Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | |
In Billions, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'NOBLE ENERGY INC | ' |
Entity Central Index Key | '0000072207 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | ' | $27.90 |
Entity Common Stock, Shares Outstanding | 361,856,652 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Oil, Gas and NGL Sales | $1,228 | $1,341 | $3,893 | $3,537 |
Income from Equity Method Investees | 41 | 53 | 138 | 150 |
Total Revenues | 1,269 | 1,394 | 4,031 | 3,687 |
Costs and Expenses | ' | ' | ' | ' |
Production Expense | 217 | 221 | 697 | 619 |
Exploration Expense | 217 | 60 | 350 | 211 |
Depreciation, Depletion and Amortization | 460 | 412 | 1,297 | 1,146 |
General and Administrative | 132 | 109 | 399 | 324 |
Gain on Divestitures | -30 | 0 | -72 | -12 |
Asset Impairments | 33 | 63 | 164 | 63 |
Other Operating Expense, Net | 10 | 6 | 33 | 27 |
Total | 1,039 | 871 | 2,868 | 2,378 |
Operating Income | 230 | 523 | 1,163 | 1,309 |
Other (Income) Expense | ' | ' | ' | ' |
(Gain) Loss on Commodity Derivative Instruments | -385 | 157 | -74 | 69 |
Interest, Net of Amount Capitalized | 52 | 46 | 151 | 104 |
Other Non-Operating (Income) Expense, Net | -13 | 9 | 1 | 21 |
Total | -346 | 212 | 78 | 194 |
Income from Continuing Operations Before Income Taxes | 576 | 311 | 1,085 | 1,115 |
Income Tax Provision | 157 | 116 | 274 | 330 |
Income from Continuing Operations | 419 | 195 | 811 | 785 |
Discontinued Operations, Net of Tax | 0 | 10 | 0 | 58 |
Net Income | $419 | $205 | $811 | $843 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Income from Continuing Operations (in dollars per share) | $1.16 | $0.54 | $2.25 | $2.19 |
Discontinued Operations, Net of Tax (in dollars per share) | $0 | $0.03 | $0 | $0.16 |
Net Income (in dollars per share) | $1.16 | $0.57 | $2.25 | $2.35 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' |
Income from Continuing Operations (in dollars per share) | $1.12 | $0.53 | $2.21 | $2.17 |
Discontinued Operations, Net of Tax (in dollars per share) | $0 | $0.03 | $0 | $0.16 |
Net Income (in dollars per share) | $1.12 | $0.56 | $2.21 | $2.33 |
Weighted Average Number of Shares Outstanding [Abstract] | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 362 | 359 | 361 | 359 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 367 | 363 | 367 | 363 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $419 | $205 | $811 | $843 |
Net Change in Pension and Other | 6 | 4 | 16 | 15 |
Less Tax Benefit | -2 | -1 | -6 | -5 |
Other Comprehensive Income | 4 | 3 | 10 | 10 |
Comprehensive Income | $423 | $208 | $821 | $853 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and Cash Equivalents | $1,169 | $1,117 |
Accounts Receivable, Net | 740 | 947 |
Other Current Assets | 361 | 547 |
Total Current Assets | 2,270 | 2,611 |
Property, Plant and Equipment | ' | ' |
Oil and Gas Properties (Successful Efforts Method of Accounting) | 24,465 | 22,243 |
Property, Plant and Equipment, Other | 618 | 517 |
Total Property, Plant and Equipment, Gross | 25,083 | 22,760 |
Accumulated Depreciation, Depletion and Amortization | -7,325 | -7,035 |
Total Property, Plant and Equipment, Net | 17,758 | 15,725 |
Goodwill | 620 | 627 |
Other Noncurrent Assets | 538 | 679 |
Total Assets | 21,186 | 19,642 |
Current Liabilities | ' | ' |
Accounts Payable - Trade | 1,425 | 1,354 |
Other Current Liabilities | 807 | 988 |
Total Current Liabilities | 2,232 | 2,342 |
Long-Term Debt | 5,498 | 4,566 |
Deferred Income Taxes, Noncurrent | 2,464 | 2,441 |
Other Noncurrent Liabilities | 1,054 | 1,109 |
Total Liabilities | 11,248 | 10,458 |
Commitments and Contingencies | ' | ' |
Shareholders’ Equity | ' | ' |
Preferred Stock - Par Value $1.00 per share; 4 Million Shares Authorized, None Issued | 0 | 0 |
Common Stock - Par Value $0.01 per share; 500 Million Shares Authorized; 402 Million and 400 Million Shares Issued, respectively | 4 | 4 |
Additional Paid in Capital | 3,593 | 3,463 |
Accumulated Other Comprehensive Loss | -107 | -117 |
Treasury Stock, at Cost; 38 Million Shares | -674 | -659 |
Retained Earnings | 7,122 | 6,493 |
Total Shareholders’ Equity | 9,938 | 9,184 |
Total Liabilities and Shareholders’ Equity | $21,186 | $19,642 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value per share (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 402,000,000 | 400,000,000 |
Treasury stock, shares (in shares) | 38,000,000 | 38,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows From Operating Activities | ' | ' |
Net Income | $811 | $843 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ' | ' |
Depreciation, Depletion and Amortization | 1,297 | 1,148 |
Asset Impairments | 164 | 63 |
Dry Hole Cost | 163 | 22 |
Deferred Income Taxes | 61 | 168 |
Income from Equity Method Investees, Net of Dividends | 53 | -12 |
(Gain) Loss on Commodity Derivative Instruments | -74 | 69 |
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments | -95 | -2 |
Gain on Divestitures | -72 | -67 |
Stock Based Compensation | 67 | 59 |
Other Adjustments for Noncash Items Included in Income | 42 | 63 |
Changes in Operating Assets and Liabilities | ' | ' |
(Increase) Decrease in Accounts Receivable | 166 | -260 |
Increase in Accounts Payable | 103 | 63 |
Increase (Decrease) in Current Income Taxes Payable | 21 | -48 |
Increase (Decrease) in Other Current Assets and Liabilities, Net | 16 | -7 |
Other Noncurrent Operating Assets and Liabilities, Net | -20 | 51 |
Net Cash Provided by Operating Activities | 2,703 | 2,153 |
Cash Flows From Investing Activities | ' | ' |
Additions to Property, Plant and Equipment | -3,585 | -3,021 |
Additions to Equity Method Investments | -58 | -30 |
Distribution from Equity Method Investee | 156 | 0 |
Proceeds from Divestitures | 312 | 119 |
Other | 0 | -5 |
Net Cash Used in Investing Activities | -3,175 | -2,937 |
Cash Flows From Financing Activities | ' | ' |
Exercise of Stock Options | 45 | 39 |
Excess Tax Benefits from Stock-Based Awards | 18 | 15 |
Dividends Paid, Common Stock | -182 | -146 |
Purchase of Treasury Stock | -15 | -14 |
Proceeds from Credit Facilities | 900 | 800 |
Repayments of Debt | 0 | -328 |
Repayment of Credit Facilities | -200 | 0 |
Repayment of Capital Lease Obligation | -42 | -31 |
Net Cash Provided by Financing Activities | 524 | 335 |
Increase (Decrease) in Cash and Cash Equivalents | 52 | -449 |
Cash and Cash Equivalents at Beginning of Period | 1,117 | 1,387 |
Cash and Cash Equivalents at End of Period | $1,169 | $938 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (unaudited) (USD $) | Total | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Retained Earnings | ||
In Millions | ||||||||
Balance at Beginning of Period at Dec. 31, 2012 | $8,258 | $4 | [1] | $3,302 | [1] | ($113) | ($648) | $5,713 |
Net Income | 843 | 0 | 0 | 0 | 0 | 843 | ||
Stock-based Compensation | 59 | 0 | 59 | 0 | 0 | 0 | ||
Exercise of Stock Options | 39 | 0 | 39 | 0 | 0 | 0 | ||
Tax Benefits Related to Exercise of Stock Options | 15 | 0 | 15 | 0 | 0 | 0 | ||
Dividends | -146 | 0 | 0 | 0 | 0 | -146 | ||
Changes in Treasury Stock, Net | -14 | 0 | 0 | 0 | -14 | 0 | ||
Net Change in Pension and Other | 10 | 0 | 0 | 10 | 0 | 0 | ||
Balance at End of Period at Sep. 30, 2013 | 9,064 | 4 | [1] | 3,415 | [1] | -103 | -662 | 6,410 |
Balance at Beginning of Period at Dec. 31, 2013 | 9,184 | 4 | 3,463 | -117 | -659 | 6,493 | ||
Net Income | 811 | 0 | ' | 0 | 0 | 811 | ||
Stock-based Compensation | 67 | 0 | 67 | 0 | 0 | 0 | ||
Exercise of Stock Options | 45 | 0 | 45 | 0 | 0 | 0 | ||
Tax Benefits Related to Exercise of Stock Options | 18 | 0 | 18 | 0 | 0 | 0 | ||
Dividends | -182 | 0 | 0 | 0 | 0 | -182 | ||
Changes in Treasury Stock, Net | -15 | 0 | 0 | 0 | -15 | 0 | ||
Net Change in Pension and Other | 10 | 0 | 0 | 10 | 0 | 0 | ||
Balance at End of Period at Sep. 30, 2014 | $9,938 | $4 | $3,593 | ($107) | ($674) | $7,122 | ||
[1] | Amounts reflect impact of 2-for-1 stock split which occurred during the second quarter of 2013. |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash Dividends per share (in dollars per share) | $0.50 | $0.41 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2014 | |
Organization and Nature of Operations [Abstract] | ' |
Organization and Nature of Operations | ' |
Organization and Nature of Operations | |
Noble Energy, Inc. (Noble Energy, we or us) is a leading independent energy company engaged in worldwide crude oil and natural gas exploration and production. Our core operating areas are onshore US, primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Basis of Presentation [Abstract] | ' | |||||||||||||||
Basis of Presentation | ' | |||||||||||||||
Basis of Presentation | ||||||||||||||||
Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US (US GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. The accompanying consolidated financial statements at September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and shareholders’ equity for such periods. Certain prior-period amounts have been reclassified to conform to the current-period presentation. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||||||||||||||||
These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
Consolidation Our consolidated accounts include our accounts and the accounts of our wholly-owned subsidiaries. In addition, we use the equity method of accounting for investments in entities that we do not control but over which we exert significant influence. All significant intercompany balances and transactions have been eliminated upon consolidation. | ||||||||||||||||
Equity Investees On September 24, 2014, our equity method investee, CONE Gathering LLC (CONE Gathering), contributed substantially all of its assets to a newly-formed master limited partnership, CONE Midstream Partners LP (CONE Midstream), concurrently with an initial public offering of limited partner units. CONE Gathering subsequently made a cash distribution of $204 million to us, which is reflected within cash flows from operating activities ($48 million) and cash flows from investing activities ($156 million) within our consolidated statement of cash flows. As a result of the transaction, we own a 32.1% interest in CONE Midstream, which we account for using the equity method of accounting. | ||||||||||||||||
Discontinued Operations In 2012, we initiated a strategy to exit the North Sea geographical area through sales of our non-operated working interests in the assets. The North Sea geographical segment was classified as held for sale and the operations were reflected as discontinued operations in 2012 and 2013. | ||||||||||||||||
The most significant North Sea assets were sold during 2012 and 2013. However, we have been unable to locate purchasers for the remaining assets, and a sale is no longer considered probable. Therefore, during first quarter 2014, we reclassified the remaining North Sea assets to held and used, and the North Sea geographical segment is included in continuing operations in the first, second, and third quarters 2014. In addition, we recorded impairments for the North Sea assets in both the first and second quarters of 2014. See Note 4. Asset Impairments. | ||||||||||||||||
North Sea revenues and operating expenses for the nine months ended September 30, 2014, except for the impairments recorded in the first and second quarters 2014, were de minimis. See Note 3. Divestitures, Note 4. Asset Impairments, and Note 7. Fair Value Measurements and Disclosures. | ||||||||||||||||
Common Stock Split On April 22, 2013, Noble Energy’s Board of Directors approved a 2-for-1 split of its common stock to be effected in the form of a stock dividend. The stock dividend was distributed on May 28, 2013 to shareholders of record as of May 14, 2013. Earnings per share and common shares outstanding are reported giving retrospective effect to the common stock split. | ||||||||||||||||
Recently Issued Accounting Standards In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08). ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area and is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted for disposals or for assets classified as held for sale that have not been reported in previously issued financial statements. We elected to early adopt ASU 2014-08 on a prospective basis, and the adoption did not have a material impact on our consolidated financial statements. | ||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, ASU 2014-09 requires enhanced financial statement disclosures over revenue recognition as part of the new accounting guidance. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations. | ||||||||||||||||
Estimates The preparation of consolidated financial statements in conformity with US GAAP requires us to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. | ||||||||||||||||
Statements of Operations Information Other statements of operations information is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Production Expense | ||||||||||||||||
Lease Operating Expense | $ | 133 | $ | 137 | $ | 432 | $ | 393 | ||||||||
Production and Ad Valorem Taxes | 44 | 51 | 146 | 137 | ||||||||||||
Transportation and Gathering Expense | 40 | 33 | 119 | 89 | ||||||||||||
Total | $ | 217 | $ | 221 | $ | 697 | $ | 619 | ||||||||
Other Non-Operating (Income) Expense, Net | ||||||||||||||||
Deferred Compensation (Income) Expense (1) | $ | (12 | ) | $ | 10 | $ | — | $ | 24 | |||||||
Other (Income) Expense, Net | (1 | ) | (1 | ) | 1 | (3 | ) | |||||||||
Total | $ | (13 | ) | $ | 9 | $ | 1 | $ | 21 | |||||||
