Property, Plant and Equipment

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

 Property, Plant and Equipment

	September 30,		December 31,
(In millions)	2014		2013
North America E&P	$	16,298	$	14,973
International E&P (a)	2,754		3,590
Oil Sands Mining	9,486		9,447
Corporate	120		135
Net property, plant and equipment	$	28,658	$	28,145

^(a)  International E&P decrease is due to Norway assets reflected as held for sale in the September 30, 2014 consolidated balance sheet.

In the third quarter of 2013, our production in Libya was interrupted by third-party labor strikes at the port facilities, which later resulted in a blockade of the Es Sider terminal from which we export oil.  In July 2014, Libya's National Oil Corporation rescinded force majeure associated with these third-party labor strikes at the Es Sider terminal. Our first 2014 lifting occurred in August, and was sourced from existing inventory at the terminal.  Production from the Waha concessions resumed in August 2014; however, considerable uncertainty remains around future production and sales levels.  As of September 30, 2014, our net property, plant and equipment investment in Libya is approximately $771 million. We and our partners in the Waha concessions continue to assess the situation and the condition of our assets in Libya. Our periodic assessment of the carrying value of our net property, plant and equipment in Libya specifically considers the net investment in the assets, the duration of our concessions and the reserves anticipated to be recoverable in future periods.

Exploratory well costs capitalized greater than one year after completion of drilling were $155 million as of September 30, 2014 (including $29 million related to Norway project costs which are reflected in noncurrent assets held for sale) and $281 million as of December 31, 2013 (including $70 million related to Norway project costs). This $126 million net decrease was the result of a $153 million reduction due to the sale of our interests in Angola Blocks 31 and 32 and a decrease of $39 million due to the commencement of drilling at the Boyla development and sanction of the Viper project offshore Norway, partially offset by an increase of $66 million for Diaba License G4-223 offshore Gabon where the Diaman-1B well reached total depth in the third quarter of 2013. We are analyzing new 3D seismic, integrated with existing technical data, in order to finalize the next steps in the exploration program on the Diaba License.