Date of Report (Date of Earliest Event Reported): | February 17, 2016 |
Delaware | 1-5153 | 25-0996816 | ||
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) | ||
5555 San Felipe Street, Houston, Texas | 77056 | |||
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) | |||
Registrant's telephone number, including area code: | (713) 629-6600 |
Marathon Oil Corporation | ||||
February 17, 2016 | By: | /s/ Gary E. Wilson | ||
Name: Gary E. Wilson | ||||
Title: Vice President, Controller and Chief Accounting Officer |
• | Full-year 2015 capital program at $3 billion, $500 million below original budget |
• | Achieved 8% production growth from total Company continuing operations (excluding Libya) and 21% from U.S. resource plays year over year |
• | Decreased E&P production and total Company adjusted G&A expenses by more than $435 million, or 24%, year over year |
• | Completed 20% reduction in workforce to generate $160 million in annualized net savings |
• | Reduced quarterly dividend increasing annual free cash flow by more than $425 million |
• | Closed or announced non-core asset sales for approximately $315 million, excluding closing adjustments |
• | Organic reserve replacement of 157%, excluding revisions and dispositions, at $12 per boe drillbit finding and development cost |
• | Year-end liquidity of $4.2 billion comprised of $1.2 billion in cash and an undrawn $3 billion revolving credit facility |
• | Fourth quarter capital program decreased to $564 million |
• | Total Company net production averaged 432,000 net boed, essentially flat with third quarter 2015 |
• | U.S. resource play production averaged 214,000 net boed, up slightly over third quarter 2015, while maintaining flat sequential Eagle Ford production |
• | North America E&P production costs per boe reduced 28% below year-ago quarter |
• | Total Company adjusted G&A down 40% compared to year-ago quarter |
• | First Company-operated Springer oil well in Oklahoma SCOOP performing above expectations with 30-day IP rate greater than 1,000 boed (89% liquids) |
• | Closed sale of Gulf of Mexico properties |
Three Months Ended | Year Ended | ||||||||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||
(In millions, except per diluted share data) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||
Adjusted income (loss) from continuing operations (a) | $ | (323 | ) | $ | (138 | ) | $ | (89 | ) | $ | (869 | ) | $ | 1,160 | |
Adjustments for special items (net of taxes): | |||||||||||||||
Net gain (loss) on dispositions | 146 | (71 | ) | — | 75 | (58 | ) | ||||||||
Proved property impairments | (20 | ) | (213 | ) | — | (261 | ) | (70 | ) | ||||||
Unproved property impairments | (220 | ) | (355 | ) | — | (575 | ) | — | |||||||
Goodwill impairment | (340 | ) | — | — | (340 | ) | — | ||||||||
Loss on equity method investments | — | (8 | ) | — | (8 | ) | — | ||||||||
Pension settlement | (13 | ) | (12 | ) | (4 | ) | (76 | ) | (63 | ) | |||||
Unrealized gain (loss) on crude oil derivative instruments | (5 | ) | 50 | — | 32 | — | |||||||||
