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Asset Retirement Obligation
 6 Months Ended
Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation

4. ASSET RETIREMENT OBLIGATION

The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the six-month period ended June 30, 2015:

 

     (In millions)  

Asset retirement obligation at December 31, 2014

    $ 3,085  

Liabilities incurred

      47  

Liabilities divested

      (619 ) 

Liabilities settled

      (67 ) 

Accretion expense

      85  

Revisions in estimated liabilities

      31  
  

 

 

  

Asset retirement obligation at June 30, 2015

      2,562  

Less current portion

      (28 ) 
  

 

 

  

Asset retirement obligation, long-term

    $ 2,534  
  

 

 

  

Accretion expense for 2015 includes Australia discontinued operations of $13 million, which is included in “Net income (loss) from discontinued operations, net of tax” on the Consolidated Statement of Operations.