Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Table Text Block [Abstract]

Schedule of Derivative Instruments

		2011		2012		2013
Natural Gas
	Three-Way Collars (thousand MMBtu/d)		480		500		450
	Average price per MMBtu
	Ceiling sold price (call)	$	8.29	$	9.03	$	6.57
	Floor purchased price (put)	$	6.50	$	6.50	$	5.00
	Floor sold price (put)	$	5.00	$	5.00	$	4.00
	Fixed-Price Contracts (thousand MMBtu/d)		90		—		—
	Average price per MMBtu	$	6.17	$	—	$	—
	Basis Swaps (thousand MMBtu/d)		45		—		—
	Average price per MMBtu	$	(1.74)	$	—	$	—
MMBtu—million British thermal units
MMBtu/d—million British thermal units per day

		2011		2012
Crude Oil
	Three-Way Collars (MBbls/d)		126		2
	Average price per barrel
	Ceiling sold price (call)	$	99.95	$	92.50
	Floor purchased price (put)	$	79.29	$	50.00
	Floor sold price (put)	$	64.29	$	35.00
MBbls/d—thousand barrels per day

millions except percentages		Reference Period		Weighted-Average
Notional Principal Amount:		Start	End	Interest Rate
$	150	October 2011	October 2041	4.65	%
$	250	October 2012	October 2022	4.91	%
$	750	October 2012	October 2042	4.80	%
$	750	June 2014	June 2024	6.00	%
$	1,100	June 2014	June 2044	5.57	%

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

		Gross				Gross
		Derivative Assets				Derivative Liabilities
millions	Balance Sheet	September 30,		December 31,		September 30,		December 31,
Derivatives	Classification	2011		2010		2011		2010
Commodity
	Other Current Assets	$	428	$	444	$	(81)	$	(274)
	Other Assets		166		242		(9)		(56)
	Accrued Expenses		4		89		(17)		(131)
	Other Liabilities		1		26		(8)		(28)
			599		801		(115)		(489)
Interest Rate and Other
	Accrued Expenses		—		—		(185)		(190)
	Other Liabilities		—		—		(987)		(45)
			—		—		(1,172)		(235)
Total Derivatives		$	599	$	801	$	(1,287)	$	(724)

			(Gain) Loss
			Three Months Ended						Nine Months Ended
millions		Classification of (Gain)	September 30, 2011						September 30, 2011
Derivatives		Loss Recognized	Realized		Unrealized		Total		Realized		Unrealized		Total
Commodity
		Gathering, Processing,
		and Marketing Sales(1)	$	1	$	(3)	$	(2)	$	17	$	(8)	$	9
		(Gains) Losses on Commodity
		Derivatives, net		(71)		(159)		(230)		(155)		(162)		(317)
Interest Rate
	and Other
		(Gains) Losses on Other
		Derivatives, net		—		854		854		2		937		939
Derivative (Gain) Loss, net			$	(70)	$	692	$	622	$	(136)	$	767	$	631

			(Gain) Loss
			Three Months Ended						Nine Months Ended
millions		Classification of (Gain)	September 30, 2010						September 30, 2010
Derivatives		Loss Recognized	Realized		Unrealized		Total		Realized		Unrealized		Total
Commodity
		Gathering, Processing,
		and Marketing Sales(1)	$	—	$	(4)	$	(4)	$	1	$	(9)	$	(8)
		(Gains) Losses on Commodity
		Derivatives, net		(157)		(43)		(200)		(339)		(713)		(1,052)
Interest Rate
	and Other
		(Gains) Losses on Other
		Derivatives, net		—		221		221		—		656		656
Derivative (Gain) Loss, net			$	(157)	$	174	$	17	$	(338)	$	(66)	$	(404)

__________________________________________________________________________

(1)Represents the effect of marketing and trading derivative activities.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

September 30, 2011
millions			Level 1		Level 2		Level 3		Netting (1)		Collateral		Total
Assets:
	Commodity derivatives
		Financial institutions	$	2	$	466	$	—	$	(84)	$	(5)	$	379
		Other counterparties		—		131		—		(11)		—		120
	Interest-rate and other derivatives			—		—		—		—		—		—
Total derivative assets			$	2	$	597	$	—	$	(95)	$	(5)	$	499
Liabilities:
	Commodity derivatives
		Financial institutions	$	(3)	$	(88)	$	—	$	84	$	5	$	(2)
		Other counterparties		—		(24)		—		11		—		(13)
	Interest-rate and other derivatives			—		(1,172)		—		—		110		(1,062)
Total derivative liabilities			$	(3)	$	(1,284)	$	—	$	95	$	115	$	(1,077)

__________________________________________________________________________

(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.

December 31, 2010
millions			Level 1		Level 2		Level 3		Netting (1)		Collateral		Total
Assets:
	Commodity derivatives
		Financial institutions	$	3	$	557	$	—	$	(298)	$	(15)	$	247
		Other counterparties		—		241		—		(148)		—		93
Total derivative assets			$	3	$	798	$	—	$	(446)	$	(15)	$	340
Liabilities:
	Commodity derivatives
		Financial institutions	$	(2)	$	(333)	$	—	$	298	$	—	$	(37)
		Other counterparties		—		(154)		—		148		—		(6)
	Interest-rate and other derivatives			—		(235)		—		—		15		(220)
Total derivative liabilities			$	(2)	$	(722)	$	—	$	446	$	15	$	(263)

__________________________________________________________________________

(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.