(1) | Amounts represent increases (decreases) in the fair value of shares of our common stock held in a rabbi trust. | |||||||||||||||
Balance Sheet Information Other balance sheet information is as follows: | ||||||||||||||||
(millions) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Accounts Receivable, Net | ||||||||||||||||
Commodity Sales | $ | 345 | $ | 495 | ||||||||||||
Joint Interest Billings | 310 | 382 | ||||||||||||||
Other | 101 | 81 | ||||||||||||||
Allowance for Doubtful Accounts | (16 | ) | (11 | ) | ||||||||||||
Total | $ | 740 | $ | 947 | ||||||||||||
Other Current Assets | ||||||||||||||||
Inventories, Materials and Supplies | $ | 95 | $ | 96 | ||||||||||||
Inventories, Crude Oil | 28 | 25 | ||||||||||||||
Commodity Derivative Assets | 79 | 1 | ||||||||||||||
Deferred Income Taxes, Net | 5 | 62 | ||||||||||||||
Assets Held for Sale | 98 | 292 | ||||||||||||||
Prepaid Expenses and Other Current Assets | 56 | 71 | ||||||||||||||
Total | $ | 361 | $ | 547 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||
Equity Method Investments | $ | 290 | $ | 437 | ||||||||||||
Mutual Fund Investments | 121 | 114 | ||||||||||||||
Commodity Derivative Assets | 32 | 16 | ||||||||||||||
Other Assets | 95 | 112 | ||||||||||||||
Total | $ | 538 | $ | 679 | ||||||||||||
Other Current Liabilities | ||||||||||||||||
Production and Ad Valorem Taxes | $ | 110 | $ | 103 | ||||||||||||
Commodity Derivative Liabilities | — | 65 | ||||||||||||||
Income Taxes Payable | 183 | 156 | ||||||||||||||
Asset Retirement Obligations | 155 | 39 | ||||||||||||||
Interest Payable | 56 | 63 | ||||||||||||||
Current Portion of Long Term Debt | — | 200 | ||||||||||||||
Current Portion of Capital Lease | 67 | 58 | ||||||||||||||
Liabilities Associated with Assets Held for Sale | 12 | 111 | ||||||||||||||
Other | 224 | 193 | ||||||||||||||
Total | $ | 807 | $ | 988 | ||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||
Deferred Compensation Liabilities | $ | 264 | $ | 253 | ||||||||||||
Asset Retirement Obligations | 543 | 547 | ||||||||||||||
Accrued Benefit Costs | 108 | 155 | ||||||||||||||
Commodity Derivative Liabilities | — | 10 | ||||||||||||||
Other | 139 | 144 | ||||||||||||||
Total | $ | 1,054 | $ | 1,109 | ||||||||||||
Divestitures
Divestitures | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Divestitures [Abstract] | ' | ||||||
Divestitures | ' | ||||||
Divestitures | |||||||
Onshore US Properties During the first nine months of 2014, we sold certain non-core onshore US crude oil and natural gas properties. The information regarding the assets sold is as follows: | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
(millions) | 2014 | 2014 | |||||
Sales Proceeds | $ | 16 | $ | 126 | |||
Less | |||||||
Net Book Value of Assets Sold | — | (118 | ) | ||||
Goodwill Allocated to Assets Sold | (1 | ) | (7 | ) | |||
Asset Retirement Obligations Associated with Assets Sold | 14 | 34 | |||||
Other Closing Adjustments | 1 | 2 | |||||
Gain on Divestitures | $ | 30 | $ | 37 | |||
On October 23, 2014, we closed the sale of our non-core onshore US properties in the Piceance Basin of western Colorado, with net proceeds of $9 million. These properties were reclassified as held for sale at September 30, 2014, and written down to expected proceeds less costs to sell which resulted in an impairment charge of $31 million. See Note 4. Asset Impairments and Note 7. Fair Value Measurements and Disclosures. | |||||||
In October 2014, we signed a purchase and sale agreement related to certain of our properties located on the western side of the DJ Basin, outside of our core DJ Basin operating area. The sale is expected to close in late 2014, with net proceeds of approximately $145 million. | |||||||
China On June 30, 2014, we closed the sale of our China assets. The information regarding the China assets sold is as follows: | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
(millions) | 2014 | ||||||
Sales Proceeds | $ | 186 | |||||
Less | |||||||
Net Book Value of Assets Sold | (149 | ) | |||||
Other Closing Adjustments | (2 | ) | |||||
Gain on Divestiture | 35 | ||||||
Offshore Israel Properties Assets held for sale as of September 30, 2014, include two natural gas discoveries, Tanin and Karish, offshore Israel. We expect to divest these assets pursuant to an agreement we and our partners reached with the Israeli Antitrust Authority in March 2014 on various antitrust matters. The agreement is subject to final approval of the Israeli government. | |||||||
North Sea Properties During the first nine months of 2013, we sold non-operated working interests in properties located in the North Sea. The sales resulted in a $55 million gain based on net sales proceeds of $54 million. See Note 2. Basis of Presentation - Discontinued Operations. | |||||||
Summarized results of discontinued operations are as follows: | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
(millions) | 2013 | ||||||
Oil and Gas Sales | $ | 32 | |||||
Income Before Income Taxes | 10 | ||||||
Income Tax Expense | 7 | ||||||
Operating Loss, Net of Tax | 3 | ||||||
Gain on Sale, Net of Tax | 55 | ||||||
Discontinued Operations, Net of Tax | $ | 58 | |||||
Asset_Impairments_Notes
Asset Impairments (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Asset Impairments [Abstract] | ' | |||||||||||||||
Asset Impairment Charges [Text Block] | ' | |||||||||||||||
Asset Impairments | ||||||||||||||||
Pre-tax (non-cash) asset impairment charges were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Deepwater Gulf of Mexico (US Properties) | $ | 2 | $ | 16 | $ | 25 | $ | 16 | ||||||||
Piceance Basin (US Properties) | 31 | — | 31 | — | ||||||||||||
Mari-B (Offshore Israel) | — | 47 | 14 | 47 | ||||||||||||
McCulloch and Other North Sea Properties | — | — | 94 | — | ||||||||||||
Total | $ | 33 | $ | 63 | $ | 164 | $ | 63 | ||||||||
US and Offshore Israel During the third quarter of 2014, we reclassified our non-core onshore US properties in the Piceance Basin as assets held for sale. The assets were written down to expected proceeds less costs to sell. | ||||||||||||||||
During the first nine months of 2014, the asset carrying values of certain oil and natural gas assets in the deepwater Gulf of Mexico and offshore Israel increased when we recorded associated increases in asset retirement obligations. We determined that the recorded asset carrying values of some of these assets were not recoverable from future cash flows and recorded impairment expense. US properties included the currently-producing Raton natural gas well, as well as the Conquest and Gemini fields, which are being abandoned. | ||||||||||||||||
North Sea In March 2014, the operator of one of our remaining North Sea fields notified the working interest owners that expected field abandonment costs would be higher than originally projected. The operator also notified the working interest owners that it would begin working with the appropriate regulatory agency for approval of cessation of production and subsequent field abandonment sooner than anticipated. | ||||||||||||||||
As a result of this new information, we adjusted the asset retirement obligation to reflect the updated estimate of abandonment costs and timing. We assessed the asset for impairment and determined that it was impaired. The impairment charge was included in consolidated income from continuing operations. | ||||||||||||||||
See Note 2. Basis of Presentation and Note 7. Fair Value Measurements and Disclosures. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
Objective and Strategies for Using Derivative Instruments We are exposed to fluctuations in crude oil and natural gas prices on the majority of our production. In order to mitigate the effect of commodity price volatility and enhance the predictability of cash flows relating to the marketing of our global crude oil and domestic natural gas, we enter into crude oil and natural gas price hedging arrangements with respect to a portion of our expected production. We also may enter into forward contracts to hedge anticipated exposure to interest rate risk associated with public debt financing. | ||||||||||||||||||||||||
While these instruments mitigate the cash flow risk of future decreases in commodity prices or increases in interest rates, they may also curtail benefits from future increases in commodity prices or decreases in interest rates. See Note 7. Fair Value Measurements and Disclosures for a discussion of methods and assumptions used to estimate the fair values of our derivative instruments. | ||||||||||||||||||||||||
Unsettled Commodity Derivative Instruments As of September 30, 2014, we had entered into the following crude oil derivative instruments: | ||||||||||||||||||||||||
Swaps | Collars | |||||||||||||||||||||||
Settlement | Type of Contract | Index (1) | Bbls Per | Weighted | Weighted | Weighted | Weighted | |||||||||||||||||
Period | Day | Average | Average | Average | Average | |||||||||||||||||||
Fixed | Short Put | Floor | Ceiling | |||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||
Instruments Entered Into as of September 30, 2014 | ||||||||||||||||||||||||
2014 | Swaps | NYMEX WTI | 37,000 | $ | 92.67 | $ | — | $ | — | $ | — | |||||||||||||
2014 | Swaps | Dated Brent | 13,000 | 103.21 | — | — | — | |||||||||||||||||
2014 | Three-Way Collars | NYMEX WTI | 12,000 | — | 75.67 | 90.67 | 100.88 | |||||||||||||||||
2014 | Three-Way Collars | Dated Brent | 8,000 | — | 84.38 | 98.25 | 121.56 | |||||||||||||||||
2015 | Swaps | NYMEX WTI | 27,000 | 88.8 | — | — | — | |||||||||||||||||
2015 | Swaps | Dated Brent | 8,000 | 100.31 | — | — | — | |||||||||||||||||
2015 | Three-Way Collars | NYMEX WTI | 20,000 | — | 70.5 | 87.55 | 94.41 | |||||||||||||||||
2015 | Three-Way Collars | Dated Brent | 13,000 | — | 76.92 | 96 | 108.49 | |||||||||||||||||
2016 | Swaps | NYMEX WTI | 6,000 | 87.95 | — | — | — | |||||||||||||||||
2016 | Swaps | Dated Brent | 9,000 | 97.96 | — | — | — | |||||||||||||||||
2016 | Three-Way Collars | NYMEX WTI | 3,000 | — | 72 | 85 | 94.82 | |||||||||||||||||
2016 | Three-Way Collars | Dated Brent | 6,000 | — | 80 | 95 | 105.87 | |||||||||||||||||
(1) | West Texas Intermediate | |||||||||||||||||||||||
As of September 30, 2014, we had entered into the following natural gas derivative instruments: | ||||||||||||||||||||||||
Swaps | Collars | |||||||||||||||||||||||
Settlement | Type of Contract | Index (1) | MMBtu | Weighted | Weighted | Weighted | Weighted | |||||||||||||||||
Period | Per Day | Average | Average | Average | Average | |||||||||||||||||||
Fixed | Short Put | Floor | Ceiling | |||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||
Instruments Entered Into as of September 30, 2014 | ||||||||||||||||||||||||
2014 | Swaps | NYMEX HH | 60,000 | $ | 4.24 | $ | — | $ | — | $ | — | |||||||||||||
2014 | Three-Way Collars | NYMEX HH | 230,000 | — | 2.83 | 3.75 | 4.98 | |||||||||||||||||
2015 | Swaps | NYMEX HH | 140,000 | 4.3 | — | — | — | |||||||||||||||||
2015 | Three-Way Collars | NYMEX HH | 150,000 | — | 3.58 | 4.25 | 5.04 | |||||||||||||||||
(1) | Henry Hub | |||||||||||||||||||||||
Fair Value Amounts and (Gain) Loss on Commodity Derivative Instruments The fair values of commodity derivative instruments in our consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||
Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
Commodity Derivative Instruments | Current Assets | $ | 79 | Current Assets | $ | 1 | Current Liabilities | $ | — | Current Liabilities | $ | 65 | ||||||||||||
Noncurrent Assets | 32 | Noncurrent Assets | 16 | Noncurrent Liabilities | — | Noncurrent Liabilities | 10 | |||||||||||||||||
Total | $ | 111 | $ | 17 | $ | — | $ | 75 | ||||||||||||||||
The effect of commodity derivative instruments on our consolidated statements of operations was as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | $ | (360 | ) | $ | 167 | $ | (68 | ) | $ | 99 | ||||||||||||||
Natural Gas | (25 | ) | (10 | ) | (6 | ) | (30 | ) | ||||||||||||||||
Total (Gain) Loss on Commodity Derivative Instruments | (385 | ) | 157 | (74 | ) | 69 | ||||||||||||||||||
Cash (Received) Paid in Settlement of Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | 14 | 24 | 87 | 39 | ||||||||||||||||||||
Natural Gas | (2 | ) | (14 | ) | 8 | (37 | ) | |||||||||||||||||
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments | 12 | 10 | 95 | 2 | ||||||||||||||||||||
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | (374 | ) | 143 | (155 | ) | 60 | ||||||||||||||||||
Natural Gas | (23 | ) | 4 | (14 | ) | 7 | ||||||||||||||||||
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | $ | (397 | ) | $ | 147 | $ | (169 | ) | $ | 67 | ||||||||||||||
AOCL Accumulated other comprehensive loss (AOCL) at September 30, 2014 included deferred losses of $23 million, net of tax, related to interest rate derivative instruments. This amount will be reclassified to earnings as an adjustment to interest expense over the term of our senior notes due March 2041. The amount of deferred losses (net of tax) which will be reclassified to earnings during the next 12 months, and recorded as an increase in interest expense, is de minimis. |
Debt
Debt | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt [Abstract] | ' | |||||||||||||||
Debt | ' | |||||||||||||||
Debt | ||||||||||||||||
Debt consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(millions, except percentages) | Debt | Interest Rate | Debt | Interest Rate | ||||||||||||
Credit Facility, due October 3, 2018 | $ | 900 | 1.43 | % | $ | — | — | % | ||||||||
Capital Lease and Other Obligations | 399 | — | 359 | — | ||||||||||||
