Murphy Oil (MUR) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	mur
Entity Registrant Name	MURPHY OIL CORP /DE
Entity Central Index Key	717423
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	177,969,015

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$981,002		$1,193,308	[1]
Canadian government securities with maturities greater than 90 days at the date of acquisition	388,098		461,313	[1]
Accounts receivable, less allowance for doubtful accounts of $1,609 in both 2015 and 2014	523,368		873,277	[1]
Inventories, at lower of cost or market
Crude oil	38,124		51,757	[1]
Materials and supplies	185,889		190,976	[1]
Prepaid expenses	80,459		77,281	[1]
Deferred income taxes	48,603		55,107	[1]
Assets held for sale	342,645		376,130	[1]
Total current assets	2,588,188		3,279,149	[1]
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $8,600,716 in 2015 and $9,503,524 in 2014	12,480,861		13,331,047	[1]
Deferred charges and other assets	56,320		62,582	[1]
Assets held for sale	35,468		50,960	[1]
Total assets	15,160,837		16,723,738	[1]
Current liabilities
Current maturities of long-term debt	21,816		465,388	[1]
Accounts payable	1,900,508		2,471,897	[1]
Income taxes payable	105,710		59,054	[1]
Liabilities associated with assets held for sale	148,885		151,548	[1]
Total current liabilities	2,176,919		3,147,887	[1]
Long-term debt, including capital lease obligation	2,591,709		2,517,669	[1]
Deferred income taxes	936,979		1,193,864	[1]
Asset retirement obligations	824,401		841,526	[1]
Deferred credits and other liabilities	421,126		441,048	[1]
Liabilities associated with assets held for sale	5,225		8,310	[1]
Stockholders' equity
Cumulative Preferred Stock, par $100, authorized 400,000 shares, none issued				[1]
Common Stock, par $1.00, authorized 450,000,000 shares, issued 195,042,460 shares in 2015 and 195,040,149 shares in 2014	195,042		195,040	[1]
Capital in excess of par value	880,455		906,741	[1]
Retained earnings	8,651,304		8,728,032	[1]
Accumulated other comprehensive loss	-465,074	[2]	-170,255	[1],[2]
Treasury stock, 17,073,445 shares of Common Stock in 2015 and 17,540,636 shares of Common Stock in 2014, at cost	-1,057,249		-1,086,124	[1]
Total stockholders' equity	8,204,478		8,573,434	[1]
Total liabilities and stockholders' equity	$15,160,837		$16,723,738	[1]
[1]	Reclassified to conform to current presentation.
[2]	All amounts are presented net of income taxes.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$1,609	$1,609
Property, plant and equipment, accumulated depreciation, depletion and amortization	$8,600,716	$9,503,524
Cumulative Preferred Stock, par	$100	$100
Cumulative Preferred Stock, authorized	400,000	400,000
Cumulative Preferred Stock, issued	0	0
Common Stock, par	$1	$1
Common Stock, authorized	450,000,000	450,000,000
Common Stock, issued	195,042,460	195,040,149
Treasury stock, shares	17,073,445	17,540,636

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Sales and other operating revenues	$749,150	$1,281,208
Gain on sale of assets	135,877	19
Interest and other income	36,720	5,173
Total revenues	921,747	1,286,400
Costs and Expenses
Lease operating expenses	232,421	262,255
Severance and ad valorem taxes	20,791	26,326
Exploration expenses, including undeveloped lease amortization	128,734	138,466
Selling and general expenses	86,967	92,026
Depreciation, depletion and amortization	481,027	396,249
Accretion of asset retirement obligations	11,769	12,065
Interest expense	29,470	32,886
Interest capitalized	-1,385	-8,868
Other expense	49,681	814
Total costs and expenses	1,039,475	952,219
Income (loss) from continuing operations before income taxes	-117,728	334,181
Income tax expense (benefit)	-121,258	164,895
Income from continuing operations	3,530	169,286
Loss from discontinued operations, net of taxes	-17,971	-14,033
Net Income (Loss)	($14,441)	$155,253
Per Common Share - Basic
Income from continuing operations	$0.02	$0.94
Loss from discontinued operations	($0.10)	($0.08)
Net income (loss)	($0.08)	$0.86
Per Common Share - Diluted
Income from continuing operations	$0.02	$0.93
Loss from discontinued operations	($0.10)	($0.08)
Net income (loss)	($0.08)	$0.85
Average Common shares outstanding
Basic	177,734,159	181,367,565
Diluted	178,241,616	182,576,570

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	($14,441)		$155,253
Other comprehensive income (loss), net of tax
Net loss from foreign currency translation	-298,595		-136,604
Retirement and postretirement benefit plans	3,294		1,465
Deferred loss on interest rate hedges reclassified to interest expense	482		483
Other comprehensive loss	-294,819	[1]	-134,656
Comprehensive Income (Loss)	($309,260)		$20,597
[1]	All amounts are presented net of income taxes.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
OPERATING ACTIVITIES
Net income (loss)	($14,441)		$155,253
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities:
Loss from discontinued operations	17,971		14,033
Depreciation, depletion and amortization	481,027		396,249
Amortization of deferred major repair costs	2,108		2,741
Dry hole costs	78,629		87,909
Amortization of undeveloped leases	21,606		12,830
Accretion of asset retirement obligations	11,769		12,065
Deferred and noncurrent income tax charges (benefits)	-184,186		23,167
Pretax gains from disposition of assets	-135,877		-19
Net decrease in noncash operating working capital	258,807		18,673
Other operating activities, net	-3,569		2,973
Net cash provided by continuing operations activities	533,844		725,874
INVESTING ACTIVITIES
Property additions and dry hole costs	-823,840		-996,218
Proceeds from sales of property, plant and equipment	417,242		26
Purchase of investment securities	-265,739	[1]	-240,802	[1]
Proceeds from maturity of investment securities	301,464	[1]	243,641	[1]
Other investing activities, net	-226		-3,736
Net cash required by investing activities	-371,099		-997,089
FINANCING ACTIVITIES
Borrowings of debt	155,000		479,000
Repayments of debt	-450,000
Repayment of capital lease obligation	-2,471
Purchase of treasury stock			-250,000
Withholding tax on stock-based incentive awards	-8,976		-6,319
Cash dividends paid	-62,287		-56,073
Other financing activities, net	-108		-240
Net cash provided (required) by financing activities	-368,842		166,368
CASH FLOWS FROM DISCONTINUED OPERATIONS
Operating activities	-64,859		-58,753
Investing activities	46		-4,866
Changes in cash included in current assets held for sale	64,707		68,758
Net increase in cash and cash equivalents of discontinued operations	-106		5,139
Effect of exchange rate changes on cash and cash equivalents	-6,103		-1,835
Net decrease in cash and cash equivalents	-212,306		-101,543
Cash and cash equivalents at January 1	1,193,308	[2]	750,155
Cash and cash equivalents at March 31	$981,002		$648,612
[1]	Investments are Canadian government securities with maturities greater than 90 days at the date of acquisition.
[2]	Reclassified to conform to current presentation.