Reduction in workforce | (6 | ) | (2 | ) | — | (35 | ) | — | |||||||
Alberta provincial corporate tax rate increase | — | — | — | (135 | ) | — | |||||||||
Other | (12 | ) | — | — | (12 | ) | — | ||||||||
Income (loss) from continuing operations | $ | (793 | ) | $ | (749 | ) | $ | (93 | ) | $ | (2,204 | ) | $ | 969 | |
Per diluted share: | |||||||||||||||
Adjusted income (loss) from continuing operations (a) | $ | (0.48 | ) | $ | (0.20 | ) | $ | (0.13 | ) | $ | (1.28 | ) | $ | 1.70 | |
Income (loss) from continuing operations | $ | (1.17 | ) | $ | (1.11 | ) | $ | (0.14 | ) | $ | (3.26 | ) | $ | 1.42 | |
Adjusted net income (loss) (a) | $ | (323 | ) | $ | (138 | ) | $ | (2 | ) | $ | (869 | ) | $ | 1,729 | |
Adjustments for special items (net of taxes): | |||||||||||||||
Net gain (loss) on dispositions | 146 | (71 | ) | 932 | 75 | 1,450 | |||||||||
Proved property impairments | (20 | ) | (213 | ) | — | (261 | ) | (70 | ) | ||||||
Unproved property impairments | (220 | ) | (355 | ) | — | (575 | ) | — | |||||||
Goodwill impairment | (340 | ) | — | — | (340 | ) | — | ||||||||
Loss on equity method investments | — | (8 | ) | — | (8 | ) | — | ||||||||
Pension settlement | (13 | ) | (12 | ) | (4 | ) | (76 | ) | (63 | ) | |||||
Unrealized gain (loss) on crude oil derivative instruments | (5 | ) | 50 | — | 32 | — | |||||||||
Reduction in workforce | (6 | ) | (2 | ) | — | (35 | ) | — | |||||||
Alberta provincial corporate tax rate increase | — | — | — | (135 | ) | — | |||||||||
Other | (12 | ) | — | — | (12 | ) | — | ||||||||
Net income (loss) | $ | (793 | ) | $ | (749 | ) | $ | 926 | $ | (2,204 | ) | $ | 3,046 | ||
Per diluted share: | |||||||||||||||
Adjusted net income (loss) (a) | $ | (0.48 | ) | $ | (0.20 | ) | $ | — | $ | (1.28 | ) | $ | 2.53 | ||
Net income (loss) | $ | (1.17 | ) | $ | (1.11 | ) | $ | 1.37 | $ | (3.26 | ) | $ | 4.46 | ||
Exploration expenses | |||||||||||||||
Unproved property impairments | $ | 352 | $ | 563 | $ | 166 | $ | 964 | $ | 306 | |||||
Dry well costs | 154 | (3 | ) | 237 | 250 | 317 | |||||||||
Geological and geophysical | 8 | 8 | 58 | 31 | 85 | ||||||||||
Other | 18 | 17 | 18 | 73 | 85 | ||||||||||
Total exploration expenses | $ | 532 | $ | 585 | $ | 479 | $ | 1,318 | $ | 793 | |||||
Cash flows | |||||||||||||||
Net cash provided by continuing operations before changes in working capital (a) | $ | 278 | $ | 467 | $ | 768 | $ | 1,677 | $ | 4,661 | |||||
Changes in working capital for continuing operations | 74 | 29 | 492 | (112 | ) | 75 | |||||||||
Total net cash provided by continuing operations | $ | 352 | $ | 496 | $ | 1,260 | $ | 1,565 | $ | 4,736 | |||||
Net cash provided by discontinued operations (b) | — | — | (105 | ) | — | 751 | |||||||||
Net cash provided by operating activities | $ | 352 | $ | 496 | $ | 1,155 | $ | 1,565 | $ | 5,487 | |||||
Additions to property, plant and equipment | $ | (561 | ) | $ | (595 | ) | $ | (1,662 | ) | $ | (2,936 | ) | $ | (5,495 | ) |
Changes in working capital | 33 | (33 | ) | 141 | (540 | ) | 335 | ||||||||
