Derivatives

Natural gas swaps - Daily quantities and weighted average strike prices

Natural Gas — Swaps	Daily Volume (cubic feet)	Average Price
October 2011 — March 2012 (a)	50 million	$	6.07

(a) At December 31, 2010, these contracts were outstanding with the same daily volumes and terms indicated and also covered the period from January 1, 2011 to September 30, 2011.

Cash-flow hedges - Net after-tax derivative activity in accumulated other comprehensive income

	Periods ended September 30
	Three Months						Nine Months
	2011			2010			2011			2010
Beginning balance — AOCI	$	(66	)	$	(127	)	$	(111	)	$	(227	)
Unrealized gains recognized in AOCI	24			7			20			67
Losses reclassified into income	25			18			74			58
Ending balance — AOCI	$	(17	)	$	(102	)	$	(17	)	$	(102	)

Gross fair value of outstanding derivatives

	Asset Derivatives				Liability Derivatives
September 30, 2011	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value

Cash-flow hedges (a)
	Marketing and trading assets and other	$	32		Accrued liabilities	$	38
Commodity contracts		32				38

Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	1,528			Accrued liabilities	1,617
Commodity contracts	Long-term receivables and other assets, net	78			Deferred credits and other liabilities	69
		1,606				1,686
Total gross fair value		1,638				1,724
Less: counterparty netting and cash collateral (b)		(1,390		)		(1,431		)
Total net fair value of derivatives		$	248			$	293

	Asset Derivatives				Liability Derivatives
December 31, 2010	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value

Cash-flow hedges (a)
	Marketing and trading assets and other	$	51		Accrued liabilities	$	209
Commodity contracts	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	—
		60				209

Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	829			Accrued liabilities	823
Commodity contracts	Long-term receivables and other assets, net	86			Deferred credits and other liabilities	85
		915				908
Total gross fair value		975				1,117
Less: counterparty netting and cash collateral (c)		(680		)		(736		)
Total net fair value of derivatives		$	295			$	381

(a) The above fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.

(b) As of September 30, 2011, collateral received of $116 million has been netted against derivative assets and collateral paid of $157 million has been netted against derivative liabilities.

(c) As of December 31, 2010, collateral received of $39 million has been netted against derivative assets and collateral paid of $95 million has been netted against derivative liabilities.