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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-Based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the changes in unvested restricted stock during the Current Period is presented below.
 
 
Shares of
Unvested
Restricted Stock
 
Weighted Average
Grant Date
Fair Value
 
 
(in thousands)
 
 
Unvested restricted stock as of January 1, 2017
 
9,092

 
$
11.39

Granted
 
9,872

 
$
5.40

Vested
 
(4,481
)
 
$
13.63

Forfeited
 
(942
)
 
$
8.85

Unvested restricted stock as of September 30, 2017
 
13,541

 
$
6.46
Equity-Classified Share-Based Payment Award Valuation Assumptions
The Company utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the PSUs.
Volatility
 
87.16
%
Risk-free interest rate
 
1.51
%
Dividend yield for value of awards
 
—
%
The Company used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period.
Expected option life – years
 
6.0

Volatility
 
62.42
%
Risk-free interest rate
 
2.17
%
Dividend yield
 
—
%
Schedule of Share-Based Compensation, Stock Options, Activity
The following table provides information related to stock option activity in the Current Period. 
 
 
Number of
Shares
Underlying  
Options
 
Weighted
Average
Exercise Price Per Share
 
Weighted  
Average
Contract Life in Years
 
Aggregate  
Intrinsic
Value(a)
 
 
(in thousands)
 
 
 
 
 
($ in millions)
Outstanding as of January 1, 2017
 
8,593

 
$
11.88

 
7.22
 
$
14

Granted
 
9,226

 
$
5.45

 
 
 
 
Exercised
 
—

 
$
—

 
 
 
$
—

Expired
 
(524
)
 
$
18.45

 
 
 
 
Forfeited
 
(904
)
 
$
9.91

 
 
 
 
Outstanding as of September 30, 2017
 
16,391

 
$
8.16

 
8.04
 
$
2

Exercisable as of September 30, 2017
 
4,490

 
$
15.22

 
5.49
 
$
1

___________________________________________
(a)
The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option.
Equity-Classified Stock-Based Compensation
We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
($ in millions)
General and administrative expenses
 
$
9

 
$
10

 
$
29

 
$
28

Oil and natural gas properties
 
3

 
4

 
10

 
13

Oil, natural gas and NGL production expenses
 
2

 
4

 
9

 
10

Marketing, gathering and compression expenses
 
—

 
—

 
—

 
1

Total restricted stock and stock option compensation
 
$
14

 
$
18

 
$
48

 
$
52

We recognized the following compensation costs (credits) related to PSUs for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
($ in millions)
General and administrative expenses
 
$
(2
)
 
$
7

 
$
(4
)
 
$
10

Restructuring and other termination costs
 
—

 
—

 
—

 
1

Total PSU compensation
 
$
(2
)
 
$
7

 
$
(4
)
 
$
11
Liability-Classified Share-Based Payment Award Valuation Assumptions
The Company utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the PSUs.
Volatility
 
87.16
%
Risk-free interest rate
 
1.51
%
Dividend yield for value of awards
 
—
%
The Company used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period.
Expected option life – years
 
6.0

Volatility
 
62.42
%
Risk-free interest rate
 
2.17
%
Dividend yield
 
—
%
Schedule of Nonvested Performance-based Units Activity
The following table presents a summary of our 2017, 2016 and 2015 PSU awards.
 
 
 
 
Grant Date
Fair Value
 
September 30, 2017
 
 
Units
 
 
Fair Value
 
Vested Liability
 
 
 
 
($ in millions)
 
($ in millions)
2017 Awards:
 
 
 
 
 
 
 
 
Payable 2020
 
1,217,774

 
$
8

 
$
6

 
$
2

2016 Awards:
 
 
 
 
 
 
 
 
Payable 2019
 
2,348,893

 
$
10

 
$
9

 
$
8

2015 Awards:
 
 
 
 
 
 
 
 
Payable 2018
 
629,694

 
$
13

 
$
1

 
$
1
Liability-Classified Stock-Based Compensation
We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
($ in millions)
General and administrative expenses
 
$
9

 
$
10

 
$
29

 
$
28

Oil and natural gas properties
 
3

 
4

 
10

 
13

Oil, natural gas and NGL production expenses
 
2

 
4

 
9

 
10

Marketing, gathering and compression expenses
 
—

 
—

 
—

 
1

Total restricted stock and stock option compensation
 
$
14

 
$
18

 
$
48

 
$
52

We recognized the following compensation costs (credits) related to PSUs for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period.
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
($ in millions)
General and administrative expenses
 
$
(2
)
 
$
7

 
$
(4
)
 
$
10

Restructuring and other termination costs
 
—

 
—

 
—

 
1

Total PSU compensation
 
$
(2
)
 
$
7

 
$
(4
)
 
$
11