v2.4.0.8
Investments (Note)
 6 Months Ended
Jun. 30, 2014
Investments [Abstract]  
Investments Disclosure [Text Block]
Investments
A summary of our investments, including our approximate ownership percentage and carrying value as of June 30, 2014 and December 31, 2013, is presented below.
 
 
 
 
Approximate
Ownership %
 
Carrying
Value
 
 
Accounting
Method
 
June 30,
2014
 
December 31,
2013
 
June 30,
2014
 
December 31,
2013
 
 
 
 
 
 
 
 
($ in millions)
FTS International, Inc.
 
Equity
 
30%
 
30%
 
$
119

 
$
138

Sundrop Fuels, Inc.
 
Equity
 
56%
 
56%
 
133

 
135

Chaparral Energy, Inc.
 
Equity
 
—%
 
20%
 
—

 
143

Other
 
—
 
—%
 
—%
 
12

 
61

Total investments
 
$
264

 
$
477


FTS International, Inc. FTS International, Inc. (FTS), based in Fort Worth, Texas, is a privately held company which, through its subsidiaries, provides hydraulic fracturing and other services to oil and gas companies. During the Current Period, we recorded negative equity method and other adjustments, prior to intercompany profit eliminations, of $27 million for our share of FTS’s net loss and recorded an accretion adjustment of $8 million related to the excess of our underlying equity in net assets of FTS over our carrying value.
As of June 30, 2014, the carrying value of our investment in FTS was less than our underlying equity in net assets by approximately $46 million, of which $14 million was attributed to non-depreciable assets. The value attributed to depreciable assets is being accreted over the estimated useful lives of the underlying assets.
Sundrop Fuels, Inc. Sundrop Fuels, Inc. (Sundrop), based in Longmont, Colorado, is a privately held cellulosic biofuels company that is constructing a nonfood biomass-based “green gasoline” plant. In the Current Period, we recorded a $7 million charge related to our share of Sundrop's net loss and capitalized interest totaling $5 million associated with the construction of Sundrop’s plant. The capitalized interest is added to the investment carrying value in excess of our underlying equity and will be amortized over the life of the plant, once it is placed into service. The carrying value of our investment in Sundrop was in excess of our underlying equity in net assets by approximately $67 million.
Sold Investments
Chaparral Energy, Inc. Chaparral Energy, Inc. (Chaparral), based in Oklahoma City, Oklahoma, is a private independent oil and natural gas company engaged in the production, acquisition and exploitation of oil and natural gas properties. In the Current Period, we sold all of our interest in Chaparral for net cash proceeds of $209 million. We recorded a $73 million gain related to the sale.
Clean Energy Fuels Corp. In the Prior Quarter, we sold our $100 million investment in Clean Energy convertible notes for cash proceeds of $85 million. The buyer also assumed our commitment to purchase the third and final $50 million tranche of Clean Energy convertible notes. We recorded a $15 million loss related to this sale.
Other. In the Current Period, we sold an equity investment in a natural gas trading and management firm for cash proceeds of $30 million and recorded a loss of $6 million associated with the transaction.
In the Prior Period, we sold an equity investment for cash proceeds of $6 million and recorded a $5 million gain associated with the transaction.