio of total debt to total capitalization not to exceed 65 percent as of the last day of each fiscal quarter. If an event of default occurs, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. |
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | Income Statement Line | ||||||||||
Accumulated Other Comprehensive Loss Components | |||||||||||||||
Income (Expense) | |||||||||||||||
Postretirement and postemployment plans | |||||||||||||||
Amortization of actuarial loss | $ | (10 | ) | $ | (16 | ) | $ | (16 | ) | (29 | ) | General and administrative | |||
Net settlement loss | (8 | ) | (17 | ) | (71 | ) | (17 | ) | General and administrative | ||||||
(18 | ) | (33 | ) | (87 | ) | (46 | ) | Income from operations | |||||||
7 | 12 | 30 | 17 | Provision for income taxes | |||||||||||
Other insignificant, net of tax | — | — | (1 | ) | — | ||||||||||
Total reclassifications | $ | (11 | ) | $ | (21 | ) | $ | (58 | ) | $ | (29 | ) | Income from continuing operations |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Stockholders' Equity | |
During the first six months of 2014, we acquired 29 million common shares at a cost of $1 billion under our share repurchase program, 13 million of which were acquired in the second quarter of 2014 at a cost of $449 million. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information [Text Block] | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Six Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Net cash provided by operating activities: | ||||||||
Interest paid (net of amounts capitalized) | $ | 149 | $ | 160 | ||||
Income taxes paid to taxing authorities (a) | 1,336 | 2,474 | ||||||
Commercial paper, net: | ||||||||
Issuances | $ | 2,285 | $ | 2,075 | ||||
Repayments | (2,420 | ) | (2,275 | ) | ||||
Commercial paper, net | (135 | ) | (200 | ) | ||||
Noncash investing activities, related to continuing operations: | ||||||||
Asset retirement costs capitalized | $ | 42 | $ | 309 | ||||
Change in capital expenditure accrual | 95 | (154 | ) | |||||
Asset retirement obligations assumed by buyer | 52 | 92 | ||||||
Receivable for disposal of assets | 44 | 50 | ||||||
(a) | Income taxes paid to taxing authorities included $1,076 million and $1,392 million related to discontinued operations in the first six months of 2014 and 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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. | |
Contractual commitments – At June 30, 2014, Marathon’s contract commitments to acquire property, plant and equipment were $1,209 million. |
Basis_of_Presentation_Accounti
Basis of Presentation Accounting Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy 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. | |
As the result of the sale of our Angola assets in the first quarter of 2014 and the pending sale of our Norway business (see Note 5), the Angola and Norway businesses are reflected as discontinued operations in all periods presented. The disclosures in this report related to results of operations and cash flows are presented on the basis of continuing operations, unless otherwise noted. Assets and liabilities of these businesses are presented as held for sale in the consolidated balance sheets as of December 31, 2013 and June 30, 2014. | |
These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Marathon Oil Corporation 2013 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2014 are not necessarily indicative of the results to be expected for the full year. |
Income_per_Common_Share_Tables
Income per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Income from continuing operations | $ | 360 | $ | 360 | $ | 241 | $ | 241 | ||||||||
Discontinued operations | 180 | 180 | 185 | 185 | ||||||||||||
Net income | $ | 540 | $ | 540 | $ | 426 | $ | 426 | ||||||||
Weighted average common shares outstanding | 676 | 676 | 710 | 710 | ||||||||||||
Effect of dilutive securities | — | 3 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 676 | 679 | 710 | 714 | ||||||||||||
Per share: | ||||||||||||||||
Income from continuing operations | $0.53 | $0.53 | $0.34 | $0.34 | ||||||||||||
Discontinued operations | $0.27 | $0.27 | $0.26 | $0.26 | ||||||||||||
Net income | $0.80 | $0.80 | $0.60 | $0.60 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions, except per share data) | Basic | Diluted | Basic | Diluted | ||||||||||||
Income from continuing operations | $ | 758 | $ | 758 | $ | 399 | $ | 399 | ||||||||
Discontinued operations | 931 | 931 | 410 | 410 | ||||||||||||
Net income | $ | 1,689 | $ | 1,689 | $ | 809 | $ | 809 | ||||||||
Weighted average common shares outstanding | 684 | 684 | 709 | 709 | ||||||||||||
Effect of dilutive securities | — | 4 | — | 4 | ||||||||||||
Weighted average common shares, including | ||||||||||||||||
dilutive effect | 684 | 688 | 709 | 713 | ||||||||||||
Per share: | ||||||||||||||||
Income from continuing operations | $1.11 | $1.10 | $0.56 | $0.56 | ||||||||||||
Discontinued operations | $1.36 | $1.36 | $0.58 | $0.58 | ||||||||||||
Net income | $2.47 | $2.46 | $1.14 | $1.14 | ||||||||||||
Dispositions_Dispositions_Tabl
Dispositions Dispositions (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||
Select amounts reported in discontinued operations were as follows: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues applicable to discontinued operations | $ | 693 | $ | 828 | $ | 1,373 | $ | 1,732 | |||||||
Pretax income from discontinued operations | $ | 598 | $ | 662 | $ | 1,130 | $ | 1,422 | |||||||
After-tax income from discontinued operations | $ | 180 | (a) | $ | 158 | $ | 322 | (a) | $ | 380 | |||||
(a) | Includes a tax benefit of $26 million related to a decrease in the valuation allowance on U.S. foreign tax credits from the Norway operations. | ||||||||||||||
