Murphy Oil (MUR) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	mur
Entity Registrant Name	MURPHY OIL CORP /DE
Entity Central Index Key	717,423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	172,024,733

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents		$ 878,667	$ 1,193,308	[1]
Canadian government securities with maturities greater than 90 days at the date of acquisition		415,097	461,313	[1]
Accounts receivable, less allowance for doubtful accounts of $1,605 in 2015 and $1,609 in 2014		432,791	873,277	[1]
Inventories, at lower of cost or market
Crude oil		53,170	51,757	[1]
Materials and supplies		127,426	190,976	[1]
Prepaid expenses		157,455	77,281	[1]
Deferred income taxes		48,781	55,107	[1]
Assets held for sale		52,416	376,130	[1]
Total current assets		2,165,803	3,279,149	[1]
Property, plant and equipment, at cost less accumulated depreciation, depletion and amortization of $11,617,367 in 2015 and $9,503,524 in 2014		10,168,750	13,331,047	[1]
Deferred charges and other assets		293,409	62,582	[1]
Assets held for sale	[1]		50,960
Total assets		12,627,962	16,723,738	[1]
Current liabilities
Current maturities of long-term debt		12,173	465,388	[1]
Accounts payable and accrued liabilities		1,621,415	2,471,897	[1]
Income taxes payable		7,588	59,054	[1]
Liabilities associated with assets held for sale		10,059	151,548	[1]
Total current liabilities		1,651,235	3,147,887	[1]
Long-term debt, including capital lease obligation		3,327,689	2,517,669	[1]
Deferred income taxes		306,379	1,193,864	[1]
Asset retirement obligations		885,984	841,526	[1]
Deferred credits and other liabilities		$ 428,221	441,048	[1]
Liabilities associated with assets held for sale	[1]		$ 8,310
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 195,055,724 shares in 2015 and 195,040,149 shares in 2014		$ 195,056	$ 195,040	[1]
Capital in excess of par value		902,241	906,741	[1]
Retained earnings		6,859,542	8,728,032	[1]
Accumulated other comprehensive loss	[2]	(621,759)	(170,255)	[1]
Treasury stock, 23,030,991 shares of Common Stock in 2015 and 17,540,636 shares of Common Stock in 2014, at cost		(1,306,626)	(1,086,124)	[1]
Total stockholders' equity		6,028,454	8,573,434	[1]
Total liabilities and stockholders' equity		$ 12,627,962	$ 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 ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,605	$ 1,609
Property, plant and equipment, accumulated depreciation, depletion and amortization	$ 11,617,367	$ 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	195,055,724	195,040,149
Treasury stock, shares	23,030,991	17,540,636

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Sales and other operating revenues	$ 665,589	$ 1,431,007	$ 2,133,360	$ 4,070,120
Gain (loss) on sale of assets	60	(133)	154,183	(5,130)
Interest and other income	49,300	2,163	87,443	3,468
Total revenues	714,949	1,433,037	2,374,986	4,068,458
Costs and Expenses
Lease operating expenses	183,826	265,518	643,736	813,638
Severance and ad valorem taxes	14,265	28,574	54,099	83,793
Exploration expenses, including undeveloped lease amortization	58,149	117,433	251,842	390,711
Selling and general expenses	71,791	82,960	237,934	269,986
Depreciation, depletion and amortization	433,706	499,151	1,318,123	1,354,393
Impairment of assets	2,300,974		2,300,974
Accretion of asset retirement obligations	11,918	12,600	35,437	36,992
Interest expense	32,009	34,970	91,945	101,625
Interest capitalized	(1,864)	(5,323)	(5,072)	(19,244)
Other expense	18,192	662	81,804	1,297
Total costs and expenses	3,122,966	1,036,545	5,010,822	3,033,191
Income (loss) from continuing operations before income taxes	(2,408,017)	396,492	(2,635,836)	1,035,267
Income tax expense (benefit)	(820,935)	125,435	(963,298)	452,255
Income (loss) from continuing operations	(1,587,082)	271,057	(1,672,538)	583,012
Loss from discontinued operations, net of taxes	(8,344)	(25,350)	(11,163)	(52,639)
Net Income (Loss)	$ (1,595,426)	$ 245,707	$ (1,683,701)	$ 530,373
Per Common Share - Basic
Income (loss) from continuing operations	$ (9.22)	$ 1.52	$ (9.55)	$ 3.25
Loss from discontinued operations	(0.04)	(0.14)	(0.07)	(0.29)
Net income (loss)	(9.26)	1.38	(9.62)	2.96
Per Common Share - Diluted
Income (loss) from continuing operations	(9.22)	1.51	(9.55)	3.23
Loss from discontinued operations	(0.04)	(0.14)	(0.07)	(0.29)
Net income (loss)	$ (9.26)	$ 1.37	$ (9.62)	$ 2.94
Average Common shares outstanding
Basic	172,205,433	177,535,503	175,047,295	179,259,573
Diluted	172,205,433	178,856,078	175,047,295	180,578,085

