THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

THE SPIN-OFF AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of the activity of capitalized exploratory well costs

	2014			2013			2012
	(in millions)
Balance - Beginning of Year	$	18		$	18		$	63
Additions to capitalized exploratory well costs pending the determination of proved reserves	3			46			62
Reclassification to property, plant and equipment based on the determination of proved reserves	(8		)	(31		)	(61		)
Capitalized exploratory well costs charged to expense	(9		)	(15		)	(46		)
Balance - End of Year	$	4		$	18		$	18

Summary of the activity of the asset retirement obligation

	For the years ended December 31,
	2014			2013
	(in millions)
Beginning balance	$	415		$	387
Liabilities incurred - capitalized to PP&E	19			25
Liabilities settled and paid	(29		)	(9		)
Accretion expense	22			21
Acquisitions, disposition and other - changes in PP&E	26			(2		)
Revisions to estimated cash flows - changes in PP&E	(34		)	(7		)
Ending balance	$	419		$	415