Derivatives And Risk Management (Tables)

9 Months Ended

Sep. 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 September 30, 2016 ($ in millions)
Financial protection on production
2016
Fixed price swaps	51	$	2.81	$	–	$	–	$	–	$	–	$	(8)
Purchased put options	4	$	–	$	–	$	2.34	$	–	$	–	$	–
Two-way costless-collars	40	$	–	$	–	$	2.93	$	3.33	$	–	$	2
Three-way costless-collars	5	$	–	$	2.30	$	3.00	$	3.25	$	–	$	–
Basis swaps	16	$	–	$	–	$	–	$	–	$	0.02	$	18
Total	116											$	12
2017
Fixed price swaps	296	$	3.04	$	–	$	–	$	–	$	–	$	(9)
Two-way costless-collars	103	$	–	$	–	$	2.94	$	3.38	$	–	$	(1)
Three-way costless-collars	135	$	–	$	2.29	$	2.97	$	3.30	$	–	$	(5)
Basis swaps	76	$	–	$	–	$	–	$	–	$	(0.59)	$	13
Total	610											$	(2)
2018
Two-way costless-collars	14	$	–	$	–	$	3.00	$	3.46	$	–	$	(1)
Three-way costless-collars	73	$	–	$	2.28	$	2.93	$	3.37	$	–	$	4
Basis swaps	2	$	–	$	–	$	–	$	–	$	0.83	$	(1)
Total	89											$	2
Sold call options
2016	30	$	–	$	–	$	–	$	5.00	$	–	$	–
2017	86	$	–	$	–	$	–	$	3.25	$	–	$	(23)
2018	63	$	–	$	–	$	–	$	3.50	$	–	$	(13)
2019	52	$	–	$	–	$	–	$	3.50	$	–	$	(11)
2020	32	$	–	$	–	$	–	$	3.75	$	–	$	(7)
Total	263											$	(54)

Balance Sheet Classification Of Derivative Financial Instruments

	Derivative Assets
	Balance Sheet Classification		Fair Value
			September 30, 2016		December 31, 2015
		(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative assets		$	9	$	–
Two-way costless collars	Derivative assets			20		–
Three-way costless collars	Derivative assets			27		–
Basis swaps	Derivative assets			37		3
Fixed price swaps	Other long-term assets			1		–
Two-way costless collars	Other long-term assets			14		–
Three-way costless collars	Other long-term assets			42		–
Basis swaps	Other long-term assets			4		–
Total derivative assets			$	154	$	3
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			September 30, 2016		December 31, 2015
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	23	$	–
Two-way costless collars	Derivative liabilities			20		–
Three-way costless collars	Derivative liabilities			29		–
Basis swaps	Derivative liabilities			10		–
Sold call options	Derivative liabilities			15		–
Interest rate swaps	Derivative liabilities			3		3
Fixed price swaps	Other long-term liabilities			4		–
Two-way costless collars	Other long-term liabilities			14		–
Three-way costless collars	Other long-term liabilities			41		–
Basis swaps	Other long-term liabilities			1		–
Sold call options	Other long-term liabilities			39		–
Interest rate swaps	Other long-term liabilities			5		2
Total derivative liabilities			$	204	$	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 nine months ended
	Classification of Gain (Loss)	September 30,				September 30,
Derivative Instrument	on Derivatives, Unsettled	2016		2015		2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	23	$	(37)	$	(17)	$	(110)
Purchased put options	Gain (Loss) on Derivatives		–		–		–		–
Two-way costless collars	Gain (Loss) on Derivatives		5		–		–		–
Three-way costless collars	Gain (Loss) on Derivatives		1		–		(1)		–
Basis swaps	Gain (Loss) on Derivatives		31		1		27		(4)
Sold call options	Gain (Loss) on Derivatives		21		3		(54)		11
Interest rate swaps	Gain (Loss) on Derivatives		–		(1)		(3)		(2)
Total gain (loss) on unsettled derivatives		$	81	$	(34)	$	(48)	$	(105)
		Gain (Loss) on Derivatives, Settled (1)
		Recognized in Earnings
	Consolidated Statement of Operations	For the three months ended				For the nine months ended
	Classification of Gain (Loss)	September 30,				September 30,
Derivative Instrument	on Derivatives, Settled	2016		2015		2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	(9)	$	49	$	7	$	143
Purchased put options	Gain (Loss) on Derivatives		–		–		11		–
Basis swaps	Gain (Loss) on Derivatives		–		–		4		(6)
Interest rate swaps	Gain (Loss) on Derivatives		(1)		–		(2)		(2)
Total gain (loss) on settled derivatives (2)		$	(10)	$	49	$	20	$	135
Total gain (loss) on derivatives		$	71	$	15	$	(28)	$	30

(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.