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (1,595,426)	$ 245,707	$ (1,683,701)		$ 530,373
Other comprehensive income (loss), net of tax
Net loss from foreign currency translation	(195,440)	(192,329)	(462,054)		(195,374)
Retirement and postretirement benefit plans	3,116	1,505	9,105		3,996
Deferred loss on interest rate hedges reclassified to interest expense	482	484	1,445		1,450
Other comprehensive loss	(191,842)	(190,340)	(451,504)	[1]	(189,928)
Comprehensive Income (Loss)	$ (1,787,268)	$ 55,367	$ (2,135,205)		$ 340,445
[1]	All amounts are presented net of income taxes.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014
OPERATING ACTIVITIES
Net income (loss)		$ (1,683,701)		$ 530,373
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities:
Loss from discontinued operations		11,163		52,639
Depreciation, depletion and amortization		1,318,123		1,354,393
Impairment of assets		2,300,974
Amortization of deferred major repair costs		5,450		6,390
Dry hole costs		120,459		203,607
Amortization of undeveloped leases		62,331		55,745
Accretion of asset retirement obligations		35,437		36,992
Deferred and noncurrent income tax charges (benefits)		(975,120)		64,557
Pretax (gains) losses from disposition of assets		(154,183)		5,130
Net decrease in noncash operating working capital		97,026		6,940
Other operating activities, net		(41,431)		17,531
Net cash provided by continuing operations activities		1,096,528		2,334,297
INVESTING ACTIVITIES
Property additions and dry hole costs		(1,975,069)		(2,806,705)
Proceeds from sales of property, plant and equipment		423,842		3,138
Purchase of investment securities	[1]	(865,251)		(672,689)
Proceeds from maturity of investment securities	[1]	852,394		587,341
Other investing activities, net		(19,538)		(19,233)
Net cash required by investing activities		(1,583,622)		(2,908,148)
FINANCING ACTIVITIES
Borrowings of debt		885,000		1,050,000
Repayments of debt		(450,000)
Capital lease obligation payments		(7,156)
Purchase of treasury stock		(250,000)		(375,000)
Withholding tax on stock-based incentive awards		(8,976)		(6,786)
Cash dividends paid		(184,789)		(174,248)
Other financing activities, net		(153)		(1,384)
Net cash provided (required) by financing activities		(16,074)		492,582
CASH FLOWS FROM DISCONTINUED OPERATIONS
Operating activities		(4,866)		(83,974)
Investing activities		5,343		(12,101)
Changes in cash included in current assets held for sale		179,774		103,694
Net increase in cash and cash equivalents of discontinued operations		180,251		7,619
Effect of exchange rate changes on cash and cash equivalents		8,276		(2,484)
Net decrease in cash and cash equivalents		(314,641)		(76,134)
Cash and cash equivalents at January 1		1,193,308	[2]	750,155
Cash and cash equivalents at September 30		$ 878,667		$ 674,021
[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 CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2015
Minimum [Member]
Maturity of Canadian government securities	90 days

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	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
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		117	(11,354)
Foreign currency translation loss, net of income taxes					(195,374)		$ (195,374)
Purchase of treasury shares						(375,000)
Net income (loss) for the period				530,373			530,373
Other			(26)
Restricted stock transactions and other			(27,977)
Cash dividends				(174,248)
Retirement and postretirement benefit plans, net of income taxes					3,996		3,996
Sale of stock under employee stock purchase plans						345
Stock-based compensation			33,291
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes					1,450		1,450
Awarded restricted stock, net of forfeitures						21,185
Balance at end of year at Sep. 30, 2014		195,037	896,567	8,414,917	(17,809)	(1,086,204)	8,402,508
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		16	(73)
Foreign currency translation loss, net of income taxes					(462,054)		(462,054)
Purchase of treasury shares						(250,000)
Net income (loss) for the period				(1,683,701)			(1,683,701)
Other			(92)
Restricted stock transactions and other			(38,260)
Cash dividends				(184,789)
Retirement and postretirement benefit plans, net of income taxes					9,105		9,105
Sale of stock under employee stock purchase plans						322
Stock-based compensation			33,925
Deferred loss on interest rate hedges reclassified to interest expense, net of income taxes					1,445		1,445
Awarded restricted stock, net of forfeitures						29,176
Balance at end of year at Sep. 30, 2015		$ 195,056	$ 902,241	$ 6,859,542	$ (621,759)	$ (1,306,626)	$ 6,028,454
[1]	Reclassified to conform to current presentation.

CONSOLIDATED STATEMENTS OF STO9

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 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	195,055,724	195,040,149	195,036,689

Nature of Business and Interim

Nature of Business and Interim Financial Statements	9 Months Ended
	Sep. 30, 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 September 30 , 2015 and December 31, 2014, and the results of operations, cash flows and changes in stockholders’ equity for the interim periods ended September 30 , 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 nine- month period ended September 30 , 2015 are not necessarily indicative of future results.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2015
Property, Plant And Equipment [Abstract]
Property, Plant and Equipment	Note B – Property, Plant and Equipment During the third quarter 2015, declines in future oil and gas prices provided indications of possible impairments in certain of the Company’s producing properties. As a result of management’s assessments, during the third quarter of 2015, the Company recognized a pretax noncash impairment charge of approximately $2,301.0 million to reduce the carrying value of certain producing properties in the Gulf of Mexico, Western Canada and Malaysia to their estimated fair value. The fair values were determined by internal discounted cash flow models using estimates of future production, prices from futures exchanges, costs, and a discount rate believed to be consistent with those used by principal market participants in the applicable region. The following table reflects the recognized impairments for the three-month and nine-month periods of 2015. Three Months and Nine Months Ended September 30, 2015 (Thousands of dollars) Impairment Expense Net of Taxes Gulf of Mexico $ Western Canada – Heavy Oil Malaysia $ 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 September 30 , 2015, the Company had total capitalized exploratory well costs pending the determination of proved reserves of 209.7 million. The following table reflects the net changes in capitalized exploratory well costs during the nine- month periods ended September 30 , 2015 and 2014. (Thousands of dollars) 2015 2014 Beginning balance at January 1 $ Additions pending the determination of proved reserves Balance at September 30 $ 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. September 30, 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 $ $ One to two years Two to three years – – Three years or more $ $ Of the $157.4 million of exploratory well costs capitalized more than one year at September 30 , 2015, $91.5 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 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 of $218.8 million on the sale of the final 10% portion of the total 30% sold . Combined net cash proceeds rec eived to date from the 30% sale total ed $1.87 billion. See also Note E for discussion regarding a capital lease of production equipment at the Kakap field.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventories [Abstract]
Inventories	N ote 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 in prior periods was predominantly determined on the last-in, first-out (LIFO) method. The sale of the U.K. refining and marketing operations was completed in June 2015 and all inventories reported under the LIFO method were included in the sale. At December 31, 2014, the carrying value of inventories under the LIFO method was $44.9 million less than such inventories would have been valued using the first-in, first-out (FIFO) method. The se inventories were included in C urrent assets held for sale on the Consolidated Balance Sheet as of December 31, 2014 .