Assets and liabilities presented as held for sale in the June 30, 2014 consolidated balance sheet reflect the Norway business. | |||||||||||||||
In the first quarter of 2014, we closed the sales of our non-operated 10 percent working interests in the Production Sharing Contracts and Joint Operating Agreements for Angola Blocks 31 and 32 for aggregate proceeds of approximately $2 billion. A $576 million after-tax gain on the sale of our Angola assets was recorded in the first quarter of 2014. Included in this after-tax gain is a deferred tax benefit reflecting our ability to utilize foreign tax credits that would have otherwise needed a valuation allowance. | |||||||||||||||
Our Angola operations are reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented. Select amounts reported in discontinued operations were as follows: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues applicable to discontinued operations | $ | — | $ | 79 | $ | 58 | $ | 165 | |||||||
Pretax income from discontinued operations | $ | — | $ | 37 | $ | 51 | $ | 78 | |||||||
After-tax income from discontinued operations | $ | — | $ | 27 | $ | 33 | $ | 30 | |||||||
Pretax gain on disposition of discontinued operations | $ | — | $ | — | $ | 470 | $ | — | |||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 1,540 | $ | 347 | $ | 383 | $ | — | $ | 2,270 | ||||||||||
Marketing revenues | 540 | 61 | 17 | — | 618 | |||||||||||||||
Total revenues | 2,080 | 408 | 400 | — | 2,888 | |||||||||||||||
Income from equity method investments | — | 120 | — | — | 120 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 15 | 15 | 1 | (98 | ) | (67 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 217 | 99 | 246 | — | 562 | |||||||||||||||
Marketing costs | 537 | 60 | 17 | — | 614 | |||||||||||||||
Exploration expenses | 82 | 63 | — | — | 145 | |||||||||||||||
Depreciation, depletion and amortization | 550 | 75 | 45 | 10 | 680 | |||||||||||||||
Impairments | 4 | — | — | — | 4 | |||||||||||||||
Other expenses (a) | 126 | 34 | 13 | 67 | (c) | 240 | ||||||||||||||
Taxes other than income | 102 | — | 6 | 1 | 109 | |||||||||||||||
Net interest and other | — | — | — | 76 | 76 | |||||||||||||||
Income tax provision (benefit) | 175 | 52 | 19 | (95 | ) | 151 | ||||||||||||||
Segment income/Income from continuing operations | $ | 302 | $ | 160 | $ | 55 | $ | (157 | ) | $ | 360 | |||||||||
Capital expenditures (b) | $ | 1,102 | $ | 115 | $ | 55 | $ | 10 | $ | 1,282 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $8 million. | |||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 1,284 | $ | 826 | $ | 353 | $ | 50 | (c) | $ | 2,513 | |||||||||
Marketing revenues | 439 | 49 | 9 | — | 497 | |||||||||||||||
Total revenues | 1,723 | 875 | 362 | 50 | 3,010 | |||||||||||||||
Income from equity method investments | — | 77 | — | — | 77 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 6 | 7 | 3 | (113 | ) | (97 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 195 | 83 | 274 | — | 552 | |||||||||||||||
Marketing costs | 438 | 47 | 9 | — | 494 | |||||||||||||||
Exploration expenses | 76 | 49 | — | — | 125 | |||||||||||||||
Depreciation, depletion and amortization | 490 | 77 | 48 | 11 | 626 | |||||||||||||||
Other expenses (a) | 94 | 21 | 2 | 112 | (d) | 229 | ||||||||||||||
Taxes other than income | 86 | — | 5 | 2 | 93 | |||||||||||||||
Net interest and other | — | — | — | 67 | 67 | |||||||||||||||
Income tax provision (benefit) | 129 | 512 | 7 | (85 | ) | 563 | ||||||||||||||
Segment income/Income from continuing operations | $ | 221 | $ | 170 | $ | 20 | $ | (170 | ) | $ | 241 | |||||||||
Capital expenditures (b) | $ | 904 | $ | 107 | $ | 98 | $ | 10 | $ | 1,119 | ||||||||||
(a)Includes other operating expenses and general and administrative expenses. | ||||||||||||||||||||
(b)Includes accruals. | ||||||||||||||||||||
(c)Unrealized gain on crude oil derivative instruments. | ||||||||||||||||||||
(d)Includes pension settlement loss of $17 million | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 2,932 | $ | 727 | $ | 760 | $ | — | $ | 4,419 | ||||||||||
Marketing revenues | 980 | 131 | 48 | — | 1,159 | |||||||||||||||
Total revenues | 3,912 | 858 | 808 | — | 5,578 | |||||||||||||||
Income from equity method investments | — | 257 | — | — | 257 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 18 | 32 | 3 | (98 | ) | (45 | ) | |||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 428 | 199 | 477 | — | 1,104 | |||||||||||||||
Marketing costs | 977 | 131 | 48 | — | 1,156 | |||||||||||||||
Exploration expenses | 139 | 79 | — | — | 218 | |||||||||||||||
Depreciation, depletion and amortization | 1,065 | 146 | 90 | 22 | 1,323 | |||||||||||||||
Impairments | 21 | — | — | — | 21 | |||||||||||||||
Other expenses (a) | 236 | 72 | 26 | 196 | (c) | 530 | ||||||||||||||
Taxes other than income | 192 | — | 11 | 1 | 204 | |||||||||||||||
Net interest and other | — | — | — | 125 | 125 | |||||||||||||||
Income tax provision (benefit) | 328 | 139 | 40 | (156 | ) | 351 | ||||||||||||||
Segment income/Income from continuing operations | $ | 544 | $ | 381 | $ | 119 | $ | (286 | ) | $ | 758 | |||||||||
Capital expenditures (b) | $ | 1,969 | $ | 220 | $ | 123 | $ | 13 | $ | 2,325 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $71 million. | |||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Not Allocated | ||||||||||||||||||||
(In millions) | N.A. E&P | Int'l E&P | OSM | to Segments | Total | |||||||||||||||
Sales and other operating revenues | $ | 2,499 | $ | 1,721 | $ | 741 | $ | — | $ | 4,961 | ||||||||||
Marketing revenues | 784 | 136 | 9 | — | 929 | |||||||||||||||
