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Quarterly Results (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Results (Unaudited)  
Schedule of Quarterly Financial Data (Unaudited)

 

Three months ended

 

 

 

March 31,

 

June 30,

 

September 30,

 

December 31,

 

 

 

(In millions, except per share data)

 

2013

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,197

 

$

2,397

 

$

2,558

 

$

2,332

 

Operating income (a)

 

473

 

602

 

742

 

407

 

Income from continuing operations (a)

 

313

 

321

 

544

 

228

 

Net income (a) (b)

 

329

 

303

 

544

 

231

 

Net income attributable to controlling interest (a) (b)

 

321

 

307

 

546

 

233

 

Per share earnings from continuing operations

 

 

 

 

 

 

 

 

 

Basic

 

$

0.88

 

$

0.87

 

$

1.49

 

$

0.62

 

Diluted

 

$

0.88

 

$

0.87

 

$

1.49

 

$

0.62

 

Weighted-average shares outstanding

 

 

 

 

 

 

 

 

 

Basic

 

360

 

360

 

361

 

361

 

Diluted

 

360

 

360

 

361

 

361

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

2,110

 

$

2,329

 

$

2,431

 

$

2,326

 

Operating income (loss) (c)

 

371

 

(142

)

811

 

541

 

Income (loss) from continuing operations (c)

 

154

 

(303

)

533

 

432

 

Net income (loss) (c) (d)

 

18

 

(303

)

(383

)

457

 

Net income (loss) attributable to controlling interest (c) (d)

 

10

 

(304

)

(381

)

456

 

Per share earnings (loss) from continuing operations

 

 

 

 

 

 

 

 

 

Basic

 

$

0.42

 

$

(0.86

)

$

1.49

 

$

1.19

 

Diluted

 

$

0.42

 

$

(0.86

)

$

1.49

 

$

1.19

 

Weighted-average shares outstanding

 

 

 

 

 

 

 

 

 

Basic

 

350

 

353

 

359

 

359

 

Diluted

 

350

 

353

 

359

 

360

 

 

(a)         First quarter and third quarter included losses of $74 million and $29 million, respectively, associated with loss contingencies related to Macondo well incident.  Second quarter included an aggregate loss of $37 million associated with the impairment of certain drilling units classified as assets held for sale.  Third quarter included a gain of $33 million associated with the sale of Transocean Richardson.  See Note 5—Impairments, Note 10—Drilling Fleet and Note 15-Commitments and Contingencies.

 

(b)         First, second, third and fourth quarters included aggregate gains of $15 million, $3 million, $31 million and $5 million, respectively, associated with the disposal of assets of our discontinued operations.  See Note 7—Discontinued Operations.

 

(c)          First quarter included an adjustment of $118 million associated with an adjustment to the goodwill impairment attributed to our contract drilling services reporting unit and a loss of $22 million associated with the impairment of the customer relationships intangible asset related to the U.K. operations of our drilling management services reporting unit.  Second quarter included a loss of $756 million associated with loss contingencies related to the Macondo well incident.  Third quarter included an aggregate gain of $51 million associated with the sale of Discoverer 534 and Jim Cunningham.  See Note 5—Impairments, Note 10—Drilling Fleet and Note 15—Commitments and Contingencies.

 

(d)        First, second, third and fourth quarters included aggregate losses of $93 million, $12 million, $878 million and $3 million, respectively, associated with the impairment of assets of our discontinued operations.  First, second, third and fourth quarters included aggregate gains (losses) of $(1) million, $72 million, $(1) million and $12 million, respectively, associated with the disposal of assets of our discontinued operations.  See Note 7—Discontinued Operations.