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Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2015
Common Stock Outstanding
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 (Loss)
 
Shares
 
Per Share
 
 
(In millions, except per share amounts)
Basic:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(10,844
)
 
378

 
$
(28.70
)
 
$
(6,653
)
 
384

 
$
(17.32
)
 
$
(94
)
 
395

 
$
(0.24
)
Income (loss) from discontinued operations
 
492

 
378

 
1.30

 
(1,707
)
 
384

 
(4.44
)
 
438

 
395

 
1.11

Income (loss) attributable to common stock
 
$
(10,352
)
 
378

 
$
(27.40
)
 
$
(8,360
)
 
384

 
$
(21.76
)
 
$
344

 
395

 
$
0.87

Effect of Dilutive Securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mandatory Convertible Preferred Stock
 
$
—

 
—

 
 
 
$
—

 
—

 
 
 
$
—

 
—

 
 
Stock options and other
 
—

 
—

 
 
 
—

 
—

 
 
 
—

 
—

 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(10,844
)
 
378

 
$
(28.70
)
 
$
(6,653
)
 
384

 
$
(17.32
)
 
$
(94
)
 
395

 
$
(0.24
)
Income (loss) from discontinued operations
 
492

 
378

 
1.30

 
(1,707
)
 
384

 
(4.44
)
 
438

 
395

 
1.11

Income (loss) attributable to common stock
 
$
(10,352
)
 
378

 
$
(27.40
)
 
$
(8,360
)
 
384

 
$
(21.76
)
 
$
344

 
395

 
$
0.87
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 for exploration and development activities
 
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.
Summary of Restricted Stock Activity
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
Business Performance Program [Member]  
Summary of Restricted Stock Activity
 
 
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)
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.