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Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt

Schedule of debt

Debt consisted of the following as of the dates indicated (in millions):

		December 31,			December 31,
		2015			2014
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 1.1% and 0.46%, respectively (1)		$	696		$	734
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.4% (1)		300			—
Senior notes:
5.25% senior notes due June 2015		—			150
3.95% senior notes due September 2015		—			400
Other		3			3
Total short-term debt		999			1,287
LONG-TERM DEBT
Senior notes:
5.88% senior notes due August 2016 (2)		175			175
6.13% senior notes due January 2017		400			400
6.50% senior notes due May 2018		600			600
8.75% senior notes due May 2019		350			350
2.60% senior notes due December 2019		500			500
5.75% senior notes due January 2020		500			500
5.00% senior notes due February 2021		600			600
3.65% senior notes due June 2022		750			750
2.85% senior notes due January 2023		400			400
3.85% senior notes due October 2023		700			700
3.60% senior notes due November 2024		750			750
4.65% senior notes due October 2025		1,000			—
6.70% senior notes due May 2036		250			250
6.65% senior notes due January 2037		600			600
5.15% senior notes due June 2042		500			500
4.30% senior notes due January 2043		350			350
4.70% senior notes due June 2044		700			700
4.90% senior notes due February 2045		650			650
Unamortized discounts and debt issuance costs		(77		)	(76		)
Senior notes, net of unamortized discounts and debt issuance costs		9,698			8,699
Commercial paper notes, bearing a weighted-average interest rate of 1.1% (2)		672			—
Other		5			5
Total long-term debt		10,375			8,704
Total debt (3)		$	11,374		$	9,991

(1) We classified these commercial paper notes and credit facility borrowings as short-term at December 31, 2015 and 2014, as these notes and borrowings were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.

(2) As of December 31, 2015, we have classified our $175 million, 5.88% senior notes due August 2016 and a portion of our commercial paper notes as long-term based on our ability and intent to refinance such amounts on a long-term basis under our credit agreements.

(3) Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.8 billion and $9.3 billion as of December 31, 2015 and 2014, respectively. We estimated the aggregate fair value of these notes as of December 31, 2015 and 2014 to be approximately $8.6 billion and $9.9 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near year end. We estimate that the carrying value of outstanding borrowings under our credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Issuances of senior unsecured notes

The table below summarizes our issuances of senior unsecured notes during 2015, 2014 and 2013 (in millions):

Year		Description		Maturity		Face Value			Interest Payment Dates
2015		4.65% Senior Notes issued at 99.846% of face value		October 2025		$	1,000		April 15 and October 15
2014		2.60% Senior Notes issued at 99.813% of face value		December 2019		$	500		June 15 and December 15
2014		4.90% Senior Notes issued at 99.876% of face value		February 2045		$	650		February 15 and August 15
2014		3.60% Senior Notes issued at 99.842% of face value		November 2024		$	750		May 1 and November 1
2014		4.70% Senior Notes issued at 99.734% of face value		June 2044		$	700		June 15 and December 15
2013		3.85% Senior Notes issued at 99.792% of face value		October 2023		$	700		April 15 and October 15

Aggregate maturities of long-term debt

		Payment
Calendar Year		(in millions)
2016		$	847
2017		400
2018		600
2019		850
2020		500
Thereafter		7,255

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