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Risk Management (Tables) | 6 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of June 30, 2016, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales:
| Net open position long/(short)
Derivatives designated as hedging contracts |  |  |
Crude oil fixed price | (21.2 | ) |  | MMBbl
Crude oil basis | (4.1 | ) |  | MMBbl
Natural gas fixed price | (31.9 | ) |  | Bcf
Natural gas basis | (21.8 | ) |  | Bcf
Derivatives not designated as hedging contracts |  |  |  |
Crude oil fixed price | (0.3 | ) |  | MMBbl
Crude oil basis | (0.4 | ) |  | MMBbl
Natural gas fixed price | (12.8 | ) |  | Bcf
Natural gas basis | (2.6 | ) |  | Bcf
NGL and other fixed price | (3.4 | ) |  | MMBbl
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets (in millions):
Fair Value of Derivative Contracts
|  |  |  | Asset derivatives |  | Liability derivatives
|  |  |  | June 30, 2016 |  | December 31, 2015 |  | June 30, 2016 |  | December 31, 2015
|  | Location |  | Fair value |  | Fair value
Derivatives designated as hedging contracts |  |  |  |  |  |  |  |  |  |
Natural gas and crude derivative contracts |  | Fair value of derivative contracts/(Other current liabilities) |  | $ | 177 |  |  | $ | 359 |  |  | $ | (38 | ) |  | $ | (13 | )
|  | Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 139 |  |  | 244 |  |  | (18 | ) |  | — |
Subtotal |  |  |  | 316 |  |  | 603 |  |  | (56 | ) |  | (13 | )
Interest rate swap agreements |  | Fair value of derivative contracts/(Other current liabilities) |  | 117 |  |  | 111 |  |  | — |  |  | — |
|  | Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 657 |  |  | 273 |  |  | — |  |  | (9 | )
Subtotal |  |  |  | 774 |  |  | 384 |  |  | — |  |  | (9 | )
Cross-currency swap agreements |  | Fair value of derivative contracts/(Other current liabilities) |  | — |  |  | — |  |  | (22 | ) |  | (6 | )
|  | Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 13 |  |  | — |  |  | (12 | ) |  | (46 | )
Subtotal |  |  |  | 13 |  |  | — |  |  | (34 | ) |  | (52 | )
Total |  |  |  | 1,103 |  |  | 987 |  |  | (90 | ) |  | (74 | )
Derivatives not designated as hedging contracts |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, crude, NGL and other derivative contracts |  | Fair value of derivative contracts/(Other current liabilities) |  | 7 |  |  | 35 |  |  | (10 | ) |  | (1 | )
Subtotal |  |  |  | 7 |  |  | 35 |  |  | (10 | ) |  | (1 | )
Interest rate swap agreements |  | Fair value of derivative contracts/(Other current liabilities) |  | 12 |  |  | 1 |  |  | — |  |  | (11 | )
|  | Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 50 |  |  | — |  |  | — |  |  | (5 | )
Subtotal |  |  |  | 62 |  |  | 1 |  |  | — |  |  | (16 | )
Power derivative contracts |  | Fair value of derivative contracts/(Other current liabilities) |  | — |  |  | 1 |  |  | — |  |  | (17 | )
Subtotal |  |  |  | — |  |  | 1 |  |  | — |  |  | (17 | )
Total |  |  |  | 69 |  |  | 37 |  |  | (10 | ) |  | (34 | )
Total derivatives |  |  |  | $ | 1,172 |  |  | $ | 1,024 |  |  | $ | (100 | ) |  | $ | (108 | )
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables summarize the impact of our derivative contracts on our accompanying consolidated statements of income (in millions):
Derivatives in fair value hedging relationships |  | Location |  | Gain/(loss) recognized in income on derivatives and related hedged item
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2016 |  | 2015 |  | 2016 |  | 2015
Interest rate swap agreements |  | Interest, net |  | $ | 119 |  |  | $ | (233 | ) |  | $ | 399 |  |  | $ | (88 | )
Hedged fixed rate debt |  | Interest, net |  | $ | (120 | ) |  | $ | 256 |  |  | $ | (404 | ) |  | $ | 117 |
Derivatives in cash flow hedging relationships |  | Gain/(loss) recognized in OCI on derivative (effective portion)(a) |  | Location |  | Gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) |  | Location |  | Gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
|  | Three Months Ended June 30, |  |  |  | Three Months Ended June 30, |  |  |  | Three Months Ended June 30,
|  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015
Energy commodity derivative contracts |  | $ | (111 | ) |  | $ | (82 | ) |  | Revenues—Natural gas sales |  | $ | 2 |  |  | $ | 1 |  |  | Revenues—Natural gas sales |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Revenues—Product sales and other |  | 33 |  |  | 37 |  |  | Revenues—Product sales and other |  | (6 | ) |  | 3 |
|  |  |  |  |  |  | Costs of sales |  | (2 | ) |  | (14 | ) |  | Costs of sales |  | — |  |  | — |
