Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Amendment Flag | false | |
Entity Registrant Name | Marathon Oil Corp | |
Entity Central Index Key | 101,778 | |
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 | 849,663,522 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues and other income: | ||||
Sales and other operating revenues, including related party | $ 1,114 | $ 781 | $ 3,026 | $ 2,032 |
Marketing revenues | 48 | 80 | 117 | 202 |
Income from equity method investments | 63 | 59 | 183 | 110 |
Net gain on disposal of assets | 19 | 47 | 26 | 281 |
Other income | 8 | 23 | 31 | 38 |
Total revenues and other income | 1,252 | 990 | 3,383 | 2,663 |
Costs and expenses: | ||||
Production | 194 | 160 | 521 | 532 |
Marketing, including purchases from related parties | 49 | 80 | 121 | 201 |
Other operating | 109 | 183 | 309 | 373 |
Exploration Expense | 294 | 83 | 352 | 289 |
Depreciation, depletion and amortization | 641 | 522 | 1,789 | 1,583 |
Impairments | 201 | 47 | 205 | 48 |
Taxes other than income | 44 | 35 | 128 | 113 |
General and administrative | 97 | 104 | 299 | 386 |
Total costs and expenses | 1,629 | 1,214 | 3,724 | 3,525 |
Income (loss) from operations | (377) | (224) | (341) | (862) |
Net interest and other | (35) | (89) | (199) | (256) |
Gain (Loss) on Extinguishment of Debt | (46) | 0 | (46) | 0 |
Income from operations before income taxes | (458) | (313) | (586) | (1,118) |
Provision (benefit) for income taxes | 141 | (107) | 216 | (414) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (599) | (206) | (802) | (704) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 14 | (4,893) | (65) |
Net income (loss) | $ (599) | $ (192) | $ (5,695) | $ (769) |
Earnings Per Share, Basic [Abstract] | ||||
Income (loss) from continuing operations, per basic share | $ (0.70) | $ (0.24) | $ (0.94) | $ (0.87) |
Income (loss) from discontinued operations, per basic share | 0 | 0.01 | (5.76) | (0.08) |
Net income (loss), per basic share | (0.70) | (0.23) | (6.70) | (0.95) |
Earnings Per Share, Diluted [Abstract] | ||||
Income (loss) from continuing operations, per diluted share | (0.70) | (0.24) | (0.94) | (0.87) |
Income (loss) from discontinued operations, per diluted share | 0 | 0.01 | (5.76) | (0.08) |
Net income (loss), per diluted share | (0.70) | (0.23) | (6.70) | (0.95) |
Dividends paid, per share | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding, basic | 850 | 847 | 850 | 809 |
Weighted average common shares outstanding, diluted | 850 | 847 | 850 | 809 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (599) | $ (192) | $ (5,695) | $ (769) |
Postretirement and postemployment plans | ||||
Change in actuarial loss and other | 5 | 0 | 17 | (5) |
Income tax provision | 19 | 0 | 19 | 2 |
Postretirement and postemployment plans, net of tax | 24 | 0 | 36 | (3) |
Derivative hedges | ||||
Net unrecognized gain (loss) | 0 | 2 | (13) | 2 |
Reclassification of gains on terminated derivative hedges | (46) | 0 | (47) | 0 |
Income tax provision | 21 | 0 | 21 | 0 |
Derivative hedges, net of tax | (25) | 2 | (39) | 2 |
Foreign currency hedges | ||||
Net recognized gain reclassified to discontinued operations | 0 | 0 | 34 | 0 |
Income tax benefit (provision) | 0 | 0 | (4) | 0 |
Foreign currency hedges, net of tax | 0 | 0 | 30 | 0 |
Other, Net of Tax | 1 | 1 | 2 | (1) |
Other comprehensive income (loss) | 0 | 3 | 29 | (2) |
Comprehensive income (loss) | $ (599) | $ (189) | $ (5,666) | $ (771) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,795 | $ 2,488 |
Receivables, less reserve of $7 and $6 | 945 | 748 |
Notes receivable | 745 | 0 |
Inventories | 132 | 136 |
Other current assets | 62 | 66 |
Current assets held for sale | 11 | 227 |
Total current assets | 3,690 | 3,665 |
Equity method investments | 836 | 931 |
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $21,669 and $20,255 | 17,645 | 16,727 |
Goodwill | 115 | 115 |
Other noncurrent assets | 607 | 558 |
Noncurrent assets held for sale | 54 | 9,098 |
Total assets | 22,947 | 31,094 |
Current liabilities: | ||
Accounts payable | 1,313 | 967 |
Payroll and benefits payable | 99 | 129 |
Accrued taxes | 162 | 94 |
Other current liabilities | 188 | 243 |
Debt, Current | 0 | 686 |
Current liabilities held for sale | 0 | 121 |
Total current liabilities | 1,762 | 2,240 |
Long-term debt | 6,488 | 6,581 |
Deferred tax liabilities | 844 | 769 |
Defined benefit postretirement plan obligations | 330 | 345 |
Asset retirement obligations | 1,522 | 1,602 |
Deferred credit and other liabilities | 217 | 225 |
Noncurrent liabilities held for sale | 9 | 1,791 |
Total liabilities | 11,172 | 13,553 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock - no shares issued or outstanding (no par value, 26 million shares authorized) | 0 | 0 |
Issued – 937 million shares and 937 million shares (par value $1 per share, 1.1 billion shares authorized) | 937 | 937 |
Common stock, securities exchangeable into common stock - no shares issued or outstanding (no par value, 29 million shares authorized) | 0 | 0 |
Held in treasury, at cost – 87 million and 90 million shares | (3,324) | (3,431) |
Additional paid-in capital | 7,367 | 7,446 |
Retained earnings | 6,849 | 12,672 |
Accumulated other comprehensive loss | (54) | (83) |
Total stockholders' equity | 11,775 | 17,541 |
Total liabilities and stockholders' equity | $ 22,947 | $ 31,094 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) shares in Millions, $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets Parenthetical [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 7 | $ 6 |
Less accumulated depreciation, depletion and amortization | $ (21,669) | $ (20,255) |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock shares authorized | 26 | 26 |
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 | 1,100 |
Common stock, shares issued | 937 | 937 |
Common stock, securities exchangeable, no par value | $ 0 | $ 0 |
Common stock, securities exchangeable, shares authorized | 29 | 29 |
Common stock, securities exchangeable, shares issued | 0 | 0 |
Common stock, securities exchangeable, shares outstanding | 0 | 0 |
Common stock, held in treasury, shares | 87 | 90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net income (loss) | $ (5,695) | $ (769) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Discontinued operations | 4,893 | 65 |
Depreciation, depletion and amortization | 1,789 | 1,583 |
Impairments | 205 | 48 |
Exploratory dry well costs and unproved property impairments | 294 | 196 |
Gain (Loss) on Disposition of Assets | (26) | (281) |
Deferred income taxes | 44 | (476) |
Net (gain) loss on derivative instruments | (162) | 48 |
Cash Received (Paid) In Settlement Of Derivative Instruments | 88 | 51 |
Share-based Compensation | 38 | 37 |
Equity method investments, net | 46 | 26 |
Changes in: | ||
Current receivables, changes in | (192) | 125 |
Inventories, changes in | 4 | 69 |
Current accounts payable and accrued liabilities, changes in | 189 | (212) |
All other operating, net | (28) | 16 |
Net cash provided by continuing operations | 1,487 | 526 |
Investing activities: | ||
Additions to property, plant and equipment | (1,305) | (949) |
Acquisitions, net of cash acquired | (1,828) | (902) |
Disposal of assets, net of cash transferred to buyer | 1,757 | 837 |
Equity method investments - return of capital | 49 | 47 |
All other investing, net | (26) | 2 |
Net cash used in investing activities from continuing operations | (1,353) | (965) |
Financing activities: | ||
Borrowings | 988 | 0 |
Debt repayments | (1,764) | (1) |
Payment for Debt Extinguishment or Debt Prepayment Cost | (46) | 0 |
Common stock issuance | 0 | 1,236 |
Purchases of common stock | (10) | (5) |
Dividends paid | (128) | (119) |
Net Cash Provided by (Used in) Financing Activities | (960) | 1,111 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 141 | 97 |
Investing activities of discontinued operations | (13) | (34) |
Change in cash included in current assets held for sale | 2 | (63) |
Net cash provided by discontinued operations | 130 | 0 |
Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations | 3 | (3) |
Net increase (decrease) in cash and cash equivalents | (693) | 669 |
Cash and cash equivalents at beginning of period | 2,488 | 1,119 |
Cash and cash equivalents at end of period | $ 1,795 | $ 1,788 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [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 SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2016 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2017 are not necessarily indicative of the results to be expected for the full year. As a result of the announcement to divest of our Canadian business in the first quarter 2017 and its subsequent closing in the second quarter of 2017, we have reflected this business as discontinued operations in all periods presented. Assets and liabilities are presented as held for sale in the historical periods in the consolidated balance sheets. The disclosures in this report related to the results of operations and cash flows are presented on the basis of continuing operations, unless otherwise noted. The characteristics and composition of our North America E&P reporting segment remained unchanged and there was no effect on previously reported segment information. As all our remaining properties within the segment are located within the United States, we concluded that our North America E&P segment would be renamed United States E&P segment, effective June 30, 2017. During the first nine months, no changes occurred to our International E&P segment. See Note 6 for discussion of the divestiture in further detail and Note 7 for further information on our reportable segments. During the first quarter of 2017, we adopted the accounting standards update issued by the FASB in March 2016 pertaining to share-based payment transactions. As a result of this adoption, all cash payments for withheld shares made to taxing authorities on the employees' behalf will be presented within the financing activities section instead of the operating activities section of the statement of cash flows. We have elected the retrospective method for adoption of this update and the change in the statement of cash flows is not material for nine months ended September 30, 2016. Excess tax benefits will be classified as an operating activity within the statement of cash flows on a prospective basis; as such, prior periods were not adjusted. See Note 2 for additional discussion. |
Accounting Standards (Notes)
Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting Standards [Text Block] | Accounting Standards Not Yet Adopted In May 2014 and August 2015, the 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 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 2018 and shall be applied retrospectively to each prior reporting period presented (“full retrospective method”) or with the cumulative effect of initially applying the update recognized at the date of initial application (“modified retrospective method”). We will adopt this new standard in the first quarter of 2018 using the modified retrospective method. Based on our assessment to date, we do not expect the adoption of this ASU to have a material impact on our consolidated results of operations, financial position or cash flows. However, we do expect to change our presentation of future marketing revenues and marketing expenses from the current gross presentation to a net presentation for a portion of our international contracts. For the nine months ended September 30, 2017, we estimate this impact to be approximately $90 million in marketing revenue and expenses in our consolidated results of operations. We continue to evaluate the disclosure requirements, are developing accounting policies, and assessing changes to the relevant business processes and the control activities as a result of this standard. In March 2017, the FASB issued a new accounting standards update that will change how employers that sponsor defined pension and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. We will adopt this standard in the first quarter of 2018 on a retrospective basis. Early adoption is permitted. We are evaluating the provisions of this accounting standards update and assessing the impact it will have on our results of operations, financial position, or cash flows. In August 2016, the FASB issued a new accounting standards update which seeks to reduce the existing diversity in practice in how certain transactions are classified in the statement of cash flows. This standard is effective for us in the first quarter of 2018 and shall be applied on a retrospective basis. Early adoption is permitted. We will adopt this standard in the first quarter of 2018 on a retrospective basis. We are evaluating the provisions of this accounting standards update and assessing the impact, if any, it may have on our consolidated statements of cash flows and related disclosures. In November 2016, the FASB issued a new accounting standards update that requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash, cash equivalents, and restricted cash are presented in more than one line item on the balance sheet, the standard requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. We plan to adopt this standard in the first quarter of 2018 on a retrospective basis. We are evaluating the provisions of this accounting standards update and assessing the impact it may have on our consolidated statements of cash flows and related disclosures. In February 2017, the FASB issued a new accounting standards update that clarifies the accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. The standard also clarifies that the derecognition of all businesses (except those related to conveyances of oil and gas mineral rights or contracts with customers) should be accounted for in accordance with the derecognition and deconsolidation guidance in Subtopic 810-10. This standard is effective for us in the first quarter of 2018 and will be applied using the modified retrospective approach. Early adoption is permitted. We plan to adopt this new standard in the first quarter of 2018 concurrently with the new revenue recognition standard. We are evaluating the provisions of this accounting standards update and assessing the impact it may have on our consolidated results of operations, financial position or cash flows. In January 2017, the FASB issued a new accounting standards update that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities would not represent a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in the new revenue guidance. This standard is effective for us in the first quarter of 2018 and shall be applied on a prospective basis. Early adoption is permitted for certain transactions as described in the guidance. Since we will adopt the standard on a prospective basis, we do not expect an impact on our consolidated results of operations, financial position or cash flows for prior periods. In January 2016, the FASB issued an accounting standards update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. We plan to adopt this standard in the first quarter of 2018 and do not expect the adoption of this standard to have a significant impact on our consolidated results of operations, financial position or cash flows. In February 2016, the FASB issued a new lease accounting standard, which requires lessees to recognize most leases, including operating leases, on the balance sheet as a right of use asset and lease liability. Short-term leases can continue being accounted for off balance sheet based on a policy election. This standard does not apply to leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. This standard is effective for us in the first quarter of 2019 and shall be applied using a modified retrospective approach at the beginning of the earliest period presented in the financial statements. Early adoption is permitted. While we will have to recognize a right of use asset and lease liability on the adoption date, we continue to evaluate the provisions of this accounting standards update and assessing the effects it will have on our consolidated results of operations, financial position or cash flows. In August 2017, the FASB issued a new accounting standards update that amends the hedge accounting model to enable entities to hedge certain financial and nonfinancial risk attributes previously not allowed. The amendment also reduces the overall complexity of documenting, assessing and measuring hedge effectiveness. This standard is effective for us in the first quarter of 2019. Early adoption is permitted in any interim or annual period. The amendment mandates modified retrospective adoption when accounting for hedge relationships in effect as of the adoption date. We are evaluating the provisions of this accounting standards update, including transition requirements, and are assessing the impact it may have on our results of operations, financial position, or cash flows. In January 2017, the FASB issued a new accounting standards update that eliminates the requirement to calculate the implied fair value of the goodwill (i.e., Step 2 of goodwill impairment test under the current guidance) to measure a goodwill impairment charge. The standard will require entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 under the current guidance). This standard is effective for us in the first quarter of 2020 and shall be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Since we will adopt the standard on a prospective basis, we do not expect an impact on our consolidated results of operations, financial position or cash flows for prior periods. In June 2016, the FASB issued a new accounting standards update that changes the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking “expected loss” model as opposed to the current “incurred loss” model. This standard is effective for us in the first quarter of 2020 and will be adopted on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. Early adoption is permitted starting January 2019. 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. Recently Adopted In March 2016, the FASB issued a new accounting standards update that changes several aspects of accounting for share-based payment transactions, including a requirement to recognize all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This standard was effective for us in the first quarter of 2017. The new standard requires a company to make a policy election on how it accounts for forfeitures; we elected to continue estimating forfeitures using the same methodology practiced prior to adoption of this standard. See Note 1 for the impact this standard has on the presentation of our financial statements. In July 2015, the FASB issued an update that requires an entity to measure inventory at the lower of cost or net realizable value. This excludes inventory measured using LIFO or the retail inventory method. This standard was effective for us in the first quarter of 2017, and was applied prospectively. Adoption of this standard did not have a significant impact on our consolidated results of operations, financial position or cash flows. |
