Derivative and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

Oil And Gas Production/Processing Derivative Activities Disclosure

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of March 31, 2013 and December 31, 2012 are provided below.



	March 31, 2013				December 31, 2012
	Volume	Fair Value			Volume	Fair Value
		($ in millions)				($ in millions)
Natural gas (tbtu):
Fixed-price swaps	586	$	(233	)	49	$	24
Call options	193	(233		)	193	(240		)
Basis protection swaps	101	(15		)	111	(15		)
Three-way collars	72	(15		)	—	—
Total natural gas	952	(496		)	353	(231		)
Oil (mmbbl):
Fixed-price swaps	43.8	(17		)	28.1	68
Call options	69.5	(514		)	73.8	(748		)
Call swaptions	5.3	(6		)	5.3	(13		)
Basis protection swaps	3.2	(2		)	5.5	—
Total oil	121.8	(539		)	112.7	(693		)
Total estimated fair value		$	(1,035	)		$	(924	)

Schedule Of Components Of Natural Gas And Oil Sales [Table Text Block]

The components of natural gas, oil and NGL sales for the Current Quarter and the Prior Quarter are presented below.



	Three Months Ended March 31,
	2013			2012
	($ in millions)
Natural gas, oil and NGL sales	$	1,595		$	1,221
Gains (losses) on natural gas, oil and NGL derivatives	(142		)	(153		)
Total natural gas, oil and NGL sales	$	1,453		$	1,068

Interest Rate Derivatives Outstanding

The notional amount and the estimated fair value of our interest rate derivative liabilities as of March 31, 2013 and December 31, 2012 are provided below.



	March 31, 2013					December 31, 2012
	Notional Amount		Fair Value			Notional Amount		Fair Value
			($ in millions)
Interest rate:
Swaps	$	1,750	$	(37	)	$	1,050	$	(35	)
Swaptions	125		(2		)	—		—
Totals	$	1,875	$	(39	)	$	1,050	$	(35	)

Interest Income And Interest Expense Disclosure

The components of interest expense for the Current Quarter and the Prior Quarter are presented below.



	Three Months Ended March 31,
	2013			2012
	($ in millions)
Interest expense on senior notes	$	186		$	174
Interest expense on credit facilities	12			21
Interest expense on term loans	29			—
(Gains) losses on interest rate derivatives	4			4
Amortization of loan discount, issuance costs and other	19			1
Capitalized interest	(229		)	(188		)
Total interest expense	$	21		$	12

Schedule Of Derivative Instruments In Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument disclosed in the condensed consolidated balance sheets as of March 31, 2013 and December 31, 2012 on a gross basis without regard to same-counterparty netting:



		Fair Value
	Balance Sheet Location	March 31, 2013			December 31, 2012
		($ in millions)
Asset Derivatives:
Not designated as hedging instruments:
Commodity contracts	Short-term derivative instruments	$	18		$	110
Commodity contracts	Long-term derivative instruments	22			5
Total		40			115

Liability Derivatives:
Designated as hedging instruments:
Foreign currency contracts	Long-term derivative instruments	(36		)	(20		)
Total		(36		)	(20		)

Not designated as hedging instruments:
Commodity contracts	Short-term derivative instruments	(435		)	(157		)
Commodity contracts	Long-term derivative instruments	(640		)	(882		)
Interest rate contracts	Short-term derivative instruments	(2		)	—
Interest rate contracts	Long-term derivative instruments	(37		)	(35		)
Total		(1,114		)	(1,074		)
Total derivative instruments		$	(1,110	)	$	(979	)

Netting Offsets of Derivative Assets and Liabilities [Table Text Block]

The following tables present the netting offsets of derivative assets and liabilities as of March 31, 2013 and December 31, 2012:



