| 21. | Segment Information |
The Corporation is transitioning to a pure play E&P company. In the first quarter of 2013, the Corporation announced plans to divest its downstream businesses, which were previously included in the M&R operating segment. Accordingly, the results of operations for the downstream businesses that were sold or ceased operations during 2013 have been classified as discontinued operations and are excluded from these segment disclosures for all periods presented. As a result, the Corporation currently has two operating segments, E&P and Retail Marketing and Other, which consists of the remaining downstream businesses that it plans to divest. This structure is used by the chief operating decision maker to allocate resources and assess operating performance.
The following table presents financial data by operating segment:
| Exploration and Production |
Retail Marketing and Other |
Corporate | Total | |||||||||||||
| (In millions) | ||||||||||||||||
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2013 |
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Operating revenues (a) |
$ | 11,905 | $ | 10,379 | $ | — | $ | 22,284 | ||||||||
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Net income (loss) from
continuing operations attributable |
$ | 4,303 | $ | (65 | ) | $ | (440 | ) | $ | 3,798 | ||||||
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Interest expense |
$ | — | $ | — | $ | 406 | $ | 406 | ||||||||
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Depreciation, depletion and amortization |
2,671 | 84 | 15 | 2,770 | ||||||||||||
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Asset impairments |
289 | — | — | 289 | ||||||||||||
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Provision (benefit) for income taxes |
831 | (39 | ) | (267 | ) | 525 | ||||||||||
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Investments in affiliates |
109 | 578 | — | 687 | ||||||||||||
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Identifiable assets (b) |
37,863 | 2,644 | 939 | 41,446 | ||||||||||||
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Capital employed (c) |
27,850 | 1,597 | 1,939 | 31,386 | ||||||||||||
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Capital expenditures |
5,709 | 73 | 58 | 5,840 | ||||||||||||
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2012 |
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Operating revenues (a) |
$ | 12,245 | $ | 11,136 | $ | — | $ | 23,381 | ||||||||
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Net Income (loss) from
continuing operations attributable |
$ | 2,212 | $ | 35 | $ | (418 | ) | $ | 1,829 | |||||||
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Interest expense |
$ | — | $ | — | $ | 419 | $ | 419 | ||||||||
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Depreciation, depletion and amortization |
2,853 | 56 | 13 | 2,922 | ||||||||||||
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Asset impairments |
582 | — | — | 582 | ||||||||||||
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Provision (benefit) for income taxes |
1,793 | 29 | (263 | ) | 1,559 | |||||||||||
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Investments in affiliates |
75 | 368 | — | 443 | ||||||||||||
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Identifiable assets (b) |
37,687 | 2,066 | 615 | 40,368 | ||||||||||||
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Capital employed (c) |
26,339 | 1,212 | 405 | 27,956 | ||||||||||||
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Capital expenditures |
7,676 | 61 | 6 | 7,743 | ||||||||||||
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2011 |
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Operating revenues (a) |
$ | 10,646 | $ | 10,805 | $ | — | $ | 21,451 | ||||||||
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Net income (loss) from
continuing operations attributable |
$ | 2,675 | $ | (729 | ) | $ | (388 | ) | $ | 1,558 | ||||||
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Loss from equity investment in HOVENSA L.L.C. |
$ | — | $ | (1,073 | ) | $ | — | $ | (1,073 | ) | ||||||
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Interest expense |
— | — | 383 | 383 | ||||||||||||
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Depreciation, depletion and amortization |
2,305 | 55 | 13 | 2,373 | ||||||||||||
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Asset impairments |
358 | — | — | 358 | ||||||||||||
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Provision (benefit) for income taxes |
1,313 | (349 | ) | (255 | ) | 709 | ||||||||||
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Investments in affiliates |
97 | 287 | — | 384 | ||||||||||||
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Identifiable assets (b) |
32,323 | 2,960 | 511 | 35,794 | ||||||||||||
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Capital employed (c) |
22,699 | 1,453 | (387 | ) | 23,765 | |||||||||||
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Capital expenditures |
6,888 | 50 | 3 | 6,941 | ||||||||||||
| (a) |
Consists of Sales and other operating revenues that are reported net of excise and similar taxes in the Statement of Consolidated Income, which amounted to approximately $1,230 million, $1,530 million and $1,450 million in 2013, 2012 and 2011, respectively. |
| (b) |
Excludes identifiable assets related to the discontinued operations. |
| (c) |
E&P, Retail Marketing and Other and Corporate only. Calculated as equity plus debt. |
The following table presents financial information by major geographic area:
| United States |
Europe | Africa | Asia and Other |
Total | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||
|
2013 |
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Operating revenues |
$ | 16,589 | $ | 1,336 | $ | 2,736 | $ | 1,623 | $ | 22,284 | |||||||||||||||
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Property, plant and equipment (net) (b) |
16,082 | 7,475 | (a) | 2,310 | 2,899 | 28,766 | |||||||||||||||||||
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2012 |
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Operating revenues |
$ | 16,588 | $ | 2,530 | $ | 2,484 | $ | 1,779 | $ | 23,381 | |||||||||||||||
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Property, plant and equipment (net) (b) |
13,914 | 8,172 | (a) | 2,517 | 3,875 | 28,478 | |||||||||||||||||||
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2011 |
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Operating revenues |
$ | 14,916 | $ | 3,137 | $ | 1,782 | $ | 1,616 | $ | 21,451 | |||||||||||||||
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Property, plant and equipment (net) (b) |
11,172 | 6,826 | (a) | 2,355 | 4,033 | 24,386 | |||||||||||||||||||
| (a) |
Of the total Europe Property, plant and equipment (net), Norway represented $6,348 million, $6,426 million and $5,031 million in 2013, 2012 and 2011, respectively. |
| (b) |
Excludes Property, plant and equipment (net) related to the discontinued operations. |