transactions are reported in cost of revenues, or on a ‘‘net’’ basis.
Transactions under contracts entered into before April 1, 2006 will continue to be reported on a ‘‘gross’’ basis.
Each purchase and sale transaction has the characteristics of a separate legal transaction, including separate invoicing and cash settlement.
Accordingly, we believed that we were required to account for these transactions separately.
An accounting interpretation clarified the circumstances under which a matching buy/sell transaction should be viewed as a single transaction involving the exchange of inventory.
For a further description of the accounting requirements and how they apply to matching buy/sell transactions, see Note 2 to the consolidated financial statements.
This accounting change had no effect on net income but the amounts of revenues and cost of revenues recognized after April 1, 2006 are less than the amounts that would have been recognized under previous accounting practices.
Additionally, this accounting change impacts the comparability of certain operating statistics, most notably ‘‘refining and wholesale marketing gross margin per gallon.
’’ While this change does not have an effect on the refining and wholesale marketing gross margin (the numerator for calculating this statistic), sales volumes (the denominator for calculating this statistic) recognized after April 1, 2006 are less than the amount that would have been recognized under previous accounting practices because volumes related to matching buy/sell transactions under contracts entered into or modified on or after April 1, 2006 have been excluded.
Accordingly, the resulting refining and wholesale marketing gross margin per gallon statistic will be higher than that same statistic calculated from amounts determined under previous accounting practices.
The effect of this change on the refining and wholesale marketing gross margin per gallon for 2006 was not significant.
Consolidated Results of Operations Revenues for each of the last three years are summarized in the following table:
## Table 0 ##
E&P segment revenues increased $1.001 billion in 2006 from 2005 and $1.597 billion in 2005 from 2004.
The 2006 increase was primarily in international revenues due to higher realized liquid hydrocarbon prices and sales volumes as illustrated in the table below.
The largest liquid hydrocarbon sales volume increase was in Libya, where the first crude oil sales occurred in the first quarter of 2006 and where sales volumes averaged 54 mbpd in 2006, including a total of 8 mbpd that were owed to our account upon the resumption of our operations there.
Revenues from domestic operations were flat from year to year.
An 8 percent decrease in domestic net natural gas sales volumes, primarily as the result of the Camden Hills field in the Gulf of Mexico ceasing production in early 2006, almost completely offset the benefit of higher liquid hydrocarbon prices in 2006.
The 2005 increase in E&P segment revenues over 2004 was primarily the result of higher worldwide liquid hydrocarbon and natural gas prices and international liquid hydrocarbon sales volumes partially offset by lower domestic natural gas and liquid hydrocarbon sales volumes as illustrated in the table below.
The decline in domestic volumes in 2005 resulted primarily from weather-related downtime in the Gulf of Mexico and natural declines in field production rates.
Changes in Proved Undeveloped Reserves As of December 31, 2013, 627 mmboe of proved undeveloped reserves were reported, an increase of 56 mmboe from December 31, 2012.
The following table shows changes in total proved undeveloped reserves for 2013:
## Table 1 ##
Significant additions to proved undeveloped reserves during 2013 included 72 mmboe in the Eagle Ford and 49 mmboe in the Bakken shale plays due to development drilling.
Transfers from proved undeveloped to proved developed reserves included 57 mmboe in the Eagle Ford, 18 mmboe in the Bakken and 7 mmboe in the Oklahoma resource basins due to producing wells.
Costs incurred in 2013, 2012 and 2011 relating to the development of proved undeveloped reserves, were $2,536 million, $1,995 million and $1,107 million.
A total of 59 mmboe was booked as a result of reliable technology.
Technologies included statistical analysis of production performance, decline curve analysis, rate transient analysis, reservoir simulation and volumetric analysis.
The statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves.
Projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete, or the timing of when additional gas compression is needed.
Of the 627 mmboe of proved undeveloped reserves at December 31, 2013, 24 percent of the volume is associated with projects that have been included in proved reserves for more than five years.
The majority of this volume is related to a compression project in E. G.  that was sanctioned by our Board of Directors in 2004.
The timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels.
Performance of this field since the Board sanctioned the project has far exceeded expectations.
Estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010.
During 2012, the compression project received the approval of the E. G.  government, allowing design and planning work to progress towards implementation, with completion expected by mid-2016.
The other component of Alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled late 2014.
Proved undeveloped reserves for the North Gialo development, located in the Libyan Sahara desert, were booked for the first time as proved undeveloped reserves in 2010.
