FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

(in millions)	Fair Value Measurements at December 31, 2016 Using							Netting and Collateral		Total Fair Value
Description		Level 1		Level 2		Level 3
Liabilities:
Embedded derivative	Accrued liabilities	$	—	$	43	$	—	$	—	$	43
	Deferred credits and liabilities	$	—	$	178	$	—	$	—	$	178

(in millions)	Fair Value Measurements at December 31, 2015 Using							Netting and Collateral		Total Fair Value
Description		Level 1		Level 2		Level 3
Assets:
Available for sale investment		$	167	$	—	$	—	$	—	$	167
Liabilities:
Embedded derivative	Accrued liabilities	$	—	$	47	$	—	$	—	$	47
	Deferred credits and liabilities	$	—	$	267	$	—	$	—	$	267

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 Value (a)		Total Pre-tax (Non-cash) Impairment Loss
Description	Level 1		Level 2		Level 3
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						Net Book Value (a)		Total Pre-tax (Non-cash) Impairment Loss
Description	Level 1		Level 2		Level 3
Williston proved oil and gas assets (b)	$	—	$	—	$	615	$	1,378	$	763

(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.