5¼% Senior Notes, due April 15, 2014 (1) | — | — | 200 | 5.25 | % | |||||||||||
8¼% Senior Notes, due March 1, 2019 | 1,000 | 8.25 | % | 1,000 | 8.25 | % | ||||||||||
4.15% Senior Notes, due December 15, 2021 | 1,000 | 4.15 | % | 1,000 | 4.15 | % | ||||||||||
7¼% Senior Notes, due October 15, 2023 | 100 | 7.25 | % | 100 | 7.25 | % | ||||||||||
8% Senior Notes, due April 1, 2027 | 250 | 8 | % | 250 | 8 | % | ||||||||||
6% Senior Notes, due March 1, 2041 | 850 | 6 | % | 850 | 6 | % | ||||||||||
5¼% Senior Notes, due November 15, 2043 | 1,000 | 5.25 | % | 1,000 | 5.25 | % | ||||||||||
7¼% Senior Debentures, due August 1, 2097 | 84 | 7.25 | % | 84 | 7.25 | % | ||||||||||
Total | 5,583 | 4,843 | ||||||||||||||
Unamortized Discount | (18 | ) | (19 | ) | ||||||||||||
Total Debt, Net of Discount | 5,565 | 4,824 | ||||||||||||||
Less Amounts Due Within One Year | ||||||||||||||||
5¼% Senior Notes, due April 15, 2014, net of discount (1) | — | (200 | ) | |||||||||||||
Capital Lease Obligations | (67 | ) | (58 | ) | ||||||||||||
Long-Term Debt Due After One Year | $ | 5,498 | $ | 4,566 | ||||||||||||
(1) | We repaid the Senior Notes on their due date. | |||||||||||||||
Credit Facility Our Credit Agreement provides for a $4.0 billion unsecured revolving credit facility (Credit Facility), which is available for general corporate purposes. The Credit Facility (i) provides for facility fee rates that range from 12.5 basis points to 30 basis points per year depending upon our credit rating, (ii) includes sub-facilities for short-term loans and letters of credit up to an aggregate amount of $500 million under each sub-facility and (iii) provides for interest rates that are based upon the Eurodollar rate plus a margin that ranges from 100 basis points to 145 basis points depending upon our credit rating. | ||||||||||||||||
See Note 7. Fair Value Measurements and Disclosures for a discussion of methods and assumptions used to estimate the fair values of debt. |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements and Disclosures | ' | |||||||||||||||||||
Fair Value Measurements and Disclosures | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a recurring basis in our consolidated balance sheets. The following methods and assumptions were used to estimate the fair values: | ||||||||||||||||||||
Cash, Cash Equivalents, Accounts Receivable and Accounts Payable The carrying amounts approximate fair value due to the short-term nature or maturity of the instruments. | ||||||||||||||||||||
Mutual Fund Investments Our mutual fund investments, which primarily include assets held in a rabbi trust, consist of various publicly-traded mutual funds that include investments ranging from equities to money market instruments. The fair values are based on quoted market prices for identical assets. | ||||||||||||||||||||
Commodity Derivative Instruments Our commodity derivative instruments may include: variable to fixed price commodity swaps, two-way collars, and/or three-way collars. We estimate the fair values of these instruments based on published forward commodity price curves as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published LIBOR rates, Eurodollar futures rates and interest swap rates. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of our own nonperformance risk, each based on the current published credit default swap rates. In addition, for collars, we estimate the option values of the put options sold and the contract floors and ceilings using an option pricing model which takes into account market volatility, market prices and contract terms. See Note 5. Derivative Instruments and Hedging Activities. | ||||||||||||||||||||
Deferred Compensation Liability The value is dependent upon the fair values of mutual fund investments and shares of our common stock held in a rabbi trust. See Mutual Fund Investments above. | ||||||||||||||||||||
Measurement information for assets and liabilities that are measured at fair value on a recurring basis was as follows: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Adjustment (4) | Fair Value Measurement | ||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||
(Level 1) (1) | (Level 2) (2) | Inputs (Level 3) (3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 121 | $ | — | $ | — | $ | — | $ | 121 | ||||||||||
Commodity Derivative Instruments | — | 117 | — | (6 | ) | 111 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | — | (6 | ) | — | 6 | — | ||||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (181 | ) | — | — | — | (181 | ) | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 114 | $ | — | $ | — | $ | — | $ | 114 | ||||||||||
Commodity Derivative Instruments | — | 28 | — | (11 | ) | 17 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | — | (86 | ) | — | 11 | (75 | ) | |||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (176 | ) | — | — | — | (176 | ) | |||||||||||||
(1) | Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value. | |||||||||||||||||||
(2) | Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||
(3) | Level 3 measurements are fair value measurements which use unobservable inputs. | |||||||||||||||||||
(4) | Amount represents the impact of netting provisions within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty. | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis in our consolidated balance sheets. The following methods and assumptions were used to estimate the fair values: | ||||||||||||||||||||
Asset Impairments Information about impaired assets is as follows: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Net Book Value (1) | Total Pre-tax (Non-cash) Impairment Loss | |||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||
millions | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Impaired Oil and Gas Properties | $ | — | $ | — | $ | 9 | $ | 42 | $ | 33 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Impaired Oil and Gas Properties | — | — | 75 | 138 | 63 | |||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Impaired Oil and Gas Properties | $ | — | $ | — | $ | 23 | $ | 187 | $ | 164 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Impaired Oil and Gas Properties | — | — | 75 | 138 | 63 | |||||||||||||||
(1) Amount represents net book value at the date of assessment. | ||||||||||||||||||||
The fair value of impaired oil and gas properties was determined as of the date of the assessment using a discounted cash flow model based on management’s expectations of future crude oil and natural gas production prior to abandonment date, commodity prices based on NYMEX WTI, NYMEX Henry Hub, and Brent future price curves as of the date of the estimate, estimated operating and abandonment costs, and a risk-adjusted discount rate of 10%. First and second quarter 2014 impairments were due to increases in asset carrying values associated with increases in asset retirement obligations (ARO). ARO increases were due to higher cost and change in timing of abandonment activities. Third quarter 2014 impairments related primarily to our non-core onshore properties in the Piceance Basin, which were reclassified as assets held for sale. The assets were written down to expected proceeds less costs to sell. See Note 4. Asset Impairments. | ||||||||||||||||||||
Additional Fair Value Disclosures | ||||||||||||||||||||
Debt The fair value of public, fixed-rate debt is estimated based on the published market prices for the same or similar issues. As such, we consider the fair value of our public, fixed-rate debt to be a Level 1 measurement on the fair value hierarchy. | ||||||||||||||||||||
The carrying amount of our Credit Facility at September 30, 2014 approximates fair value because the interest rate paid on such debt is set for periods of three months or less. As such, we consider the fair values of our Credit Facility to be a Level 2 measurement on the fair value hierarchy. See Note 6. Debt. | ||||||||||||||||||||
Fair value information regarding our debt is as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||
Total Debt, Net of Unamortized Discount (1) | $ | 5,166 | $ | 5,805 | $ | 4,465 | $ | 4,959 | ||||||||||||
(1) | Excludes capital lease and other obligations. |
Capitalized_Exploratory_Well_C
Capitalized Exploratory Well Costs | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Capitalized Exploratory Well Costs [Abstract] | ' | |||||||||||||||||
Capitalized Exploratory Well Costs | ' | |||||||||||||||||
Capitalized Exploratory Well Costs | ||||||||||||||||||
We capitalize exploratory well costs until a determination is made that the well has found proved reserves or is deemed noncommercial. If a well is deemed to be noncommercial, the well costs are charged to exploration expense as dry hole cost. | ||||||||||||||||||
Changes in capitalized exploratory well costs are as follows and exclude amounts that were capitalized and subsequently expensed in the same period: | ||||||||||||||||||
(millions) | Nine Months Ended September 30, 2014 | |||||||||||||||||
Capitalized Exploratory Well Costs, Beginning of Period | $ | 1,301 | ||||||||||||||||
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves | 274 | |||||||||||||||||
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves or to Assets Held for Sale | (186 | ) | ||||||||||||||||
Capitalized Exploratory Well Costs Charged to Expense (1) | (85 | ) | ||||||||||||||||
Capitalized Exploratory Well Costs, End of Period | $ | 1,304 | ||||||||||||||||
(1) Capitalized exploratory wells costs charged to expense primarily represent the Scotia exploratory well, offshore Falkland Islands, which was determined to be non-commercial. | ||||||||||||||||||
The following table provides an aging of capitalized exploratory well costs based on the date that drilling commenced, and the number of projects that have been capitalized for a period greater than one year: | ||||||||||||||||||
(millions) | September 30, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
Exploratory Well Costs Capitalized for a Period of One Year or Less | $ | 307 | $ | 568 | ||||||||||||||
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 997 | 733 | ||||||||||||||||
Balance at End of Period | $ | 1,304 | $ | 1,301 | ||||||||||||||
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 12 | 13 | ||||||||||||||||
The following table provides a further aging of those exploratory well costs that have been capitalized for a period greater than one year since the commencement of drilling as of September 30, 2014: | ||||||||||||||||||
Suspended Since | ||||||||||||||||||
(millions) | Total | 2012 - 2013 | 2010 - 2011 | 2009 & Prior | Progress | |||||||||||||
Country/Project: | ||||||||||||||||||
Deepwater Gulf of Mexico | ||||||||||||||||||
Troubadour | $ | 44 | $ | 44 | $ | — | $ | — | Evaluating development scenarios for this 2013 natural gas discovery | |||||||||
Offshore Equatorial Guinea | ||||||||||||||||||
Diega (including Carmen) | 161 | 56 | 52 | 53 | Evaluating regional development scenarios for this 2008 crude oil discovery | |||||||||||||
Carla | 150 | 138 | 12 | — | Evaluating regional development scenarios for this 2011 crude oil discovery | |||||||||||||
Felicita | 38 | 3 | 6 | 29 | Evaluating regional development plans for this 2008 condensate and natural gas discovery | |||||||||||||
Yolanda | 19 | 2 | 3 | 14 | Evaluating regional development plans for this 2007 condensate and natural gas discovery | |||||||||||||
Offshore Cameroon | ||||||||||||||||||
YoYo | 47 | 4 | 9 | 34 | Working with the government to assess commercialization of this 2007 condensate and natural gas discovery | |||||||||||||
Offshore Israel | ||||||||||||||||||
Leviathan | 181 | 71 | 110 | — | Submitted a development plan to the Israeli government; finalizing front-end engineering and design (FEED) work; continuing marketing activities with potential natural gas customers | |||||||||||||
Leviathan-1 Deep | 77 | 50 | 27 | — | Well did not reach the target interval; developing future drilling plans to test this deep oil concept | |||||||||||||
Dalit | 26 | 4 | 2 | 20 | Submitted a development plan to the government to develop this 2009 natural gas discovery as a tie-in to existing infrastructure | |||||||||||||
Dolphin 1 | 25 | 3 | 22 | — | Reviewing regional development scenarios for this 2011 natural gas discovery | |||||||||||||
Offshore Cyprus | ||||||||||||||||||
Cyprus | 188 | 131 | 57 | — | Discussing monetization options with the Cyprus government for this 2011 natural gas discovery | |||||||||||||
Other | ||||||||||||||||||
Projects less than $20 million | 41 | 31 | 4 | 6 | Continuing to drill and evaluate wells | |||||||||||||
Total | $ | 997 | $ | 537 | $ | 304 | $ | 156 | ||||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Asset Retirement Obligations | ' | |||||||
Asset Retirement Obligations | ||||||||
ARO consists primarily of estimated costs of dismantlement, removal, site reclamation and similar activities associated with our oil and gas properties. Changes in ARO are as follows: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
(millions) | 2014 | 2013 | ||||||
Asset Retirement Obligations, Beginning Balance | $ | 586 | $ | 402 | ||||
Liabilities Incurred | 38 | 4 | ||||||
Liabilities Settled | (77 | ) | (15 | ) | ||||
Revision of Estimate | 123 | 5 | ||||||
Accretion Expense (1) | 28 | 21 | ||||||
Asset Retirement Obligations, Ending Balance | $ | 698 | $ | 417 | ||||
(1) Accretion expense is included in DD&A expense in the consolidated statements of operations. | ||||||||
For the nine months ended September 30, 2014 | ||||||||