Total revenues | 3,283 | 1,857 | 750 | — | 5,890 | |||||||||||||||
Income from equity method investments | — | 195 | — | — | 195 | |||||||||||||||
Net gain (loss) on disposal of assets and other income | 6 | 23 | 3 | (11 | ) | 21 | ||||||||||||||
Less: | ||||||||||||||||||||
Production expenses | 379 | 161 | 545 | — | 1,085 | |||||||||||||||
Marketing costs | 785 | 133 | 9 | — | 927 | |||||||||||||||
Exploration expenses | 511 | 71 | — | — | 582 | |||||||||||||||
Depreciation, depletion and amortization | 968 | 168 | 100 | 21 | 1,257 | |||||||||||||||
Impairments | 23 | — | — | 15 | 38 | |||||||||||||||
Other expenses (a) | 200 | 64 | 10 | 216 | (c) | 490 | ||||||||||||||
Taxes other than income | 162 | — | 11 | 2 | 175 | |||||||||||||||
Net interest and other | — | — | — | 140 | 140 | |||||||||||||||
Income tax provision (benefit) | 99 | 1,035 | 20 | (141 | ) | 1,013 | ||||||||||||||
Segment income/Income from continuing operations | $ | 162 | $ | 443 | $ | 58 | $ | (264 | ) | $ | 399 | |||||||||
Capital expenditures (b) | $ | 1,874 | $ | 194 | $ | 143 | $ | 40 | $ | 2,251 | ||||||||||
(a) | Includes other operating expenses and general and administrative expenses. | |||||||||||||||||||
(b) | Includes accruals. | |||||||||||||||||||
(c) | Includes pension settlement loss of $17 million. |
Defined_Benefit_Postretirement1
Defined Benefit Postretirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 11 | $ | 13 | $ | 1 | $ | 1 | ||||||||
Interest cost | 15 | 16 | 3 | 3 | ||||||||||||
Expected return on plan assets | (14 | ) | (16 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 2 | 1 | (1 | ) | (1 | ) | ||||||||||
– actuarial loss | 10 | 16 | — | — | ||||||||||||
Net settlement loss(a) | 8 | 17 | — | — | ||||||||||||
Net periodic benefit cost | $ | 32 | $ | 47 | $ | 3 | $ | 3 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 23 | $ | 26 | $ | 2 | $ | 2 | ||||||||
Interest cost | 31 | 31 | 6 | 6 | ||||||||||||
Expected return on plan assets | (32 | ) | (33 | ) | — | — | ||||||||||
Amortization: | ||||||||||||||||
– prior service cost (credit) | 3 | 3 | (2 | ) | (3 | ) | ||||||||||
– actuarial loss | 16 | 29 | — | — | ||||||||||||
Net settlement loss(a) | 71 | 17 | — | — | ||||||||||||
Net periodic benefit cost | $ | 112 | $ | 73 | $ | 6 | $ | 5 | ||||||||
(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. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories are carried at the lower of cost or market value. | ||||||||
June 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
Liquid hydrocarbons, natural gas and bitumen | $ | 100 | $ | 55 | ||||
Supplies and other items | 304 | 309 | ||||||
Inventories, at cost | $ | 404 | $ | 364 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule Of Property Plant And Equipment [Table Text Block] | ' | |||||||
June 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
North America E&P | $ | 15,595 | $ | 14,973 | ||||
International E&P (a) | 2,617 | 3,590 | ||||||
Oil Sands Mining | 9,494 | 9,447 | ||||||
Corporate | 118 | 135 | ||||||
Net property, plant and equipment | $ | 27,824 | $ | 28,145 | ||||
(a) | International E&P decrease is due to Norway assets reflected as held for sale in the June 30, 2014 consolidated balance sheet. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 six months of 2014: | ||||
(In millions) | ||||
Beginning balance | $ | 2,096 | ||
Incurred, including acquisitions | 31 | |||
Settled, including dispositions | (96 | ) | ||
Accretion expense (included in depreciation, depletion and amortization) | 66 | |||
Revisions to previous estimates | 41 | |||
Held for sale | (309 | ) | ||
Ending balance(a) | $ | 1,829 | ||
(a) Includes asset retirement obligations of $25 million classified as a short-term at June 30, 2014. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, 2014 and December 31, 2013 by fair value hierarchy level. | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative instruments, assets | ||||||||||||||||
Interest rate | $ | — | $ | 11 | $ | — | $ | 11 | ||||||||
Derivative instruments, assets | $ | — | $ | 11 | $ | — | $ | 11 | ||||||||
Derivative instruments, liabilities | ||||||||||||||||
Foreign currency | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||
Derivative instruments, liabilities | $ | — | $ | 12 | $ | — | $ | 12 | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative instruments, assets | ||||||||||||||||
Interest rate | $ | — | $ | 8 | $ | — | $ | 8 | ||||||||
Foreign currency | — | 2 | — | 2 | ||||||||||||
Derivative instruments, assets | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||
Derivative instruments, liabilities | ||||||||||||||||
Foreign currency | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Derivative instruments, liabilities | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
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 June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||
Long-lived assets held for use | $ | — | $ | 4 | $ | — | $ | — | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Fair Value | Impairment | Fair Value | Impairment | ||||||||||||
Long-lived assets held for use | $ | — | $ | 21 | $ | — | $ | 38 | ||||||||
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 June 30, 2014 and December 31, 2013. | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Fair | Carrying | Fair | Carrying | |||||||||||||
(In millions) | Value | Amount | Value | Amount | ||||||||||||
Financial assets | ||||||||||||||||
Other noncurrent assets | $ | 166 | $ | 159 | $ | 154 | $ | 147 | ||||||||
Total financial assets | 166 | 159 | 154 | 147 | ||||||||||||
Financial liabilities | ||||||||||||||||
Other current liabilities | 13 | 13 | 13 | 13 | ||||||||||||