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Minimum [Member])	3 Months Ended
	Mar. 31, 2015
Minimum [Member]
Maturity of Canadian government securities	90 days

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Cumulative Preferred Stock [Member]	Common Stock [Member]	Capital In Excess Of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
In Thousands
Balance at beginning of year at Dec. 31, 2013		$194,920	$902,633	$8,058,792	$172,119	($732,734)
Exercise of stock options, including income tax benefits		26	-10,765
Foreign currency translation losses, net of income taxes					-136,604		-136,604
Purchase of treasury shares						-250,000
Net income (loss) for the period				155,253			155,253
Other			-11
Restricted stock transactions and other			-26,400
Cash dividends				-56,073
Retirement and postretirement benefit plans, net of income taxes					1,465		-1,465
Sale of stock under employee stock purchase plans						132
Stock-based compensation			11,190
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes					483		483
Awarded restricted stock, net of forfeitures						19,652
Balance at end of year at Mar. 31, 2014		194,946	876,647	8,157,972	37,463	-962,950	8,304,078
Balance at beginning of year at Dec. 31, 2014		195,040	906,741	8,728,032	-170,255	-1,086,124	8,573,434	[1]
Exercise of stock options, including income tax benefits		2	-367
Foreign currency translation losses, net of income taxes					-298,595		-298,595
Net income (loss) for the period				-14,441			-14,441
Other			-15
Restricted stock transactions and other			-37,771
Cash dividends				-62,287
Retirement and postretirement benefit plans, net of income taxes					3,294		-3,294
Sale of stock under employee stock purchase plans						79
Stock-based compensation			11,867
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes					482		482
Awarded restricted stock, net of forfeitures						28,796
Balance at end of year at Mar. 31, 2015		$195,042	$880,455	$8,651,304	($465,074)	($1,057,249)	$8,204,478
[1]	Reclassified to conform to current presentation.

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Statement Of Stockholders Equity [Abstract]
Cumulative Preferred Stock, par	$100	$100	$100
Cumulative Preferred Stock, authorized	400,000	400,000	400,000
Cumulative Preferred Stock, issued	0	0	0
Common Stock, par	$1	$1	$1
Common Stock, authorized	450,000,000	450,000,000	450,000,000
Common Stock, issued	195,042,460	195,040,149	194,945,904
Treasury stock, shares	17,073,445	17,540,636

Nature_of_Business_and_Interim

Nature of Business and Interim Financial Statements	3 Months Ended
	Mar. 31, 2015
Nature of Business and Interim Financial Statements [Abstract]
Nature of Business and Interim Financial Statements	Note A – Nature of Business and Interim Financial Statements
	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries.  The Company produces oil and natural gas in the United States, Canada and Malaysia and conducts oil and natural gas exploration activities worldwide.  The Company has an interest in a Canadian synthetic oil operation.
	INTERIM FINANCIAL STATEMENTS –In the opinion of Murphy's management, the unaudited financial statements presented herein include all accruals necessary to present fairly the Company's financial position at March 31, 2015 and December 31, 2014, and the results of operations,  cash flows and changes in stockholders’ equity for the interim periods ended March 31, 2015 and 2014, in conformity with accounting principles generally accepted in the United States of America (U.S.).  In preparing the financial statements of the Company in conformity with accounting principles generally accepted in the U.S., management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities.  Actual results may differ from the estimates.
	Financial statements and notes to consolidated financial statements included in this Form 10-Q report should be read in conjunction with the Company's 2014 Form 10-K report, as certain notes and other pertinent information have been abbreviated or omitted in this report.  Financial results for the three-month period ended March 31, 2015 are not necessarily indicative of future results.

Property_Plant_and_Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2015
Property, Plant And Equipment [Abstract]
Property, Plant and Equipment	Note B – Property, Plant and Equipment
	Under U.S. generally accepted accounting principles for companies that use the successful efforts method of accounting, exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project.
	At March 31, 2015, the Company had total capitalized exploratory well costs pending the determination of proved reserves of $120.6 million.  The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2015 and 2014.
	(Thousands of dollars)	2015			2014
	Beginning balance at January 1	$	120,455		393,030
	Additions pending the determination of proved reserves		141		2,919
	Reclassifications to proved properties based on the determination of proved reserves		–		–
	Balance at March 31	$	120,596		395,949
	Note B – Property, Plant and Equipment (Contd.)
	The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized.  The projects are aged based on the last well drilled in the project.
			March 31,
		2015					2014
	(Thousands of dollars)	Amount		No. of Wells		No. of Projects	Amount		No. of Wells	No. of Projects
	Aging of capitalized well costs:
	Zero to one year	$	–	–		–	$	32,192	2	1
	One to two years		32,192	2		1		56,702	6	1
	Two to three years		33,744	4		2		31,224	2	–
	Three years or more		54,660	2		–		275,831	22	7
		$	120,596	8		3	$	395,949	32	9
	Of the $120.6 million of exploratory well costs capitalized more than one year at March 31, 2015, $54.7 million is in the U.S. and $65.9 million is in Brunei.  In both geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion.
	During the first quarter 2015, the Company completed the second phase of the sale of 30% of its oil and gas assets in Malaysia and received net cash proceeds of $417.2 million.  The Company recorded an after-tax gain on this sale of $199.5 million.  Combined net cash proceeds received to date from the 30% sale, subject to final adjustments, totaled $1.88 billion.
	See also Note E for discussion regarding a capital lease of production equipment at the Kakap field.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
Inventories
	Note C – Inventories
	Inventories are carried at the lower of cost or market.  For the Company’s U.K. refining and marketing operations reported as discontinued operations, the cost of crude oil and finished products is predominantly determined on the last-in, first-out (LIFO) method.  At March 31, 2015 and December 31, 2014, the carrying value of inventories under the LIFO method was $29.7 million and $44.9 million, respectively, less than such inventories would have been valued using the first-in, first-out (FIFO) method.  These inventories are included in current assets held for sale on the Consolidated Balance Sheet.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2015
Discontinued Operations [Abstract]
Discontinued Operations
	Note D – Discontinued Operations
	The Company has accounted for its U.K. refining and marketing operations as discontinued operations for all periods presented.  During the first quarter 2015, the Company signed an agreement to sell the remaining U.K. downstream assets with the transaction scheduled to close mid-year 2015.
	The results of operations associated with these discontinued operations for the three-month period ended March 31, 2015 and 2014 were as follows:
		Three Months
		Ended March 31,
	(Thousands of dollars)		2015	2014
	Revenues	$	229,389	1,432,386
	Loss before income taxes	$	-20,709	-17,295
	Income tax benefit		-2,738	-3,262
	Loss from discontinued operations	$	-17,971	-14,033
	The following table presents the carrying value of the major categories of assets and liabilities of U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at March 31, 2015 and December 31, 2014.
		March 31,		December 31,
	(Thousands of dollars)	2015		2014
	Current assets
	Cash	$	135,806	200,512
	Accounts receivable		127,341	97,568
	Inventories		38,053	42,161
	Other		41,445	35,889
	Total current assets held for sale	$	342,645	376,130
	Non-current assets
	Property, plant and equipment, net	$	35,453	50,947
	Other		15	13
	Total non-current assets held for sale	$	35,468	50,960
	Current liabilities
	Accounts payable	$	48,228	59,023
	Other accrued taxes payable		78,428	40,653
	Accrued compensation and severance		10,276	30,872
	Refinery decommissioning cost		11,953	21,000
	Total current liabilities associated with assets held for sale	$	148,885	151,548
	Non-current liabilities
	Deferred income taxes payable	$	1,002	3,873
	Deferred credits and other liabilities		4,223	4,437
	Total non-current liabilities associated with assets held for sale	$	5,225	8,310

Financing_Arrangements_and_Deb

Financing Arrangements and Debt	3 Months Ended
	Mar. 31, 2015
Financing Arrangements and Debt [Abstract]
Financing Arrangements and Debt	Note E – Financing Arrangements and Debt
	The Company has a $2.0 billion committed credit facility that expires in June 2017.  Borrowings under the facility bear interest at 1.25% above LIBOR based on the Company’s current credit rating as of March 31, 2015.  In addition, facility fees of 0.25% are charged on the full $2.0 billion commitment.  The Company also had unused uncommitted credit facilities that totaled approximately $290 million at March 31, 2015.  These uncommitted facilities may be withdrawn by the various banks at any time.  The Company also has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2015.
	The Company and its partners are parties to a 25-year lease of production equipment at the Kakap field offshore Malaysia.  The lease has been accounted for as a capital lease, and payments under the agreement are to be made over a 15-year period through June 2028.  Current maturities and long-term debt on the Consolidated Balance Sheet included  $21.8 million and $209.2 million, respectively, associated with this lease at March 31, 2015.

