Derivatives And Risk Management (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 (in millions)
Financial protection on production
2017
Fixed price swaps	322	$	3.07	$	–	$	–	$	–	$	–	$	(175)
Two-way costless collars	103		–		–		2.94		3.38		–		(42)
Three-way costless collars	135		–		2.29		2.97		3.30		–		(59)
Basis swaps	132		–		–		–		–		(0.87)		19
Total	692											$	(257)
2018
Fixed price swaps	18	$	3.00	$	–	$	–	$	–	$	–	$	(2)
Two-way costless collars	14		–		–		3.00		3.46		–		(6)
Three-way costless collars	208		–		2.37		2.96		3.37		–		(20)
Basis swaps	16		–		–		–		–		(0.94)		(4)
Total	256											$	(32)
2019
Three-way costless collars	62	$	–	$	2.50	$	2.92	$	3.35	$	–	$	(2)
Total	62											$	(2)
Sold call options
2017	86	$	–	$	–	$	–	$	3.25	$	–	$	(46)
2018	63		–		–		–		3.50		–		(18)
2019	52		–		–		–		3.50		–		(11)
2020	32		–		–		–		3.75		–		(6)
Total	233											$	(81)

Balance Sheet Classification Of Derivative Financial Instruments

	Derivative Assets
	Balance Sheet Classification		Fair Value
			December 31, 2016		December 31, 2015
		(in millions)
Derivatives not designated as hedging instruments:
Two-way costless collars	Derivative assets		$	8	$	–
Three-way costless collars	Derivative assets			11		–
Basis swaps	Derivative assets			32		3
Fixed price swaps	Other long-term assets			1		–
Two-way costless collars	Other long-term assets			2		–
Three-way costless collars	Other long-term assets			100		–
Basis swaps	Other long-term assets			1		–
Total derivative assets			$	155	$	3
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			December 31, 2016		December 31, 2015
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	175		–
Two-way costless collars	Derivative liabilities			49		–
Three-way costless collars	Derivative liabilities			70		–
Basis swaps	Derivative liabilities			13		–
Sold call options	Derivative liabilities			46		–
Interest rate swaps	Derivative liabilities			2		3
Fixed price swaps	Other long-term liabilities			3		–
Two-way costless collars	Other long-term liabilities			9		–
Three-way costless collars	Other long-term liabilities			122		–
Basis swaps	Other long-term liabilities			5		–
Sold call options	Other long-term liabilities			35		–
Interest rate swaps	Other long-term liabilities			1		2
Total derivative liabilities			$	530	$	5

Summary Of Before Tax Effect Of Fair Value Hedges Not Designated For Hedge Accounting

		Gain (Loss) on Derivatives, Unsettled
		Recognized in Earnings
	Consolidated Statement of Operations	For the years ended
	Classification of Gain (Loss)	December 31,
Derivative Instrument	on Derivatives, Unsettled	2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	(177)	$	(164)
Two-way costless collars	Gain (Loss) on Derivatives		(48)		–
Three-way costless collars	Gain (Loss) on Derivatives		(81)		–
Basis swaps	Gain (Loss) on Derivatives		12		(2)
Sold call options	Gain (Loss) on Derivatives		(81)		13
Interest rate swaps	Gain (Loss) on Derivatives		2		(2)
Total loss on unsettled derivatives		$	(373)	$	(155)
		Gain (Loss) on Derivatives, Settled (1)
		Recognized in Earnings
	Consolidated Statement of Operations	For the years ended
	Classification of Gain (Loss)	December 31,
Derivative Instrument	on Derivatives, Settled	2016		2015
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	–	$	208
Purchased put options	Gain (Loss) on Derivatives		11		–
Two-way costless collars	Gain (Loss) on Derivatives		3		–
Three-way costless collars	Gain (Loss) on Derivatives		1		–
Basis swaps	Gain (Loss) on Derivatives		21		(2)
Interest rate swaps	Gain (Loss) on Derivatives		(2)		(4)
Total gain on settled derivatives (2)		$	34	$	202
Total gain (loss) on derivatives		$	(339)	$	47

(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.