Derivatives And Risk Management (Tables)

3 Months Ended

Mar. 31, 2017

Derivatives And Risk Management [Abstract]

Schedule Of Derivative Instruments, Notional Amount In BCF, Weighted Average Contract Prices And Fair Value

		Weighted Average Price per MMBtu
	Volume (Bcf)	Swaps		Sold Puts		Purchased Puts		Sold Calls		Basis Differential		Fair value at March 31, 2017 (in millions)
Financial protection on production
2017
Fixed price swaps	262	$	3.07	$	–	$	–	$	–	$	–	$	(58)
Two-way costless-collars	65		–		–		2.92		3.34		–		(11)
Three-way costless-collars	102		–		2.29		2.97		3.30		–		(16)
Basis swaps	138		–		–		–		–		(1.04)		(73)
Total	567											$	(158)
2018
Fixed price swaps	68	$	3.02	$	–	$	–	$	–	$	–	$	(1)
Two-way costless-collars	23		–		–		2.97		3.56		–		(6)
Three-way costless-collars	245		–		2.39		2.97		3.37		–		(6)
Basis swaps	20		–		–		–		–		(0.95)		(15)
Total	356											$	(28)
2019
Three-way costless-collars	99	$	–	$	2.50	$	2.95	$	3.31	$	–	$	(2)
Total	99											$	(2)

		Weighted Average Price per MMBtu
	Volume (Bcf)	Sold Calls		Fair value at March 31, 2017 (in millions)
Call options
2017	64	$	3.54	$	(10)	(1)
2018	63		3.50		(14)
2019	52		3.50		(10)
2020	32		3.75		(5)
Total	211			$	(39)

(1) Excludes$5 million in premiums paid related to certain call options recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.  As certain call options settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the unaudited condensed consolidated statement of operations.

Balance Sheet Classification Of Derivative Financial Instruments

	Derivative Assets
	Balance Sheet Classification		Fair Value
			March 31, 2017			December 31, 2016
		(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative assets		$	2		$	–
Two-way costless collars	Derivative assets			11			8
Three-way costless collars	Derivative assets			23			11
Basis swaps	Derivative assets			2			32
Call options	Derivative assets			15			–
Fixed price swaps	Other long-term assets			7			1
Two-way costless collars	Other long-term assets			–			2
Three-way costless collars	Other long-term assets			120			100
Basis swaps	Other long-term assets			–			1
Total derivative assets			$	180	(1)	$	155
	Derivative Liabilities
	Balance Sheet Classification		Fair Value
			March 31, 2017			December 31, 2016
			(in millions)
Derivatives not designated as hedging instruments:
Fixed price swaps	Derivative liabilities		$	68		$	175
Two-way costless collars	Derivative liabilities			28			49
Three-way costless collars	Derivative liabilities			62			70
Basis swaps	Derivative liabilities			89			13
Call options	Derivative liabilities			32			46
Interest rate swaps	Derivative liabilities			1			2
Fixed price swaps	Other long-term liabilities			–			3
Two-way costless collars	Other long-term liabilities			–			9
Three-way costless collars	Other long-term liabilities			105			122
Basis swaps	Other long-term liabilities			1			5
Call options	Other long-term liabilities			22			35
Interest rate swaps	Other long-term liabilities			1			1
Total derivative liabilities			$	409		$	530

(1) Does not include $5 million in premiums paid related to certain call options currently recognized as a component of derivative assets within current assets on the unaudited condensed consolidated balance sheet.  As certain call options settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the unaudited condensed consolidated statement of operations.

Summary Of Before Tax Effect Of Fair Value Hedges Not Designated For Hedge Accounting

		Gain (Loss) on Derivatives, Unsettled
		Recognized in Earnings
	Consolidated Statement of Operations	For the three months ended
	Classification of Gain (Loss)	March 31,
Derivative Instrument	on Derivatives, Unsettled	2017		2016
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	118	$	20
Purchased put options	Gain (Loss) on Derivatives		–		15
Two-way costless-collars	Gain (Loss) on Derivatives		31		–
Three-way costless- collars	Gain (Loss) on Derivatives		57		–
Basis swaps	Gain (Loss) on Derivatives		(103)		(3)
Call options	Gain (Loss) on Derivatives		42		(50)
Interest rate swaps	Gain (Loss) on Derivatives		1		(3)
Total gain (loss) on unsettled derivatives		$	146	$	(21)
		Gain (Loss) on Derivatives, Settled (1)
		Recognized in Earnings
	Consolidated Statement of Operations	For the three months ended
	Classification of Gain (Loss)	March 31,
Derivative Instrument	on Derivatives, Settled	2017		2016
		(in millions)
Fixed price swaps	Gain (Loss) on Derivatives	$	(16)	$	4
Two-way costless-collars	Gain (Loss) on Derivatives		(3)		–
Three-way costless-collars	Gain (Loss) on Derivatives		(4)		–
Basis swaps	Gain (Loss) on Derivatives		(1)		4
Call options	Gain (Loss) on Derivatives		(6)		–
Interest rate swaps	Gain (Loss) on Derivatives		–		(1)
Total gain (loss) on settled derivatives (2)		$	(30)	$	7
Total gain (loss) on derivatives		$	116	$	(14)

(1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that have settled within the period.

(2) Excluding interest rate swaps, these amounts are included, along with gas sales revenues, in the calculation of the Company’s realized natural gas price.