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 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. The Company completed its agreement to sell the remaining U.K. downstream assets at the end of the second quarter of 2015. The 2015 nine-month period includes an adjustment to the impairment recognized as a result of the final sale of the U.K. downstream assets. There were no adjustments to impairment in the three month period ended September 30, 2015. The results of operations associated with these discontinued operations for the three-month and nine- month period s ended September 30 , 2015 and 2014 were as follows: Three Months Nine Months Ended September 30, Ended September 30, (Thousands of dollars) 2015 2014 2015 2014 Revenues $ Loss before income taxes $ Income tax (benefit) expense Loss from discontinued operations $ 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 September 30 , 2015 and December 31, 2014. September 30, December 31, (Thousands of dollars) 2015 2014 Current assets Cash $ Accounts receivable Inventories Other Total current assets held for sale $ Non-current assets Property, plant and equipment, net $ – Other – Total non-current assets held for sale $ – Current liabilities Accounts payable $ Other accrued taxes payable Accrued compensation and severance Refinery decommissioning cost Total current liabilities associated with assets held for sale $ Non-current liabilities Deferred income taxes payable $ – Deferred credits and other liabilities – Total non-current liabilities associated with assets held for sale $ –

Financing Arrangements and Debt

Financing Arrangements and Debt	9 Months Ended
	Sep. 30, 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 September 30 , 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 $157.2 million at September 30 , 2015. These uncommitted facilities may be withdrawn by the various banks at any time . On October 16, 2015, t he Company renewed its 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 2018 . 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 include d $12.2 million and $213.0 million, respectively, associated with this lease at September 30 , 2015.

Cash Flow Disclosures

Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2015
Cash Flow Disclosures [Abstract]
Cash Flow Disclosures	Note F – Cash Flow Disclosures Additional disclosures regarding cash flow activities are provided below. Nine Months Ended September 30, (Thousands of dollars) 2015 2014 Net decrease in operating working capital other than cash and cash equivalents: Decrease in accounts receivable $ Increase in inventories Increase in prepaid expenses Decrease in deferred income tax assets Increase (decrease) in accounts payable and accrued liabilities Decrease in current income tax liabilities Total $ Supplementary disclosures (including discontinued operations): Cash income taxes paid, net of refunds $ Interest paid, net of amounts capitalized Non-cash investing activities, related to continuing operations: Asset retirement costs capitalized $ Decrease in capital expenditure accrual

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	9 Months Ended
	Sep. 30, 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 and nine- month periods ended September 30 , 2015 and 2014. Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2015 2014 2015 2014 Service cost $ Interest cost Expected return on plan assets – – Amortization of prior service cost Amortization of transitional asset Recognized actuarial loss Net periodic benefit expense $ Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2015 2014 2015 2014 Service cost $ Interest cost Expected return on plan assets – – Amortization of prior service cost Amortization of transitional asset Recognized actuarial loss Special termination benefits – – – Curtailments – – – Net periodic benefit expense $ Termination and curtailment expenses for the nine months ended September 30, shown in the table above relate to restructuring activities in the U.S. undertaken by the Company in the second quarter 2015. D uring the nine -month period ended September 30 , 2015, the Company made contributions of $33.8 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 $2.4 million.

Incentive Plans

Incentive Plans	9 Months Ended
	Sep. 30, 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. Note H – Incentive Plans (Contd.) 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. Th e 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. 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 $3.8 million for the nine- month period ended September 30 , 2014. No income tax benefit was realized from option exercises for the nine- month period ended September 30 , 2015. Amounts recognized in the financial statements with respect to share-based plans are as follows: Nine Months Ended September 30, (Thousands of dollars) 2015 2014 Compensation charged against income before tax benefit $ Related income tax benefit recognized in income

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 and nine- month periods ended September 30 , 2015 and 2014. The following table reconciles the weighted-average shares outstanding used for these computations. Three Months Ended Nine Months Ended September 30, September 30, (Weighted-average shares) 2015 2014 2015 2014 Basic method Dilutive stock options and restricted stock units* – – Diluted method * Due to a net loss recognized by the Company for the three-month and nine -month periods ended September 30, 2015, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been anti-dilutive. 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 the assumed conversion were antidilutive. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Antidilutive stock options excluded from diluted shares Weighted average price of these options $

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	Note J – Income Taxes The Company’s effective income tax rate often 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 and nine-month periods in 2015 and 2014, the Company’s effective income tax rates were as follows: 2015 2014 Three months ended September 30 34.1% 31.6% Nine months ended September 30 36.6% 43.7% 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 nine-month period ended September 30, 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 rate for the nine-month period ended September 30, 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 September 30, 2015 , the earliest years remaining open for audit and/or settlement in our major taxing jurisd ictions are as follows: United States – 2011 ; Canada – 2008 ; Malaysia – 2008 ; and United Kingdom – 2012 . During the third quarter of 2015, the Company received approval from the Malaysia Ministry of Finance granting “ marginal ” field status to three of its fields in its two shallow - water blocks, SK 309 and SK 311, offshore Sarawak. A “ marginal ” field is a field with a Field Development Plan which shows potential crude oil reserves not exceeding 30 million stock tank barrels or natural gas reserves not exceeding 500 billion standard cubic feet. Incentives include a reduce d tax rate from the current 38% statutory rate to 25% on taxable income in the fields, accelerated capital allowance claims on capital spending and export duty exemption on crude oil sales. The benefits of the reduced statutory tax rate may be carried back to the earliest date of production from the impacted field from 2013 forward. As a result of this reduced tax rate, the Company recorded total income tax benefits of approximately $21.8 million in the three-month and nine-month periods ended September 30, 2015 .