Cash additions to property, plant and equipment | $ | (528 | ) | $ | (628 | ) | $ | (1,521 | ) | $ | (3,476 | ) | $ | (5,160 | ) |
Consolidated Statements of Income (Unaudited) | Three Months Ended | Year Ended | |||||||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||
(In millions, except per share data) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||
Revenues and other income: | |||||||||||||||
Sales and other operating revenues, including related party | $ | 1,064 | $ | 1,300 | $ | 2,001 | $ | 4,951 | $ | 8,736 | |||||
Marketing revenues | 100 | 84 | 397 | 571 | 2,110 | ||||||||||
Income from equity method investments | 47 | 36 | 78 | 145 | 424 | ||||||||||
Net gain (loss) on disposal of assets | 228 | (109 | ) | (2 | ) | 120 | (90 | ) | |||||||
Other income | 36 | 12 | 23 | 74 | 78 | ||||||||||
Total revenues and other income | 1,475 | 1,323 | 2,497 | 5,861 | 11,258 | ||||||||||
Costs and expenses: | |||||||||||||||
Production | 394 | 406 | 549 | 1,694 | 2,246 | ||||||||||
Marketing, including purchases from related parties | 98 | 84 | 395 | 569 | 2,105 | ||||||||||
Other operating | 157 | 93 | 159 | 438 | 462 | ||||||||||
Exploration | 532 | 585 | 479 | 1,318 | 793 | ||||||||||
Depreciation, depletion and amortization | 668 | 717 | 801 | 2,957 | 2,861 | ||||||||||
Impairments | 371 | 337 | 2 | 752 | 132 | ||||||||||
Taxes other than income | 43 | 46 | 87 | 234 | 406 | ||||||||||
General and administrative | 126 | 125 | 168 | 590 | 654 | ||||||||||
Total costs and expenses | 2,389 | 2,393 | 2,640 | 8,552 | 9,659 | ||||||||||
Income (loss) from operations | (914 | ) | (1,070 | ) | (143 | ) | (2,691 | ) | 1,599 | ||||||
Net interest and other | (87 | ) | (75 | ) | (58 | ) | (267 | ) | (238 | ) | |||||
Income (loss) from continuing ops before income taxes | (1,001 | ) | (1,145 | ) | (201 | ) | (2,958 | ) | 1,361 | ||||||
Provision (benefit) for income taxes | (208 | ) | (396 | ) | (108 | ) | (754 | ) | 392 | ||||||
Income (loss) from continuing operations | (793 | ) | (749 | ) | (93 | ) | (2,204 | ) | 969 | ||||||
Discontinued operations (a) | — | — | 1,019 | — | 2,077 | ||||||||||
Net income (loss) | $ | (793 | ) | $ | (749 | ) | $ | 926 | $ | (2,204 | ) | $ | 3,046 | ||
Per share data | |||||||||||||||
Basic: | |||||||||||||||
Income (loss) from continuing operations | $ | (1.17 | ) | $ | (1.11 | ) | $ | (0.14 | ) | $ | (3.26 | ) | $ | 1.42 | |
Discontinued operations (a) | $ | — | $ | — | $ | 1.51 | $ | — | $ | 3.06 | |||||
Net income (loss) | $ | (1.17 | ) | $ | (1.11 | ) | $ | 1.37 | $ | (3.26 | ) | $ | 4.48 | ||
Diluted: | |||||||||||||||
Income (loss) from continuing operations | $ | (1.17 | ) | $ | (1.11 | ) | $ | (0.14 | ) | $ | (3.26 | ) | $ | 1.42 | |
Discontinued operations (a) | $ | — | $ | — | $ | 1.51 | $ | — | $ | 3.04 | |||||
Net income (loss) | $ | (1.17 | ) | $ | (1.11 | ) | $ | 1.37 | $ | (3.26 | ) | $ | 4.46 | ||
Weighted average shares: | |||||||||||||||
Basic | 678 | 677 | 675 | 677 | 680 | ||||||||||
