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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying amounts and estimated fair values of financial instruments
The following table presents the carrying amounts and estimated fair values of our financial instruments:
 
December 31, 2019
 
December 31, 2018
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
 
(in millions)
Debt obligations:
 
 
 
 
 
 
 
   Debtor-in-possession credit facility(1)
$
148

 
$
148

 
$
—

 
$
—

   Liabilities subject to compromise(2)
$
2,780

 
$
53

 
$
—

 
$
—

   Current portion of long-term debt(1)
$
1,815

 
$
1,285

 
$
58

 
$
44

   Long-term debt(1)
$
—

 
$
—

 
$
4,380

 
$
2,532

 
 
 
 
 
 
 
 
Derivative instruments
$
9

 
$
9

 
$
114

 
$
114

 
(1)
Current portion of long-term debt includes $315 million of the RBL Facility and the principal balance of the 2024 1.25 Lien Notes and 7.750% Senior Secured Notes due 2026 reflected in current portion of long-term debt on our balance sheet as of December 31, 2019. For a further discussion on our Chapter 11 Cases, reclassification of debt and DIP Facility, see Notes 1A and 8.
(2)
Amount includes the principal balance on the 1.5 lien notes and senior unsecured notes totaling approximately $2,780 million reclassified as liabilities subject to compromise as of December 31, 2019.
Fair value associated with derivative financial instruments
The following table presents the fair value associated with our derivative financial instruments as of December 31, 2019 and 2018.  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 consolidated 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)
 
 
December 31, 2019
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative instruments
$
14

 
$
(5
)
 
$
9

 
$
—

 
$
(5
)
 
$
5

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative instruments
$
116

 
$
(2
)
 
$
101

 
$
13

 
$
(2
)
 
$
2

 
$
—

 
$
—