4. Impairments

The following summarizes impairments by segment:



	Three Months Ended June 30,				Six Months Ended June 30,
millions	2014		2013		2014		2013
Oil and gas exploration and production
Long-lived assets held for use
Gulf of Mexico properties	$	115	$	—	$	115	$	—
Cost-method investment	1		10		2		10
Midstream
Long-lived assets held for use	1		—		3		29
Impairments	$	117	$	10	$	120	$	39

During the second quarter of 2014, the Company impaired a Gulf of Mexico property due to a reduction in estimated future cash flows. In the second quarter of 2013, the Company impaired its Venezuelan cost-method investment due to declines in estimated recoverable value. In addition, during the first quarter of 2013, a midstream property was impaired due to a reduction in estimated future cash flows.

The following summarizes the post-impairment fair value of the above-described assets, all of which were measured using the income approach and Level 3 inputs:



millions	2014		2013
Long-lived assets held for use	$	327	$	23
Cost-method investment⁽¹⁾	32		32

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⁽¹⁾	This represents the Company’s after-tax net investment.