XML 170 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2013
Text Block [Abstract]  
Oil And Gas Production/Processing Derivative Activities Disclosure
The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2013 and December 31, 2012 are provided below. 
 
 
June 30, 2013
 
December 31, 2012
 
 
Volume    
 
Fair Value  
 
Volume    
 
Fair Value  
 
 
 
 
($ in millions)  
 
 
 
($ in millions)  
Natural gas (tbtu):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
519

 
$
94

 
49

 
$
24

Call options
 
193

 
(227
)
 
193

 
(240
)
Call swaptions
 
12

 
(1
)
 
—

 
—

Basis protection swaps
 
90

 
(7
)
 
111

 
(15
)
Three-way collars
 
55

 
3

 
—

 
—

Total natural gas
 
869

 
(138
)
 
353

 
(231
)
Oil (mmbbl):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
36.8

 
75

 
28.1

 
68

Call options
 
67.6

 
(363
)
 
73.8

 
(748
)
Call swaptions
 
5.3

 
(2
)
 
5.3

 
(13
)
Basis protection swaps
 
0.7

 
3

 
5.5

 
—

Total oil
 
110.4

 
(287
)
 
112.7

 
(693
)
Total estimated fair value
 
 
 
$
(425
)
 
 
 
$
(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, the Prior Quarter, the Current Period and the Prior Period are presented below. 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
($ in millions)
Natural gas, oil and NGL sales
 
$
1,869

 
$
1,112

 
$
3,464

 
$
2,334

Gains (losses) on natural gas, oil and NGL derivatives
 
537

 
1,005

 
394

 
851

Total natural gas, oil and NGL sales
 
$
2,406

 
$
2,117

 
$
3,858

 
$
3,185
Interest Rate Derivatives Outstanding
The notional amount and the estimated fair value of our interest rate derivative liabilities as of June 30, 2013 and December 31, 2012 are provided below. 
 
 
June 30, 2013
 
December 31, 2012
 
 
Notional
Amount
 
Fair
Value
 
Notional
Amount
 
Fair
Value
 
 
 
 
($ in millions)
 
 
Interest rate swaps
 
$
2,100

 
$
(91
)
 
$
1,050

 
$
(35
)
Interest Income And Interest Expense Disclosure
The components of interest expense for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below. 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
($ in millions)
Interest expense on senior notes
 
$
194

 
$
185

 
$
380

 
$
359

Interest expense on credit facilities
 
11

 
16

 
22

 
37

Interest expense on term loans
 
29

 
62

 
58

 
62

(Gains) losses on interest rate derivatives
 
50

 
(7
)
 
54

 
(2
)
Amortization of loan discount, issuance costs and other
 
30

 
42

 
48

 
42

Capitalized interest
 
(210
)
 
(284
)
 
(438
)
 
(472
)
Total interest expense
 
$
104

 
$
14

 
$
124

 
$
26
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 June 30, 2013 and December 31, 2012 on a gross basis without regard to same-counterparty netting: 
 
 
 
 
Fair Value
 
 
Balance Sheet Location
 
June 30,
2013
 
December 31,
2012
 
 
 
 
($ in millions)
Asset Derivatives:
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
Commodity contracts
 
Short-term derivative instruments
 
$
159

 
$
110

Commodity contracts
 
Long-term derivative instruments
 
61

 
5

Total
 
220

 
115

 
 
 
 
 
 
 
Liability Derivatives:
 
 
 
 
 
 
Designated as hedging instruments:
 
 
 
 
 
 
Foreign currency contracts
 
Long-term derivative instruments
 
(27
)
 
(20
)
Total
 
(27
)
 
(20
)
 
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
Commodity contracts
 
Short-term derivative instruments
 
(163
)
 
(157
)
Commodity contracts
 
Long-term derivative instruments
 
(482
)
 
(882
)
Interest rate contracts
 
Long-term derivative instruments
 
(91
)
 
(35
)
Total
 
(736
)
 
(1,074
)
Total derivative instruments
 
$
(543
)
 
$
(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 June 30, 2013 and December 31, 2012:
 
 
June 30, 2013
 
 
Derivative Assets
 
Derivative Liabilities
 
 
Short-
Term
 
Long-
Term
 
Short-
Term
 
Long-
Term
 
 
($ in millions)
Commodity Contracts:
 
 
 
 
 
 
 
 
Gross amounts of recognized assets (liabilities)
 
$
159

 
$
61

 
$
(163
)
 
$
(482
)
Gross amounts offset in the condensed consolidated
statements of financial position
 
(109
)
 
(54
)
 
109

 
54

Net amounts of assets (liabilities) presented in the
statements of financial position
 
50

 
7

 
(54
)
 
(428
)
Interest Rate Contracts:
 
 
 
 
 
 
 
 
Gross amounts of recognized assets (liabilities)
 