Long-term debt, including current portion(a) | 7,133 | 6,394 | 6,922 | 6,427 | ||||||||||||
Deferred credits and other liabilities | 93 | 147 | 149 | 147 | ||||||||||||
Total financial liabilities | $ | 7,239 | $ | 6,554 | $ | 7,084 | $ | 6,587 | ||||||||
(a) Excludes capital leases. |
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, 2014 and December 31, 2013. | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate | $ | 11 | $ | — | $ | 11 | Other noncurrent assets | ||||||||||
Total Designated Hedges | $ | 11 | $ | — | $ | 11 | |||||||||||
30-Jun-14 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 12 | $ | 12 | Current liabilities held for sale | ||||||||||
Total Designated Hedges | $ | — | $ | 12 | $ | 12 | |||||||||||
31-Dec-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Asset | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Interest rate | $ | 8 | $ | — | $ | 8 | Other noncurrent assets | ||||||||||
Foreign currency | 2 | — | 2 | Other current assets | |||||||||||||
Total Designated Hedges | $ | 10 | $ | — | $ | 10 | |||||||||||
31-Dec-13 | |||||||||||||||||
(In millions) | Asset | Liability | Net Liability | Balance Sheet Location | |||||||||||||
Fair Value Hedges | |||||||||||||||||
Foreign currency | $ | — | $ | 4 | $ | 4 | Other current liabilities | ||||||||||
Total Designated Hedges | $ | — | $ | 4 | $ | 4 | |||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||
(In millions) | Income Statement Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Derivative | |||||||||||||||||
Interest rate | Net interest and other | $ | 4 | $ | (12 | ) | $ | 3 | $ | (15 | ) | ||||||
Foreign currency | Discontinued operations | $ | (14 | ) | $ | (21 | ) | $ | (11 | ) | $ | (46 | ) | ||||
Hedged Item | |||||||||||||||||
Long-term debt | Net interest and other | $ | (4 | ) | $ | 12 | $ | (3 | ) | $ | 15 | ||||||
Accrued taxes | Discontinued operations | $ | 14 | $ | 21 | $ | 11 | $ | 46 | ||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||
The following table presents by maturity date, information about our interest rate swap agreements as of June 30, 2014 and December 31, 2013, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate. | |||||||||||||||||
Aggregate Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||
Amount | Weighted Average, LIBOR-Based, | ||||||||||||||||
Maturity Dates | (in millions) | Floating Rate | |||||||||||||||
1-Oct-17 | $ | 600 | 4.64 | % | 4.65 | % | |||||||||||
15-Mar-18 | $ | 300 | 4.48 | % | 4.5 | % | |||||||||||
Incentive_Based_Compensation_P1
Incentive Based Compensation Plans (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 six months of 2014: | ||||||||||||||
Stock Options | Restricted Stock | |||||||||||||
Number of | Weighted | Awards | Weighted | |||||||||||
Shares | Average | Average Grant | ||||||||||||
Exercise Price | Date Fair Value | |||||||||||||
Outstanding at December 31, 2013 | 18,104,887 | $27.27 | 4,031,888 | $31.80 | ||||||||||
Granted | 1,935,423 | (a) | $34.48 | 1,887,487 | $34.84 | |||||||||
Options Exercised/Stock Vested | (3,800,690 | ) | $20.15 | (694,785 | ) | $33.10 | ||||||||
Canceled | (440,429 | ) | $34.14 | (319,737 | ) | $31.65 | ||||||||
Outstanding at June 30, 2014 | 15,799,191 | $29.68 | 4,904,853 | $32.79 | ||||||||||
(a) The weighted average grant date fair value of stock option awards granted was $10.50 per share. |
Reclassifications_out_of_Accum1
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Reclassifications out of AccumulatedOtherComprehensiveIncome [Abstract] | ' | ||||||||||||||
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | Income Statement Line | ||||||||||
Accumulated Other Comprehensive Loss Components | |||||||||||||||
Income (Expense) | |||||||||||||||
Postretirement and postemployment plans | |||||||||||||||
Amortization of actuarial loss | $ | (10 | ) | $ | (16 | ) | $ | (16 | ) | (29 | ) | General and administrative | |||
Net settlement loss | (8 | ) | (17 | ) | (71 | ) | (17 | ) | General and administrative | ||||||
(18 | ) | (33 | ) | (87 | ) | (46 | ) | Income from operations | |||||||
7 | 12 | 30 | 17 | Provision for income taxes | |||||||||||
Other insignificant, net of tax | — | — | (1 | ) | — | ||||||||||
Total reclassifications | $ | (11 | ) | $ | (21 | ) | $ | (58 | ) | $ | (29 | ) | Income from continuing operations |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information [Table Text Block] | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Six Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Net cash provided by operating activities: | ||||||||
Interest paid (net of amounts capitalized) | $ | 149 | $ | 160 | ||||
Income taxes paid to taxing authorities (a) | 1,336 | 2,474 | ||||||
Commercial paper, net: | ||||||||
Issuances | $ | 2,285 | $ | 2,075 | ||||
Repayments | (2,420 | ) | (2,275 | ) | ||||
Commercial paper, net | (135 | ) | (200 | ) | ||||
Noncash investing activities, related to continuing operations: | ||||||||
Asset retirement costs capitalized | $ | 42 | $ | 309 | ||||
Change in capital expenditure accrual | 95 | (154 | ) | |||||
Asset retirement obligations assumed by buyer | 52 | 92 | ||||||
Receivable for disposal of assets | 44 | 50 | ||||||
(a) | Income taxes paid to taxing authorities included $1,076 million and $1,392 million related to discontinued operations in the first six months of 2014 and 2013. |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20.00% |
Recorded liability related to unconsolidated VIE | $3 |
Maximum exposure to loss related to unconsolidated VIE | $622 |
Income_per_Common_Share_Detail
Income per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | $360 | $241 | $758 | $399 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 180 | 185 | 931 | 410 |
