Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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 March 31, 2019 and December 31, 2018:

	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 March 31, 2019
Derivative Assets (Liabilities):
Commodity assets	$	—	$	89		$	27		$	116
Commodity liabilities	—		(102		)	(24		)	(126		)
Utica divestiture contingent consideration	—		—			7			7
Total derivatives	$	—	$	(13	)	$	10		$	(3	)
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

A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below:

	Commodity Derivatives			Utica Contingent Consideration
	($ in millions)
Balance, as of January 1, 2019	$	87		$	7
Total gains (losses) (realized/unrealized):
Included in earnings(a)	(88		)	—
Total purchases, issuances, sales and settlements:
Settlements	4			—
Balance, as of March 31, 2019	$	3		$	7
Balance, as of January 1, 2018	$	(15	)	$	—
Total gains (losses) (realized/unrealized):
Included in earnings(a)	(8		)	—
Total purchases, issuances, sales and settlements:
Settlements	(1		)	—
Balance, as of March 31, 2018	$	(24	)	$	—

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(a)		Commodity Derivatives
		2019			2018
		($ in millions)
	Total gains (losses) included in earnings for the period	$	(88	)	$	(8	)
	Change in unrealized gains (losses) related to assets still held at reporting date	$	(84	)	$	(10	)

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 March 31, 2019 and December 31, 2018:

	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 March 31, 2019
Financial Assets (Liabilities):
Other current assets	$	43		$	—	$	—	$	43
Other current liabilities	(44		)	—		—		(44		)
Total	$	(1	)	$	—	$	—	$	(1	)
As of December 31, 2018
Financial Assets (Liabilities):
Other current assets	$	50		$	—	$	—	$	50
Other current liabilities	(51		)	—		—		(51		)
Total	$	(1	)	$	—	$	—	$	(1	)