Marathon Oil Reports Third Quarter 2015 Results
Quarter Highlights
- Third quarter capital, investment and exploration program at approximately
\\$623 million , down 7% from second quarter; full-year 2015 program\\$3.1 billion - On track to achieve total Company and U.S. resource play production growth rates of 7% and 20%, respectively, year over year, with
\\$200 million less capital Total Company net production from continuing operations (excludingLibya ) averaged 434,000 net boed, up 6% over the year-ago quarter with OSM achieving record production of 57,000 net boed; U.S. resource play production of 212,000 net boed up 10% over year-ago quarter- Total E&P production expense down 30% from year-ago quarter; reduced North America E&P production costs per boe 27% below year-ago quarter
- S. resource plays featured solid performance from the early development of upper Eagle Ford, encouraging results from the SCOOP Smith infill pilot and continued strong contribution from the Bakken's West Myrmidon
- Closed non-core asset sales in
East Texas ,North Louisiana andWilburton, Oklahoma for approximately\\$100 million ; signed agreement for sale ofEast Africa exploration acreage
"In an environment where we expect oil prices to remain low for a longer period of time,
Lee M. Tillman. "We're maximizing capital allocation to the highest return opportunities in the U.S. resource plays, but with the right balance of high-confidence development activity and continued resource delineation that positions us for growth as we look through the current cycle. This quarter's results were impacted by non-cash losses and impairments related to lower forecasted commodity prices and our continued strategic transition away from conventional exploration. Importantly, we remain focused on driving
operational excellence, reducing production expenses and G&A costs, pursuing portfolio management and maintaining a strong balance sheet. Last week we announced a reduced quarterly dividend, which is expected to increase annual free cash flow by more than
North America E&P
North America Exploration and Production (E&P) production available for sale averaged 263,000 net barrels of oil equivalent per day (boed) for third quarter 2015, a 5 percent increase over the year-ago quarter and compared to 274,000 net boed for second quarter 2015. The decrease from the second quarter 2015 was primarily a result of lower Eagle Ford volumes and the disposition of
EAGLE
Austin Chalk wells testing the western periphery of the play. During third quarter 2015 the Company brought 57 wells to sales, of which 11 were
Austin Chalk, six upper Eagle Ford and 40 lower Eagle Ford, compared to 52 wells to sales in the previous quarter. Thirty-day initial production (IP) rates from the six upper Eagle Ford wells ranged from 1,050 to 1,480 net boed (57-76 percent liquids), supportive of the 2P resource additions announced in the third quarter. Efficiency gains in drilling and completions continued, as evidenced by wells drilled at an average rate of 2,000 feet per day, an 11 percent improvement over the previous quarter. With this improvement, the time to drill an Eagle Ford well spud-to-total depth dropped to 10 days. Even as drilling efficiency continues to improve, the Company is exceeding its technical objectives with a 98 percent success rate geo-steering into a typical 25-foot target.
BAKKEN:
Walker Ridge Block 51 encountered more than 620 feet of net oil pay, extending the lowest known oil column downdip.
International E&P
International E&P production available for sale from continuing operations (excluding
Oil Sands Mining
Oil Sands Mining (OSM) production available for sale for third quarter 2015 averaged 57,000 net boed compared to 47,000 net boed in the prior-year quarter and 25,000 net boed in second quarter 2015, which was impacted by an extensive turnaround at the
Production Guidance
The Company is tightening its full-year 2015 E&P production guidance range, resulting in a new range of 380,000 to 390,000 net boed. Full-year production guidance for OSM was narrowed to 40,000 to 45,000 net boed. Full-year 2015 guidance for the total Company production growth rate is 7 percent year over year, at the upper end of the previous range of 5 to 7 percent.
