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Derivatives (Tables)
 6 Months Ended
Jun. 30, 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.
June 30, 2020
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity$100  $21  $79  Derivative assets
Total Not Designated as Hedges$100  $21  $79  
Cash Flow Hedges
Interest Rate$—  $26  $(26) Deferred credits and other liabilities
Interest Rate2  —  2  Other noncurrent assets
Total Designated Hedges$2  $26  $(24) 
Total$102  $47  $55  
December 31, 2019
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity$9  $1  $8  Derivative assets
Commodity1  —  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  $6  
The mark-to-market impact and settlement of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income.
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2020201920202019
Mark-to-market gain (loss)$(96) $11  $75  $(102) 
Net settlements of commodity derivative instruments$26  $5  $57  $27  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of June 30, 2020, and the weighted average prices for those contracts:
20202021
Third QuarterFourth QuarterFull 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)33,478  —  —  
Weighted average price per Bbl:
Ceiling$40.47  $—  $—  
Floor$30.98  $—  $—  
Fixed Price WTI Swaps
Volume (Bbls/day)10,000  —  —  
Weighted average price per Bbl$32.77  $—  $—  
Basis Swaps - Argus WTI Midland (a)
Volume (Bbls/day)15,000  15,000  —  
Weighted average price per Bbl$(0.94) $(0.94) $—  
Basis Swaps - NYMEX WTI / ICE Brent (b)
Volume (Bbls/day)5,000  5,000  808  
Weighted average price per Bbl$(7.24) $(7.24) $(7.24) 
NYMEX Roll Basis Swaps
Volume (Bbls/day)60,000  30,000  —  
Weighted average price per Bbl$(1.58) $(0.81) $—  
Natural Gas
Two-Way Collars
Volume (MMBtu/day)—  —  62,329  
Weighted average price per MMBtu:
Ceiling$—  $—  $3.07  
Floor$—  $—  $2.44  
Basis Swaps - WAHA / HH (c)
Volume (MMBtu/day)10,000  10,000  —  
Weighted average price per MMBtu$(0.37) $(0.37) $—  
(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 Waha and NYMEX Henry Hub.
The following table sets forth outstanding derivative contracts entered into between July 1 and August 5, 2020, and the weighted average prices for those contracts:

20202021
Third QuarterFourth QuarterFull Year
Crude Oil
NYMEX WTI Two-Way Collars
Volume (Bbls/day)3,261  10,000  10,000  
Weighted average price per Bbl:
Ceiling$48.00  $48.65  $52.37  
Floor$36.50  $37.00  $35.00  
Natural Gas
Two-Way Collars
Volume (MMBtu/day)66,304  150,000  50,000  
Weighted average price per MMBtu:
Ceiling$2.49  $2.62  $2.93  
Floor$2.00  $2.13  $2.40  
NGL
Fixed Price Ethane Swaps
Volume (MMBtu/day)7,304  10,000  —  
Weighted average price per Bbl$8.78  $8.78  $—  
Schedule of Interest Rate Swap Agreement
The following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average LIBOR-based, fixed rate.
June 30, 2020December 31, 2019
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
November 1, 2022$500  0.99 %$—  — %
June 1, 2025$300  0.96 %$—  — %
September 9, 2026$320  1.51 %$320  1.51 %