LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2015

LEASE COMMITMENTS

LEASE COMMITMENTS

NOTE 6    LEASE COMMITMENTS

We have entered into various operating lease agreements, mainly for office space, office equipment and field equipment.  We lease assets when leasing offers greater operating flexibility.  Lease payments are generally expensed as part of production costs or general and administrative expenses.  At December 31, 2015, future net minimum lease payments for noncancelable operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes, insurance and maintenance expense) totaled:

	Amount
	(in millions)
2016	$	13
2017	16
2018	15
2019	14
2020	9
Thereafter	58
Total minimum lease payments	$	125

Rental expense for operating leases was $11 million in 2015, $10 million in 2014 and $11 million in 2013.