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Acquisition Of XTO Energy Inc. (Recording Of Assets Acquired And Liabilities Assumed In Merger Of XTO Energy Inc.) (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended
Jun. 25, 2010
Acquisition Of XTO Energy Inc. [Abstract]  
Current assets $ 2,053
Property, plant and equipment 47,300 [1]
Goodwill 39 [2]
Other assets 620
Total assets acquired 50,012
Current liabilities 2,615
Long-term debt 10,574 [3]
Deferred income tax liabilities 11,204 [4]
Other long-term obligations 960
Total liabilities assumed 25,353
Net assets acquired $ 24,659
Risk adjusted discount rate for PP&E fair value measurement 7.00%
Inflation rate for PP&E fair value measurement 2.00%
[1] Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included XTO resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 7 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with substantially all of the assets in the United States.
[2] Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes.
[3] Long-term debt was recognized at market rates at closing (Level 1).
[4] Deferred income taxes reflect the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.