Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

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

Fair Value Measurements at September 30, 2015:
Description	Level 1		Level 2		Level 3		Netting and Collateral			Total Fair Value
Assets:
Commodity derivatives	$	235	$	51	$	—	$	(223	)	$	63
Available for sale investment	$	186	$	—	$	—	$	—		$	186
Liabilities:
Commodity derivatives	$	251	$	293	$	—	$	(240	)	$	304

Fair Value Measurements at December 31, 2014:
Description	Level 1		Level 2		Level 3		Netting and Collateral			Total Fair 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 September 30, 2015 Using
Description	Level 1		Level 2		Level 3		Net Book Value		(a)	Total Pre-tax (Non-cash) Impairment Loss
Assets:
Impaired proved oil and gas assets - domestic	$	—	$	—	$	1,071	$	2,654		$	1,583
Impaired proved oil and gas assets - international	$	—	$	—	$	466	$	1,767		$	1,301

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