This development, which is anticipated to take more than five years to be developed, is being executed by the operator and encompasses a continuous drilling program including the design, fabrication and installation of extensive liquid handling and gas recycling facilities.
Anecdotal evidence from similar development projects in the region led to an expected project execution of more than five years from the time the reserves were initially booked.
Interruptions associated with the civil unrest in 2011 and third-party labor strikes in 2013 have extended the project duration.
There are no other significant undeveloped reserves expected to be developed more than five years after their original booking.
As of December 31, 2013, future development costs estimated to be required for the development of proved undeveloped liquid hydrocarbon, natural gas and synthetic crude oil reserves related to continuing operations for the years 2014 through 2018 are projected to be $2,894 million, $2,567 million, $2,020 million, $1,452 million and $575 million.
The timing of future projects and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon, natural gas and synthetic crude oil reserves are forward-looking statements and are based on a number of assumptions, including (among others) commodity prices, presently known physical data concerning size and character of the reservoirs, economic recoverability, technology developments, future drilling success, industry economic conditions, levels of cash flow from operations, production experience and other operating considerations.
To the extent these assumptions prove inaccurate, actual recoveries, timing and development costs could be different than current estimates.
MARATHON OIL CORPORATION Notes to Consolidated Financial Statements
## Table 2 ##
(a) Includes approximately 60 percent of investments held in U. S.  and non-U.
S.  common stocks in the banking, pharmaceuticals, oil and gas, insurance, telecommunications, electric, aerospace/defense, retail, transportation, food processing, semiconductors, and chemicals sectors.
The remaining 40 percent of common stock is held in various other sectors.
(b) Includes approximately 75 percent of investments held in U. S.  and non-U.
S.  common stocks in the consumer staples, financial services, health care, energy, basic materials, leisure, and industrial goods and services sectors and 25 percent of investments held among various other sectors.
The funds' objective is to outperform their respective benchmark indexes, FTSE ALL Share 5% Capped Index and MSCI World Index, as defined by the investment policy.
(c) Includes approximately 80 percent of investments held in non-U.
S.  publicly traded common stocks (specifically Asia Pacific, except Japan, and the U. K. ) in the financial, consumer staples, information technology, materials, energy, industrials, and telecommunication services sectors and the remaining 20 percent of investments held among various other sectors.
The funds' objective is to outperform their respective benchmark indexes, MSCI AC Asia Pacific ex Japan Index, FTSE Small Cap Index, and MSCI Emerging Markets Index, as defined by the investment policy.
(d) Includes approximately 70 percent of U. S.  and non-U.
S.  corporate bonds in the banking and finance, utilities, oil and gas, news/media, and health care sectors.
The remaining 30 percent of corporate bonds are in various other sectors.
(e) Includes approximately 90 percent of investments held in U. S.  and non-U.
S.  corporate bonds in the consumer discretionary, financial, industrial, telecommunication services, energy, health care, information technology and materials sectors and 10 percent of investments held among various other sectors.
(f) Includes approximately 75 percent of investments held in U. S.  and non-U.
S.  publicly traded investment grade government and corporate bonds which include gilts, treasuries, financial, corporates, and collateralized asset backed securities and 25 percent of investments held among various other sectors.
The funds' objective is to outperform their respective benchmark indexes, as defined by the investment policy.
(g) Includes investments diversified by property type and location.
The largest property sector holdings, which represent approximately 70 percent of investments held, are office, hotel, residential, and retail with the greatest percentage of investments made in the U. S.  and Asia, which includes the emerging markets of China and India.

