DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2017

DERIVATIVES

Schedule of current hedge positions

	Q2 2017		Q3 2017		Q4 2017		Q1 2018		Q2 - Q4 2018		FY 2019		FY 2020
Crude Oil
Calls:
Barrels per day	5,600		10,600		15,600		16,200		15,500		500		400
Weighted-average price per barrel	$	55.60	$	56.37	$	56.26	$	58.81	$	58.87	$	60.00	$	60.00
Puts:
Barrels per day	20,600		17,600		10,600		600		500		500		400
Weighted-average price per barrel	$	50.24	$	50.85	$	48.11	$	50.00	$	50.00	$	50.00	$	50.00
Swaps:
Barrels per day	20,000		25,000		25,000		—		—		—		—
Weighted-average price per barrel	$	53.98	$	54.99	$	54.99	$	—	$	—	$	—	$	—

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

The following table presents the fair values (at gross and net) of our outstanding derivatives as of March 31, 2017 and December 31, 2016 (in millions):

	March 31, 2017
	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	$	48	$	(14)	$	34
Commodity Contracts	Other assets	9		—		9
Liabilities
Commodity Contracts	Accrued liabilities	(53)		14		(39)
Commodity Contracts	Other long-term liabilities	(24)		—		(24)
Total derivatives		$	(20)	$	—	$	(20)

	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	)