Corporate and Special Items
Net cash provided by continuing operations before changes in working capital was
The Company signed an agreement in the third quarter to sell its
The adjustments to net loss for third quarter 2015 included proved and unproved property and other impairments, and loss on sale of assets totaling
The Company's webcast commentary and associated slides related to
# # #
Non-GAAP Measures
Management uses certain non-GAAP financial measures, including adjusted net income (loss), adjusted income (loss) from continuing operations, net cash provided by continuing operations before changes in working capital, and adjusted general and administrative expenses, to evaluate the Company's financial performance between periods and to compare the Company's performance to certain competitors. Management also uses net cash provided by continuing operations before changes in working capital to demonstrate the Company's ability to internally fund capital expenditures, pay dividends and service debt. These measures generally exclude the effects of items that are considered non-recurring, are difficult to predict or to measure in advance or that are not directly related to the Company's ongoing operations. They should not be considered substitutes for their most directly comparable GAAP financial measures. See the tables below for reconciliations between each non-GAAP financial measure and its most directly comparable GAAP financial measure, including: (i) adjusted net income (loss) reconciled to net income (loss), (ii) adjusted income (loss) from continuing operations reconciled to income (loss) from continuing operations, (iii) net cash provided by continuing operations before changes in working capital reconciled to net cash provided by operating activities, and (iv) adjusted general and administrative expenses reconciled to total company general and administrative expenses.
Forward-looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact that give current expectations or forecasts of future events, including without limitation: the Company's operational, financial and growth strategies, including planned projects, drilling plans, cost management and expected savings, asset sales, resource growth, productivity improvements, and drilling and completion efficiencies; the Company's ability to successfully effect those strategies and the expected timing and results thereof; the Company's financial and operational outlook, and ability to fulfill that outlook; expectations regarding future economic and market conditions and their effects on the Company; the Company's 2015 and 2016 capital, investment and exploration programs, planned reductions and the expected benefits thereof; the Company's declared dividend and the expected benefits thereof; production cost guidance; the Company's financial position, liquidity and capital resources; and production guidance and the drivers thereof.
While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: conditions in the oil and gas industry, including supply/demand levels and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in key operating markets, including international markets; capital available for exploration and development; well production timing; availability of drilling rigs, materials and labor; difficulty in obtaining necessary approvals and permits; non-performance by third parties of contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorism and the governmental or military response thereto; cyber-attacks; changes in safety, health, environmental and other regulations; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company's 2014 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases, available at www.marathonoil.com. The Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
| Three Months Ended | ||||||||||||
| (In millions, except per diluted share data) | 2015 | 2015 | 2014 | |||||||||
| Adjusted income (loss) from continuing operations (a) | \\$ | (138 | ) | \\$ | (155 | ) | \\$ | 388 | ||||
| Adjustments for special items (net of taxes): | ||||||||||||