Diluted | 678 | 677 | 675 | 677 | 683 |
Supplemental Statistics (Unaudited) | Three Months Ended | Year Ended | |||||||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||
(in millions) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||
Segment income (loss) | |||||||||||||||
North America E&P | $ | (219 | ) | $ | (61 | ) | $ | (143 | ) | $ | (486 | ) | $ | 693 | |
International E&P | 19 | 29 | 81 | 112 | 568 | ||||||||||
Oil Sands Mining | (6 | ) | (11 | ) | 23 | (113 | ) | 235 | |||||||
Segment income (loss) | (206 | ) | (43 | ) | (39 | ) | (487 | ) | 1,496 | ||||||
Items not allocated to segments, net of income taxes: | |||||||||||||||
Corporate and unallocated | (117 | ) | (95 | ) | (50 | ) | (382 | ) | (336 | ) | |||||
Net gain (loss) on dispositions | 146 | (71 | ) | — | 75 | (58 | ) | ||||||||
Proved property impairments | (20 | ) | (213 | ) | — | (261 | ) | (70 | ) | ||||||
Unproved property impairments | (220 | ) | (355 | ) | — | (575 | ) | — | |||||||
Goodwill impairment | (340 | ) | — | — | (340 | ) | — | ||||||||
Loss on equity method investments | — | (8 | ) | — | (8 | ) | — | ||||||||
Pension settlement | (13 | ) | (12 | ) | (4 | ) | (76 | ) | (63 | ) | |||||
Unrealized gain (loss) on crude oil derivative instruments | (5 | ) | 50 | — | 32 | — | |||||||||
Reduction in workforce | (6 | ) | (2 | ) | — | (35 | ) | — | |||||||
Alberta provincial corporate tax rate increase | — | — | — | (135 | ) | — | |||||||||
Other | (12 | ) | — | — | (12 | ) | — | ||||||||
Income (loss) from continuing operations | (793 | ) | (749 | ) | (93 | ) | (2,204 | ) | 969 | ||||||
Discontinued operations (a) | — | — | 1,019 | — | 2,077 | ||||||||||
Net income (loss) | $ | (793 | ) | $ | (749 | ) | $ | 926 | $ | (2,204 | ) | $ | 3,046 | ||
Capital expenditures (b) | |||||||||||||||
North America E&P | $ | 505 | $ | 564 | $ | 1,452 | $ | 2,553 | $ | 4,698 | |||||
International E&P | 93 | 30 | 148 | 368 | 534 | ||||||||||
Oil Sands Mining (c) | (36 | ) | (11 | ) | 40 | (10 | ) | 212 | |||||||
Discontinued operations (a) | — | — | 14 | — | 390 | ||||||||||
Corporate | (1 | ) | 12 | 22 | 25 | 51 | |||||||||
Total | $ | 561 | $ | 595 | $ | 1,676 | $ | 2,936 | $ | 5,885 | |||||
Exploration expenses | |||||||||||||||
North America E&P | $ | 214 | $ | 22 | $ | 414 | $ | 362 | $ | 608 | |||||
International E&P | 16 | 10 | 65 | 101 | 185 | ||||||||||
Segment exploration expenses | 230 | 32 | 479 | 463 | 793 | ||||||||||
Not allocated to segments | 302 | 553 | — | 855 | — | ||||||||||
Total | $ | 532 | $ | 585 | $ | 479 | $ | 1,318 | $ | 793 | |||||
Provision (benefit) for income taxes | |||||||||||||||
Current income taxes | $ | 8 | $ | 9 | $ | 141 | $ | 52 | $ | 304 | |||||
Deferred income taxes | (216 | ) | (405 | ) | (249 | ) | (806 | ) | 88 | ||||||
Total | $ | (208 | ) | $ | (396 | ) | $ | (108 | ) | $ | (754 | ) | $ | 392 |
Three Months Ended | Year Ended | |||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | ||||||
(mboed) | 2015 | 2015 | 2014 | 2015 | 2014 | |||||
