Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016 for each of the fair value hierarchy levels:



	Fair Value Measurement as of September 30, 2017 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of September 30, 2017
	(in millions)
Assets:
Commodity derivatives	$	—	$	45	$	—	$	45
Interest rate derivatives	—		5		—		5
Deferred compensation plan assets	90		—		—		90
Total assets	90		50		—		140
Liabilities:
Commodity derivatives	—		29		—		29
Total liabilities	—		29		—		29
Total recurring fair value measurements	$	90	$	21	$	—	$	111



	Fair Value Measurement as of December 31, 2016 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair value as of December 31, 2016
	(in millions)
Assets:
Commodity derivatives	$	—	$	8		$	—	$	8
Interest rate derivatives	—		6			—		6
Deferred compensation plan assets	83		—			—		83
Total assets	83		14			—		97
Liabilities:
Commodity derivatives	—		84			—		84
Total liabilities	—		84			—		84
Total recurring fair value measurements	$	83	$	(70	)	$	—	$	13

Fair value and fair value adjustments

The following table presents the fair value and fair value adjustments (in millions) for the Company's 2017 and 2016 proved property impairments, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in the respective Management's Price Outlooks:



							Management's Price Outlooks
	Impairment Date	Fair Value		Fair Value Adjustment			Oil		Gas
Raton	March 2017	$	186	$	(285	)	$	53.65	$	3.00
West Panhandle	March 2016	$	33	$	(32	)	$	49.77	$	3.24

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 accompanying consolidated balance sheets as of September 30, 2017 and December 31, 2016 are as follows:



	September 30, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Commercial paper, corporate bonds and time deposits	$	1,508	$	1,506	$	1,906	$	1,901
Current portion of long-term debt	$	449	$	462	$	485	$	490
Long-term debt	$	2,282	$	2,495	$	2,728	$	2,956

Cash and cash equivalents and investments

The following table provides the components of the Company's cash and cash equivalents and investments as of September 30, 2017 and December 31, 2016:



	September 30, 2017
Consolidated Balance Sheet Location	Cash		Commercial Paper		Corporate Bonds		Time Deposits		Total
	(in millions)
Cash and cash equivalents	$	539	$	—	$	—	$	97	$	636
Short-term investments	—		124		741		492		1,357
Long-term investments	—		—		151		—		151
	$	539	$	124	$	892	$	589	$	2,144



	December 31, 2016
Consolidated Balance Sheet Location	Cash		Commercial Paper		Corporate Bonds		Time Deposits		Total
	(in millions)
Cash and cash equivalents	$	873	$	45	$	—	$	200	$	1,118
Short-term investments	—		368		691		382		1,441
Long-term investments	—		—		420		—		420
	$	873	$	413	$	1,111	$	582	$	2,979