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Derivative and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of estimated fair values of oil, natural gas and NGL derivative instruments
The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of June 30, 2018 and December 31, 2017 are provided below: 
 
 
June 30, 2018
 
December 31, 2017
 
 
Notional Volume
 
Fair Value
 
Notional Volume
 
Fair Value
 
 
 
 
($ in millions)  
 
 
 
($ in millions)  
Oil (mmbbl):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
26

 
$
(271
)
 
21

 
$
(151
)
Three-way collars
 
1

 
(14
)
 
2

 
(10
)
Call swaptions
 
2

 
(32
)
 
2

 
(13
)
Basis protection swaps
 
11

 
6

 
11

 
(9
)
Total oil
 
40

 
(311
)
 
36

 
(183
)
Natural gas (bcf):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
240

 
3

 
532

 
149

Three-way collars
 
87

 
—

 
—

 
—

Collars
 
24

 
2

 
47

 
11

Call options
 
77

 
—

 
110

 
(3
)
Basis protection swaps
 
45

 
(1
)
 
65

 
(7
)
Total natural gas
 
473

 
4

 
754

 
150

NGL (mmgal):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
114

 
(11
)
 
33

 
(2
)
Total estimated fair value
 
 
 
$
(318
)
 
 
 
$
(35
)
Schedule of effect of derivative instruments, condensed consolidated balance sheets
The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 on a gross basis and after same-counterparty netting:
Balance Sheet Classification
 
Gross
Fair Value
 
Amounts Netted
in the
Consolidated
Balance Sheets
 
Net Fair Value
Presented in the
Consolidated
Balance Sheet
 
 
($ in millions)
As of June 30, 2018
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
Short-term derivative asset
 
$
20

 
$
(20
)
 
$
—

Long-term derivative asset
 
7

 
(7
)
 
—

Short-term derivative liability
 
(317
)
 
20

 
(297
)
Long-term derivative liability
 
(28
)
 
7

 
(21
)
Total derivatives
 
$
(318
)
 
$
—

 
$
(318
)
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
Short-term derivative asset
 
$
157

 
$
(130
)
 
$
27

Short-term derivative liability
 
(188
)
 
130

 
(58
)
Long-term derivative liability
 
(4
)
 
—

 
(4
)
Total derivatives
 
$
(35
)
 
$
—

 
$
(35
)
Schedule of effect of derivative instruments, condensed consolidated statements of operations
The components of oil, natural gas and NGL revenues 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,
 
 
2018
 
2017
 
2018
 
2017
 
 
($ in millions)
Oil, natural gas and NGL revenues
 
$
1,233

 
$
1,079

 
$
2,593

 
$
2,226

Gains (losses) on undesignated oil, natural gas
and NGL derivatives
 
(244
)
 
207

 
(351
)
 
539

Losses on terminated cash flow hedges
 
(7
)
 
(7
)
 
(17
)
 
(17
)
Total oil, natural gas and NGL revenues
 
$
982

 
$
1,279

 
$
2,225

 
$
2,748
Schedule of effect of derivative instruments, accumulated other comprehensive income (loss)
A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:
 
 
Three Months Ended June 30,
 
 
2018
 
2017
 
 
Before 
Tax  
 
After 
Tax  
 
Before 
Tax  
 
After 
Tax  
 
 
($ in millions)
Balance, beginning of period
 
$
(104
)
 
$
(47
)
 
$
(139
)
 
(82
)
Losses reclassified to income
 
7

 
7

 
7

 
7

Balance, end of period
 
$
(97
)
 
$
(40
)
 
(132
)
 
(75
)
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
2018
 
2017
 
 
Before 
Tax  
 
After 
Tax  
 
Before 
Tax  
 
After 
Tax  
 
 
($ in millions)
Balance, beginning of period
 
$
(114
)
 
$
(57
)
 
$
(153
)
 
$
(96
)
Net change in fair value
 
—

 
—

 
4

 
4

Losses reclassified to income
 
17

 
17

 
17

 
17

Balance, end of period
 
$
(97
)
 
$
(40
)
 
$
(132
)
 
$
(75
)
Schedule of financial assets (liabilities)
The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017: 
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2) 
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
 
 
 
 
($ in millions)
 
 
As of June 30, 2018
 
 
 
 
 
 
 
 
Derivative Assets (Liabilities):
 
 
 
 
 
 
 
 
Commodity assets
 
$
—

 
$
20

 
$
7

 
$
27

Commodity liabilities
 
—

 
(293
)
 
(52
)
 
(345
)
Total derivatives
 
$
—

 
$
(273
)
 
$
(45
)
 
$
(318
)
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
Derivative Assets (Liabilities):
 
 
 
 
 
 
 
 
Commodity assets
 
$
—

 
$
—

 
$
8

 
$
8

Commodity liabilities
 
—

 
(20
)
 
(23
)
 
(43
)
Total derivatives
 
$
—

 
$
(20
)
 
$
(15
)
 
$
(35
)


A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Period and the Prior Period is presented below: 
 
 
Commodity
Derivatives
 
 
($ in millions)
Balance, as of January 1, 2018
 
$
(15
)
Total gains (losses) (realized/unrealized):
 
 
Included in earnings(a)
 
(32
)
Total purchases, issuances, sales and settlements:
 
 
Settlements
 
2

Balance, as of June 30, 2018
 
$
(45
)
 
 
 
Balance, as of January 1, 2017
 
$
(10
)
Total gains (losses) (realized/unrealized):
 
 
Included in earnings(a)
 
19

Total purchases, issuances, sales and settlements:
 
 
Settlements
 
1

Balance, as of June 30, 2017
 
$
10

___________________________________________
(a)
 
 
Commodity Derivatives
 
 
 
 
 
2018
 
2017
 
 
 
($ in millions)
 
Total gains (losses) included in earnings for the period
 
$
(32
)
 
$
19

 
Change in unrealized gains (losses) related to assets
still held at reporting date
 
$
(30
)
 
$
12

The following table provides fair value measurement information for the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017:
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2) 
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
 
 
($ in millions)
As of June 30, 2018
 
 
 
 
 
 
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
53

 
$
—

 
$
—

 
$
53

Other current liabilities
 
(52
)
 
—

 
—

 
(52
)
Total
 
$
1

 
$
—

 
$
—

 
$
1

 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
57

 
$
—

 
$
—

 
$
57

Other current liabilities
 
(60
)
 
—

 
—

 
(60
)
Total
 
$
(3
)
 
$
—

 
$
—

 
$
(3
)
Schedule of quantitative information about level 3 inputs used
The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts at fair value as of June 30, 2018:
Instrument
Type
 
Unobservable
Input
 
Range
 
Weighted
Average
 
Fair Value
June 30, 2018
 
 
 
 
 
 
 
 
($ in millions)
Oil trades
 
Oil price volatility curves
 
17.16% – 30.26%
 
25.01%
 
$
(47
)
Natural gas trades
 
Natural gas price volatility curves
 
14.23% – 46.86%
 
18.30%
 
$
2