Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

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

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of March 31, 2016 and December 31, 2015 (in millions):

Fair Value Measurements at March 31, 2016:
Description	Level 1		Level 2		Level 3		Netting and Collateral			Total Fair Value
Assets:
Commodity derivatives	$	492	$	51	$	—	$	(498)		$	45
Liabilities:
Commodity derivatives	$	525	$	386	$	—	$	(527)		$	384
Fair Value Measurements at December 31, 2015:
Description	Level 1		Level 2		Level 3		Netting and Collateral			Total Fair Value
Assets:
Commodity derivatives	$	557	$	87	$	—	$	(535	)	$	109
Available for sale investment	$	167	$	—	$	—	$	—		$	167
Liabilities:
Commodity derivatives	$	544	$	404	$	—	$	(525	)	$	423

Pre-tax charges related to impairments

(in millions)	Fair Value Measurements at December 31, 2015 Using						Net Book			Total Pre-tax (Non-cash) Impairment
Description	Level 1		Level 2		Level 3		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

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