LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2014

NOTE 6 LEASE COMMITMENTS

We have entered into various operating lease agreements, mainly for office space, office equipment, and field equipment. We lease assets when leasing offers greater operating flexibility. Lease payments are generally expensed as part of production costs or selling, general and administrative expenses. At December 31, 2014, future net minimum lease payments for noncancelable operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes, insurance and maintenance expense) totaled:

	Amount
	(in millions)
2015	$	13
2016	14
2017	14
2018	14
2019	12
Thereafter	58
Total minimum lease payments	$	125

Rental expense for operating leases was $10 million in 2014, $11 million in 2013 and $12 million in 2012.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details