Cash_Flow_Disclosures

Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2015
Cash Flow Disclosures [Abstract]
Cash Flow Disclosures
	Note F – Cash Flow Disclosures
	Additional disclosures regarding cash flow activities are provided below.
		Three Months
			Ended March 31,
	(Thousands of dollars)	2015		2014
	Net (increase) decrease in operating working capital other than
	cash and cash equivalents:
	Decrease (increase) in accounts receivable	$	302,602	-7,251
	Decrease (increase) in inventories		-60,562	958
	Increase in prepaid expenses		-6,825	-42,128
	Decrease in deferred income tax assets		5,040	6,845
	Decrease in accounts payable and accrued liabilities		-17,281	-4,923
	Increase in current income tax liabilities		35,833	65,172
	Total	$	258,807	18,673
	Supplementary disclosures (including discontinued operations):
	Cash income taxes paid, net of refunds	$	28,280	101,295
	Interest paid, net of amounts capitalized		-64	-4,303
	Non-cash investing activities, related to continuing operations:
	Asset retirement costs capitalized	$	6,380	22,743
	Decrease in capital expenditure accrual		239,572	146,790

Employee_and_Retiree_Benefit_P

Employee and Retiree Benefit Plans	3 Months Ended
	Mar. 31, 2015
Employee and Retiree Benefit Plans [Abstract]
Employee and Retiree Benefit Plans
	Note G – Employee and Retiree Benefit Plans
	The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees.  All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plans and the U.S. directors’ plan.  All U.S. tax qualified plans meet the funding requirements of federal laws and regulations.  Contributions to foreign plans are based on local laws and tax regulations.  The Company also sponsors health care and life insurance benefit plans, which are not funded, that cover most active and retired U.S. employees.  Additionally, most U.S. retired employees are covered by a life insurance benefit plan.  The health care benefits are contributory; the life insurance benefits are noncontributory.
	Note G – Employee and Retiree Benefit Plans (Contd.)
	The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2015 and 2014.
		Three Months Ended March 31,
		Pension Benefits			Other Postretirement Benefits
	(Thousands of dollars)		2015	2014	2015		2014
	Service cost	$	5,081	6,556		828		672
	Interest cost		7,950	8,215		1,192		1,278
	Expected return on plan assets		-8,687	-8,480		–		–
	Amortization of prior service cost		195	225		-21		-21
	Amortization of transitional asset		271	208		–		1
	Recognized actuarial loss		3,891	1,733		195		59
	Net periodic benefit expense	$	8,701	8,457		2,194		1,989
	During the three-month period ended March 31, 2015, the Company made contributions of $26.3 million to its defined benefit pension and postretirement benefit plans.  Remaining required funding in 2015 for the Company’s defined benefit pension and postretirement plans is anticipated to be $9.9 million.

Incentive_Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2015
Incentive Plans [Abstract]
Incentive Plans
	Note H – Incentive Plans
	The costs resulting from all share-based payment transactions are recognized as an expense in the Consolidated Statements of Income using a fair value-based measurement method over the periods that the awards vest.
	The 2012 Annual Incentive Plan (2012 Annual Plan) authorizes the Executive Compensation Committee (the Committee) to establish specific performance goals associated with annual cash awards that may be earned by officers, executives and other key employees.  Cash awards under the 2012 Annual Plan are determined based on the Company’s actual financial and operating results as measured against the performance goals established by the Committee.  The 2012 Long-Term Incentive Plan (2012 Long-Term Plan) authorizes the Committee to make grants of the Company’s Common Stock and other stock-based incentives to employees.  These grants may be in the form of stock options (nonqualified or incentive), stock appreciation rights (SAR), restricted stock, restricted stock units (RSU), performance units, performance shares, dividend equivalents and other stock-based incentives.  The 2012 Long-Term Plan expires in 2022.  A total of 8,700,000 shares are issuable during the life of the 2012 Long-Term Plan, with annual grants limited to 1% of Common shares outstanding.  The Company has an Employee Stock Purchase Plan that permits the issuance of up to 980,000 shares through September 30, 2017.  The Company also has a Stock Plan for Non-Employee Directors that permits the issuance of restricted stock and stock options or a combination thereof to the Company’s Directors.
	In February 2015, the Committee granted stock options for 991,000 shares at an exercise price of either $49.65 or $51.63 per share.    The Black-Scholes valuation for these awards was $10.97 per option.  The Committee also granted 455,000 performance-based RSU and 233,400 time-based RSU in February.  The fair value of the performance-based RSU, using a Monte Carlo valuation model, ranged from $44.03 to $48.12 per unit.  The fair value of time-based RSU was estimated based on the fair market value of the Company’s stock on the date of grant, which  was $49.65 per share.  Additionally, the Committee granted 847,400 SAR and 616,790 units of cash-settled RSU (RSU-C) to certain employees.  The SAR and RSU-C are to be settled in cash, net of applicable income taxes, and are accounted for as liability-type awards.  The initial fair value of these SAR was equivalent to the stock options granted, while the initial value of RSU-C was equivalent to equity-settled restricted stock units granted.  Also in February, the Committee granted 48,665 shares of time-based RSU to the Company’s Directors under the Non-employee Director Plan.  These shares vest on the third anniversary of the date of grant. The estimated fair value of these awards ranged between $49.09 and $50.90 per unit on date of grant.
	Note H – Incentive Plans (Contd.)
	Beginning January 1, 2014, all stock option exercises are non-cash transactions for the Company.  The employee will receive net shares, after applicable statutory withholding taxes, upon each exercise.  The actual income tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements totaled $0.7 million for the three-month period ended March 31, 2014.  No income tax benefit was realized from option exercises for the three-month period ended March 31, 2015.
	Amounts recognized in the financial statements with respect to share-based plans are as follows:
		Three Months Ended
		March 31,
	(Thousands of dollars)	2015		2014
	Compensation charged against income before tax benefit	$	16,315		15,301
	Related income tax benefit recognized in income		5,100		4,733

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2015
Earnings per Share [Abstract]
Earnings per Share
	Note I – Earnings per Share
	Net income (loss) was used as the numerator in computing both basic and diluted income per Common share for the three-month periods ended March 31, 2015 and 2014.  The following table reconciles the weighted-average shares outstanding used for these computations.
		Three Months Ended
		March 31,
	(Weighted-average shares)	2015		2014
	Basic method	177,734,159		181,367,565
	Dilutive stock options and restricted stock units	507,457		1,209,005
	Diluted method	178,241,616		182,576,570
	The following table reflects certain options to purchase shares of common stock that were outstanding during the 2015 and 2014 periods but were not included in the computation of diluted earnings per share because the incremental shares from assumed conversion were antidilutive.
		Three Months Ended
			March 31,
			2015		2014
	Antidilutive stock options excluded from diluted shares		3,314,751			1,555,015
	Weighted average price of these options	$	57.19		$	58.97

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes
	Note J – Income Taxes
	The Company’s effective income tax rate generally exceeds the statutory U.S. tax rate of 35%.  The effective tax rate is calculated as the amount of income tax expense divided by income before income tax expense.  For the three-month periods in 2015 and 2014, the Company’s effective income tax rates were as follows:
		2015		2014
	Three months ended March 31	103.0	%	49.3	%
	The effective tax rates for most periods generally exceed the U.S. statutory tax rate of 35% due to several factors, including:  the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates that are higher than the U.S. Federal rate; U.S. state tax expense; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are available or are not presently being recorded due to a lack of reasonable certainty of adequate future revenue against which to utilize these expenses as deductions. The effective tax rate for the three-month period ended March 31, 2015 was above the U.S. statutory tax rate primarily due to a deferred tax benefit associated with the sale of Malaysian assets.  The effective tax note rate for the three-month period ended March 31, 2014 was above the U.S. statutory tax rate, primarily due to other expenses in certain foreign jurisdictions for which no tax benefits were recognized.
	The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities.  These audits often take years to complete and settle.  Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters.  As of March 31, 2015, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows:  United States – 2011; Canada – 2008; Malaysia – 2007; and United Kingdom – 2012.

