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Impairments

3 Months Ended

Mar. 31, 2013

4. Impairments

The following summarizes impairments by segment:

			Three Months Ended
			March 31,
millions			2013		2012
Oil and gas exploration and production
	Long-lived assets held for use
		Gulf of Mexico properties	$	—	$	50
Midstream
	Long-lived assets held for use			29		—
Impairments			$	29	$	50

During the first quarter of 2013, a midstream property was impaired due to a reduction in estimated future cash flows. During the first quarter of 2012, a Gulf of Mexico property was impaired as a result of downward reserves revisions for a property that was near the end of its economic life.

The following summarizes the aggregate fair values to which the above-described assets were impaired, by major category and input level within the fair-value hierarchy:


millions
2013	Level 1		Level 2		Level 3⁽¹⁾		Total
Long-lived assets held for use	$	—	$	—	$	22	$	22

2012
Long-lived assets held for use	$	—	$	—	$	37	$	37

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(1) The income approach was used to measure fair value.