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Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Revenues      
Oil, Gas and NGL Sales $ 2,832 $ 2,060 $ 3,651
Income from Equity Method Investees 118 84 174
Other Revenues 72 169 76
Total Revenues 3,022 [1],[2] 2,313 [2],[3] 3,901 [2]
Costs and Expenses      
Production Expense 570 525 594
Exploration Expense 245 144 217
Depreciation, Depletion and Amortization 883 816 791
General and Administrative 277 237 236
Net Gain on Asset Sales (113) (22) (5)
Asset Impairments 144 604 294
Other Operating Expense, Net 64 67 139
Total Operating Expenses 2,070 2,371 2,266
Operating Income (Loss) 952 (58) 1,635
Other (Income) Expense      
(Gain) Loss on Commodity Derivative Instruments (157) 110 (440)
Interest, Net of Amount Capitalized 72 84 69
Other Non-Operating (Income) Expense, Net 6 12 (55)
Total Other (Income) Expense (79) 206 (426)
Income (Loss) Before Income Taxes 1,031 [1] (264) [3] 2,061
Income Tax Provision (Benefit) 306 (133) 711
Net Income (Loss) $ 725 [1] $ (131) [3] $ 1,350
Earnings (Loss) Per Share, Basic (in dollars per share) $ 4.15 [4] $ (0.75) [4] $ 7.83
Earnings (Loss) Per Share, Diluted (in dollars per share) $ 4.10 [4] $ (0.75) [4] $ 7.58
Weighted Average Number of Shares Outstanding, Basic (in shares) 175 173 173
Weighted Average Number of Shares Outstanding, Diluted (in shares) 177 173 176
[1] First quarter 2010 included the following: - $145 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $147 million (See Note 10. Derivative Instruments and Hedging Activities). Second quarter 2010 included the following: - $96 million gain on commodity derivative instruments, including unrealized mark-to-market gain of $63 million (See Note 10. Derivative Instruments and Hedging Activities); and - $26 million rig contract termination expense due to the Deepwater Moratorium. Third quarter 2010 included the following: - $38 million gain on commodity derivative instruments, including unrealized mark-to-market gain/loss of $5 million (See Note 10. Derivative Instruments and Hedging Activities); - $114 gain on sale of non-core onshore US assets (See Note 3. Acquisitions and Divestitures); and - $100 million asset impairment charges (See Note 4. Asset Impairments). Fourth quarter 2010 included the following: - $122 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $145 million (See Note 10. Derivative Instruments and Hedging Activities); and - $43 million asset impairment charges (See Note 4. Asset Impairments).
[2] Revenues from third parties for all foreign countries, in total, were $1 billion in 2010, $791 million in 2009, and $1.3 billion in 2008.
[3] First quarter 2009 included the following: $73 million gain on commodity derivative instruments, including unrealized mark-to-market loss of $80 million. (See Note 10. Derivative Instruments and Hedging Activities); $437 million asset impairment charges (See Note 4. Asset Impairments); and $46 million reversal of Ecuador allowance for doubtful accounts (See Note 5. Allowance for Doubtful Accounts). Second quarter 2009 included the following:$139 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $277 million. (See Note 10. Derivative Instruments and Hedging Activities); and $24 million gain on sale of our Argentina assets, which had been deferred until government approval of the sale. Third quarter 2009 included the following: $28 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $149 million (See Note 10. Derivative Instruments and Hedging Activities); and $12 million write-down of SemCrude, L.P. receivable (See Note 17. Commitments and Contingencies).Fourth quarter 2009 included the following: $16 million loss on commodity derivative instruments, including unrealized mark-to-market loss of $99 million (See Note 10. Derivative Instruments and Hedging Activities); $167 million asset impairment charges (See Note 4. Asset Impairments); and $97 million refund of deepwater Gulf of Mexico royalties, including interest (See Note 2. Additional Financial Statement Information).
[4] The sum of the individual quarterly earnings (loss) per share amounts may not agree with year-to-date earnings per share as each quarterly computation is based on the income or loss for that quarter and the weighted average number of shares outstanding during that quarter.