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MRO » Topics » 15. Goodwill

This excerpt taken from the MRO 10-K filed Feb 29, 2008.

15. Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2007 and 2006 were as follows:

 

(In millions)    E&P     OSM    RM&T(a)     Total  

Balance as of December 31, 2005

    $ 546     $ –    $ 761     $ 1,307  

Adjustments to previously acquired goodwill

      (6 )     –      118       112  

Disposals(b)

      (21 )     –      –       (21 )
                               

Balance as of December 31, 2006

      519       –      879       1,398  

Adjustments to previously acquired goodwill

      –       –      (7 )     (7 )

Goodwill acquired

      71       1,437      –       1,508  
                               

Balance as of December 31, 2007

    $ 590     $ 1,437    $ 872     $ 2,899  

(a)

Adjustments related to additional consideration and prior period income tax adjustments.

(b)

E&P segment goodwill allocated to the Russian businesses that were sold in June 2006 as discussed in Note 7.

The E&P segment tests goodwill for impairment in the second quarter of each year. The RM&T segment tests goodwill for impairment in the fourth quarter of each year. No impairment in the carrying value of goodwill has been identified. The goodwill in the OSM segment was acquired in October 2007; therefore no impairment test was performed in 2007.

 

F-31

Table of Contents
Index to Financial Statements

 

This excerpt taken from the MRO 10-K filed Mar 10, 2005.

15. Goodwill

      The changes in the carrying amount of goodwill for the years ended December 31, 2004 and 2003, are as follows:

(In millions)

   Exploration
and
Production
   Refining, Marketing
and
Transportation
   Total
  
 
Balance as of January 1, 2003   $ 253   $ 21   $ 274  
  Purchase price adjustment     (7 )   –       (7 )
  Goodwill allocated to sale of western Canada operations     (15 )   –       (15 )
   
 
 
 
Balance as of December 31, 2003     231     21     252  
  Current year activity     –       –       –    
   
 
 
 
Balance as of December 31, 2004   $ 231   $ 21   $ 252  
 

              The E&P segment tests for impairment in the second quarter of each year. The RM&T segment tests for impairment in the fourth quarter of each year. No impairment in the carrying value has been deemed necessary.

EXCERPTS ON THIS PAGE:

10-K
Feb 29, 2008
10-K
Mar 10, 2005

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