Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements [Abstract]

Carrying Amount And Estimated Fair Values Of Financial Instruments

	March 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(in millions)
Cash and cash equivalents	$	17	$	17	$	53	$	53
Credit facility	$	800	$	800	$	300	$	300
Term loan facility (1)	$	500		500	$	500	$	500
Bridge facility (2)	$	–		–	$	4,500	$	4,500
Senior notes	$	3,864	$	3,983	$	1,667	$	1,751
Derivative instruments, net	$	278	$	278	$	316	$	316

⁽¹⁾ The term loan facility was repaid in full in April 2015 with proceeds from the divestiture of the Company’s northeastern Pennsylvania gathering assets and borrowings under the revolving credit facility.

⁽²⁾ The bridge facility was repaid in full in January 2015 with proceeds from the issuance of $2.2 billion of long-term senior notes and the $2.3 billion issuance of common and preferred stock.

Summary Assets And Liabilities Measured At Fair Value On Recurring Basis

	March 31, 2015
	Fair Value Measurements Using:
	Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Assets (Liabilities)
	(Level 1)		(Level 2)		(Level 3)		at Fair Value
Fixed price swap assets	$	–	$	292	$	–	$	292
Basis swap assets		–		–		3		3
Interest rate swap liabilities		–		(6)		–		(6)
Basis swap liabilities		–		–		(6)		(6)
Fixed price call option liabilities		–		–		(5)		(5)
Total	$	–	$	286	$	(8)	$	278
	December 31, 2014
	Fair Value Measurements Using:
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets		Observable Inputs		Unobservable Inputs		Assets (Liabilities)
	(Level 1)		(Level 2)		(Level 3)		at Fair Value
Fixed price swap assets	$	–	$	328	$	–	$	328
Interest rate swap assets		–		1		–		1
Basis swap assets		–		–		10		10
Interest rate swap liabilities		–		(5)		–		(5)
Basis swap liabilities		–		–		(6)		(6)
Fixed price call option liabilities		–		–		(12)		(12)
Total	$	–	$	324	$	(8)	$	316

Reconciliations For Change In Net Fair Value Of Derivative Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

	For the three months ended
	March 31,
	2015		2014
	(in millions)
Balance at beginning of period	$	(8)	$	(19)
Total gains (losses):
Included in earnings		(6)		(51)
Included in other comprehensive income		–		–
Purchases, issuances, and settlements:
Purchases		–		–
Issuances		–		–
Settlements		6		14
Transfers into/out of Level 3		–		–
Balance at end of period	$	(8)	$	(56)
Change in losses included in earnings relating to derivatives still held as of March 31	$	–	$	(37)