Net income | $540 | $426 | $1,689 | $809 |
Weighted average common shares outstanding, basic | 676 | 710 | 684 | 709 |
Effect of dilutive securities | 3 | 4 | 4 | 4 |
Weighted average common shares outstanding, diluted | 679 | 714 | 688 | 713 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5 | 6 | 4 | 6 |
Basic: | ' | ' | ' | ' |
Income from continuing operations per basic share | $0.53 | $0.34 | $1.11 | $0.56 |
Discontinued operations per basic share | $0.27 | $0.26 | $1.36 | $0.58 |
Net income, per basic share | $0.80 | $0.60 | $2.47 | $1.14 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations per diluted share | $0.53 | $0.34 | $1.10 | $0.56 |
Discontinued operations per diluted share | $0.27 | $0.26 | $1.36 | $0.58 |
Net income, per diluted share | $0.80 | $0.60 | $2.46 | $1.14 |
Dispositions_Details
Dispositions (Details) (USD $) | 6 Months Ended | 1 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jan. 31, 2013 |
Williston Basin [Member] | DJ Basin [Member] | Marcellus Shale [Member] | Neptune Gas Plant [Member] | Alaska EP [Member] | |||
Dispositions Detail [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Oil and Gas Property and Equipment | $2,232 | $333 | $90 | $19 | ' | $166 | $195 |
Pretax gain/loss on sale | ' | ' | -91 | -114 | -43 | 98 | 55 |
Proceeds from Sale of Oil and Gas Property and Equipment, Six Month Escrow | ' | ' | ' | ' | ' | ' | $50 |
Dispositions_Dispositions_Disc
Dispositions Dispositions - Discontinued Ops (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | |
Proceeds from Sale of Oil and Gas Property and Equipment | ' | ' | $2,232 | $333 | |
NORWAY | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | |
Valuation Allowance Deferred Tax Asset Change In Amount Foreign | 26 | ' | ' | ' | |
Proceeds from Sale of Oil and Gas Property and Equipment | ' | ' | 2,100 | ' | |
Disposal Group, Including Discontinued Operation, Revenue | 693 | 828 | 1,373 | 1,732 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 598 | 662 | 1,130 | 1,422 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 180 | [1] | 158 | 322 | 380 |
Angola Assets [Member] | ' | ' | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | |
Interest Percentage | 10.00% | ' | 10.00% | ' | |
Proceeds from Sale of Oil and Gas Property and Equipment | ' | ' | 2,000 | ' | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 576 | ' | |
Disposal Group, Including Discontinued Operation, Revenue | 0 | 79 | 58 | 165 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 0 | 37 | 51 | 78 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 27 | 33 | 30 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | $470 | ' | |
[1] | Includes a tax benefit of $26 million related to a decrease in the valuation allowance on U.S. foreign tax credits from the Norway operations. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales and other operating revenues | $2,270 | $2,513 | $4,419 | $4,961 | ||||
Marketing revenues | 618 | 497 | 1,159 | 929 | ||||
Total revenues | 2,888 | 3,010 | 5,578 | 5,890 | ||||
Income from equity method investments | 120 | 77 | 257 | 195 | ||||
Net gain on disposal of assets and other income | -67 | -97 | -45 | 21 | ||||
Production expenses | 562 | 552 | 1,104 | 1,085 | ||||
Marketing costs | 614 | 494 | 1,156 | 927 | ||||
Exploration expenses | 145 | 125 | 218 | 582 | ||||
Depreciation, depletion and amortization | 680 | 626 | 1,323 | 1,257 | ||||
Impairments | 4 | 0 | 21 | 38 | ||||
Other expense | 240 | [1] | 229 | [1] | 530 | [1] | 490 | [1] |
Taxes other than income | 109 | 93 | 204 | 175 | ||||
Net interest and other | 76 | 67 | 125 | 140 | ||||
Income tax provision (benefit) | 151 | 563 | 351 | 1,013 | ||||
Segment income/Income from continuing operations | 360 | 241 | 758 | 399 | ||||
Capital expenditures | 1,282 | [2] | 1,119 | [2] | 2,325 | [2] | 2,251 | [2] |
North America Exploration and Production [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales and other operating revenues | 1,540 | 1,284 | 2,932 | 2,499 | ||||
Marketing revenues | 540 | 439 | 980 | 784 | ||||
Total revenues | 2,080 | 1,723 | 3,912 | 3,283 | ||||
Income from equity method investments | 0 | 0 | 0 | 0 | ||||
Net gain on disposal of assets and other income | 15 | 6 | 18 | 6 | ||||
Production expenses | 217 | 195 | 428 | 379 | ||||
Marketing costs | 537 | 438 | 977 | 785 | ||||
Exploration expenses | 82 | 76 | 139 | 511 | ||||
Depreciation, depletion and amortization | 550 | 490 | 1,065 | 968 | ||||
Impairments | 4 | ' | 21 | 23 | ||||
Other expense | 126 | [1] | 94 | [1] | 236 | [1] | 200 | [1] |
Taxes other than income | 102 | 86 | 192 | 162 | ||||
Net interest and other | 0 | 0 | 0 | 0 | ||||
Income tax provision (benefit) | 175 | 129 | 328 | 99 | ||||
Segment income/Income from continuing operations | 302 | 221 | 544 | 162 | ||||
Capital expenditures | 1,102 | [2] | 904 | [2] | 1,969 | [2] | 1,874 | [2] |
International Exploration and Production [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales and other operating revenues | 347 | 826 | 727 | 1,721 | ||||
Marketing revenues | 61 | 49 | 131 | 136 | ||||
Total revenues | 408 | 875 | 858 | 1,857 | ||||
Income from equity method investments | 120 | 77 | 257 | 195 | ||||
Net gain on disposal of assets and other income | 15 | 7 | 32 | 23 | ||||
Production expenses | 99 | 83 | 199 | 161 | ||||
Marketing costs | 60 | 47 | 131 | 133 | ||||
Exploration expenses | 63 | 49 | 79 | 71 | ||||
Depreciation, depletion and amortization | 75 | 77 | 146 | 168 | ||||
Impairments | 0 | ' | 0 | 0 | ||||
Other expense | 34 | [1] | 21 | [1] | 72 | [1] | 64 | [1] |
Taxes other than income | 0 | 0 | 0 | 0 | ||||
Net interest and other | 0 | 0 | 0 | 0 | ||||