Liabilities incurred were due to new wells and facilities and included $13 million for onshore US, $16 million for deepwater Gulf of Mexico, and $9 million for Eastern Mediterranean. | ||||||||
Liabilities settled primarily related to onshore US property abandonments and non-core, onshore US assets sold. At December 31, 2013, our non-operated North Sea fields were classified as held for sale, which included the related ARO for these fields. During 2014, we reclassified the remaining, unsold North Sea properties as held and used. The North Sea field ARO of $24 million is recorded within liabilities settled. | ||||||||
Revisions were primarily due to an increase of $67 million related to a non-operated North Sea field due to an increase in costs and a change in timing recorded during the first quarter of 2014. See Note 4. Asset Impairments. Additional revisions were due to changes in cost and timing estimates and primarily included $21 million for DJ Basin, $16 million for Equatorial Guinea, $9 million for Eastern Mediterranean, and $9 million for deepwater Gulf of Mexico. | ||||||||
For the nine months ended September 30, 2013 | ||||||||
Liabilities incurred were due to new wells and facilities for onshore development. Liabilities settled in 2013 relate primarily to non-core onshore US properties that were sold. See Note 3. Divestitures. |
Basic_and_Diluted_Earnings_Per
Basic and Diluted Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic and Diluted Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per share of common stock is computed using the weighted average number of shares of common stock outstanding during each period. The diluted earnings per share of common stock include the effect of outstanding stock options, shares of restricted stock, or shares of our common stock held in a rabbi trust (when dilutive). The following table summarizes the calculation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from Continuing Operations | $ | 419 | $ | 195 | $ | 811 | $ | 785 | ||||||||
Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1) | (8 | ) | — | — | — | |||||||||||
Income from Continuing Operations Used for Diluted Earnings Per Share Calculation | $ | 411 | $ | 195 | $ | 811 | $ | 785 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 362 | 359 | 361 | 359 | ||||||||||||
Incremental Shares from Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust | 5 | 4 | 6 | 4 | ||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 367 | 363 | 367 | 363 | ||||||||||||
Earnings from Continuing Operations Per Share, Basic | $ | 1.16 | $ | 0.54 | $ | 2.25 | $ | 2.19 | ||||||||
Earnings from Continuing Operations Per Share, Diluted | 1.12 | 0.53 | 2.21 | 2.17 | ||||||||||||
Number of Antidilutive Stock Options, Shares of Restricted Stock, and Shares of Common Stock in Rabbi Trust Excluded from Calculation Above | 2 | 4 | 3 | 5 | ||||||||||||
(1) | Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculations for the three and nine months ended September 30, 2014 exclude deferred compensation (gains) losses, net of tax. The deferred compensation loss, net of tax, excluded for the calculation of diluted earnings per share for the nine months ended September 30, 2014 was de minimis. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The income tax provision relating to continuing operations consists of the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Current | $ | 120 | $ | 53 | $ | 213 | $ | 161 | ||||||||
Deferred | 37 | 63 | 61 | 169 | ||||||||||||
Total Income Tax Provision | $ | 157 | $ | 116 | $ | 274 | $ | 330 | ||||||||
Effective Tax Rate | 27.2 | % | 37.2 | % | 25.3 | % | 29.6 | % | ||||||||
Our effective tax rate (ETR) for the three and nine months ended September 30, 2014 decreased as compared with the three and nine months ended September 30, 2013 primarily due to our ability to benefit from previously unrecognized foreign tax credits, increased earnings in our foreign jurisdictions with rates that vary from the US statutory rate, and a decrease in our Israeli oil profits tax. Additionally, in July 2013, the Israeli government increased the corporate income tax rate from 25% to 26.5%. The change increased the deferred tax expense for 2013, which resulted in a higher rate for the three months ended September 30, 2013 as compared to the same period of 2014. | ||||||||||||||||
In our major tax jurisdictions, the earliest years remaining open to examination are as follows: US – 2011, Equatorial Guinea – 2009 and Israel – 2009. | ||||||||||||||||
See Note 3. Divestitures for income taxes associated with discontinued operations. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
We have operations throughout the world and manage our operations by country. The following information is grouped into four components that are all in the business of crude oil and natural gas exploration, development, production, and acquisition: the United States; West Africa (Equatorial Guinea, Cameroon, Sierra Leone, and Gabon); Eastern Mediterranean (Israel and Cyprus); and Other International and Corporate. Other International includes the North Sea, China (through June 30, 2014), Falkland Islands, Nicaragua and new ventures. The North Sea geographical segment is included in continuing operations in 2014 and discontinued operations in 2013. Income (loss) from continuing operations before income taxes for the United States and West Africa includes gains and losses on commodity derivative instruments. | ||||||||||||||||||||
(millions) | Consolidated | United | West | Eastern | Other Int'l & | |||||||||||||||
States | Africa | Mediterranean | Corporate | |||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Revenues from Third Parties | $ | 1,228 | $ | 819 | $ | 269 | $ | 138 | $ | 2 | ||||||||||
Income from Equity Method Investees | 41 | — | 41 | — | — | |||||||||||||||
Total Revenues | 1,269 | 819 | 310 | 138 | 2 | |||||||||||||||
DD&A | 460 | 351 | 70 | 17 | 22 | |||||||||||||||
Gain on Divestitures | (30 | ) | (30 | ) | — | — | — | |||||||||||||
Asset Impairments | 33 | 33 | — | — | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 576 | 457 | 321 | 90 | (292 | ) | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Revenues from Third Parties | $ | 1,341 | $ | 810 | $ | 372 | $ | 122 | $ | 37 | ||||||||||
Income from Equity Method Investees | 53 | — | 53 | — | — | |||||||||||||||
Total Revenues | 1,394 | 810 | 425 | 122 | 37 | |||||||||||||||
DD&A | 412 | 295 | 72 | 26 | 19 | |||||||||||||||
Gain on Divestitures | — | — | — | — | — | |||||||||||||||
Asset Impairments | 63 | 16 | — | 47 | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 311 | 183 | 223 | 34 | (129 | ) | ||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Revenues from Third Parties | $ | 3,893 | $ | 2,503 | $ | 931 | $ | 363 | $ | 96 | ||||||||||
Income from Equity Method Investees | 138 | — | 138 | — | — | |||||||||||||||
Total Revenues | 4,031 | 2,503 | 1,069 | 363 | 96 | |||||||||||||||
DD&A | 1,297 | 970 | 218 | 46 | 63 | |||||||||||||||
Gain on Divestitures | (72 | ) | (36 | ) | — | — | (36 | ) | ||||||||||||
Asset Impairments | 164 | 56 | — | 14 | 94 | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,085 | 838 | 786 | 211 | (750 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Revenues from Third Parties | $ | 3,537 | $ | 2,209 | $ | 935 | $ | 274 | $ | 119 | ||||||||||
Income from Equity Method Investees | 150 | — | 150 | — | — | |||||||||||||||
Total Revenues | 3,687 | 2,209 | 1,085 | 274 | 119 | |||||||||||||||
DD&A | 1,146 | 819 | 189 | 81 | 57 | |||||||||||||||
Gain on Divestitures | (12 | ) | (12 | ) | — | — | — | |||||||||||||
Asset Impairments | 63 | 16 | — | 47 | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,115 | 746 | 722 | 93 | (446 | ) | ||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Total Assets | $ | 21,186 | $ | 15,069 | $ | 2,930 | $ | 2,855 | $ | 332 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Total Assets | 19,598 | 13,094 | 3,199 | 2,753 | 552 | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
CONSOL Carried Cost Obligation In accordance with our Marcellus Shale joint venture arrangement with a subsidiary of CONSOL Energy Inc. (CONSOL), we agreed to fund one-third of CONSOL's 50% working interest share of future drilling and completion costs, capped at $400 million each year, up to approximately $2.1 billion (CONSOL Carried Cost Obligation). | |
The CONSOL Carried Cost Obligation is suspended if average Henry Hub natural gas prices fall and remain below $4.00 per MMBtu in any three consecutive month period and remain suspended until average Henry Hub natural gas prices equal or exceed $4.00 per MMBtu for three consecutive months. Due to low natural gas prices, the CONSOL Carried Cost Obligation was suspended from the end of 2011 until February 28, 2014. We began funding a portion of CONSOL's working interest share of certain drilling and completion costs as of March 1, 2014. Based on the September 30, 2014 NYMEX Henry Hub natural gas price curve and current development plans, we forecast we will incur approximately $185 million under the CONSOL Carried Cost Obligation for the year ended December 31, 2014. | |
Marcellus Shale Firm Transportation Agreements During 2014, we signed Precedent Agreements for Firm Transportation (the Agreements) to flow 445,000 MMBtu per day of our Marcellus Shale natural gas production to various markets. The Agreements are for transportation services on new pipeline extensions to be constructed by, and connecting to, an existing third-party system. The pipeline extensions are expected to be complete and operational in 2017 and 2018. Our financial commitment totals approximately $1.2 billion, undiscounted, over a 15-year period. Final agreements are subject to various conditions, including regulatory approval of the pipeline extension projects. | |
Legal Proceedings We are involved in various legal proceedings in the ordinary course of business. These proceedings are subject to the uncertainties inherent in any litigation. We are defending ourselves vigorously in all such matters and we believe that the ultimate disposition of such proceedings will not have a material adverse effect on our financial position, results of operations or cash flows. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Basis of Presentation [Abstract] | ' | |||||||||||||||
Statement of Operations Information | ' | |||||||||||||||
Statements of Operations Information Other statements of operations information is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Production Expense | ||||||||||||||||
Lease Operating Expense | $ | 133 | $ | 137 | $ | 432 | $ | 393 | ||||||||
Production and Ad Valorem Taxes | 44 | 51 | 146 | 137 | ||||||||||||
Transportation and Gathering Expense | 40 | 33 | 119 | 89 | ||||||||||||
Total | $ | 217 | $ | 221 | $ | 697 | $ | 619 | ||||||||
Other Non-Operating (Income) Expense, Net | ||||||||||||||||
Deferred Compensation (Income) Expense (1) | $ | (12 | ) | $ | 10 | $ | — | $ | 24 | |||||||
Other (Income) Expense, Net | (1 | ) | (1 | ) | 1 | (3 | ) | |||||||||
Total | $ | (13 | ) | $ | 9 | $ | 1 | $ | 21 | |||||||
(1) | Amounts represent increases (decreases) in the fair value of shares of our common stock held in a rabbi trust. | |||||||||||||||
Balance Sheet Information Table | ' | |||||||||||||||
Balance Sheet Information Other balance sheet information is as follows: | ||||||||||||||||
(millions) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Accounts Receivable, Net | ||||||||||||||||
Commodity Sales | $ | 345 | $ | 495 | ||||||||||||
Joint Interest Billings | 310 | 382 | ||||||||||||||
Other | 101 | 81 | ||||||||||||||
Allowance for Doubtful Accounts | (16 | ) | (11 | ) | ||||||||||||
Total | $ | 740 | $ | 947 | ||||||||||||
Other Current Assets | ||||||||||||||||
Inventories, Materials and Supplies | $ | 95 | $ | 96 | ||||||||||||
Inventories, Crude Oil | 28 | 25 | ||||||||||||||
Commodity Derivative Assets | 79 | 1 | ||||||||||||||
Deferred Income Taxes, Net | 5 | 62 | ||||||||||||||
Assets Held for Sale | 98 | 292 | ||||||||||||||
Prepaid Expenses and Other Current Assets | 56 | 71 | ||||||||||||||
Total | $ | 361 | $ | 547 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||
Equity Method Investments | $ | 290 | $ | 437 | ||||||||||||
Mutual Fund Investments | 121 | 114 | ||||||||||||||
Commodity Derivative Assets | 32 | 16 | ||||||||||||||
Other Assets | 95 | 112 | ||||||||||||||
Total | $ | 538 | $ | 679 | ||||||||||||
Other Current Liabilities | ||||||||||||||||
Production and Ad Valorem Taxes | $ | 110 | $ | 103 | ||||||||||||
Commodity Derivative Liabilities | — | 65 | ||||||||||||||
Income Taxes Payable | 183 | 156 | ||||||||||||||
Asset Retirement Obligations | 155 | 39 | ||||||||||||||
Interest Payable | 56 | 63 | ||||||||||||||
Current Portion of Long Term Debt | — | 200 | ||||||||||||||
Current Portion of Capital Lease | 67 | 58 | ||||||||||||||
Liabilities Associated with Assets Held for Sale | 12 | 111 | ||||||||||||||
Other | 224 | 193 | ||||||||||||||
Total | $ | 807 | $ | 988 | ||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||
Deferred Compensation Liabilities | $ | 264 | $ | 253 | ||||||||||||
Asset Retirement Obligations | 543 | 547 | ||||||||||||||
Accrued Benefit Costs | 108 | 155 | ||||||||||||||
Commodity Derivative Liabilities | — | 10 | ||||||||||||||
Other | 139 | 144 | ||||||||||||||
Total | $ | 1,054 | $ | 1,109 | ||||||||||||
Divestitures_Tables
Divestitures (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Divestitures [Abstract] | ' | ||||||
Schedule of Disposal Groups, Gain on Asset Divestitures [Table Text Block] | ' | ||||||
