Asset Acquisitions and Dispositions	6 Months Ended
Jun. 30, 2020
Asset Acquisitions and Dispositions [Abstract]
Asset Acquisitions and Dispositions [Text Block]	Note 4—Asset Acquisitions and Dispositions Assets Sold In May 2020, we completed the divestiture of our subsidiaries that held our Australia-West assets and operations, and based on an effective date of January 1, 2019, we received proceeds of $ 765 million with an additional $ 200 million due upon final investment decision of the proposed Barossa development project. In the second quarter of 2020, we recognized a before-tax gain of $ 587 million related to this transaction. At the time of disposition, the net carrying value of the subsidiaries sold was approximately $ 0.2 billion, excluding $ 0.5 billion of cash. The net carrying value consisted primarily of $ 1.3 billion of PP&E and $ 0.1 billion of other current assets offset by $ 0.7 billion of ARO, $ 0.3 billion of deferred tax liabilities, and $ 0.2 billion of other liabilities. The before-tax earnings associated with the subsidiaries sold, excluding the gain on disposition noted above, were $ 265 million and $ 156 million for the six-month periods ended June 30, 2020 and 2019, respectively. Production associated with the disposed assets averaged 35 MBOED in the six-month period of 2020. Results of operations for the subsidiaries sold are reported in our Asia Pacific and Middle East segment. In March 2020, we completed the sale of our Niobrara interests for approximately $ 359 million after customary adjustments and recognized a before-tax loss on disposition of $ 38 million. At the time of disposition, our interest in Niobrara had a net carrying value of $ 397 million, consisting primarily of $ 433 million of PP&E and $ 34 million of ARO. The before-tax earnings associated with our interests in Niobrara, including the loss on disposition, were a loss of $ 24 million and $ 5 million for the six-month periods ended June 30, 2020 and 2019, respectively. In February 2020, we sold our Waddell Ranch interests in the Permian Basin for $ 184 million after customary adjustments. No gain or loss was recognized on the sale. Production from the disposed Niobrara and Waddell Ranch interests in our Lower 48 segment averaged 15 MBOED in 2019. Planned Acquisition In July 2020, we signed a definitive agreement to acquire additional Montney acreage for cash consideration of approximately $ 375 million before customary adjustments, plus the assumption of approximately $ 30 million in financing obligations for associated partially owned infrastructure. This acquisition consists primarily of undeveloped properties and includes 140,000 net acres in the liquids-rich Inga Fireweed asset Montney zone, which is directly adjacent to our existing Montney position. Upon completion of this transaction, we will have a Montney acreage position of 295,000 net acres with a 100 percent working interest. The transaction is subject to regulatory approval, is expected to close in the third quarter of 2020 and will be reported in our Canada segment.

Note 4—Asset Acquisitions and Dispositions

Assets Sold

In May 2020, we completed the divestiture

of our subsidiaries that held our Australia-West assets and

operations, and based on an effective date of January

1, 2019, we received proceeds of $

765

million with an

additional $

200

million due upon final investment decision

of the proposed Barossa development project.

the second quarter of 2020, we recognized a before-tax

gain of $

587

million related to this transaction.

At the

time of disposition, the net carrying value of the

subsidiaries sold was approximately $

0.2

billion, excluding

0.5

billion of cash.

The net carrying value consisted primarily

of $

1.3

billion of PP&E and $

0.1

billion of

other current assets offset by $

0.7

billion of ARO, $

0.3

billion of deferred tax liabilities, and $

0.2

billion of

other liabilities.

The before-tax earnings associated with the subsidiaries

sold, excluding the gain on

disposition noted above, were $

265

million and $

156

million for the six-month periods ended June 30,

2020

and 2019, respectively.

Production associated with the disposed assets

averaged

MBOED in the six-month

period of 2020.

Results of operations for the subsidiaries sold are

reported in our

Asia Pacific and Middle East

segment.

In March 2020, we completed the sale of our Niobrara

interests for approximately $

359

million after

customary adjustments and recognized a before-tax

loss on disposition of $

million.

At the time of

disposition, our interest in Niobrara had a net carrying

value of $

397

million, consisting primarily of $

433

million of PP&E and $

million of ARO.

The before-tax earnings associated with our

interests in Niobrara,

including the loss on disposition, were a loss of $

million and $

million for the six-month periods ended

June 30, 2020 and 2019, respectively.

In February 2020, we sold our Waddell Ranch interests in the Permian Basin for $

184

million after customary

adjustments.

gain or loss was recognized on the sale.

Production from the disposed Niobrara and Waddell Ranch interests in our

Lower 48

segment averaged

MBOED in 2019.

Planned Acquisition

In July 2020, we signed a definitive agreement

to acquire additional Montney acreage for cash consideration

approximately $

375

million before customary adjustments, plus the

assumption of approximately $

million

in financing obligations for associated partially

owned infrastructure.

This acquisition consists primarily of

undeveloped properties and includes

140,000

net acres in the liquids-rich Inga Fireweed

asset Montney zone,

which is directly adjacent to our existing Montney

position.

Upon completion of this transaction, we will

have

a Montney acreage position of

295,000

net acres with a

100

percent working interest.

The transaction is

subject to regulatory approval, is expected to close

in the third quarter of 2020 and will be reported

in our

Canada segment.