Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives as they appear on the Balance Sheet

The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.

	December 31, 2015
(In millions)	Asset		Liability		Net Asset		Balance Sheet Location
Fair Value Hedges
Interest rate	$	8	$	—	$	8	Other noncurrent assets
Total Designated Hedges	$	8	$	—	$	8
Not Designated as Hedges
Commodity	$	51	$	1	$	50	Other current assets
Total Not Designated as Hedges	$	51	$	1	$	50
Total	$	59	$	1	$	58

	December 31, 2014
(In millions)	Asset		Liability		Net Asset		Balance Sheet Location
Fair Value Hedges
Interest rate	$	8	$	—	$	8	Other noncurrent assets
Total Designated Hedges	$	8	$	—	$	8

Schedule of Interest Rate Derivatives [Table Text Block]

The following table presents by maturity date, information about our interest rate swap agreements, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate.

	December 31, 2015				December 31, 2014
	Aggregate Notional Amount		Weighted Average, LIBOR-Based,		Aggregate Notional Amount		Weighted Average, LIBOR-Based,
Maturity Dates	(in millions)		Floating Rate		(in millions)		Floating Rate
October 1, 2017	$	600	4.73	%	$	600	4.64	%
March 15, 2018	$	300	4.66	%	$	300	4.49	%

Effects of derivatives designated as fair value hedges

The pretax effect of derivative instruments designated as hedges of fair value in our consolidated statements of income is summarized in the table below. There is no ineffectiveness related to the fair value hedges.

		Gain (Loss)
		Year Ended December 31,
(In millions)	Income Statement Location	2015		2014			2013
Derivative
Interest rate	Net interest and other	$	—	$	—		$	(13	)
Foreign currency	Discontinued operations	—		(36		)	(44		)
Hedged Item
Long-term debt	Net interest and other	$	—	$	—		$	13
Accrued taxes	Discontinued operations	—		36			44

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Financial Instrument	Weighted Average Price	Barrels per day	Remaining Term
Three-Way Collars
Ceiling	$60.03	10,000	January - March 2016 (a)
Floor	$50.20
Sold put	$41.60
Ceiling	$71.84	12,000	January- December 2016
Floor	$60.48
Sold put	$50.00
Ceiling	$73.13	2,000	January- June 2016 (b)
Floor	$65.00
Sold put	$50.00
Sold Call Options	$72.39	10,000	January- December 2016 (c)

^(a)  Counterparties have the option, exercisable on March 31, 2016, to extend these collars through September of 2016 at the same volume and weighted average price as the underlying three-way collars.

^(b)  Counterparty has the option, exercisable on June 30, 2016, to extend these collars through the remainder of 2016 at the same volume and weighted average price as the underlying three-way collars.

^(c)  Call options settle monthly.