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Variable Interest Entities (VIEs)
12 Months Ended
Dec. 31, 2019
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]  
Variable Interest Entity Disclosure [Text Block]
Note 3—Variable Interest Entities
 
We hold variable interests in VIEs for which there are existing arrangements that provide
 
those entities with
additional forms of subordinated financial support.
 
However, as we are not considered the primary
beneficiary, these entities have not been consolidated in our financial statements.
 
Marine Well Containment Company, LLC (MWCC)
We have a
10
 
percent ownership interest in MWCC, and
 
it is accounted for as an equity method investment
because MWCC is a limited liability company
 
in which we are a founding member.
 
MWCC is considered a
VIE, as it has entered into arrangements that provide
 
it with additional forms of subordinated
 
financial support.
We are not the primary beneficiary and do not consolidate MWCC because we share
 
the power to govern the
business and operation of the company and to
 
undertake certain obligations that most
 
significantly impact its
economic performance with nine other unaffiliated
 
owners of MWCC.
 
Based on inputs related to the fair value of MWCC
 
observed in the second quarter of 2019, we reduced
 
the
carrying value of our equity method investment
 
in MWCC to $
30
 
million and recorded a before-tax
impairment of $
95
 
million which is included in the “Equity
 
in earnings of affiliates” line on our consolidated
income statement. For additional information
 
see Note 15—Fair Value Measurement.
 
At December 31, 2019,
the book value of our equity method investment
 
in MWCC was $
24
 
million. We have not provided any
financial support to MWCC other than amounts
 
previously contractually required. Unless we elect
 
otherwise,
we have no requirement to provide liquidity
 
or purchase the assets of MWCC.
Australia Pacific LNG Pty Ltd (APLNG)
We hold a
37.5
 
percent interest in APLNG, our joint venture
 
with Origin Energy and Sinopec. We are not the
primary beneficiary because we share, with
 
our joint venture partners, the power to direct
 
the key activities of
APLNG that most significantly impacts its
 
economic performance. Therefore, we do not consolidate
 
APLNG
and account for this entity as an equity method
 
investment.
 
As of December 31, 2019, we no longer have
certain guarantees that provide APLNG with additional
 
subordinated financial support. For additional
information see Note 12—Guarantees.