DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2017

DERIVATIVES

Schedule of current oil hedge positions

	Q4 2017		Q1 2018		Q2 2018		Q3 2018		Q4 2018		FY2019		FY2020
Sold Calls:
Barrels per day	6,300		16,800		16,200		16,100		16,100		1,000		900
Weighted-average price per barrel	$	57.80	$	58.86	$	58.92	$	58.91	$	58.91	$	60.00	$	60.00
Purchased Puts:
Barrels per day	11,300		1,200		1,200		1,100		1,100		1,000		900
Weighted-average price per barrel	$	47.75	$	45.82	$	45.83	$	45.83	$	45.85	$	45.84	$	43.91
Sold Puts:
Barrels per day	—		29,000		29,000		19,000		19,000		—		—
Weighted-average price per barrel	$	—	$	45.00	$	45.00	$	45.00	$	45.00	$	—	$	—
Swaps:
Barrels per day	30,000		29,000		29,000		19,000		19,000		—		—
Weighted-average price per barrel	$	55.00	$	60.00	$	60.00	$	60.13	$	60.13	$	—	$	—

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

	September 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	$	52	$	(6)	$	46
Commodity Contracts	Other assets	13		—		13
Liabilities
Commodity Contracts	Accrued liabilities	(66)		6		(60)
Commodity Contracts	Other long-term liabilities	(19)		—		(19)
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)