Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2019
Derivative Assets (Liabilities):
Commodity assets	$	—	$	280		$	34		$	314
Commodity liabilities	—		(40		)	(12		)	(52		)
Utica divestiture contingent consideration	—		—			—			—
Total derivatives	$	—	$	240		$	22		$	262
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 Period and the Prior Period 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)	(64		)	(7		)
Total purchases, issuances, sales and settlements:
Settlements	(1		)	—
Balance, as of June 30, 2019	$	22		$	—
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	)	$	—

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(a)		Commodity Derivatives						Utica Contingent Consideration
		2019			2018			2019			2018
		($ in millions)
	Total gains (losses) included in earnings for the period	$	(64	)	$	(32	)	$	(7	)	$	—
	Change in unrealized gains (losses) related to assets still held at reporting date	$	(66	)	$	(30	)	$	(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 June 30, 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 June 30, 2019
Financial Assets (Liabilities):
Other current assets	$	44		$	—	$	—	$	44
Other current liabilities	(45		)	—		—		(45		)
Total	$	(1	)	$	—	$	—	$	(1	)
As of December 31, 2018
Financial Assets (Liabilities):
Other current assets	$	50		$	—	$	—	$	50
Other current liabilities	(51		)	—		—		(51		)
Total	$	(1	)	$	—	$	—	$	(1	)