Financing Arrangements	12 Months Ended
Dec. 31, 2017
Financing Arrangements and Long-Term Debt [Abstract]
Financing Arrangements	Note F – Financing Arrangements At December 31, 2017, the Company has a $1.1 billion senior unsecured guaranteed credit facility (2016 facility) with a major banking consortium, which expires in August 2021. At December 31, 2017, the Company had no outstanding borrowings under the 2016 facility; however, there were $90.7 million of outstanding letters of credit, which reduce the borrowing capacity of the 2016 facility. Advances under the 2016 facility will accrue interest based, at the Company’s option, on either the London Interbank Offered rate plus an applicable margin (Eurodollar rate) or the alternate base rate (as defined in the 2016 facility agreement) plus an applicable margin. Had there been any amounts borrowed under the 2016 facility at December 31, 2017, the applicable base interest rate would have been 4.875%. At December 31, 2017, the Company was in compliance with all covenants related to the 2016 facility. On November 17, 2017, the Company entered into the third amendment (Amendment No. 3) to the 2016 facility. Among other things, Amendment No. 3 extends the maturity date of the 2016 facility to August 17, 2021, and reduces the facility fee on revolving commitments and the interest margin on revolving loans and increases the total leverage ratio under the financial covenants from < 3.75:1.00 to < 4.00:1.00. In August 2017, the Company sold $550 million of new notes that bear interest at the rate of 5.75% and mature on August 15, 2025. The Company incurred transaction costs of $8.4 million on the issuance of these new notes. The new notes pay interest semi-annually on February 15 and August 15 of each year. The initial interest payment was paid on February 15, 2018. The proceeds of the $550 million notes were used to redeem the Company’s 3.50% notes in September 2017. The 3.50% notes had an original maturity of December 2017. In August 2016, the Company reduced its then existing $2.0 billion unsecured revolving credit facility (2011 facility) to $630 million (facility has since expired) and entered into a separate $1.2 billion senior unsecured guaranteed credit facility (2016 facility, subsequently reduced to $1.1 billion), with a major banking consortium that originally expired in August 2019, which was subsequently extended to 2021. The Company incurred transaction costs of approximately $14.0 million to place the 2016 facility which were included in financing activities in the Consolidated Statement of Cash Flows. Also in August 2016, the Company sold $550 million of notes that bear interest at the rate of 6.875% and mature on August 15, 2024. The proceeds of the $550 million notes were used for general corporate purposes. The Company has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2018. 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 March 2029. Current maturities of long-term debt and long-term debt on the Consolidated Balance Sheet included $9.9 million and $134.0 million, respectively, associated with this lease at December 31, 2017.

Note F – Financing Arrangements

At December 31, 2017, the Company has a $1.1 billion senior unsecured guaranteed credit facility (2016 facility) with a major banking consortium, which expires in August 2021. At December 31, 2017, the Company had no outstanding borrowings under the 2016 facility; however, there were $90.7 million of outstanding letters of credit, which reduce the borrowing capacity of the 2016 facility. Advances under the 2016 facility will accrue interest based, at the Company’s option, on either the London Interbank Offered rate plus an applicable margin (Eurodollar rate) or the alternate base rate (as defined in the 2016 facility agreement) plus an applicable margin. Had there been any amounts borrowed under the 2016 facility at December 31, 2017, the applicable base interest rate would have been 4.875%. At December 31, 2017, the Company was in compliance with all covenants related to the 2016 facility.

On November 17, 2017, the Company entered into the third amendment (Amendment No. 3) to the 2016 facility. Among other things, Amendment No. 3 extends the maturity date of the 2016 facility to August 17, 2021, and reduces the facility fee on revolving commitments and the interest margin on revolving loans and increases the total leverage ratio under the financial covenants from < 3.75:1.00 to < 4.00:1.00.

In August 2017, the Company sold $550 million of new notes that bear interest at the rate of 5.75% and mature on August 15, 2025. The Company incurred transaction costs of $8.4 million on the issuance of these new notes. The new notes pay interest semi-annually on February 15 and August 15 of each year. The initial interest payment was paid on February 15, 2018. The proceeds of the $550 million notes were used to redeem the Company’s 3.50% notes in September 2017. The 3.50% notes had an original maturity of December 2017.

In August 2016, the Company reduced its then existing $2.0 billion unsecured revolving credit facility (2011 facility) to $630 million (facility has since expired) and entered into a separate $1.2 billion senior unsecured guaranteed credit facility (2016 facility, subsequently reduced to $1.1 billion), with a major banking consortium that originally expired in August 2019, which was subsequently extended to 2021. The Company incurred transaction costs of approximately $14.0 million to place the 2016 facility which were included in financing activities in the Consolidated Statement of Cash Flows. Also in August 2016, the Company sold $550 million of notes that bear interest at the rate of 6.875% and mature on August 15, 2024. The proceeds of the $550 million notes were used for general corporate purposes.

The Company has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2018.

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 March 2029. Current maturities of long-term debt and long-term debt on the Consolidated Balance Sheet included $9.9 million and $134.0 million, respectively, associated with this lease at December 31, 2017.