Property, Plant and Equipment



	December 31,
(In millions)	2014		2013
North America E&P	$	16,717	$	14,973
International E&P ^(a)	2,741		3,590
Oil Sands Mining	9,455		9,447
Corporate	127		135
Net property, plant and equipment	$	29,040	$	28,145


^(a)	International E&P decrease is due to the sale of our Norway business in the fourth quarter of 2014.

Beginning in the third quarter of 2013, our Libya operations were impacted by third-party labor strikes at the Es Sider oil terminal. In early July 2014, Libya's National Oil Corporation rescinded force majeure associated with the third-party labor strikes, and our concession term was extended for slightly more than one year. Although we had five liftings during 2014, in December 2014, Libya’s National Oil Corporation once again declared force majeure at Es Sider as disruptions from civil unrest continue. Considerable uncertainty remains around the timing of future production and sales levels.

As of December 31, 2014, our net property, plant and equipment investment in Libya is approximately $771 million, and total proved reserves (unaudited) in Libya are 243 mmboe. 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. The undiscounted cash flows related to our Libya assets continues to exceed the carrying value of $771 million by a material amount.

Deferred exploratory well costs were as follows:



	December 31,
(In millions)	2014			2013			2012
Amounts capitalized less than one year after completion of drilling	$	484		$	512		$	388
Amounts capitalized greater than one year after completion of drilling	126			281			229
Total deferred exploratory well costs	$	610		$	793		$	617
Number of projects with costs capitalized greater than one year after
completion of drilling	3			7			6

(In millions)	2014			2013			2012
Beginning balance	$	793		$	617		$	704
Additions	808			746			699
Dry well expense	(206		)	(147		)	(111		)
Transfers to development	(605		)	(414		)	(629		)
Dispositions^(a)	(180		)	(9		)	(46		)
Ending balance	$	610		$	793		$	617


^(a)	We closed the sale of our Angola assets in the first quarter of 2014 and our Norway business in the fourth quarter of 2014.

Exploratory well costs capitalized greater than one year after completion of drilling as of December 31, 2014 are summarized by geographical area below:



(In millions)
Gabon	$	66
E.G.	22
Canada	38
Total	$	126

Well costs that have been suspended for longer than one year are associated with three projects. Management believes these projects with suspended exploratory drilling costs exhibit sufficient quantities of hydrocarbons to justify potential development based on current plans.

Gabon - The Diaba-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 offshore Diaba License.

E.G. – The Corona well on Block D offshore E.G. was drilled in 2004, and we acquired an additional interest in the well in 2012. We plan to develop Block D through a unitization with the Alba field, which is currently being negotiated and expected to begin in 2015.

Canada – Exploration costs related to our Canadian in-situ assets at Birchwood accumulated 2010 through 2012. In 2012, we submitted a regulatory application for a proposed 12 mbbld SAGD demonstration project. We expect to receive regulatory approval for this project by the end of 2015. Upon receiving this approval, we will further evaluate our development plans.