Financial Instruments and Risk

Financial Instruments and Risk Management	9 Months Ended
	Sep. 30, 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 Operations . 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 Loss. This deferred cost is being reclassified to Interest Expense in the Consolidated Statements of Operations over the period until the associated notes mature in 2022. Note K – Financial Instruments and Risk Management (Contd.) 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. The Company had open derivative contracts at September 30 , 2015 and 2014. The impact from marking to market these commodity derivative contracts improved loss before income taxes by $24.2 million for the nine-month period ended September 30, 2015 and decreased income before income taxes by $17.2 million for the nine- month period ended September 30 , 2014. Open West Texas Intermediate (WTI) contracts for each period were as follows: Volumes At September 30, 2015 (barrels per day) Swap Prices October – December 2015 15,000 $ per barrel At September 30, 2014 October – December 2014 22,000 $ per barrel Subsequent to September 30, 2015, the Company added 20,000 barrels per day in WTI contracts for all of 2016 at an average price of $52.01 per barrel. Foreign Currency Exchange Risks The Company is subject to foreign currency exchange risk associated with operations in countries outside the U.S. Short-term derivative instrument contracts totaling $6.2 million and $15.0 million U.S. dollars were outstanding at September 30 , 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 foreign currency derivative contracts improved income (loss) before income taxes by $22 thousand and $0.2 million for the nine- month periods ended September 30 , 2015 and 2014, respectively. At September 30 , 2015 and December 31, 2014, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. September 30, 2015 December 31, 2014 (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 $ Foreign exchange Accounts receivable Accounts payable For the three-month and nine- month periods ended September 30 , 2015 and 2014, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table. Gain (Loss) Three Months Ended Nine Months Ended (Thousands of dollars) September 30, September 30, Type of Derivative Contract Statement of Operations Location 2015 2014 2015 2014 Commodity Sales and other operating revenues $ Foreign exchange Interest and other income $ 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 nine- month periods ended September 30 , 2015 and 2014, $2.2 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 September 30 , 2015 was $12.8 million, which is recorded, net of income taxes of $6.9 million, in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheet. The Company expects to charge approximately $0.7 million of this deferred cost to income in the form of interest expense during the remaining three months of 2015. Note K – Financial Instruments and Risk Management (Contd.) Fair Values – Nonrecurring As a result of significantly lower commodity prices during the third quarter of 2015, the Company recognized approximately $2,301.0 million in pretax noncash impairment charges related to producing properties. The fair value information associated with these impaired properties is presented in the following table. September 30, 2015 Total Net Book Pretax Value (Noncash) Fair Value Prior to Impairment Level 1 Level 2 Level 3 Impairment Loss (Thousands of dollars) Assets: Impaired proved properties Gulf of Mexico $ – – Western Canada – – Malaysia – – $ – – The fair values were determined by internal discounted cash flow models using estimates of future production, prices from futures exchanges, costs, and a discount rate believed to be consistent with those used by principal market participants in the applicable region. Fair Values – R ecurrin g 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. The carrying value of assets and liabilities recorded at fair value on a recurring basis at September 30 , 2015 and December 31, 2014 are presented in the following table. September 30, 2015 December 31, 2014 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Foreign currency exchange derivative contracts $ – – – – – – Commodity derivative contracts – – – – $ – – – – Liabilities: Nonqualified employee savings plans $ – – – – Foreign currency exchange derivative contracts – – – – – – $ – – – 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 Operations 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 Note K – Financial Instruments and Risk Management (Contd.) in the fair value of the nonqualified employee savings plan is recorded in Selling and General Expenses in the Consolidated Statements of Operations . 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 September 30 , 2015 and December 31, 2014.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 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 September 30 , 2015 and the changes during the nine- month period ended September 30 , 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 Adjustments 1 Hedges 1 Total 1 Balance at December 31, 2014 $ Components of other comprehensive income (loss): Before reclassifications to income – Reclassifications to income 2 3 4 Net other comprehensive income (loss) Balance at September 30, 2015 $ 1 All amounts are presented net of income taxes. 2 Reclassifications for the nine-month period ended September 30, 2015 are included in discontinued operations and primarily relate to financial adjustments recognized upon selling all operational assets in the U.K. 3 Reclassifications before taxes of $ 12,768 for the nine- month period ended September 30 , 2015 are included in the computation of net periodic benefit expense. See Note G for additional information. Related income taxes of $ 4,430 for the nine- month period ended September 30 , 2015 are included in Income tax expense. 4 Reclassifications before taxes of $ 2,222 for the nine- month period ended September 30 , 2015 are included in Interest expense. Related income taxes of $ 777 for the nine- month period ended September 30 , 2015 are included in Income tax expense.

Environmental and Other Conting

Environmental and Other Contingencies	9 Months Ended
	Sep. 30, 2015
Environmental and Other 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 Note M – Environmental and Other Contingencies (Contd.) not under Murphy’s control. Under existing laws the 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 progressing as planned 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 or leaks will exceed the amount of expense recorded through September 30 , 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	9 Months Ended
	Sep. 30, 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 at Cdn $4.13 per MCF and 59 million cubic feet per day at Cdn $3.19 per MCF, respectively. These natural gas contracts have been accounted for as normal sales for accounting purposes.

New Accounting Principles

New Accounting Principles	9 Months Ended
	Sep. 30, 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 December 31, 2014 (Thousands of dollars) December 31, 2014 Effect As Adjusted Deferred charges and other assets $ Long-term debt

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2015
Business Segments [Abstract]
Business Segments	Note P – Business Segments Three Months Ended Three Months Ended Total Assets September 30, 2015 September 30, 2014 at September 30, External Income External Income (Millions of dollars) 2015 Revenues (Loss) Revenues (Loss) Exploration and production* United States $ Canada Malaysia Other – – Total exploration and production Corporate Assets/revenue/income (loss) from continuing operations Discontinued operations, net of tax – – Total $ Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 External Income External Income (Millions of dollars) Revenues (Loss) Revenues (Loss) Exploration and production* United States $ Canada Malaysia Other – Total exploration and production Corporate Revenue/income (loss) from continuing operations Discontinued operations, net of tax – – Total $ * Additional details about results of oil and gas operations are presented in the table on page s 25 and 26 .

Nature of Business and Interi26

Nature of Business and Interim Financial Statements (Policies)	9 Months Ended
	Sep. 30, 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 (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant And Equipment [Abstract]
Schedule of Recognized Impairments	Three Months and Nine Months Ended September 30, 2015 (Thousands of dollars) Impairment Expense Net of Taxes Gulf of Mexico $ Western Canada – Heavy Oil Malaysia $
Net Changes in Capitalized Exploratory Well Costs	(Thousands of dollars) 2015 2014 Beginning balance at January 1 $ Additions pending the determination of proved reserves Balance at September 30 $
Aging of Capitalized Exploratory Well Costs	September 30, 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 $ $ One to two years Two to three years – – Three years or more $ $

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations [Abstract]
Results of Operations Associated with Discontinued Operations	Three Months Nine Months Ended September 30, Ended September 30, (Thousands of dollars) 2015 2014 2015 2014 Revenues $ Loss before income taxes $ Income tax (benefit) expense Loss from discontinued operations $
Major Categories of Assets and Liabilities Reflected as Held for Sale	September 30, December 31, (Thousands of dollars) 2015 2014 Current assets Cash $ Accounts receivable Inventories Other Total current assets held for sale $ Non-current assets Property, plant and equipment, net $ – Other – Total non-current assets held for sale $ – Current liabilities Accounts payable $ Other accrued taxes payable Accrued compensation and severance Refinery decommissioning cost Total current liabilities associated with assets held for sale $ Non-current liabilities Deferred income taxes payable $ – Deferred credits and other liabilities – Total non-current liabilities associated with assets held for sale $ –

