Asset Acquisitions and Dispositions	9 Months Ended
Sep. 30, 2020
Asset Acquisitions and Dispositions [Abstract]
Asset Acquisitions and Dispositions [Text Block]	Note 4—Asset Acquisitions and Dispositions Asset Acquisition In August 2020, we completed the acquisition of additional Montney acreage in Canada from Kelt Exploration Ltd. for $ 382 million after customary adjustments, plus the assumption of $ 31 million in financing obligations associated with partially owned infrastructure. This acquisition consisted primarily of undeveloped properties and included 140,000 net acres in the liquids-rich Inga Fireweed asset Montney zone, which is directly adjacent to our existing Montney position. The transaction increases our Montney acreage position to 295,000 net acres with a 100 percent working interest. This agreement was accounted for as an asset acquisition resulting in the recognition of $ 490 million of PP&E; $ 77 million of ARO and accrued environmental costs; and $ 31 million of financing obligations recorded primarily to long-term debt. Results of operations for the Montney are reported in our Canada segment. 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 nine-month period 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, including the gain on disposition noted above, were $ 851 million and $ 222 million for the nine-month periods ended September 30, 2020 and 2019, respectively. Production from the beginning of the year through the disposition date in May 2020 averaged 43 MBOED. Results of operations for the subsidiaries sold are reported in our Asia Pacific 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 $ 22 million and $ 7 million for the nine-month periods ended September 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.

Note 4—Asset Acquisitions and Dispositions

Asset Acquisition

In August 2020, we completed the acquisition

of additional Montney acreage in Canada from Kelt

Exploration

Ltd. for $

382

million after customary adjustments, plus the

assumption of $

million in financing obligations

associated with partially owned infrastructure.

This acquisition consisted primarily

of undeveloped properties

and included

140,000

net acres in the liquids-rich Inga Fireweed asset

Montney zone, which is directly

adjacent to our existing Montney position.

The transaction increases our Montney acreage

position to

295,000

net acres with a

100

percent working interest.

This agreement was accounted for as an asset acquisition

resulting in the recognition of $

490

million of PP&E; $

million of ARO and accrued environmental costs;

and $

million of financing obligations recorded primarily

to long-term debt.

Results of operations for the

Montney are reported in our Canada segment.

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 nine-month period of 2020, we recognized a before-tax

gain of $

587

million related to this transaction.

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, including the gain on

disposition noted above, were $

851

million and $

222

million for the nine-month periods ended September

30,

2020 and 2019, respectively.

Production from the beginning of the year through the

disposition date in May

2020 averaged

MBOED.

Results of operations for the subsidiaries sold

are reported in our

Asia Pacific

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 nine-month periods ended

September 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.