Derivative financial instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summarizes the gains and losses reported in earnings related to the commodity and interest rate derivative instruments

The following table summarizes the amounts reported in earnings related to the commodity derivative instruments for the three and sixmonths ended June 30,2017 and 2016:

			Three Months Ended				Six Months Ended
			June 30,				June 30,
(in millions)				2017		2016		2017		2016
Gain (loss) on derivatives:
	Oil derivatives		$	199	$	(281)	$	465	$	(209)
	Natural gas derivatives			10		(17)		30		(8)
		Total	$	209	$	(298)	$	495	$	(217)
The following table represents the Company’s net cash receipts from (payments on) derivatives for the three and six months ended June 30, 2017 and 2016:
			Three Months Ended				Six Months Ended
			June 30,				June 30,
(in millions)				2017		2016		2017		2016
Net cash receipts from (payments on) derivatives:
	Oil derivatives		$	70	$	160	$	101	$	412
	Natural gas derivatives			(2)		8		(5)		15
		Total	$	68	$	168	$	96	$	427

Company's outstanding derivative contracts

The following table sets forth the Company’s outstanding derivative contracts at June 30,2017. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at June 30,2017 are expected to settle by December 31, 2019.

				First		Second		Third		Fourth
				Quarter		Quarter		Quarter		Quarter		Total
Oil Price Swaps: (a)
	2017:
		Volume (Bbl)						7,966,370		7,188,080		15,154,450
		Price per Bbl					$	51.69	$	51.87	$	51.77
	2018:
		Volume (Bbl)		6,581,629		6,131,170		5,765,318		5,455,007		23,933,124
		Price per Bbl	$	52.01	$	51.84	$	51.68	$	51.54	$	51.78
	2019:
		Volume (Bbl)		3,772,000		3,604,000		3,460,000		3,324,000		14,160,000
		Price per Bbl	$	53.60	$	53.58	$	53.59	$	53.61	$	53.59
Oil Basis Swaps: (b)
	2017:
		Volume (Bbl)						6,302,000		6,302,000		12,604,000
		Price per Bbl					$	(0.57)	$	(0.57)	$	(0.57)
	2018:
		Volume (Bbl)		6,586,000		6,156,000		5,765,000		5,488,000		23,995,000
		Price per Bbl	$	(1.05)	$	(1.04)	$	(1.04)	$	(1.04)	$	(1.04)
	2019:
		Volume (Bbl)		3,771,000		3,609,000		3,434,000		3,311,000		14,125,000
		Price per Bbl	$	(1.18)	$	(1.18)	$	(1.19)	$	(1.19)	$	(1.19)
Natural Gas Price Swaps: (c)
	2017:
		Volume (MMBtu)						15,895,441		14,673,000		30,568,441
		Price per MMBtu					$	3.12	$	3.10	$	3.11
	2018:
		Volume (MMBtu)		11,156,000		10,641,000		10,219,000		9,904,000		41,920,000
		Price per MMBtu	$	3.06	$	3.05	$	3.05	$	3.04	$	3.05
	2019:
		Volume (MMBtu)		2,791,533		2,681,387		2,578,537		2,489,535		10,540,992
		Price per MMBtu	$	2.86	$	2.85	$	2.85	$	2.85	$	2.85
(a) The index prices for the oil price swaps are based on the NYMEX – West Texas Intermediate (“WTI”) monthly average futures price.
(b) The basis differential price is between Midland – WTI and Cushing – WTI.
(c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.