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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2020
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.
 
March 31, 2020
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
176

 
$
1

 
$
175

 
Derivative assets
Total Not Designated as Hedges
$
176

 
$
1

 
$
175

 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
Interest Rate
$
—

 
$
20

 
$
(20
)
 
Other noncurrent liabilities
Total Designated Hedges
$
—

 
$
20

 
$
(20
)
 
 
Total
$
176

 
$
21

 
$
155

 
 
 
December 31, 2019
 
 
(In millions)
Asset
 
Liability
 
Net Asset (Liability)
 
Balance Sheet Location
Not Designated as Hedges
 
 
 
 
 
 
 
Commodity
$
9

 
$
1

 
$
8

 
Derivative 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

 
 
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of May 4, 2020, and the weighted average prices for those contracts:
 
 
2020
 
 
2021
 
 
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
Full Year
 
Crude Oil
 
 
 
 
 
 
 
 
 
 
NYMEX WTI Three-Way Collars
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
—

 
80,000

 
80,000

 
 
—

 
Weighted average price per Bbl:
 
 
 
 
 
 
 
 
 
 
Ceiling
 
$
—

 
$
64.40

 
$
64.40

 
 
$
—

 
Floor
 
$
—

 
$
55.00

 
$
55.00

 
 
$
—

 
Sold put
 
$
—

 
$
48.00

 
$
48.00

 
 
$
—

 
NYMEX WTI Two-Way Collars
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
40,000

 
—

 
—

 
 
—

 
Weighted average price per Bbl:
 
 
 
 
 
 
 
 
 
 
Ceiling
 
$
40.31

 
$
—

 
$
—

 
 
$
—

 
Floor
 
$
32.89

 
$
—

 
$
—

 
 
$
—

 
Fixed Price WTI Swaps
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
76,703

 
10,000

 
—

 
 
—

 
Weighted average price per Bbl:
 
$
28.99

 
$
32.77

 
$
—

 
 
$
—

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

 
15,000

 
15,000

 
 
—

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

 
Basis Swaps - NYMEX WTI / ICE Brent (b)
 
 
 
 
 
 
 
 
 
 
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 - NYMEX WTI / MEH (c)
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
26,813

 
—

 
—

 
 
—

 
Weighted average price per Bbl
 
$
(0.75
)
 
$
—

 
$
—

 
 
$
—

 
NYMEX Roll Basis Swaps
 
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
43,571

 
60,000

 
10,000

 
 
—

 
Weighted average price per Bbl
 
$
(1.62
)
 
$
(1.58
)
 
$
(1.94
)
 
 
$
—

 
(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.
(c) 
The basis differential price is indexed against Argus WTI Houston.
The following table sets forth outstanding derivative contracts as of March 31, 2020, and the weighted average prices for those contracts:
 
 
2020
 
 
2021
 
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
Full Year
Crude Oil
 
 
 
 
 
 
 
 
 
NYMEX WTI Three-Way Collars
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
80,000

 
80,000

 
80,000

 
 
—

Weighted average price per Bbl:
 
 
 
 
 
 
 
 
 
Ceiling
 
$
66.12

 
$
64.40

 
$
64.40

 
 
$
—

Floor
 
$
55.00

 
$
55.00

 
$
55.00

 
 
$
—

Sold put
 
$
47.75

 
$
48.00

 
$
48.00

 
 
$
—

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

 
15,000

 
15,000

 
 
—

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

Basis Swaps - NYMEX WTI / ICE Brent (b)
 
 
 
 
 
 
 
 
 
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 (c)
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
26,813

 
—

 
—

 
 
—

Weighted average price per Bbl
 
$
(0.75
)
 
$
—

 
$
—

 
 
$
—

NYMEX Roll Basis Swaps
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
43,571

 
—

 
—

 
 
—

Weighted average price per Bbl
 
$
(1.62
)
 
$
—

 
$
—

 
 
$
—

Fixed Price Swaps
 
 
 
 
 
 
 
 
 
Volume (Bbls/day)
 
20,000

 
—

 
—

 
 
—

Weighted average price per Bbl
 
$
24.61

 
$
—

 
$
—

 
 
$
—


(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.
(c) 
The basis differential price is indexed against Argus WTI Houston.
Schedule of Interest Rate Swap Agreement following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average LIBOR-based, fixed rate.
 
March 31, 2020
 
December 31, 2019
Maturity Date
Aggregate Notional Amount
(in millions)
 
Weighted Average, LIBOR
 
Aggregate Notional Amount
(in millions)
 
Weighted Average, LIBOR
November 1, 2022
$
350

 
1.04
%
 
$
—

 
—
%
June 1, 2025
$
100

 
0.96
%
 
$
—

 
—
%
September 9, 2026
$
320

 
1.51
%
 
$
320

 
1.51
%
At