Net production available for sale | ||||||||||
North America E&P (a) | 260 | 263 | 262 | 270 | 238 | |||||
International E&P excluding Libya (b) and Disc Ops (c) | 123 | 114 | 126 | 116 | 120 | |||||
Combined North America & International E&P, excluding Libya (b) and Disc Ops (c) | 383 | 377 | 388 | 386 | 358 | |||||
Oil Sands Mining (d) | 49 | 57 | 42 | 45 | 41 | |||||
Total continuing operations excluding Libya | 432 | 434 | 430 | 431 | 399 | |||||
Discontinued operations (c) | — | — | 9 | — | 53 | |||||
Total Company excluding Libya | 432 | 434 | 439 | 431 | 452 | |||||
Libya | — | — | 22 | — | 8 | |||||
Total Company | 432 | 434 | 461 | 431 | 460 |
Three Months Ended | Year Ended | |||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | ||||||
(mboed) | 2015 | 2015 | 2014 | 2015 | 2014 | |||||
Net production available for sale | ||||||||||
North America E&P | 260 | 263 | 262 | 270 | 238 | |||||
Less: Divestitures (a) | (10 | ) | (14 | ) | (17 | ) | (14 | ) | (18 | ) |
Divestiture-adjusted North America E&P | 250 | 249 | 245 | 256 | 220 |
Supplemental Statistics (Unaudited) | Three Months Ended | Year Ended | ||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | ||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||
North America E&P - net sales volumes | ||||||||||
Liquid hydrocarbons (mbbld) | 200 | 205 | 207 | 210 | 186 | |||||
Bakken | 52 | 58 | 52 | 55 | 48 | |||||
Eagle Ford | 99 | 100 | 107 | 106 | 91 | |||||
Oklahoma resource basins | 13 | 10 | 9 | 12 | 8 | |||||
Other North America (a) | 36 | 37 | 39 | 37 | 39 | |||||
Crude oil and condensate (mbbld) | 159 | 166 | 173 | 171 | 157 | |||||
Bakken | 48 | 53 | 49 | 51 | 45 | |||||
Eagle Ford | 72 | 74 | 85 | 80 | 72 | |||||
Oklahoma resource basins | 5 | 4 | 3 | 5 | 3 | |||||
Other North America (a) | 34 | 35 | 36 | 35 | 37 | |||||
Natural gas liquids (mbbld) | 41 | 39 | 34 | 39 | 29 | |||||
Bakken | 4 | 5 | 3 | 4 | 3 | |||||
Eagle Ford | 27 | 26 | 23 | 26 | 19 | |||||
Oklahoma resource basins | 8 | 6 | 5 | 7 | 5 | |||||
Other North America (a) | 2 | 2 | 3 | 2 | 2 | |||||
Natural gas (mmcfd) | 345 | 338 | 331 | 351 | 310 | |||||
Bakken | 27 | 19 | 21 | 22 | 18 | |||||
Eagle Ford | 166 | 161 | 144 | 165 | 123 | |||||
Oklahoma resource basins | 89 | 76 | 64 | 81 | 61 | |||||
Other North America (a) | 63 | 82 | 102 | 83 | 108 | |||||
Total North America E&P (mboed) | 258 | 261 | 262 | 269 | 238 | |||||
International E&P - net sales volumes | ||||||||||
Liquid hydrocarbons (mbbld) | 43 | 46 | 65 | 43 | 49 | |||||
Equatorial Guinea | 29 | 31 | 32 | 29 | 31 | |||||
United Kingdom | 14 | 15 | 11 | 14 | 11 | |||||
Libya | — | — | 22 | — | 7 | |||||
Crude oil and condensate (mbbld) | 32 | 35 | 55 | 33 | 39 | |||||
Equatorial Guinea | 18 | 21 | 22 | 19 | 21 | |||||
United Kingdom | 14 | 14 | 11 | 14 | 11 | |||||
Libya | — | — | 22 | — | 7 | |||||
Natural gas liquids (mbbld) | 11 | 11 | 10 | 10 | 10 | |||||
Equatorial Guinea | 11 | 10 | 10 | 10 | 10 | |||||
United Kingdom | — | 1 | — | — | — | |||||
