Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Table Text Block Supplement [Abstract]

Fair value by measurement classification and type Table

The following table summarizes the valuation of our financial assets (liabilities) of our continuing operations by measurement levels:

	Fair Value Measurement Classification
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
	(In millions)
As of December 31, 2012:
Money market fund investments	$	22		$	—		$	—		$	22
Deferred compensation plan assets	6			—			—			6
Investments available-for-sale:
Equity securities	7			—			—			7
Auction rate securities	—			—			36			36
Oil and gas derivative swap contracts	—			6			—			6
Oil and gas derivative option contracts	—			—			115			115
Stock-based compensation liability awards	(2		)	—			—			(2		)
Total	$	33		$	6		$	151		$	190
As of December 31, 2013:
Money market fund investments	$	2		$	—		$	—		$	2
Deferred compensation plan assets	8			—			—			8
Investments available-for-sale:
Equity securities	8			—			—			8
Auction rate securities	—			—			39			39
Oil and gas derivative swap contracts	—			(28		)	—			(28		)
Oil and gas derivative option contracts	—			—			(8		)	(8		)
Stock-based compensation liability awards	(11		)	—			(5		)	(16		)
Total	$	7		$	(28	)	$	26		$	5

Fair value changes level 3 Table

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the indicated periods:

	Investments			Derivatives			Stock-based Compensation			Total
	(In millions)
Balance at January 1, 2011	$	30		$	48		$	—		$	78
Total realized or unrealized gains (losses):
Included in earnings	—			87			—			87
Included in other comprehensive income (loss)	4			—			—			4
Purchases, issuances and settlements:
Settlements	(2		)	(64		)	—			(66		)
Transfers in and out of Level 3	—			—			—			—
Balance at December 31, 2011	$	32		$	71		$	—		$	103
Change in unrealized gains or losses included in earnings relating to Level 3 assets and liabilities still held at December 31, 2011	$	—		$	56		$	—		$	56
Balance at January 1, 2012	$	32		$	71		$	—		$	103
Total realized or unrealized gains (losses):
Included in earnings	—			135			—			135
Included in other comprehensive income (loss)	4			—			—			4
Purchases, issuances and settlements:
Settlements	—			(91		)	—			(91		)
Transfers in and out of Level 3	—			—			—			—
Balance at December 31, 2012	$	36		$	115		$	—		$	151
Change in unrealized gains or losses included in earnings relating to Level 3 assets and liabilities still held at December 31, 2012	$	—		$	82		$	—		$	82
Balance at January 1, 2013	$	36		$	115		$	—		$	151
Total realized or unrealized gains (losses):
Included in earnings	(6		)	(66		)	(18		)	(90		)
Included in other comprehensive income (loss)	10			—			—			10
Purchases, issuances and settlements:
Settlements	(1		)	(57		)	13			(45		)
Transfers in and out of Level 3	—			—			—			—
Balance at December 31, 2013	$	39		$	(8	)	$	(5	)	$	26
Change in unrealized gains or losses included in earnings relating to Level 3 assets and liabilities still held at December 31, 2013	$	(6	)	$	(10	)	$	—		$	(16	)

Quantitative disclosures about unobservable inputs

	Estimated Fair Value Asset (Liability)			Quantitative Information about Level 3 Fair Value Measurements
Instrument Type				Valuation Technique	Unobservable Input	Range
	(In millions)
Oil option positions	$	(9	)	Option model	NYMEX Oil price forward curve	$86.29		—	$98.77
					Oil price volatility curves	14.33	%	—	23.22%
					Credit risk	0.01	%	—	0.89%
Natural gas option positions	$	1		Option model	NYMEX Natural gas price  forward curve	$4.01		—	$4.42
					Natural gas price volatility curves	18.74	%	—	50.02%
					Credit risk	0.01	%	—	1.58%
SVAP	$	(5	)	Monte Carlo	Historical volatility				37.4%
					Implied volatility				41.2%

Estimated fair value of the debt instrument at the balance sheet date

The estimated fair value of our notes, based on quoted prices in active markets (Level 1) as of December 31, was as follows:

	2013		2012
	(In millions)
5¾% Senior Notes due 2022	$	767	$	836
5⅝% Senior Notes due 2024	1,025		1,074
7⅛% Senior Subordinated Notes due 2018	624		630
6⅞% Senior Subordinated Notes due 2020	755		749