Cash Flow Disclosures (Tables)

Cash Flow Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Cash Flow Disclosures [Abstract]
Cash Flow Activities	Nine Months Ended September 30, (Thousands of dollars) 2015 2014 Net decrease in operating working capital other than cash and cash equivalents: Decrease in accounts receivable $ Increase in inventories Increase in prepaid expenses Decrease in deferred income tax assets Increase (decrease) in accounts payable and accrued liabilities Decrease in current income tax liabilities Total $ Supplementary disclosures (including discontinued operations): Cash income taxes paid, net of refunds $ Interest paid, net of amounts capitalized Non-cash investing activities, related to continuing operations: Asset retirement costs capitalized $ Decrease in capital expenditure accrual

Employee and Retiree Benefit 30

Employee and Retiree Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Employee and Retiree Benefit Plans [Abstract]
Components of Net Periodic Benefit Expense	Three Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2015 2014 2015 2014 Service cost $ Interest cost Expected return on plan assets – – Amortization of prior service cost Amortization of transitional asset Recognized actuarial loss Net periodic benefit expense $ Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits (Thousands of dollars) 2015 2014 2015 2014 Service cost $ Interest cost Expected return on plan assets – – Amortization of prior service cost Amortization of transitional asset Recognized actuarial loss Special termination benefits – – – Curtailments – – – Net periodic benefit expense $

Incentive Plans (Tables)

Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Incentive Plans [Abstract]
Share-Based Plans, Amounts Recognized	Nine Months Ended September 30, (Thousands of dollars) 2015 2014 Compensation charged against income before tax benefit $ Related income tax benefit recognized in income

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings per Share [Abstract]
Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share	Three Months Ended Nine Months Ended September 30, September 30, (Weighted-average shares) 2015 2014 2015 2014 Basic method Dilutive stock options and restricted stock units* – – Diluted method
Anti Dilutive Securities Not Included in Computation of Diluted EPS	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Antidilutive stock options excluded from diluted shares Weighted average price of these options $

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Effective Income Tax Rates	2015 2014 Three months ended September 30 34.1% 31.6% Nine months ended September 30 36.6% 43.7%

Financial Instruments and Ris34

Financial Instruments and Risk Management (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Instruments and Risk Management [Abstract]
WTI Open Contracts	Volumes At September 30, 2015 (barrels per day) Swap Prices October – December 2015 15,000 $ per barrel At September 30, 2014 October – December 2014 22,000 $ per barrel
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	September 30, 2015 December 31, 2014 (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 $ Foreign exchange Accounts receivable Accounts payable
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments	Gain (Loss) Three Months Ended Nine Months Ended (Thousands of dollars) September 30, September 30, Type of Derivative Contract Statement of Operations Location 2015 2014 2015 2014 Commodity Sales and other operating revenues $ Foreign exchange Interest and other income $
Nonrecurring Fair Value Measurements	September 30, 2015 Total Net Book Pretax Value (Noncash) Fair Value Prior to Impairment Level 1 Level 2 Level 3 Impairment Loss (Thousands of dollars) Assets: Impaired proved properties Gulf of Mexico $ – – Western Canada – – Malaysia – – $ – –
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis	September 30, 2015 December 31, 2014 (Thousands of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Foreign currency exchange derivative contracts $ – – – – – – Commodity derivative contracts – – – – $ – – – – Liabilities: Nonqualified employee savings plans $ – – – – Foreign currency exchange derivative contracts – – – – – – $ – – –

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 Adjustments 1 Hedges 1 Total 1 Balance at December 31, 2014 $ Components of other comprehensive income (loss): Before reclassifications to income – Reclassifications to income 2 3 4 Net other comprehensive income (loss) Balance at September 30, 2015 $ 1 All amounts are presented net of income taxes. 2 Reclassifications for the nine-month period ended September 30, 2015 are included in discontinued operations and primarily relate to financial adjustments recognized upon selling all operational assets in the U.K. 3 Reclassifications before taxes of $ 12,768 for the nine- month period ended September 30 , 2015 are included in the computation of net periodic benefit expense. See Note G for additional information. Related income taxes of $ 4,430 for the nine- month period ended September 30 , 2015 are included in Income tax expense. 4 Reclassifications before taxes of $ 2,222 for the nine- month period ended September 30 , 2015 are included in Interest expense. Related income taxes of $ 777 for the nine- month period ended September 30 , 2015 are included in Income tax expense.

New Accounting Principles (Tabl

New Accounting Principles (Tables)	9 Months Ended
	Sep. 30, 2015
New Accounting Principles [Abstract]
Summary Of Adjustments From Change In Accounting Principle	As Previously Reported Adjustment December 31, 2014 (Thousands of dollars) December 31, 2014 Effect As Adjusted Deferred charges and other assets $ Long-term debt

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Business Segments [Abstract]
Segment Information	Three Months Ended Three Months Ended Total Assets September 30, 2015 September 30, 2014 at September 30, External Income External Income (Millions of dollars) 2015 Revenues (Loss) Revenues (Loss) Exploration and production* United States $ Canada Malaysia Other – – Total exploration and production Corporate Assets/revenue/income (loss) from continuing operations Discontinued operations, net of tax – – Total $ Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 External Income External Income (Millions of dollars) Revenues (Loss) Revenues (Loss) Exploration and production* United States $ Canada Malaysia Other – Total exploration and production Corporate Revenue/income (loss) from continuing operations Discontinued operations, net of tax – – Total $ * Additional details about results of oil and gas operations are presented in the table on page s 25 and 26 .

