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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt

Debt consisted of the following (in millions):

	December 31, 2017				December 31, 2016
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 2.4% and 1.6%, respectively (1)	$	—			$	563
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 2.6% and 1.8%, respectively (1)	664				750
Senior notes:
6.13% senior notes due January 2017	—				400
Other	73				2
Total short-term debt (2)	737				1,715
LONG-TERM DEBT
Senior notes:
6.50% senior notes due May 2018 (3)	—				600
8.75% senior notes due May 2019 (3)	—				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				1,000
4.50% senior notes due December 2026	750				750
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	(67		)		(76		)
Senior notes, net of unamortized discounts and debt issuance costs	8,933				9,874
Other long-term debt:
Commercial paper notes and senior secured hedged inventory facility borrowings (4)	247				247
Other	3				3
Total long-term debt	9,183				10,124
Total debt (5)	$	9,920			$	11,839

⁽¹⁾  We classified these commercial paper notes and credit facility borrowings as short-term as of December 31, 2017 and 2016, 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, 2017 and 2016, balance includes borrowings of $212 million and $410 million, respectively, for cash margin deposits with NYMEX and ICE, which are associated with financial derivatives used for hedging purposes.

⁽³⁾  In December 2017, we redeemed our $600 million, 6.50% senior notes due May 2018 and our $350 million, 8.75% senior notes due May 2019. See the “Senior Notes—Senior Note Repayments and Redemptions” section below for further discussion.

⁽⁴⁾  As of December 31, 2017 and 2016, we classified a portion of our commercial paper notes and senior secured hedged inventory facility borrowings as long-term based on our ability and intent to refinance such amounts on a long-term basis.

⁽⁵⁾  Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.0 billion and $10.3 billion as of December 31, 2017 and 2016, respectively. We estimated the aggregate fair value of these notes as of December 31, 2017 and 2016 to be approximately $9.1 billion and $10.4 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 2016 and 2015 (in millions):

Year		Description		Maturity		Face Value				Interest Payment Dates
2016		4.50% Senior Notes issued at 99.716% of face value		December 2026		$	750			June 15 and December 15
2015		4.65% Senior Notes issued at 99.846% of face value		October 2025		$	1,000			April 15 and October 15

Aggregate maturities of long-term debt

The following table presents the aggregate contractually scheduled maturities of such long-term debt for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.

Calendar Year		Payment (in millions)
2018		$	247
2019		500
2020		500
2021		600
2022		750
Thereafter		6,653

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