Financial_Instruments_and_Risk

Financial Instruments and Risk Management

3 Months Ended

Mar. 31, 2015

Financial Instruments and Risk Management [Abstract]

Financial Instruments and Risk Management

Note K – Financial Instruments and Risk Management

Murphy often uses derivative instruments to manage certain risks related to commodity prices, foreign currency exchange rates and interest rates.  The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management.  The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features.  Derivative instruments are traded primarily with creditworthy major financial institutions or over national exchanges, such as the New York Mercantile Exchange (NYMEX).  The Company has a risk management control system to monitor commodity price risks and any derivatives obtained to manage a portion of such risks.  For accounting purposes, the Company has not designated commodity and foreign currency derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statements of Income.  Certain interest rate derivative contracts were accounted for as hedges and the net payment upon settlement recording the fair value of these contracts was deferred in Accumulated Other Comprehensive Income (Loss).  This deferred cost is being reclassified to Interest Expense in the Consolidated Statements of Income over the period until the associated notes mature in 2022.

Commodity Purchase Price Risks

The Company is subject to commodity price risk related to crude oil, natural gas liquids and natural gas it produces and sells.  There were no open derivative contracts covering commodity price risk at March 31, 2015.  The Company had open derivative contracts at March 31, 2014.  The impact from marking the market these commodity derivative contracts decreased income before taxes by $18.8 million for the three-month period ended March 31, 2014.

Foreign Currency Exchange Risks

The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S.  At March 31, 2014, short-term derivative instruments were outstanding to manage the risk of certain future income taxes that are payable in Malaysian ringgits.  The equivalent U.S. dollars of Malaysian ringgit derivative contracts open at March 31, 2014 were approximately $133.5 million. There were no open ringgit contracts at March 31, 2015.  Short-term derivative instrument contracts totaling $15.5 million and $23.0 million U.S. dollars were also outstanding at March 31, 2015 and 2014, respectively, to manage the risk of certain U.S. dollar accounts receivable associated with sale of crude oil production in Canada.  The impact from marking to market these

Note K – Financial Instruments and Risk Management (Contd.)

foreign currency derivative contracts increased income before taxes by $38 thousand and $3.4 million for the three-month periods ended March 31, 2015 and 2014, respectively.

At March 31, 2015 and December 31, 2014, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.

31-Mar-15

31-Dec-14

(Thousands of dollars)

Asset (Liability) Derivatives

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts receivable

$

–

Accounts receivable

$

23,168

Foreign exchange

Accounts receivable

38

Accounts payable

-25

For the three-month periods ended March 31, 2015 and 2014, the gains and losses recognized in the Consolidated Statements of Income for derivative instruments not designated as hedging instruments are presented in the following table.

Gain (Loss)

Three Months Ended

(Thousands of dollars)

Statement of Income

March 31,

Type of Derivative Contract

Location

2015

2014

Commodity

Sales and other operating revenues

$

–

-18,414

Foreign exchange

Interest and other income

63

3,436

$

63

-14,978

Interest Rate Risks

In 2011 the Company entered into a series of derivative contracts known as forward starting interest rate swaps to manage interest rate risk associated with $350 million of 10-year notes that were sold in May 2012.  These interest rate swaps matured in May 2012.  Under hedge accounting rules, the Company deferred the net cost associated with these contracts to match the payment of interest on these notes through 2022.  During each of the three-month periods ended March 31, 2015 and 2014,  $0.7 million of the deferred cost on the interest rate swaps was charged to income as a component of Interest Expense.  The remaining cost deferred on these matured contracts at March 31, 2015 was $21.1 million, which is recorded, net of income taxes of $7.4 million, in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheet.  The Company expects to charge approximately $2.2 million of this deferred cost to income in the form of interest expense during the remaining nine months of 2015.

The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets.  The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality.  Level 1 inputs are quoted prices in active markets for identical assets or liabilities.  Level 2 inputs are observable inputs other than quoted prices included within Level 1.  Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.

Note K – Financial Instruments and Risk Management (Contd.)

The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2015 and December 31, 2014 are presented in the following table.

31-Mar-15

31-Dec-14

(Thousands of dollars)

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Assets:

Foreign currency exchange

–

38

–

38

–

–

–

–

derivative contracts

Commodity derivative

–

–

–

–

–

23,168

–

23,168

contracts

$

–

38

–

38

–

23,168

–

23,168

Liabilities:

Nonqualified employee

$

-14,696

–

–

-14,696

-14,408

–

–

-14,408

savings plans

Foreign currency exchange

–

–

–

–

–

-25

–

-25

derivative contracts

$

-14,696

–

–

-14,696

-14,408

-25

–

-14,433

The fair value of WTI crude oil derivative contracts was determined based on active market quotes for WTI crude oil at the balance sheet date.  The fair value of foreign exchange derivative contracts was based on market quotes for similar contracts at the balance sheet dates.  The income effect of changes in the fair value of crude oil derivative contracts is recorded in Sales and Other Operating Revenues in the Consolidated Statements of Income and changes in fair value of foreign exchange derivative contracts is recorded in Interest and Other Income.  The nonqualified employee savings plan is an unfunded savings plan through which participants seek a return via phantom investments in equity securities and/or mutual funds.  The fair value of this liability was based on quoted prices for these equity securities and mutual funds.  The income effect of changes in the fair value of the nonqualified employee savings plan is recorded in Selling and General Expenses in the Consolidated Statements of Income.

The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists.  There were no offsetting positions recorded at March 31, 2015 and December 31, 2014.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss
	Note L – Accumulated Other Comprehensive Loss
	The components of Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets at December 31, 2014 and March 31, 2015 and the changes during the three-month period ended March 31, 2015 are presented net of taxes in the following table.
						Deferred
						Loss on
			Foreign	Retirement and		Interest
			Currency	Postretirement		Rate
			Translation	Benefit Plan		Derivative
	(Thousands of dollars)		Gains (Losses)1	Adjustments1		Hedges1		Total1
	Balance at December 31, 2014	$	33,701	-189,752		-14,204		-170,255
	Components of other comprehensive income (loss):
	Before reclassifications to income		-298,595	512		–		-298,083
	Reclassifications to income		–	2,782	2	482	3	3,264
	Net other comprehensive income (loss)		-298,595	3,294		482		-294,819
	Balance at March 31, 2015	$	-264,894	-186,458		-13,722		-465,074
	1All amounts are presented net of income taxes.
	2Reclassifications before taxes of $4,260 for the three-month period ended March 31, 2015 are included in the computation of net periodic benefit expense.  See Note G for additional information.  Related income taxes of $1,478 for the three-month period ended March 31, 2015 are included in Income tax expense.
	3Reclassifications before taxes of $741 for the three-month period ended March 31, 2015 are included in Interest expense.  Related income taxes of $259 for the three-month period ended March 31, 2015 are included in Income tax expense.

