Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of September 30, 2016 and December 31, 2015 (in millions):

Fair Value Measurements at September 30, 2016:
Description	Level 1		Level 2		Level 3		Netting and Collateral		Total Fair Value
Assets:
Commodity derivatives	$	129	$	55	$	—	$	(149)	$	35
Liabilities:
Commodity derivatives	$	150	$	310	$	—	$	(171)	$	289

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

Schedule of fair value measurement for proved domestic and international oil and gas properties that are measured on a nonrecurring basis

(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.