Variable Interest Entity (Notes
Variable Interest Entity (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entity [Text Block] | Variable Interest Entity During the second quarter of 2017 we closed on the sale of our Canadian business, which included our 20% undivided interest in the Athabasca Oil Sands Project (AOSP). The owners of the AOSP 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, Alberta, Canada. This contract was transferred to the purchaser of our Canadian business upon closing of the sale in the second quarter of 2017. Historically, this contract qualified as a variable interest contractual arrangement, and the Corridor Pipeline qualified as a VIE. Prior to the closing of the sale of our Canadian business, we held this variable interest but were not the primary beneficiary because our shipments were only 20% of the total; therefore, the Corridor Pipeline was not consolidated by us. See Note 6 for further discussion regarding dispositions. |
Income per Common Share (Notes)
Income per Common Share (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Common Share | Income (Loss) per Common Share Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options in all years, provided the effect is not antidilutive. The per share calculations below exclude 10 million and 11 million stock options for the three and nine month periods ended September 30, 2017 and 13 million stock options for the three and nine month periods ended September 30, 2016 that were antidilutive. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2017 2016 2017 2016 Income (loss) from operations $ (599 ) $ (206 ) $ (802 ) $ (704 ) Income (loss) from discontinued operations — 14 (4,893 ) (65 ) Net income (loss) $ (599 ) $ (192 ) $ (5,695 ) $ (769 ) Weighted average common shares outstanding 850 847 850 809 Per basic share: Income (loss) from continuing operations $ (0.70 ) $ (0.24 ) $ (0.94 ) $ (0.87 ) Income (loss) from discontinued operations $ — $ 0.01 $ (5.76 ) $ (0.08 ) Net income $ (0.70 ) $ (0.23 ) $ (6.70 ) $ (0.95 ) Per diluted share: Income (loss) from continuing operations $ (0.70 ) $ (0.24 ) $ (0.94 ) $ (0.87 ) Income (loss) from discontinued operations $ — $ 0.01 $ (5.76 ) $ (0.08 ) Net income $ (0.70 ) $ (0.23 ) $ (6.70 ) $ (0.95 ) |
Acquisition (Notes)
Acquisition (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions 2017 - United States E&P In October 2017, we executed a purchase agreement to acquire additional acreage in the Northern Delaware basin of New Mexico from a private seller for $63 million in cash, excluding closing adjustments. We expect the acquisition to close in the fourth quarter of 2017 with cash on hand. In the second quarter of 2017, we closed on our acquisitions to acquire approximately 91,000 net acres in the Permian basin, including over 70,000 net acres in the Northern Delaware basin of New Mexico. On May 1, 2017, we closed on our acquisition with BC Operating, Inc. and other entities for $1.1 billion in cash, subject to post-closing adjustments, to acquire approximately 70,000 net surface acres and current production of approximately 5,000 net barrels of oil equivalent per day. On June 1, 2017, we closed on our acquisition with Black Mountain Oil & Gas and other private sellers for approximately $700 million in cash, subject to post-closing adjustments, to acquire approximately 21,000 net surface acres. The purchase price for these acquisitions was paid with cash on hand. We accounted for these transactions as asset acquisitions, with substantially all of the purchase price allocated to unproved property within property, plant and equipment. Although the purchase price allocation has not been finalized, we do not expect to record any material adjustments to the preliminary purchase price allocation. 2016 - United States E&P On August 1, 2016, we closed on our acquisition of PayRock Energy Holdings, LLC (“PayRock”), a portfolio company of EnCap Investments, including approximately 61,000 net surface acres in the oil window of the Anadarko Basin STACK play in Oklahoma. The purchase price of $904 million , subject to closing adjustments, was paid with cash on hand. We accounted for this transaction as an asset acquisition, with a majority of the purchase price allocated to unproved property within property, plant and equipment. |
Dispositions (Notes)
Dispositions (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions [Text Block] | Dispositions Oil Sands Mining Segment On May 31, 2017 we closed on the sale of our Canadian business, which included our 20 % non-operated interest in the AOSP to Shell and Canadian Natural Resources Limited (“CNRL”) for $2.5 billion , excluding closing adjustments. Under the terms of the agreement, $1.8 billion was paid to us upon closing and the remaining proceeds will be paid in the first quarter of 2018. At closing we received two notes receivable for the remaining proceeds, each with a face value of $375 million . We initially recorded these notes receivable at fair value and, in subsequent periods, will report them at amortized cost. See Note 14 for fair value measurements. Our notes receivable are with 10084751 Canada Limited (“Canada Limited”), an affiliate of Shell Canada Limited, and CNRL. The Canada Limited note receivable is guaranteed by Shell Canada Limited and the CNRL note receivable is guaranteed by Toronto Dominion Bank. In the first quarter of 2017, we recorded an after-tax non-cash impairment charge of $4.96 billion primarily related to the property, plant and equipment of our Canadian business. As the effective date of the transaction is January 1, 2017, we recorded a loss on sale of $43 million during the second quarter of 2017 due to second quarter results of operations from our Canadian business that were recorded in our financial statements but transferred to the buyer upon closing. Our Canadian business is reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented. The following table contains select amounts reported in our consolidated statements of income as discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Total sales and other revenues and other income $ — $ 239 $ 431 $ 598 Net gain (loss) on disposal of assets — — (43 ) — Total revenues and other income — 239 388 598 Costs and expenses: Production expenses — 135 254 441 Depreciation, depletion and amortization — 72 40 181 Impairments — — 6,636 — Other — 9 25 69 Total costs and expenses — 216 6,955 691 Pretax income (loss) from discontinued operations — 23 (6,567 ) (93 ) Provision (benefit) for income taxes — 9 (1,674 ) (28 ) Income (loss) from discontinued operations $ — $ 14 $ (4,893 ) $ (65 ) The following table presents the carrying value of the major categories of assets and liabilities of our Canadian business reported as discontinued operations and assets and liabilities from continuing operations, that are reflected as held for sale on our consolidated balance sheets at September 30, 2017 and December 31, 2016: September 30, December 31, (In millions) 2017 2016 Assets held for sale Current assets: Cash and cash equivalents $ — $ 2 Accounts receivables — 129 Inventories — 91 Other — 4 Total current assets held for sale—discontinued operations — 226 Total current assets held for sale—continuing operations 11 1 Total current assets held for sale $ 11 $ 227 Noncurrent assets: Property, plant and equipment, net $ — $ 8,991 Other — 106 Total noncurrent assets held for sale—discontinued operations — 9,097 Total noncurrent assets held for sale—continuing operations 54 1 Total noncurrent assets held for sale $ 54 $ 9,098 Liabilities associated with assets held for sale Current liabilities: Accounts payable $ — $ 111 Other — 10 Total current liabilities held for sale—discontinued operations — 121 Total current liabilities held for sale—continuing operations — — Total current liabilities held for sale $ — $ 121 Noncurrent liabilities: Asset retirement obligations $ — $ 95 Deferred tax liabilities — 1,669 Other — 20 Total noncurrent liabilities held for sale—discontinued operations — 1,784 Total noncurrent liabilities held for sale—continuing operations 9 7 Total noncurrent liabilities held for sale $ 9 $ 1,791 United States E&P Segment As disclosed above, we closed on the sale of our Canadian business in May of 2017. This sale included interests in our exploration stage in-situ leases which were included within our historically named North America E&P Segment. See Note 1 for further detail. These interests have been reflected as discontinued operations and are included within the disclosure above. In July 2017, we entered into an agreement to sell certain conventional assets in Oklahoma. We closed on the sale in September 2017 for proceeds of $25 million , subject to closing adjustments, and recognized a pre-tax gain of $21 million . In September 2016, we entered into an agreement to sell certain non-operated CO2 and waterflood assets in West Texas and New Mexico. The sale closed in late October for proceeds of $235 million , and we recognized a total pre-tax gain of $63 million . During the third quarter 2016, we sold certain non-operated assets primarily in West Texas and New Mexico to multiple purchasers for combined proceeds of approximately $67 million , and recognized a total pre-tax gain of $55 million . In April 2016, we announced the sale of our Wyoming upstream and midstream assets. During the second quarter 2016, we received proceeds of approximately $690 million and recorded a pre-tax gain of $266 million with the remaining asset sales closing in November 2016 for proceeds of $155 million , excluding closing adjustments. A pre-tax gain of $38 million was recognized in the fourth quarter 2016. In March and April 2016, we entered into separate agreements to sell our 10% working interest in the outside-operated Shenandoah discovery in the Gulf of Mexico, operated natural gas assets in the Piceance basin in Colorado and certain undeveloped acreage in West Texas and New Mexico, for a combined total of approximately $80 million in proceeds. We closed on certain of the asset sales and recognized a net pre-tax loss on sale of $48 million in the second quarter of 2016. In October 2017 we closed on the remaining Piceance basin asset sale and expect to recognize a pre-tax gain of approximately $30 million in the fourth quarter of 2017. International E&P Segment In the third quarter of 2017, we entered into separate agreements to sell certain non-core properties in our International E&P segment for combined proceeds of $53 million , before closing adjustments. Certain of these assets are classified as held for sale in the consolidated balance sheet as of September 30, 2017, with total assets of $63 million and total liabilities of $2 million . We expect these transactions to close within one year. See Note 13 for further detail on impairment expenses recognized concurrently with these agreements. |
Segment Information (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. • U.S. E&P – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States • Int’l E&P – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States and produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”) Information regarding assets by segment is not presented because it is not reviewed by the chief operating decision maker (“CODM”). Segment income (loss) represents income (loss) which excludes certain items not allocated to segments, net of income taxes, attributable to the operating segments. A portion of our corporate and operations support general and administrative costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, certain impairments, unrealized gains or losses on commodity derivative instruments, pension settlement losses or other items (as determined by the CODM) are not allocated to operating segments. As discussed in Note 6 , we closed on the sale of our Canadian business, which includes our Oil Sands Mining segment and exploration stage in-situ leases, in the second quarter of 2017. The Canadian business is reflected as discontinued operations and is excluded from segment information in all periods presented. Additionally, we have renamed our North America E&P segment to United States E&P segment effective June 30, 2017 in all periods presented. See Note 1 for further information. Three Months Ended September 30, 2017 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 806 $ 364 $ (56 ) (c) $ 1,114 Marketing revenues 12 36 — 48 Total revenues 818 400 (56 ) 1,162 Income from equity method investments — 63 — 63 Net gain on disposal of assets and other income 4 — 23 (d) 27 Less: Production expenses 121 73 — 194 Marketing costs 14 35 — 49 Exploration expenses 41 3 250 (e) 294 Depreciation, depletion and amortization 531 102 8 641 Impairments — — 201 (f) 201 Other expenses (a) 109 40 57 (g) 206 Taxes other than income 44 — — 44 Net interest and other — — 35 (h) 35 Loss on early extinguishment of debt — — 46 (i) 46 Income tax provision (benefit) — 106 35 141 Segment income (loss) / Income (loss) from continuing operations $ (38 ) $ 104 $ (665 ) $ (599 ) Capital expenditures (b) $ 541 $ 4 $ 9 $ 554 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized loss on commodity derivative instruments. (d) Primarily related to the sale of certain conventional assets in Oklahoma. (See Note 6 .) (e) Primarily related to unproved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (f) Primarily related to proved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (g) Includes pension settlement loss of $8 million . (See Note 8 .) (h) Includes a gain of $47 million resulting from the termination of our forward starting interest rate swaps. (See Note 15 .) (i) Primarily related to the make-whole call provisions paid upon redemption of our senior unsecured notes. (See Note 17 .) Three Months Ended September 30, 2016 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 604 $ 152 $ 25 (c) $ 781 Marketing revenues 44 36 — 80 Total revenues 648 188 25 861 Income from equity method investments — 59 — 59 Net gain on disposal of assets and other income 19 7 44 (d) 70 Less: Production expenses 113 47 — 160 Marketing costs 45 35 — 80 Exploration expenses 35 10 38 83 Depreciation, depletion and amortization 443 66 13 522 Impairments — — 47 (e) 47 Other expenses (a) 85 18 184 (f) 287 Taxes other than income 35 — — 35 Net interest and other — — 89 89 Income tax provision (benefit) (30 ) 19 (96 ) (107 ) Segment income (loss) / Income (loss) from continuing operations $ (59 ) $ 59 $ (206 ) $ (206 ) Capital expenditures (b) $ 216 $ 18 $ 3 $ 237 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized gain on commodity derivative instruments. (d) Primarily related to certain non-operated assets in West Texas and New Mexico. (See Note 6 .) (e) Proved property impairments. (See Note 13 .) (f) Includes termination payment on our Gulf of Mexico deepwater drilling rig contract of $113 million and pension settlement loss of $14 million . (See Note 8 .) Nine Months Ended September 30, 2017 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 2,175 $ 787 $ 64 (c) $ 3,026 Marketing revenues 25 92 — 117 Total revenues 2,200 879 64 3,143 Income from equity method investments — 183 — 183 Net gain on disposal of assets and other income 11 14 32 (d) 57 Less: Production expenses 348 173 — 521 Marketing costs 30 91 — 121 Exploration expenses 97 5 250 (e) 352 Depreciation, depletion and amortization 1,498 266 25 1,789 Impairments 4 — 201 (f) 205 Other expenses (a) 342 83 183 (g) 608 Taxes other than income 116 — 12 128 Net interest and other — — 199 (h) 199 Loss on early extinguishment of debt — — 46 (i) 46 Income tax provision (benefit) — 202 14 216 Segment income (loss) / Income (loss) from continuing operations $ (224 ) $ 256 $ (834 ) $ (802 ) Capital expenditures (b) $ 1,465 $ 27 $ 20 $ 1,512 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized gain on commodity derivative instruments. (d) Primarily related to the sale of certain conventional assets in Oklahoma. (See Note 6 .) (e) Primarily related to unproved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (f) Primarily related to proved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (g) Includes pension settlement loss of $25 million . (See Note 8 .) (h) Includes a gain of $47 million resulting from the termination of our forward starting interest rate swaps. (See Note 15 .) (i) Primarily related to the make-whole call provisions paid upon redemption of our senior unsecured notes. (See Note 17 .) Nine Months Ended September 30, 2016 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 1,714 $ 407 $ (89 ) (c) $ 2,032 Marketing revenues 128 74 — 202 Total revenues 1,842 481 (89 ) 2,234 Income from equity method investments — 110 — 110 Net gain on disposal of assets and other income 22 20 277 (d) 319 Less: Production expenses 376 156 — 532 Marketing costs 129 72 — 201 Exploration expenses 90 20 179 (e) 289 Depreciation, depletion and amortization 1,363 184 36 1,583 Impairments 1 — 47 (f) 48 Other expenses (a) 300 56 403 (g) 759 Taxes other than income 112 — 1 113 Net interest and other — — 256 256 Income tax provision (benefit) (183 ) 5 (236 ) (414 ) Segment income (loss) / Income (loss) from continuing operations $ (324 ) $ 118 $ (498 ) $ (704 ) Capital expenditures (b) $ 684 $ 62 $ 11 $ 757 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized loss on commodity derivative instruments. (d) Primarily related to net gain on disposal of assets. (See Note 6 .) (e) Impairments primarily associated with decision to not drill remaining Gulf of Mexico undeveloped leases. (See Note 13 .) (f) Proved property impairments. (See Note 13 .) (g) Includes termination payment on our Gulf of Mexico deepwater drilling rig contract of $113 million and pension settlement loss of $93 million and severance related expenses associated with workforce reductions of $8 million . (See Note 8 .) |