Property, Plant and Equipment38

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		10 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Plant And Equipment [Line Items]
Total capitalized exploratory well costs	$ 209,652	$ 406,625	$ 209,652	$ 406,625	$ 209,652	$ 120,455	$ 393,030
Exploratory well costs capitalized more than one year	157,400		157,400		157,400
Proceeds from sales of property, plant and equipment			423,842	3,138
Gain (loss) on sale of assets	60	$ (133)	154,183	$ (5,130)
Net cash proceeds from 30% sale					1,870,000
Impairment of assets	2,300,974		2,300,974
United States [Member]
Property Plant And Equipment [Line Items]
Exploratory well costs capitalized more than one year	91,500		91,500		91,500
Brunei
Property Plant And Equipment [Line Items]
Exploratory well costs capitalized more than one year	65,900		$ 65,900		$ 65,900
Malaysia [Member]
Property Plant And Equipment [Line Items]
Percentage of interest in oil and gas property sold during period			30.00%
Percentage of interest in oil and gas property sold after initial sale			10.00%
Proceeds from sales of property, plant and equipment			$ 417,200
Gain (loss) on sale of assets			218,800
Impairment of assets	$ 1,472,600		$ 1,472,600

Property, Plant and Equipment39

Property, Plant and Equipment (Schedule of Recognized Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Property Plant And Equipment [Line Items]
Impairment Expense	$ 2,300,974	$ 2,300,974
Net of Taxes	1,536,484	1,536,484
Gulf of Mexico [Member]
Property Plant And Equipment [Line Items]
Impairment Expense	144,800	144,800
Net of Taxes	94,120	94,120
Western Canada [Member]
Property Plant And Equipment [Line Items]
Impairment Expense	683,574	683,574
Net of Taxes	495,591	495,591
Malaysia [Member]
Property Plant And Equipment [Line Items]
Impairment Expense	1,472,600	1,472,600
Net of Taxes	$ 946,773	$ 946,773

Property, Plant And Equipment40

Property, Plant And Equipment (Net Changes in Capitalized Exploratory Well Costs) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Property, Plant And Equipment [Abstract]
Beginning balance at January 1	$ 120,455	$ 393,030
Additions pending the determination of proved reserves	89,197	13,595
Ending balance at June 30	$ 209,652	$ 406,625

Property, Plant And Equipment41

Property, Plant And Equipment (Aging of Capitalized Exploratory Well Costs) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 209,652	$ 406,625	$ 120,455	$ 393,030
No. of Wells	13	32
No. of Projects	6	9
Zero to one year [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 52,249	$ 32,192
No. of Wells	5	2
No. of Projects	3	1
One to two years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 32,192	$ 36,676
No. of Wells	2	2
No. of Projects	1	1
Two to three years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 27,842	$ 51,898
No. of Wells	2	6
Three years or more [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Amount | $	$ 97,369	$ 285,859
No. of Wells	4	22
No. of Projects	2	7

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) $ in Millions	Dec. 31, 2014USD ($)
Inventories [Abstract]
Carrying value of inventories under LIFO method	$ 44.9

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
Scenario, Adjustment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets	$ 0

Discontinued Operations (Result

Discontinued Operations (Results of Operations Associated with Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Discontinued Operations [Abstract]
Revenues	$ (1,342)	$ 509,037	$ 381,154	$ 2,752,557
Loss before income taxes	(8,366)	(27,163)	(8,029)	(61,396)
Income tax (benefit) expense	(22)	(1,813)	3,134	(8,757)
Loss from discontinued operations	$ (8,344)	$ (25,350)	$ (11,163)	$ (52,639)

Discontinued Operations (Major

Discontinued Operations (Major Categories of Assets and Liabilities Reflected as Held for Sale) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		$ 432,791	$ 873,277	[1]
Total current assets held for sale		52,416	376,130	[1]
Property, plant and equipment, net		10,168,750	13,331,047	[1]
Other		293,409	62,582	[1]
Total non-current assets held for sale	[1]		50,960
Total current liabilities associated with assets held for sale		10,059	151,548	[1]
Deferred income taxes payable		306,379	1,193,864	[1]
Deferred credits and other liabilities		428,221	441,048	[1]
Total non-current liabilities associated with assets held for sale	[1]		8,310
UK Refining And Marketing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash		20,738	200,512
Accounts receivable		12,067	97,568
Inventories		313	42,161
Other		19,298	35,889
Total current assets held for sale		52,416	376,130
Property, plant and equipment, net			50,947
Other			13
Total non-current assets held for sale			50,960
Accounts payable		2,895	59,023
Other accrued taxes payable		428	40,653
Accrued compensation and severance		3,715	30,872
Refinery decommissioning cost		3,021	21,000
Total current liabilities associated with assets held for sale		$ 10,059	151,548
Deferred income taxes payable			3,873
Deferred credits and other liabilities			4,437
Total non-current liabilities associated with assets held for sale			$ 8,310
[1]	Reclassified to conform to current presentation.

Financing Arrangements and De46

Financing Arrangements and Debt (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Capital lease duration	25 years
Capital lease payment duration	15 years
Capital lease obligations, current	$ 12.2
Capital lease obligations, noncurrent	213
Committed Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 2,000
Credit facility, maturity date	Jun. 1, 2017
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	$ 157.2

Cash Flow Disclosures (Cash Flo

Cash Flow Disclosures (Cash Flow Activities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flow Disclosures [Abstract]
Decrease in accounts receivable	$ 389,413	$ 29,586
Increase in inventories	(16,607)	(3,326)
Increase in prepaid expenses	(87,051)	(2,235)
Decrease in deferred income tax assets	4,863	1,290
Increase (decrease) in accounts payable and accrued liabilities	(134,458)	59,369
Decrease in current income tax liabilities	(59,134)	(77,744)
Total	97,026	6,940
Cash income taxes paid, net of refunds	111,897	438,309
Interest paid, net of amounts capitalized	60,766	44,657
Asset retirement costs capitalized	55,258	15,509
Decrease in capital expenditure accrual	$ 374,720	$ 106,031

Employee and Retiree Benefit 48

Employee and Retiree Benefit Plans (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Employee and Retiree Benefit Plans [Abstract]
Contributions to benefit plans	$ 33.8
Expected benefit plan contributions to be made during the year	$ 2.4

Employee and Retiree Benefit 49

Employee and Retiree Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,898	$ 6,208	$ 15,751	$ 19,048
Interest cost	8,972	8,239	24,893	24,707
Expected return on plan assets	(10,471)	(8,506)	(27,882)	(25,514)
Amortization of prior service cost	187	227	580	680
Amortization of transitional asset	402	208	947	628
Recognized actuarial loss	3,885	1,735	11,667	5,201
Gross periodic benefit expense			25,956	24,750
Special termination benefits			8,606
Curtailments			306
Net periodic benefit expense	8,873	8,111	34,868	24,750
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	826	672	2,482	2,016
Interest cost	1,192	1,278	3,576	3,833
Amortization of prior service cost	(21)	(20)	(62)	(61)
Amortization of transitional asset	2	1	5	4
Recognized actuarial loss	193	59	578	177
Gross periodic benefit expense			6,579	5,969
Net periodic benefit expense	$ 2,192	$ 1,990	$ 6,579	$ 5,969

