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Derivatives (Tables)
 9 Months Ended
Sep. 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.
 
September 30, 2019
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
58

 
$
5

 
$
53

 
Other current assets
Commodity
6

 
—

 
6

 
Other noncurrent assets
Commodity
—

 
1

 
(1
)
 
Deferred credits and other liabilities
Total Not Designated as Hedges
$
64

 
$
6

 
$
58

 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
Interest Rate
$
—

 
$
1

 
$
(1
)
 
Deferred credits and other liabilities
Total Designated Hedges
$
—

 
$
1

 
$
(1
)
 
 
Total
$
64

 
$
7

 
$
57

 
 
 
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 September 30, 2019, and the weighted average prices for those contracts:
 
 
2019
 
2020
 
2021
Crude Oil
 
Fourth Quarter
 
Full Year
 
Full Year
NYMEX WTI Three-Way Collars
 
 
 
 
 
 
Volume (Bbls/day)
 
80,000

 
42,945

 
—

Weighted average price per Bbl:
 
 
 
 
 
 
Ceiling
 
$
74.19

 
$
65.58

 
$
—

Floor
 
$
56.75

 
$
55.00

 
$
—

Sold put
 
$
49.50

 
$
47.77

 
$
—

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

 
15,000

 
—

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

Basis Swaps - Net Energy Clearbrook (b)
 
 
 
 
 
 
Volume (Bbls/day)
 
2,000

 
—

 
—

Weighted average price per Bbl
 
$
(3.33
)
 
$
—

 
$
—

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

 
5,000

 
808

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

 
—

 
—

Weighted average price per Bbl
 
$
5.51

 
$
—

 
$
—

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

 
—

 
—

Weighted average price per Bbl
 
$
0.38

 
$
—

 
$
—


(a) 
The basis differential price is indexed against Argus WTI Midland.
(b) 
The basis differential price is indexed against Net Energy Canada Bakken SW at Clearbrook (“UHC”).
(c) 
The basis differential price is indexed against International Commodity Exchange (“ICE”) Brent and NYMEX WTI.
(d) 
The basis differential price is indexed against Argus WTI Houston.
Schedule of Interest Rate Swap Agreement
The following table presents information about our interest rate swap agreements, including the weighted average LIBOR-based, fixed rate.
 
September 30, 2019
 
December 31, 2018
(In millions, except fixed rates)
Aggregate Notional Amount
 
Weighted Average, LIBOR
 
Aggregate Notional Amount
 
Weighted Average, LIBOR
Interest rate swaps
$
160

 
1.50
%
 
$
—

 
—
%