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Risk Management (Tables)
 6 Months Ended
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
)