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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of December 31, 2019 and the weighted average prices for those contracts:
 
2020
 
 
2021
Crude Oil
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
Full Year
NYMEX WTI Three-Way Collars
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
60,000

 
60,000

 
60,000

 
60,000

 
 
—

Weighted average price per Bbl:
 
 
 
 
 
 
 
 
 
 
Ceiling
$
66.04

 
$
66.04

 
$
63.74

 
$
63.74

 
 
$
—

Floor
$
55.00

 
$
55.00

 
$
55.00

 
$
55.00

 
 
$
—

Sold put
$
47.67

 
$
47.67

 
$
48.00

 
$
48.00

 
 
$
—

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

 
15,000

 
15,000

 
15,000

 
 
—

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

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

 
5,000

 
5,000

 
5,000

 
 
808

Weighted average price per Bbl
$
(7.24
)
 
$
(7.24
)
 
$
(7.24
)
 
$
(7.24
)
 
 
$
(7.24
)
Natural Gas
 
 
 
 
 
 
 
 
 
 
Three-Way Collars
 
 
 
 
 
 
 
 
 
 
Volume (MMBtu/day)
100,000

 
—

 
—

 
—

 
 
—

Weighted average price per MMBtu:
 
 
 
 
 
 
 
 
 
 
Ceiling
$
3.32

 
$
—

 
$
—

 
$
—

 
 
$
—

Floor
$
2.75

 
$
—

 
$
—

 
$
—

 
 
$
—

Sold put
$
2.25

 
$
—

 
$
—

 
$
—

 
 
$
—


(a) 
The basis differential price is indexed against Argus WTI Midland.
(b) 
The basis differential price is indexed against Intercontinental Exchange (“ICE”) Brent and NYMEX WTI.
Between January 1, 2020 and February 10, 2020, we entered into 20,000 bbls/day of three-way collars for 2020 with a ceiling price of $66.37, a floor price of $55.00 and a sold put price of $48.00.
The mark-to-market impact and settlement of these commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income.
 
Year Ended December 31,
(In millions)
2019
 
2018
2017
Mark-to-market gain (loss)
$
(124
)
 
$
267

$
(81
)
Net settlements of commodity derivative instruments
$
52

 
$
(281
)
$
45


Derivatives Designated as Cash Flow Hedges
During 2019, we entered
Derivative Instruments, Gain (Loss) [Line Items]  
Derivatives as they appear on the Balance Sheet sent the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.
 
December 31, 2019
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
9

 
$
1

 
$
8

 
Other current assets
Commodity
1

 
—

 
1

 
Other noncurrent assets
Commodity
—

 
5

 
(5
)
 
Other current liabilities
Total Not Designated as Hedges
$
10

 
$
6

 
$
4

 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
Interest Rate
$
2

 
$
—

 
$
2

 
Other noncurrent assets
Total Designated Hedges
$
2

 
$
—

 
$
2

 
 
Total
$
12

 
$
6

 
$
6

 
 
 
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

 
 

Derivatives Not Designa
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table sets forth the net impact of the terminated forward starting interest rate swap derivatives de-designated as cash flow hedges on other comprehensive income (loss).
 
 
Year Ended December 31,
(In millions)
 
2017
Interest Rate Swaps
 
 
 Beginning balance
 
$
60

Change in fair value recognized in other comprehensive income
 
(13
)
Reclassification from other comprehensive income
 
(47
)
 Ending balance
 
$
—