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Investments, Loans and Long-Term Receivables | 9 Months Ended
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Sep. 30, 2018
Investments, Loans and Long-Term Receivables [Abstract] |
Investments, Loans and Long-Term Receivables | Note 6—Investments, Loans and Long-Term Receivables APLNG APLNG’s $8.5 billion project finance facility consists of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $2.9 billion, the Export-Import Bank of China for approximately $2.7 billion, and a syndicate of Australian and international commercial banks for approximately $2.9 billion. All amounts have been drawn from the facility. APLNG mad e its first principal and interest payment in March 2017 and will continue to make bi-annual payments until March 2029. APLNG made a voluntary repayment of $1.4 billion to the Export-Import Bank of China in September 2018. At the same time, APLNG was successful in obtaining a United States Private Placement (USPP) bond facility of $1.4 billion. Interest payments will commence in March 2019 and principal payments in September 2023, with bi-annual payments due on the facility until September 2030. At September 30, 2018, a balance of $7.2 billion was outstanding on the facilities. See Note 12—Guarantees, for additional information. APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. See Note 3—Variable Interest Entities (VIEs), for additional information. During the first half of 2017, the outlook for crude oil prices deteriorated, and as a result of significantly reduced price outlooks, the estimated fair value of our investment in APLNG declined to an amount below carrying value. Based on a review of the facts and circumstan ces surrounding this decline in fair value, we concluded in the second quarter of 2017 the impairment was other than temporary under the guidance of FASB ASC Topic 323, “Investments—Equity Method and Joint Ventures,” and the recognition of an impairment of our investment to fair value was necessary. Accordingly, we recorded a noncash $2,384 million before- and after-tax impairment in our second-quarter 2017 results. Fair value was estimated based on an internal discounted cash flow model us ing estimated future production, an outlook of future prices from a combination of exchanges (short-term) and pricing service companies (long-term), costs, a market outlook of foreign exchange rates provided by a third party, and a discount rate believed t o be consistent with those used by principal market participants. The impairment was included in the “Impairments” line on our consolidated income statement. At September 30, 2018, the carrying value of our equity method investment in APLNG was $7,676 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. Distributions from APLNG commenced in April 2018. FCCL On May 17, 2017, we completed the sale of our 50 percent no noperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, to Cenovus Energy. For additional information on the Canada disposition and our investment in Cenovus Energy, s ee Note 5—Assets Held for Sale, Dispositions, Acquisitions and Other Planned Transactions and Note 7—Investment in Cenovus Energy. Loans and Long-Term Receivables As part of our normal ongoing business operations, and consistent with industry practice, we enter int o numerous agree ments with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At September 30, 2018, significant loans to affiliated companies included $461 million in project fi nancing to Qatar Liquefied Gas Company Limited (3) (QG3). On our consolidated balance sheet, the long-term portion of these loans is included in the “Loans and advances—related parties” line, while the short-term portion is in the “Accounts and notes rece ivable—related parties” line.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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