Property, Plant and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

 Property, Plant and Equipment, net of Accumulated Depreciation, Depletion and Amortization

	June 30,		December 31,
(In millions)	2015		2014
North America E&P	$	16,757	$	16,717
International E&P	2,848		2,741
Oil Sands Mining	9,401		9,455
Corporate	115		127
Net property, plant and equipment	$	29,121	$	29,040

Our Libya operations continue to be impacted by civil unrest and, in December 2014, Libya’s National Oil Corporation once again declared force majeure at the Es Sider oil terminal, as disruptions from civil unrest continue. Considerable uncertainty remains around the timing of future production and sales levels.

As of June 30, 2015, our net property, plant and equipment investment in Libya is $775 million, and total proved reserves (unaudited) in Libya as of December 31, 2014 are 243 million barrels of oil equivalent ("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 $775 million by a material amount.

Exploratory well costs capitalized greater than one year after completion of drilling were $88 million and $126 million as of June 30, 2015 and December 31, 2014. This $38 million net decrease was associated with our Canadian in-situ assets at Birchwood. After further evaluation of the estimated recoverable resources and our development plans, we withdrew our regulatory application for the proposed steam assisted gravity drainage ("SAGD") demonstration project.