Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by fair value hierarchy level.



	March 31, 2016
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	—	$	51	$	—	$	51
Interest rate	—		12		—		12
Derivative instruments, assets	$	—	$	63	$	—	$	63
Derivative instruments, liabilities
Commodity^(a)	$	—	$	24	$	—	$	24
Derivative instruments, liabilities	$	—	$	24	$	—	$	24


^(a)	Derivative instruments are recorded on a net basis in the company's balance sheet (see Note 12).



	December 31, 2015
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	—	$	51	$	—	$	51
Interest rate	$	—	$	8	$	—	$	8
Derivative instruments, assets	$	—	$	59	$	—	$	59
Derivative instruments, liabilities
Commodity^(a)	$	—	$	1	$	—	$	1
Derivative instruments, liabilities	$	—	$	1	$	—	$	1

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair value by individual balance sheet line item at March 31, 2016 and December 31, 2015.



	March 31, 2016				December 31, 2015
	Fair		Carrying		Fair		Carrying
(In millions)	Value		Amount		Value		Amount
Financial assets
Other noncurrent assets	$	115	$	120	$	104	$	118
Total financial assets	$	115	$	120	$	104	$	118
Financial liabilities
Other current liabilities	$	34	$	33	$	34	$	33
Long-term debt, including current portion^(a)	6,575		7,291		6,723		7,291
Deferred credits and other liabilities	104		105		97		95
Total financial liabilities	$	6,713	$	7,429	$	6,854	$	7,419

^(a) Excludes capital leases, debt issuance costs and interest rate swap adjustments.