Interest rate swap agreements(c) |  | (1 | ) |  | 1 |  |  | Interest, net |  | — |  |  | — |  |  | Interest, net |  | — |  |  | — |
Cross-currency swap |  | (30 | ) |  | 23 |  |  | Other, net |  | (22 | ) |  | 33 |  |  | Other, net |  | — |  |  | — |
Total |  | $ | (142 | ) |  | $ | (58 | ) |  | Total |  | $ | 11 |  |  | $ | 57 |  |  | Total |  | $ | (6 | ) |  | $ | 3 |
Derivatives in cash flow hedging relationships |  | Gain/(loss) recognized in OCI on derivative (effective portion)(a) |  | Location |  | Gain/(loss) reclassified from Accumulated OCI into income (effective portion)(b) |  | Location |  | Gain/(loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
|  | Six Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015
Energy commodity derivative contracts |  | $ | (84 | ) |  | $ | (47 | ) |  | Revenues—Natural gas sales |  | $ | 23 |  |  | $ | 25 |  |  | Revenues—Natural gas sales |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Revenues—Product sales and other |  | 90 |  |  | 101 |  |  | Revenues—Product sales and other |  | (5 | ) |  | 10 |
|  |  |  |  |  | Costs of sales |  | (12 | ) |  | (19 | ) |  | Costs of sales |  | — |  |  | — |
Interest rate swap agreements(c) |  | (5 | ) |  | (2 | ) |  | Interest, net |  | (1 | ) |  | (1 | ) |  | Interest, net |  | — |  |  | — |
Cross-currency swap |  | 20 |  |  | (11 | ) |  | Other, net |  | 19 |  |  | 23 |  |  | Other, net |  | — |  |  | — |
Total |  | $ | (69 | ) |  | $ | (60 | ) |  | Total |  | $ | 119 |  |  | $ | 129 |  |  | Total |  | $ | (5 | ) |  | $ | 10 |
_____
(a) | We expect to reclassify an approximate $46 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balances as of June 30, 2016 into earnings during the next twelve months (when the associated forecasted sales and purchases are also expected to occur), however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.
(b) | Amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).
(c) | Amounts represent our share of an equity investee’s accumulated other comprehensive loss.
Derivatives not designated as accounting hedges |  | Location |  | Gain/(loss) recognized in income on derivatives
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2016 |  | 2015 |  | 2016 |  | 2015
Energy commodity derivative contracts |  | Revenues—Natural gas sales |  | $ | (11 | ) |  | $ | (2 | ) |  | $ | (5 | ) |  | $ | 3 |
|  | Revenues—Product sales and other |  | (12 | ) |  | (40 | ) |  | (14 | ) |  | 4 |
|  | Costs of sales |  | 3 |  |  | 3 |  |  | (2 | ) |  | — |
Interest rate swap agreements |  | Interest, net |  | 24 |  |  | — |  |  | 77 |  |  | — |
Total(a) |  |  |  | $ | 4 |  |  | $ | (39 | ) |  | $ | 56 |  |  | $ | 7 |
_______ (a) Three and six months ended June 30, 2016 includes an approximate gain of $20 million and $39 million, respectively, associated with natural gas, crude and NGL derivative contract settlements.
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in the components of our “Accumulated other comprehensive loss” not including non-controlling interests are summarized as follows (in millions):
| Net unrealized gains/(losses) on cash flow hedge derivatives |  | Foreign currency translation adjustments |  | Pension and other postretirement liability adjustments |  | Total accumulated other comprehensive loss
Balance as of December 31, 2015 | $ | 219 |  |  | $ | (322 | ) |  | $ | (358 | ) |  | $ | (461 | )
Other comprehensive (loss) gain before reclassifications | (69 | ) |  | 85 |  |  | 10 |  |  | 26 |
Gains reclassified from accumulated other comprehensive income (loss) | (119 | ) |  | — |  |  | — |  |  | (119 | )
Net current-period other comprehensive (loss) income | (188 | ) |  | 85 |  |  | 10 |  |  | (93 | )
Balance as of June 30, 2016 | $ | 31 |  |  | $ | (237 | ) |  | $ | (348 | ) |  | $ | (554 | )
| Net unrealized gains/(losses) on cash flow hedge derivatives |  | Foreign currency translation adjustments |  | Pension and other postretirement liability adjustments |  | Total accumulated other comprehensive loss
Balance as of December 31, 2014 | $ | 327 |  |  | $ | (108 | ) |  | $ | (236 | ) |  | $ | (17 | )
Other comprehensive (loss) gain before reclassifications | (60 | ) |  | (91 | ) |  | 6 |  |  | (145 | )
Gains reclassified from accumulated other comprehensive income (loss) | (129 | ) |  | — |  |  | — |  |  | (129 | )
Net current-period other comprehensive (loss) income | (189 | ) |  | (91 | ) |  | 6 |  |  | (274 | )
Balance as of June 30, 2015 | $ | 138 |  |  | $ | (199 | ) |  | $ | (230 | ) |  | $ | (291 | )

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