Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2013

Statements of Operations Information Other statements of operations information is as follows:



	Three Months Ended March 31,
	2013			2012
(millions)
Production Expense
Lease Operating Expense	$	117		$	105
Production and Ad Valorem Taxes	43			38
Transportation and Gathering Expense	27			20
Total	$	187		$	163
Other Operating (Income) Expense, Net
Gain on Divestitures ⁽¹⁾	(15		)	—
Other, Net	7			12
Total	$	(8	)	$	12
Other Non-Operating (Income) Expense, Net
Deferred Compensation Expense ⁽²⁾	$	10		$	3
Other (Income) Expense, Net	—			(4		)
Total	$	10		$	(1	)


⁽¹⁾	See Note 3. Divestitures.


⁽²⁾	Amounts represent increases in the fair value of shares of our common stock held in a rabbi trust.

Balance Sheet Information Other balance sheet information is as follows:



	March 31, 2013			December 31, 2012
(millions)
Accounts Receivable, Net
Commodity Sales	$	266		$	349
Joint Interest Billings	395			486
Other	125			139
Allowance for Doubtful Accounts	(10		)	(10		)
Total	$	776		$	964
Other Current Assets
Inventories, Current	$	97		$	90
Commodity Derivative Assets	36			63
Deferred Income Taxes, Net	83			106
Probable Insurance Claims ⁽¹⁾	17			45
Assets Held for Sale ⁽²⁾	63			45
Prepaid Expenses and Other Current Assets	74			71
Total	$	370		$	420
Other Noncurrent Assets
Equity Method Investments	$	423		$	367
Mutual Fund Investments	109			103
Commodity Derivative Assets	13			21
Other Assets, Noncurrent	87			106
Total	$	632		$	597
Other Current Liabilities
Production and Ad Valorem Taxes	$	107		$	113
Commodity Derivative Liabilities	44			7
Income Taxes Payable	202			203
Asset Retirement Obligations	69			69
Interest Payable	40			55
CONSOL Installment Payment ⁽³⁾	325			324
Current Portion of FPSO Lease Obligation	49			48
Liabilities Associated with Assets Held for Sale ⁽²⁾	14			12
Other	136			193
Total	$	986		$	1,024
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	247		$	229
Asset Retirement Obligations	330			333
Accrued Benefit Costs	118			116
Commodity Derivative Liabilities	9			3
Other	146			129
Total	$	850		$	810


⁽¹⁾	Amounts represent the costs incurred to date of the Leviathan-2 appraisal well and expected well abandonment costs in excess of the insurance deductible less insurance proceeds received to date.


⁽²⁾	Assets held for sale consist primarily of North Sea and onshore US oil and gas properties. Liabilities associated with assets held for sale consist primarily of asset retirement obligations related to these assets. See Note 3. Divestitures.


⁽³⁾	See Note 5. Debt.