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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Table Text Block [Abstract]  
Schedule of Derivative Instruments
The following is a summary of the Company’s derivative instruments related to its Oil and Natural-Gas Production/Processing Activities at December 31, 2013:
 
 
2014
  Settlement  
 
2015
  Settlement  
Natural Gas
 
 
 
 
Three-Way Collars (thousand MMBtu/d)
 
600

 
635

Average price per MMBtu
 
 
 
 
Ceiling sold price (call)
 
$
5.01

 
$
4.76

Floor purchased price (put)
 
$
3.75

 
$
3.75

Floor sold price (put)
 
$
2.75

 
$
2.75

Fixed-Price Contracts (thousand MMBtu/d)
 
600

 
—

Average price per MMBtu
 
$
4.26

 
$
—

Extendable Fixed-Price Contracts (thousand MMBtu/d) (1)
 
400

 
—

Average price per MMBtu
 
$
4.19

 
$
—

Crude Oil
 
 
 
 
Fixed-Price Contracts (MBbls/d)
 
107

 
—

Average price per barrel
 
$
100.58

 
$
—

__________________________________________________________________
(1)
The extendable fixed-price contracts have a contract term of January 2014 to June 2014 with an option to extend the contract term to December 2014 at the same price.
MMBtu—million British thermal units
MMBtu/d—million British thermal units per day
MBbls/d—thousand barrels per day

The Company had the following outstanding interest-rate swaps at December 31, 2013:
millions except percentages
 
Reference Period
 
Weighted-Average
Notional Principal Amount
 
Start
 
End
 
Interest Rate
$
750

 
 
June 2014
 
June 2024
 
6.00%
$
1,100

 
 
June 2014
 
June 2044
 
5.57%
$
50

 
 
September 2016
 
September 2026
 
5.91%
$
750

 
 
September 2016
 
September 2046
 
5.86%
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following summarizes the fair value of the Company’s derivative instruments at December 31:
millions
 
Gross
Derivative Assets
 
Gross
Derivative Liabilities
Balance Sheet Classification          
 
2013
 
2012
 
2013
 
2012
Commodity derivatives
 
 
 
 
 
 
 
 
Other current assets
 
$
181

 
$
475

 
$
(102
)
 
$
(197
)
Other assets
 
89

 
24

 
(66
)
 
(7
)
Accrued expenses
 
106

 
6

 
(149
)
 
(14
)
Other liabilities
 
4

 
1

 
(15
)
 
(7
)
 
 
380

 
506

 
(332
)
 
(225
)
Interest-rate and other derivatives
 
 
 
 
 
 
 
 
Accrued expenses (1)
 
—

 
—

 
(480
)
 
—

Other liabilities (1)
 
—

 
—

 
(174
)
 
(1,194
)
 
 
—

 
—

 
(654
)
 
(1,194
)
Total derivatives
 
$
380

 
$
506

 
$
(986
)
 
$
(1,419
)
__________________________________________________________________
(1)
Interest-rate swaps with June 2014 maturity dates were reclassified from other liabilities to accrued expenses during 2013.

The following summarizes gains and losses related to derivative instruments:
millions
 
 
 
 
 
 
Classification of (Gain) Loss Recognized
 
2013
 
2012
 
2011
Commodity derivatives
 
 
 
 
 
 
Gathering, processing, and marketing sales (1)
 
$
6

 
$
18

 
$
8

(Gains) losses on derivatives, net
 
141

 
(387
)
 
(562
)
Interest-rate and other derivatives
 
 
 
 
 
 
(Gains) losses on derivatives, net
 
(539
)
 
61

 
1,023

Total (gains) losses on derivatives, net
 
$
(392
)
 
$
(308
)
 
$
469

__________________________________________________________________
(1)
Represents the effect of marketing and trading derivative activities.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following summarizes the fair value of the Company’s derivative assets and liabilities, by input level within the fair-value hierarchy:
millions
Level 1
 
Level 2
 
Level 3
 
Netting (1)
 
Collateral
 
Total
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
 
 
 
 
 
 
 
 
 
 
Financial institutions
$
—

 
$
211

 
$
—

 
$
(153
)
 
$
—

 
$
58

Other counterparties
—

 
169

 
—

 
(126
)
 
—

 
43

Total derivative assets
$
—

 
$
380

 
$
—

 
$
(279
)
 
$
—

 
$
101

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
 
 
 
 
 
 
 
 
 
 
Financial institutions
$
—

 
$
(200
)
 
$
—

 
$
153

 
$
7

 
$
(40
)
Other counterparties
—

 
(132
)
 
—

 
126

 
—

 
(6
)
Interest-rate and other derivatives
—

 
(654
)
 
—

 
—

 
—

 
(654
)
Total derivative liabilities
$
—

 
$
(986
)
 
$
—

 
$
279

 
$
7

 
$
(700
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
 
 
 
 
 
 
 
 
 
 
Financial institutions
$
6

 
$
453

 
$
—

 
$
(206
)
 
$
—

 
$
253

Other counterparties
—

 
47

 
—

 
(5
)
 
—

 
42

Total derivative assets
$
6

 
$
500

 
$
—

 
$
(211
)
 
$
—

 
$
295

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
 
 
 
 
 
 
 
 
 
 
Financial institutions
$
(6
)
 
$
(202
)
 
$
—

 
$
206

 
$
1

 
$
(1
)
Other counterparties
—

 
(17
)
 
—

 
5

 
—

 
(12
)
Interest-rate and other derivatives
—

 
(1,194
)
 
—

 
—

 
—

 
(1,194
)
Total derivative liabilities
$
(6
)
 
$
(1,413
)
 
$
—

 
$
211

 
$
1

 
$
(1,207
)
__________________________________________________________________
(1) 
Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle.