DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2016

DERIVATIVES

Schedule of current hedge positions

	Q1 2017		Q2 2017		Q3 2017		Q4 2017		Q1 2018		Q2-Q4 2018
Crude Oil
Calls:
Barrels per day	12,100		5,000		10,000		15,000		15,600		15,000
Weighted-average price per barrel	$	56.37	$	55.05	$	56.15	$	56.12	$	58.77	$	58.83
Puts:
Barrels per day	22,100		20,000		17,000		10,000		—		—
Weighted-average price per barrel	$	49.10	$	50.25	$	50.88	$	48.00	$	—	$	—
Swaps:
Barrels per day	20,000		20,000		20,000		20,000		—		—
Weighted-average price per barrel	$	53.98	$	53.98	$	53.98	$	53.98	$	—	$	—

Schedule of (gross and net) fair value of outstanding derivatives

The following table presents the fair values (at gross and net) of our outstanding derivatives as of December 31, 2016 and 2015 (in millions):

	December 31, 2016
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet			Net Fair Value Presented in the Balance Sheet
Assets
Commodity Contracts	Other current assets	$	88		$	(49	)	$	39
Commodity Contracts	Other assets	25			(6		)	19
Liabilities
Commodity Contracts	Accrued liabilities	(152		)	49			(103		)
Commodity Contracts	Other long-term liabilities	(58		)	6			(52		)
Total derivatives		$	(97	)	$	—		$	(97	)

	December 31, 2015
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
Assets
Commodity Contracts	Other current assets	$	87		$	—	$	87
Liabilities
Commodity Contracts	Accrued liabilities	(1		)	—		(1		)
Total derivatives		$	86		$	—	$	86