Income tax provision (benefit) | 52 | 512 | 139 | 1,035 | ||||
Segment income/Income from continuing operations | 160 | 170 | 381 | 443 | ||||
Capital expenditures | 115 | [2] | 107 | [2] | 220 | [2] | 194 | [2] |
Oil Sands Mining Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales and other operating revenues | 383 | 353 | 760 | 741 | ||||
Marketing revenues | 17 | 9 | 48 | 9 | ||||
Total revenues | 400 | 362 | 808 | 750 | ||||
Income from equity method investments | 0 | 0 | 0 | 0 | ||||
Net gain on disposal of assets and other income | 1 | 3 | 3 | 3 | ||||
Production expenses | 246 | 274 | 477 | 545 | ||||
Marketing costs | 17 | 9 | 48 | 9 | ||||
Exploration expenses | 0 | 0 | 0 | 0 | ||||
Depreciation, depletion and amortization | 45 | 48 | 90 | 100 | ||||
Impairments | 0 | ' | 0 | 0 | ||||
Other expense | 13 | [1] | 2 | [1] | 26 | [1] | 10 | [1] |
Taxes other than income | 6 | 5 | 11 | 11 | ||||
Net interest and other | 0 | 0 | 0 | 0 | ||||
Income tax provision (benefit) | 19 | 7 | 40 | 20 | ||||
Segment income/Income from continuing operations | 55 | 20 | 119 | 58 | ||||
Capital expenditures | 55 | [2] | 98 | [2] | 123 | [2] | 143 | [2] |
Corporate and Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales and other operating revenues | 0 | 50 | [3] | 0 | 0 | |||
Marketing revenues | 0 | 0 | 0 | 0 | ||||
Total revenues | 0 | 50 | 0 | 0 | ||||
Income from equity method investments | 0 | 0 | 0 | 0 | ||||
Net gain on disposal of assets and other income | -98 | -113 | -98 | -11 | ||||
Production expenses | 0 | 0 | 0 | 0 | ||||
Marketing costs | 0 | 0 | 0 | 0 | ||||
Exploration expenses | 0 | 0 | 0 | 0 | ||||
Depreciation, depletion and amortization | 10 | 11 | 22 | 21 | ||||
Impairments | 0 | ' | 0 | 15 | ||||
Other expense | 67 | [1],[4] | 112 | [1],[5] | 196 | [1],[6] | 216 | [1],[5] |
Taxes other than income | 1 | 2 | 1 | 2 | ||||
Net interest and other | 76 | 67 | 125 | 140 | ||||
Income tax provision (benefit) | -95 | -85 | -156 | -141 | ||||
Segment income/Income from continuing operations | -157 | -170 | -286 | -264 | ||||
Capital expenditures | 10 | [2] | 10 | [2] | 13 | [2] | 40 | [2] |
United States and Foreign Pension Plans Defined Benefit [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net settlement loss | $8 | [7] | $17 | [7] | $71 | [7] | $17 | [7] |
[1] | Includes other operating expenses and general and administrative expenses. | |||||||
[2] | Includes accruals. | |||||||
[3] | Unrealized gain on crude oil derivative instruments. | |||||||
[4] | Includes pension settlement loss of $8 million. | |||||||
[5] | Includes pension settlement loss of $17 million. | |||||||
[6] | Includes pension settlement loss of $71 million. | |||||||
[7] | 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. |
Defined_Benefit_Postretirement2
Defined Benefit Postretirement Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' | ||||
Pension Contributions | ' | ' | $37 | ' | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 52 | ' | ||||
Defined Benefit Plan, Benefits Paid | ' | ' | 47 | ' | ||||
Other Postretirement Benefits Payments | ' | ' | 8 | ' | ||||
United States and Foreign Pension Plans Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' | ||||
Service cost | 11 | 13 | 23 | 26 | ||||
Interest cost | 15 | 16 | 31 | 31 | ||||
Expected return on plan assets | -14 | -16 | -32 | -33 | ||||
Amortization: | ' | ' | ' | ' | ||||
- prior service cost (credit) | 2 | 1 | 3 | 3 | ||||
-actuarial loss (gain) | 10 | 16 | 16 | 29 | ||||
Net settlement loss | 8 | [1] | 17 | [1] | 71 | [1] | 17 | [1] |
Net periodic benefit cost | 32 | 47 | 112 | 73 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 68 | 139 | 32 | 139 | ||||
Other Postretirement Benefit Plans Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' | ||||
Service cost | 1 | 1 | 2 | 2 | ||||
Interest cost | 3 | 3 | 6 | 6 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization: | ' | ' | ' | ' | ||||
- prior service cost (credit) | -1 | -1 | -2 | -3 | ||||
-actuarial loss (gain) | 0 | 0 | 0 | 0 | ||||
Net settlement loss | 0 | 0 | 0 | 0 | ||||
Net periodic benefit cost | $3 | $3 | $6 | $5 | ||||
[1] | 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. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Effective Tax Rate Reconciliation [Abstract] | ' | ' |
Effective income tax rate excluding Libya | 34.00% | 39.00% |
Effective income tax rate | 32.00% | 72.00% |
Income Taxes [Line Items] | ' | ' |
Earnings of Foreign Subsidiaries No Longer Permanently Reinvested | $746 | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 302 | ' |
Undistributed Earnings of Foreign Subsidiaries | $862 | ' |
Minimum [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Libya Statutory Income Tax Rate | 90.00% | 90.00% |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Liquid hydrocarbons natural gas and bitumen | $100 | $55 |
Supplies and other items | 304 | 309 |
Total inventories, at cost | $404 | $364 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | $27,824 | $28,145 | ||
Libya 1 [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | 772 | ' | ||
North America Exploration and Production [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | 15,595 | 14,973 | ||
International Exploration and Production [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | 2,617 | [1] | 3,590 | [1] |
Oil Sands Mining Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | 9,494 | 9,447 | ||
Corporate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Property, plant and equipment, net | $118 | $135 | ||
[1] | International E&P decrease is due to Norway assets reflected as held for sale in the June 30, 2014 consolidated balance sheet. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Details 2) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Total Deferred Exploratory Well Costs [Abstract] | ' | ' |
