Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

In response to the continued significant decline in the price of crude oil and the continued decline in the level of anticipated level of exploration and production spending in 2016, we initiated a reduction in force plan to reduce our overall costs and workforce to align with the anticipated activity levels and expect to complete a workforce reduction of 6,000 employees in the first half of 2016.

On February 1, 2016, we amended our Credit Agreement and reduced the limit of borrowings to $2 billion. The Credit Agreement was also amended to increase the consolidated indebtedness to total capitalization covenant from 60% to 70% for the fiscal quarters ending March 31, 2016 and June 30, 2016, and 60% thereafter, as well as other covenant changes.