Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unsettled Derivative Instruments

Unsettled Commodity Derivative Instruments   As of September 30, 2014, we had entered into the following crude oil derivative instruments: 

				Swaps		Collars
Settlement Period	Type of Contract	Index (1)	Bbls Per Day	Weighted Average Fixed Price		Weighted Average  Short Put  Price		Weighted Average Floor Price		Weighted Average  Ceiling Price
Instruments Entered Into as of September 30, 2014
2014	Swaps	NYMEX WTI	37,000	$	92.67	$	—	$	—	$	—
2014	Swaps	Dated Brent	13,000	103.21		—		—		—
2014	Three-Way Collars	NYMEX WTI	12,000	—		75.67		90.67		100.88
2014	Three-Way Collars	Dated Brent	8,000	—		84.38		98.25		121.56
2015	Swaps	NYMEX WTI	27,000	88.80		—		—		—
2015	Swaps	Dated Brent	8,000	100.31		—		—		—
2015	Three-Way Collars	NYMEX WTI	20,000	—		70.50		87.55		94.41
2015	Three-Way Collars	Dated Brent	13,000	—		76.92		96.00		108.49
2016	Swaps	NYMEX WTI	6,000	87.95		—		—		—
2016	Swaps	Dated Brent	9,000	97.96		—		—		—
2016	Three-Way Collars	NYMEX WTI	3,000	—		72.00		85.00		94.82
2016	Three-Way Collars	Dated Brent	6,000	—		80.00		95.00		105.87

⁽¹⁾  West Texas Intermediate

As of September 30, 2014, we had entered into the following natural gas derivative instruments:

				Swaps		Collars
Settlement Period	Type of Contract	Index (1)	MMBtu Per Day	Weighted Average Fixed Price		Weighted Average Short Put  Price		Weighted Average Floor Price		Weighted Average Ceiling Price
Instruments Entered Into as of September 30, 2014
2014	Swaps	NYMEX HH	60,000	$	4.24	$	—	$	—	$	—
2014	Three-Way Collars	NYMEX HH	230,000	—		2.83		3.75		4.98
2015	Swaps	NYMEX HH	140,000	4.30		—		—		—
2015	Three-Way Collars	NYMEX HH	150,000	—		3.58		4.25		5.04

⁽¹⁾  Henry Hub

Fair Value of Derivative Instruments

Fair Value Amounts and (Gain) Loss on Commodity Derivative Instruments   The fair values of commodity derivative instruments in our consolidated balance sheets were as follows:

Fair Value of Derivative Instruments
	Asset Derivative Instruments						Liability Derivative Instruments
	September 30, 2014			December 31, 2013			September 30, 2014			December 31, 2013
(millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair  Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity DerivativeInstruments	Current Assets	$	79	Current Assets	$	1	Current Liabilities	$	—	Current Liabilities	$	65
	Noncurrent Assets	32		Noncurrent Assets	16		Noncurrent Liabilities	—		Noncurrent Liabilities	10
Total		$	111		$	17		$	—		$	75

Derivative Instruments, (Gain) Loss

The effect of commodity derivative instruments on our consolidated statements of operations was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(millions)	2014			2013			2014			2013
(Gain) Loss on Commodity Derivative Instruments
Crude Oil	$	(360	)	$	167		$	(68	)	$	99
Natural Gas	(25		)	(10		)	(6		)	(30		)
Total (Gain) Loss on Commodity Derivative Instruments	(385		)	157			(74		)	69
Cash (Received) Paid in Settlement of Commodity Derivative Instruments
Crude Oil	14			24			87			39
Natural Gas	(2		)	(14		)	8			(37		)
Total Cash (Received) Paid in Settlement of Commodity Derivative Instruments	12			10			95			2
Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments
Crude Oil	(374		)	143			(155		)	60
Natural Gas	(23		)	4			(14		)	7
Total Non-cash Portion of (Gain) Loss on Commodity Derivative Instruments	$	(397	)	$	147		$	(169	)	$	67