| Net loss on dispositions | (71 | ) | — | — | ||||||||
| Proved property impairments | (213 | ) | (28 | ) | (70 | ) | ||||||
| Unproved property impairments | (355 | ) | — | — | ||||||||
| Loss on equity method investments | (8 | ) | — | — | ||||||||
| Pension settlement | (12 | ) | (40 | ) | (14 | ) | ||||||
| Unrealized gain (loss) on crude oil derivative instruments | 50 | (28 | ) | — | ||||||||
| Reduction in workforce | (2 | ) | — | — | ||||||||
| — | (135 | ) | — | |||||||||
| Income (loss) from continuing operations | \\$ | (749 | ) | \\$ | (386 | ) | \\$ | 304 | ||||
| Per diluted share: | ||||||||||||
| Adjusted income (loss) from continuing operations (a) | \\$ | (0.20 | ) | \\$ | (0.23 | ) | \\$ | 0.57 | ||||
| Income (loss) from continuing operations | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.45 | ||||
| Adjusted net income (loss) (a) | \\$ | (138 | ) | \\$ | (155 | ) | \\$ | 515 | ||||
| Adjustments for special items (net of taxes): | ||||||||||||
| Net loss on dispositions | (71 | ) | — | — | ||||||||
| Proved property impairments | (213 | ) | (28 | ) | (70 | ) | ||||||
| Unproved property impairments | (355 | ) | — | — | ||||||||
| Loss on equity method investments | (8 | ) | — | — | ||||||||
| Pension settlement | (12 | ) | (40 | ) | (14 | ) | ||||||
| Unrealized gain (loss) on crude oil derivative instruments | 50 | (28 | ) | — | ||||||||
| Reduction in workforce | (2 | ) | — | — | ||||||||
| — | (135 | ) | — | |||||||||
| Net income (loss) | \\$ | (749 | ) | \\$ | (386 | ) | \\$ | 431 | ||||
| Per diluted share: | ||||||||||||
| Adjusted net income (loss) (a) | \\$ | (0.20 | ) | \\$ | (0.23 | ) | \\$ | 0.76 | ||||
| Net income (loss) | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.64 | ||||
| Exploration expenses | ||||||||||||
| Unproved property impairments | \\$ | 563 | \\$ | 40 | \\$ | 39 | ||||||
| Dry well costs | (3 | ) | 41 | 25 | ||||||||
| Geological and geophysical | 8 | 12 | 10 | |||||||||
| Other | 17 | 18 | 22 | |||||||||
| Total exploration expenses | \\$ | 585 | \\$ | 111 | \\$ | 96 | ||||||
| Cash flows | ||||||||||||
| Net cash provided by continuing operations before changes in working capital (a) | \\$ | 467 | \\$ | 520 | \\$ | 1,420 | ||||||
| Changes in working capital for continuing operations | 29 | (112 | ) | (62 | ) | |||||||
| Total net cash provided by continuing operations | 496 | 408 | 1,358 | |||||||||
| Net cash provided by discontinued operations (b) | — | — | 416 | |||||||||
| Net cash provided by operating activities | \\$ | 496 | \\$ | 408 | \\$ | 1,774 | ||||||
| Additions to property, plant and equipment | \\$ | (595 | ) | \\$ | (678 | ) | \\$ | (1,508 | ) | |||
| Changes in working capital | (33 | ) | (190 | ) | 99 | |||||||
| Cash additions to property, plant and equipment | \\$ | (628 | ) | \\$ | (868 | ) | \\$ | (1,409 | ) | |||
(a) Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.
(b) As a result of the sale of the Company's
| Consolidated Statements of Income (Unaudited) | Three Months Ended | ||||||||||
| (In millions, except per share data) | 2015 | 2015 | 2014 | ||||||||
| Revenues and other income: | |||||||||||
| Sales and other operating revenues, including related party | \\$ | 1,300 | \\$ | 1,307 | \\$ | 2,316 | |||||
| Marketing revenues | 84 | 183 | 554 | ||||||||
| Income from equity method investments | 36 | 26 | 89 | ||||||||
| Net gain (loss) on disposal of assets | (109 | ) | — | (3 | ) | ||||||
| Other income | 12 | 15 | 15 | ||||||||
| Total revenues and other income | 1,323 | 1,531 | 2,971 | ||||||||
| Costs and expenses: | |||||||||||
| Production | 406 | 450 | 593 | ||||||||
| Marketing, including purchases from related parties | 84 | 182 | 554 | ||||||||
| Other operating | 93 | 81 | 99 | ||||||||
| Exploration | 585 | 111 | 96 | ||||||||
| Depreciation, depletion and amortization | 717 | 751 | 737 | ||||||||
| Impairments | 337 | 44 | 109 | ||||||||
| Taxes other than income | 46 | 78 | 115 | ||||||||
| General and administrative | 125 | 168 | 160 | ||||||||
| Total costs and expenses | 2,393 | 1,865 | 2,463 | ||||||||
| Income (loss) from operations | (1,070 | ) | (334 | ) | 508 | ||||||
