Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis (in millions)

	Fair Value Measurements at
	March 31, 2015 Using						Netting and			Total Fair
Description	Level 1		Level 2		Level 3		Collateral			Value
Assets:
Commodity derivatives	$	360	$	54	$	—	$	(331	)	$	83
Available for sale investment	$	544	$	—	$	—	$	—		$	544
Liabilities:
Commodity derivatives	$	350	$	233	$	—	$	(349	)	$	234

	Fair Value Measurements at
	December 31, 2014 Using						Netting and			Total Fair
Description	Level 1		Level 2		Level 3		Collateral			Value
Assets:
Commodity derivatives	$	712	$	127	$	—	$	(742	)	$	97
Available for sale investment	$	394	$	—	$	—	$	—		$	394
Liabilities:
Commodity derivatives	$	750	$	246	$	—	$	(756	)	$	240

Pre-tax charges related to impairments

	Fair Value Measurements at								Total Pre-tax
	March 31, 2015 Using						Net Book		(Non-cash)
Description	Level 1		Level 2		Level 3		Value (a)		Impairment Loss
Assets:
Impaired proved oil and gas assets - domestic	$	—	$	—	$	41	$	201	$	160

	Fair Value Measurements at								Total Pre-tax
	December 31, 2014 Using						Net Book		(Non-cash)
Description	Level 1		Level 2		Level 3		Value (a)		Impairment Loss
Assets:
Impaired proved oil and gas assets - domestic	$	—	$	—	$	2,249	$	5,008	$	2,759
Impaired proved oil and gas assets - international	$	—	$	—	$	45	$	1,084	$	1,039
Impaired Chemical property, plant, and equipment	$	—	$	—	$	18	$	129	$	111

(a)  Amount represents net book value at date of assessment.