Capital Stock (Tables)

12 Months Ended

Dec. 31, 2015

Common Stock Outstanding


	2015		2014		2013
Balance, beginning of year		376,504,892		395,772,908		391,640,770
Shares issued for stock-based compensation plans:
Treasury shares issued		17,525		17,454		25,214
Common shares issued		1,511,758		1,665,259		929,596
Common shares issued for conversion of preferred shares		-		-		14,399,247
Treasury shares acquired		-		(20,950,729)		(11,221,919)

Balance, end of year		378,034,175		376,504,892		395,772,908

Net Income Per Common Share

A reconciliation of the components of basic and diluted net income per common share for the years ended December 31, 2015, 2014, and 2013 is presented in the table below.


	2015						2014						2013
	Loss		Shares		Per Share		Loss		Shares		Per Share		Income		Shares		Per Share
	(In millions, except per share amounts)
Basic:
Income (loss) from continuing operations	$	(22,348)		378	$	(59.16)	$	(3,815)		384	$	(9.93)	$	1,880		395	$	4.75
Income (loss) from discontinued operations		(771)		378		(2.04)		(1,588)		384		(4.13)		308		395		0.78

Income (loss) attributable to common stock	$	(23,119)		378	$	(61.20)	$	(5,403)		384	$	(14.06)	$	2,188		395	$	5.53


Effect of Dilutive Securities:
Mandatory Convertible Preferred Stock	$	-		-			$	-		-			$	44		9
Stock options and other		-		-				-		-				-		2


Diluted:
Income (loss) from continuing operations	$	(22,348)		378	$	(59.16)	$	(3,815)		384	$	(9.93)	$	1,924		406	$	4.74
Income (loss) from discontinued operations		(771)		378		(2.04)		(1,588)		384		(4.13)		308		406		0.76

Income (loss) attributable to common stock	$	(23,119)		378	$	(61.20)	$	(5,403)		384	$	(14.06)	$	2,232		406	$	5.50

Description of Stock Based Compensation Plans and Related Costs

A description of the Company’s stock-based compensation plans and related costs follows:


	2015		2014		2013
	(In millions)
Stock-based compensation expensed:
General and administrative	$	64	$	107	$	89
Lease operating expenses		36		41		47
Stock-based compensation capitalized		53		62		55

	$	153	$	210	$	191

Summary of Stock Options Issued Under Stock Option Plans

A summary of stock options issued and outstanding under the Stock Option Plans and the Omnibus Plans is presented in the table and narrative below:


	2015
	Shares Under Option		Weighted Average Exercise Price
	(In thousands)
Outstanding, beginning of year		6,445	$	90.34
Granted		-		-
Exercised		(280)		56.72
Forfeited or expired		(1,234)		93.28

Outstanding, end of year⁽¹⁾		4,931		91.52

Expected to vest⁽¹⁾		566		81.77

Exercisable, end of year⁽¹⁾		4,311		92.92

⁽¹⁾

As of December 31, 2015, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 4.5 years, 6.9 years, and 4.1 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was nil.

Restricted Stock

A summary of restricted stock activity for the year ended December 31, 2015, is presented below.


	Shares		Weighted- Average Grant- Date Fair Value
	(In thousands)
Non-vested at January 1, 2015		4,784	$	81.96
Granted		2,976		61.65
Vested		(1,839)		81.14
Forfeited		(1,351)		78.26

Non-vested at December 31, 2015		4,570		70.12

Conditional Restricted Stock

The weighted-average remaining life of the unvested conditional restricted stock units is approximately 1.8 years.


	Shares		Weighted- Average Grant- Date Fair Value⁽¹⁾
	(In thousands)
Non-vested at January 1, 2015		354	$	78.13
Granted		-		-
Vested		-		-
Forfeited or expired		(182)		72.09

Non-vested at December 31, 2015		172		78.22

⁽¹⁾

The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group.

Business Performance Program [Member]

Restricted Stock

The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.4 years.


	Shares		Weighted Average Grant- Date Fair Value⁽¹⁾
	(In thousands)
Non-vested at January 1, 2015		-	$	-
Granted		602		66.63
Vested		-		-
Forfeited or expired		(101)		66.63

Non-vested at December 31, 2015		501		66.63

⁽¹⁾