Incentive Plans (Narrative) (De

Incentive Plans (Narrative) (Details) - USD ($)	Feb. 04, 2014	Feb. 28, 2015	Sep. 30, 2015	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Income tax benefits realized for the tax deductions from option exercises			$ 0	$ 3,800,000
2012 Long-Term Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Long term plan expiration year			2,022
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 (Share-Based Pl

Incentive Plans (Share-Based Plans, Amounts Recognized) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Incentive Plans [Abstract]
Compensation charged against income before tax benefit	$ 30,722	$ 45,373
Related income tax benefit recognized in income	$ 9,046	$ 14,036

Earnings per Share (Weighted-Av

Earnings per Share (Weighted-Average Shares Outstanding for Computation of Basic and Diluted Income per Common Share) (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Earnings per Share [Abstract]
Basic method	172,205,433	177,535,503		175,047,295	179,259,573
Dilutive stock options and restricted stock units	0	1,320,575	[1]	0	1,318,512	[1]
Diluted method	172,205,433	178,856,078		175,047,295	180,578,085
[1]	Due to a net loss recognized by the Company for the three-month and nine-month periods ended September 30, 2015, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

Earnings per Share (Anti Diluti

Earnings per Share (Anti Dilutive Securities Not Included in Computation of Diluted EPS) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings per Share [Abstract]
Antidilutive stock options excluded from diluted shares	5,807,453	1,998,009	5,770,731	1,855,667
Weighted average price of these options	$ 53.13	$ 58.53	$ 53.25	$ 58.80

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)itemMMBblsMMcf	Sep. 30, 2014	Sep. 30, 2015USD ($)MMBblsMMcf	Sep. 30, 2014USD ($)
Income Tax Examination [Line Items]
Income tax benefit from other foreign expenses | $				$ 0
Effective income tax rate	34.10%	31.60%	36.60%	43.70%
United States Tax [Member]
Income Tax Examination [Line Items]
Federal statutory income tax rate			35.00%
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions			2,011
Canada Tax [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions			2,008
Malaysia Tax [Member]
Income Tax Examination [Line Items]
Federal statutory income tax rate			38.00%
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions			2,008
Number of marginal fields approved	3
Number of shallow-water blocks	2
Effective income tax rate			25.00%
Foreign tax benefit | $	$ 21,800,000		$ 21,800,000
United Kingdom Tax [Member]
Income Tax Examination [Line Items]
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions			2,012
Maximum [Member] | Malaysia Tax [Member] | Natural Gas Reserves [Member]
Income Tax Examination [Line Items]
Reserves | MMcf	500,000		500,000
Maximum [Member] | United Kingdom Tax [Member] | Oil Reserves [Member]
Income Tax Examination [Line Items]
Reserves | MMBbls	30		30

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rates) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Abstract]
Effective income tax rate	34.10%	31.60%	36.60%	43.70%

Financial Instruments and Ris56

Financial Instruments and Risk Management (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May. 31, 2012USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Dec. 31, 2016bbl / d$ / bbl	Dec. 31, 2014item
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Repayments of debt				$ 450,000
Deferred loss charged to income				2,200	$ 2,200
Loss deferred for fair value of interest rate derivative contracts, tax				6,900
Impairment of assets			$ 2,300,974	$ 2,300,974
Number of offsetting positions | item				0			0
10-Year Notes [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Repayments of debt	$ 350,000
Debt instrument term				10 years
Scenario, Forecast [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Daily production commitment (barrels per day) | bbl / d						20,000
Swap price | $ / bbl						52.01
Interest expense due to deferred loss on interest rate swaps expected during the remaining nine months of 2015		$ 700
Commodity 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				$ 24,200	(17,200)
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			12,800	12,800
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				22	200
Foreign Exchange Derivative Contracts [Member] | Currency, U.S. Dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Short-term derivative instruments			$ 6,200	$ 6,200	$ 15,000

Financial Instruments and Ris57

Financial Instruments and Risk Management (WTI Open Contracts) (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2015bbl / d$ / bbl	Sep. 30, 2014bbl / d$ / bbl	Dec. 31, 2016bbl / d$ / bbl
October - December 2015 [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
Volumes (barrels per day) | bbl / d	15,000
Swap Prices	63.30
October - December 2014 [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
Volumes (barrels per day) | bbl / d		22,000
Swap Prices		93.26
Scenario, Forecast [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
Volumes (barrels per day) | bbl / d			20,000
Swap Prices			52.01

Financial Instruments and Ris58

Financial Instruments and Risk Management (Fair Value of Derivative Instruments Not Designated as Hedging Instruments) (Details) - Nondesignated [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Commodity Derivative Contracts [Member] | Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 31,999	$ 23,168
Foreign Exchange Derivative Contracts [Member] | Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 22
Foreign Exchange Derivative Contracts [Member] | Accounts Payable [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives		$ (25)

Financial Instruments and Ris59

Financial Instruments and Risk Management (Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments) (Details) - Nondesignated [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss)	$ 39,425	$ 36,467	$ 46,858	$ (13,088)
Commodity Derivative Contracts [Member] | Sales and other operating revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss)	39,392	37,305	46,811	(17,150)
Foreign Exchange Derivative Contracts [Member] | Interest and other income (loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss)	$ 33	$ (838)	$ 47	$ 4,062

Financial Instruments and Ris60

Financial Instruments and Risk Management (Nonrecurring Fair Value Measurements) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Pretax (Noncash) Impairment Loss	$ 2,300,974	$ 2,300,974
Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets: Impaired proved properties	1,449,028	1,449,028
Carrying Value [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net Book Value Prior to Impairment	3,750,002	3,750,002
Gulf of Mexico [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Pretax (Noncash) Impairment Loss	144,800	144,800
Gulf of Mexico [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets: Impaired proved properties	216,602	216,602
Gulf of Mexico [Member] | Carrying Value [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net Book Value Prior to Impairment	361,402	361,402
Western Canada [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Pretax (Noncash) Impairment Loss	683,574	683,574
Western Canada [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets: Impaired proved properties	23,526	23,526
Western Canada [Member] | Carrying Value [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net Book Value Prior to Impairment	707,100	707,100
Malaysia [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Pretax (Noncash) Impairment Loss	1,472,600	1,472,600
Malaysia [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets: Impaired proved properties	1,208,900	1,208,900
Malaysia [Member] | Carrying Value [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Net Book Value Prior to Impairment	$ 2,681,500	$ 2,681,500