Defined Benefit Postretirement
Defined Benefit Postretirement Plans (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Postretirement Plans [Text Block] | Defined Benefit Postretirement Plans The following summarizes the components of net periodic benefit cost: Three Months Ended September 30, Pension Benefits Other Benefits (In millions) 2017 2016 2017 2016 Service cost $ 5 $ 6 $ — $ 1 Interest cost 7 9 2 3 Expected return on plan assets (10 ) (12 ) — — Amortization: – prior service cost (credit) (3 ) (2 ) (2 ) (1 ) – actuarial loss 3 4 — — Net settlement loss (a) 8 14 — — Net periodic benefit cost $ 10 $ 19 $ — $ 3 Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2017 2016 2017 2016 Service cost $ 16 $ 18 $ 1 $ 3 Interest cost 22 30 6 8 Expected return on plan assets (32 ) (40 ) — — Amortization: – prior service cost (credit) (7 ) (7 ) (5 ) (3 ) – actuarial loss 7 11 — — Net settlement loss (a) 25 93 — — Net periodic benefit cost $ 31 $ 105 $ 2 $ 8 (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 nine months of 2017 , we recorded the effects of settlements of our U.S. and U.K. pension plans. As required, we remeasured the plans’ assets and liabilities as of the applicable balance sheet dates. The cumulative effects of these events are included in the remeasurement and reflected in both the pension liability and net periodic benefit cost. During the first nine months of 2017 , we made contributions of $45 million to our funded pension plans and we expect to make additional contributions up to an estimated $8 million over the remainder of 2017 . During the first nine months of 2017 , we made payments of $10 million and $16 million related to unfunded pension plans and other postretirement benefit plans, respectively. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate 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 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 7 . For the third quarter and first nine months of 2017 and 2016, our effective income tax rates on continuing operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Total pre-tax income (loss) from continuing operations $ (458 ) $ (313 ) $ (586 ) $ (1,118 ) Total income tax expense (benefit) $ 141 $ (107 ) $ 216 $ (414 ) Effective income tax expense (benefit) rate on continuing operations 31 % (34 )% 37 % (37 )% Income taxes at the statutory tax rate of 35% $ (160 ) $ (109 ) $ (205 ) $ (390 ) Effects of foreign operations 31 (8 ) 29 (39 ) Adjustments to valuation allowances 228 11 361 17 State income taxes — (2 ) (13 ) (4 ) Other federal tax effects 42 1 44 2 Income tax expense (benefit) on continuing operations $ 141 $ (107 ) $ 216 $ (414 ) Income tax expense for the third quarter and first nine months of 2017 was impacted by a full valuation allowance on our net federal deferred tax assets generated in 2017 and increased sales volumes in our Libyan operations where the statutory income tax rate is in excess of 90% . Our Libya income tax expense was $102 million in the third quarter and $179 million in the first nine months of 2017 compared to a benefit of $16 million and $39 million for the same periods last year. Additionally, for the third quarter and first nine months of 2017, income tax expense was impacted by a onetime, non-cash deferred tax charge of $41 million related to a reclassification of the valuation allowance on our net federal deferred tax assets between other comprehensive income and income from continuing operations. In the first nine months of 2017 we settled our 2011-2013 Alaska income tax audit, which resulted in the recognition of a tax benefit totaling $13 million . As of September 30, 2017 there are no uncertain tax positions for which it is reasonably possible that the amount would significantly increase or decrease in the next twelve months. However, as discussed in Note 21 , we may be required to adjust the timing of our tax deduction for decommissioning costs and make a payment to the U.K. tax authorities of approximately $130 million in the next twelve months, which would be recovered as future decommissioning activities are performed and deductions claimed. We estimate that any revisions to current and deferred tax liabilities, if we do not prevail, would have no cumulative adverse earnings impact in our consolidated results of operations. While we believe that it is more likely than not that we will prevail in the Tribunal, if we do not, we have the option to seek appeal. The effective tax rate change between years for the third quarter and first nine months of 2017 and 2016, was driven by the full valuation allowance on our net federal deferred tax assets generated in 2017, and the impacts of foreign operations which includes the tax effects associated with increased sales volumes in Libya. The impact of foreign operations for the third quarter and first nine months of 2017 totaled tax expense of $31 million for three months ended September 30, 2017 and $29 million for the first nine months of 2017 due to income tax rate differentials from the U.S. statutory rate of 35% associated with foreign operations in Libya, E.G. and the U.K. This was offset by deferred tax benefits being generated in the U.K. related to future tax refunds associated with abandonment costs. In Libya, reliable estimates of 2017 and 2016 annual ordinary income from our Libyan operations could not be made, and the range of possible scenarios in the worldwide annual effective tax rate calculation demonstrates significant variability. Thus, the tax impacts applicable to Libyan ordinary income (loss) were recorded as a discrete item in the third quarter and the first nine months of 2017 and 2016. For the third quarter and the first nine months of 2017 and 2016, estimated annual effective tax rates were calculated excluding Libya and applied to consolidated ordinary income (loss). Excluding Libya, the effective income tax expense and benefit rates would be an expense of 7% and benefit of 31% for the third quarter of 2017 and 2016. Excluding Libya, the effective income tax expense and benefit rates would be an expense of 5% and a benefit of 35% for the first nine months of 2017 and 2016. In the U.S. we expect to be in a cumulative loss position in 2017, and as a result we have placed a full valuation allowance on our net federal deferred tax assets. In the third quarter and first nine months of 2017 this valuation allowance was $228 million and $361 million . During 2017 we expect to realize no tax benefit on any net federal deferred tax assets generated. See Deferred Tax Assets section below for further detail. Deferred Tax Assets In connection with our assessment of the realizability of our deferred tax assets, we consider whether it is more likely than not that some portion or all of our deferred tax assets will not be realized. In the event it is more likely than not that some portion or all of our deferred taxes will not be realized, such assets are reduced by a valuation allowance. The estimated realizability of the benefit of our deferred tax asset is assessed considering a preponderance of evidence. This assessment requires analysis of all available positive and negative evidence. Positive evidence includes reversals of temporary differences, forecasts of future taxable income, assessment of future business assumptions and applicable tax planning strategies. Negative evidence includes losses in recent years as well as the forecasts of future income (loss) in the realizable period. As of the fourth quarter of 2016, we expected to be in a cumulative loss position in 2017, which constitutes significant objective negative evidence as to the future realizability of the value of our federal deferred tax assets. Due to this negative evidence, we placed a full valuation allowance on our net federal deferred tax assets in the fourth quarter of 2016 and expect to realize no tax benefit on any net federal deferred tax assets generated in 2017. |
Inventories (Notes)
Inventories (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | Inventories Crude oil and natural gas are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. September 30, December 31, (In millions) 2017 2016 Crude oil and natural gas $ 9 $ 6 Supplies and other items 123 130 Inventories $ 132 $ 136 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Property, Plant and Equipment, net of Accumulated Depreciation, Depletion and Amortization September 30, December 31, (In millions) 2017 2016 United States E&P $ 15,783 $ 14,158 International E&P 1,772 2,470 Corporate 90 99 Net property, plant and equipment $ 17,645 $ 16,727 Our Libya operations have been interrupted in recent years due to civil unrest. On September 14, 2016, Force Majeure was lifted and production resumed in October 2016 at our Waha concession. During December 2016, liftings resumed from the Es Sider crude oil terminal. Sales volumes and production continued during the first nine months of 2017, except for a brief interruption in March 2017 due to civil unrest. As of September 30, 2017 , our net property, plant and equipment investment in Libya is $764 million , and total proved reserves (unaudited) in Libya as of December 31, 2016 are 206 million barrels of oil equivalent (“mmboe”). 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. The undiscounted cash flows related to our Libya assets continue to exceed the carrying value of $764 million by a significant amount. Exploratory well costs capitalized greater than one year after completion of drilling were $32 million and $118 million as of September 30, 2017 and December 31, 2016 . The decrease in costs of $86 million during the first nine months of 2017 was primarily due to $64 million in exploratory well costs being expensed as a result of our agreement to sell our Diaba License G4-223 in the Republic of Gabon in August of 2017, see Note 6 for further information about the divestment of certain non-core properties in our International E&P segment. Additionally, in April 2017 we received approval by the host government in E.G. to develop Block D offshore E.G. through unitization with the Alba field resulting in $22 million exploratory well costs associated with the Corona well no longer being deferred. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations for the nine months ended were as follows: September 30, September 30, (In millions) 2017 2016 Beginning balance $ 1,653 $ 1,544 Incurred liabilities, including acquisitions 19 5 Settled liabilities, including dispositions (40 ) (61 ) Accretion expense (included in depreciation, depletion and amortization) 65 60 Revisions of estimates (113 ) (2 ) Held for sale (2 ) (13 ) Ending balance $ 1,582 $ 1,533 September 30, 2017 • Settled liabilities include dispositions, primarily related to the sale of certain conventional assets in Oklahoma as well as retirements in the U.K. and the Gulf of Mexico. • Revisions of estimates were primarily due to changes in U.K. estimated costs as well as timing of abandonment activities in the U.K. • Ending balance includes $60 million classified as short-term at September 30, 2017. September 30, 2016 • Settled liabilities include dispositions, primarily related to the Gulf of Mexico and Wyoming as well as retirements in the Gulf of Mexico. • Ending balance includes $21 million classified as short-term at September 30, 2016 . |
Impairments and Exploration Exp
Impairments and Exploration Expense (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Impairments and Exploration Expense [Abstract] | |
Impairments and Exploration Expenses [Text Block] | Impairments and Exploration Expenses Impairments As a result of our announced disposition of our Canadian business in the first quarter of 2017, we recorded a pre-tax non-cash impairment charge of $6.6 billion primarily related to property, plant and equipment. This impairment in our Canadian business is reflected as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented. The following table summarizes impairment charges of proved properties from continuing operations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2017 2016 2017 2016 Total impairments $ 201 $ 47 $ 205 $ 48 • 2017 - Impairments for the three and nine months ended September 30, 2017 were primarily a result of lower forecasted long-term commodity prices and the anticipated sales of certain non-core proved properties in our International E&P segment of $136 million . Additionally, included in proved property impairments was $65 million relating to the Gulf of Mexico as a result of lower forecasted long-term commodity prices. • 2016 - Impairments for the three and nine months ended September 30, 2016 consisted primarily of conventional non-core proved properties in Oklahoma as a result of lower forecasted long-term commodity prices. See Note 6 for relevant detail regarding dispositions, Note 7 for further detail regarding segment presentation and Note 14 for fair value measurements related to impairments of proved properties and long-lived assets. The following table summarizes the components of exploration expenses: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Exploration Expenses Unproved property impairments $ 172 $ 28 $ 217 $ 172 Dry well costs 77 9 77 24 Geological and geophysical 2 1 3 1 Other 43 45 55 92 Total exploration expenses $ 294 $ 83 $ 352 $ 289 Unproved property impairment and Dry well costs • 2017 - As a result of lower forecasted long-term commodity prices and the anticipated sales of certain non-core properties in our International E&P segment, we recorded a non-cash charge of $159 million comprised of $95 million in unproved property impairments and $64 million in dry well costs related to our Diaba License G4-223 in the Republic of Gabon. Also, because of our decision not to develop the Tchicuate offshore Block in the Republic of Gabon, we recorded a non-cash impairment charge of $43 million to unproved property. • 2016 - Unproved property impairments for the nine months ended September 30, 2016 primarily consist of non-cash charges of $118 million as a result of our decision to not drill any of our remaining Gulf of Mexico undeveloped leases. See Note 6 for relevant detail regarding dispositions and Note 7 for further detail regarding segment presentation. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements [Text Block] | Fair Value Measurements Fair Values - Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 by fair value hierarchy level. September 30, 2017 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate — — — — Derivative instruments, assets $ — $ 10 $ — $ 10 Derivative instruments, liabilities Commodity (a) $ 2 $ 3 $ — $ 5 Derivative instruments, liabilities $ 2 $ 3 $ — $ 5 (a) Derivative instruments are recorded on a net basis in our balance sheet. See Note 15 . December 31, 2016 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ — $ — $ — Interest rate — 68 — 68 Derivative instruments, assets $ — $ 68 $ — $ 68 Derivative instruments, liabilities Commodity (a) $ — $ 60 $ — $ 60 Derivative instruments, liabilities $ — $ 60 $ — $ 60 (a) Derivative instruments are recorded on a net basis in our balance sheet. See Note 15 . Commodity derivatives include three-way collars, call options, swaps, swaptions, and basis swaps. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For swaps and basis swaps, inputs to the models include only commodity prices and are categorized as Level 1 because all assumptions and inputs are observable in active markets throughout the term of the instruments. For three-way collars, swaptions and call options, inputs to the models include commodity prices, and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. Historically, both our interest rate swaps and forward starting interest rate swaps were measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 15 for additional discussion of the types of derivative instruments we used. Fair Values - Goodwill Unlike long-lived assets, goodwill must be tested for impairment at least annually, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at the reporting unit level. As of September 30, 2017, we have $115 million of goodwill associated with our International E&P reporting unit. We estimate the fair value of our International E&P reporting unit using a combination of market and income approaches. The market approach referenced observable inputs specific to us and our industry, such as the price of our common equity, our enterprise value, and valuation multiples of us and our peers from the investor analyst community. The income approach utilized discounted cash flows, which were based on forecasted assumptions. Key assumptions to the income approach include future liquid hydrocarbon and natural gas pricing, estimated quantities of liquid hydrocarbons and natural gas proved and probable reserves, estimated timing of production, discount rates, future capital requirements, operating expenses and tax rates. The assumptions used in the income approach are consistent with those that management uses to make business decisions. These valuation methodologies represent Level 3 fair value measurements. We performed our annual impairment test in the second quarter of 2017 and concluded no impairment was required. As of the date of our last impairment assessment, the fair value of our International E&P reporting unit exceeded its book value by over 40% . While the fair value of our International E&P reporting unit exceeded the book value, subsequent variations in the above assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Fair Values- Nonrecurring The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. Three Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 201 $ 15 $ 47 Nine Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 205 $ 15 $ 48 Long-lived assets that were impaired are discussed below. The fair values of each, unless otherwise noted, 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 include reserve and production estimates made by our reservoir engineers, estimated future commodity prices adjusted for quality and location differentials and forecasted operating expenses for the remaining estimated life of the reservoir. United States E&P In the third quarter of 2017, impairments of $65 million were recorded consisting of certain proved properties in the Gulf of Mexico as a result of lower forecasted long-term commodity prices, to an aggregate fair value of $66 million . In the third quarter of 2016, impairments of $47 million were recorded primarily consisting of conventional non-core proved properties in Oklahoma as a result of lower forecasted long-term commodity prices, to an aggregate fair value of $15 million . International E&P In the third quarter of 2017, we recorded proved property impairments of $136 million , to an aggregate fair value of $103 million , on certain non-core properties in our International E&P segment primarily as a result of lower forecasted long-term commodity prices and as a result of the anticipated sales of certain non-core international assets. The fair values were measured using the market approach, based upon either anticipated sales proceeds less costs to sell or a market comparable sales price per boe. This resulted in a Level 2 classification. See Note 6 for further information about the divestment of certain non-core properties in our International E&P segment. Canadian discontinued operations As a result of our announced disposition of our Canadian business in the first quarter of 2017, we recorded a pre-tax non-cash impairment charge of $6.6 billion primarily related to property, plant and equipment. This impairment was recorded for excess net book value over anticipated sales proceeds less costs to sell. Fair values of assets held for sale were determined based upon the anticipated sales proceeds less costs to sell, which resulted in a Level 2 classification. See Note 6 for relevant detail regarding dispositions. Fair Values – Financial Instruments Our current assets and liabilities include financial instruments, the most significant of which are receivables, long-term debt and payables. We believe the carrying values of our receivables 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 credit rating, and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2017 and December 31, 2016 . September 30, 2017 December 31, 2016 Fair Carrying Fair Carrying (In millions) Value Amount Value Amount Financial assets Current assets (a) $ 755 $ 754 $ 7 $ 7 Other noncurrent assets 127 128 105 108 Total financial assets $ 882 $ 882 $ 112 $ 115 Financial liabilities Other current liabilities $ 44 $ 55 $ 68 $ 75 Long-term debt, including current portion (b) 6,781 6,527 7,449 7,292 Deferred credits and other liabilities 112 105 114 107 Total financial liabilities $ 6,937 $ 6,687 $ 7,631 $ 7,474 (a) Includes our two notes receivable relating to the sale of our Canadian business as of September 30, 2017, see note 6 for further information. (b) Excludes capital leases, debt issuance costs and interest rate swap adjustments. Fair values of our notes receivable and 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 (Notes)
Derivatives (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives [Text Block] | Derivatives For further information regarding the fair value measurement of derivative instruments, see Note 14 . All of our commodity derivatives and historical interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we may report net amounts. The following tables present the gross fair values of derivative instruments and the reported net amounts where they appear on the consolidated balance sheets. September 30, 2017 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ 1 $ 9 Other current assets Commodity — 4 (4 ) Deferred credits and other liabilities Total Not Designated as Hedges $ 10 $ 5 $ 5 Total $ 10 $ 5 $ 5 December 31, 2016 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Fair Value Hedges Interest rate $ 3 $ — $ 3 Other current assets Interest rate 1 — 1 Other noncurrent assets Cash Flow Hedges Interest rate $ 64 $ — $ 64 Other noncurrent assets Total Designated Hedges $ 68 $ — $ 68 Not Designated as Hedges Commodity $ — $ 60 $ (60 ) Other current liabilities Total Not Designated as Hedges $ — $ 60 $ (60 ) Total $ 68 $ 60 $ 8 Derivatives Designated as Fair Value Hedges During the third quarter of 2017, we terminated all of our interest rate swaps designated as fair value hedges. The pretax effects of derivative instruments designated as hedges of fair value in our consolidated statements of income has a gross impact that is not material to net interest and other in all periods presented. Additionally, there is no ineffectiveness related to fair value hedges in all periods presented. The following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average, London Interbank Offer Rate (“LIBOR”) based, floating rate. September 30, 2017 December 31, 2016 Aggregate Notional Amount Weighted Average, LIBOR Aggregate Notional Amount Weighted Average, LIBOR Maturity Dates (in millions) Floating Rate (in millions) Floating Rate October 1, 2017 $ — — % $ 600 5.10 % March 15, 2018 $ — — % $ 300 5.04 % Derivatives Not Designated as Hedges Interest Rate Swaps During the third quarter of 2016, we entered into forward starting interest rate swaps to hedge the variations in cash flows related to fluctuations in long term interest rates from debt that were probable to be refinanced by us in 2018, specifically interest rate risk associated with future changes in the benchmark treasury rate. We designated these derivative instruments as cash flow hedges. During the second quarter of 2017, we de-designated the forward starting interest rate swaps previously designated as cash flow hedges. In the third quarter of 2017, the forecasted transaction consummated and we issued $1 billion in senior unsecured notes. See Note 17 for further detail. As a result, we terminated our forward starting interest rate swaps receiving proceeds of $54 million . We recognized a gain of $47 million , of which $46 million is related to deferred gains reclassified from accumulated other comprehensive income, in net interest and other in the third quarter of 2017. The following table presents, by maturity date, information about our terminated forward starting interest rate swap agreements, including the rate. September 30, 2017 December 31, 2016 Aggregate Notional Amount Weighted Average, LIBOR Aggregate Notional Amount Weighted Average, LIBOR Maturity Dates (in millions) Fixed Rate (in millions) Fixed Rate March 15, 2018 $ — — % $ 750 1.57 % The following table sets forth the net impact of the terminated forward starting interest rate swap derivatives de-designated as cash flow hedges on other comprehensive income (loss). Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Interest Rate Swaps Beginning balance $ 46 $ — $ 60 $ — Change in fair value recognized in other comprehensive income — 2 (13 ) 2 Reclassification from other comprehensive income (46 ) — (47 ) — Ending balance $ — $ 2 $ — $ 2 Commodity Derivatives We have entered into multiple crude oil and natural gas derivatives indexed to NYMEX WTI and Henry Hub related to a portion of our forecasted United States E&P sales through December 2018. These commodity derivatives consist of three-way collars, swaps, swaptions, basis swaps, and call options. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes, the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the NYMEX WTI/Henry Hub price plus the difference between the floor and the sold put price. These commodity derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of September 30, 2017 and the weighted average prices for those contracts: Crude Oil 2017 2018 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Three-Way Collars (a) Volume (Bbls/day) 50,000 75,000 75,000 62,000 62,000 Weighted average price per Bbl: Ceiling $60.37 $56.24 $56.24 $56.08 $56.08 Floor $54.80 $51.33 $51.33 $50.50 $50.50 Sold put $47.80 $44.73 $44.73 $43.61 $43.61 Swaps (b)(c) Volume (Bbls/day) 20,000 — — — — Weighted average price per Bbl $51.37 — — — — Sold call options (d) Volume (Bbls/day) 35,000 — — — — Weighted average price per Bbl $61.91 — — — — Basis Swaps (e) Volume (Bbls/day) — 5,000 5,000 10,000 10,000 Weighted average price per Bbl — $(0.60) $(0.60) $(0.67) $(0.67) (a) Between September 30, 2017 and October 30, 2017, we entered into 10,000 Bbls/day of three-way collars for July - December 2018 with an average ceiling price of $58.07 , a floor price of $53.70 , and a sold put price of $47.00 . (b) The counterparties have the option to execute fixed-price swaps (swaptions) at a weighted average price of $52.67 per Bbl indexed to NYMEX WTI, which is exercisable on December 29, 2017. If the counterparties exercise, the term of the fixed-price swaps would be from January - June 2018 and, if all such options are exercised, for 10,000 Bbls/day. (c) Between September 30, 2017 and October 30, 2017, we entered into 40,000 Bbls/day of fixed-price swaps for November - December 2017 with a weighted average price of $54.11 . (d) Call options settle monthly. (e) The basis differential price is between WTI Midland and WTI Cushing. Natural Gas 2017 2018 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Three-Way Collars Volume (MMBtu/day) 120,000 200,000 160,000 160,000 160,000 Weighted average price per MMBtu: Ceiling $3.71 $3.79 $3.61 $3.61 $3.61 Floor $3.14 $3.08 $3.00 $3.00 $3.00 Sold put $2.60 $2.55 $2.50 $2.50 $2.50 Swaps Volume (MMBtu/day) 20,000 — — — — Weighted average price per MMBtu $2.93 — — — — The mark-to-market impact and settlement of these commodity derivative instruments appears in sales and other operating revenues in our consolidated statements of income for the three and nine month periods ended September 30, 2017 and 2016, respectively. The three and nine month periods ended September 30, 2017 impact was a net loss of $22 million and a net gain $115 million compared to a net gain of $42 million and a net loss of $48 million for the same respective period in 2016. Net settlements of commodity derivative instruments for the three and nine month periods ended September 30, 2017 were gains of $34 million and $51 million compared to gains of $ 17 million and $41 million for the respective period in 2016. |
Incentive Based Compensation (N
Incentive Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Incentive Based Compensation Plans [Abstract] | |
Incentive Based Compensation [Text Block] | Incentive Based Compensation Stock options, restricted stock awards and restricted stock units The following table presents a summary of activity for the first nine months of 2017 : Stock Options Restricted Stock Awards & Units Number of Shares Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 11,915,533 $27.71 6,933,533 $14.44 Granted 799,591 (a) $15.80 4,062,520 $16.20 Options Exercised/Stock Vested (8,666 ) $7.22 (2,254,525 ) $17.76 Canceled (2,298,820 ) $33.32 (946,431 ) $15.16 Outstanding at September 30, 2017 10,407,638 $25.57 7,795,097 $14.31 (a) The weighted average grant date fair value of stock option awards granted was $6.07 per share. Stock-based performance unit awards During the first nine months of 2017 , we granted 563,631 stock-based performance units to certain officers. The grant date fair value per unit was $17.75 . |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Revolving Credit Facility As of September 30, 2017 , we had no borrowings against our $3.4 billion revolving credit facility (the “Credit Facility”), as described below. In June 2017, we extended the maturity date of our Credit Facility from May 28, 2020 to May 28, 2021. In July 2017, we increased our $3.3 billion unsecured Credit Facility by $93 million to a total of $3.4 billion . Fees on the unused commitment of each lender, as well as the borrowing options under the Credit Facility, remain unaffected by the increase and term extension. We have the ability to request two additional one -year extensions and an option to increase the commitment amount by up to an additional $107 million , subject to the consent of any increasing lenders. The sub-facilities for swing-line loans and letters of credit remain unchanged allowing up to an aggregate amount of $100 million and $500 million , respectively. The Credit Facility includes a covenant requiring that our ratio of total debt to total capitalization not exceed 65% 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. As of September 30, 2017 , we were in compliance with this covenant with a debt-to-capitalization ratio of 36% . Long-term debt On July 24, 2017, we issued $1 billion of 4.4% senior unsecured notes that will mature on July 15, 2027. Interest on the senior unsecured notes is payable semi-annually beginning January 15, 2018. We may redeem some or all of the senior unsecured notes at any time at the applicable redemption price, plus accrued interest, if any. During the third quarter of 2017, we used the net proceeds of $990 million plus existing cash on hand to redeem the following senior unsecured notes: • $682 million 6.0% Notes Due in 2017 • $854 million 5.9% Notes Due in 2018 • $228 million 7.5% Notes Due in 2019 During the third quarter of 2017, as a result of the above redemption of $1.76 billion in senior unsecured notes, we recognized a loss on early extinguishment of debt of $46 million , primarily due to make-whole call provisions. In connection with the redemption of the senior unsecured notes, we terminated our forward starting interest rate swaps, which resulted in proceeds of $54 million and a gain of approximately $47 million into earnings in the third quarter of 2017. See Note 15 for further detail on our forward starting interest rate swaps. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Reclassifications out of AccumulatedOtherComprehensiveIncome [Abstract] | |
