Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Components of 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) Theaggregatelong‑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.

Outstanding Letters of Credit

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).