Amounts capitalized greater than one year after completion of drilling | $102 | $281 |
Capitalized Exploratory Well Cost, Period Increase (Decrease) | 179 | ' |
NORWAY | ' | ' |
Total Deferred Exploratory Well Costs [Abstract] | ' | ' |
Amounts capitalized greater than one year after completion of drilling | 44 | 70 |
Angola Assets [Member] | ' | ' |
Total Deferred Exploratory Well Costs [Abstract] | ' | ' |
Capitalized Exploratory Well Cost, Period Increase (Decrease) | 153 | ' |
BoylaNorway [Member] | ' | ' |
Total Deferred Exploratory Well Costs [Abstract] | ' | ' |
Capitalized Exploratory Well Cost, Period Increase (Decrease) | $26 | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | |
Asset Retirement Obligation, Current | $25 | ' | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | |
Asset Retirement Obligation | 1,829 | [1] | 2,096 |
Asset Retirement Obligation, Liabilities Incurred | 31 | ' | |
Asset Retirement Obligation, Liabilities Settled | -96 | ' | |
Asset Retirement Obligation, Accretion Expense | 66 | ' | |
Asset Retirement Obligation, Revision of Estimate | 41 | ' | |
Asset Retirement Obligation, Held for Sale | -309 | ' | |
Asset Retirement Obligation | $1,829 | [1] | $2,096 |
[1] | Includes asset retirement obligations of $25 million classified as a short-term at June 30, 2014. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details-Recurring) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | $11 | $10 |
Derivative Liabilities | 12 | 4 |
Interest rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 11 | 8 |
Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | ' | 2 |
Derivative Liabilities | 12 | 4 |
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 | 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 |
Derivative Liabilities | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ' | ' |
Derivative Assets | 11 | 10 |
Derivative Liabilities | 12 | 4 |
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 | 8 |
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 | ' | 2 |
Derivative Liabilities | 12 | 4 |
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 | 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 |
Derivative Liabilities | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2-Nonrecurring) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets Held and Used Powder River Basin [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets Held and Used Ozona [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 | ' | ' | ' | $0 | $0 | ' | ' | ' |
Assets, Fair Value Adjustment | $4 | $0 | $15 | $21 | $38 | $4 | $17 | $21 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3-Reported) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value [Member] | ' | ' | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' | ||
Other noncurrent financial assets | $166 | $154 | ||
Total financial assets | 166 | 154 | ||
Financial liabilities | ' | ' | ||
Other current financial liabilities | 13 | 13 | ||
Long-term debt, including current portion | 7,133 | [1] | 6,922 | [1] |
Deferred credits and other financial liabilities | 93 | 149 | ||
Financial Liabilities Fair Value Disclosure | 7,239 | 7,084 | ||
Carrying Amount [Member] | ' | ' | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' | ||
Other noncurrent financial assets | 159 | 147 | ||
Total financial assets | 159 | 147 | ||
Financial liabilities | ' | ' | ||
Other current financial liabilities | 13 | 13 | ||
Long-term debt, including current portion | 6,394 | [1] | 6,427 | [1] |
Deferred credits and other financial liabilities | 147 | 147 | ||
Financial Liabilities Fair Value Disclosure | $6,554 | $6,587 | ||
[1] | Excludes capital leases. |
Derivatives_DetailsBS
Derivatives (Details-BS) (Designated as Hedging Instrument [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $11 | $10 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | 11 | 10 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 12 | 4 |
Derivative Liability, Fair Value, Net | 12 | 4 |
Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 2 |
Derivative Asset, Fair Value, Gross Liability | ' | 0 |
Derivative Asset, Fair Value, Net | ' | 2 |
Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | ' | 0 |
Derivative Liability, Fair Value, Gross Liability | ' | 4 |
Derivative Liability, Fair Value, Net | ' | 4 |
Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | Current Liabilities Held for Sale [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Fair Value, Gross Liability | 12 | ' |
Derivative Liability, Fair Value, Net | 12 | ' |
Fair Value Hedging [Member] | Interest rate [Member] | Other Noncurrent Assets [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 11 | 8 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Net | $11 | $8 |
Derivatives_Details_2Fair_Valu
Derivatives (Details 2-Fair Value Hedges) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Notes Due 2018 [Member] | Notes Due 2018 [Member] | Debentures Due 2017 [Member] | Debentures Due 2017 [Member] | |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | |||||
NOK | NOK | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | 2,870,000,000 | 2,387,000,000 | $300,000,000 | $300,000,000 | $600,000,000 | $600,000,000 |
Weighted-average, LIBOR-based, floating rate | ' | ' | ' | ' | ' | ' | 4.48% | 4.50% | 4.64% | 4.65% |
Derivative, Average Forward Exchange Rate | ' | ' | ' | ' | 6.003 | 6.06 | ' | ' | ' | ' |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net interest and other [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Change in unrealized gain (loss) on hedged item in fair value hedge | ($4) | $12 | ($3) | $15 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Change in unrealized gain (loss) on hedged item in fair value hedge | 14 | 21 | 11 | 46 |