| Net interest and other | (75 | ) | (58 | ) | (55 | ) | |||||
| Income (loss) from continuing ops before income taxes | (1,145 | ) | (392 | ) | 453 | ||||||
| Provision (benefit) for income taxes | (396 | ) | (6 | ) | 149 | ||||||
| Income (loss) from continuing operations | (749 | ) | (386 | ) | 304 | ||||||
| Discontinued operations (a) | — | — | 127 | ||||||||
| Net income (loss) | (749 | ) | (386 | ) | 431 | ||||||
| Per share data | |||||||||||
| Basic: | |||||||||||
| Income (loss) from continuing operations | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.45 | |||
| Discontinued operations (a) | — | — | \\$ | 0.19 | |||||||
| Net income (loss) | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.64 | |||
| Diluted: | |||||||||||
| Income (loss) from continuing operations | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.45 | |||
| Discontinued operations (a) | — | — | \\$ | 0.19 | |||||||
| Net income (loss) | \\$ | (1.11 | ) | \\$ | (0.57 | ) | \\$ | 0.64 | |||
| Weighted average shares: | |||||||||||
| Basic | 677 | 677 | 675 | ||||||||
| Diluted | 677 | 677 | 678 | ||||||||
(a) As a result of the sale of the Company's
| Supplemental Statistics (Unaudited) | Three Months Ended | |||||||||||
| (in millions) | 2015 | 2015 | 2014 | |||||||||
| Segment income (loss) | ||||||||||||
| North America E&P | \\$ | (61 | ) | \\$ | (45 | ) | \\$ | 292 | ||||
| International E&P | 29 | 41 | 106 | |||||||||
| Oil Sands Mining | (11 | ) | (77 | ) | 93 | |||||||
| Segment income (loss) | (43 | ) | (81 | ) | 491 | |||||||
| Items not allocated to segments, net of income taxes: | ||||||||||||
| Corporate and unallocated | (95 | ) | (74 | ) | (103 | ) | ||||||
| Net loss on dispositions | (71 | ) | — | — | ||||||||
| Proved property impairments | (213 | ) | (28 | ) | (70 | ) | ||||||
| Unproved property impairments | (355 | ) | — | — | ||||||||
| Loss on equity method investments | (8 | ) | — | — | ||||||||
| Pension settlement | (12 | ) | (40 | ) | (14 | ) | ||||||
| Unrealized gain (loss) on crude oil derivative instruments | 50 | (28 | ) | — | ||||||||
| Reduction in workforce | (2 | ) | — | — | ||||||||
| Alberta provincial corporate tax rate increase | — | (135 | ) | — | ||||||||
| Income (loss) from continuing operations | (749 | ) | (386 | ) | 304 | |||||||
| Discontinued operations (a) | — | — | 127 | |||||||||
| Net income (loss) | \\$ | (749 | ) | \\$ | (386 | ) | \\$ | 431 | ||||
| Capital expenditures (b) | ||||||||||||
| North America E&P | \\$ | 564 | \\$ | 551 | \\$ | 1,277 | ||||||
| International E&P | 30 | 99 | 166 | |||||||||
| Oil Sands Mining | (11 | ) | 16 | 49 | ||||||||
| Discontinued operations (a) | — | — | 125 | |||||||||
| Corporate | 12 | 12 | 16 | |||||||||
| Total | \\$ | 595 | \\$ | 678 | \\$ | 1,633 | ||||||
| Exploration expenses | ||||||||||||
| North America E&P | \\$ | 22 | \\$ | 91 | \\$ | 55 | ||||||
| International E&P | 10 | 20 | 41 | |||||||||
| Segment exploration expenses | 32 | 111 | 96 | |||||||||
| Not allocated to segments | 553 | — | — | |||||||||
| Total | \\$ | 585 | \\$ | 111 | \\$ | 96 | ||||||
| Provision (benefit) for income taxes | ||||||||||||
| Current income taxes | \\$ | 9 | — | \\$ | (15 | ) | ||||||
| Deferred income taxes | (405 | ) | (6 | ) | 164 | |||||||
| Total | \\$ | (396 | ) | \\$ | (6 | ) | \\$ | 149 | ||||
(a) As a result of the sale of the Company's
(b) Capital expenditures include accruals.
| Three Months Ended | Guidance (a) | ||||||
| Q4 | Full-Year | ||||||
| (mboed) | 2015 | 2015 | 2014 | 2015 | 2015 | ||
| Net production available for sale | |||||||
| North America E&P (b) | 263 | 274 | 250 | 244-257 | |||
| International E&P excluding | 114 | 108 | 112 | 121-128 | |||
| 377 | 382 | 362 | 365-385 | 380-390 | |||
| Oil Sands Mining (e) | 57 | 25 | 47 | 40-45 | 40-45 | ||
| Total continuing operations excluding | 434 | 407 | 409 | ||||
| Discontinued operations (d) | — | — | 56 | ||||
| 434 | 407 | 465 | |||||
| — | — | 8 | |||||
| Total | 434 | 407 | 473 | ||||
(a) Guidance excludes the effect of acquisitions or dispositions not previously announced.