Environmental_and_Other_Contin

Environmental and Other Contingencies	3 Months Ended
	Mar. 31, 2015
Contingencies [Abstract]
Environmental and Other Contingencies
	Note M – Environmental and Other Contingencies
	The Company’s operations and earnings have been and may be affected by various forms of governmental action both in the United States and throughout the world.  Examples of such governmental action include, but are by no means limited to:  tax increases and retroactive tax claims; royalty and revenue sharing increases; import and export controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations and may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company.
	Murphy and other companies in the oil and gas industry are subject to numerous federal, state, local and foreign laws and regulations dealing with the environment. Violation of federal or state environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction bans or delays.  A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury and property damage that might result.
	The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where these wastes have been taken for disposal. In addition, many of these properties have been operated by third parties whose treatment and disposal or release of hydrocarbons or other wastes were not under Murphy’s control. Under existing laws the
	Note M – Environmental and Other Contingencies (Contd.)
	Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial plugging operations to prevent future contamination.  Certain of these historical properties are in various stages of negotiation, investigation, and/or cleanup and the Company is investigating the extent of any such liability and the availability of applicable defenses.  The Company has retained certain liabilities related to environmental matters at formerly owned U.S. refineries that were sold in 2011.  The Company also obtained insurance covering certain levels of environmental exposures related to past operations of these refineries.  The Company believes costs related to these sites will not have a material adverse affect on Murphy’s net income, financial condition or liquidity in a future period.
	During the first quarter 2015, the Company’s subsidiary in Canada identified a leak or leaks at an infield condensate transfer pipeline at the Seal field in a remote area of Alberta.  The pipeline was immediately shut down and the Company’s emergency response plan was activated.  In cooperation with local governmental regulators, and with the assistance of qualified consultants, an investigation and remediation plan is underway and the Company’s insurers have been notified.  The Company has not yet established a complete estimate of the costs to remediate the site.  Based on the assessments done to date, the Company recorded $43.9 million in other expense during the first quarter 2015 associated with the estimated costs of remediating the site.  Further refinements in the estimated total cost to remediate the site are anticipated in future periods, including possible fines from regulators and insurance recoveries.  It is possible that the ultimate net remediation costs to the Company associated with the condensate leak(s) will exceed the amount of expense recorded through March 31, 2015.
	There is the possibility that environmental expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity.
	Murphy and its subsidiaries are engaged in a number of other legal proceedings, all of which Murphy considers routine and incidental to its business.  Based on information currently available to the Company, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2015
Commitments [Abstract]
Commitments
	Note N – Commitments
	The Company has entered into forward sales contracts to mitigate the price risk for a portion of its 2015 and 2016 natural gas sales volumes in Western Canada.  The natural gas sales contracts call for deliveries in 2015 and 2016 of approximately 65 million cubic feet per day and 9 million cubic feet per day, respectively, at prices that average Cdn $4.13 per MCF for both periods.  These natural gas contracts have been accounted for as normal sales for accounting purposes.

New_Accounting_Principles

New Accounting Principles	3 Months Ended
	Mar. 31, 2015
New Accounting Principles [Abstract]
New Accounting Principles
	Note O – New Accounting Principles
	In April 2015, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that simplifies the presentation of debt issuance costs.  The ASU requires that the cost of issuing debt be presented on the balance sheet as a direct reduction from the associated debt liability.  These costs have historically been recorded as an asset, rather than a direct reduction of debt.  This ASU does not affect the results of operations, as costs of debt issuance will continue to be amortized to interest expense.  The Company is required to adopt the ASU effective in the first quarter of 2016, but early adoption is permitted.  The Company has elected to adopt this ASU early, effective with the first quarter of 2015.  This change in accounting principle is preferable due to allowing debt issuance costs and debt issuance discounts to be presented similarly in the Balance Sheet as reductions to recorded debt balances.  A retrospective change to the December 31, 2014 Balance Sheet as previously presented is required due to the adoption.  The retrospective adjustment to the December 31, 2014 Balance Sheet is shown below:
		As Previously
		Reported		Adjustment	31-Dec-14
	(Thousands of dollars)	31-Dec-14		Effect	As Adjusted
	Deferred charges and other assets	$	81,151	-18,569	62,582
	Long-term debt		-2,536,238	18,569	-2,517,669

Business_Segments

Business Segments	3 Months Ended
	Mar. 31, 2015
Business Segments [Abstract]
Business Segments
	Note P – Business Segments
				Three Months Ended		Three Months Ended
		Total Assets		31-Mar-15		31-Mar-14
		at March 31,		External	Income	External	Income
	(Millions of dollars)	2015		Revenues	(Loss)	Revenues	(Loss)
	Exploration and production*
	United States	$	5,780.7	280.1	-93.9	485.5	103.1
	Canada		3,436.0	152.3	-38.4	297.7	67.6
	Malaysia		3,971.3	445.7	223.1	492.8	162.3
	Other		121.3	–	-72.1	–	-122.4
	Total exploration and production		13,309.3	878.1	18.7	1,276.0	210.6
	Corporate		1,473.4	43.6	-15.2	10.4	-41.3
	Assets/revenue/income from continuing operations		14,782.7	921.7	3.5	1,286.4	169.3
	Discontinued operations, net of tax		378.1	–	-17.9	–	-14
	Total	$	15,160.8	921.7	-14.4	1,286.4	155.3
	*Additional details about results of oil and gas operations are presented in the table on page 24.

Nature_of_Business_and_Interim1

Nature of Business and Interim Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2015
Significant Accounting Policies [Abstract]
Nature of Business	NATURE OF BUSINESS – Murphy Oil Corporation is an international oil and gas company that conducts its business through various operating subsidiaries.  The Company produces oil and natural gas in the United States, Canada and Malaysia and conducts oil and natural gas exploration activities worldwide.  The Company has an interest in a Canadian synthetic oil operation.

Property_Plant_and_Equipment_T

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant And Equipment [Abstract]
Net Changes in Capitalized Exploratory Well Costs
	(Thousands of dollars)	2015			2014
	Beginning balance at January 1	$	120,455		393,030
	Additions pending the determination of proved reserves		141		2,919
	Reclassifications to proved properties based on the determination of proved reserves		–		–
	Balance at March 31	$	120,596		395,949
Aging of Capitalized Exploratory Well Costs
			March 31,
		2015					2014
	(Thousands of dollars)	Amount		No. of Wells		No. of Projects	Amount		No. of Wells	No. of Projects
	Aging of capitalized well costs:
	Zero to one year	$	–	–		–	$	32,192	2	1
	One to two years		32,192	2		1		56,702	6	1
	Two to three years		33,744	4		2		31,224	2	–
	Three years or more		54,660	2		–		275,831	22	7
		$	120,596	8		3	$	395,949	32	9

