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Stock-Based and Other Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-based compensation expense
We recognized total stock-based compensation expense as follows:
 
Year Ended December 31,
(millions)
2019
 
2018
 
2017
General and Administrative Expense
$
59

 
$
54

 
$
56

Exploration Expense and Other
9

 
8

 
48

Total Stock-Based Compensation Expense (1)
$
68

 
$
62

 
$
104

Tax Benefit Recognized
$
(14
)
 
$
(13
)
 
$
(36
)

(1) 
2019 amount excludes $8 million capitalized to property, plant and equipment.
Valuation Assumptions, Options
The assumptions used in valuing stock options granted were as follows:
 
Year Ended December 31,
(weighted averages)
2019
 
2018
 
2017
Expected Term (in Years)
6.9

 
6.7

 
6.4

Expected Volatility
33.8
%
 
33.4
%
 
33.2
%
Risk-Free Rate
2.7
%
 
2.6
%
 
2.2
%
Expected Dividend Yield
1.4
%
 
1.2
%
 
0.9
%
Weighted Average Grant-Date Fair Value
$
7.57

 
$
10.47

 
$
13.26
Award Activity, Options
Stock option activity was as follows:
 
Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term
 
Aggregate Intrinsic Value
 
 
 
(per share)
 
(years)
 
(millions)
Outstanding at December 31, 2018
13,852,020

 
$
44.04

 
 
 
 
Granted
461,311

 
22.15

 
 
 
 
Forfeited
(51,100
)
 
34.72

 
 
 
 
Expired
(1,686,478
)
 
35.26

 
 
 
 
Outstanding at December 31, 2019
12,575,753

 
$
44.62

 
4.2
 
$
1

Exercisable at December 31, 2019
11,373,846

 
$
46.11

 
3.7
 
$
—
Valuation Assumptions, Restricted Stock
The assumptions used in valuing market based restricted stock awards granted were as follows:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Number of Simulations
10,000,000

 
10,000,000

 
500,000

Expected Volatility
37.5
%
 
35.0
%
 
35.0
%
Risk-Free Rate
2.5
%
 
2.3
%
 
1.5
%
Award Activity, Restricted Stock
Restricted stock activity was as follows:
 
Subject to Time Vesting
 
Subject to Market Conditions
 
Number of Shares
 
Weighted Average Award Date Fair Value
 
Number of Shares
 
Weighted Average Award Date Fair Value
 
 
 
(per share)
 
 
 
(per share)
Outstanding at December 31, 2018
3,172,891

 
$
32.72

 
1,385,634

 
$
21.74

Awarded
2,464,682

 
22.33

 
1,138,730

 
13.50

Vested
(906,485
)
 
34.11

 
—

 
—

Forfeited
(486,733
)
 
27.97

 
(347,948
)
 
21.20

Outstanding at December 31, 2019
4,244,355

 
$
27.02

 
2,176,416

 
$
17.52
Award Activity, Phantom Units
Phantom unit activity was as follows:
 
Subject to Time Vesting
 
Subject to Market Conditions
 
Number of Units
 
Weighted Average Award Date Fair Value
 
Number of Units
 
Weighted Average Award Date Fair Value
 
 
 
(per share)
 
 
 
(per share)
Outstanding at December 31, 2018
467,365

 
$
31.65

 
150,296

 
$
6.82

Awarded
803,606

 
22.39

 
—

 
—

Vested
(462,823
)
 
31.65

 
—

 
—

Forfeited
(92,762
)
 
22.55

 
(150,296
)
 
6.82

Outstanding at December 31, 2019
715,386

 
$
22.39

 
—

 
$
—