—

 
—

 
—

 
(91
)
Gross amounts offset in the condensed consolidated
statements of financial position
 
—

 
—

 
—

 
—

Net amounts of assets (liabilities) presented in the
statements of financial position
 
—

 
—

 
—

 
(91
)
Foreign Currency Contracts:
 
 
 
 
 
 
 
 
Gross amounts of recognized assets (liabilities)
 
—

 
—

 
—

 
(27
)
Gross amounts offset in the condensed consolidated
statements of financial position
 
—

 
—

 
—

 
—

Net amounts of assets (liabilities) presented in the
statements of financial position
 
—

 
—

 
—

 
(27
)
 
 
 
 
 
 
 
 
 
Total derivatives as reported
 
$
50

 
$
7

 
$
(54
)
 
$
(546
)
 
 
 
 
 
 
 
 
 
 
 
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
For the Current Quarter and the Current Period, amounts reclassified from accumulated other comprehensive income (loss), net of tax, into the condensed consolidated statement of operations are detailed below.
Details About Accumulated
Other Comprehensive
Income Components
 
Affected Line Item
in the Statement
Where Net Income is Presented
 
Three Months Ended
June 30, 2013
 
Six Months Ended
June 30, 2013
 
 
 
 
($ in millions)
Net losses on cash flow hedges:
 
 
 
 
 
 
Commodity contracts
 
Natural gas, oil and NGL revenues
 
$
(1
)
 
$
11

Investments:
 
 
 
 
 
 
Impairment of investment
 
Impairment of investment
 
—

 
6

Total reclassifications
for the period, net of tax
 
$
(1
)
 
$
17

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
June 30,
 
Six Months Ended
June 30,
Fair Value Derivatives 
 
Location of Gain (Loss)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
($ in millions)
Interest rate contracts
 
Interest expense
 
$
1

 
$
2

 
$
3

 
$
4
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated Other Comprehensive Income (Loss)
For the Current Period, changes in accumulated other comprehensive income (loss) by component, net of tax, are detailed below.
 
 
Net Gains
(Losses) on
Cash Flow
Hedges
 
Net Gains
(Losses)
on
Investments
 
Total
 
 
($ in millions)
Balance, December 31, 2012
 
$
(189
)
 
$
7

 
$
(182
)
Other comprehensive income before reclassifications
 
—

 
(5
)
 
(5
)
Amounts reclassified from accumulated other comprehensive income
 
11

 
6

 
17

Net current period other comprehensive income
 
11

 
1

 
12

Balance, June 30, 2013
 
$
(178
)
 
$
8

 
$
(170
)
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
June 30,
 
 
2013
 
2012
 
 
Before 
Tax  
 
After 
Tax  
 
Before 
Tax  
 
After 
Tax  
 
 
($ in millions)
Balance, beginning of period
 
$
(287
)
 
$
(178
)
 
$
(284
)
 
$
(176
)
Net change in fair value
 
2

 
1

 
(5
)
 
(3
)
(Gains) losses reclassified to income
 
(1
)
 
(1
)
 
(17
)
 
(11
)
Balance, end of period
 
$
(286
)
 
$
(178
)
 
$
(306
)
 
$
(190
)
 
 
Six Months Ended
June 30,
 
 
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
 
—

 
—

 
—

 
—

(Gains) losses reclassified to income
 
18

 
11

 
(19
)
 
(12
)
Balance, end of period
 
$
(286
)
 
$
(178
)
 
$
(306
)
 
$
(190
)
Schedule Of Cash Flow Hedge Hedges Included in AOCI
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
June 30,
 
Six Months Ended
June 30,
Cash Flow Derivatives
 
Location of Gain (Loss)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
($ in millions)
Gain (Loss) Recognized in
AOCI (Effective Portion):
 
 
 
 
 
 
 
 
 
 
Foreign currency
contracts
 
AOCI
 
$
2

 
$
(5
)
 
$
—

 
$
—

 
 
 
 
$
2

 
$
(5
)
 
$
—

 
$
—

Gain (Loss) Reclassified from
AOCI Effective Portion):
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
Natural gas, oil and
NGL sales
 
$
1

 
$
17

 
$
(18
)
 
$
19

 
 
 
 
$
1

 
$
17

 
$
(18
)
 
$
19
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
June 30,
 
Six Months Ended
June 30,
Derivative Contracts
 
Location of Gain (Loss)
 
2013
 
2012
 
2013
 
2012
 
 
 
 
($ in millions)
Commodity contracts
 
Natural gas, oil and
NGL sales
 
$
536

 
$
988

 
$
412

 
$
832

Interest rate contracts
 
Interest expense
 
(51
)
 
5

 
(57
)
 
(2
)
Equity contracts
 
Other income
 
—

 
1

 
—

 
—

Total
 
$
485

 
$
994

 
$
355

 
$
830