Natural Gas And Oil Producing Acitivities (Tables)

12 Months Ended

Dec. 31, 2015

Natural Gas And Oil Producing Activities [Abstract]

Capitalized Costs Relating To Oil And Gas Producing Activities Disclosure

	2015		2014
	(in millions)
Proved properties	$	18,751	$	15,860
Unproved properties(1)		3,727		4,646
Total capitalized costs		22,478		20,506
Less:  Accumulated depreciation, depletion and amortization		(16,248)		(8,327)
Net capitalized costs	$	6,230	$	12,179

(1) Includes $50 million and $76 million related to the Company’s exploration program in Canada as of December 31, 2015 and 2014, respectively.

Composition Of Net Unevaluated Costs Excluded From Amortization

	2015		2014		2013		Prior		Total
	(in millions)
Property acquisition costs(1)	$	274	$	2,870	$	42	$	105	$	3,291
Exploration and development costs(1)		128		56		29		36		249
Capitalized interest(1)		120		22		11		34		187
	$	522	$	2,948	$	82	$	175	$	3,727

(1) Property acquisition costs include $16 million, exploration costs include $26 million and capitalized interest includes $8 million related to the Company’s exploration program in Canada.

Cost Incurred In Oil And Gas Property Acquisition, Exploration, And Development Activities Disclosure

	2015		2014		2013
	(in millions, except per Mcfe amounts)
Proved property acquisition costs	$	81	$	1,455	$	1
Unproved property acquisition costs (1)		692		3,934		168
Exploration costs(2)		50		232		192
Development costs		1,417		1,600		1,662
Capitalized costs incurred		2,240		7,221		2,023
Full cost pool amortization per Mcfe	$	1.00	$	1.10	$	1.08

(1) Included  $1 million and $17 million in 2014 and 2013, respectively, related to the Company’s exploration program in Canada.

(2) Included  $3 million and $12 million in 2014 and 2013, respectively, related to the Company’s exploration program in Canada.

Results Of Operations For Oil And Gas Producing Activities Disclosure

	2015		2014		2013
	(in millions)
Sales	$	2,074	$	2,862	$	2,404
Production (lifting) costs		(989)		(776)		(629)
Depreciation, depletion and amortization		(1,028)		(884)		(735)
Impairment of natural gas and oil properties		(6,950)		–		–
		(6,893)		1,202		1,040
Provision (benefit) for income taxes		(2,619)		457		416
Results of operations (1)	$	(4,274)	$	745	$	624

(1) Results of operations exclude the gain (loss) on derivatives, unsettled, on commodity derivative instruments.  See Note 5-  Derivatives and Risk Management.

Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities

	2015			2014			2013
	Natural			Natural			Natural
	Gas	Oil	NGL	Gas	Oil	NGL	Gas	Oil	NGL
	(Bcf)	(MBbls)	(MBbls)	(Bcf)	(MBbls)	(MBbls)	(Bcf)	(MBbls)	(MBbls)
Proved reserves, beginning of year	9,809	37,615	118,699	6,974	373	–	4,017	244	–
Revisions of previous estimates	(3,458)	(28,394)	(75,664)	542	(14)	66	325	38	50
Extensions, discoveries and other additions	546	1,367	6,274	1,692	250	48	3,284	229	–
Production	(899)	(2,265)	(10,702)	(766)	(235)	(231)	(656)	(138)	(50)
Acquisition of reserves in place	97	525	2,340	1,367	37,246	118,816	4	–	–
Disposition of reserves in place	(178)	(95)	–	–	(5)	–	–	–	–
Proved reserves, end of year	5,917	8,753	40,947	9,809	37,615	118,699	6,974	373	–
Proved developed reserves:
Beginning of year	5,675	7,445	38,632	4,237	372	–	3,196	243	–
End of year	5,474	8,753	40,947	5,675	7,445	38,632	4,237	372	–
Proved undeveloped reserves:
Beginning of year	4,134	30,170	80,067	2,737	1	–	821	1	–
End of year	443	–	–	4,134	30,170	80,067	2,737	1	–

Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure

	2015		2014		2013
	(in millions)
Future cash inflows	$	11,887	$	41,812	$	22,624
Future production costs		(7,376)		(16,477)		(8,896)
Future development costs		(792)		(5,750)		(3,626)
Future income tax expense (1)		–		(4,743)		(3,223)
Future net cash flows		3,719		14,842		6,879
10% annual discount for estimated timing of cash flows		(1,302)		(7,299)		(3,143)
Standardized measure of discounted future net cash flows	$	2,417	$	7,543	$	3,736

(1) The December 31, 2015 standardized measure computation does not have future income taxes because the Company’s tax basis in the associated oil and gas properties exceeded expected pre-tax cash inflows. Future net cash flows are not permitted to be increased by excess tax basis.

Schedule Of Analysis Of Changes In Standardized Measure

	2015		2014		2013
	(in millions)
Standardized measure, beginning of year	$	7,543	$	3,736	$	2,051
Sales and transfers of natural gas and oil produced, net of production costs		(1,082)		(2,084)		(1,774)
Net changes in prices and production costs		(8,075)		1,192		1,853
Extensions, discoveries, and other additions, net of future production and development costs		162		1,049		1,454
Acquisition of reserves in place		28		1,897		5
Sales of reserves in place		(244)		–		–
Revisions of previous quantity estimates		(1,385)		622		349
Accretion of discount		946		513		232
Net change in income taxes		1,915		(522)		(1,120)
Changes in estimated future development costs		2,007		110		(196)
Previously estimated development costs incurred during the year		875		815		223
Changes in production rates (timing) and other		(273)		215		659
Standardized measure, end of year	$	2,417	$	7,543	$	3,736