(b) The sale of the Company's
(c)
(d) As a result of the sale of the Company's
(e) Upgraded bitumen excluding blendstocks.
| Supplemental Statistics (Unaudited) | Three Months Ended | |||||
| 2015 | 2015 | 2014 | ||||
| North America E&P - net sales volumes | ||||||
| Liquid hydrocarbons (mbbld) | 205 | 213 | 197 | |||
| Bakken | 58 | 57 | 53 | |||
| Eagle Ford | 100 | 108 | 95 | |||
| | 10 | 11 | 8 | |||
| | 37 | 37 | 41 | |||
| Crude oil and condensate (mbbld) | 166 | 176 | 166 | |||
| Bakken | 53 | 54 | 50 | |||
| Eagle Ford | 74 | 82 | 75 | |||
| | 4 | 5 | 3 | |||
| | 35 | 35 | 38 | |||
| Natural gas liquids (mbbld) | 39 | 37 | 31 | |||
| Bakken | 5 | 3 | 3 | |||
| Eagle Ford | 26 | 26 | 20 | |||
| | 6 | 6 | 5 | |||
| | 2 | 2 | 3 | |||
| Natural gas (mmcfd) | 338 | 361 | 317 | |||
| Bakken | 19 | 22 | 18 | |||
| Eagle Ford | 161 | 164 | 130 | |||
| | 76 | 81 | 63 | |||
| | 82 | 94 | 106 | |||
| Total North America E&P (mboed) | 261 | 274 | 250 | |||
| International E&P - net sales volumes | ||||||
| Liquid hydrocarbons (mbbld) | 46 | 42 | 39 | |||
| | 31 | 28 | 27 | |||
| | 15 | 14 | 6 | |||
| | — | — | 6 | |||
| Crude oil and condensate (mbbld) | 35 | 33 | 29 | |||
| | 21 | 19 | 17 | |||
| | 14 | 14 | 6 | |||
| | — | — | 6 | |||
| Natural gas liquids (mbbld) | 11 | 9 | 10 | |||
| | 10 | 9 | 10 | |||
| | 1 | — | — | |||
| Natural gas (mmcfd) | 441 | 396 | 439 | |||
| | 418 | 365 | 420 | |||
| | 23 | 31 | 19 | |||
| Total International E&P (mboed) | 119 | 108 | 112 | |||
| Oil Sands Mining - net sales volumes | ||||||
| Synthetic crude oil (mbbld) (d) | 65 | 29 | 55 | |||
| Total continuing operations - net sales volumes (mboed) | 445 | 411 | 417 | |||
| Discontinued operations - net sales volumes (mboed)(a) | — | — | 58 | |||
| 445 | 411 | 475 | ||||
| Net sales volumes of equity method investees (mtd) | ||||||
| LNG | 5,700 | 4,991 | 6,265 | |||
| Methanol | 1,125 | 673 | 1,103 | |||
(a) As a result of the sale of the Company's
(b) Includes natural gas acquired for injection and subsequent resale of 8 mmcfd, 7 mmcfd, and 3 mmcfd in the third and second quarters of 2015, and third quarter of 2014, respectively.
(c) Includes Gulf of
(d) Includes blendstocks.
| Supplemental Statistics (Unaudited) | Three Months Ended | |||||||||||
| 2015 | 2015 | 2014 | ||||||||||
| North America E&P - average price realizations (b) | ||||||||||||
| Liquid hydrocarbons (\\$ per bbl) | \\$ | 35.75 | \\$ | 45.96 | \\$ | 80.89 | ||||||
| Bakken | 37.41 | 49.29 | 82.67 | |||||||||
| Eagle Ford | 34.87 | 44.05 | 79.99 | |||||||||
| | 22.70 | 30.29 | 56.57 | |||||||||
| | 39.25 | 50.89 | 85.28 | |||||||||
| Crude oil and condensate (\\$ per bbl) (d) | \\$ | 41.37 | \\$ | 52.63 | \\$ | 89.65 | ||||||
| Bakken | 40.18 | 51.36 | 85.28 | |||||||||
| Eagle Ford | 42.74 | 53.47 | 93.51 | |||||||||
| | 40.48 | 51.00 | 93.78 | |||||||||
| | 40.37 | 52.83 | 87.50 | |||||||||
| Natural gas liquids (\\$ per bbl) | \\$ | 11.88 | \\$ | 14.77 | \\$ | 33.93 | ||||||
| Bakken | 5.07 | 11.63 | 40.60 | |||||||||