Onshore US Properties During the first nine months of 2014, we sold certain non-core onshore US crude oil and natural gas properties. The information regarding the assets sold is as follows: | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
(millions) | 2014 | 2014 | |||||
Sales Proceeds | $ | 16 | $ | 126 | |||
Less | |||||||
Net Book Value of Assets Sold | — | (118 | ) | ||||
Goodwill Allocated to Assets Sold | (1 | ) | (7 | ) | |||
Asset Retirement Obligations Associated with Assets Sold | 14 | 34 | |||||
Other Closing Adjustments | 1 | 2 | |||||
Gain on Divestitures | $ | 30 | $ | 37 | |||
On October 23, 2014, we closed the sale of our non-core onshore US properties in the Piceance Basin of western Colorado, with net proceeds of $9 million. These properties were reclassified as held for sale at September 30, 2014, and written down to expected proceeds less costs to sell which resulted in an impairment charge of $31 million. See Note 4. Asset Impairments and Note 7. Fair Value Measurements and Disclosures. | |||||||
In October 2014, we signed a purchase and sale agreement related to certain of our properties located on the western side of the DJ Basin, outside of our core DJ Basin operating area. The sale is expected to close in late 2014, with net proceeds of approximately $145 million. | |||||||
China On June 30, 2014, we closed the sale of our China assets. The information regarding the China assets sold is as follows: | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
(millions) | 2014 | ||||||
Sales Proceeds | $ | 186 | |||||
Less | |||||||
Net Book Value of Assets Sold | (149 | ) | |||||
Other Closing Adjustments | (2 | ) | |||||
Gain on Divestiture | 35 | ||||||
Discontinued Operations Balance Sheet and Income Statement Disclosures [Table Text Block] | ' | ||||||
Summarized results of discontinued operations are as follows: | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
(millions) | 2013 | ||||||
Oil and Gas Sales | $ | 32 | |||||
Income Before Income Taxes | 10 | ||||||
Income Tax Expense | 7 | ||||||
Operating Loss, Net of Tax | 3 | ||||||
Gain on Sale, Net of Tax | 55 | ||||||
Discontinued Operations, Net of Tax | $ | 58 | |||||
Asset_Impairments_Tables
Asset Impairments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Asset Impairments [Abstract] | ' | |||||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | |||||||||||||||
Pre-tax (non-cash) asset impairment charges were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Deepwater Gulf of Mexico (US Properties) | $ | 2 | $ | 16 | $ | 25 | $ | 16 | ||||||||
Piceance Basin (US Properties) | 31 | — | 31 | — | ||||||||||||
Mari-B (Offshore Israel) | — | 47 | 14 | 47 | ||||||||||||
McCulloch and Other North Sea Properties | — | — | 94 | — | ||||||||||||
Total | $ | 33 | $ | 63 | $ | 164 | $ | 63 | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Unsettled Derivative Instruments | ' | |||||||||||||||||||||||
Unsettled Commodity Derivative Instruments As of September 30, 2014, we had entered into the following crude oil derivative instruments: | ||||||||||||||||||||||||
Swaps | Collars | |||||||||||||||||||||||
Settlement | Type of Contract | Index (1) | Bbls Per | Weighted | Weighted | Weighted | Weighted | |||||||||||||||||
Period | Day | Average | Average | Average | Average | |||||||||||||||||||
Fixed | Short Put | Floor | Ceiling | |||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||
Instruments Entered Into as of September 30, 2014 | ||||||||||||||||||||||||
2014 | Swaps | NYMEX WTI | 37,000 | $ | 92.67 | $ | — | $ | — | $ | — | |||||||||||||
2014 | Swaps | Dated Brent | 13,000 | 103.21 | — | — | — | |||||||||||||||||
2014 | Three-Way Collars | NYMEX WTI | 12,000 | — | 75.67 | 90.67 | 100.88 | |||||||||||||||||
2014 | Three-Way Collars | Dated Brent | 8,000 | — | 84.38 | 98.25 | 121.56 | |||||||||||||||||
2015 | Swaps | NYMEX WTI | 27,000 | 88.8 | — | — | — | |||||||||||||||||
2015 | Swaps | Dated Brent | 8,000 | 100.31 | — | — | — | |||||||||||||||||
2015 | Three-Way Collars | NYMEX WTI | 20,000 | — | 70.5 | 87.55 | 94.41 | |||||||||||||||||
2015 | Three-Way Collars | Dated Brent | 13,000 | — | 76.92 | 96 | 108.49 | |||||||||||||||||
2016 | Swaps | NYMEX WTI | 6,000 | 87.95 | — | — | — | |||||||||||||||||
2016 | Swaps | Dated Brent | 9,000 | 97.96 | — | — | — | |||||||||||||||||
2016 | Three-Way Collars | NYMEX WTI | 3,000 | — | 72 | 85 | 94.82 | |||||||||||||||||
2016 | Three-Way Collars | Dated Brent | 6,000 | — | 80 | 95 | 105.87 | |||||||||||||||||
(1) | West Texas Intermediate | |||||||||||||||||||||||
As of September 30, 2014, we had entered into the following natural gas derivative instruments: | ||||||||||||||||||||||||
Swaps | Collars | |||||||||||||||||||||||
Settlement | Type of Contract | Index (1) | MMBtu | Weighted | Weighted | Weighted | Weighted | |||||||||||||||||
Period | Per Day | Average | Average | Average | Average | |||||||||||||||||||
Fixed | Short Put | Floor | Ceiling | |||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||
Instruments Entered Into as of September 30, 2014 | ||||||||||||||||||||||||
2014 | Swaps | NYMEX HH | 60,000 | $ | 4.24 | $ | — | $ | — | $ | — | |||||||||||||
2014 | Three-Way Collars | NYMEX HH | 230,000 | — | 2.83 | 3.75 | 4.98 | |||||||||||||||||
2015 | Swaps | NYMEX HH | 140,000 | 4.3 | — | — | — | |||||||||||||||||
2015 | Three-Way Collars | NYMEX HH | 150,000 | — | 3.58 | 4.25 | 5.04 | |||||||||||||||||
(1) | Henry Hub | |||||||||||||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||||||||||
Fair Value Amounts and (Gain) Loss on Commodity Derivative Instruments The fair values of commodity derivative instruments in our consolidated balance sheets were as follows: | ||||||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||
Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | Balance Sheet Location | Fair | Balance Sheet Location | Fair | Balance Sheet Location | Fair | Balance Sheet Location | Fair | ||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
Commodity Derivative Instruments | Current Assets | $ | 79 | Current Assets | $ | 1 | Current Liabilities | $ | — | Current Liabilities | $ | 65 | ||||||||||||
Noncurrent Assets | 32 | Noncurrent Assets | 16 | Noncurrent Liabilities | — | Noncurrent Liabilities | 10 | |||||||||||||||||
Total | $ | 111 | $ | 17 | $ | — | $ | 75 | ||||||||||||||||
Derivative Instruments, (Gain) Loss | ' | |||||||||||||||||||||||
The effect of commodity derivative instruments on our consolidated statements of operations was as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | $ | (360 | ) | $ | 167 | $ | (68 | ) | $ | 99 | ||||||||||||||
Natural Gas | (25 | ) | (10 | ) | (6 | ) | (30 | ) | ||||||||||||||||
Total (Gain) Loss on Commodity Derivative Instruments | (385 | ) | 157 | (74 | ) | 69 | ||||||||||||||||||
Cash (Received) Paid in Settlement of Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | 14 | 24 | 87 | 39 | ||||||||||||||||||||
Natural Gas | (2 | ) | (14 | ) | 8 | (37 | ) | |||||||||||||||||
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments | 12 | 10 | 95 | 2 | ||||||||||||||||||||
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | ||||||||||||||||||||||||
Crude Oil | (374 | ) | 143 | (155 | ) | 60 | ||||||||||||||||||
Natural Gas | (23 | ) | 4 | (14 | ) | 7 | ||||||||||||||||||
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | $ | (397 | ) | $ | 147 | $ | (169 | ) | $ | 67 | ||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt [Abstract] | ' | |||||||||||||||
Debt | ' | |||||||||||||||
Debt consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(millions, except percentages) | Debt | Interest Rate | Debt | Interest Rate | ||||||||||||
Credit Facility, due October 3, 2018 | $ | 900 | 1.43 | % | $ | — | — | % | ||||||||
Capital Lease and Other Obligations | 399 | — | 359 | — | ||||||||||||
5¼% Senior Notes, due April 15, 2014 (1) | — | — | 200 | 5.25 | % | |||||||||||
8¼% Senior Notes, due March 1, 2019 | 1,000 | 8.25 | % | 1,000 | 8.25 | % | ||||||||||
4.15% Senior Notes, due December 15, 2021 | 1,000 | 4.15 | % | 1,000 | 4.15 | % | ||||||||||
7¼% Senior Notes, due October 15, 2023 | 100 | 7.25 | % | 100 | 7.25 | % | ||||||||||
8% Senior Notes, due April 1, 2027 | 250 | 8 | % | 250 | 8 | % | ||||||||||
6% Senior Notes, due March 1, 2041 | 850 | 6 | % | 850 | 6 | % | ||||||||||
5¼% Senior Notes, due November 15, 2043 | 1,000 | 5.25 | % | 1,000 | 5.25 | % | ||||||||||
7¼% Senior Debentures, due August 1, 2097 | 84 | 7.25 | % | 84 | 7.25 | % | ||||||||||
Total | 5,583 | 4,843 | ||||||||||||||
Unamortized Discount | (18 | ) | (19 | ) | ||||||||||||
Total Debt, Net of Discount | 5,565 | 4,824 | ||||||||||||||
Less Amounts Due Within One Year | ||||||||||||||||
5¼% Senior Notes, due April 15, 2014, net of discount (1) | — | (200 | ) | |||||||||||||
Capital Lease Obligations | (67 | ) | (58 | ) | ||||||||||||
Long-Term Debt Due After One Year | $ | 5,498 | $ | 4,566 | ||||||||||||
(1) | We repaid the Senior Notes on their due date. |
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||
Measurement information for assets and liabilities that are measured at fair value on a recurring basis was as follows: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Adjustment (4) | Fair Value Measurement | ||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||
(Level 1) (1) | (Level 2) (2) | Inputs (Level 3) (3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 121 | $ | — | $ | — | $ | — | $ | 121 | ||||||||||
Commodity Derivative Instruments | — | 117 | — | (6 | ) | 111 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | — | (6 | ) | — | 6 | — | ||||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (181 | ) | — | — | — | (181 | ) | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 114 | $ | — | $ | — | $ | — | $ | 114 | ||||||||||
Commodity Derivative Instruments | — | 28 | — | (11 | ) | 17 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | — | (86 | ) | — | 11 | (75 | ) | |||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (176 | ) | — | — | — | (176 | ) | |||||||||||||
(1) | Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value. | |||||||||||||||||||
(2) | Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||
(3) | Level 3 measurements are fair value measurements which use unobservable inputs. | |||||||||||||||||||
(4) | Amount represents the impact of netting provisions within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty. | |||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||||||
Asset Impairments Information about impaired assets is as follows: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Net Book Value (1) | Total Pre-tax (Non-cash) Impairment Loss | |||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||
millions | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Impaired Oil and Gas Properties | $ | — | $ | — | $ | 9 | $ | 42 | $ | 33 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Impaired Oil and Gas Properties | — | — | 75 | 138 | 63 | |||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Impaired Oil and Gas Properties | $ | — | $ | — | $ | 23 | $ | 187 | $ | 164 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Impaired Oil and Gas Properties | — | — | 75 | 138 | 63 | |||||||||||||||
(1) Amount represents net book value at the date of assessment. | ||||||||||||||||||||
Additional fair value disclosures | ' | |||||||||||||||||||
Fair value information regarding our debt is as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||
Total Debt, Net of Unamortized Discount (1) | $ | 5,166 | $ | 5,805 | $ | 4,465 | $ | 4,959 | ||||||||||||
(1) | Excludes capital lease and other obligations. |
Capitalized_Exploratory_Well_C1
Capitalized Exploratory Well Costs (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Capitalized Exploratory Well Costs [Abstract] | ' | |||||||||||||||||
Changes in Capitalized Exploratory Well Costs | ' | |||||||||||||||||
Changes in capitalized exploratory well costs are as follows and exclude amounts that were capitalized and subsequently expensed in the same period: | ||||||||||||||||||
(millions) | Nine Months Ended September 30, 2014 | |||||||||||||||||
Capitalized Exploratory Well Costs, Beginning of Period | $ | 1,301 | ||||||||||||||||
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves | 274 | |||||||||||||||||
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves or to Assets Held for Sale | (186 | ) | ||||||||||||||||
Capitalized Exploratory Well Costs Charged to Expense (1) | (85 | ) | ||||||||||||||||
Capitalized Exploratory Well Costs, End of Period | $ | 1,304 | ||||||||||||||||
(1) Capitalized exploratory wells costs charged to expense primarily represent the Scotia exploratory well, offshore Falkland Islands, which was determined to be non-commercial. | ||||||||||||||||||
Aging of Capitalized Well Costs | ' | |||||||||||||||||
The following table provides an aging of capitalized exploratory well costs based on the date that drilling commenced, and the number of projects that have been capitalized for a period greater than one year: | ||||||||||||||||||
(millions) | September 30, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
Exploratory Well Costs Capitalized for a Period of One Year or Less | $ | 307 | $ | 568 | ||||||||||||||
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 997 | 733 | ||||||||||||||||
Balance at End of Period | $ | 1,304 | $ | 1,301 | ||||||||||||||
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 12 | 13 | ||||||||||||||||
Aging of Exploratory Well Costs | ' | |||||||||||||||||
