Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unsettled Derivative Instruments

Unsettled Commodity Derivative Instruments   As of March 31, 2015, 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 March 31, 2015
2015	Swaps	NYMEX WTI	27,000	$	88.80	$	—	$	—	$	—
2015	Swaps	Dated Brent	8,000	100.31		—		—		—
2015	Two-Way Collars	NYMEX WTI	5,000	—		—		50.00		64.94
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	6,000	—		61.00		72.50		86.37
2016	Three-Way Collars	Dated Brent	8,000	—		72.50		86.25		101.79

As of March 31, 2015, 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 March 31, 2015
2015	Swaps	NYMEX HH	140,000	$	4.30	$	—	$	—	$	—
2015	Three-Way Collars	NYMEX HH	150,000	—		3.58		4.25		5.04
2016	Swaps (1)	NYMEX HH	40,000	3.60		—		—		—
2016	Two-Way Collars	NYMEX HH	30,000	—		—		3.00		3.50
2016	Three-Way Collars	NYMEX HH	60,000	—		2.88		3.50		4.03

Fair Value of Derivative Instruments

Fair Value Amounts and (Gain) Loss on Commodity Derivative Instruments   The fair values of commodity derivative instruments in our consolidated balance sheets were as follows:

Fair Value of Derivative Instruments
	Asset Derivative Instruments						Liability Derivative Instruments
	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
(millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair  Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity DerivativeInstruments	Current Assets	$	661	Current Assets	$	710	Current Liabilities	$	—	Current Liabilities	$	—
	Noncurrent Assets	169		Noncurrent Assets	180		Noncurrent Liabilities	—		Noncurrent Liabilities	—
Total		$	830		$	890		$	—		$	—

Derivative Instruments, (Gain) Loss

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

	Three Months Ended March 31,
(millions)	2015			2014
Cash (Received) Paid in Settlement of Commodity Derivative Instruments
Crude Oil	$	(185	)	$	27
Natural Gas	(25		)	6
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments	(210		)	33
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
Crude Oil	55			28
Natural Gas	5			14
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments	60			42
(Gain) Loss on Commodity Derivative Instruments
Crude Oil	(130		)	55
Natural Gas	(20		)	20
Total (Gain) Loss on Commodity Derivative Instruments	$	(150	)	$	75