Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives as they appear on the balance sheet [Table Text Block]

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

	March 31, 2016
(In millions)	Asset		Liability		Net Asset		Balance Sheet Location
Fair Value Hedges
Interest rate	$	12	$	—	$	12	Other noncurrent assets
Total Designated Hedges	$	12	$	—	$	12
Not Designated as Hedges
Commodity	$	51	$	7	$	44	Other current assets
Total Not Designated as Hedges	$	51	$	7	$	44
Total	$	63	$	7	$	56
	March 31, 2016
(In millions)	Asset		Liability		Net Liability		Balance Sheet Location
Not Designated as Hedges
Commodity	$	—	$	17	$	17	Deferred credits and other liabilities
Total Not Designated as Hedges	$	—	$	17	$	17
Total	$	—	$	17	$	17

	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

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.

	March 31, 2016				December 31, 2015
	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	4.92	%	$	600	4.73	%
March 15, 2018	$	300	4.77	%	$	300	4.66	%

Effects of derivatives designated as fair value hedges [Table Text Block]

		Gain (Loss)
			Three Months Ended March 31,
(In millions)	Income Statement Location		2016			2015
Derivative
Interest rate	Net interest and other		$	4		$	5
Hedged Item
Long-term debt	Net interest and other		$	(4	)	$	(5	)

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

These commodity derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of March 31, 2016 and the weighted average prices for those contracts:

Crude Oil (a)
	2016			Year Ending December 31,
	Second Quarter	Third Quarter	Fourth Quarter	2017
Three-Way Collars (b)
Volume (Bbls/day)	39,000	37,000	37,000	—
Price per Bbl:
Ceiling	$55.47	$54.52	$54.52	—
Floor	$51.56	$50.83	$50.83	—
Sold put	$41.67	$41.22	$41.22	—
Options (c)
Volume (Bbls/day)	10,000	10,000	10,000	25,000
Price per Bbl	$72.39	$72.39	$72.39	$60.67
Swaps
Volume (Bbls/day)	25,000	—	—	—
Price per Bbl	$39.25	—	—	—

^(a) Subsequent to March 31, 2016, we entered into 10,000 Bbls/day of two-way collars for July - December 2016 with a ceiling price of $50.00 and a floor price of $41.55. We also entered into 10,000 Bbls/day of 2016 three-way collars for May - December 2016 with a ceiling price of $58.51, a floor price of $48.00, and a sold put price of $40.00, traded in conjunction with sold call options of 10,000 Bbls/day for 2017 at $65.00.

^(b)  A counterparty has the option, exercisable on June 30, 2016, to extend three-way collars for 2,000 Bbls/day through the remainder of 2016 at a ceiling of $73.13, floor of $65.00 and sold put of $50.00.

^(c)  Call options settle monthly.

Natural Gas (a)
	2016			Year Ending December 31,
	Second Quarter	Third Quarter	Fourth Quarter	2017
Three-Way Collars (b)
Volume (MMBtu/day)	20,000	20,000	20,000	20,000
Price per MMBtu
Ceiling	$2.93	$2.93	$2.93	$3.07
Floor	$2.50	$2.50	$2.50	$2.75
Sold put	$2.00	$2.00	$2.00	$2.25

^(a)  Subsequent to March 31, 2016, we entered into 20,000 MMBtu/day of 2017 three-way collars with a ceiling price of $3.50, a floor price of $2.75, and a sold put price of $2.25.

^(b)  Counterparty has the option to execute fixed-price swaps (swaptions) at a weighted average price of $2.93 per MMBtu indexed to NYMEX Henry Hub, which is exercisable on December 22, 2016. If counterparty exercises, the term of the fixed-price swaps would be for the calendar year 2017 and, if all such options are exercised, 20,000 MMBtu per day.