Financial Instruments and Ris61

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 ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 32,021	$ 23,168
Liability Derivatives	12,195	14,433
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	12,195	14,408
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	32,021	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	12,195	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	12,195	14,408
Foreign Exchange Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	22
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	22
Liability Derivatives		25
Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	31,999	23,168
Commodity Derivative Contracts [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 31,999	$ 23,168

Accumulated Other Comprehensi62

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	[1],[2]			$ (170,255)
Before reclassifications to income	[1]			(503,032)
Reclassifications to income	[1]			51,528
Net other comprehensive income (loss)		$ (191,842)	$ (190,340)	(451,504)	[1]	$ (189,928)
Ending Balance	[1]	(621,759)		(621,759)
Reclassifications before taxes, included in net periodic benefit expense				12,768
Reclassifications income tax, included in net periodic benefit expense				4,430
Reclassifications before taxes, included in interest expense				2,222
Reclassifications income tax, included in interest expense				777
Foreign Currency Translation Gains (Losses) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	[1]			33,701
Before reclassifications to income	[1]			(503,799)
Reclassifications to income	[1],[3]			41,745
Net other comprehensive income (loss)	[1]			(462,054)
Ending Balance	[1]	(428,353)		(428,353)
Retirement and Postretirement Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	[1]			(189,752)
Before reclassifications to income	[1]			767
Reclassifications to income	[1],[4]			8,338
Net other comprehensive income (loss)	[1]			9,105
Ending Balance	[1]	(180,647)		(180,647)
Deferred Loss On Interest Rate Derivative Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	[1]			(14,204)
Reclassifications to income	[1],[5]			1,445
Net other comprehensive income (loss)	[1]			1,445
Ending Balance	[1]	$ (12,759)		$ (12,759)
[1]	All amounts are presented net of income taxes.
[2]	Reclassified to conform to current presentation.
[3]	Reclassifications for the nine-month period ended September 30, 2015 are included in discontinued operations and primarily relate to financial adjustments recognized upon selling all operational assets in the U.K.
[4]	Reclassifications before taxes of $12,768 for the nine-month period ended September 30, 2015 are included in the computation of net periodic benefit expense. See Note G for additional information. Related income taxes of $4,430 for the nine-month period ended September 30, 2015 are included in Income tax expense.
[5]	Reclassifications before taxes of $2,222 for the nine-month period ended September 30, 2015 are included in Interest expense. Related income taxes of $777 for the nine-month period ended September 30, 2015 are included in Income tax expense.

Environmental and Other Conti63

Environmental and Other Contingencies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015USD ($)
Environmental and Other Contingencies [Abstract]
Remediation costs	$ 43.9

Commitments (Narrative) (Detail

Commitments (Narrative) (Details)	Dec. 31, 2016$ / bbl	Sep. 30, 2015MMcf / DCAD / Mcf
Natural Gas [Member] | 2015 Deliveries [Member]
Commitments and Contingencies Disclosure [Line Items]
Notional amount, per day		65
Swap price | CAD / Mcf		4.13
Natural Gas [Member] | 2016 Deliveries [Member]
Commitments and Contingencies Disclosure [Line Items]
Notional amount, per day		59
Swap price | CAD / Mcf		3.19
Scenario, Forecast [Member]
Commitments and Contingencies Disclosure [Line Items]
Swap price | $ / bbl	52.01

New Accounting Principles (Summ

New Accounting Principles (Summary Of Adjustments From Change In Accounting Principle) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges and other assets	$ 293,409	$ 62,582	[1]
Long-term debt	$ (3,327,689)	(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 ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014	[1]
Segment Reporting Information [Line Items]
Total Assets		$ 12,627,962		$ 12,627,962				$ 16,723,738
External Revenues		714,949	$ 1,433,037	2,374,986		$ 4,068,458
Income (Loss)		(1,595,426)	245,707	(1,683,701)		530,373
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Total Assets		12,575,600		12,575,600
External Revenues		714,900	1,433,000	2,375,000		4,068,400
Income (Loss)		(1,587,100)	271,000	(1,672,500)		583,000
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Total Assets		52,400		52,400
Income (Loss)		(8,300)	(25,300)	(11,200)		(52,600)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total Assets		1,416,800		1,416,800
External Revenues		49,300	2,100	94,000		8,600
Income (Loss)		9,000	(40,400)	(44,000)		(139,800)
Exploration and production [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Assets	[2]	11,158,800		11,158,800
External Revenues	[2]	665,600	1,430,900	2,281,000		4,059,800
Income (Loss)	[2]	(1,596,100)	311,400	(1,628,500)		722,800
Exploration and production [Member] | Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Total Assets	[2]	5,935,200		5,935,200
External Revenues	[2]	335,100	667,600	955,000		1,660,400
Income (Loss)	[2]	(107,800)	130,500	(218,100)		335,300
Exploration and production [Member] | Operating Segments [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Total Assets	[2]	2,540,500		2,540,500
External Revenues	[2]	123,200	246,900	428,400		807,400
Income (Loss)	[2]	(507,000)	40,400	(577,800)		160,900
Exploration and production [Member] | Operating Segments [Member] | Malaysia [Member]
Segment Reporting Information [Line Items]
Total Assets		2,527,800		2,527,800
External Revenues		207,300	516,400	897,600	[2]	1,592,200	[2]
Income (Loss)		(952,700)	148,000	(701,900)	[2]	482,600	[2]
Exploration and production [Member] | Operating Segments [Member] | Other Regions [Member]
Segment Reporting Information [Line Items]
Total Assets	[2]	155,300		155,300
External Revenues	[2]					(200)
Income (Loss)	[2]	$ (28,600)	$ (7,500)	$ (130,700)		$ (256,000)
[1]	Reclassified to conform to current presentation.
[2]	Additional details about results of oil and gas operations are presented in the table on pages 25 and 26.