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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in the Consolidated Balance Sheets The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.
 
June 30, 2019
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
33

 
$
4

 
$
29

 
Other current assets
Commodity
—

 
4

 
(4
)
 
Deferred credits and other liabilities
Total Not Designated as Hedges
$
33

 
$
8

 
$
25

 
 
 
December 31, 2018
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
131

 
$
—

 
$
131

 
Other current assets
Commodity
—

 
4

 
(4
)
 
Deferred credits and other liabilities
Total Not Designated as Hedges
$
131

 
$
4

 
$
127

 
 
Schedule of Notional Amounts of Outstanding Derivative Positions The following table sets forth outstanding derivative contracts as of June 30, 2019, and the weighted average prices for those contracts:
 
 
2019
 
 
2020
 
 
2021
Crude Oil
 
Third Quarter
 
Fourth Quarter
 
 
Full Year
 
 
Full Year
NYMEX WTI Three-Way Collars (a)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
80,000

 
80,000

 
 
9,945

 
 
—

Weighted average price per Bbl:
 
 
 
 
 
 
 
 
 
 
Ceiling
 
$
74.19

 
$
74.19

 
 
$
70.00

 
 
$
—

Floor
 
$
56.75

 
$
56.75

 
 
$
55.00

 
 
$
—

Sold put
 
$
49.50

 
$
49.50

 
 
$
47.00

 
 
$
—

Basis Swaps - Argus WTI Midland (b)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
15,000

 
15,000

 
 
15,000

 
 
—

Weighted average price per Bbl
 
$
(1.40
)
 
$
(1.40
)
 
 
$
(0.94
)
 
 
$
—

Basis Swaps - Net Energy Clearbrook (c)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
1,000

 
1,000

 
 
—

 
 
—

Weighted average price per Bbl
 
$
(3.50
)
 
$
(3.50
)
 
 
$
—

 
 
$
—

Basis Swaps - NYMEX WTI / ICE Brent (d)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
5,000

 
5,000

 
 
5,000

 
 
808

Weighted average price per Bbl
 
$
(7.24
)
 
$
(7.24
)
 
 
$
(7.24
)
 
 
$
(7.24
)
Basis Swaps - Argus WTI Houston (e)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
10,000

 
10,000

 
 
—

 
 
—

Weighted average price per Bbl
 
$
5.51

 
$
5.51

 
 
$
—

 
 
$
—

NYMEX Roll Basis Swaps
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
60,000

 
60,000

 
 
—

 
 
—

Weighted average price per Bbl
 
$
0.38

 
$
0.38

 
 
$
—

 
 
$
—


(a) 
Between July 1, 2019 and August 5, 2019, we entered into 10,000 Bbls/day of three-way collars for January - December 2020, with a ceiling of $65.12, a sold put of $48.00, and a floor of $55.00.
(b) 
The basis differential price is indexed against Argus WTI Midland.
(c) 
The basis differential price is indexed against Net Energy Canada Bakken SW at Clearbrook (“UHC”).
(d) 
The basis differential price is indexed against International Commodity Exchange (“ICE”) Brent and NYMEX WTI.