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Quarterly Results (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Results (Unaudited) |
Quarterly Results (Unaudited) | Note 26—Quarterly Results (Unaudited)
|  | Three months ended |
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
|  | (In millions, except per share data) |
2013 |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | 2,197 |  | $ | 2,397 |  | $ | 2,558 |  | $ | 2,332 |
Operating income (a) |  | 473 |  | 602 |  | 742 |  | 407 |
Income from continuing operations (a) |  | 313 |  | 321 |  | 544 |  | 228 |
Net income (a) (b) |  | 329 |  | 303 |  | 544 |  | 231 |
Net income attributable to controlling interest (a) (b) |  | 321 |  | 307 |  | 546 |  | 233 |
Per share earnings from continuing operations |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.88 |  | $ | 0.87 |  | $ | 1.49 |  | $ | 0.62 |
Diluted |  | $ | 0.88 |  | $ | 0.87 |  | $ | 1.49 |  | $ | 0.62 |
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |
Basic |  | 360 |  | 360 |  | 361 |  | 361 |
Diluted |  | 360 |  | 360 |  | 361 |  | 361 |
2012 |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | 2,110 |  | $ | 2,329 |  | $ | 2,431 |  | $ | 2,326 |
Operating income (loss) (c) |  | 371 |  | (142 | ) | 811 |  | 541 |
Income (loss) from continuing operations (c) |  | 154 |  | (303 | ) | 533 |  | 432 |
Net income (loss) (c) (d) |  | 18 |  | (303 | ) | (383 | ) | 457 |
Net income (loss) attributable to controlling interest (c) (d) |  | 10 |  | (304 | ) | (381 | ) | 456 |
Per share earnings (loss) from continuing operations |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.42 |  | $ | (0.86 | ) | $ | 1.49 |  | $ | 1.19 |
Diluted |  | $ | 0.42 |  | $ | (0.86 | ) | $ | 1.49 |  | $ | 1.19 |
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |
Basic |  | 350 |  | 353 |  | 359 |  | 359 |
Diluted |  | 350 |  | 353 |  | 359 |  | 360 |
(a) First quarter and third quarter included losses of $74 million and $29 million, respectively, associated with loss contingencies related to Macondo well incident. Second quarter included an aggregate loss of $37 million associated with the impairment of certain drilling units classified as assets held for sale. Third quarter included a gain of $33 million associated with the sale of Transocean Richardson. See Note 5—Impairments, Note 10—Drilling Fleet and Note 15-Commitments and Contingencies. (b) First, second, third and fourth quarters included aggregate gains of $15 million, $3 million, $31 million and $5 million, respectively, associated with the disposal of assets of our discontinued operations. See Note 7—Discontinued Operations. (c) First quarter included an adjustment of $118 million associated with an adjustment to the goodwill impairment attributed to our contract drilling services reporting unit and a loss of $22 million associated with the impairment of the customer relationships intangible asset related to the U.K. operations of our drilling management services reporting unit. Second quarter included a loss of $756 million associated with loss contingencies related to the Macondo well incident. Third quarter included an aggregate gain of $51 million associated with the sale of Discoverer 534 and Jim Cunningham. See Note 5—Impairments, Note 10—Drilling Fleet and Note 15—Commitments and Contingencies. (d) First, second, third and fourth quarters included aggregate losses of $93 million, $12 million, $878 million and $3 million, respectively, associated with the impairment of assets of our discontinued operations. First, second, third and fourth quarters included aggregate gains (losses) of $(1) million, $72 million, $(1) million and $12 million, respectively, associated with the disposal of assets of our discontinued operations. See Note 7—Discontinued Operations.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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