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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Financial Instruments  
Schedule of carrying amounts and estimated fair values of the financial instruments

 

 

 

 

December 31, 2013

 

December 31, 2012

 

 

 

Carrying

 

 

 

Carrying

 

 

 

 

 

Amount

 

Fair Value

 

Amount

 

Fair Value

 

 

 

(in millions)

 

Long-term debt

 

$

4,039

 

$

4,451

 

$

4,346

 

$

4,690

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments

 

$

109

 

$

109

 

$

165

 

$

165

 
Schedule of volumes associated with derivative contracts

 

 

 

2014

 

2015

 

2016

 

 

 

Volumes(1)

 

Volumes(1)

 

Volumes(1)

 

Oil (MBbls)

 

 

 

 

 

 

 

Fixed Price Swaps

 

 

 

 

 

 

 

Brent

 

160

 

2,555

 

4,026

 

LLS(1)

 

—

 

—

 

2,562

 

Basis Swaps

 

1,557

 

—

 

183

 

Natural Gas (TBtu)

 

 

 

 

 

 

 

Fixed Price Swaps

 

—

 

4

 

—

 

NGLs (MMGal)

 

 

 

 

 

 

 

Propane Fixed Price Swaps

 

28

 

—

 

—

 

Propane Collars

 

 

 

 

 

 

 

Ceilings

 

14

 

—

 

—

 

Floors

 

14

 

—

 

—

 

 

(1)                                     In January 2014, we unwound 2,555 MBbls of 2015 WTI fixed price swaps in exchange for 2,562 MBbls of 2016 LLS fixed price swaps. No cash or other considerations was included as part of this exchange.
Schedule of fair value associated with derivative financial instruments

 

 

 

 

Level 2

 

 

 

Derivative Assets

 

Derivative Liabilities

 

 

 

Gross(1)

 

 

 

Balance Sheet Location

 

Gross(1)

 

 

 

Balance Sheet Location

 

 

 

Fair
Value

 

Impact of
Netting

 

Current

 

Non-
current

 

Fair
Value

 

Impact of
Netting

 

Current

 

Non-current

 

 

 

(in millions)

 

(in millions)

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

164

 

$

(20

)

$

47

 

$

97

 

$

(55

)

$

20

 

$

(35

)

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

235

 

$

(39

)

$

108

 

$

88

 

$

(70

)

$

39

 

$

(17

)

$

(14

)

 

(1)             Gross derivative assets are comprised primarily of $157 million and $231 million of oil and natural gas derivatives and $7 million and $4 million of interest rate derivatives as of December 31, 2013 and December 31, 2012, respectively.  Gross derivative liabilities are comprised primarily of $52 million and $64 million of oil and natural gas derivatives and $3 million and $6 million of interest rate derivatives as of December 31, 2013 and December 31, 2012, respectively.
Schedule of gains and losses on financial oil and natural gas derivative instruments presented in operating revenues and dedesignated cash flow hedges of the predecessor included in accumulated other comprehensive income

The following table presents gains and losses on financial oil and natural gas derivative instruments presented in operating revenues and dedesignated cash flow hedges of the predecessor included in accumulated other comprehensive income (in millions):

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Year ended
December 31,

 

March 23
(inception) to
December 31,

 

 

 

January 1
to
May 24,

 

Year ended
December 31,

 

 

 

2013

 

2012

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

(Losses) gains on financial derivative instruments

 

$

(52

)

$

(62

)

 

 

$

365

 

$

284

 

Accumulated other comprehensive income

 

—

 

—

 

 

 

5

 

11