Financing Arrangements	12 Months Ended
Dec. 31, 2016
Financing Arrangements [Abstract]
Financing Arrangements	Note F – Financing Arrangements In August 2016, the Company entered into a new $1,200,000,000 senior unsecured guaranteed credit facility (“2016 facility”) with a major banking consortium. The 2016 facility expires in August 2019. Facility fees of 0.5% are charged annually on the full 2016 facility commitment. The Company incurred transaction costs of approximately $14,000,000 to place the 2016 facility which are included in financing activities in the Consolidated Statement of Cash Flows. At December 31, 2016, the Company had no outstanding borrowings under the 2016 facility, however, there was approximately $88,000,000 of outstanding letters of credit under the 2016 facility. The 2016 facility is unsecured, with guarantees from certain domestic and foreign subsidiaries. Should the Company make substantial asset sales, the facility size would be automatically reduced to a minimum of $1,000,000,000. Borrowings under the 2016 facility are subject to varying interest rates ranging from 250 to 450 basis points above LIBOR, with the borrowing rate currently at the high end of the range. The terms of the 2016 facility include certain financial covenants for the Company. These financial covenants include a minimum Adjusted EBITDAX (as defined in the 2016 facility) for the last twelve months (LTM) of 2.5 times LTM consolidated interest expense, consolidated debt not to exceed 3.75 times LTM Adjusted EBITDAX, and minimum liquidity from U.S. and Canadian entities equal to or greater than $500,000,000. Also beginning March 31, 2017, if the Company’s total leverage ratio exceeds 3.25 times the Company’s LTM Adjusted EBITDAX, the facility will become secured, subject to limitations set forth in the Company’s existing notes. On December 21, 2016, the 2016 facility was amended. The amendment reduced the facility to $1,100,000,000 and removed the guarantee from Murphy Oil Company, Ltd (MOCL) conditional upon the Company meeting certain additional financial covenants. Should the Company exceed $500,000,000 of borrowings on the 2016 facility or consolidated debt exceeds 4.25 times LTM Adjusted EBITDAX excluding MOCL then the guarantee from MOCL would be re-instated. The covenant for consolidated debt as a multiple of LTM Adjusted EBITDAX excluding MOCL lowers to 4.0 times beginning September 30, 2017. At December 31, 2016, the Company was in compliance with all covenants related to both the 2016 facility and the 2011 facility. In August 2016, the Company reduced its existing $2,000,000,000 unsecured revolving credit facility (“2011 facility”) with a major banking consortium to $630,000,000. Borrowings under this facility bear interest at 1.45% above LIBOR. The existing unsecured 2011 facility, which expires in June 2017, includes a financial covenant under which the Company may not have total debt in excess of 60% of its total capital employed (debt borrowed plus stockholders’ equity). At December 31, 2016, the Company had no outstanding borrowings under the 2011 facility. In August 2016, the Company sold $550,000,000 of new notes that bear interest at the rate of 6.875% and mature on August 15, 2024. The new notes pay interest semi-annually on February 15 and August 15 of each year. The initial interest payment is to be made on February 15, 2017. The proceeds of the $550,000,000 notes were designated for general corporate purposes. The Company and its partners are parties to a 25-year lease of production equipment at the Kakap field offshore Malaysia. The lease has been accounted for as a capital lease, and payments under the agreement are to be made over a 15-year period through 2029. Current maturities and long-term debt on the Consolidated Balance Sheet included 20,617,000 and $195,785,000, respectively, associated with this lease at December 31, 2016.

Note F – Financing Arrangements

In August 2016, the Company entered into a new $1,200,000,000 senior unsecured guaranteed credit facility (“2016 facility”) with a major banking consortium. The 2016 facility expires in August 2019. Facility fees of 0.5% are charged annually on the full 2016 facility commitment. The Company incurred transaction costs of approximately $14,000,000 to place the 2016 facility which are included in financing activities in the Consolidated Statement of Cash Flows. At December 31, 2016, the Company had no outstanding borrowings under the 2016 facility, however, there was approximately $88,000,000 of outstanding letters of credit under the 2016 facility. The 2016 facility is unsecured, with guarantees from certain domestic and foreign subsidiaries. Should the Company make substantial asset sales, the facility size would be automatically reduced to a minimum of $1,000,000,000. Borrowings under the 2016 facility are subject to varying interest rates ranging from 250 to 450 basis points above LIBOR, with the borrowing rate currently at the high end of the range. The terms of the 2016 facility include certain financial covenants for the Company. These financial covenants include a minimum Adjusted EBITDAX (as defined in the 2016 facility) for the last twelve months (LTM) of 2.5 times LTM consolidated interest expense, consolidated debt not to exceed 3.75 times LTM Adjusted EBITDAX, and minimum liquidity from U.S. and Canadian entities equal to or greater than $500,000,000. Also beginning March 31, 2017, if the Company’s total leverage ratio exceeds 3.25 times the Company’s LTM Adjusted EBITDAX, the facility will become secured, subject to limitations set forth in the Company’s existing notes. On December 21, 2016, the 2016 facility was amended. The amendment reduced the facility to $1,100,000,000 and removed the guarantee from Murphy Oil Company, Ltd (MOCL) conditional upon the Company meeting certain additional financial covenants. Should the Company exceed $500,000,000 of borrowings on the 2016 facility or consolidated debt exceeds 4.25 times LTM Adjusted EBITDAX excluding MOCL then the guarantee from MOCL would be re-instated. The covenant for consolidated debt as a multiple of LTM Adjusted EBITDAX excluding MOCL lowers to 4.0 times beginning September 30, 2017. At December 31, 2016, the Company was in compliance with all covenants related to both the 2016 facility and the 2011 facility.

In August 2016, the Company reduced its existing $2,000,000,000 unsecured revolving credit facility (“2011 facility”) with a major banking consortium to $630,000,000. Borrowings under this facility bear interest at 1.45% above LIBOR. The existing unsecured 2011 facility, which expires in June 2017, includes a financial covenant under which the Company may not have total debt in excess of 60% of its total capital employed (debt borrowed plus stockholders’ equity). At December 31, 2016, the Company had no outstanding borrowings under the 2011 facility.

In August 2016, the Company sold $550,000,000 of new notes that bear interest at the rate of 6.875% and mature on August 15, 2024. The new notes pay interest semi-annually on February 15 and August 15 of each year. The initial interest payment is to be made on February 15, 2017. The proceeds of the $550,000,000 notes were designated for general corporate purposes.

The Company and its partners are parties to a 25-year lease of production equipment at the Kakap field offshore Malaysia. The lease has been accounted for as a capital lease, and payments under the agreement are to be made over a 15-year period through 2029. Current maturities and long-term debt on the Consolidated Balance Sheet included 20,617,000 and $195,785,000, respectively, associated with this lease at December 31, 2016.