Derivatives And Risk Management (Tables)

9 Months Ended

Sep. 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 September 30, 2017 (in millions)
Financial protection on production
2017
Fixed price swaps	73	$	3.06	$	–	$	–	$	–	$	–	$	1
Two-way costless-collars	31		–		–		2.96		3.38		–		1
Three-way costless-collars	34		–		2.29		2.97		3.30		–		–
Total	138											$	2
2018
Fixed price swaps	178	$	3.02	$	–	$	–	$	–	$	–	$	(4)
Two-way costless-collars	23		–		–		2.97		3.56		–		(1)
Three-way costless-collars	272		–		2.40		2.97		3.37		–		7
Total	473											$	2
2019
Three-way costless-collars	108	$	–	$	2.50	$	2.95	$	3.32	$	–	$	(1)
Total	108											$	(1)
Basis Swaps
2017	32	$	–	$	–	$	–	$	–	$	(0.95)	$	12
2018	25		–		–		–		–		(0.63)		(16)
Total	57											$	(4)

		Weighted Average Price per MMBtu
	Volume (Bcf)	Sold Calls		Fair Value at September 30, 2017 (in millions)
Call options
2017	21	$	3.68	$	–	(1)
2018	63		3.50		(9)
2019	52		3.50		(8)
2020	32		3.75		(5)
Total	168			$	(22)

(1) Excludes $2 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
			September 30,  2017			December 31, 2016
		(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative assets		$	12		$	–
Two-way costless collars	Derivative assets			7			8
Three-way costless collars	Derivative assets			50			11
Basis swaps	Derivative assets			19			32
Call options	Derivative assets			1			–
Fixed price swaps	Other long-term assets			1			1
Two-way costless collars	Other long-term assets			–			2
Three-way costless collars	Other long-term assets			56			100
Basis swaps	Other long-term assets			–			1
Total derivative assets			$	146	(1)	$	155
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			September 30,  2017			December 31, 2016
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	14		$	175
Two-way costless collars	Derivative liabilities			7			49
Three-way costless collars	Derivative liabilities			44			70
Basis swaps	Derivative liabilities			23			13
Call options	Derivative liabilities			8			46
Interest rate swaps	Derivative liabilities			1			2
Fixed price swaps	Other long-term liabilities			2			3
Two-way costless collars	Other long-term liabilities			–			9
Three-way costless collars	Other long-term liabilities			56			122
Basis swaps	Other long-term liabilities			–			5
Call options	Other long-term liabilities			15			35
Interest rate swaps	Other long-term liabilities			1			1
Total derivative liabilities			$	171		$	530

(1) Excludes $2  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 nine months ended
	Classification of Gain (Loss)	September 30,				September 30,
Derivative Instrument	on Derivatives, Unsettled	2017		2016		2017		2016
		(in millions)
Fixed price swaps (1)	Gain (Loss) on Derivatives	$	(2)	$	23	$	174	$	(17)
Two-way costless collars	Gain (Loss) on Derivatives		3		5		48		–
Three-way costless collars	Gain (Loss) on Derivatives		(1)		1		87		(1)
Basis swaps	Gain (Loss) on Derivatives		24		31		(19)		27
Call options	Gain (Loss) on Derivatives		6		21		59		(54)
Interest rate swaps	Gain (Loss) on Derivatives		1		–		1		(3)
Total gain (loss) on unsettled derivatives		$	31	$	81	$	350	$	(48)
		Gain (Loss) on Derivatives, Settled (2)
		Recognized in Earnings
	Consolidated Statements 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	2017		2016		2017		2016
		(in millions)
Fixed price swaps (1)	Gain (Loss) on Derivatives	$	7	$	(9)	$	(18)	$	7
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		−		(4)		−
Basis swaps	Gain (Loss) on Derivatives		9		−		(21)		4
Call options	Gain (Loss) on Derivatives		–		−		(6)		−
Interest rate swaps	Gain (Loss) on Derivatives		–		(1)		–		(2)
Total gain (loss) on settled derivatives (3) (4)		$	17	$	(10)	$	(52)	$	20
Total gain (loss) on derivatives (4)		$	48	$	71	$	298	$	(28)

(1) Includes the Company’s fixed price swaps on natural gas and ethane.  As of September 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.

(4) Excludes $3 million amortization of premiums paid related to certain call options for the three and nine months ended September 30, 2017, which is included in gain (loss) on derivatives on the condensed consolidated statements of operations.