Reclassifications [Text Block] | Reclassifications Out of Accumulated Other Comprehensive Loss The following table presents a summary of amounts reclassified from accumulated other comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Income Statement Line Postretirement and postemployment plans Amortization of actuarial loss $ (3 ) $ (4 ) $ (7 ) $ (11 ) General and administrative Net settlement loss (8 ) (14 ) (25 ) (93 ) General and administrative Derivative hedges Recognized gain on terminated derivative hedge 46 — 46 — Net interest and other Ineffective portion of derivative hedge — — 1 — Net interest and other 35 (18 ) 15 (104 ) Income (loss) from operations (40 ) 6 (40 ) 38 (Provision) benefit for income taxes Total reclassifications to expense, net of tax (5 ) (12 ) (25 ) (66 ) Income (loss) from continuing operations Foreign currency hedges Net recognized loss in discontinued operations, net of tax — — (30 ) — Income (loss) from discontinued operations Total reclassifications to expense $ (5 ) $ (12 ) $ (55 ) $ (66 ) Net income (loss) |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholder's Equity In March 2016, we issued 166,750,000 shares of our common stock, par value $1 per share, at a price of $7.65 per share, excluding underwriting discounts and commissions, for net proceeds of $1,236 million . The proceeds were used to strengthen our balance sheet and for general corporate purposes, including funding a portion of our capital program. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | Supplemental Cash Flow Information Nine Months Ended September 30, (In millions) 2017 2016 Net cash (used in) operating activities: Interest paid (net of amounts capitalized) $ (269 ) $ (243 ) Income taxes paid to taxing authorities (101 ) (68 ) Noncash investing activities, related to continuing operations: Changes in asset retirement costs $ (94 ) $ 3 Asset retirement obligations assumed by buyer 14 86 Increase in capital expenditure accrual 207 — Notes receivable for disposal of assets 745 — |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The U.K. tax authorities have challenged the timing of deductibility for certain Brae area decommissioning costs which we claimed for U.K. corporation tax purposes. The dispute relates to the timing of the deduction and does not dispute the general deductibility of decommissioning costs. In July 2017, a hearing took place at the U.K.’s First-tier Tribunal with respect to this tax deduction. If we do not prevail in the Tribunal, we may be required to adjust the timing of our tax deduction and make a payment to the U.K. tax authorities of approximately $130 million , which would be recovered as future decommissioning activities are performed and deductions claimed. We estimate that any revisions to current and deferred tax liabilities, if we do not prevail, would have no cumulative adverse earnings impact on our consolidated results of operations. While we believe that it is more likely than not that we will prevail in the Tribunal, if we do not, we have the option to seek appeal. We are continuously undergoing examination of our U.S. federal income tax returns by the IRS. These audits have been completed through the 2014 tax year, except for tax years 2010 and 2011. During the third quarter of 2017, we received a partnership adjustment notification related to the 2010 and 2011 tax years, for which we intend to file a Tax Court Petition in the fourth quarter of 2017. We believe that it is more likely than not that we will prevail. We are a defendant in a number of legal and administrative proceedings arising in the ordinary course of business including, but not limited to, royalty claims, contract claims, tax disputes 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. We have incurred and will continue to incur capital, operating and maintenance, and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. |
Basis of Presentation Accountin
Basis of Presentation Accounting Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2016 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2017 are not necessarily indicative of the results to be expected for the full year. As a result of the announcement to divest of our Canadian business in the first quarter 2017 and its subsequent closing in the second quarter of 2017, we have reflected this business as discontinued operations in all periods presented. Assets and liabilities are presented as held for sale in the historical periods in the consolidated balance sheets. The disclosures in this report related to the results of operations and cash flows are presented on the basis of continuing operations, unless otherwise noted. The characteristics and composition of our North America E&P reporting segment remained unchanged and there was no effect on previously reported segment information. As all our remaining properties within the segment are located within the United States, we concluded that our North America E&P segment would be renamed United States E&P segment, effective June 30, 2017. During the first nine months, no changes occurred to our International E&P segment. See Note 6 for discussion of the divestiture in further detail and Note 7 for further information on our reportable segments. During the first quarter of 2017, we adopted the accounting standards update issued by the FASB in March 2016 pertaining to share-based payment transactions. As a result of this adoption, all cash payments for withheld shares made to taxing authorities on the employees' behalf will be presented within the financing activities section instead of the operating activities section of the statement of cash flows. We have elected the retrospective method for adoption of this update and the change in the statement of cash flows is not material for nine months ended September 30, 2016. Excess tax benefits will be classified as an operating activity within the statement of cash flows on a prospective basis; as such, prior periods were not adjusted. See Note 2 for additional discussion. |
Income per Common Share (Tables
Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The per share calculations below exclude 10 million and 11 million stock options for the three and nine month periods ended September 30, 2017 and 13 million stock options for the three and nine month periods ended September 30, 2016 that were antidilutive. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2017 2016 2017 2016 Income (loss) from operations $ (599 ) $ (206 ) $ (802 ) $ (704 ) Income (loss) from discontinued operations — 14 (4,893 ) (65 ) Net income (loss) $ (599 ) $ (192 ) $ (5,695 ) $ (769 ) Weighted average common shares outstanding 850 847 850 809 Per basic share: Income (loss) from continuing operations $ (0.70 ) $ (0.24 ) $ (0.94 ) $ (0.87 ) Income (loss) from discontinued operations $ — $ 0.01 $ (5.76 ) $ (0.08 ) Net income $ (0.70 ) $ (0.23 ) $ (6.70 ) $ (0.95 ) Per diluted share: Income (loss) from continuing operations $ (0.70 ) $ (0.24 ) $ (0.94 ) $ (0.87 ) Income (loss) from discontinued operations $ — $ 0.01 $ (5.76 ) $ (0.08 ) Net income $ (0.70 ) $ (0.23 ) $ (6.70 ) $ (0.95 ) |
Dispositions Income (loss) from
Dispositions Income (loss) from discontinued operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | The following table contains select amounts reported in our consolidated statements of income as discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Total sales and other revenues and other income $ — $ 239 $ 431 $ 598 Net gain (loss) on disposal of assets — — (43 ) — Total revenues and other income — 239 388 598 Costs and expenses: Production expenses — 135 254 441 Depreciation, depletion and amortization — 72 40 181 Impairments — — 6,636 — Other — 9 25 69 Total costs and expenses — 216 6,955 691 Pretax income (loss) from discontinued operations — 23 (6,567 ) (93 ) Provision (benefit) for income taxes — 9 (1,674 ) (28 ) Income (loss) from discontinued operations $ — $ 14 $ (4,893 ) $ (65 ) The following table presents the carrying value of the major categories of assets and liabilities of our Canadian business reported as discontinued operations and assets and liabilities from continuing operations, that are reflected as held for sale on our consolidated balance sheets at September 30, 2017 and December 31, 2016: September 30, December 31, (In millions) 2017 2016 Assets held for sale Current assets: Cash and cash equivalents $ — $ 2 Accounts receivables — 129 Inventories — 91 Other — 4 Total current assets held for sale—discontinued operations — 226 Total current assets held for sale—continuing operations 11 1 Total current assets held for sale $ 11 $ 227 Noncurrent assets: Property, plant and equipment, net $ — $ 8,991 Other — 106 Total noncurrent assets held for sale—discontinued operations — 9,097 Total noncurrent assets held for sale—continuing operations 54 1 Total noncurrent assets held for sale $ 54 $ 9,098 Liabilities associated with assets held for sale Current liabilities: Accounts payable $ — $ 111 Other — 10 Total current liabilities held for sale—discontinued operations — 121 Total current liabilities held for sale—continuing operations — — Total current liabilities held for sale $ — $ 121 Noncurrent liabilities: Asset retirement obligations $ — $ 95 Deferred tax liabilities — 1,669 Other — 20 Total noncurrent liabilities held for sale—discontinued operations — 1,784 Total noncurrent liabilities held for sale—continuing operations 9 7 Total noncurrent liabilities held for sale $ 9 $ 1,791 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2017 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 806 $ 364 $ (56 ) (c) $ 1,114 Marketing revenues 12 36 — 48 Total revenues 818 400 (56 ) 1,162 Income from equity method investments — 63 — 63 Net gain on disposal of assets and other income 4 — 23 (d) 27 Less: Production expenses 121 73 — 194 Marketing costs 14 35 — 49 Exploration expenses 41 3 250 (e) 294 Depreciation, depletion and amortization 531 102 8 641 Impairments — — 201 (f) 201 Other expenses (a) 109 40 57 (g) 206 Taxes other than income 44 — — 44 Net interest and other — — 35 (h) 35 Loss on early extinguishment of debt — — 46 (i) 46 Income tax provision (benefit) — 106 35 141 Segment income (loss) / Income (loss) from continuing operations $ (38 ) $ 104 $ (665 ) $ (599 ) Capital expenditures (b) $ 541 $ 4 $ 9 $ 554 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized loss on commodity derivative instruments. (d) Primarily related to the sale of certain conventional assets in Oklahoma. (See Note 6 .) (e) Primarily related to unproved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (f) Primarily related to proved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (g) Includes pension settlement loss of $8 million . (See Note 8 .) (h) Includes a gain of $47 million resulting from the termination of our forward starting interest rate swaps. (See Note 15 .) (i) Primarily related to the make-whole call provisions paid upon redemption of our senior unsecured notes. (See Note 17 .) Three Months Ended September 30, 2016 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 604 $ 152 $ 25 (c) $ 781 Marketing revenues 44 36 — 80 Total revenues 648 188 25 861 Income from equity method investments — 59 — 59 Net gain on disposal of assets and other income 19 7 44 (d) 70 Less: Production expenses 113 47 — 160 Marketing costs 45 35 — 80 Exploration expenses 35 10 38 83 Depreciation, depletion and amortization 443 66 13 522 Impairments — — 47 (e) 47 Other expenses (a) 85 18 184 (f) 287 Taxes other than income 35 — — 35 Net interest and other — — 89 89 Income tax provision (benefit) (30 ) 19 (96 ) (107 ) Segment income (loss) / Income (loss) from continuing operations $ (59 ) $ 59 $ (206 ) $ (206 ) Capital expenditures (b) $ 216 $ 18 $ 3 $ 237 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized gain on commodity derivative instruments. (d) Primarily related to certain non-operated assets in West Texas and New Mexico. (See Note 6 .) (e) Proved property impairments. (See Note 13 .) (f) Includes termination payment on our Gulf of Mexico deepwater drilling rig contract of $113 million and pension settlement loss of $14 million . (See Note 8 .) Nine Months Ended September 30, 2017 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 2,175 $ 787 $ 64 (c) $ 3,026 Marketing revenues 25 92 — 117 Total revenues 2,200 879 64 3,143 Income from equity method investments — 183 — 183 Net gain on disposal of assets and other income 11 14 32 (d) 57 Less: Production expenses 348 173 — 521 Marketing costs 30 91 — 121 Exploration expenses 97 5 250 (e) 352 Depreciation, depletion and amortization 1,498 266 25 1,789 Impairments 4 — 201 (f) 205 Other expenses (a) 342 83 183 (g) 608 Taxes other than income 116 — 12 128 Net interest and other — — 199 (h) 199 Loss on early extinguishment of debt — — 46 (i) 46 Income tax provision (benefit) — 202 14 216 Segment income (loss) / Income (loss) from continuing operations $ (224 ) $ 256 $ (834 ) $ (802 ) Capital expenditures (b) $ 1,465 $ 27 $ 20 $ 1,512 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized gain on commodity derivative instruments. (d) Primarily related to the sale of certain conventional assets in Oklahoma. (See Note 6 .) (e) Primarily related to unproved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (f) Primarily related to proved property impairments associated with certain non-core properties within our International E&P segment. (See Note 13 .) (g) Includes pension settlement loss of $25 million . (See Note 8 .) (h) Includes a gain of $47 million resulting from the termination of our forward starting interest rate swaps. (See Note 15 .) (i) Primarily related to the make-whole call provisions paid upon redemption of our senior unsecured notes. (See Note 17 .) Nine Months Ended September 30, 2016 Not Allocated (In millions) U.S. E&P Int'l E&P to Segments Total Sales and other operating revenues $ 1,714 $ 407 $ (89 ) (c) $ 2,032 Marketing revenues 128 74 — 202 Total revenues 1,842 481 (89 ) 2,234 Income from equity method investments — 110 — 110 Net gain on disposal of assets and other income 22 20 277 (d) 319 Less: Production expenses 376 156 — 532 Marketing costs 129 72 — 201 Exploration expenses 90 20 179 (e) 289 Depreciation, depletion and amortization 1,363 184 36 1,583 Impairments 1 — 47 (f) 48 Other expenses (a) 300 56 403 (g) 759 Taxes other than income 112 — 1 113 Net interest and other — — 256 256 Income tax provision (benefit) (183 ) 5 (236 ) (414 ) Segment income (loss) / Income (loss) from continuing operations $ (324 ) $ 118 $ (498 ) $ (704 ) Capital expenditures (b) $ 684 $ 62 $ 11 $ 757 (a) Includes other operating expenses and general and administrative expenses. (b) Includes accruals. (c) Unrealized loss on commodity derivative instruments. (d) Primarily related to net gain on disposal of assets. (See Note 6 .) (e) Impairments primarily associated with decision to not drill remaining Gulf of Mexico undeveloped leases. (See Note 13 .) (f) Proved property impairments. (See Note 13 .) (g) Includes termination payment on our Gulf of Mexico deepwater drilling rig contract of $113 million and pension settlement loss of $93 million and severance related expenses associated with workforce reductions of $8 million . (See Note 8 .) |
Defined Benefit Postretiremen32
Defined Benefit Postretirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following summarizes the components of net periodic benefit cost: Three Months Ended September 30, Pension Benefits Other Benefits (In millions) 2017 2016 2017 2016 Service cost $ 5 $ 6 $ — $ 1 Interest cost 7 9 2 3 Expected return on plan assets (10 ) (12 ) — — Amortization: – prior service cost (credit) (3 ) (2 ) (2 ) (1 ) – actuarial loss 3 4 — — Net settlement loss (a) 8 14 — — Net periodic benefit cost $ 10 $ 19 $ — $ 3 Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2017 2016 2017 2016 Service cost $ 16 $ 18 $ 1 $ 3 Interest cost 22 30 6 8 Expected return on plan assets (32 ) (40 ) — — Amortization: – prior service cost (credit) (7 ) (7 ) (5 ) (3 ) – actuarial loss 7 11 — — Net settlement loss (a) 25 93 — — Net periodic benefit cost $ 31 $ 105 $ 2 $ 8 (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. |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate [Table Text Block] | For the third quarter and first nine months of 2017 and 2016, our effective income tax rates on continuing operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Total pre-tax income (loss) from continuing operations $ (458 ) $ (313 ) $ (586 ) $ (1,118 ) Total income tax expense (benefit) $ 141 $ (107 ) $ 216 $ (414 ) Effective income tax expense (benefit) rate on continuing operations 31 % (34 )% 37 % (37 )% Income taxes at the statutory tax rate of 35% $ (160 ) $ (109 ) $ (205 ) $ (390 ) Effects of foreign operations 31 (8 ) 29 (39 ) Adjustments to valuation allowances 228 11 361 17 State income taxes — (2 ) (13 ) (4 ) Other federal tax effects 42 1 44 2 Income tax expense (benefit) on continuing operations $ 141 $ (107 ) $ 216 $ (414 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, (In millions) 2017 2016 Crude oil and natural gas $ 9 $ 6 Supplies and other items 123 130 Inventories $ 132 $ 136 |
Property, Plant and Equipment35
