Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2012

Acquisitions and Dispositions [Abstract]

Discontinued Operations Balance Sheet and Income Statement Disclosures [Table Text Block]

Summarized results of discontinued operations are as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
(millions)
Oil and Gas Sales	$	54	$	45		$	194	$	271
Income Before Income Taxes	38		23			117		161
Income Tax Expense	3		73			50		139
Operating Income (Loss), Net of Tax	35		(50		)	67		22
Gain on Sale, Net of Tax	22		—			22		—
Discontinued Operations, Net of Tax	$	57	$	(50	)	$	89	$	22

Sale of Onshore US Properties During the third quarter of 2012, we closed the sales of certain crude oil and natural gas properties in Kansas, western Oklahoma, western Texas, and the Texas Panhandle with an effective date of April 1, 2012. Additionally, in June 2012, we closed the sale of certain non-core assets located in Wyoming. The information regarding the assets sold is as follows:



	Nine Months Ended September 30,
	2012
(millions)
Cash Proceeds	$	1,044
Less
Net Book Value of Assets Sold	(838		)
Goodwill Allocated to Assets Sold	(61		)
Asset Retirement Obligations Associated with Assets Sold	20
Other Closing Adjustments	2
Gain on Divestitures	$	167

Purchase Price Allocation of Acquisition [Table Text Block]

As part of the joint venture transaction, we agreed to fund one-third of CONSOL’s 50% working interest share of future drilling and completion costs, capped at $400 million each year, up to approximately $2.1 billion (CONSOL Carried Cost Obligation). The CONSOL Carried Cost Obligation is suspended if average Henry Hub natural gas prices fall and remain below $4.00 per MMBtu in any three consecutive month period and remain suspended until average Henry Hub natural gas prices are above $4.00 per MMBtu for three consecutive months. The CONSOL Carried Cost Obligation is currently suspended due to low natural gas prices.

As a result of the transaction, we recorded the following:



	September 30, 2012
(millions)
Unproved Oil and Gas Properties	$	803
Proved Oil and Gas Properties	386
Investment in CONE Gathering LLC	69
Total Assets Acquired ⁽¹⁾	$	1,258


⁽¹⁾	Total reflects impact of $17 million imputed interest on CONSOL installment payments.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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