The following table provides a further aging of those exploratory well costs that have been capitalized for a period greater than one year since the commencement of drilling as of September 30, 2014: | ||||||||||||||||||
Suspended Since | ||||||||||||||||||
(millions) | Total | 2012 - 2013 | 2010 - 2011 | 2009 & Prior | Progress | |||||||||||||
Country/Project: | ||||||||||||||||||
Deepwater Gulf of Mexico | ||||||||||||||||||
Troubadour | $ | 44 | $ | 44 | $ | — | $ | — | Evaluating development scenarios for this 2013 natural gas discovery | |||||||||
Offshore Equatorial Guinea | ||||||||||||||||||
Diega (including Carmen) | 161 | 56 | 52 | 53 | Evaluating regional development scenarios for this 2008 crude oil discovery | |||||||||||||
Carla | 150 | 138 | 12 | — | Evaluating regional development scenarios for this 2011 crude oil discovery | |||||||||||||
Felicita | 38 | 3 | 6 | 29 | Evaluating regional development plans for this 2008 condensate and natural gas discovery | |||||||||||||
Yolanda | 19 | 2 | 3 | 14 | Evaluating regional development plans for this 2007 condensate and natural gas discovery | |||||||||||||
Offshore Cameroon | ||||||||||||||||||
YoYo | 47 | 4 | 9 | 34 | Working with the government to assess commercialization of this 2007 condensate and natural gas discovery | |||||||||||||
Offshore Israel | ||||||||||||||||||
Leviathan | 181 | 71 | 110 | — | Submitted a development plan to the Israeli government; finalizing front-end engineering and design (FEED) work; continuing marketing activities with potential natural gas customers | |||||||||||||
Leviathan-1 Deep | 77 | 50 | 27 | — | Well did not reach the target interval; developing future drilling plans to test this deep oil concept | |||||||||||||
Dalit | 26 | 4 | 2 | 20 | Submitted a development plan to the government to develop this 2009 natural gas discovery as a tie-in to existing infrastructure | |||||||||||||
Dolphin 1 | 25 | 3 | 22 | — | Reviewing regional development scenarios for this 2011 natural gas discovery | |||||||||||||
Offshore Cyprus | ||||||||||||||||||
Cyprus | 188 | 131 | 57 | — | Discussing monetization options with the Cyprus government for this 2011 natural gas discovery | |||||||||||||
Other | ||||||||||||||||||
Projects less than $20 million | 41 | 31 | 4 | 6 | Continuing to drill and evaluate wells | |||||||||||||
Total | $ | 997 | $ | 537 | $ | 304 | $ | 156 | ||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Changes in Asset Retirement Obligations | ' | |||||||
Changes in ARO are as follows: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
(millions) | 2014 | 2013 | ||||||
Asset Retirement Obligations, Beginning Balance | $ | 586 | $ | 402 | ||||
Liabilities Incurred | 38 | 4 | ||||||
Liabilities Settled | (77 | ) | (15 | ) | ||||
Revision of Estimate | 123 | 5 | ||||||
Accretion Expense (1) | 28 | 21 | ||||||
Asset Retirement Obligations, Ending Balance | $ | 698 | $ | 417 | ||||
(1) Accretion expense is included in DD&A expense in the consolidated statements of operations. |
Basic_and_Diluted_Earnings_Per1
Basic and Diluted Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table summarizes the calculation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from Continuing Operations | $ | 419 | $ | 195 | $ | 811 | $ | 785 | ||||||||
Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1) | (8 | ) | — | — | — | |||||||||||
Income from Continuing Operations Used for Diluted Earnings Per Share Calculation | $ | 411 | $ | 195 | $ | 811 | $ | 785 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 362 | 359 | 361 | 359 | ||||||||||||
Incremental Shares from Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust | 5 | 4 | 6 | 4 | ||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 367 | 363 | 367 | 363 | ||||||||||||
Earnings from Continuing Operations Per Share, Basic | $ | 1.16 | $ | 0.54 | $ | 2.25 | $ | 2.19 | ||||||||
Earnings from Continuing Operations Per Share, Diluted | 1.12 | 0.53 | 2.21 | 2.17 | ||||||||||||
Number of Antidilutive Stock Options, Shares of Restricted Stock, and Shares of Common Stock in Rabbi Trust Excluded from Calculation Above | 2 | 4 | 3 | 5 | ||||||||||||
(1) | Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculations for the three and nine months ended September 30, 2014 exclude deferred compensation (gains) losses, net of tax. The deferred compensation loss, net of tax, excluded for the calculation of diluted earnings per share for the nine months ended September 30, 2014 was de minimis. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Tax Provision (Benefit) | ' | |||||||||||||||
The income tax provision relating to continuing operations consists of the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Current | $ | 120 | $ | 53 | $ | 213 | $ | 161 | ||||||||
Deferred | 37 | 63 | 61 | 169 | ||||||||||||
Total Income Tax Provision | $ | 157 | $ | 116 | $ | 274 | $ | 330 | ||||||||
Effective Tax Rate | 27.2 | % | 37.2 | % | 25.3 | % | 29.6 | % | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
We have operations throughout the world and manage our operations by country. The following information is grouped into four components that are all in the business of crude oil and natural gas exploration, development, production, and acquisition: the United States; West Africa (Equatorial Guinea, Cameroon, Sierra Leone, and Gabon); Eastern Mediterranean (Israel and Cyprus); and Other International and Corporate. Other International includes the North Sea, China (through June 30, 2014), Falkland Islands, Nicaragua and new ventures. The North Sea geographical segment is included in continuing operations in 2014 and discontinued operations in 2013. Income (loss) from continuing operations before income taxes for the United States and West Africa includes gains and losses on commodity derivative instruments. | ||||||||||||||||||||
(millions) | Consolidated | United | West | Eastern | Other Int'l & | |||||||||||||||
States | Africa | Mediterranean | Corporate | |||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Revenues from Third Parties | $ | 1,228 | $ | 819 | $ | 269 | $ | 138 | $ | 2 | ||||||||||
Income from Equity Method Investees | 41 | — | 41 | — | — | |||||||||||||||
Total Revenues | 1,269 | 819 | 310 | 138 | 2 | |||||||||||||||
DD&A | 460 | 351 | 70 | 17 | 22 | |||||||||||||||
Gain on Divestitures | (30 | ) | (30 | ) | — | — | — | |||||||||||||
Asset Impairments | 33 | 33 | — | — | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 576 | 457 | 321 | 90 | (292 | ) | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Revenues from Third Parties | $ | 1,341 | $ | 810 | $ | 372 | $ | 122 | $ | 37 | ||||||||||
Income from Equity Method Investees | 53 | — | 53 | — | — | |||||||||||||||
Total Revenues | 1,394 | 810 | 425 | 122 | 37 | |||||||||||||||
DD&A | 412 | 295 | 72 | 26 | 19 | |||||||||||||||
Gain on Divestitures | — | — | — | — | — | |||||||||||||||
Asset Impairments | 63 | 16 | — | 47 | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 311 | 183 | 223 | 34 | (129 | ) | ||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
Revenues from Third Parties | $ | 3,893 | $ | 2,503 | $ | 931 | $ | 363 | $ | 96 | ||||||||||
Income from Equity Method Investees | 138 | — | 138 | — | — | |||||||||||||||
Total Revenues | 4,031 | 2,503 | 1,069 | 363 | 96 | |||||||||||||||
DD&A | 1,297 | 970 | 218 | 46 | 63 | |||||||||||||||
Gain on Divestitures | (72 | ) | (36 | ) | — | — | (36 | ) | ||||||||||||
Asset Impairments | 164 | 56 | — | 14 | 94 | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,085 | 838 | 786 | 211 | (750 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Revenues from Third Parties | $ | 3,537 | $ | 2,209 | $ | 935 | $ | 274 | $ | 119 | ||||||||||
Income from Equity Method Investees | 150 | — | 150 | — | — | |||||||||||||||
Total Revenues | 3,687 | 2,209 | 1,085 | 274 | 119 | |||||||||||||||
DD&A | 1,146 | 819 | 189 | 81 | 57 | |||||||||||||||
Gain on Divestitures | (12 | ) | (12 | ) | — | — | — | |||||||||||||
Asset Impairments | 63 | 16 | — | 47 | — | |||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,115 | 746 | 722 | 93 | (446 | ) | ||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Total Assets | $ | 21,186 | $ | 15,069 | $ | 2,930 | $ | 2,855 | $ | 332 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
Total Assets | 19,598 | 13,094 | 3,199 | 2,753 | 552 | |||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Basis of Presentation [Abstract] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 32.10% | 32.10% | ' |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | ' | $204 | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 48 | ' | ' |
Distribution from Equity Method Investee | ' | ' | $156 | $0 |
Stock Split Conversion Ratio | 2 | ' | ' | ' |
Basis_of_Presentation_Details_
Basis of Presentation (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Production Expense | ' | ' | ' | ' | ' | ||||
Lease Operating Expense | $133 | $137 | $432 | $393 | ' | ||||
Production and Ad Valorem Taxes | 44 | 51 | 146 | 137 | ' | ||||
Transportation and Gathering Expense | 40 | 33 | 119 | 89 | ' | ||||
Total | 217 | 221 | 697 | 619 | ' | ||||
Other Non-Operating (Income) Expense, Net | ' | ' | ' | ' | ' | ||||
Deferred Compensation (Income) Expense | -12 | [1] | 10 | [1] | 0 | [1] | 24 | [1] | ' |
Other (Income) Expense, Net | -1 | -1 | 1 | -3 | ' | ||||
Total | -13 | 9 | 1 | 21 | ' | ||||
Accounts Receivable, Net | ' | ' | ' | ' | ' | ||||
Commodity Sales | 345 | ' | 345 | ' | 495 | ||||
Joint Interest Billings | 310 | ' | 310 | ' | 382 | ||||
Other | 101 | ' | 101 | ' | 81 | ||||
Allowance for Doubtful Accounts | -16 | ' | -16 | ' | -11 | ||||
Total | 740 | ' | 740 | ' | 947 | ||||
Other Current Assets | ' | ' | ' | ' | ' | ||||
Inventories, Materials and Supplies | 95 | ' | 95 | ' | 96 | ||||
Inventories, Crude Oil | 28 | ' | 28 | ' | 25 | ||||
Commodity Derivative Assets | 79 | ' | 79 | ' | 1 | ||||
Deferred Income Taxes, Net | 5 | ' | 5 | ' | 62 | ||||
Assets Held-for-Sale | 98 | ' | 98 | ' | 292 | ||||
Prepaid Expenses and Other Current Assets | 56 | ' | 56 | ' | 71 | ||||
Total | 361 | ' | 361 | ' | 547 | ||||
Other Noncurrent Assets | ' | ' | ' | ' | ' | ||||
Equity Method Investments | 290 | ' | 290 | ' | 437 | ||||
Mutual Fund Investments | 121 | ' | 121 | ' | 114 | ||||
Commodity Derivative Assets | 32 | ' | 32 | ' | 16 | ||||
Other Assets | 95 | ' | 95 | ' | 112 | ||||
Total | 538 | ' | 538 | ' | 679 | ||||
Other Current Liabilities | ' | ' | ' | ' | ' | ||||
Production and Ad Valorem Taxes | 110 | ' | 110 | ' | 103 | ||||
Commodity Derivative Liabilities | 0 | ' | 0 | ' | 65 | ||||
Income Taxes Payable | 183 | ' | 183 | ' | 156 | ||||
Asset Retirement Obligations | 155 | ' | 155 | ' | 39 | ||||
Interest Payable | 56 | ' | 56 | ' | 63 | ||||
Current Portion of Long Term Debt | 0 | ' | 0 | ' | 200 | ||||
Current Portion of Capital Lease | 67 | ' | 67 | ' | 58 | ||||
Liabilities Associated with Assets Held for Sale | 12 | ' | 12 | ' | 111 | ||||
Other | 224 | ' | 224 | ' | 193 | ||||
Total | 807 | ' | 807 | ' | 988 | ||||
Other Noncurrent Liabilities | ' | ' | ' | ' | ' | ||||
Deferred Compensation Liabilities | 264 | ' | 264 | ' | 253 | ||||
Asset Retirement Obligations | 543 | ' | 543 | ' | 547 | ||||
Accrued Benefit Costs | 108 | ' | 108 | ' | 155 | ||||
Commodity Derivative Liabilities | 0 | ' | 0 | ' | 10 | ||||
Other | 139 | ' | 139 | ' | 144 | ||||
Total | $1,054 | ' | $1,054 | ' | $1,109 | ||||
[1] | Amounts represent increases (decreases) in the fair value of shares of our common stock held in a rabbi trust. |
Divestitures_Details
Divestitures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Piceance (Onshore US) [Member] | US Onshore Assets Sold [Member] | US Onshore Assets Sold [Member] | DJ Basin (Onshore US) [Member] | China Assets Sold [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Proceeds | ' | ' | $312 | $119 | $9 | $16 | $126 | $145 | $186 |
Net Book Value of Assets Sold | ' | ' | ' | ' | ' | 0 | -118 | ' | 149 |
Goodwill Allocated to Assets Sold | ' | ' | ' | ' | ' | -1 | -7 | ' | ' |
Asset Retirement Obligations Associated with Assets Sold | ' | ' | 77 | 15 | ' | 14 | 34 | ' | ' |
Other Closing Adjustments | ' | ' | ' | ' | ' | -1 | 2 | ' | 2 |
Gain on Divestitures | 30 | 0 | 72 | 12 | ' | 30 | 37 | ' | 35 |
Asset Impairments | $33 | $63 | $164 | $63 | $31 | ' | ' | ' | ' |
Divestitures_Divestitures2_Det
Divestitures Divestitures2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales Proceeds | ' | ' | $312 | $119 |
Discontinued Operations, Net of Tax | 0 | 10 | 0 | 58 |
North Sea Assets [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales Proceeds | ' | ' | ' | 54 |
Oil and Gas Sales | ' | ' | ' | 32 |
Income Before Income Taxes | ' | ' | ' | 10 |
Income Tax Expense | ' | ' | ' | 7 |
Operating Loss, Net of Tax | ' | ' | ' | 3 |
Gain on Sale, Net of Tax | ' | ' | ' | 55 |
Discontinued Operations, Net of Tax | ' | ' | ' | $58 |
Asset_Impairments_Details
Asset Impairments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Asset Impairments | $33 | $63 | $164 | $63 |
Deepwater Gulf of Mexico (US Properties) [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Asset Impairments | 2 | 16 | 25 | 16 |
Piceance (Onshore US) [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Asset Impairments | 31 | 0 | 31 | 0 |
Mari-B (Offshore Israel) | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Asset Impairments | 0 | 47 | 14 | 47 |
McCulloch and Other North Sea Properties [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Asset Impairments | $0 | $0 | $94 | $0 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) | 9 Months Ended | |
Sep. 30, 2014 | ||