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | September 30, December 31, (In millions) 2017 2016 United States E&P $ 15,783 $ 14,158 International E&P 1,772 2,470 Corporate 90 99 Net property, plant and equipment $ 17,645 $ 16,727 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations for the nine months ended were as follows: September 30, September 30, (In millions) 2017 2016 Beginning balance $ 1,653 $ 1,544 Incurred liabilities, including acquisitions 19 5 Settled liabilities, including dispositions (40 ) (61 ) Accretion expense (included in depreciation, depletion and amortization) 65 60 Revisions of estimates (113 ) (2 ) Held for sale (2 ) (13 ) Ending balance $ 1,582 $ 1,533 September 30, 2017 • Settled liabilities include dispositions, primarily related to the sale of certain conventional assets in Oklahoma as well as retirements in the U.K. and the Gulf of Mexico. • Revisions of estimates were primarily due to changes in U.K. estimated costs as well as timing of abandonment activities in the U.K. • Ending balance includes $60 million classified as short-term at September 30, 2017. September 30, 2016 • Settled liabilities include dispositions, primarily related to the Gulf of Mexico and Wyoming as well as retirements in the Gulf of Mexico. • Ending balance includes $21 million classified as short-term at September 30, 2016 . |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Changes in asset retirement obligations for the nine months ended were as follows: September 30, September 30, (In millions) 2017 2016 Beginning balance $ 1,653 $ 1,544 Incurred liabilities, including acquisitions 19 5 Settled liabilities, including dispositions (40 ) (61 ) Accretion expense (included in depreciation, depletion and amortization) 65 60 Revisions of estimates (113 ) (2 ) Held for sale (2 ) (13 ) Ending balance $ 1,582 $ 1,533 |
Impairments and Exploration E37
Impairments and Exploration Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Impairments and Exploration Expense [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | The following table summarizes impairment charges of proved properties from continuing operations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2017 2016 2017 2016 Total impairments $ 201 $ 47 $ 205 $ 48 |
Exploration Expenses [Table Text Block] | The following table summarizes the components of exploration expenses: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Exploration Expenses Unproved property impairments $ 172 $ 28 $ 217 $ 172 Dry well costs 77 9 77 24 Geological and geophysical 2 1 3 1 Other 43 45 55 92 Total exploration expenses $ 294 $ 83 $ 352 $ 289 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 by fair value hierarchy level. September 30, 2017 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate — — — — Derivative instruments, assets $ — $ 10 $ — $ 10 Derivative instruments, liabilities Commodity (a) $ 2 $ 3 $ — $ 5 Derivative instruments, liabilities $ 2 $ 3 $ — $ 5 (a) Derivative instruments are recorded on a net basis in our balance sheet. See Note 15 . December 31, 2016 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ — $ — $ — Interest rate — 68 — 68 Derivative instruments, assets $ — $ 68 $ — $ 68 Derivative instruments, liabilities Commodity (a) $ — $ 60 $ — $ 60 Derivative instruments, liabilities $ — $ 60 $ — $ 60 (a) Derivative instruments are recorded on a net basis in our balance sheet. See Note 15 . |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. Three Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 201 $ 15 $ 47 Nine Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 205 $ 15 $ 48 . Three Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 201 $ 15 $ 47 Nine Months Ended September 30, 2017 2016 (In millions) Fair Value Impairment Fair Value Impairment Long-lived assets $ 169 $ 205 $ 15 $ 48 Long-lived assets that were impaired are discussed below. The fair values of each, unless otherwise noted, 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 include reserve and production estimates made by our reservoir engineers, estimated future commodity prices adjusted for quality and location differentials and forecasted operating expenses for the remaining estimated life of the reservoir. United States E&P In the third quarter of 2017, impairments of $65 million were recorded consisting of certain proved properties in the Gulf of Mexico as a result of lower forecasted long-term commodity prices, to an aggregate fair value of $66 million . In the third quarter of 2016, impairments of $47 million were recorded primarily consisting of conventional non-core proved properties in Oklahoma as a result of lower forecasted long-term commodity prices, to an aggregate fair value of $15 million . International E&P In the third quarter of 2017, we recorded proved property impairments of $136 million , to an aggregate fair value of $103 million , on certain non-core properties in our International E&P segment primarily as a result of lower forecasted long-term commodity prices and as a result of the anticipated sales of certain non-core international assets. The fair values were measured using the market approach, based upon either anticipated sales proceeds less costs to sell or a market comparable sales price per boe. This resulted in a Level 2 classification. See Note 6 for further information about the divestment of certain non-core properties in our International E&P segment. Canadian discontinued operations As a result of our announced disposition of our Canadian business in the first quarter of 2017, we recorded a pre-tax non-cash impairment charge of $6.6 billion primarily related to property, plant and equipment. This impairment was recorded for excess net book value over anticipated sales proceeds less costs to sell. Fair values of assets held for sale were determined based upon the anticipated sales proceeds less costs to sell, which resulted in a Level 2 classification. See Note 6 for relevant detail regarding dispositions. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2017 and December 31, 2016 . September 30, 2017 December 31, 2016 Fair Carrying Fair Carrying (In millions) Value Amount Value Amount Financial assets Current assets (a) $ 755 $ 754 $ 7 $ 7 Other noncurrent assets 127 128 105 108 Total financial assets $ 882 $ 882 $ 112 $ 115 Financial liabilities Other current liabilities $ 44 $ 55 $ 68 $ 75 Long-term debt, including current portion (b) 6,781 6,527 7,449 7,292 Deferred credits and other liabilities 112 105 114 107 Total financial liabilities $ 6,937 $ 6,687 $ 7,631 $ 7,474 (a) Includes our two notes receivable relating to the sale of our Canadian business as of September 30, 2017, see note 6 for further information. (b) Excludes capital leases, debt issuance costs and interest rate swap adjustments. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 and the reported net amounts where they appear on the consolidated balance sheets. September 30, 2017 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ 1 $ 9 Other current assets Commodity — 4 (4 ) Deferred credits and other liabilities Total Not Designated as Hedges $ 10 $ 5 $ 5 Total $ 10 $ 5 $ 5 December 31, 2016 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Fair Value Hedges Interest rate $ 3 $ — $ 3 Other current assets Interest rate 1 — 1 Other noncurrent assets Cash Flow Hedges Interest rate $ 64 $ — $ 64 Other noncurrent assets Total Designated Hedges $ 68 $ — $ 68 Not Designated as Hedges Commodity $ — $ 60 $ (60 ) Other current liabilities Total Not Designated as Hedges $ — $ 60 $ (60 ) Total $ 68 $ 60 $ 8 |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average, London Interbank Offer Rate (“LIBOR”) based, floating rate. September 30, 2017 December 31, 2016 Aggregate Notional Amount Weighted Average, LIBOR Aggregate Notional Amount Weighted Average, LIBOR Maturity Dates (in millions) Floating Rate (in millions) Floating Rate October 1, 2017 $ — — % $ 600 5.10 % March 15, 2018 $ — — % $ 300 5.04 % |
Forward Starting Interest Rate Swap Agreements by Maturity [Table Text Block] | The following table presents, by maturity date, information about our terminated forward starting interest rate swap agreements, including the rate. September 30, 2017 December 31, 2016 Aggregate Notional Amount Weighted Average, LIBOR Aggregate Notional Amount Weighted Average, LIBOR Maturity Dates (in millions) Fixed Rate (in millions) Fixed Rate March 15, 2018 $ — — % $ 750 1.57 % |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the net impact of the terminated forward starting interest rate swap derivatives de-designated as cash flow hedges on other comprehensive income (loss). Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Interest Rate Swaps Beginning balance $ 46 $ — $ 60 $ — Change in fair value recognized in other comprehensive income — 2 (13 ) 2 Reclassification from other comprehensive income (46 ) — (47 ) — Ending balance $ — $ 2 $ — $ 2 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table sets forth outstanding derivative contracts as of September 30, 2017 and the weighted average prices for those contracts: Crude Oil 2017 2018 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Three-Way Collars (a) Volume (Bbls/day) 50,000 75,000 75,000 62,000 62,000 Weighted average price per Bbl: Ceiling $60.37 $56.24 $56.24 $56.08 $56.08 Floor $54.80 $51.33 $51.33 $50.50 $50.50 Sold put $47.80 $44.73 $44.73 $43.61 $43.61 Swaps (b)(c) Volume (Bbls/day) 20,000 — — — — Weighted average price per Bbl $51.37 — — — — Sold call options (d) Volume (Bbls/day) 35,000 — — — — Weighted average price per Bbl $61.91 — — — — Basis Swaps (e) Volume (Bbls/day) — 5,000 5,000 10,000 10,000 Weighted average price per Bbl — $(0.60) $(0.60) $(0.67) $(0.67) (a) Between September 30, 2017 and October 30, 2017, we entered into 10,000 Bbls/day of three-way collars for July - December 2018 with an average ceiling price of $58.07 , a floor price of $53.70 , and a sold put price of $47.00 . (b) The counterparties have the option to execute fixed-price swaps (swaptions) at a weighted average price of $52.67 per Bbl indexed to NYMEX WTI, which is exercisable on December 29, 2017. If the counterparties exercise, the term of the fixed-price swaps would be from January - June 2018 and, if all such options are exercised, for 10,000 Bbls/day. (c) Between September 30, 2017 and October 30, 2017, we entered into 40,000 Bbls/day of fixed-price swaps for November - December 2017 with a weighted average price of $54.11 . (d) Call options settle monthly. (e) The basis differential price is between WTI Midland and WTI Cushing. Natural Gas 2017 2018 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Three-Way Collars Volume (MMBtu/day) 120,000 200,000 160,000 160,000 160,000 Weighted average price per MMBtu: Ceiling $3.71 $3.79 $3.61 $3.61 $3.61 Floor $3.14 $3.08 $3.00 $3.00 $3.00 Sold put $2.60 $2.55 $2.50 $2.50 $2.50 Swaps Volume (MMBtu/day) 20,000 — — — — Weighted average price per MMBtu $2.93 — — — — |
Incentive Based Compensation (T
Incentive Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Incentive Based Compensation Plans [Abstract] | |
Table of Incentive based compensation activity [Table Text Block] | The following table presents a summary of activity for the first nine months of 2017 : Stock Options Restricted Stock Awards & Units Number of Shares Weighted Average Exercise Price Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 11,915,533 $27.71 6,933,533 $14.44 Granted 799,591 (a) $15.80 4,062,520 $16.20 Options Exercised/Stock Vested (8,666 ) $7.22 (2,254,525 ) $17.76 Canceled (2,298,820 ) $33.32 (946,431 ) $15.16 Outstanding at September 30, 2017 10,407,638 $25.57 7,795,097 $14.31 (a) The weighted average grant date fair value of stock option awards granted was $6.07 per share. |
Reclassifications out of Accu41
Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Reclassifications out of AccumulatedOtherComprehensiveIncome [Abstract] | |
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents a summary of amounts reclassified from accumulated other comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2017 2016 2017 2016 Income Statement Line Postretirement and postemployment plans Amortization of actuarial loss $ (3 ) $ (4 ) $ (7 ) $ (11 ) General and administrative Net settlement loss (8 ) (14 ) (25 ) (93 ) General and administrative Derivative hedges Recognized gain on terminated derivative hedge 46 — 46 — Net interest and other Ineffective portion of derivative hedge — — 1 — Net interest and other 35 (18 ) 15 (104 ) Income (loss) from operations (40 ) 6 (40 ) 38 (Provision) benefit for income taxes Total reclassifications to expense, net of tax (5 ) (12 ) (25 ) (66 ) Income (loss) from continuing operations Foreign currency hedges Net recognized loss in discontinued operations, net of tax — — (30 ) — Income (loss) from discontinued operations Total reclassifications to expense $ (5 ) $ (12 ) $ (55 ) $ (66 ) Net income (loss) |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Table Text Block] | Supplemental Cash Flow Information Nine Months Ended September 30, (In millions) 2017 2016 Net cash (used in) operating activities: Interest paid (net of amounts capitalized) $ (269 ) $ (243 ) Income taxes paid to taxing authorities (101 ) (68 ) Noncash investing activities, related to continuing operations: Changes in asset retirement costs $ (94 ) $ 3 Asset retirement obligations assumed by buyer 14 86 Increase in capital expenditure accrual 207 — Notes receivable for disposal of assets 745 — |
Accounting Standards (Details)
Accounting Standards (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Marketing Revenues (Expense) [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Gross Billings | $ 90 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20.00% |
Income per Common Share (Detail
Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10 | 13 | 11 | 13 |
Income (loss) from operations | $ (599) | $ (206) | $ (802) | $ (704) |
Discontinued operations | 0 | 14 | (4,893) | (65) |
Net income (loss) | $ (599) | $ (192) | $ (5,695) | $ (769) |
Weighted average common shares outstanding, basic | 850 | 847 | 850 | 809 |
Basic: | ||||
Income (loss) from continuing operations, per basic share | $ (0.70) | $ (0.24) | $ (0.94) | $ (0.87) |
Income (loss) from discontinued operations, per basic share | 0 | 0.01 | (5.76) | (0.08) |
Net income (loss), per basic share | (0.70) | (0.23) | (6.70) | (0.95) |
Diluted: | ||||
Income (loss) from continuing operations, per diluted share | (0.70) | (0.24) | (0.94) | (0.87) |
Income (loss) from discontinued operations, per diluted share | 0 | 0.01 | (5.76) | (0.08) |
Net income (loss), per diluted share | $ (0.70) | $ (0.23) | $ (6.70) | $ (0.95) |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Jun. 01, 2017USD ($)a | May 01, 2017USD ($)aBoe | Aug. 01, 2016USD ($)a | Mar. 31, 2017USD ($) | Jun. 30, 2017a | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 1,828 | $ 902 | |||||
Business Combination, Consideration Transferred | $ | $ 904 | ||||||
Permian Basin [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 63 | ||||||
Gas and Oil Acres, Undeveloped and Developed, Net | a | 91,000 | ||||||
Permian Basin [Member] | Black Mountain Oil and Gas Transaction [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 700 | ||||||
Gas and Oil Acres, Undeveloped and Developed, Net | a | 21,000 | ||||||
Permian Basin [Member] | BC Operating Transaction [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 1,100 | ||||||
Gas and Oil Acres, Undeveloped and Developed, Net | a | 70,000 | ||||||
Production, Barrels of Oil Equivalents | Boe | 5,000 | ||||||
Northern Delaware - Permian Basin [Member] | BC Operating Transaction [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gas and Oil Acres, Undeveloped and Developed, Net | a | 70,000 | ||||||
Anadarko Basin STACK Play [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gas and Oil Acres, Undeveloped and Developed, Net | a | 61,000 |
Dispositions (Details)
Dispositions (Details) | May 31, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Nov. 30, 2016USD ($) | Oct. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
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 | $ 1,757,000,000 | $ 837,000,000 | |||||||||||
Impairments | $ 201,000,000 | $ 47,000,000 | 205,000,000 | 48,000,000 | |||||||||
Oil Sands Mining Segment [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | (43,000,000) | 0 | |||||||||
Impairments | 0 | $ 6,600,000,000 | 0 | 6,636,000,000 | $ 0 | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | Oil Sands Mining Segment [Member] | |||||||||||||
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 | $ 1,800,000,000 | 2,500,000,000 | |||||||||||
Number of notes receivable | 2 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (43,000,000) | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Oklahoma Resource Basin [Member] | |||||||||||||
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 | $ 25,000,000 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 21,000,000 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | West Texas and New Mexico [Domain] | |||||||||||||
