SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2016

in millions	2016			2015			2014
Balance — Beginning of Year	$	76		$	141		$	140
Additions to capitalized exploratory well costs pending the determination of proved reserves	29			88			462
Reclassifications to property, plant and equipment based on the determination of proved reserves	(28		)	(78		)	(423		)
Spin-off of California Resources	—			—			(17		)
Capitalized exploratory well costs charged to expense	(21		)	(75		)	(21		)
Balance — End of Year	$	56		$	76		$	141

For the years ended December 31, (in millions)	2016			2015			2014
OIL AND GAS
United States
Impairments and related charges of exiting operations	$	(44	)	$	1,862	(a)	$	3,253
Impairments related to decline in commodity prices and changes in future development plans	15			1,428			1,381
Rig termination charges	—			192			—
Other asset impairment related charges	5			204			119

Latin America
Impairments related to decline in commodity prices	9			559			57

Middle East and North Africa
Impairments of exiting operations	61			1,658			918
Impairments related to decline in commodity prices	—			2,833			91

CHEMICAL
Impairments of assets	—			121			149

MIDSTREAM AND MARKETING
Century gas processing plant	—			814			—
Other asset impairment related charges	160			216			40

CORPORATE
Other-than-temporary impairment of investment in California Resources	78			227			553
Joslyn impairment	—			—			805
Severance, spin-off and allowance for doubtful accounts	541			125			13

	$	825		$	10,239		$	7,379

(a) A portion of the 2015 charges are reported in the Midstream and Marketing segment.

For the years ended December 31, (in millions)	2016			2015
Beginning balance	$	1,124		$	1,091
Liabilities incurred – capitalized to PP&E	46			46
Liabilities settled and paid	(38		)	(35		)
Accretion expense	59			54
Acquisitions, dispositions and other – changes in PP&E	11			(209		)
Revisions to estimated cash flows – changes in PP&E	167			177
Ending balance	$	1,369		$	1,124