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Derivative and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of estimated fair value of oil, natural gas and NGL derivative instrument asset (liabilities)
The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of December 31, 2018 and 2017 are provided below: 
 
 
December 31, 2018
 
December 31, 2017
 
 
Notional Volume
 
Fair Value
 
Notional Volume
 
Fair Value
 
 
 
 
($ in millions)  
 
 
 
($ in millions)  
Oil (mmbbl):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
12

 
$
157

 
21

 
$
(151
)
Collars
 
8

 
98

 
—

 
—

Three-way collars
 
—

 
—

 
2

 
(10
)
Call swaptions
 
—

 
—

 
2

 
(13
)
Basis protection swaps
 
7

 
5

 
11

 
(9
)
Total oil
 
27

 
260

 
36

 
(183
)
Natural gas (bcf):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
623

 
26

 
532

 
149

Three-way collars
 
88

 
1

 
—

 
—

Collars
 
55

 
(3
)
 
47

 
11

Call options
 
44

 
—

 
110

 
(3
)
Call swaptions
 
106

 
(9
)
 
—

 
—

Basis protection swaps
 
50

 
—

 
65

 
(7
)
Total natural gas
 
966

 
15

 
754

 
150

NGL (mmgal):
 
 
 
 
 
 
 
 
Fixed-price swaps
 
—

 
—

 
33

 
(2
)
Contingent Consideration:
 
 
 
 
 
 
 
 
Utica divestiture
 
 
 
7

 
 
 
—

Total estimated fair value
 
 
 
$
282

 
 
 
$
(35
)
Schedule of effects of dividend instruments in consolidated balance sheets
The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2018 and 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 Sheets
 
 
($ in millions)
As of December 31, 2018
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
Short-term derivative asset
 
$
306

 
$
(104
)
 
$
202

Long-term derivative asset
 
117

 
(41
)
 
76

Short-term derivative liability
 
(107
)
 
104

 
(3
)
Long-term derivative liability
 
(41
)
 
41

 
—

Contingent Consideration:
 
 
 
 
 
 
Short-term derivative asset
 
7

 
—

 
7

Total derivatives
 
$
282

 
$
—

 
$
282

 
 
 
 
 
 
 
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 effects of derivative instruments in consolidated statements of operations
The components of marketing revenues for the years ended December 31, 2018, 2017 and 2016 are presented below:    
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 
($ in millions)
Marketing revenues
 
$
5,069

 
$
4,511

 
$
4,881

Gains on undesignated marketing natural gas derivatives
 
7

 
—

 
—

Losses on undesignated supply contract derivatives
 
—

 
—

 
(297
)
Total marketing revenues
 
$
5,076

 
$
4,511

 
$
4,584

The components of oil, natural gas and NGL revenues for the years ended December 31, 2018, 2017 and 2016 are presented below:
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 
($ in millions)
Oil, natural gas and NGL revenues
 
$
5,189

 
$
4,574

 
$
3,866

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

 
445

 
(545
)
Losses on terminated cash flow hedges
 
(34
)
 
(34
)
 
(33
)
Total oil, natural gas and NGL revenues
 
$
5,155

 
$
4,985

 
$
3,288
Schedule of effects of derivative instruments in 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:
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 
Before 
Tax  
 
After 
Tax  
 
Before 
Tax  
 
After 
Tax  
 
Before 
Tax  
 
After 
Tax  
 
 
($ in millions)
Balance, beginning of period
 
$
(114
)
 
$
(57
)
 
$
(153
)
 
$
(96
)
 
$
(160
)
 
$
(99
)
Net change in fair value
 
—

 
—

 
5

 
5

 
(27
)
 
(13
)
Losses reclassified to income
 
34

 
34

 
34

 
34

 
34

 
16

Balance, end of period
 
$
(80
)
 
$
(23
)
 
$
(114
)
 
$
(57
)
 
$
(153
)
 
$
(96
)
Schedule of fair value measurement of financial assets (liabilities) measured at fair value on a recurring basis
The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2018 and 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 December 31, 2018
 
 
 
 
 
 
 
 
Derivative Assets (Liabilities):
 
 
 
 
 
 
 
 
Commodity assets
 
$
—

 
$
319

 
$
103

 
$
422

Commodity liabilities
 
—

 
(131
)
 
(16
)
 
(147
)
Utica divestiture contingent consideration
 
—

 
—

 
7

 
7

Total derivatives
 
$
—

 
$
188

 
$
94

 
$
282

 
 
 
 
 
 
 
 
 
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 2018 and 2017 is presented below: 
 
 
Commodity
Derivatives
 
Utica Contingent Consideration
 
 
($ in millions)
 
 
Balance, as of January 1, 2018
 
$
(15
)
 
$
—

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
77

 
7

Total purchases, issuances, sales and settlements:
 
 
 
 
Settlements
 
25

 
—

Balance, as of December 31, 2018
 
$
87

 
$
7

 
 
 
 
 
Balance, as of January 1, 2017
 
$
(10
)
 
$
—

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
2

 
—

Total purchases, issuances, sales and settlements:
 
 
 
 
Settlements
 
(7
)
 
—

Balance, as of December 31, 2017
 
$
(15
)
 
$
—

___________________________________________
(a)
 
 
Commodity Derivatives
 
Utica Contingent Consideration
 
 
 
 
 
2018
 
2017
 
2018
 
2017
 
 
 
($ in millions)
 
 
 
 
 
Total gains included in earnings for the period
 
$
77

 
$
2

 
$
7

 
$
—

 
Change in unrealized gains (losses) related to assets
still held at reporting date
 
$
86

 
$
(14
)
 
$
7

 
$
—

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 December 31, 2018 and 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 December 31, 2018
 
 
 
 
 
 
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
50

 
$
—

 
$
—

 
$
50

Other current liabilities
 
(51
)
 
—

 
—

 
(51
)
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 in fair value measurement of commodity contracts
The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts as of December 31, 2018:
Instrument
Type
 
Unobservable
Input
 
Range
 
Weighted
Average
 
Fair Value
December 31, 2018
 
 
 
 
 
 
 
 
($ in millions)
Oil trades
 
Oil price volatility curves
 
23.70% – 42.17%
 
32.51%
 
$
98

Natural gas trades
 
Natural gas price volatility
curves
 
12.88% – 90.93%
 
24.93%
 
$
(11
)
Utica contingent consideration
 
Natural gas price volatility
curves
 
10.36% – 57.66%
 
—
 
$
7