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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
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, 2016
 
 
(In millions)
Asset
 
Liability
 
Net Asset
 
Balance Sheet Location
Fair Value Hedges
 
 
 
 


 
 
     Interest rate
$
3

 
$
—

 
$
3

 
Other current assets
     Interest rate
1

 
—

 
1

 
Other noncurrent assets
Cash Flow Hedges
 
 
 
 
 
 
 
     Interest rate
$
64

 
$
—

 
$
64

 
Other noncurrent assets
Total Designated Hedges
$
68

 
$
—

 
$
68

 
 
 
 
 
 
 
 
 
 
Not Designated as Hedges
 
 
 
 
 
 
 
     Commodity
$
—

 
$
60

 
$
(60
)
 
Other current liabilities
Total Not Designated as Hedges
$
—

 
$
60

 
$
(60
)
 
 
     Total
$
68

 
$
60

 
$
8

 
 

 
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.
 
December 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

5.10
%
 
$
600

4.73
%
March 15, 2018
$
300

5.04
%
 
$
300

4.66
%
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
2016
 
2015
 
2014
Derivative
 
 
 
 
 
 
Interest rate
Net interest and other
$
(4
)
 
$
—

 
$
—

Foreign currency
Discontinued operations
—

 
—

 
(36
)
Hedged Item
 
 

 
 

 
 
Debt
Net interest and other
$
4

 
$
—

 
$
—

Accrued taxes
Discontinued operations
—

 
—

 
36
Schedule of Interest Rate Swaps [Table Text Block]
The following table presents, by maturity date, information about our forward starting interest rate swap agreements, including the rate.
 
 
December 31, 2016
 
 
Aggregate Notional Amount
 
Weighted Average, LIBOR
Maturity Dates
 
(in millions)
 
Fixed Rate
March 15, 2018
 
$
750

 
1.57%
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table sets forth the net impact of the derivatives designated as cash flow hedges on other comprehensive income (loss).
 
 
December 31,
(In millions)
 
2016
 
2015
Cash Flow Hedges
 
 
 
 
  Beginning balance
 
$
—

 
$
—

  Change in fair value recognized in accumulated other comprehensive loss
 
64

 
—

  Reclassification from other comprehensive income (loss)
 
(4
)
 
—

  Ending balance
 
$
60

 
$
—
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table sets forth outstanding derivative contracts as of December 31, 2016 and the weighted average prices for those contracts:
Crude Oil (a)
 
2017
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Three-Way Collars (b)
 
 
 
 
 
 
 
Volume (Bbls/day)
50,000
 
50,000
 
30,000
 
30,000
Price per Bbl:
 
 
 
 
 
 
 
Ceiling
$58.42
 
$58.42
 
$59.60
 
$59.60
Floor
$50.30
 
$50.30
 
$54.00
 
$54.00
Sold put
$43.50
 
$43.50
 
$47.00
 
$47.00
Sold Call Options (c)
 
 
 
 
 
 
 
Volume (Bbls/day)
35,000
 
35,000
 
35,000
 
35,000
Price per Bbl
$61.91
 
$61.91
 
$61.91
 
$61.91

(a) Subsequent to December 31, 2016, we entered into 10,000 Bbls/day of fixed-price swaps with a weighted average price of $54.00 indexed to WTI for February - March of 2017.
(b) Subsequent to December 31, 2016, we entered into 20,000 Bbls/day of three-way collars for July - December of 2017 with a ceiling price of $61.52, a floor price of $56.00, and a sold put price of $49.00.
(c) Call options settle monthly.
Natural Gas
 
2017
 
 
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2018
Three-Way Collars (a)
 
 
 
 
 
Volume (MMBtu/day)
60,000
90,000
90,000
90,000
20,000
Price per MMBtu
 
 
 
 
 
Ceiling
$3.46
$3.54
$3.54
$3.61
$3.56
Floor
$2.84
$3.01
$3.01
$3.04
$3.00
Sold put
$2.35
$2.48
$2.48
$2.52
$2.50
Swaps
 
 
 
 
 
Volume (MMBtu/day)
20,000
20,000
20,000
20,000
—
Price per MMBtu
$2.93
$2.93
$2.93
$2.93
$—
(a) Subsequent to December 31, 2016, we entered into three-way collars of 30,000 MMBtus/day for April - September of 2017 with a ceiling price of $3.70, a floor price of $3.35, and a sold put price of $2.75; 30,000 MMBtus/day for October - December of 2017 with a ceiling price of $4.00, a floor price of $3.45, and a sold put price of $2.85; and 70,000 MMBtus/day for January - December of 2018 with a ceiling price of $3.62, a floor price of $3.00, and a sold put price of $2.50.