Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements [Abstract]

Carrying Amount And Estimated Fair Values Of Financial Instruments

	September 30, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(in millions)
Cash and cash equivalents	$	15	$	15	$	53	$	53
Credit facility	$	280	$	280	$	300	$	300
Commercial paper	$	520	$	520	$	–	$	–
Term loan facility (1)	$	–	$	–	$	500	$	500
Bridge facility (2)	$	–	$	–	$	4,500	$	4,500
Senior notes	$	3,864	$	3,716	$	1,667	$	1,751
Derivative instruments, net	$	101	$	101	$	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

	September 30, 2015
	Fair Value Measurements Using:
	Quoted Prices		Significant		Significant
	in Active		Other		Unobservable
	Markets		Observable Inputs		Inputs		Assets (Liabilities)
	(Level 1)		(Level 2)		(Level 3)		at Fair Value
Fixed price swap assets	$	–	$	109	$	–	$	109
Interest rate swap assets		–		–		–		–
Basis swap assets		–		–		3		3
Interest rate swap liabilities		–		(7)		–		(7)
Basis swap liabilities		–		–		(3)		(3)
Fixed price call option liabilities		–		–		(1)		(1)
Total	$	–	$	102	$	(1)	$	101
	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				For the nine months ended
	September 30,				September 30,
	2015		2014		2015		2014
	(in millions)
Balance at beginning of period	$	(5)	$	(55)	$	(8)	$	(19)
Total gains (losses):
Included in earnings		4		18		1		(27)
Included in other comprehensive loss		–		–		–		–
Purchases, issuances, and settlements:
Purchases		–		–		–		–
Issuances		–		–		–		–
Settlements		–		(9)		6		–
Transfers into/out of Level 3		–		–		–		–
Balance at end of period	$	(1)	$	(46)	$	(1)	$	(46)
Change in gains (losses) included in earnings relating to derivatives still held as of September 30	$	4	$	9	$	7	$	(27)