Crude Oil Commodity Contract | Swaps - NYMEX WTI 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 37,000 | |
Weighted Average Fixed Price | 92.67 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Swaps - Dated Brent 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'Dated Brent | |
Volume Per Day | 13,000 | |
Weighted Average Fixed Price | 103.21 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Three Way Collars - NYMEX WTI 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 12,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 75.67 | |
Weighted Average Floor Price | 90.67 | |
Weighted Average Ceiling Price | 100.88 | |
Crude Oil Commodity Contract | Three Way Collars - Dated Brent 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'Dated Brent | |
Volume Per Day | 8,000 | |
Weighted Average Fixed Price | 0 | |
Weighted Average Short Put Price | 84.38 | |
Weighted Average Floor Price | 98.25 | |
Weighted Average Ceiling Price | 121.56 | |
Crude Oil Commodity Contract | Swaps - NYMEX WTI 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 27,000 | |
Weighted Average Fixed Price | 88.8 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Swaps - Dated Brent 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'Dated Brent | |
Volume Per Day | 8,000 | |
Weighted Average Fixed Price | 100.31 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Three Way Collars - NYMEX WTI 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 20,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 70.5 | |
Weighted Average Floor Price | 87.55 | |
Weighted Average Ceiling Price | 94.41 | |
Crude Oil Commodity Contract | Three Way Collars - Dated Brent 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'Dated Brent | |
Volume Per Day | 13,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 76.92 | |
Weighted Average Floor Price | 96 | |
Weighted Average Ceiling Price | 108.49 | |
Crude Oil Commodity Contract | Swaps - NYMEX WTI 2016 [Member] | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2016 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 6,000 | |
Weighted Average Fixed Price | 87.95 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Swaps - Dated Brent 2016 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2016 | |
Index | 'Dated Brent | |
Volume Per Day | 9,000 | |
Weighted Average Fixed Price | 97.96 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Crude Oil Commodity Contract | Three Way Collars - NYMEX WTI 2016 [Member] | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2016 | |
Index | 'NYMEX WTI | [1] |
Volume Per Day | 3,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 72 | |
Weighted Average Floor Price | 85 | |
Weighted Average Ceiling Price | 94.82 | |
Crude Oil Commodity Contract | Three Way Collars - Dated Brent 2016 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2016 | |
Index | 'Dated Brent | |
Volume Per Day | 6,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 80 | |
Weighted Average Floor Price | 95 | |
Weighted Average Ceiling Price | 105.87 | |
Natural Gas Commodity Contract | Swaps - NYMEX HH 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'NYMEX HH | [2] |
Volume Per Day | 60,000 | |
Weighted Average Fixed Price | 4.24 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Natural Gas Commodity Contract | Three Way Collar - NYMEX HH 2014 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2014 | |
Index | 'NYMEX HH | [2] |
Volume Per Day | 230,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 2.83 | |
Weighted Average Floor Price | 3.75 | |
Weighted Average Ceiling Price | 4.98 | |
Natural Gas Commodity Contract | Swaps - NYMEX HH 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'NYMEX HH | [2] |
Volume Per Day | 140,000 | |
Weighted Average Fixed Price | 4.3 | |
Weighted Average Short Put Price | ' | |
Weighted Average Floor Price | ' | |
Weighted Average Ceiling Price | ' | |
Natural Gas Commodity Contract | Three Way Collars - NYMEX HH 2015 | ' | |
Derivative [Line Items] | ' | |
Settlement Period | '2015 | |
Index | 'NYMEX HH | [2] |
Volume Per Day | 150,000 | |
Weighted Average Fixed Price | ' | |
Weighted Average Short Put Price | 3.58 | |
Weighted Average Floor Price | 4.25 | |
Weighted Average Ceiling Price | 5.04 | |
[1] | West Texas Intermediate | |
[2] | Henry Hub |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value | $111 | ' | $111 | ' | $17 |
Derivative Liability, Fair Value | 0 | ' | 0 | ' | 75 |
(Gain) Loss on Commodity Derivative Instruments | -385 | 157 | -74 | 69 | ' |
Cash (Received) Paid in Settlement of Commodity Derivative Instruments | 12 | 10 | 95 | 2 | ' |
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | -397 | 147 | -169 | 67 | ' |
AOCL amount, net of tax, to be reclassified to interest expense over life of debt | ' | ' | -23 | ' | ' |
Current Assets | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value | 79 | ' | 79 | ' | 1 |
Current Liabilities | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value | 0 | ' | 0 | ' | 65 |
Noncurrent Assets | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value | 32 | ' | 32 | ' | 16 |
Noncurrent Liabilities | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value | 0 | ' | 0 | ' | 10 |
Crude Oil [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
(Gain) Loss on Commodity Derivative Instruments | -360 | 167 | -68 | 99 | ' |
Cash (Received) Paid in Settlement of Commodity Derivative Instruments | 14 | 24 | 87 | 39 | ' |
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | -374 | 143 | -155 | 60 | ' |
Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
(Gain) Loss on Commodity Derivative Instruments | -25 | -10 | -6 | -30 | ' |
Cash (Received) Paid in Settlement of Commodity Derivative Instruments | 2 | -14 | 8 | -37 | ' |
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments | ($23) | $4 | ($14) | $7 | ' |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Oct. 03, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | $5,583,000,000 | $4,843,000,000 | ' | |
Unamortized Discount | -18,000,000 | -19,000,000 | ' | |
Total Debt, Net of Discount | 5,565,000,000 | 4,824,000,000 | ' | |
Current Portion of Long Term Debt, net of discount | 0 | -200,000,000 | ' | |
Capital Lease Obligations, Current | -67,000,000 | -58,000,000 | ' | |
Long-term Debt Due After One Year | 5,498,000,000 | 4,566,000,000 | ' | |
Credit Facility due October 3, 2018 [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 900,000,000 | 0 | ' | |
Interest Rate (percentage in hundredths) | 1.43% | 0.00% | ' | |
Debt instrument, maturity date | 3-Oct-18 | 3-Oct-18 | ' | |
Revolving Credit Facility Maximum Borrowing Capacity | 4,000,000,000 | ' | ' | |
Credit facility fee rate basis points, minimum | ' | ' | 0.13% | |
Credit facility fee rate basis points, maximum | ' | ' | 0.30% | |
Credit facility aggregate short-term loans and letters of credit, maximum | 500,000,000 | ' | ' | |
Credit facility interest rate, Eurodollar rate plus, minimum | ' | ' | 1.00% | |
Credit facility interest rate, Eurodollar rate plus, maximum | ' | ' | 1.45% | |
Capital Lease and Other Obligations | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 399,000,000 | 359,000,000 | ' | |
Interest Rate (percentage in hundredths) | 0.00% | 0.00% | ' | |
Capital Lease Obligations, Current | -67,000,000 | -58,000,000 | ' | |
5¼% Senior Notes, due April 15, 2014 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 0 | [1] | 200,000,000 | ' |
Interest Rate (percentage in hundredths) | 0.00% | [1] | 5.25% | ' |
Debt instrument, maturity date | 15-Apr-14 | 15-Apr-14 | ' | |
Current Portion of Long Term Debt, net of discount | 0 | [1] | -200,000,000 | ' |
8¼% Senior Notes, due March 1, 2019 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 1,000,000,000 | 1,000,000,000 | ' | |
Interest Rate (percentage in hundredths) | 8.25% | 8.25% | ' | |
Debt instrument, maturity date | 1-Mar-19 | 1-Mar-19 | ' | |
4.15% Senior Notes, due December 15, 2021 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 1,000,000,000 | 1,000,000,000 | ' | |
Interest Rate (percentage in hundredths) | 4.15% | 4.15% | ' | |
Debt instrument, maturity date | 15-Dec-21 | 15-Dec-21 | ' | |
7¼% Senior Notes, due October 15, 2023 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 100,000,000 | 100,000,000 | ' | |
Interest Rate (percentage in hundredths) | 7.25% | 7.25% | ' | |
Debt instrument, maturity date | 15-Oct-23 | 15-Oct-23 | ' | |
8% Senior Notes, due April 1, 2027 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 250,000,000 | 250,000,000 | ' | |
Interest Rate (percentage in hundredths) | 8.00% | 8.00% | ' | |
Debt instrument, maturity date | 1-Apr-27 | 1-Apr-27 | ' | |
6% Senior Notes, due March 1, 2041 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 850,000,000 | 850,000,000 | ' | |
Interest Rate (percentage in hundredths) | 6.00% | 6.00% | ' | |
Debt instrument, maturity date | 1-Mar-41 | 1-Mar-41 | ' | |
5¼% Senior Notes, due November 15, 2043 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | 1,000,000,000 | 1,000,000,000 | ' | |
Interest Rate (percentage in hundredths) | 5.25% | 5.25% | ' | |
Debt instrument, maturity date | 15-Nov-43 | 15-Nov-43 | ' | |
7¼% Senior Debentures, due August 1, 2097 | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt | $84,000,000 | $84,000,000 | ' | |
Interest Rate (percentage in hundredths) | 7.25% | 7.25% | ' | |
Debt instrument, maturity date | 1-Aug-97 | 1-Aug-97 | ' | |
[1] | We repaid the Senior Notes on their due date. |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures of Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financial Assets [Abstract] | ' | ' | ||
Mutual Fund Investments | $121 | $114 | ||
Commodity Derivative Instruments | 111 | 17 | ||
Financial Liabilities [Abstract] | ' | ' | ||
Commodity Derivative Instruments | 0 | -75 | ||
Portion of Deferred Compensation Liability Measured at Fair Value | -181 | -176 | ||
Quoted Prices in Active Markets (Level 1) | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ||
Mutual Fund Investments | 121 | [1] | 114 | [1] |
Commodity Derivative Instruments | 0 | 0 | ||
Financial Liabilities [Abstract] | ' | ' | ||
Commodity Derivative Instruments | 0 | 0 | ||
Portion of Deferred Compensation Liability Measured at Fair Value | -181 | [1] | -176 | [1] |
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ||
Mutual Fund Investments | 0 | 0 | ||
Commodity Derivative Instruments | 117 | [2] | 28 | [2] |
Financial Liabilities [Abstract] | ' | ' | ||
Commodity Derivative Instruments | -6 | [2] | -86 | [2] |
Portion of Deferred Compensation Liability Measured at Fair Value | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ||
Mutual Fund Investments | 0 | 0 | ||
Commodity Derivative Instruments | 0 | 0 | ||
Financial Liabilities [Abstract] | ' | ' | ||
Commodity Derivative Instruments | 0 | 0 | ||
Portion of Deferred Compensation Liability Measured at Fair Value | 0 | 0 | ||
Adjustment | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ||
Mutual Fund Investments | 0 | 0 | ||
Commodity Derivative Instruments | -6 | [3] | -11 | [3] |
Financial Liabilities [Abstract] | ' | ' | ||
Commodity Derivative Instruments | 6 | [3] | 11 | [3] |
Portion of Deferred Compensation Liability Measured at Fair Value | $0 | $0 | ||
[1] | Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value. | |||
[2] | Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. | |||
[3] | Amount represents the impact of netting provisions within our master agreements that allow us to net cash settle asset and liability positions with the same counterparty. |
Fair_Value_Measurements_and_Di3
Fair Value Measurements and Disclosures of Assets and Liabilities Measured on a Nonrecurring Basis (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Asset Impairment Charges [Abstract] | ' | ' | ' | ' | |||
Impaired of Oil and Gas Properties | $33 | $63 | $164 | $63 | |||
Discount Rate for Impairment Model | 10.00% | 10.00% | 10.00% | 10.00% | |||
Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ' | |||
Asset Impairment Charges [Abstract] | ' | ' | ' | ' | |||
Impaired of Oil and Gas Properties | 0 | 0 | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' | |||
Asset Impairment Charges [Abstract] | ' | ' | ' | ' | |||
Impaired of Oil and Gas Properties | 0 | 0 | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | |||
Asset Impairment Charges [Abstract] | ' | ' | ' | ' | |||
Impaired of Oil and Gas Properties | 9 | 75 | 23 | 75 | |||
Net Book Value | ' | ' | ' | ' | |||
Asset Impairment Charges [Abstract] | ' | ' | ' | ' | |||
Impaired of Oil and Gas Properties | $42 | [1] | $138 | [1] | $187 | [1] | $138 |
[1] | Amount represents net book value at the date of assessment. |
Fair_Value_Measurements_and_Di4
Fair Value Measurements and Disclosures (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value Disclosures [Abstract] | ' | ' | ||
Long Term Debt Net of Unamortized Discount, Carrying Amount | $5,166 | [1] | $4,465 | [1] |
Long Term Debt Net Of Unamortized Discount, Fair Value | $5,805 | [1] | $4,959 | [1] |
[1] | Excludes capital lease and other obligations. |
Capitalized_Exploratory_Well_C2
Capitalized Exploratory Well Costs (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Capitalized Exploratory Well Costs, Beginning of Period | $1,301 | ' |
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves | 274 | ' |
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves | -186 | ' |
Capitalized Exploratory Well Cost, Charged to Expense | -85 | ' |
Capitalized Exploratory Well Costs, End of Period | 1,304 | ' |
