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Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Results [Abstract]  
Schedule Of Quarterly Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter

 

2nd Quarter

 

3rd Quarter

 

4th Quarter

 

(in millions, except per share amounts)

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

 933 

 

$

 764 

 

$

 749 

 

$

 687 

Operating income (loss) (1)

 

 165 

 

 

 (1,284)

 

 

 (2,842)

 

 

 (2,561)

Net income (loss) attributable to common stock (2)

 

 46 

 

 

 (815)

 

 

 (1,766)

 

 

 (2,134)

Earnings per share - Basic

 

 0.12 

 

 

 (2.13)

 

 

 (4.62)

 

 

 (5.58)

Earnings per share - Diluted

 

 0.12 

 

 

 (2.13)

 

 

 (4.62)

 

 

 (5.58)

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

 1,113 

 

$

 1,035 

 

$

 928 

 

$

 962 

Operating income

 

 435 

 

 

 367 

 

 

 286 

 

 

 285 

Net income

 

 194 

 

 

 207 

 

 

 211 

 

 

 312 

Earnings per share - Basic

 

 0.55 

 

 

 0.59 

 

 

 0.60 

 

 

 0.89 

Earnings per share - Diluted

 

 0.55 

 

 

 0.59 

 

 

 0.60 

 

 

 0.88 

 

(1)

The operating losses for the second, third and fourth quarters of 2015 included full cost non-cash impairments of natural gas and oil properties of $1.5 billion, $2.8 billion and $2.6 billion, respectively.

 

(2)

Net income attributable to common stock was reduced by $7 million in the first quarter of 2015 to recognize the portion of the Company’s net income that would be distributed to the holders of preferred securities (mandatory convertible preferred stock) at year-end. However, as a result of the Company’s net loss in the second quarter that persisted for the year ended December 31, 2015, participating securities were ultimately not entitled to receive a distribution.