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations [Abstract]
Results of Operations Associated with Discontinued Operations
		Three Months
		Ended March 31,
	(Thousands of dollars)		2015	2014
	Revenues	$	229,389	1,432,386
	Loss before income taxes	$	-20,709	-17,295
	Income tax benefit		-2,738	-3,262
	Loss from discontinued operations	$	-17,971	-14,033
Major Categories of Assets and Liabilities Reflected as Held for Sale
		March 31,		December 31,
	(Thousands of dollars)	2015		2014
	Current assets
	Cash	$	135,806	200,512
	Accounts receivable		127,341	97,568
	Inventories		38,053	42,161
	Other		41,445	35,889
	Total current assets held for sale	$	342,645	376,130
	Non-current assets
	Property, plant and equipment, net	$	35,453	50,947
	Other		15	13
	Total non-current assets held for sale	$	35,468	50,960
	Current liabilities
	Accounts payable	$	48,228	59,023
	Other accrued taxes payable		78,428	40,653
	Accrued compensation and severance		10,276	30,872
	Refinery decommissioning cost		11,953	21,000
	Total current liabilities associated with assets held for sale	$	148,885	151,548
	Non-current liabilities
	Deferred income taxes payable	$	1,002	3,873
	Deferred credits and other liabilities		4,223	4,437
	Total non-current liabilities associated with assets held for sale	$	5,225	8,310

Cash_Flow_Disclosures_Tables

Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2015
Nature of Business and Interim Financial Statements [Abstract]
Cash Flow Activities
		Three Months
			Ended March 31,
	(Thousands of dollars)	2015		2014
	Net (increase) decrease in operating working capital other than
	cash and cash equivalents:
	Decrease (increase) in accounts receivable	$	302,602	-7,251
	Decrease (increase) in inventories		-60,562	958
	Increase in prepaid expenses		-6,825	-42,128
	Decrease in deferred income tax assets		5,040	6,845
	Decrease in accounts payable and accrued liabilities		-17,281	-4,923
	Increase in current income tax liabilities		35,833	65,172
	Total	$	258,807	18,673
	Supplementary disclosures (including discontinued operations):
	Cash income taxes paid, net of refunds	$	28,280	101,295
	Interest paid, net of amounts capitalized		-64	-4,303
	Non-cash investing activities, related to continuing operations:
	Asset retirement costs capitalized	$	6,380	22,743
	Decrease in capital expenditure accrual		239,572	146,790

Employee_and_Retiree_Benefit_P1

Employee and Retiree Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Employee and Retiree Benefit Plans [Abstract]
Components of Net Periodic Benefit Expense
		Three Months Ended March 31,
		Pension Benefits			Other Postretirement Benefits
	(Thousands of dollars)		2015	2014	2015		2014
	Service cost	$	5,081	6,556		828		672
	Interest cost		7,950	8,215		1,192		1,278
	Expected return on plan assets		-8,687	-8,480		–		–
	Amortization of prior service cost		195	225		-21		-21
	Amortization of transitional asset		271	208		–		1
	Recognized actuarial loss		3,891	1,733		195		59
	Net periodic benefit expense	$	8,701	8,457		2,194		1,989

Incentive_Plans_Tables

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Incentive Plans [Abstract]
Share-Based Plans, Amounts Recognized
		Three Months Ended
		March 31,
	(Thousands of dollars)	2015		2014
	Compensation charged against income before tax benefit	$	16,315		15,301
	Related income tax benefit recognized in income		5,100		4,733

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings per Share [Abstract]
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share
		Three Months Ended
		March 31,
	(Weighted-average shares)	2015		2014
	Basic method	177,734,159		181,367,565
	Dilutive stock options and restricted stock units	507,457		1,209,005
	Diluted method	178,241,616		182,576,570
Anti Dilutive Securities Not Included in Computation of Diluted EPS
		Three Months Ended
			March 31,
			2015		2014
	Antidilutive stock options excluded from diluted shares		3,314,751			1,555,015
	Weighted average price of these options	$	57.19		$	58.97

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Effective Income Tax Rates
		2015		2014
	Three months ended March 31	103.0	%	49.3	%

Financial_Instruments_and_Risk1

Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2015

Financial Instruments and Risk Management [Abstract]

Fair Value of Derivative Instruments Not Designated as Hedging Instruments

31-Mar-15

31-Dec-14

(Thousands of dollars)

Asset (Liability) Derivatives

Asset (Liability) Derivatives

Type of Derivative Contract

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Commodity

Accounts receivable

$

–

Accounts receivable

$

23,168

Foreign exchange

Accounts receivable

38

Accounts payable

-25

Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments

Gain (Loss)

Three Months Ended

(Thousands of dollars)

Statement of Income

March 31,

Type of Derivative Contract

Location

2015

2014

Commodity

Sales and other operating revenues

$

–

-18,414

Foreign exchange

Interest and other income

63

3,436

$

63

-14,978

Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis

31-Mar-15

31-Dec-14

(Thousands of dollars)

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Assets:

Foreign currency exchange

–

38

–

38

–

–

–

–

derivative contracts

Commodity derivative

–

–

–

–

–

23,168

–

23,168

contracts

$

–

38

–

38

–

23,168

–

23,168

Liabilities:

Nonqualified employee

$

-14,696

–

–

-14,696

-14,408

–

–

-14,408

savings plans

Foreign currency exchange

–

–

–

–

–

-25

–

-25

derivative contracts

$

-14,696

–

–

-14,696

-14,408

-25

–

-14,433

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Components of Accumulated Other Comprehensive Loss
						Deferred
						Loss on
			Foreign	Retirement and		Interest
			Currency	Postretirement		Rate
			Translation	Benefit Plan		Derivative
	(Thousands of dollars)		Gains (Losses)1	Adjustments1		Hedges1		Total1
	Balance at December 31, 2014	$	33,701	-189,752		-14,204		-170,255
	Components of other comprehensive income (loss):
	Before reclassifications to income		-298,595	512		–		-298,083
	Reclassifications to income		–	2,782	2	482	3	3,264
	Net other comprehensive income (loss)		-298,595	3,294		482		-294,819
	Balance at March 31, 2015	$	-264,894	-186,458		-13,722		-465,074
	1All amounts are presented net of income taxes.
	2Reclassifications before taxes of $4,260 for the three-month period ended March 31, 2015 are included in the computation of net periodic benefit expense.  See Note G for additional information.  Related income taxes of $1,478 for the three-month period ended March 31, 2015 are included in Income tax expense.
	3Reclassifications before taxes of $741 for the three-month period ended March 31, 2015 are included in Interest expense.  Related income taxes of $259 for the three-month period ended March 31, 2015 are included in Income tax expense.

New_Accounting_Principles_Tabl

New Accounting Principles (Tables)	3 Months Ended
	Mar. 31, 2015
New Accounting Principles [Abstract]
Summary Of Adjustments From Change In Accounting Principle
		As Previously
		Reported		Adjustment	31-Dec-14
	(Thousands of dollars)	31-Dec-14		Effect	As Adjusted
	Deferred charges and other assets	$	81,151	-18,569	62,582
	Long-term debt		-2,536,238	18,569	-2,517,669

Business_Segments_Tables

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2015
Business Segments [Abstract]
Segment Information
				Three Months Ended		Three Months Ended
		Total Assets		31-Mar-15		31-Mar-14
		at March 31,		External	Income	External	Income
	(Millions of dollars)	2015		Revenues	(Loss)	Revenues	(Loss)
	Exploration and production*
	United States	$	5,780.7	280.1	-93.9	485.5	103.1
	Canada		3,436.0	152.3	-38.4	297.7	67.6
	Malaysia		3,971.3	445.7	223.1	492.8	162.3
	Other		121.3	–	-72.1	–	-122.4
	Total exploration and production		13,309.3	878.1	18.7	1,276.0	210.6
	Corporate		1,473.4	43.6	-15.2	10.4	-41.3
	Assets/revenue/income from continuing operations		14,782.7	921.7	3.5	1,286.4	169.3
	Discontinued operations, net of tax		378.1	–	-17.9	–	-14
	Total	$	15,160.8	921.7	-14.4	1,286.4	155.3
	*Additional details about results of oil and gas operations are presented in the table on page 24.