	March 31, 2013
	Derivative Assets						Derivative Liabilities
	Short-Term			Long-Term			Short-Term			Long-Term
	($ in millions)
Commodity Contracts:
Gross amounts of recognized assets (liabilities)	$	18		$	22		$	(435	)	$	(640	)
Gross amounts offset in the condensed consolidated statements of financial position	(13		)	(20		)	13			20
Net amounts of assets (liabilities) presented in the statements of financial position	5			2			(422		)	(620		)
Interest Rate Contracts:
Gross amounts of recognized assets (liabilities)	—			—			(2		)	(37		)
Gross amounts offset in the condensed consolidated statements of financial position	—			—			—			—
Net amounts of assets (liabilities) presented in the statements of financial position	—			—			(2		)	(37		)
Foreign Currency Contracts:
Gross amounts of recognized assets (liabilities)	—			—			—			(36		)
Gross amounts offset in the condensed consolidated statements of financial position	—			—			—			—
Net amounts of assets (liabilities) presented in the statements of financial position	—			—			—			(36		)

Total derivatives as reported	$	5		$	2		$	(424	)	$	(693	)



	December 31, 2012
	Derivative Assets						Derivative Liabilities
	Short-Term			Long-Term			Short-Term			Long-Term
	($ in millions)
Commodity Contracts:
Gross amounts of recognized assets (liabilities)	$	110		$	5		$	(157	)	$	(882	)
Gross amounts offset in the consolidated statements of financial position	(52		)	(3		)	52			3
Net amounts of assets (liabilities) presented in the statements of financial position	58			2			(105		)	(879		)
Interest Rate Contracts:
Gross amounts of recognized assets (liabilities)	—			—			—			(35		)
Gross amounts offset in the consolidated statements of financial position	—			—			—			—
Net amounts of assets (liabilities) presented in the statements of financial position	—			—			—			(35		)
Foreign Currency Contracts:
Gross amounts of recognized assets (liabilities)	—			—			—			(20		)
Gross amounts offset in the consolidated statements of financial position	—			—			—			—
Net amounts of assets (liabilities) presented in the statements of financial position	—			—			—			(20		)

Total derivatives as reported	$	58		$	2		$	(105	)	$	(934	)

Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance

The following table presents the gain (loss) recognized in the condensed consolidated statements of operations for terminated instruments that were designated as fair value derivatives:



		Three Months Ended March 31,
Fair Value Derivatives	Location of Gain (Loss)	2013		2012
		($ in millions)
Interest rate contracts	Interest expense	$	2	$	2

Reconciliation Of Components Of Accumulated Other Comprehensive Income (Loss)

A reconciliation of the changes of accumulated other comprehensive income (loss) in the condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below.



	Three Months Ended March 31,
	2013						2012
	Before Tax			After Tax			Before Tax			After Tax
	($ in millions)
Balance, beginning of period	$	(304	)	$	(189	)	$	(287	)	$	(178	)
Net change in fair value	(2		)	(1		)	6			4
(Gains) losses reclassified to income	19			12			(3		)	(2		)
Balance, end of period	$	(287	)	$	(178	)	$	(284	)	$	(176	)

Schedule Of Cash Flow Hedge Instruments, Gain (Loss) In Statement Of Financial Performance

The following table presents the pre-tax gain (loss) recognized in, and reclassified from, accumulated other comprehensive income (AOCI) related to instruments designated as cash flow derivatives:



		Three Months Ended March 31,
Cash Flow Derivatives	Location of Gain (Loss)	2013			2012
		($ in millions)
Gain (Loss) Recognized in AOCI (Effective Portion):
Commodity contracts	AOCI	$	—		$	1
Foreign currency contracts	AOCI	(2		)	5
		$	(2	)	$	6
Gain (Loss) Reclassified from AOCI (Effective Portion):
Commodity contracts	Natural gas, oil and NGL sales	$	(19	)	$	3
		$	(19	)	$	3

Derivatives Not Designated As Hedging Instruments Disclosure

The following table presents the gain (loss) recognized in the condensed consolidated statements of operations for instruments not designated as either cash flow or fair value hedges:



		Three Months Ended March 31,
Derivative Contracts	Location of Gain (Loss)	2013			2012
		($ in millions)
Commodity contracts	Natural gas, oil and NGL sales	$	(123	)	$	(156	)
Interest rate contracts	Interest expense	(6		)	(6		)
Equity contracts	Other income	—			(2		)
Total		$	(129	)	$	(164	)