Exploratory Well Costs capitalized for a Period of One Year or Less | 307 | 568 |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 997 | 733 |
Capitalized Exploratory Well Costs, End of Period | 1,304 | ' |
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 12 | 13 |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 997 | 733 |
2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 537 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 537 | ' |
2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 304 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 304 | ' |
2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 156 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 156 | ' |
Troubadour Deepwater Gulf of Mexico [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 44 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 44 | ' |
Troubadour Deepwater Gulf of Mexico [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 44 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 44 | ' |
Troubadour Deepwater Gulf of Mexico [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Troubadour Deepwater Gulf of Mexico [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Diega (including Carmen) Offshore Equatorial Guinea [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 161 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 161 | ' |
Diega (including Carmen) Offshore Equatorial Guinea [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 56 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 56 | ' |
Diega (including Carmen) Offshore Equatorial Guinea [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 52 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 52 | ' |
Diega (including Carmen) Offshore Equatorial Guinea [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 53 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 53 | ' |
Carla Offshore Equatorial Guinea [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 150 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 150 | ' |
Carla Offshore Equatorial Guinea [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 138 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 138 | ' |
Carla Offshore Equatorial Guinea [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 12 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 12 | ' |
Carla Offshore Equatorial Guinea [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Felicita Offshore Equatorial Guinea [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 38 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 38 | ' |
Felicita Offshore Equatorial Guinea [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Felicita Offshore Equatorial Guinea [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 6 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 6 | ' |
Felicita Offshore Equatorial Guinea [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 29 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 29 | ' |
Yolanda Offshore Equatorial Guinea [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 19 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 19 | ' |
Yolanda Offshore Equatorial Guinea [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 2 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 2 | ' |
Yolanda Offshore Equatorial Guinea [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Yolanda Offshore Equatorial Guinea [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 14 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 14 | ' |
YoYo Offshore Cameron [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 47 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 47 | ' |
YoYo Offshore Cameron [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
YoYo Offshore Cameron [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 9 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 9 | ' |
YoYo Offshore Cameron [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 34 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 34 | ' |
Leviathan Offshore Israel [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 181 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 181 | ' |
Leviathan Offshore Israel [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 71 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 71 | ' |
Leviathan Offshore Israel [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 110 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 110 | ' |
Leviathan Offshore Israel [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Leviathan-1 Deep Offshore Israel [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 77 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 77 | ' |
Leviathan-1 Deep Offshore Israel [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 50 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 50 | ' |
Leviathan-1 Deep Offshore Israel [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 27 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 27 | ' |
Leviathan-1 Deep Offshore Israel [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Dalit Offshore Israel [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 26 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 26 | ' |
Dalit Offshore Israel [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
Dalit Offshore Israel [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 2 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 2 | ' |
Dalit Offshore Israel [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 20 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 20 | ' |
Dolphin 1 Offshore Israel [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 25 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 25 | ' |
Dolphin 1 Offshore Israel [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 3 | ' |
Dolphin 1 Offshore Israel [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 22 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 22 | ' |
Dolphin 1 Offshore Israel [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Cyprus [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 188 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 188 | ' |
Cyprus [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 131 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 131 | ' |
Cyprus [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 57 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 57 | ' |
Cyprus [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 0 | ' |
Other - Projects of $20 million or less each [Member] | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 41 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 41 | ' |
Other - Projects of $20 million or less each [Member] | 2012 - 2013 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 31 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 31 | ' |
Other - Projects of $20 million or less each [Member] | 2010 - 2011 | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 4 | ' |
Other - Projects of $20 million or less each [Member] | 2009 & Prior | ' | ' |
Capitalized Exploratory Well Costs [Abstract] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 6 | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year Since The Commencement of Drilling [Line Items] | ' | ' |
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | $6 | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Asset Retirement Obligations, Beginning Balance | $586 | $402 |
Liabilities Incurred | 38 | 4 |
Liabilities Settled | -77 | -15 |
Revision of Estimate | 123 | 5 |
Accretion Expense | 28 | 21 |
Asset Retirement Obligations, Ending Balance | 698 | 417 |
Onshore US [Member] | ' | ' |
Liabilities Incurred | 13 | ' |
Revision of Estimate | 21 | ' |
Equatorial Guinea [Member] | ' | ' |
Revision of Estimate | 16 | ' |
North Sea [Member] | ' | ' |
Liabilities Settled | -24 | ' |
Revision of Estimate | 67 | ' |
Eastern Mediterranean [Member] | ' | ' |
Liabilities Incurred | 9 | ' |
Revision of Estimate | 9 | ' |
Deepwater Gulf of Mexico [Member] | ' | ' |
Liabilities Incurred | 16 | ' |
Revision of Estimate | $9 | ' |
Basic_and_Diluted_Earnings_Per2
Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | |
Income from Continuing Operations | $419 | $195 | $811 | $785 | |
Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust | 8 | 0 | 0 | 0 | [1] |
Income (Loss) from Continuing Operations available to common stockholders, diluted | $411 | $195 | $811 | $785 | |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 362 | 359 | 361 | 359 | |
Incremental Shares from Assumed Conversion of Dilutive Stock Options, Restricted Stock and Shares of Common Stock in Rabbi Trust (in shares) | 5 | 4 | 6 | 4 | |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 367 | 363 | 367 | 363 | |
Earnings from Continuing Operations Per Share, Basic (in dollars per share) | $1.16 | $0.54 | $2.25 | $2.19 | |
Earnings from Continuing Operations Per Share, Diluted (in dollars per share) | $1.12 | $0.53 | $2.21 | $2.17 | |
Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above (in shares) | 2 | 4 | 3 | 5 | |
[1] | Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculations for the three and nine months ended September 30, 2014 exclude deferred compensation (gains) losses, net of tax. The deferred compensation loss, net of tax, excluded for the calculation of diluted earnings per share for the nine months ended September 30, 2014 was de minimis. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2013 | Sep. 30, 2014 |
US | Equatorial Guinea | Israel | Israel | |||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Current | $120 | $53 | $213 | $161 | ' | ' | ' | ' |
Deferred | 37 | 63 | 61 | 169 | ' | ' | ' | ' |
Total Income Tax Provision | $157 | $116 | $274 | $330 | ' | ' | ' | ' |
Effective Tax Rate | 27.20% | 37.20% | 25.30% | 29.60% | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory Federal Corporate Tax Rate Current Year | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Statutory Federal Corporate Tax Rate Future Year | ' | ' | ' | ' | ' | ' | 26.50% | ' |
Income Tax Examination, Year under Examination | ' | ' | ' | ' | '2011 | '2009 | ' | '2009 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from Third Parties | $1,228 | $1,341 | $3,893 | $3,537 | ' |
Income from Equity Method Investees | 41 | 53 | 138 | 150 | ' |
Total Revenues | 1,269 | 1,394 | 4,031 | 3,687 | ' |
DD&A | 460 | 412 | 1,297 | 1,146 | ' |
Gain on Divestitures | -30 | 0 | -72 | -12 | ' |
Asset Impairments | 33 | 63 | 164 | 63 | ' |
Income (Loss) from Continuing Operations Before Income Taxes | 576 | 311 | 1,085 | 1,115 | ' |
Total Assets | 21,186 | ' | 21,186 | ' | 19,598 |
United States [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from Third Parties | 819 | 810 | 2,503 | 2,209 | ' |
Income from Equity Method Investees | 0 | 0 | 0 | 0 | ' |
Total Revenues | 819 | 810 | 2,503 | 2,209 | ' |
DD&A | 351 | 295 | 970 | 819 | ' |
Gain on Divestitures | -30 | 0 | -36 | -12 | ' |
Asset Impairments | 33 | 16 | 56 | 16 | ' |
Income (Loss) from Continuing Operations Before Income Taxes | 457 | 183 | 838 | 746 | ' |
Total Assets | 15,069 | ' | 15,069 | ' | 13,094 |
Africa [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from Third Parties | 269 | 372 | 931 | 935 | ' |
Income from Equity Method Investees | 41 | 53 | 138 | 150 | ' |
Total Revenues | 310 | 425 | 1,069 | 1,085 | ' |
DD&A | 70 | 72 | 218 | 189 | ' |
Gain on Divestitures | 0 | 0 | 0 | 0 | ' |
Asset Impairments | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Continuing Operations Before Income Taxes | 321 | 223 | 786 | 722 | ' |
Total Assets | 2,930 | ' | 2,930 | ' | 3,199 |
Eastern Mediterranean [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from Third Parties | 138 | 122 | 363 | 274 | ' |
Income from Equity Method Investees | 0 | 0 | 0 | 0 | ' |
Total Revenues | 138 | 122 | 363 | 274 | ' |
DD&A | 17 | 26 | 46 | 81 | ' |
Gain on Divestitures | 0 | 0 | 0 | 0 | ' |
Asset Impairments | 0 | 47 | 14 | 47 | ' |
Income (Loss) from Continuing Operations Before Income Taxes | 90 | 34 | 211 | 93 | ' |
Total Assets | 2,855 | ' | 2,855 | ' | 2,753 |
Other Int'l & Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from Third Parties | 2 | 37 | 96 | 119 | ' |
Income from Equity Method Investees | 0 | 0 | 0 | 0 | ' |
Total Revenues | 2 | 37 | 96 | 119 | ' |
DD&A | 22 | 19 | 63 | 57 | ' |
Gain on Divestitures | 0 | 0 | -36 | 0 | ' |
Asset Impairments | 0 | 0 | 94 | 0 | ' |
Income (Loss) from Continuing Operations Before Income Taxes | -292 | -129 | -750 | -446 | ' |
Total Assets | $332 | ' | $332 | ' | $552 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 9 Months Ended |
Feb. 28, 2014 | Sep. 30, 2014 | |
MMBTU | ||
Other Commitments [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 32.10% |
CONSOL Carried Cost Obligation [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Maximum amount to be paid each calendar year for funding of future drilling and completion costs | ' | $400,000,000 |
Equity Method Investment, Ownership Percentage | ' | 50.00% |
Funding of joint venture's future drilling and completion costs | ' | 2,100,000,000 |
Natural gas price agreed upon benchmark, average | ' | 4 |
Forecast On Venture To Explore and Develop Oil and Gas Properties | ' | 185,000,000 |
Marcellus Shale Firm Transportation Agreement [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Long-term Purchase Commitment, Minimum Volume Required Per Day | 445,000 | ' |
Long-term Purchase Commitment, Amount | ' | $1,200,000,000 |
Long-term Purchase Commitment, Time Period | '15 years | ' |