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Change in Accounting Principles (Tables)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2018, for the
adoption of ASC Topic 606 and ASU No. 2016-01 were as follows:
	Millions of Dollars
		December 31		ASC Topic 606		ASU No. 2016-01		January 1
		2017		Adjustments		Adjustments		2018
Liabilities
Other accruals	$	1,029		104		-		1,133
Total current liabilities		9,397		104		-		9,501
Deferred income taxes		5,282		(31)		-		5,251
Other liabilities and deferred credits		1,269		147		-		1,416
Total liabilities		42,561		220		-		42,781
Equity
Accumulated other comprehensive loss	$	(5,518)		-		58		(5,460)
Retained earnings		29,391		(220)		(58)		29,113
Total common stockholders' equity		30,607		(220)		-		30,387
Total equity		30,801		(220)		-		30,581
For discussion of adjustments for ASU No. 2016-01 and ASC Topic 606, see Note 7—Investment in Cenovus Energy and Note 20—Sales and
Other Operating Revenues, respectively.

The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit
pension and other postretirement employee benefits plans on our consolidated income statement was as
follows:
	Millions of Dollars
		Previously		Effect of Change		As
		Reported		Higher/(Lower)		Revised
Three Months Ended September 30, 2017
Production and operating expenses	$	1,224		(2)		1,222
Selling, general and administrative expenses		132		(22)		110
Exploration expenses		75		(2)		73
Other expenses		51		26		77
Nine Months Ended September 30, 2017
Production and operating expenses	$	3,849		(11)		3,838
Selling, general and administrative expenses		423		(121)		302
Exploration expenses		724		(4)		720
Other expenses		285		136		421

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- References

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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