Property, Plant and Equipment

9 Months Ended

Sep. 30, 2011

Property Plant And Equipment Disclosure [Abstract]

Property, Plant and Equipment

12.Property, Plant and Equipment

	September 30,		December 31,
(In millions)	2011		2010
E&P
United States	$	14,549	$	13,532
International		12,270		11,736
Total E&P		26,819		25,268
OSM		9,866		9,631
IG		36		47
RM&T{a}		-		16,624
Corporate		328		457
Total property, plant and equipment		37,049		52,027
Less accumulated depreciation, depletion and amortization		(16,731)		(19,805)
Net property, plant and equipment	$	20,318	$	32,222

• See Note 2 for a discussion of the spin-off of our downstream (RM&T) business.

In the first quarter 2011,production operations in Libya were suspended and we are not currently making deliveries of hydrocarbons from our interest in the Waha concession in eastern Libya. As of September 30, 2011, our net property, plant and equipment investment in Libya is approximately $758million and our net proved reserves in Libya were 242million barrels of oil equivalent (“mmboe”) at December 31, 2010. The return of our operations in Libya to pre-conflict levels is unknown at this time, however, we and our partners in the Waha concession are assessing the condition of our assets and when the resumption of operations will be viable. In addition, payments due to the Libyan government or entities affiliated with the Libyan government have been blocked by the U.S. government under a February 25, 2011 executive order. Such amounts, as of September 30, 2011,primarily related to taxes and royalties due on our January and February 2011 sales totaled approximately $200 million.

Exploratory well costs capitalized greater than one year after completion of drilling were $390 million as of September 30, 2011, an increase of $67million from December 31, 2010. The resumption of our offshore Norway exploration project in 2011 reduced the total suspended exploratory well costs by $26 million in the first quarter of 2011. Drilling on the Innsbruck prospect, located on Mississippi Canyon Block 993 in the Gulf of Mexico was suspended in the second quarter of 2010 due to the U.S. Department of Interior's drilling moratorium. During the third quarter of 2011, we received an exploration permit and are in the process of obtaining a rig in order to resume drilling on this property. Costs of $88 million related to that project have now been capitalized for greater than one year.