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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Measurements |
Assets and liabilities measured at fair value on a recurring basis | The following tables provide fair value measurement information for such assets and liabilities that are measured on a recurring basis as of September 30, 2016 and December 31, 2015 (in millions):
Fair Value Measurements at September 30, 2016: |  |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | 129 |  | $ | 55 |  | $ | — |  | $ | (149) |  | $ | 35 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | 150 |  | $ | 310 |  | $ | — |  | $ | (171) |  | $ | 289 |
Fair Value Measurements at December 31, 2015: |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | 557 |  | $ | 87 |  | $ | — |  | $ | (535) |  | $ | 109
Available for sale investment |  | $ | 167 |  | $ | — |  | $ | — |  | $ | — |  | $ | 167
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | 544 |  | $ | 404 |  | $ | — |  | $ | (525) |  | $ | 423
Schedule of fair value measurement for proved domestic and international oil and gas properties that are measured on a nonrecurring basis |
(in millions) |  | Fair Value Measurements at December 31, 2015 Using |  | Net Book |  | Total Pre-tax (Non-cash) Impairment |
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Value (a) |  | Loss |
Assets: |  |  |  |  |  |  |  |  |  |  |
Impaired proved oil and gas assets - international |  | $ | — |  | $ | — |  | $ | 2,666 |  | $ | 7,359 |  | $ | 4,693 |
Impaired proved oil and gas assets - domestic |  | $ | — |  | $ | — |  | $ | 625 |  | $ | 1,655 |  | $ | 1,030 |
Impaired Midstream assets |  | $ | — |  | $ | — |  | $ | 50 |  | $ | 891 |  | $ | 841 |
Impaired Chemical property, plant, and equipment |  | $ | — |  | $ | — |  | $ | 3 |  | $ | 124 |  | $ | 121 |
(a) Amount represents net book value at date of assessment.

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- Definition Tabular disclosure of pre-tax charges related to asset impairments. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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