Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 13. Stockholders' Equity

Cash dividends declared per common share were $1.19625, $.775 and $.485 for 2012, 2011, and 2010, respectively.

In April 2012, we issued approximately 30 million shares of common stock in a public offering at a price of $30.59 per share. We used the net proceeds of $887 million to fund a portion of the purchase of additional WPZ common units in connection with WPZ's Caiman Acquisition. (See Note 2.)

In December 2012, we issued approximately 53 million shares of common stock in a public offering at a price of $31 per share. We used the net proceeds of $1.6 billion to fund a portion of the purchase of an equity interest in ACMP. (See Note 2.)

At December 31, 2012, approximately $2 million of our original $300 million, 5.5 percent junior subordinated convertible debentures, convertible into less thanone million shares of common stock, remain outstanding. In 2012, 2011 and 2010, we converted$6 million, $14 million and $2 million, respectively, of the debentures in exchange forapproximately one million, one million and less than one million shares, respectively, of common stock.

We maintain a Stockholder Rights Plan, as amended and restated on September 21, 2004, and further amended May 18, 2007, and October 12, 2007, under which each outstanding share of our common stock has a right (as defined in the plan) attached. Under certain conditions, each right may be exercised to purchase, at an exercise price of $50 (subject to adjustment), one two-hundredth of a share of Series A Junior Participating Preferred Stock. The rights may be exercised only if an Acquiring Person acquires (or obtains the right to acquire) 15 percent or more of our common stock or commences an offer for 15 percent or more of our common stock. The plan contains a mechanism to divest of shares of common stock if such stock in excess of 14.9 percent was acquired inadvertently or without knowledge of the terms of the rights. The rights, which until exercised do not have voting rights, expire in 2014 and may be redeemed at a price of $.01 per right prior to their expiration, or within a specified period of time after the occurrence of certain events. In the event a person becomes the owner of more than 15 percent of our common stock, each holder of a right (except an Acquiring Person) shall have the right to receive, upon exercise, our common stock having a value equal to two times the exercise price of the right. In the event we are engaged in a merger, business combination, or 50percent or more of our assets, cash flow or earnings power is sold or transferred, each holder of a right (except an Acquiring Person) shall have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the right.

AOCI

The following table presents the balances of the components of our AOCI, net of income taxes, as of December 31:

		2012		2011
			(Millions)
Cash flow hedges		$	(1)	$	-
Foreign currency translation			169		147
Pension and other postretirement benefits (see Note 8)			(530)		(539)
Equity securities			-		3
	Total accumulated other comprehensive loss, net of income taxes	$	(362)	$	(389)