Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedges, Assets [Abstract]

Outstanding contracts that are not designated for hedge accounting

At December 31, 2014, we had outstanding derivative positions as set forth in the tables below.

Natural Gas

Period and Type of Instrument		NYMEX Contract Price Per MMBtu
						Collars
	Volume in MMMBtus	Swaps (Weighted Average)		Sold Puts(Weighted Average)		Floors(Weighted Average)		Ceilings(Weighted Average)		Estimated Fair Value Asset (Liability)
										(In millions)
2015:
Fixed-price swaps	49,275	$	4.28	$	—	$	—	$	—	$	62
Collars	38,325	—		—		3.93		4.74		36
2016:
Swaptions (1)	—	4.10		—		—		—		(2		)
Collars	10,980	—		—		4.00		4.54		7
Total										$	103

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(1) During the fourth quarter of 2014, we sold natural gas swaption contracts that, if exercised on their expiration date in the second quarter of 2015, would protect 14,640 MMMBtus of calendar-year 2016 production from future commodity price volatility. These contracts give the counterparties the option to enter into swap contracts with us at $4.10/MMBtu for calendar-year 2016.

Crude Oil

		NYMEX Contract Price Per Bbl
						Collars				Estimated Fair Value Asset (Liability)
Period and Type of Instrument	Volume in MBbls	Swaps (Weighted Average)		Sold Puts (Weighted Average) (1)		Floors (Weighted Average)		Ceilings (Weighted Average)
										(In millions)
2015:
Fixed-price swaps	2,275	$	90.20	$	—	$	—	$	—	$	78
Fixed-price swaps with sold puts:	15,019
Fixed-price swaps		90.02		—		—		—		495
Sold puts		—		71.67		—		—		(258		)
Collars with sold puts:	730
Collars		—		—		90.00		104.00		25
Sold puts		—		75.00		—		—		(15		)
2016:
Fixed-price swaps with sold puts:	10,060
Fixed-price swaps		89.98		—		—		—		266
Sold puts		—		74.14		—		—		(174		)
Collars with sold puts:	6,220
Collars		—		—		90.00		96.15		170
Sold puts		—		75.00		—		—		(112		)
Swaptions (2)	—	91.00		—		—		—		—
2017:
Fixed-price swaps with sold puts:	4,468
Fixed-price swaps		88.37		—		—		—		93
Sold puts		—		73.28		—		—		(72		)
Collars with sold puts:	2,080
Collars		—		—		90.00		95.59		50
Sold puts		—		75.00		—		—		(36		)
Total										$	510

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(1) If the market prices remain below our sold puts at contract settlement, we will receive the market price plus the following associated with our production:

• the difference between our floors and our sold puts for collars with sold puts; or

• the difference between our swaps and our sold puts for fixed-price swaps with sold puts.

(2) During the third quarter of 2014, we sold crude oil swaption contracts that, if exercised on their expiration date in the first quarter of 2015, would protect 732 MBbls of calendar-year 2016 production from future commodity price volatility. These contracts give the counterparties the option to enter into swap contracts with us at $91.00/Bbl for calendar-year 2016.

Derivative financial instruments recorded in balance sheet

We had derivative financial instruments recorded in our consolidated balance sheet as assets (liabilities) at their respective estimated fair value, as set forth below.

	Derivative Assets									Derivative Liabilities
	Gross Fair Value		Offset in Balance Sheet			Balance Sheet Location				Gross Fair Value			Offset in Balance Sheet		Balance Sheet Location
						Current		Noncurrent							Current			Noncurrent
December 31, 2014	(In millions)									(In millions)
Natural gas positions	$	105	$	(2	)	$	99	$	4	$	(2	)	$	2	$	—		$	—
Oil positions	1,115		(597		)	332		186		(605		)	597		(8		)	—
Total	$	1,220	$	(599	)	$	431	$	190	$	(607	)	$	599	$	(8	)	$	—
December 31, 2013
Natural gas positions	$	11	$	(2	)	$	—	$	9	$	(22	)	$	2	$	(20	)	$	—
Oil positions	26		(9		)	—		17		(51		)	9		(42		)	—
Total	$	37	$	(11	)	$	—	$	26	$	(73	)	$	11	$	(62	)	$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations [Table Text Block]

The amount of gain (loss) recognized in “Commodity derivative income (expense)” in our consolidated statement of operations related to our derivative financial instruments follows:

	Year Ended December 31,
	2014			2013			2012
	(In millions)
Derivatives not designated as hedging instruments:
Realized gain (loss) on natural gas positions	$	(36	)	$	66		$	144
Realized gain (loss) on oil positions	(3		)	(6		)	1
Realized gain (loss) on basis positions	—			—			(10		)
Total realized gain (loss)	(39		)	60			135
Unrealized gain (loss) on natural gas positions	114			(81		)	(124		)
Unrealized gain (loss) on oil positions	535			(76		)	99
Unrealized gain (loss) on basis positions	—			—			10
Total unrealized gain (loss)	649			(157		)	(15		)
Total gain (loss)	$	610		$	(97	)	$	120