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 | $ 235,000,000 | 67,000,000 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 63,000,000 | 55,000,000 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Wyoming Upstream and Midstream Assets Sold [Member] | |||||||||||||
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 | $ 155,000,000 | 690,000,000 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 38,000,000 | $ 266,000,000 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Shenandoah in Gulf of Mexico, Piceance in Colorado, and West Texas [Member] | |||||||||||||
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 | $ 80,000,000 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (48,000,000) | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Non-core [Member] | |||||||||||||
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 | 53,000,000 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Non-core [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 63,000,000 | 63,000,000 | 63,000,000 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||||||||||
Oil Sands Mining Segment [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Impairments | $ 4,960,000,000 | ||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20.00% | ||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Oil Sands Mining Segment [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20.00% | ||||||||||||
Note Receivable 2 [Member] | Discontinued Operations, Disposed of by Sale [Member] | Oil Sands Mining Segment [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 375,000,000 | ||||||||||||
Note Receivable 1 [Member] | Discontinued Operations, Disposed of by Sale [Member] | Oil Sands Mining Segment [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 375,000,000 | ||||||||||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Shenandoah in Gulf of Mexico, Piceance in Colorado, and West Texas [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 30,000,000 |
Dispositions Income (loss) fr48
Dispositions Income (loss) from discontinued operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairments | $ 201 | $ 47 | $ 205 | $ 48 | |
Oil Sands Mining Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 239 | 431 | 598 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | (43) | 0 | |
DIsposal group, Not Discontinued Operation, Total Revenues and Other Income | 0 | 239 | 388 | 598 | |
Disposal Group, Including Discontinued Operation, Production Expense | 0 | 135 | 254 | 441 | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 72 | 40 | 181 | |
Impairments | 0 | $ 6,600 | 0 | 6,636 | 0 |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 9 | 25 | 69 | |
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 216 | 6,955 | 691 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 23 | (6,567) | (93) | |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 0 | 9 | (1,674) | (28) | |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | $ 0 | $ 14 | $ (4,893) | $ (65) |
Dispositions Discontinued Opera
Dispositions Discontinued Operations, Balance Sheet Disclosures (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Current assets held for sale | $ 11 | $ 11 | $ 227 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 11 | 11 | 1 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 54 | 54 | 9,098 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | 121 | ||||
Current Liabilities Held for Sale, Continuing Operations | 0 | 0 | 0 | ||||
Proceeds from Sale of Oil and Gas Property and Equipment | 1,757 | $ 837 | |||||
Oil Sands Mining Segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | $ 0 | (43) | $ 0 | |||
Oil Sands Mining Segment [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 0 | 0 | 2 | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | 129 | ||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 0 | 0 | 91 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | 4 | ||||
Current assets held for sale | 0 | 0 | 226 | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 0 | 0 | 8,991 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 0 | 106 | ||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 0 | 9,097 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 54 | 54 | 1 | ||||
Assets of disposal group classified as held for sale | 54 | 54 | 9,098 | ||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 0 | 0 | 111 | ||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 0 | 0 | 10 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | 121 | ||||
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation, Noncurrent | 0 | 0 | 95 | ||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 0 | 0 | 1,669 | ||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 0 | 0 | 20 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | 1,784 | ||||
Liabilities of Disposal Group in Continuing Operations | 9 | 9 | 7 | ||||
Liabilities of disposal group associated with assets held for sale | $ 9 | $ 9 | $ 1,791 | ||||
Shenandoah in Gulf of Mexico, Piceance in Colorado, and West Texas [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Working Capital Interest To Be Disposed Of | 10.00% | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 80 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (48) |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | 2 | ||||
Sales and other operating revenues | $ 1,114 | $ 781 | $ 3,026 | $ 2,032 | |
Marketing revenues | 48 | 80 | 117 | 202 | |
Total revenues | 1,162 | 861 | 3,143 | 2,234 | |
Income from equity method investments | 63 | 59 | 183 | 110 | |
Net gain ( loss) on disposal of assets and other income | 27 | 70 | 57 | 319 | |
Oil and Gas Production Expense | 194 | 160 | 521 | 532 | |
Marketing costs | 49 | 80 | 121 | 201 | |
Exploration Expense | 294 | 83 | 352 | 289 | |
Depreciation, depletion and amortization | 641 | 522 | 1,789 | 1,583 | |
Impairments | 201 | 47 | 205 | 48 | |
Other expenses | 206 | 287 | 608 | 759 | |
Taxes other than income | 44 | 35 | 128 | 113 | |
Net interest and other | 35 | 89 | 199 | 256 | |
Loss on early extinguishment of debt | 46 | 0 | 46 | 0 | |
Income tax provision (benefit) | 141 | (107) | 216 | (414) | |
Segment income (loss) / Income (loss) from continuing operations | (599) | (206) | (802) | (704) | |
Capital expenditures | 554 | 237 | 1,512 | 757 | |
Derivative, Gain (Loss) on Derivative, Net | 22 | 115 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and other operating revenues | (56) | 25 | 64 | (89) | |
Marketing revenues | 0 | 0 | 0 | 0 | |
Total revenues | (56) | 25 | 64 | (89) | |
Income from equity method investments | 0 | 0 | 0 | 0 | |
Net gain ( loss) on disposal of assets and other income | 23 | 44 | 32 | 277 | |
Oil and Gas Production Expense | 0 | 0 | 0 | 0 | |
Marketing costs | 0 | 0 | 0 | 0 | |
Exploration Expense | 250 | 38 | 250 | 179 | |
Depreciation, depletion and amortization | 8 | 13 | 25 | 36 | |
Impairments | 201 | 47 | 201 | 47 | |
Other expenses | 57 | 184 | 183 | 403 | |
Taxes other than income | 0 | 0 | 12 | 1 | |
Net interest and other | 35 | 89 | 199 | 256 | |
Loss on early extinguishment of debt | 46 | 46 | |||
Income tax provision (benefit) | 35 | (96) | 14 | (236) | |
Segment income (loss) / Income (loss) from continuing operations | (665) | (206) | (834) | (498) | |
Capital expenditures | 9 | 3 | 20 | 11 | |
Loss on Contract Termination | 113 | 113 | |||
Severance Costs | 8 | ||||
International Exploration and Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and other operating revenues | 364 | 152 | 787 | 407 | |
Marketing revenues | 36 | 36 | 92 | 74 | |
Total revenues | 400 | 188 | 879 | 481 | |
Income from equity method investments | 63 | 59 | 183 | 110 | |
Net gain ( loss) on disposal of assets and other income | 0 | 7 | 14 | 20 | |
Oil and Gas Production Expense | 73 | 47 | 173 | 156 | |
Marketing costs | 35 | 35 | 91 | 72 | |
Exploration Expense | 3 | 10 | 5 | 20 | |
Depreciation, depletion and amortization | 102 | 66 | 266 | 184 | |
Impairments | 0 | 0 | 0 | 0 | |
Other expenses | 40 | 18 | 83 | 56 | |
Taxes other than income | 0 | 0 | 0 | 0 | |
Net interest and other | 0 | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | 0 | |||
Income tax provision (benefit) | 106 | 19 | 202 | 5 | |
Segment income (loss) / Income (loss) from continuing operations | 104 | 59 | 256 | 118 | |
Capital expenditures | 4 | 18 | 27 | 62 | |
North America Exploration and Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales and other operating revenues | 806 | 604 | 2,175 | 1,714 | |
Marketing revenues | 12 | 44 | 25 | 128 | |
Total revenues | 818 | 648 | 2,200 | 1,842 | |
Income from equity method investments | 0 | 0 | 0 | 0 | |
Net gain ( loss) on disposal of assets and other income | 4 | 19 | 11 | 22 | |
Oil and Gas Production Expense | 121 | 113 | 348 | 376 | |
Marketing costs | 14 | 45 | 30 | 129 | |
Exploration Expense | 41 | 35 | 97 | 90 | |
Depreciation, depletion and amortization | 531 | 443 | 1,498 | 1,363 | |
Impairments | 0 | 0 | 4 | 1 | |
Other expenses | 109 | 85 | 342 | 300 | |
Taxes other than income | 44 | 35 | 116 | 112 | |
Net interest and other | 0 | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | 0 | |||
Income tax provision (benefit) | 0 | (30) | 0 | (183) | |
Segment income (loss) / Income (loss) from continuing operations | (38) | (59) | (224) | (324) | |
Capital expenditures | 541 | 216 | 1,465 | 684 | |
Pension Plan [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net settlement loss | 8 | 14 | 25 | 93 | |
Oil Sands Mining Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | 0 | $ 6,600 | $ 0 | 6,636 | $ 0 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net Interest and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 47 | $ 47 |
Defined Benefit Postretiremen51
Defined Benefit Postretirement Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Payment for Pension Benefits | $ 45 | ||||
Scenario, Forecast [Member] | |||||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 8 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | |||||
Service cost | $ 5 | $ 6 | 16 | $ 18 | |
Interest cost | 7 | 9 | 22 | 30 | |
Expected return on plan assets | (10) | (12) | (32) | (40) | |
Amortization: | |||||
- prior service cost (credit) | (3) | (2) | (7) | (7) | |
-actuarial loss (gain) | 3 | 4 | 7 | 11 | |
Net settlement loss | 8 | 14 | 25 | 93 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 10 | 19 | 31 | 105 | |
Unfunded Plan [Member] | |||||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Payment for Other Postretirement Benefits | 10 | ||||
Other Postretirement Benefit Plans Defined Benefit [Member] | |||||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | |||||
Service cost | 0 | 1 | 1 | 3 | |
Interest cost | 2 | 3 | 6 | 8 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization: | |||||
- prior service cost (credit) | (2) | (1) | (5) | (3) | |
-actuarial loss (gain) | 0 | 0 | 0 | 0 | |
Net settlement loss | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0 | $ 3 | 2 | $ 8 | |
Payment for Pension and Other Postretirement Benefits [Abstract] | |||||
Payment for Other Postretirement Benefits | $ 16 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Contingency [Line Items] | ||||
Income from operations before income taxes | $ (458) | $ (313) | $ (586) | $ (1,118) |
Income tax provision (benefit) | $ 141 | $ (107) | $ 216 | $ (414) |
Effective Income Tax Rate Reconciliation, Percent | 31.00% | (34.00%) | 37.00% | (37.00%) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (160) | $ (109) | $ (205) | $ (390) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 31 | (8) | 29 | (39) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 228 | 11 | 361 | 17 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 0 | (2) | (13) | (4) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 42 | $ 1 | $ 44 | $ 2 |
Effective income tax rate excluding Libya | 7.00% | (31.00%) | 5.00% | (35.00%) |
Libya, Dinars | ||||
Income Tax Contingency [Line Items] | ||||
Income tax provision (benefit) | $ 102 | $ (16) | $ 179 | $ (39) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 90.00% | |||
Domestic Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 41 | $ 41 | ||
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 228 | 361 | ||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Foreign Income Tax Expense (Benefit) | 31 | 29 | ||
Foreign Tax Authority [Member] | UK Government [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 130 | $ 130 | ||
UNITED STATES | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
ALASKA | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 13 | $ 13 |
Income Taxes Effective Income53
Income Taxes Effective Income Tax Rates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 141 | $ (107) | $ 216 | $ (414) |
Effective Income Tax Rate Reconciliation, Percent | 31.00% | (34.00%) | 37.00% | (37.00%) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (160) | $ (109) | $ (205) | $ (390) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 31 | (8) | 29 | (39) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 228 | 11 | 361 | 17 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 0 | (2) | (13) | (4) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 42 | 1 | 44 | 2 |
Net Income (Loss) Attributable to Parent | $ (599) | $ (192) | $ (5,695) | $ (769) |
Effective income tax rate excluding Libya | 7.00% | (31.00%) | 5.00% | (35.00%) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Liquid Hydrocarbons Natural Gas | $ 9 | $ 6 |
Supplies and other items | 123 | 130 |
Total inventories, at cost | $ 132 | $ 136 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) Boe in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | |
Apr. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($)Boe | |
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | $ 17,645 | $ 16,727 | |
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year After Completion of Drilling | 32 | 118 | |
Capitalized Exploratory Well Cost, Period Increase (Decrease) | 86 | ||
GABON | |||
Segment Reporting Information [Line Items] | |||
Capitalized Exploratory Well Cost, Charged to Expense | 64 | ||
Block D Corona Well [Member] | |||
Segment Reporting Information [Line Items] | |||
Reclassification to Well, Facilities, and Equipment Based on Determination of Proved Reserves | $ 22 | ||
North America Exploration and Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 15,783 | 14,158 | |
International Exploration and Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 1,772 | 2,470 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 90 | $ 99 | |
LIBYAN ARAB JAMAHIRIYA | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | $ 764 | ||
Proved Developed and Undeveloped Reserves, Net (BOE) | Boe | 206 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset Retirement Obligation Beginning Balance | $ 1,653 | $ 1,544 |
Incurred, including acquisitions | 19 | 5 |
Settled, including dispositions | (40) | (61) |
Accretion expense (included in depreciation, depletion and amortization) | 65 | 60 |
Revisions to previous estimates | (113) | (2) |
Held for sale | (2) | (13) |
Asset Retirement Obligation Ending Balance | 1,582 | 1,533 |
Asset Retirement Obligation, Current | $ 60 | $ 21 |
Impairments and Exploration E57
Impairments and Exploration Expense - Impairment Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Impairment Expense [Line Items] | |||||
Impairments | $ 201 | $ 47 | $ 205 | $ 48 | |
Oil Sands Mining Segment [Member] | |||||
Impairment Expense [Line Items] | |||||
Impairments | $ 0 | $ 6,600 | $ 0 | $ 6,636 | $ 0 |
Impairments and Exploration E58
Impairments and Exploration Expense - Exploration Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Exploration Expenses [Line Items] | ||||
Exploration Expense | $ 294 | $ 83 | $ 352 | $ 289 |
Exploration Abandonment and Impairment Expense | 294 | 196 | ||
Diaba [Member] | ||||
Exploration Expenses [Line Items] | ||||
Capitalized Exploratory Well Cost, Charged to Expense | 64 | |||
Unproved Property Impairments [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | 172 | 28 | 217 | 172 |
Unproved Property Impairments [Member] | Diaba [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | 159 | |||
Exploration Abandonment and Impairment Expense | 95 | |||
Unproved Property Impairments [Member] | Tchicuate [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Abandonment and Impairment Expense | 43 | |||
Unproved Property Impairments [Member] | Gulf of Mexico Assets [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | 118 | |||
Dry Well Costs [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | 77 | 9 | 77 | 24 |
Geological and Geophysical [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | 2 | 1 | 3 | 1 |
Other Exploration Expenses [Member] | ||||
Exploration Expenses [Line Items] | ||||
Exploration Expense | $ 43 | $ 45 | $ 55 | $ 92 |
Fair Value Measurements (Detail
Fair Value Measurements (Details-Recurring) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill | $ 115 | $ 115 |
International Exploration and Production [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Goodwill | 115 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 10 | 68 |
Derivative Liability | 5 | 60 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 10 | 0 |
Derivative Liability | 5 | 60 |
