Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2015 for each of the fair value hierarchy levels:

	Fair Value Measurement at March 31, 2015 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2015
	(in millions)
Assets:
Commodity derivatives	$	—	$	805	$	—	$	805
Deferred compensation plan assets	73		—		—		73
Total assets	73		805		—		878
Liabilities:
Commodity derivatives	—		3		—		3
Interest rate derivatives	—		13		—		13
Total liabilities	—		16		—		16
Total recurring fair value measurements	$	73	$	789	$	—	$	862

Schedule of carrying values and financial instruments not carried at fair value

Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets as of March 31, 2015 and December 31, 2014 are as follows:

	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Long-term debt	$	2,668	$	2,987	$	2,665	$	2,938