Derivatives And Risk Management (Tables)

6 Months Ended

Jun. 30, 2016

Derivatives And Risk Management [Abstract]

Schedule Of Derivative Instruments, Notional Amount In BCF, Weighted Average Contract Prices And Fair Value

		Weighted Average Price per MMBtu
	Volume (Bcf)	Swaps		Sold Puts		Purchased Puts		Sold Calls		Basis Differential		Fair value at June 30, 2016 ($ in millions)
Financial protection on production
2016
Fixed price swaps	61	$	2.57	$	–	$	–	$	–	$	–	$	(24)
Purchased put options	17	$	–	$	–	$	2.34	$	–	$	–	$	–
Two-way costless collars	12	$	–	$	–	$	2.76	$	3.35	$	–	$	(1)
Basis swaps	7	$	–	$	–	$	–	$	–	$	0.36	$	5
Total	97											$	(20)
2017
Fixed price swaps	144	$	3.07	$	–	$	–	$	–	$	–	$	(16)
Two-way costless collars	47	$	–	$	–	$	2.90	$	3.33	$	–	$	(4)
Three-way costless collars	18	$	–	$	2.25	$	2.75	$	3.56	$	–	$	(2)
Basis swaps	15	$	–	$	–	$	–	$	–	$	0.02	$	(6)
Total	224											$	(28)
Sold call options
2016	60	$	–	$	–	$	–	$	5.00	$	–	$	–
2017	86	$	–	$	–	$	–	$	3.25	$	–	$	(30)
2018	63	$	–	$	–	$	–	$	3.50	$	–	$	(18)
2019	52	$	–	$	–	$	–	$	3.50	$	–	$	(17)
2020	32	$	–	$	–	$	–	$	3.75	$	–	$	(10)
Total	293											$	(75)

Balance Sheet Classification Of Derivative Financial Instruments

	Derivative Assets
	Balance Sheet Classification		Fair Value
			June 30, 2016		December 31, 2015
		(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative assets		$	1	$	–
Two-way costless collars	Derivative assets			6		–
Three-way costless collars	Derivative assets			2		–
Basis swaps	Derivative assets			7		3
Two-way costless collars	Other long-term assets			6		–
Three-way costless collars	Other long-term assets			2		–
Total derivative assets			$	24	$	3
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			June 30, 2016		December 31, 2015
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	36	$	–
Two-way costless collars	Derivative liabilities			10		–
Three-way costless collars	Derivative liabilities			3		–
Basis swaps	Derivative liabilities			8		–
Sold call options	Derivative liabilities			16		–
Interest rate swaps	Derivative liabilities			3		3
Fixed price swaps	Other long-term liabilities			5		–
Two-way costless collars	Other long-term liabilities			7		–
Three-way costless collars	Other long-term liabilities			3		–
Sold call options	Other long-term liabilities			59		–
Interest rate swaps	Other long-term liabilities			5		2
Total derivative liabilities			$	155	$	5

Summary Of Before Tax Effect Of Cash Flow Hedges On Consolidated Financial Statements

		Gain (Loss) on Derivatives, Unsettled
		Recognized in Earnings
	Consolidated Statement of Operations	For the three months ended				For the six months ended
	Classification of Gain (Loss)	June 30,				June 30,
Derivative Instrument	on Derivatives, Unsettled	2016		2015		2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	(60)	$	(55)	$	(40)	$	(73)
Purchased put options	Gain (Loss) on Derivatives		(15)		–		–		–
Two-way costless collars	Gain (Loss) on Derivatives		(5)		–		(5)		–
Three-way costless collars	Gain (Loss) on Derivatives		(2)		–		(2)		–
Basis swaps	Gain (Loss) on Derivatives		(1)		3		(4)		(5)
Sold call options	Gain (Loss) on Derivatives		(25)		–		(75)		8
Interest rate swaps	Gain (Loss) on Derivatives		–		2		(3)		(1)
Total loss on unsettled derivatives		$	(108)	$	(50)	$	(129)	$	(71)
		Gain (Loss) on Derivatives, Settled (1)
		Recognized in Earnings
	Consolidated Statement of Operations	For the three months ended				For the six months ended
	Classification of Gain (Loss)	June 30,				June 30,
Derivative Instrument	on Derivatives, Settled	2016		2015		2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	12	$	52	$	16	$	94
Purchased put options	Gain (Loss) on Derivatives		11		–		11		–
Basis swaps	Gain (Loss) on Derivatives		–		–		4		(6)
Interest rate swaps	Gain (Loss) on Derivatives		–		(1)		(1)		(2)
Total gain on settled derivatives (2)		$	23	$	51	$	30	$	86
Total gain (loss) on derivatives		$	(85)	$	1	$	(99)	$	15

(1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that have settled within the period.

(2) Excluding interest rate swaps, these amounts are included, along with gas sales revenues, in the calculation of the Company’s realized natural gas price.