Fair Value Measurements Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables’ present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2019 and 2018 by hierarchy level.

	December 31, 2019
(In millions)	Level 1			Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	—		$	7	$	—	$	7
Interest rate	—			2		—		2
Derivative instruments, assets	$	—		$	9	$	—	$	9
Derivative instruments, liabilities
Commodity(a)	$	(3	)	$	—	$	—	$	(3	)
Derivative instruments, liabilities	$	(3	)	$	—	$	—	$	(3	)
Total	$	(3	)	$	9	$	—	$	6
	December 31, 2018
(In millions)	Level 1			Level 2		Level 3		Total
Derivative instruments, assets
Commodity(a)	$	21		$	106	$	—	$	127
Derivative instruments, assets	$	21		$	106	$	—	$	127
Derivative instruments, liabilities
Derivative instruments, liabilities	$	—		$	—	$	—	$	—
Total	$	21		$	106	$	—	$	127

^(a) 

Derivative instruments are recorded on a net basis in our consolidated balance sheet (see Note 15)

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table summarizes impairment charges of proved properties from continuing operations. Additionally, it presents the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition.

	2019				2018				2017
(In millions)	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Long-lived assets held for use	$	56	$	24	$	113	$	75	$	179	$	229

Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at December 31, 2019 and 2018.

	December 31,
	2019				2018
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Current assets	$	4	$	4	$	3	$	3
Other noncurrent assets	26		38		76		81
Total financial assets	$	30	$	42	$	79	$	84
Financial liabilities
Other current liabilities	$	62	$	90	$	37	$	58
Long-term debt, including current portion(a)	6,174		5,529		5,469		5,528
Deferred credits and other liabilities	99		86		93		88
Total financial liabilities	$	6,335	$	5,705	$	5,599	$	5,674

^(a) 

Excludes debt issuance costs.