| Eagle Ford | 12.15 | 14.08 | 30.90 | |||||||||
| | 11.38 | 14.45 | 33.64 | |||||||||
| | 23.21 | 25.65 | 51.49 | |||||||||
| Natural gas (\\$ per mcf) | \\$ | 2.75 | \\$ | 2.76 | \\$ | 4.21 | ||||||
| Bakken | 1.96 | 2.62 | 4.29 | |||||||||
| Eagle Ford | 2.85 | 2.71 | 4.21 | |||||||||
| | 2.82 | 2.64 | 3.97 | |||||||||
| | 2.70 | 2.98 | 4.34 | |||||||||
| International E&P - average price realizations | ||||||||||||
| Liquid hydrocarbons (\\$ per bbl) | \\$ | 35.88 | \\$ | 44.70 | \\$ | 66.80 | ||||||
| | 28.03 | 35.74 | 51.83 | |||||||||
| | 52.36 | 61.93 | 88.68 | |||||||||
| | — | — | 114.36 | |||||||||
| Crude oil and condensate (\\$ per bbl) | \\$ | 46.18 | \\$ | 56.70 | \\$ | 89.07 | ||||||
| | 41.24 | 52.27 | 80.85 | |||||||||
| | 53.48 | 62.97 | 88.68 | |||||||||
| | — | — | 114.36 | |||||||||
| Natural gas liquids (\\$ per bbl) | \\$ | 2.69 | \\$ | 3.10 | \\$ | 1.00 | ||||||
| | 1.00 | 1.00 | 1.00 | |||||||||
| | 28.81 | 36.49 | — | |||||||||
| Natural gas (\\$ per mcf) | \\$ | 0.59 | \\$ | 0.78 | \\$ | 0.56 | ||||||
| | 0.24 | 0.24 | 0.24 | |||||||||
| | 6.92 | 6.98 | 7.60 | |||||||||
| Oil Sands Mining - average price realizations | ||||||||||||
| Synthetic crude oil (\\$ per bbl) | \\$ | 39.49 | \\$ | 52.46 | \\$ | 88.22 | ||||||
| Discontinued operations - average price realizations (\\$ per boe)(a) | — | — | 98.62 | |||||||||
| Benchmark | ||||||||||||
| WTI crude oil (per bbl)(f) | \\$ | 46.50 | \\$ | 57.95 | \\$ | 97.25 | ||||||
| Brent ( | \\$ | 50.23 | \\$ | 61.69 | \\$ | 101.82 | ||||||
| Henry Hub natural gas (per mmbtu)(h) | \\$ | 2.77 | \\$ | 2.64 | \\$ | 4.06 | ||||||
| WCS crude oil (per bbl)(i) | \\$ | 33.16 | \\$ | 46.35 | \\$ | 76.99 | ||||||
(a) As a result of the sale of the Company's
(b) Excludes gains or losses on derivative instruments.
(c) Includes Gulf of Mexico and other conventional onshore U.S. production.
(d) Inclusion of realized gains on crude oil derivative instruments would have increased average price realizations by
(e) Represents fixed prices under long-term contracts with
(f) NYMEX
(g) Average of monthly prices obtained from
(h) Settlement date average per mmbtu.
(i) Monthly pricing based upon average WTI adjusted for differentials unique to western
| Three Months Ended | |||||||||||||||||
| (In millions) | 2015 | 2015 | 2014 | ||||||||||||||
| Production expenses | |||||||||||||||||
| North America E&P | \\$ | 179 | \\$ | 179 | \\$ | 233 | |||||||||||
| International E&P | 61 | 64 | 108 | ||||||||||||||
| Total | 240 | 243 | 341 | ||||||||||||||
| 125 | 168 | 160 | |||||||||||||||
| Adjustments for special items: | |||||||||||||||||
| Pension settlement | (18 | ) | (64 | ) | (22 | ) | |||||||||||
| Reduction in workforce | (4 | ) | — | — | |||||||||||||
| Adjusted general and administrative expenses (a) | 103 | 104 | 138 | ||||||||||||||
| E&P production expenses and adjusted general and administrative expenses (a) | \\$ | 343 | \\$ | 347 | \\$ | 479 | |||||||||||
(a) Non-GAAP financial measure. See "Non-GAAP Measures" above for further discussion.
Комментарии