Derivatives And Risk Management (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 (in millions)
Financial protection on production
2017
Fixed price swaps	168	$	3.07	$	–	$	–	$	–	$	–	$	(2)
Two-way costless-collars	48		–		–		2.93		3.35		–		–
Three-way costless-collars	68		–		2.29		2.97		3.30		–		–
Total	284											$	(2)
2018
Fixed price swaps	94	$	3.00	$	–	$	–	$	–	$	–	$	1
Two-way costless-collars	23		–		–		2.97		3.56		–		(2)
Three-way costless-collars	272		–		2.40		2.97		3.37		–		9
Total	389											$	8
2019
Three-way costless-collars	108	$	–	$	2.50	$	2.95	$	3.32	$	–	$	(2)
Total	108											$	(2)
Basis Swaps
2017	86	$	–	$	–	$	–	$	–	$	(1.03)	$	(13)
2018	20		–		–		–		–		(0.95)		(15)
Total	106											$	(28)

		Weighted Average Price per MMBtu
	Volume (Bcf)	Sold Calls		Fair Value at June 30, 2017 (in millions)
Call options
2017	43	$	3.68	$	(2)	(1)
2018	63		3.50		(11)
2019	52		3.50		(10)
2020	32		3.75		(5)
Total	190			$	(28)

(1) Excludes $5 million in premiums paid related to certain call options recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.  As certain call options settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the unaudited condensed consolidated statements of operations.

Balance Sheet Classification Of Derivative Financial Instruments

	Derivative Assets
	Balance Sheet Classification		Fair Value
			June 30,  2017			December 31, 2016
		(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative assets		$	10		$	–
Two-way costless collars	Derivative assets			11			8
Three-way costless collars	Derivative assets			45			11
Basis swaps	Derivative assets			7			32
Call options	Derivative assets			5			–
Fixed price swaps	Other long-term assets			5			1
Two-way costless collars	Other long-term assets			–			2
Three-way costless collars	Other long-term assets			100			100
Basis swaps	Other long-term assets			–			1
Total derivative assets			$	183	(1)	$	155
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			June 30,  2017			December 31, 2016
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	15		$	175
Two-way costless collars	Derivative liabilities			14			49
Three-way costless collars	Derivative liabilities			48			70
Basis swaps	Derivative liabilities			35			13
Call options	Derivative liabilities			14			46
Interest rate swaps	Derivative liabilities			1			2
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			90			122
Basis swaps	Other long-term liabilities			–			5
Call options	Other long-term liabilities			19			35
Interest rate swaps	Other long-term liabilities			1			1
Total derivative liabilities			$	237		$	530

(1) Excludes $5 million in premiums paid related to certain call options currently recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.  As certain call options settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the unaudited condensed consolidated statements of operations.

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

		Gain (Loss) on Derivatives, Unsettled Recognized in Earnings
	Consolidated Statements 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	2017		2016		2017		2016
		(in millions)
Fixed price swaps (1)	Gain (Loss) on Derivatives	$	58	$	(60)	$	176	$	(40)
Purchased put options	Gain (Loss) on Derivatives		–		(15)		–		–
Two-way costless collars	Gain (Loss) on Derivatives		14		(5)		45		(5)
Three-way costless collars	Gain (Loss) on Derivatives		31		(2)		88		(2)
Basis swaps	Gain (Loss) on Derivatives		60		(1)		(43)		(4)
Call options	Gain (Loss) on Derivatives		11		(25)		53		(75)
Interest rate swaps	Gain (Loss) on Derivatives		(1)		–		–		(3)
Total gain (loss) on unsettled derivatives		$	173	$	(108)	$	319	$	(129)
		Gain (Loss) on Derivatives, Settled (2)
		Recognized in Earnings
	Consolidated Statements 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	2017		2016		2017		2016
		(in millions)
Fixed price swaps (1)	Gain (Loss) on Derivatives	$	(9)	$	12	$	(25)	$	16
Purchased put options	Gain (Loss) on Derivatives		−		11		–		11
Two-way costless collars	Gain (Loss) on Derivatives		–		−		(3)		−
Three-way costless collars	Gain (Loss) on Derivatives		(1)		−		(5)		−
Basis swaps	Gain (Loss) on Derivatives		(29)		−		(30)		4
Call options	Gain (Loss) on Derivatives		–		−		(6)		−
Interest rate swaps	Gain (Loss) on Derivatives		–		−		–		(1)
Total gain (loss) on settled derivatives (3)		$	(39)	$	23	$	(69)	$	30
Total gain (loss) on derivatives		$	134	$	(85)	$	250	$	(99)

(1) Includes the Company’s fixed price swaps on natural gas and ethane.  As of June 30, 2017, the amount of unsettled and settled fixed price swaps related to ethane was immaterial.

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

(3) Excluding interest rate swaps and settled ethane fixed price swaps, these amounts are included, along with gas sales revenues, in the calculation of the Company’s realized natural gas price. Settled ethane fixed price swaps are included, along with NGL sales revenues, in the calculation of the Company’s realized NGL price.