Property_Plant_and_Equipment_N

Property, Plant and Equipment (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Total capitalized exploratory well costs	$120,596,000	$395,949,000	$120,455,000	$393,030,000
Exploratory well costs capitalized more than one year	120,600,000
Proceeds from sales of property, plant and equipment	417,242,000	26,000
Gain on sale of assets	135,877,000	19,000
Net cash proceeds from 30% sale	1,880,000,000
United States [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Exploratory well costs capitalized more than one year	54,700,000
Brunei
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Exploratory well costs capitalized more than one year	65,900,000
Malaysia [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Percentage of interest in oil and gas property sold during period	30.00%
Gain on sale of assets	$199,500,000

Recovered_Sheet1

Property, Plant And Equipment (Net Changes in Capitalized Exploratory Well Costs) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Property, Plant And Equipment [Abstract]
Beginning balance at January 1	$120,455	$393,030
Additions pending the determination of proved reserves	141	2,919
Ending balance at March 31	$120,596	$395,949

Property_Plant_And_Equipment_A

Property, Plant And Equipment (Aging of Capitalized Exploratory Well Costs) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	item	item
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount	$120,596	$395,949	$120,455	$393,030
No. of Wells	8	32
No. of Projects	3	9
Zero to one year [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount		32,192
No. of Wells		2
No. of Projects		1
One to two years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount	32,192	56,702
No. of Wells	2	6
No. of Projects	1	1
Two to three years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount	33,744	31,224
No. of Wells	4	2
No. of Projects	2
Three years or more [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount	$54,660	$275,831
No. of Wells	2	22
No. of Projects		7

Inventories_Narrative_Details

Inventories (Narrative) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Inventories [Abstract]
Carrying value of inventories under LIFO method	$29.70	$44.90

Discontinued_Operations_Result

Discontinued Operations (Results of Operations Associated with Discontinued Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Discontinued Operations [Abstract]
Revenues	$229,389	$1,432,386
Loss before income taxes	-20,709	-17,295
Income tax benefit	-2,738	-3,262
Loss from discontinued operations	($17,971)	($14,033)

Discontinued_Operations_Major_

Discontinued Operations (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable	$523,368	$873,277	[1]
Total current assets held for sale	342,645	376,130	[1]
Property, plant and equipment, net	12,480,861	13,331,047	[1]
Other	56,320	62,582	[1]
Total non-current assets held for sale	35,468	50,960	[1]
Total current liabilities associated with assets held for sale	148,885	151,548	[1]
Deferred income taxes payable	936,979	1,193,864	[1]
Deferred credits and other liabilities	421,126	441,048	[1]
Total non-current liabilities associated with assets held for sale	5,225	8,310	[1]
UK Refining And Marketing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	135,806	200,512
Accounts receivable	127,341	97,568
Inventories	38,053	42,161
Other	41,445	35,889
Total current assets held for sale	342,645	376,130
Property, plant and equipment, net	35,453	50,947
Other	15	13
Total non-current assets held for sale	35,468	50,960
Accounts payable	48,228	59,023
Other accrued taxes payable	78,428	40,653
Accrued compensation and severance	10,276	30,872
Refinery decommissioning cost	11,953	21,000
Total current liabilities associated with assets held for sale	148,885	151,548
Deferred income taxes payable	1,002	3,873
Deferred credits and other liabilities	4,223	4,437
Total non-current liabilities associated with assets held for sale	$5,225	$8,310
[1]	Reclassified to conform to current presentation.

Financing_Arrangements_and_Deb1

Financing Arrangements and Debt (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2015
Line of Credit Facility [Line Items]
Capital lease duration	25 years
Capital lease payment duration	15 years
Capital lease obligations, current		$21.80
Capital lease obligations, noncurrent		209.2
Committed Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity		2,000
Credit facility, maturity date		1-Jun-17
Credit facility interest rate above LIBOR		1.25%
Line of credit facility fee		0.25%
Uncommitted Credit Facilities [Member]
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity		$290

Cash_Flow_Disclosures_Cash_Flo

Cash Flow Disclosures (Cash Flow Activities) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental Quarterly Information [Abstract]
Decrease (increase) in accounts receivable	$302,602	($7,251)
Decrease (increase) in inventories	-60,562	958
Increase in prepaid expenses	-6,825	-42,128
Decrease in deferred income tax assets	5,040	6,845
Decrease in accounts payable and accrued liabilities	-17,281	-4,923
Increase in current income tax liabilities	35,833	65,172
Total	258,807	18,673
Cash income taxes paid, net of refunds	28,280	101,295
Interest paid, net of amounts capitalized	-64	-4,303
Asset retirement costs capitalized	6,380	22,743
Decrease in capital expenditure accrual	$239,572	$146,790

Employee_and_Retiree_Benefit_P2

Employee and Retiree Benefit Plans (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Employee and Retiree Benefit Plans [Abstract]
Contributions to benefit plans	$26.30
Expected benefit plan contributions to be made during the year	$9.90

Employee_and_Retiree_Benefit_P3

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$5,081	$6,556
Interest cost	7,950	8,215
Expected return on plan assets	-8,687	-8,480
Amortization of prior service cost	195	225
Amortization of transitional asset	271	208
Recognized actuarial loss	3,891	1,733
Net periodic benefit expense	8,701	8,457
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	828	672
Interest cost	1,192	1,278
Amortization of prior service cost	-21	-21
Amortization of transitional asset		1
Recognized actuarial loss	195	59
Net periodic benefit expense	$2,194	$1,989

Incentive_Plans_Narrative_Deta

Incentive Plans (Narrative) (Details) (USD $)	3 Months Ended		1 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015	Feb. 04, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Income tax benefits realized for the tax deductions from option exercises	$0	$700,000
2012 Long-Term Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Long term plan expiration year	2022
Maximum number of shares available for issuance	8,700,000
Maximum number of shares available for issuance, annual rate	1.00%
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares available for issuance	980,000
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted stock options			991,000
Stock-based compensation, fair value assumption model	Black-Scholes valuation model
Granted stock options, valuation per option			$10.97
Stock Options [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted stock options, exercise price			$49.65
Stock Options [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted stock options, exercise price			$51.63
Performance Based Restricted Share Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, fair value assumption model	Monte Carlo valuation model
Granted restricted stock			455,000
Performance Based Restricted Share Awards [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock, fair value			$44.03
Performance Based Restricted Share Awards [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock, fair value			$48.12
Time Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock			233,400
Granted restricted stock, fair value				$49.65
Time Based Restricted Stock Units [Member] | Non-Employee Director Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock			48,665
Granted restricted stock, vesting scheme	These shares vest on the third anniversary of the date of grant.
Time Based Restricted Stock Units [Member] | Non-Employee Director Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock, fair value			$49.09
Time Based Restricted Stock Units [Member] | Non-Employee Director Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock, fair value			$50.90
SAR [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted stock options			847,400
Cash-Settled RSU (RSU-C) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted restricted stock			616,790

Incentive_Plans_ShareBased_Pla

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Incentive Plans [Abstract]
Compensation charged against income before tax benefit	$16,315	$15,301
Related income tax benefit recognized in income	$5,100	$4,733

Earnings_per_Share_WeightedAve

Earnings per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings per Share [Abstract]
Basic method	177,734,159	181,367,565
Dilutive stock options and restricted stock units	507,457	1,209,005
Diluted method	178,241,616	182,576,570

