Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unsettled Derivative Instruments

Unsettled Derivative Instruments   As of December 31, 2014, we had entered into the following crude oil derivative instruments:

				Swaps		Collars
Settlement Period	Type of Contract	Index	Bbls Per Day	Weighted Average Fixed Price		Weighted Average  Short Put  Price		Weighted Average Floor Price		Weighted Average  Ceiling Price
Instruments Entered Into as of December 31, 2014
2015	Swaps	NYMEX WTI	27,000	$	88.80	$	—	$	—	$	—
2015	Swaps	Dated Brent	8,000	100.31		—		—		—
2015	Three-Way Collars	NYMEX WTI	20,000	—		70.50		87.55		94.41
2015	Three-Way Collars	Dated Brent	13,000	—		76.92		96.00		108.49
2016	Swaps	NYMEX WTI	6,000	87.95		—		—		—
2016	Swaps	Dated Brent	9,000	97.96		—		—		—
2016	Three-Way Collars	NYMEX WTI	3,000	—		72.00		85.00		94.82
2016	Three-Way Collars	Dated Brent	6,000	—		80.00		95.00		105.87

As of December 31, 2014, we had entered into the following natural gas derivative instruments:

				Swaps		Collars
Settlement Period	Type of Contract	Index	MMBtu Per Day	Weighted Average Fixed Price		Weighted Average Short Put  Price		Weighted Average Floor Price		Weighted Average Ceiling Price
Instruments Entered Into as of December 31, 2014
2015	Swaps	NYMEX HH	140,000	$	4.30	$	—	$	—	$	—
2015	Three-Way Collars	NYMEX HH	150,000	—		3.58		4.25		5.04
2016	Swaps	NYMEX HH	10,000	3.90		—		—		—
2016	Three-Way Collars	NYMEX HH	30,000	—		3.00		3.75		4.40

Fair Value of Derivative Instruments

The fair values of derivative instruments in our consolidated balance sheets were as follows: 

Fair Value of Derivative Instruments
	Asset Derivative Instruments						Liability Derivative Instruments
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair  Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
(millions)
Commodity DerivativeInstruments	Current Assets	$	710	Current Assets	$	1	Current Liabilities	$	—	Current Liabilities	$	65
	Noncurrent Assets	180		Noncurrent Assets	16		Noncurrent Liabilities	—		Noncurrent Liabilities	10
Total		$	890		$	17		$	—		$	75

Effect of derivative instruments on consolidated statement of operations

The effect of derivative instruments on our consolidated statements of operations was as follows: 

	Year Ended December 31,
(millions)	2014			2013			2012
(Gain) Loss on Commodity Derivative Instruments
Crude Oil	$	(897	)	$	139		$	(37	)
Natural Gas	(79		)	(6		)	(38		)
Total (Gain) Loss on Commodity Derivative Instruments	(976		)	133			(75		)
Cash (Received) Paid in settlement of Commodity Derivative Instruments
Crude Oil	(34		)	52			83
Natural Gas	5			(50		)	(49		)
Total Cash (Received) Paid in settlement of Commodity Derivative Instruments	(29		)	2			34
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
Crude Oil	(863		)	87			(120		)
Natural Gas	(84		)	44			11
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments	$	(947	)	$	131		$	(109	)