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Impairments | 9 Months Ended
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Sep. 30, 2020
Impairments [Abstract] |
Impairments | Note 8—Impairments During the three- and nine-month periods ended September 30, 2020 and 2019, we recognized before-tax impairment charges within the following segments: Millions of Dollars Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Lower 48 $ 1 22 514 22 Europe, Middle East and North Africa 1 2 7 4 $ 2 24 521 26 We perform impairment reviews when triggering events arise that may impact the fair value of our assets or investments. We observed volatility in commodity prices during the first nine-months of 2020. A decline in commodity prices beginning in March prompted us to evaluate the recoverability of the carrying value of our assets and whether an other than temporary impairment occurred for investments in our portfolio. For certain non-core natural gas assets in the Lower 48, a significant decrease in the outlook for current and long-term natural gas prices resulted in a decline in the estimated fair values to amounts below carrying value. Accordingly, in the first quarter of 2020, we recorded impairments of $ 511 million related to these non-core natural gas assets, primarily for the Wind River Basin operations area consisting of developed properties in the Madden Field and the Lost Cabin Gas Plant, which were written down to fair value. See Note 14—Fair Value Measurement, for additional information. A sustained decline in the current and long-term outlook on commodity prices could trigger additional impairment reviews and possibly result in future impairment charges. The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement and are not reflected in the table above. We recorded a before-tax impairment in the first quarter of 2020 of $ 31 million in our Asia Pacific segment related to the associated carrying value of capitalized undeveloped leasehold costs for the Kamunsu East Field in Malaysia that is no longer in our development plans. In the third quarter of 2019, we recorded a before-tax impairment of $ 141 million in our Lower 48 segment for the associated carrying value of capitalized undeveloped leasehold costs due to our decision to discontinue exploration activities in the Central Louisiana Austin Chalk trend.

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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. + References No definition available. + Details
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