Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unsettled Derivative Instruments

rude Oil Derivative Instruments

				Swaps		Collars
Settlement Period	Type of Contract	Index (1)	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 July 20, 2015
2015	Two-Way Collars	–	8,000	$	—	$	—	$	55.00	$	84.80
2015	Swaps	–	12,000	89.81		—		—		—
2016	Swaps	–	6,000	90.28		—		—		—

⁽¹⁾ Includes a combination of NYMEX WTI and Argus LLS indices.

Natural Gas Derivative Instruments

				Swaps		Collars
Settlement Period	Type of Contract	Index (1)	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 July 20, 2015
2015	Swaps	–	50,000	$	4.13	$	—	$	—	$	—
2015	Two-Way Collars	–	50,000	—		—		3.60		5.04
2016	Swaps	–	30,000	4.04		—		—		—
2016	Two-Way Collars	–	30,000	—		—		3.50		5.60

⁽¹⁾ Includes a combination of HSC (Houston Ship Channel) and TENNZ0 (Tennessee Zone 0) indices.

NGL 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 July 20, 2015
2015	Swaps	NGL-Ethane	2,476	$	11.18	$	—	$	—	$	—
2015	Swaps	NGL-Propane	1,750	43.35		—		—		—
2015	Swaps	NGL-Isobutane	617	53.05		—		—		—
2015	Swaps	NGL-Normal Butane	579	52.53		—		—		—
2015	Swaps	NGL-Pentanes Plus	579	77.72		—		—		—

Unsettled Commodity Derivative Instruments   As of June 30, 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 June 30, 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	9,000	80.30		—		—		—
2016	Swaps	Dated Brent	9,000	97.96		—		—		—
2016	Two -Way Collars	NYMEX WTI	1,000	—		—		60.00		70.00
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 June 30, 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 June 30, 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	90,000	—		2.83		3.42		3.90

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
	June 30, 2015			December 31, 2014			June 30, 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	$	456	Current Assets	$	710	Current Liabilities	$	—	Current Liabilities	$	—
	Noncurrent Assets	100		Noncurrent Assets	180		Noncurrent Liabilities	—		Noncurrent Liabilities	—
Total		$	556		$	890		$	—		$	—

Derivative Instruments, (Gain) Loss

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

	Three Months Ended June 30,						Six Months Ended June 30,
(millions)	2015			2014			2015			2014
Cash (Received) Paid in Settlement of Commodity Derivative Instruments
Crude Oil	$	(157	)	$	46		$	(342	)	$	73
Natural Gas	(30		)	3			(55		)	10
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments	(187		)	49			(397		)	83
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
Crude Oil	242			192			297			219
Natural Gas	32			(5		)	37			9
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments	274			187			334			228
(Gain) Loss on Commodity Derivative Instruments
Crude Oil	85			238			(45		)	292
Natural Gas	2			(2		)	(18		)	19
Total (Gain) Loss on Commodity Derivative Instruments	$	87		$	236		$	(63	)	$	311