<table><tr><td><i>(In millions)</i></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td>E&P</td><td>$9,010</td><td>$8,009</td><td>$6,412</td></tr><tr><td>RM&T</td><td>55,941</td><td>56,003</td><td>43,630</td></tr><tr><td>IG</td><td>179</td><td>236</td><td>190</td></tr><tr><td>Segment revenues</td><td>65,130</td><td>64,248</td><td>50,232</td></tr><tr><td>Elimination of intersegment revenues</td><td>-688</td><td>-876</td><td>-668</td></tr><tr><td>Gain (loss) on long-term U.K. gas contracts</td><td>454</td><td>-386</td><td>-99</td></tr><tr><td>Total revenues</td><td>$64,896</td><td>$62,986</td><td>$49,465</td></tr><tr><td>Items included in both revenues and costs and expenses:</td><td></td><td></td><td></td></tr><tr><td>Consumer excise taxes on petroleum products and merchandise</td><td>$4,979</td><td>$4,715</td><td>$4,463</td></tr><tr><td>Matching crude oil and refined product buy/sell transactions settled in cash:</td><td></td><td></td><td></td></tr><tr><td>E&P</td><td>$16</td><td>$123</td><td>$167</td></tr><tr><td>RM&T</td><td>5,441</td><td>12,513</td><td>9,075</td></tr><tr><td>Total buy/sell transactions included in revenues</td><td>$5,457</td><td>$12,636</td><td>$9,242</td></tr></table>
<table><tr><td>Beginning of year</td><td>571</td></tr><tr><td>Revisions of previous estimates</td><td>4</td></tr><tr><td>Improved recovery</td><td>7</td></tr><tr><td>Purchases of reserves in place</td><td>16</td></tr><tr><td>Extensions, discoveries, and other additions</td><td>142</td></tr><tr><td>Dispositions</td><td>-4</td></tr><tr><td>Transfer to Proved Developed</td><td>-109</td></tr><tr><td>End of year</td><td>627</td></tr></table>
<table><tr><td></td><td colspan="8">December 31, 2012</td></tr><tr><td>(In millions)</td><td colspan="2">Level 1</td><td colspan="2">Level 2</td><td colspan="2">Level 3</td><td colspan="2">Total</td></tr><tr><td></td><td>U.S.</td><td>Int’l</td><td>U.S.</td><td>Int’l</td><td>U.S.</td><td>Int’l</td><td>U.S.</td><td>Int’l</td></tr><tr><td>Cash and cash equivalents</td><td>$16</td><td>$1</td><td>$1</td><td>$—</td><td>$—</td><td>$—</td><td>$17</td><td>$1</td></tr><tr><td>Equity securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common stock<sup>(a)</sup></td><td>312</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>312</td><td>—</td></tr><tr><td>Private equity</td><td>—</td><td>—</td><td>—</td><td>—</td><td>25</td><td>—</td><td>25</td><td>—</td></tr><tr><td>REIT</td><td>2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Investment trust</td><td>—</td><td>—</td><td>1</td><td>—</td><td>—</td><td>—</td><td>1</td><td>—</td></tr><tr><td>Mutual funds<sup>(b)</sup></td><td>—</td><td>171</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>171</td></tr><tr><td>Pooled funds<sup>(c)</sup></td><td>—</td><td>—</td><td>—</td><td>152</td><td>—</td><td>—</td><td>—</td><td>152</td></tr><tr><td>Fixed income securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. treasury notes</td><td>67</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>67</td><td>—</td></tr><tr><td>Exchange traded funds</td><td>8</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>8</td><td>—</td></tr><tr><td>Corporate bonds<sup>(d)</sup></td><td>—</td><td>—</td><td>96</td><td>—</td><td>—</td><td>—</td><td>96</td><td>—</td></tr><tr><td>Non-U.S. government bonds</td><td>—</td><td>—</td><td>5</td><td>—</td><td>—</td><td>—</td><td>5</td><td>—</td></tr><tr><td>Private placements</td><td>—</td><td>—</td><td>18</td><td>—</td><td>—</td><td>—</td><td>18</td><td>—</td></tr><tr><td>Taxable municipal bonds</td><td>—</td><td>—</td><td>14</td><td>—</td><td>—</td><td>—</td><td>14</td><td>—</td></tr><tr><td>Yankee bonds</td><td>—</td><td>—</td><td>2</td><td>—</td><td>—</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Commingled fund<sup>(e)</sup></td><td>—</td><td>—</td><td>28</td><td>—</td><td>—</td><td>—</td><td>28</td><td>—</td></tr><tr><td>Pooled funds<sup>(f)</sup></td><td>—</td><td>—</td><td>—</td><td>166</td><td>—</td><td>—</td><td>—</td><td>166</td></tr><tr><td>Real estate<sup>(g)</sup></td><td>—</td><td>—</td><td>—</td><td>—</td><td>23</td><td>—</td><td>23</td><td>—</td></tr><tr><td>Other</td><td>—</td><td>—</td><td>—</td><td>10</td><td>12</td><td>—</td><td>12</td><td>10</td></tr><tr><td>Total investments, at fair value</td><td>$405</td><td>$172</td><td>$165</td><td>$328</td><td>$60</td><td>$—</td><td>$630</td><td>$500</td></tr></table>

Question: Which element exceeds the 10 % of total elements for U.S. of Total in 2012