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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives as they appear on the balance sheet [Table Text Block]
The following tables present the gross fair values of derivative instruments and the reported net amounts where they appear on the consolidated balance sheets as of June 30, 2015 and December 31, 2014.
 
June 30, 2015
 
 
(In millions)
Asset
 
Liability
 
Net Asset
 
Balance Sheet Location
Fair Value Hedges
 
 
 
 
 
 
 
     Interest rate
$
11

 
$
—

 
$
11

 
Other noncurrent assets
     Total
$
11


$
—


$
11

 
 
 
 
 
 
 
 
 
 
 
June 30, 2015
 
 
(In millions)
Asset
 
Liability
 
Net Liability
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
     Commodity
$
5

 
$
17

 
$
12

 
Other current liabilities
     Commodity
—

 
9

 
9

 
Other noncurrent liabilities
     Total
$
5

 
$
26

 
$
21

 
 

 
December 31, 2014
 
 
(In millions)
Asset
 
Liability
 
Net Asset
 
Balance Sheet Location
Fair Value Hedges
 
 
 
 
 
 
 
     Interest rate
$
8

 
$
—

 
$
8

 
Other noncurrent assets
     Total
$
8

 
$
—

 
$
8

 
 
Schedule of Interest Rate Derivatives [Table Text Block]
The following table presents, by maturity date, information about our interest rate swap agreements as of June 30, 2015 and December 31, 2014, including the weighted average, London Interbank Offer Rate (“LIBOR”)-based, floating rate.
 
June 30, 2015
 
December 31, 2014
 
Aggregate Notional Amount
Weighted Average, LIBOR-Based,
 
Aggregate Notional Amount
Weighted Average, LIBOR-Based,
Maturity Dates
(in millions)
Floating Rate
 
(in millions)
Floating Rate
October 1, 2017
$
600

4.67
%
 
$
600

4.64
%
March 15, 2018
$
300

4.52
%
 
$
300

4.49
%
Effects of derivatives designated as fair value hedges [Table Text Block]
The pretax effects of derivative instruments designated as hedges of fair value in our consolidated statements of income are summarized in the table below. The foreign currency forwards were used to hedge the current Norwegian tax liability of our Norway business that was sold in the fourth quarter of 2014. Those instruments outstanding were transferred to the purchaser of the Norway business upon closing of the sale. There is no ineffectiveness related to the fair value hedges.
 
 
Gain (Loss)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions)
Income Statement Location
2015
 
2014
 
2015
 
2014
Derivative
 
 
 
 
 
 
 
 
Interest rate
Net interest and other
$
(2
)
 
$
4

 
$
3

 
$
3

Foreign currency
Discontinued operations
$
—

 
$
(14
)
 
$
—

 
$
(11
)
Hedged Item
 
 

 
 

 
 

 
 

Long-term debt
Net interest and other
$
2

 
$
(4
)
 
$
(3
)
 
$
(3
)
Accrued taxes
Discontinued operations
$
—

 
$
14

 
$
—

 
$
11
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
These commodity derivatives were not designated as hedges and are shown in the table below:
Financial Instrument
Weighted Average Price
Barrels per day
Remaining Term
Three-Way Collars
 
 
 
Ceiling
$70.34
35,000
July- December 2015 (a)
Floor
$55.57
 
 
Sold put
$41.29
 
 
 
 
 
 
Ceiling
$71.84
12,000
January- December 2016
Floor
$60.48
 
 
Sold put
$50.00
 
 
 
 
 
 
Ceiling
$73.13
2,000
January- June 2016 (b)
Floor
$65.00
 
 
Sold put
$50.00
 
 
Call Options 
$72.39
10,000
January- December 2016 (c)
(a) 
Counterparties have the option to execute fixed-price swaps (swaptions) at a weighted average price of $71.67 per barrel indexed to NYMEX WTI, which is exercisable on October 30, 2015. If counterparties exercise, the term of the fixed price swaps would be for calendar year 2016 and, if all such are exercised, 25,000 barrels per day.
(b) 
Counterparty has the option, exercisable on June 30, 2016, to extend these collars through the remainder of 2016 at the same volume and weighted average price as the underlying three-way collars.