v2.4.0.6

Impairments

3 Months Ended

Mar. 31, 2013

Impairments [Abstract]

Impairments

Note 9—Impairments
During the three-month periods of 2013 and 2012, we recognized the following before-tax impairment
charges:
		Millions of Dollars
		Three Months Ended
		March 31
			2013		2012
Canada		$	-		213
Europe			-		1
Asia Pacific and Middle East			2		-
		$	2		214

The first quarter of 2012 included a $213 million property impairment in our Canada segment for the carrying value of capitalized project development costs associated with our Mackenzie Gas Project. Advancement of the project was suspended indefinitely in the first quarter of 2012 due to a continued decline in market conditions and the lack of acceptable commercial terms. We also recorded a $481 million impairment for the undeveloped leasehold costs associated with the project, which was included in the “Exploration expenses” line on our consolidated income statement.

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- Definition

The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.

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