Natural gas (mmcfd) | 467 | 441 | 491 | 439 | 468 | |||||
Equatorial Guinea | 438 | 418 | 455 | 410 | 439 | |||||
United Kingdom (b) | 29 | 23 | 34 | 29 | 28 | |||||
Libya | — | — | 2 | — | 1 | |||||
Total International E&P (mboed) | 121 | 119 | 147 | 116 | 127 | |||||
Oil Sands Mining - net sales volumes | ||||||||||
Synthetic crude oil (mbbld) (c) | 59 | 65 | 55 | 53 | 50 | |||||
Total continuing operations - net sales volumes (mboed) | 438 | 445 | 464 | 438 | 415 | |||||
Discontinued operations - net sales volumes (mboed)(d) | — | — | 10 | — | 54 | |||||
Total Company - net sales volumes (mboed) | 438 | 445 | 474 | 438 | 469 | |||||
Net sales volumes of equity method investees (mtd) | ||||||||||
LNG | 6,569 | 5,700 | 6,675 | 5,884 | 6,535 | |||||
Methanol | 1,064 | 1,125 | 1,131 | 937 | 1,092 |
Supplemental Statistics (Unaudited) | Three Months Ended | Year Ended | |||||||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||
North America E&P - average price realizations (a) | |||||||||||||||
Liquid hydrocarbons ($ per bbl) | $ | 32.47 | $ | 35.75 | $ | 59.33 | $ | 37.85 | $ | 77.02 | |||||
Bakken | 36.03 | 37.41 | 60.09 | 40.23 | 79.41 | ||||||||||
Eagle Ford | 31.34 | 34.87 | 58.88 | 36.75 | 75.83 | ||||||||||
Oklahoma resource basins | 22.66 | 22.70 | 39.48 | 25.84 | 50.86 | ||||||||||
Other North America (b) | 33.98 | 39.25 | 64.05 | 41.16 | 81.88 | ||||||||||
Crude oil and condensate ($ per bbl) (c) | $ | 37.71 | $ | 41.37 | $ | 66.16 | $ | 43.50 | $ | 85.25 | |||||
Bakken | 38.81 | 40.18 | 61.74 | 42.72 | 81.63 | ||||||||||
Eagle Ford | 38.27 | 42.74 | 68.63 | 44.45 | 87.99 | ||||||||||
Oklahoma resource basins | 38.29 | 40.48 | 68.82 | 43.78 | 87.15 | ||||||||||
Other North America (b) | 34.79 | 40.37 | 66.12 | 42.42 | 84.21 | ||||||||||
Natural gas liquids ($ per bbl) | $ | 12.53 | $ | 11.88 | $ | 24.80 | $ | 13.37 | $ | 33.42 | |||||
Bakken | 5.75 | 5.07 | 33.79 | 6.12 | 43.25 | ||||||||||
Eagle Ford | 12.65 | 12.15 | 22.59 | 13.14 | 29.60 | ||||||||||
Oklahoma resource basins | 12.80 | 11.38 | 21.65 | 13.90 | 32.61 | ||||||||||
Other North America (b) | 22.78 | 23.21 | 38.64 | 24.63 | 51.12 | ||||||||||
Natural gas ($ per mcf) | $ | 2.12 | $ | 2.75 | $ | 3.90 | $ | 2.66 | $ | 4.57 | |||||
Bakken | 1.62 | 1.96 | 4.75 | 2.23 | 5.28 | ||||||||||
Eagle Ford | 2.15 | 2.85 | 4.03 | 2.64 | 4.43 | ||||||||||
Oklahoma resource basins | 2.14 | 2.82 | 4.08 | 2.54 | 4.49 | ||||||||||
Other North America (b) | 2.22 | 2.70 | 3.44 | 2.93 | 4.65 | ||||||||||
International E&P - average price realizations | |||||||||||||||
Liquid hydrocarbons ($ per bbl) | $ | 29.18 | $ | 35.88 | $ | 61.19 | $ | 36.67 | $ | 68.98 | |||||
Equatorial Guinea | 22.82 | 28.03 | 42.40 | 28.50 | 54.29 | ||||||||||
United Kingdom | 41.85 | 52.36 | 58.81 | 53.00 | 93.75 | ||||||||||
Libya | — | — | 89.18 | — | 94.70 | ||||||||||
Crude oil and condensate ($ per bbl) | $ | 38.43 | $ | 46.18 | $ | 72.13 | $ | 47.50 | $ | 87.23 | |||||
Equatorial Guinea | 35.42 | 41.24 | 61.68 | 42.83 | 81.01 | ||||||||||
