Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unsettled Derivative Instruments

Unsettled Commodity Derivative Instruments   As of March 31, 2017, the following crude oil derivative contracts were outstanding:

				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
1H17 (2)	Swaps	NYMEX WTI	6,000	$	55.08	$	—	$	—	$	—
1H17 (2)	Two-Way Collars	NYMEX WTI	2,000	—		—		40.00		50.44
1H17 (2)	Swaps	Dated Brent	3,000	62.80		—		—		—
2H17 (2)	Call Option (1)	NYMEX WTI	3,000	—		—		—		60.12
2H17 (2)	Swaptions (3)	Dated Brent	3,000	62.80		—		—		—
2H17 (2)	Swaptions (3)	NYMEX WTI	3,000	50.05		—		—		—
2017	Two-Way Collars	NYMEX WTI	7,000	—		—		40.00		53.38
2017	Call Option (1)	NYMEX WTI	3,000	—		—		—		57.00
2017	Swaps	NYMEX WTI	4,000	50.90		—		—		—
2017	Three-Way Collars	NYMEX WTI	24,000	—		39.08		47.71		61.20
2017	Three-Way Collars	Dated Brent	2,000	—		35.00		45.00		66.33
2017	Three-Way Collars	ICE Brent	2,000	—		43.00		50.00		63.15
2018	Three-Way Collars	NYMEX WTI	10,000	—		45.50		52.50		69.09
2018	Swaptions (3)	NYMEX WTI	3,000	56.10		—		—		—
2018	Three-Way Collars	Dated Brent	3,000	—		40.00		50.00		70.41

⁽¹⁾  We have entered into crude oil derivative enhanced swaps with strike prices that are above the market value as of trade commencement. To effect the enhanced swap structure, we sold call options to the applicable counterparty to receive the above market terms.

⁽²⁾  We have entered into crude oil swap contracts for portions of 2017 resulting in the difference in hedge volumes for the full year.

⁽³⁾  We have entered into certain derivative contracts (swaptions), which give counterparties the option to extend with similar terms for an additional 6-month or 12-month period.

As of March 31, 2017, the following natural gas derivative contracts were outstanding:

				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
1H17	Swaps	NYMEX HH	30,000	$	2.92	$	—	$	—	$	—
2H17	Swaps	NYMEX HH	30,000	3.45		—		—		—
2H17	Swaptions (1)	NYMEX HH	30,000	2.92		—		—		—
2017	Swaps	NYMEX HH	110,000	3.19		—		—		—
2017	Three-Way Collars	NYMEX HH	210,000	—		2.54		2.96		3.62
2017	Two-Way Collars	NYMEX HH	70,000	—		—		2.93		3.32
2018	Three-Way Collars	NYMEX HH	110,000	—		2.50		2.87		3.67

⁽¹⁾  We have entered into certain natural gas derivative contracts (swaptions), which give counterparties the option to extend with similar terms for an additional 6-month or 12-month period.

Fair Value of Derivative Instruments

Fair Value Amounts and (Gain) Loss on Commodity Derivative InstrumentsThe 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, 2017			December 31, 2016			March 31, 2017			December 31, 2016
(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	$	6	Current Assets	$	—	Current Liabilities	$	23	Current Liabilities	$	102
	Noncurrent Assets	8		Noncurrent Assets	—		Noncurrent Liabilities	—		Noncurrent Liabilities	14
Total		$	14		$	—		$	23		$	116

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)	2017			2016
Cash Paid (Received) in Settlement of Commodity Derivative Instruments
Crude Oil	$	(5	)	$	(156	)
Natural Gas	2			(22		)
Total Cash Received in Settlement of Commodity Derivative Instruments	(3		)	(178		)
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
Crude Oil	(63		)	127
Natural Gas	(44		)	7
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments	(107		)	134
Gain on Commodity Derivative Instruments
Crude Oil	(68		)	(29		)
Natural Gas	(42		)	(15		)
Total Gain on Commodity Derivative Instruments	$	(110	)	$	(44	)