DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2017

DERIVATIVES

Schedule of current hedge positions

	Q3 2017		Q4 2017		Q1 2018		Q2 2018		Q3 - Q4 2018		FY 2019		FY 2020
Calls:
Barrels per day	5,600		5,600		16,200		15,500		15,500		500		400
Weighted-average price per barrel	$	57.54	$	57.54	$	58.81	$	58.87	$	58.87	$	60.00	$	60.00
Purchased Puts:
Barrels per day	17,600		10,600		600		500		500		500		400
Weighted-average price per barrel	$	50.85	$	48.11	$	50.00	$	50.00	$	50.00	$	50.00	$	50.00
Sold Puts:
Barrels per day	—		—		10,000		10,000		—		—		—
Weighted-average price per barrel	$	—	$	—	$	45.00	$	45.00	$	—	$	—	$	—
Swaps:
Barrels per day	25,000		25,000		10,000		10,000		—		—		—
Weighted-average price per barrel	$	54.99	$	54.99	$	60.00	$	60.00	$	—	$	—	$	—

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 June 30, 2017 and December 31, 2016 (in millions):

	June 30, 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	$	59	$	(3)	$	56
Commodity Contracts	Other assets	4		—		4
Liabilities
Commodity Contracts	Accrued liabilities	(22)		3		(19)
Commodity Contracts	Other long-term liabilities	(13)		—		(13)
Total derivatives		$	28	$	—	$	28

	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)