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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of oil derivative contracts volume and weighted average price
The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of September 30, 2016 and the weighted average oil prices for those contracts: 
 
2016
 
 
Year Ending December 31,
 
Fourth Quarter
 
 
2017
Collar contracts:
 
 
 
 
Volume (Bbl)
—

 
 
6,000

Price per Bbl:
 
 
 
 
Ceiling
$
—

 
 
$
70.40

Floor
$
—

 
 
$
50.00

Collar contracts with short puts:
 
 
 
 
Volume (Bbl) (a)
112,000

 
 
94,973

Price per Bbl:
 
 
 
 
Ceiling
$
75.94

 
 
$
62.36

Floor
$
65.41

 
 
$
49.07

Short put
$
47.03

 
 
$
41.30

Basis swap contracts:
 
 
 
 
Midland-Cushing index swap volume (Bbl)
6,630

 
 
—

Price differential ($/Bbl) (b)
$
(0.80
)
 
 
$
—

____________________
(a)
During the nine months ended September 30, 2016, the Company paid $24 million to convert 33,000 Bbls per day of 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a ceiling price of $60.76 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. During the period from October 1, 2016 through October 28, 2016, the Company entered into additional oil collar contracts with short puts for (i) 20,000 Bbls per day of January through June 2017 production with a ceiling price of $58.99 per Bbl, a floor price of $48.50 per Bbl and a short put price of $39.00 per Bbl, (ii) 32,000 Bbls per day of July through December 2017 production with a ceiling price of $60.77 per Bbl, a floor price of $50.00 per Bbl and a short put price of $40.00 per Bbl and (iii) 20,000 Bbls per day of 2018 production with a ceiling price of $65.14 per Bbl, a floor price of $50.00 per Bbl and a short put price of $40.00 per Bbl.
(b)
Represents the basis differential between Midland, Texas oil prices and WTI prices at Cushing, Oklahoma.
Schedule of NGL derivative volumes and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of September 30, 2016 and the weighted average NGL prices for those contracts: 
 
2016
 
Year Ending December 31,
 
Fourth Quarter
 
2017
Propane swap contracts (a):
 
 
 
Volume (Bbl)
6,000

 
—

Price per Bbl
$
21.51

 
$
—

Ethane collar contracts (b):
 
 
 
Volume (Bbl)
—

 
3,000

Price per Bbl:
 
 
 
Ceiling
$
—

 
$
11.83

Floor
$
—

 
$
8.68

Ethane basis swap contracts (c):
 
 
 
Volume (MMBtu)
2,768

 
—

Price differential ($/MMBtu)
$
0.91

 
$
—


 ____________________
(a)
Represent derivative contracts that reduce the price volatility of propane forecasted for sale by the Company at Mont Belvieu, Texas and Conway, Kansas posted prices.
Schedule of gas derivative volume and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of September 30, 2016 and the weighted average gas prices for those contracts: 
 
2016
 
Year Ending December 31,
 
Fourth Quarter
 
2017
 
2018
Swap contracts:
 
 
 
 
 
Volume (MMBtu)
70,000

 
—

 
—

Price per MMBtu
$
4.06

 
$
—

 
$
—

Collar contracts with short puts:
 
 
 
 
 
Volume (MMBtu) (a)
180,000

 
130,000

 
50,000

Price per MMBtu:
 
 
 
 
 
Ceiling
$
4.01

 
$
3.39

 
$
3.40

Floor
$
3.24

 
$
2.85

 
$
2.75

Short put
$
2.78

 
$
2.41

 
$
2.25

Basis swap contracts:
 
 
 
 
 
Gulf Coast index swap volume (b)
10,000

 
—

 
—

Price differential ($/MMBtu)
$
—

 
$
—

 
$
—

Mid-Continent index swap volume (b)
15,000

 
45,000

 
—

Price differential ($/MMBtu)
$
(0.32
)
 
$
(0.32
)
 
$
—

Permian Basin index swap volume (c)
34,946

 
9,863

 
—

Price differential ($/MMBtu)
$
0.41

 
$
0.37

 
$
—

____________________
(a)
During the period from October 1, 2016 through October 28, 2016, the Company entered into additional gas collar contracts with short puts for 50,000 MMBtu per day of 2017 production with a ceiling price of $3.76 per MMBtu, a floor price of $3.06 per MMBtu and a short put price of $2.50 per MMBtu.
(b)
Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast and Mid-Continent gas, respectively, and the HH index price used in gas swap and collar contracts with short puts.
(c)
Represent swaps that fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in southern California.
Offsetting Asset and Liability
The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following:
 
Fair Value of Derivative Instruments as of September 30, 2016
Type
 
Consolidated
Balance Sheet
Location
 
Fair
Value
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Fair Value Presented in the Consolidated Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
190

 
$
(18
)
 
$
172

Commodity price derivatives
 
Derivatives - noncurrent
 
$
11

 
$
(3
)
 
8

 
 
 
 
 
 
 
 
$
180

Liability Derivatives:
 

 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
25

 
$
(18
)
 
$
7

Commodity price derivatives
 
Derivatives - noncurrent
 
$
15

 
$
(3
)
 
12

Interest rate derivatives
 
Derivatives - noncurrent
 
$
8

 
$
—

 
8

 
 
 
 
 
 
 
 
$
27


Fair Value of Derivative Instruments as of December 31, 2015
Type
 
Consolidated
Balance Sheet
Location
 
Fair
Value
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Fair Value Presented in the Consolidated Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
695

 
$
(1
)
 
$
694

Commodity price derivatives
 
Derivatives - noncurrent
 
$
64

 
$
—

 
64

 
 
 
 
 
 
 
 
$
758

Liability Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
1

 
$
(1
)
 
$
—

Commodity price derivatives
 
Derivatives - noncurrent
 
$
1

 
$
—

 
1

 
 
 
 
 
 
 
 
$
1
Schedule of derivative gains and losses recognized on statement of operations
The following table details the location of gains and losses recognized on the Company's derivative contracts in the accompanying consolidated statements of operations:
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as
 
Location of Gain / (Loss) Recognized in
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 Hedging Instruments
 
Earnings on Derivatives
 
2016
 
2015
 
2016
 
2015
 
 
 
 
(in millions)
Commodity price derivatives
 
Derivative gains (losses), net
 
$
91

 
$
575

 
$
(87
)
 
$
614

Interest rate derivatives
 
Derivative gains (losses), net
 
—

 
(2
)
 
(8
)
 
3

Total
 
$
91

 
$
573

 
$
(95
)
 
$
617