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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in the Consolidated Balance Sheets The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.
September 30, 2020
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity$59 $14 $45 Other current assets
Commodity— 2 (2)Deferred credits and other liabilities
Interest Rate1 — 1 Other noncurrent assets
Interest Rate— 3 (3)Deferred credits and other liabilities
Total Not Designated as Hedges$60 $19 $41 
Cash Flow Hedges
Interest Rate$9 $— $9 Other noncurrent assets
Interest Rate— 19 (19)Deferred credits and other liabilities
Total Designated Hedges$9 $19 $(10)
Total$69 $38 $31 
December 31, 2019
(In millions)AssetLiabilityNet Asset (Liability)Balance Sheet Location
Not Designated as Hedges
Commodity$9 $1 $8 Other current assets
Commodity1 — 1 Other noncurrent assets
Commodity— 5 (5)Other current liabilities
Total Not Designated as Hedges$10 $6 $4 
Cash Flow Hedges
Interest Rate$2 $— $2 Other noncurrent assets
Total Designated Hedges$2 $— $2 
Total$12 $6 $6 
The mark-to-market impact and settlement of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income.
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2020201920202019
Mark-to-market gain (loss)$(36)$33 $39 $(69)
Net settlements of commodity derivative instruments$35 $14 $92 $41 
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of September 30, 2020, and the weighted average prices for those contracts:
20202021 2021
Fourth QuarterFirst Half Second Half
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)80,000 — — 
Weighted average price per Bbl:
Ceiling$64.40 $— $— 
Floor$55.00 $— $— 
Sold put$48.00 $— $— 
NYMEX WTI Two-Way Collars
Volume (Bbls/day)20,000 10,000 10,000 
Weighted average price per Bbl:
Ceiling$46.83 $52.37 $52.37 
Floor$37.00 $35.00 $35.00 
Basis Swaps - NYMEX WTI / Argus WTI Midland (a)
Volume (Bbls/day)15,000 — — 
Weighted average price per Bbl$(0.94)$— $— 
Basis Swaps - NYMEX WTI / ICE Brent (b)
Volume (Bbls/day)5,000 1,630 — 
Weighted average price per Bbl$(7.24)$(7.24)$— 
NYMEX Roll Basis Swaps
Volume (Bbls/day)30,000 — — 
Weighted average price per Bbl$(0.81)$— $— 
Natural Gas
Henry Hub (“HH”) Two-Way Collars
Volume (MMBtu/day)250,000 175,000 150,000 
Weighted average price per MMBtu:
Ceiling$2.82 $3.10 $3.03 
Floor$2.25 $2.46 $2.43 
Basis Swaps - WAHA / HH (c)
Volume (MMBtu/day)10,000 — — 
Weighted average price per MMBtu$(0.37)$— $— 
NGL
Fixed Price Ethane Swaps (d)
Volume (Bbls/day)10,000 — — 
Weighted average price per Bbl$8.78 $— $— 
(a)The basis differential price is indexed against Argus WTI Midland and NYMEX WTI.
(b)The basis differential price is indexed against Intercontinental Exchange (“ICE”) Brent and NYMEX WTI.
(c)The basis differential price is indexed against Waha and NYMEX Henry Hub.
(d)The fixed price ethane swap is priced at OPIS Mont Belvieu Purity Ethane.
The following table sets forth outstanding derivative contracts entered into between October 1 and November 3, 2020, and the weighted average prices for those contracts:

20212021
First HalfSecond Half
Crude Oil
Basis Swaps - NYMEX WTI / UHC (a)
Volume (Bbls/day)14,000 — 
Weighted average price per Bbl$(1.80)$— 
Natural Gas
HH Two-Way Collars
Volume (MMBtu/day)50,000 50,000 
Weighted average price per MMBtu:
Ceiling$3.13 $3.13 
Floor$2.70 $2.70 
HH Fixed Price Swaps
Volume (MMBtu/day)50,000 50,000 
Weighted average price per MMBtu$2.88 $2.88 
(a)The basis differential price is indexed against U.S. Sweet Clearbrook (“UHC”) and NYMEX WTI.
Schedule of Interest Rate Swap Agreement
The following table presents, by maturity date, information about our de-designated forward starting interest rate swap agreements, including the rate.
September 30, 2020December 31, 2019
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
November 1, 2022$500 0.99 %$— — %

The following table sets forth the net impact of the forward starting interest rate swap derivatives de-designated as cash flow hedges on other comprehensive income (loss).
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)20202020
Interest Rate Swaps
    Beginning balance$(7)$— 
    Change in fair value recognized in other comprehensive income (loss)5 (2)
    Ending balance $(2)$(2)
The following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average LIBOR-based, fixed rate.
September 30, 2020December 31, 2019
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
Aggregate Notional Amount
(in millions)
Weighted Average, LIBOR
June 1, 2025$350 0.95 %$— — %
September 9, 2026$320 1.51 %$320 1.51 %