Interest rate [Member] | Net interest and other [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivative instruments recognized in income | 4 | -12 | 3 | -15 |
Foreign Exchange Contract [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivative instruments recognized in income | ($14) | ($21) | ($11) | ($46) |
Derivatives_Derivatives_Detail
Derivatives Derivatives (Details 4-Non Hedges) (Details) (Not Designated as Hedging Instrument [Member], Commodity [Member], Sales and other operating revenues [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Not Designated as Hedging Instrument [Member] | Commodity [Member] | Sales and other operating revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | $67 | $13 |
Incentive_Based_Compensation_P2
Incentive Based Compensation Plans (Details 2) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | ||
Stock Options | ' | |
Beginning year stock option awards | 18,104,887 | |
Granted stock option awards | 1,935,423 | [1] |
Exercised stock option awards | -3,800,690 | |
Canceled stock option awards | -440,429 | |
End of period stock option awards | 15,799,191 | |
Beginning year weighted average exercise price | $27.27 | |
Granted weighted average exercise price | $34.48 | |
Exercises weighted average exercise price | $20.15 | |
Canceled weighted average exercise price | $34.14 | |
End of period weighted average exercise price | $29.68 | |
Stock options weighted average grant date fair value | $10.50 | |
[1] | The weighted average grant date fair value of stock option awards granted was $10.50 per share. |
Incentive_Based_Compensation_P3
Incentive Based Compensation Plans (Details 4-Restricted) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock | ' |
Beginning year unvested restricted stock | 4,031,888 |
Granted restricted stock | 1,887,487 |
Vested restricted stock | -694,785 |
Forfeited restricted stock | -319,737 |
End of period unvested restricted stock | 4,904,853 |
Beginning year weighted average grant date fair value unvested restricted stock | $31.80 |
Granted restricted stock weighted average grant date fair value restricted stock | $34.84 |
Vested restricted stock weighted average grant date fair value restricted stock | $33.10 |
Forfeited restricted stock weighted average grant date fair value restricted stock | $31.65 |
End of period weighted average grant date fair value unvested restricted stock | $32.79 |
Incentive_Based_Compensation_P4
Incentive Based Compensation Plans (Details 5-Performance) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Performance Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Instruments Other Than Options Performance Unit Granted | ' | ' | 221,491 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $32.79 | $31.80 | $34.28 |
Debt_Details
Debt (Details) (USD $) | 6 Months Ended | 1 Months Ended | |||||||||
Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | |
Letter of Credit [Member] | Bridge Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | One Month Libor Plus [Member] | |||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | ||||||||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | $0 | $135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Extended Borrowing Capacity | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | 31-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 0.88% | 0.00% | ' | 1.50% | 0.50% | 1.00% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | 0.08% | ' | ' | 0.23% | ' | ' | ' |
Ratio of Indebtedness to Net Capital | ' | ' | ' | ' | ' | ' | ' | 0.65 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $2,500,000,000 | ' | $500,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Reclassifications_out_of_Accum2
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Provision for income taxes | ($151) | ($563) | ($351) | ($1,013) |
Other insignificant, net of tax | -101 | -70 | -204 | -168 |
Total reclassifications | 540 | 426 | 1,689 | 809 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of actuarial loss | -10 | -16 | -16 | -29 |
Net settlement loss | -8 | -17 | -71 | -17 |
Income before income taxes | -18 | -33 | -87 | -46 |
Provision for income taxes | 7 | 12 | 30 | 17 |
Other insignificant, net of tax | 0 | 0 | -1 | 0 |
Total reclassifications | ($11) | ($21) | ($58) | ($29) |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' |
Stock Repurchased During Period, Shares | 13 | 29 | ' |
Payments for Repurchase of Common Stock | $449 | $1,000 | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Net cash provided by operating activities included: | ' | ' | ||
Interest paid (net of amounts capitalized) | $149 | $160 | ||
Income taxes paid to taxing authorities | 1,336 | [1] | 2,474 | [1] |
Income Taxes Paid Net, Discontinued Operations | 1,076 | 1,392 | ||
Commercial paper, net: | ' | ' | ||
Commercial paper - issuances | 2,285 | 2,075 | ||
Commercial paper - repayments | -2,420 | -2,275 | ||
Commercial paper, net | -135 | -200 | ||
Noncash investing activities: | ' | ' | ||
Asset retirement costs capitalized | 42 | 309 | ||
Change in capital expenditure accrual | 95 | -154 | ||
Asset retirement obligations assumed by buyer | 52 | 92 | ||
Receivable Related To Disposal Of Assets | $44 | $50 | ||
[1] | Income taxes paid to taxing authorities included $1,076 million and $1,392 million related to discontinued operations in the first six months of 2014 and 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments to acquire property, plant and equipment | $1,209 |