United Kingdom | 42.17 | 53.48 | 58.89 | 53.91 | 94.31 | ||||||||||
Libya | — | — | 89.18 | — | 94.70 | ||||||||||
Natural gas liquids ($ per bbl) | $ | 2.08 | $ | 2.69 | $ | 1.28 | $ | 2.81 | $ | 2.46 | |||||
Equatorial Guinea (d) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
United Kingdom | 31.01 | 28.81 | 43.80 | 32.53 | 67.73 | ||||||||||
Natural gas ($ per mcf) | $ | 0.58 | $ | 0.59 | $ | 0.71 | $ | 0.68 | $ | 0.72 | |||||
Equatorial Guinea (d) | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | ||||||||||
United Kingdom | 5.73 | 6.92 | 7.06 | 6.85 | 8.27 | ||||||||||
Libya | — | — | 0.09 | — | 3.11 | ||||||||||
Oil Sands Mining - average price realizations | |||||||||||||||
Synthetic crude oil ($ per bbl) | $ | 34.65 | $ | 39.49 | $ | 65.56 | $ | 40.13 | $ | 83.35 | |||||
Discontinued operations - average price realizations ($ per boe)(e) | — | — | 84.16 | — | 104.10 | ||||||||||
Benchmark | |||||||||||||||
WTI crude oil (per bbl)(f) | $ | 42.16 | $ | 46.50 | $ | 73.20 | $ | 48.76 | $ | 92.21 | |||||
Brent (Europe) crude oil (per bbl)(g) | $ | 43.56 | $ | 50.23 | $ | 76.40 | $ | 52.35 | $ | 99.02 | |||||
Henry Hub natural gas (per mmbtu)(h) | $ | 2.27 | $ | 2.77 | $ | 4.00 | $ | 2.66 | $ | 4.42 | |||||
WCS crude oil (per bbl)(i) | $ | 27.69 | $ | 33.16 | $ | 58.90 | $ | 35.28 | $ | 73.60 |
Three Months Ended | Year Ended | ||||||||||||||
Dec. 31 | Sept. 30 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||
(In millions) | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||
Production expenses | |||||||||||||||
North America E&P | $ | 164 | $ | 179 | $ | 230 | $ | 724 | $ | 891 | |||||
International E&P | 63 | 61 | 79 | 255 | 386 | ||||||||||
Total | $ | 227 | $ | 240 | $ | 309 | $ | 979 | $ | 1,277 | |||||
Total Company general and administrative expenses | $ | 126 | $ | 125 | $ | 168 | $ | 590 | $ | 654 | |||||
Adjustments for special items: | |||||||||||||||
Pension settlement | (20 | ) | (18 | ) | (6 | ) | (119 | ) | (99 | ) | |||||
Reduction in workforce | (8 | ) | (4 | ) | — | (55 | ) | — | |||||||
Adjusted general and administrative expenses (a) | $ | 98 | $ | 103 | $ | 162 | $ | 416 | $ | 555 | |||||
E&P production expenses and adjusted general and administrative expenses (a) | $ | 325 | $ | 343 | $ | 471 | $ | 1,395 | $ | 1,832 |
Estimated Net Proved Reserves | ||||||||
North America E&P | International E&P | OSM | Total | |||||
Total (mmboe) | Total (mmboe) | SCO (mmbbl) | (mmboe) | |||||
As of Dec. 31, 2014 | 986 | 564 | 648 | 2,198 | ||||
Additions | 246 | 1 | — | 247 | ||||
Revisions | (173 | ) | (2 | ) | 67 | (108 | ) | |
Acquisitions | 1 | — | — | 1 | ||||
Dispositions | (18 | ) | — | — | (18 | ) | ||
Production | (98 | ) | (42 | ) | (17 | ) | (157 | ) |
As of Dec. 31, 2015 | 944 | 521 | 698 | 2,163 | ||||
Reserve Replacement Ratio (including acquisitions & dispositions) | 78 | % | ||||||
Reserve Replacement Ratio (excluding dispositions) | 89 | % | ||||||
Organic Reserve Replacement Ratio (excluding acquisitions, dispositions & revisions) | 157 | % |