FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis (in millions)

(in millions)	Fair Value Measurements at December 31, 2015 Using
							Netting and		Total
Description	Level 1		Level 2		Level 3		Collateral		Fair Value
Assets:
Commodity derivatives	$	557	$	87	$	—	$	(535)	$	109
Available for sale investment	$	167	$	—	$	—	$	—	$	167
Liabilities:
Commodity derivatives	$	544	$	404	$	—	$	(525)	$	423

(in millions)	Fair Value Measurements at December 31, 2014 Using
							Netting and		Total
Description	Level 1		Level 2		Level 3		Collateral		Fair Value
Assets:
Commodity derivatives	$	712	$	127	$	—	$	(742)	$	97
Available for sale investment	$	394	$	—	$	—	$	—	$	394
Liabilities:
Commodity derivatives	$	750	$	246	$	—	$	(756)	$	240

Pre-tax charges related to impairments

(in millions)	Fair Value Measurements at December 31, 2015 Using								Total Pre-tax
									(Non-cash)
							Net		Impairment
Description	Level 1		Level 2		Level 3		Book Value (a)		Loss
Assets:
Impaired proved oil and gas assets - international	$	—	$	—	$	2,666	$	7,359	$	4,693
Impaired proved oil and gas assets - domestic	$	—	$	—	$	625	$	1,655	$	1,030
Impaired Midstream assets	$	—	$	—	$	50	$	891	$	841
Impaired Chemical property, plant, and equipment	$	—	$	—	$	3	$	124	$	121

(in millions)	Fair Value Measurements at September 30, 2015 Using								Total Pre-tax
									(Non-cash)
							Net		Impairment
Description	Level 1		Level 2		Level 3		Book Value (a)		Loss
Williston proved oil and gas assets (b)	$	—	$	—	$	615	$	1,378	$	763

(in millions)	Fair Value Measurements at December 31, 2014 Using								Total Pre-tax
							Net		(Non-cash)
Description	Level 1		Level 2		Level 3		Book Value (a)		Impairment Loss
Assets:
Impaired proved oil and gas assets - domestic	$	—	$	—	$	2,249	$	5,008	$	2,759
Impaired proved oil and gas assets - international	$	—	$	—	$	45	$	1,084	$	1,039
Impaired Chemical property, plant, and equipment	$	—	$	—	$	18	$	129	$	111

(a) Amount represents net book value at date of assessment.

(b) Williston assets sold in November 2015, classified as held for sale and written down to the sales price at September 30, 2015.