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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Summary of the activity of capitalized exploratory well costs for continuing operations |
in millions |  | 2017 |  | 2016 |  | 2015
Balance — Beginning of Year |  | $ | 56 |  | $ | 76 |  | $ | 141
Additions to capitalized exploratory well costs pending the determination of proved reserves |  | 201 |  | 29 |  | 88
Reclassifications to property, plant and equipment based on the determination of proved reserves |  | (128) |  | (28) |  | (78)
Capitalized exploratory well costs charged to expense |  | (21) |  | (21) |  | (75)
Balance — End of Year |  | $ | 108 |  | $ | 56 |  | $ | 76
Schedule of impairments and related charges |
For the years ended December 31, (in millions) |  | 2017 |  | 2016 |  | 2015 |
OIL AND GAS |  |  |  |  |  |  |
United States |  |  |  |  |  |  |
Impairments and related charges of exiting operations |  | $ | — |  | $ | (44) |  | $ | 1,862 | (a)
Impairments related to decline in commodity prices and changes in future development plans |  | 397 |  | 15 |  | 1,428 |
Rig termination charges |  | — |  | — |  | 192 |
Other asset impairment related charges |  | — |  | 5 |  | 204 |
Latin America |  |  |  |  |  |  |
Impairments related to decline in commodity prices and other |  | 4 |  | 9 |  | 559 |
Middle East and North Africa |  |  |  |  |  |  |
Impairments of exiting operations |  | — |  | 61 |  | 1,658 |
Impairments related to decline in commodity prices |  | — |  | — |  | 2,833 |
CHEMICAL |  |  |  |  |  |  |
Impairments of assets |  | — |  | — |  | 121 |
MIDSTREAM AND MARKETING |  |  |  |  |  |  |
Century gas processing plant |  | — |  | — |  | 814 |
Other asset impairment related charges |  | 120 |  | 160 |  | 216 |
CORPORATE |  |  |  |  |  |  |
Other-than-temporary impairment of investment in California Resources |  | — |  | 78 |  | 227 |
Severance, spin-off and allowance for doubtful accounts |  | — |  | 541 |  | 125 |
|  | $ | 521 |  | $ | 825 |  | $ | 10,239 |
| (a) |  | A portion of the 2015 charges are reported in the Midstream and Marketing segment.
Summary of the activity of the asset retirement obligation |
For the years ended December 31, (in millions) |  | 2017 |  | 2016
Beginning balance |  | $ | 1,369 |  | $ | 1,124
Liabilities incurred – capitalized to PP&E |  | 46 |  | 46
Liabilities settled and paid |  | (39) |  | (38)
Accretion expense |  | 67 |  | 59
Acquisitions, dispositions and other – changes in PP&E |  | (136) |  | 11
Revisions to estimated cash flows – changes in PP&E |  | 5 |  | 167
Ending balance |  | $ | 1,312 |  | $ | 1,369

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- Definition Tabular disclosure of the change in capitalized exploratory costs during the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 1B -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=68064819&loc=SL6806780-109447 + Details
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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
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