Fair Value, Measurements, Recurring [Member] | Interest rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 68 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | 2 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | 2 | 0 |
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 10 | 68 |
Derivative Liability | 3 | 60 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 10 | 0 |
Derivative Liability | 3 | 60 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 68 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | 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 Measurements (Deta60
Fair Value Measurements (Details 2-Nonrecurring) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Impairment of Oil and Gas Properties | $ 201 | $ 47 | $ 205 | $ 48 | |
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 169 | 15 | 169 | 15 | |
Impairments | 201 | 47 | 205 | 48 | |
Oil Sands Mining Segment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Impairment of Oil and Gas Properties | 0 | $ 6,600 | 0 | 6,636 | 0 |
North America [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Impairment Expense - Proved Properties | 47 | ||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 15 | $ 15 | |||
Gulf of Mexico Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Impairment Expense - Proved Properties | 65 | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 66 | 66 | |||
International Exploration and Production [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items] | |||||
Impairment of Oil and Gas Properties | 136 | ||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 103 | $ 103 |
Fair Value Measurements (Deta61
Fair Value Measurements (Details 3-Reported) | May 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 755,000,000 | $ 7,000,000 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Other noncurrent financial assets | 127,000,000 | 105,000,000 | |
Total financial assets | 882,000,000 | 112,000,000 | |
Financial liabilities | |||
Other current financial liabilities | 44,000,000 | 68,000,000 | |
Long-term debt, including current portion | 6,781,000,000 | 7,449,000,000 | |
Deferred credits and other financial liabilities | 112,000,000 | 114,000,000 | |
Financial Liabilities Fair Value Disclosure | 6,937,000,000 | 7,631,000,000 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | 754,000,000 | 7,000,000 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Other noncurrent financial assets | 128,000,000 | 108,000,000 | |
Total financial assets | 882,000,000 | 115,000,000 | |
Financial liabilities | |||
Other current financial liabilities | 55,000,000 | 75,000,000 | |
Long-term debt, including current portion | 6,527,000,000 | 7,292,000,000 | |
Deferred credits and other financial liabilities | 105,000,000 | 107,000,000 | |
Financial Liabilities Fair Value Disclosure | $ 6,687,000,000 | $ 7,474,000,000 | |
Oil Sands Mining Segment [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of notes receivable | 2 | ||
International Exploration and Production [Member] | |||
Financial liabilities | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 40.00% |
Derivatives (Details-BS)
Derivatives (Details-BS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivatives Fair Value [Line Items] | |||||
Derivative Cash Settlements Received - Commodity | $ 34 | $ 17 | $ 51 | $ 41 | |
Derivative Asset, Fair Value, Gross Asset | 10 | 10 | $ 68 | ||
Derivative Liability, Fair Value, Gross Liability | 5 | 5 | 60 | ||
Derivative Asset, Fair Value, Net | 5 | 5 | 8 | ||
Derivative, Gain (Loss) on Derivative, Net | 22 | 115 | |||
Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Instruments in Hedges, Assets, at Fair Value | 68 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | ||||
Derivative Instruments in Hedges, at Fair Value, Net | 68 | ||||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 5 | 5 | 60 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 5 | 5 | (60) | ||
Derivative Liability, Fair Value, Gross Asset | 10 | 10 | 0 | ||
Commodity [Member] | Not Designated as Hedging Instrument [Member] | Sales [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (42) | $ (48) | |||
Commodity Contract [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 10 | 10 | |||
Derivative Asset, Fair Value, Gross Liability | 1 | 1 | |||
Derivative Asset, Fair Value, Net | 9 | 9 | |||
Commodity Contract [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 4 | 4 | 60 | ||
Derivative Asset, Fair Value, Net | (4) | (4) | (60) | ||
Fair Value Hedging [Member] | Interest rate [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 3 | ||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||
Derivative Asset, Fair Value, Net | 3 | ||||
Fair Value Hedging [Member] | Interest rate [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1 | ||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||
Derivative Asset, Fair Value, Net | 1 | ||||
Cash Flow Hedging [Member] | Interest rate [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Net | 64 | ||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 64 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | ||||
Unsecured Debt [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 |
Derivatives (Details 2-Fair Val
Derivatives (Details 2-Fair Value Hedges) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Debentures Due 2017 [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 0 | $ 600 |
Weighted-average, LIBOR-based, floating rate | 0.00% | 5.10% |
Debentures Due 2018 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Aggregate Notional Amount - Interest Rate Swap Agreements | $ 0 | $ 750 |
Derivative, Fixed Interest Rate | 0.00% | 1.57% |
Debentures Due 2018 [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 0 | $ 300 |
Weighted-average, LIBOR-based, floating rate | 0.00% | 5.04% |
Derivatives (Details 3-Fair Val
Derivatives (Details 3-Fair Value Hedges IS & OCI) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ 0 |
Derivatives Derivatives (Detail
Derivatives Derivatives (Details 4-Non Hedges Commodity) (Details) | Dec. 29, 2017MMBTU_per_day$ / bbl | Oct. 31, 2017Bbls_per_day$ / bbl | Sep. 30, 2017MMBTUMMBTU_per_dayBBL / DaysBbls_per_day$ / MMBTU$ / bbl |
Crude Oil Three-Way Collars For Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | BBL / Days | 50,000 | ||
Ceiling Price | 60.37 | ||
Floor Price | 54.80 | ||
Sold Put Price | 47.80 | ||
Crude Oil Three-Way Collars For First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | BBL / Days | 75,000 | ||
Ceiling Price | 56.24 | ||
Floor Price | 51.33 | ||
Sold Put Price | 44.73 | ||
Crude Oil Three-Way Collars For Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | BBL / Days | 75,000 | ||
Ceiling Price | 56.24 | ||
Floor Price | 51.33 | ||
Sold Put Price | 44.73 | ||
Crude Oil Three-Way Collars For Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | BBL / Days | 62,000 | ||
Ceiling Price | 56.08 | ||
Floor Price | 50.50 | ||
Sold Put Price | 43.61 | ||
Crude Oil Three-Way Collars For Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | BBL / Days | 62,000 | ||
Ceiling Price | 56.08 | ||
Floor Price | 50.50 | ||
Sold Put Price | 43.61 | ||
Crude Oil Swaps For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 20,000 | ||
Option Price | $ / MMBTU | 51.37 | ||
Crude Oil Swaps For the First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Crude Oil Swaps For the Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Crude Oil Swaps For the Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Crude Oil Swaps For the Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Crude Oil Options For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 35,000 | ||
Option Price | 61.91 | ||
Crude Oil Options For the First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 0 | ||
Option Price | 0 | ||
Crude Oil Options For the Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 0 | ||
Option Price | 0 | ||
Crude Oil Options For the Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 0 | ||
Option Price | 0 | ||
Crude Oil Options For the Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 0 | ||
Option Price | 0 | ||
Crude Oil Basis Swaps For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 0 | ||
Weighted Average Differential To WTI Midland and WTI Cushing | 0 | ||
Crude Oil Basis Swaps For the First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 5,000 | ||
Weighted Average Differential To WTI Midland and WTI Cushing | (0.60) | ||
Crude Oil Basis Swaps For the Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 5,000 | ||
Weighted Average Differential To WTI Midland and WTI Cushing | (0.60) | ||
Crude Oil Basis Swaps For the Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 10,000 | ||
Weighted Average Differential To WTI Midland and WTI Cushing | (0.67) | ||
Crude Oil Basis Swaps For the Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 10,000 | ||
Weighted Average Differential To WTI Midland and WTI Cushing | (0.67) | ||
Natural Gas Three-Way Collars For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU | 120,000 | ||
Ceiling Price | $ / MMBTU | 3.71 | ||
Floor Price | $ / MMBTU | 3.14 | ||
Sold Put Price | $ / MMBTU | 2.60 | ||
Natural Gas Three-Way Collars For the First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU | 200,000 | ||
Ceiling Price | $ / MMBTU | 3.79 | ||
Floor Price | $ / MMBTU | 3.08 | ||
Sold Put Price | $ / MMBTU | 2.55 | ||
Natural Gas Three-Way Collars For the Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU | 160,000 | ||
Ceiling Price | $ / MMBTU | 3.61 | ||
Floor Price | $ / MMBTU | 3 | ||
Sold Put Price | $ / MMBTU | 2.50 | ||
Natural Gas Three-Way Collars For the Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU | 160,000 | ||
Ceiling Price | $ / MMBTU | 3.61 | ||
Floor Price | $ / MMBTU | 3 | ||
Sold Put Price | $ / MMBTU | 2.50 | ||
Natural Gas Three-Way Collars For the Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU | 160,000 | ||
Ceiling Price | $ / MMBTU | 3.61 | ||
Floor Price | $ / MMBTU | 3 | ||
Sold Put Price | $ / MMBTU | 2.50 | ||
Natural Gas Swaps For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 20,000 | ||
Option Price | $ / MMBTU | 2.93 | ||
Natural Gas Swaps For the First Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Natural Gas Swaps For the Second Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Natural Gas Swaps For the Third Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Natural Gas Swaps For the Fourth Quarter of Year 2 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 0 | ||
Option Price | $ / MMBTU | 0 | ||
Subsequent Event [Member] | Crude Oil Three-Way Collars for July - December 2018 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 10,000 | ||
Ceiling Price | 58.07 | ||
Floor Price | 53.70 | ||
Sold Put Price | 47 | ||
Subsequent Event [Member] | Crude Oil Fixed-Price Swap for November - December 2017 [Member] | |||
Derivative [Line Items] | |||
Volume | Bbls_per_day | 40,000 | ||
Option Price | 54.11 | ||
Scenario, Forecast [Member] | Crude Oil Swaps For the Fourth Quarter of Year 1 [Member] | |||
Derivative [Line Items] | |||
Volume | MMBTU_per_day | 10,000 | ||
Option Price | 52.67 |
Derivatives Derivatives (Deta66
Derivatives Derivatives (Details 5-Non Hedges) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ 0 | $ 2 | $ 0 | $ 2 | $ 46 | $ 60 | $ 0 | $ 0 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 2 | (13) | 2 | |||||
Cash Proceeds Received from Derivatives | $ 54 | 54 | |||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (46) | $ 0 | (47) | $ 0 | |||||
Unsecured Debt [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 |
Incentive Based Compensation (D
Incentive Based Compensation (Details 1-Restricted) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Incentive Based Compensation Plans [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 799,591 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,407,638 | 11,915,533 |
Restricted Stock | ||
Beginning year unvested restricted stock | 6,933,533 | |
Granted restricted stock | 4,062,520 | |
Vested restricted stock | (2,254,525) | |
Forfeited restricted stock | (946,431) | |
End of period unvested restricted stock | 7,795,097 | |
Beginning year weighted average grant date fair value unvested restricted stock | $ 14.44 | |
Granted restricted stock weighted average grant date fair value restricted stock | 16.20 | |
Vested restricted stock weighted average grant date fair value restricted stock | 17.76 | |
Forfeited restricted stock weighted average grant date fair value restricted stock | 15.16 | |
End of period weighted average grant date fair value unvested restricted stock | $ 14.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (8,666) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 7.22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (2,298,820) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 33.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.57 | $ 27.71 |
Incentive Based Compensation 68
Incentive Based Compensation (Details 2-Performance) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.31 | $ 14.44 |
Performance Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award Instruments Other Than Options Performance Unit Granted | 563,631 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 17.75 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Debt, Current | $ 0 | $ 686,000,000 | |
Line of Credit Facility, maximum borrowing capacity | $ 3,400,000,000 | $ 3,300,000,000 | |
Line of Credit Facility, Increase in Borrowing Capacity | $ 93,000,000 | ||
Ratio of indebtedness to net capital | 0.36 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Ratio of indebtedness to net capital | 0.65 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Number of One Year Extensions | 2 | ||
Line of Credit, Period of Extension Options | 1 year | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 107,000,000 | ||
Debentures Due 2017 [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Unsecured Debt, Current | $ 682,000,000 | ||
Debentures Due 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | ||
Unsecured Debt, Current | $ 854,000,000 | ||
Debentures Due 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Unsecured Debt, Current | $ 228,000,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 0 | ||
Bridge Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, maximum borrowing capacity | 100,000,000 | ||
Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, maximum borrowing capacity | $ 500,000,000 |
Debt Long-Term Debt (Details)
Debt Long-Term Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jul. 24, 2017 | |
Subsequent Event [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 22,000,000 | $ 115,000,000 | ||||
Proceeds from Issuance of Debt | 990,000,000 | |||||
Gain (Loss) on Extinguishment of Debt | (46,000,000) | $ 0 | (46,000,000) | $ 0 | ||
Unsecured Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Extinguishment of Debt, Amount | 1,760,000,000 | |||||
Senior Unsecured Notes Due 2027 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Other Long-term Debt, Noncurrent | $ 1,000,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |||||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash Proceeds Received from Derivatives | $ 54,000,000 | 54,000,000 | ||||
Net Interest and Other [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 47,000,000 | $ 47,000,000 |
Reclassifications out of Accu71
Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income from operations before income taxes | $ (458) | $ (313) | $ (586) | $ (1,118) |
Provision for income taxes | (141) | 107 | (216) | 414 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of actuarial loss | (3) | (4) | (7) | (11) |
Net settlement loss | (8) | (14) | (25) | (93) |
Recognized gain on terminated derivative hedge | 46 | 0 | 46 | 0 |
Ineffective portion of derivative hedge | 0 | 0 | 1 | 0 |
Income from operations before income taxes | 35 | (18) | 15 | (104) |
Provision for income taxes | (40) | 6 | (40) | 38 |
Total reclassifications to expense, net of tax | (5) | (12) | (25) | (66) |
Net recognized loss in discontinued operations, net of tax | 0 | 0 | (30) | 0 |
Total reclassifications to expense | $ (5) | $ (12) | $ (55) | $ (66) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Shares Issued, Price Per Share | $ 7.65 | ||
Stock Issued During Period, Shares, New Issues | 166,750,000 | ||
Common Stock, issued par | $ 1 | $ 1 | $ 1 |
Stock Issued | $ 1,236 |
Supplemental Cash Flow Inform73
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net cash provided by (used in) operating activities included: | ||
Interest paid (net of amounts capitalized) | $ (269) | $ (243) |
Income taxes paid to taxing authorities | (101) | (68) |
Noncash investing activities: | ||
Changes in asset retirement costs | (94) | 3 |
Asset retirement obligations assumed by buyer | 14 | 86 |
Capital Expenditures Incurred but Not yet Paid | 207 | 0 |
Receivable Related To Disposal Of Assets | $ 745 | $ 0 |
Commitments and Contingencies74
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2017USD ($) |
Foreign Tax Authority [Member] | UK Government [Member] | |
Loss Contingencies [Line Items] | |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 130 |