Earnings_per_Share_Anti_Diluti

Earnings per Share (Anti Dilutive Securities Not Included in Computation of Diluted EPS) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings per Share [Abstract]
Antidilutive stock options excluded from diluted shares	3,314,751	1,555,015
Weighted average price of these options	$57.19	$58.97

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015
Income Tax Examination [Line Items]
U.S. Federal statutory income tax rate	35.00%
United States [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions	2011
Canada [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions	2008
United Kingdom [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions	2012
Malaysia [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions	2007

Income_Taxes_Effective_Income_

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Abstract]
Effective Income Tax Rate Continuing Operations	103.00%	49.30%

Financial_Instruments_and_Risk2

Financial Instruments and Risk Management (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended	1 Months Ended	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	31-May-12	Dec. 31, 2015
	item		item
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Repayments of debt	$450,000,000
Deferred loss charged to income		700,000
Loss deferred for fair value of interest rate derivative contracts, tax	7,400,000
Number of offsetting positions	0		0
10-Year Notes [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Repayments of debt				350,000,000
Debt instrument term	10 years
Scenario, Forecast [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense due to deferred loss on interest rate swaps expected during the remaining nine months of 2015					2,200,000
Commodity Derivative Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of open derivative contracts	0	0
Increase (decrease) of income before taxes due to the impact of marking to market of derivative contracts	-18,800,000
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss deferred for fair value of interest rate derivative contracts, net of tax	21,100,000
Foreign Exchange Derivative Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Increase (decrease) of income before taxes due to the impact of marking to market of derivative contracts	38,000	3,400,000
Foreign Exchange Derivative Contracts [Member] | Currency. Malaystion Ringgit [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Short-term derivative instruments		133,500,000
Number of open contracts	0
Foreign Exchange Derivative Contracts [Member] | Currency, U.S. Dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Short-term derivative instruments	$15,500,000	$23,000,000

Financial_Instruments_and_Risk3

Financial Instruments and Risk Management (Fair Value of Derivative Instruments Not Designated as Hedging Instruments) (Details) (Nondesignated [Member], USD $)	Dec. 31, 2014	Mar. 31, 2015
In Thousands, unless otherwise specified
Commodity Derivative Contracts [Member] | Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$23,168
Foreign Exchange Derivative Contracts [Member] | Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives		38
Foreign Exchange Derivative Contracts [Member] | Accounts Payable [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	($25)

Financial_Instruments_and_Risk4

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) (Nondesignated [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	$63	($14,978)
Commodity Derivative Contracts [Member] | Sales and other operating revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative		-18,414
Foreign Exchange Derivative Contracts [Member] | Interest and other income (loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	$63	$3,436

Financial_Instruments_and_Risk5

Financial Instruments and Risk Management (Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$38	$23,168
Liability Derivatives	-14,696	-14,433
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	-14,696	-14,408
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	38	23,168
Liability Derivatives		-25
Nonqualified employee savings plans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	-14,696	-14,408
Nonqualified employee savings plans [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	-14,696	-14,408
Foreign Exchange Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	38
Liability Derivatives		-25
Foreign Exchange Derivative Contracts [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	38
Liability Derivatives		-25
Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		23,168
Commodity Derivative Contracts [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives		$23,168

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	($170,255)	[1],[2]
Before reclassifications to income	-298,083	[2]
Reclassifications to income	3,264	[2]
Net other comprehensive income (loss)	-294,819	[2]	-134,656
Ending Balance	-465,074	[2]
Reclassifications before taxes, included in net periodic benefit expense	4,260
Reclassifications income tax, included in net periodic benefit expense	1,478
Reclassifications before taxes, included in interest expense	741
Reclassifications income tax, included in interest expense	259
Foreign Currency Translation Gains (Losses) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	33,701	[2]
Before reclassifications to income	-298,595	[2]
Net other comprehensive income (loss)	-298,595	[2]
Ending Balance	-264,894	[2]
Retirement and Postretirement Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	-189,752	[2]
Before reclassifications to income	512	[2]
Reclassifications to income	2,782	[2],[3]
Net other comprehensive income (loss)	3,294	[2]
Ending Balance	-186,458	[2]
Deferred Loss On Interest Rate Derivative Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	-14,204	[2]
Reclassifications to income	482	[2],[4]
Net other comprehensive income (loss)	482	[2]
Ending Balance	($13,722)	[2]
[1]	Reclassified to conform to current presentation.
[2]	All amounts are presented net of income taxes.
[3]	Reclassifications before taxes of $4,260 for the three-month period ended March 31, 2015 are included in the computation of net periodic benefit expense. See Note G for additional information. Related income taxes of $1,478 for the three-month period ended MarchB 31, 2015 are included in Income tax expense.
[4]	Reclassifications before taxes of $741 for the three-month period ended March 31, 2015 are included in Interest expense. Related income taxes of $259 for the three-month period ended March 31, 2015 are included in Income tax expense.

Environmental_and_Other_Contin1

Environmental and Other Contingencies (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Contingencies [Abstract]
Remediation costs	$43.90

Commitments_Narrative_Details

Commitments (Narrative) (Details) (Scenario, Forecast [Member], Natural Gas [Member])	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
2015 Deliveries [Member]
Commitments and Contingencies Disclosure [Line Items]
Notional amount, per day		65
2016 Deliveries [Member]
Commitments and Contingencies Disclosure [Line Items]
Notional amount, per day	9
2015 and 2016 Deliveries [Member]
Commitments and Contingencies Disclosure [Line Items]
Underlying derivative (Cdn $ per barrel)	4.13	4.13

New_Accounting_Principles_Summ

New Accounting Principles (Summary Of Adjustments From Change In Accounting Principle) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges and other assets	$56,320	$62,582	[1]
Long-term debt	-2,591,709	-2,517,669	[1]
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges and other assets		81,151
Long-term debt		-2,536,238
Adjustment Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges and other assets		-18,569
Long-term debt		$18,569
[1]	Reclassified to conform to current presentation.

Business_Segments_Segment_Info

Business Segments (Segment Information) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Total Assets	$15,160,837				$16,723,738	[1]
External Revenues	921,747		1,286,400
Income (Loss)	-14,441		155,253
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Total Assets	14,782,700
External Revenues	921,700		1,286,400
Income (Loss)	3,500		169,300
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Total Assets	378,100
Income (Loss)	-17,900		-14,000
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	1,473,400
External Revenues	43,600		10,400
Income (Loss)	-15,200		-41,300
Exploration and production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	13,309,300	[2]
External Revenues	878,100	[2]	1,276,000	[2]
Income (Loss)	18,700	[2]	210,600	[2]
Exploration and production [Member] | Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Total Assets	5,780,700	[2]
External Revenues	280,100	[2]	485,500	[2]
Income (Loss)	-93,900	[2]	103,100	[2]
Exploration and production [Member] | Operating Segments [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Total Assets	3,436,000	[2]
External Revenues	152,300	[2]	297,700	[2]
Income (Loss)	-38,400	[2]	67,600	[2]
Exploration and production [Member] | Operating Segments [Member] | Malaysia [Member]
Segment Reporting Information [Line Items]
Total Assets	3,971,300
External Revenues	445,700		492,800
Income (Loss)	223,100		162,300
Exploration and production [Member] | Operating Segments [Member] | Other Regions [Member]
Segment Reporting Information [Line Items]
Total Assets	121,300	[2]
Income (Loss)	($72,100)	[2]	($122,400)	[2]
[1]	Reclassified to conform to current presentation.
[2]	Additional details about results of oil and gas operations are presented in the table on page 24.