Asset Retirement Obligation

9 Months Ended

Sep. 30, 2015

Asset Retirement Obligation Disclosure [Abstract]

4.	ASSET RETIREMENT OBLIGATION

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


	(In millions)
Asset retirement obligation at December 31, 2014	$	3,085
Liabilities incurred		54
Liabilities divested		(619	)
Liabilities settled		(78	)
Accretion expense		122
Revisions in estimated liabilities		31

Asset retirement obligation at September 30, 2015		2,595

Less current portion		(28	)


Asset retirement obligation, long-term	$	2,567

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 statement of consolidated operations.