Assets Held for Sale or Sold

9 Months Ended

Sep. 30, 2013

Assets Held for Sale or Sold [Abstract]

Assets Held for Sale or Sold

Note 6—Assets Held for Sale or Sold

Our interest in Kashagan and the Algerian and Nigerian business units were considered held for sale atSeptember 30, 2013. These assets are classified as discontinued operations. See Note 3—Discontinued Operations, for additional information.

In March 2013, we sold the majority of our properties in the Cedar Creek Anticline for $989million and recognized a before-tax loss on disposition of $49 million, which was included in the “Gain on dispositions” line on our consolidated income statement for the nine-month period ended September 30, 2013. At the time of the disposition, the carrying value of our interest, which was included in the Lower 48 and Latin America segment, was $1,038 million, which included $1,066million of properties, plants and equipment (PP&E) and $28 million of asset retirement obligations.

In June 2013, we sold a portion of our working interests in the Browse and Canning basins for $402 million. Because we retained a working interest in the unproved properties, proceeds were treated as a reduction of the carrying value of PP&E with no gain or loss on disposition recognized. Prior to the partial disposition, the carrying value of the PP&E associated with our interests, included in our Asia Pacific and Middle East segment, was $486 million.

In August 2013, we soldour interest in the Clyden undeveloped oil sands leasehold for $724 million and recognized a before-tax gain on disposition of $614million, which was included in the “Gain on dispositions” line on our consolidated income statement for the three- and nine-month periods ended September 30, 2013. At the time of the disposition, the carrying value of our interest in Clyden, which was included in the Canada segment, was $110million and was classified as PP&E.

In August 2013, we also sold our 39percent interest in Phoenix Park Gas Processors Limitedfor $593million and recognized a before-tax gain on disposition of $417 million, which was included in the “Gain on dispositions” line on our consolidated income statementfor the three- and nine-month periods ended September 30, 2013.  At the time of the disposition, the carrying value of our equity investment in Phoenix Park, which was included in our Lower 48 and Latin America segment, was $176 million.