8. Debt

Long‑term debt at December 31 consisted of the following:

	2015		2014
	(In millions)
Debt excluding Bakken Midstream:
Fixed-rate public notes:
1.3% due 2017	$	300	$	300
8.1% due 2019		999		999
3.5% due 2024		298		298
7.9% due 2029		696		696
7.3% due 2031		747		747
7.1% due 2033		598		598
6.0% due 2040		745		745
5.6% due 2041		1,242		1,242
Total fixed-rate public notes		5,625		5,625
Financing obligations associated with floating production system		264		331
Fair value adjustments - interest rate hedging		31		31
Total debt excluding Bakken Midstream	$	5,920	$	5,987

Debt related to Bakken Midstream:
Bakken Midstream - term loan A facility	$	600	$	—
Bakken Midstream - revolving credit facility		110		—
Total debt related to Bakken Midstream	$	710	$	—

Total long-term debt:
Total debt (a) (b)	$	6,630	$	5,987
Less: Current maturities of long-term debt		86		68
Total long-term debt	$	6,544	$	5,919

(a)	At December 31, 2015 the fair value of total debt amounted to $6,515 million (2014: $7,003 million).

(b)	The aggregate long‑term debt maturing during the next five years is as follows (in millions): 2016—$86; 2017—$412; 2018—$123; 2019—$1,121 and 2020—$560.

In January 2015, we entered into a new $4 billion syndicated revolving credit facility that expires in January 2020. The new facility, which replaced a $4 billion facility that was scheduled to expire in April 2016, can be used for borrowings and letters of credit. Based on our credit rating as of December 31, 2015, borrowing on the facility will generally bear interest at 1.075% above the London Interbank Offered Rate (LIBOR) with the facility fee amounting to 0.175% per annum. The interest rate and facility fee are subject to adjustment if our credit rating changes. At December 31, 2015, there were no borrowings outstanding or letters of credit issued against the syndicated revolving credit facility. In June 2014, we issued $600 million of unsecured, fixed-rate notes ($598 million net of discount) comprising $300 million with a coupon of 1.3% and scheduled to mature in June 2017 as well as $300 million with a coupon of 3.5% and scheduled to mature in July 2024. In 2014, we repaid $590 million of debt, including $250 million of unsecured, fixed-rate notes, $249 million for the payment of various lease obligations primarily to retire retail gasoline station leases and $74 million assumed in the acquisition of WilcoHess. In 2015 we capitalized $45 million of interest (2014: $76 million; 2013: $60 million).

At December 31, 2015, and 2014, our fixed-rate public notes had a principal amount of $5,650 million ($5,625 million net of unamortized discount) with a weighted average interest rate 6.4%. Our long‑term debt agreements, including the revolving credit facility, contain financial covenants that restrict the amount of total borrowings and secured debt. The most restrictive of these covenants allow us to borrow up to an additional $5,495 million of secured debt at December 31, 2015.

In July 2015, HIP, a 50/50 joint venture between us and GIP, incurred $600 million of debt through a 5-year Term Loan A facility. The proceeds from the debt were distributed equally to the partners. HIP also entered into a $400 million 5-year syndicated revolving credit facility, which can be used for borrowings and letters of credit, and is expected to fund the joint venture’s operating activities and capital expenditures. Borrowings on both loan facilities generally bear interest at LIBOR plus an applicable margin ranging from 1.10% to 2.00%. Facility fees on the revolving credit facility accrue at an applicable rate every quarter, ranging from 0.15% to 0.35% per annum. Prior to obtaining credit ratings, applicable interest margins and facility fees are based on the joint venture’s leverage ratio, which is calculated as total debt to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). If the joint venture obtains credit ratings, pricing levels will be based on its credit ratings in effect from time to time. The joint venture is subject to customary covenants in the credit agreement, including financial covenants that generally require a leverage ratio of no more than 5.0 to 1.0 for the prior four fiscal quarters and an interest coverage ratio, which is calculated as EBITDA to interest expense, of no less than 2.25 to 1.0 for the prior four fiscal quarters. At December 31, 2015, borrowings attributable to the joint venture, which are non-recourse to Hess Corporation, amounted to $600 million on the Term Loan A loan facility and $110 million on the revolving credit facility. HIP is in compliance with all debt covenants at December 31, 2015, and its financial covenants do not currently impact their ability to issue indebtedness to fund future capital expenditures.

Outstanding letters of credit at December 31 were as follows:

	2015		2014
	(In millions)
Committed lines (a)	$	10	$	25
Uncommitted lines (a)		103		372
Total (b)	$	113	$	397

(a)	At December 31, 2015, committed and uncommitted lines have expiration dates through 2016.

(b)	At December 31, 2015, $32 million relates to contingent liabilities and $81 million relates to liabilities recorded in the Consolidated Balance Sheet (2014: $54 million and $343 million, respectively).