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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of carrying amounts and estimated fair values of the financial instruments
The following table presents the carrying amounts and estimated fair values of our financial instruments:
 
September 30, 2015
 
December 31, 2014
 
Carrying
 Amount
 
Fair
 Value
 
Carrying
 Amount
 
Fair
 Value
 
(in millions)
Long-term debt
$
4,931

 
$
4,374

 
$
4,598

 
$
4,582

 
 
 
 
 
 
 
 
Derivative instruments
$
852

 
$
852

 
$
1,048

 
$
1,048
Schedule of volumes associated with derivative contracts
The following table reflects the volumes associated with derivative contracts entered into between October 1, 2015 and October 27, 2015.
 
 
2017
Volumes
Oil (MBbls)
 
 

Basis Swaps
 
 
LLS vs. Brent(1)
 
365

 
(1) 
EP Energy receives Brent plus the basis spread and pays LLS.
Schedule of fair value associated with derivative financial instruments
The following table presents the fair value associated with our derivative financial instruments as of September 30, 2015 and December 31, 2014. All of our derivative instruments are subject to master netting arrangements which provide for the unconditional right of offset for all derivative assets and liabilities with a given counterparty in the event of default. We present assets and liabilities related to these instruments in our balance sheets as either current or non-current assets or liabilities based on their anticipated settlement date, net of the impact of master netting agreements.  On derivative contracts recorded as assets in the table below, we are exposed to the risk that our counterparties may not perform.
 
Level 2
 
Derivative Assets
 
Derivative Liabilities
 
Gross
Fair Value
 
 
 
Balance Sheet Location
 
Gross 
Fair Value
 
 
 
Balance Sheet Location
 
 
Impact of
Netting
 
Current
 
Non-
current
 
 
Impact of
Netting
 
Current
 
Non-
current
 
(in millions)
 
(in millions)
September 30, 2015
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative instruments
$
874

 
$
(21
)
 
$
672

 
$
181

 
$
(22
)
 
$
21

 
$
(1
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative instruments
$
1,093

 
$
(44
)
 
$
752

 
$
297

 
$
(45
)
 
$
44

 
$
(1
)
 
$
—