Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of fair value measurement of financial assets (liabilities) measured at fair value on a recurring basis

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2019 and 2018:


	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
			($ in millions)
As of December 31, 2019
Derivative Assets (Liabilities):
Commodity assets	$	—	$	160	$	14	$	174
Commodity liabilities	—		(42)		(2)		(44)
Total derivatives	$	—	$	118	$	12	$	130

As of December 31, 2018
Derivative Assets (Liabilities):
Commodity assets	$	—	$	319	$	103	$	422
Commodity liabilities	—		(131)		(16)		(147)
Utica divestiture contingent consideration	—		—		7		7
Total derivatives	$	—	$	188	$	94	$	282

A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during 2019 and 2018 is presented below:


	Commodity Derivatives		Utica Contingent Consideration
	($ in millions)
Balance, as of January 1, 2019	$	87	$	7
Total gains (losses) (realized/unrealized):
Included in earnings(a)	(59)		(7)
Total purchases, issuances, sales and settlements:
Settlements	(16)		—
Balance, as of December 31, 2019	$	12	$	—

Balance, as of January 1, 2018	$	(15)	$	—
Total gains (losses) (realized/unrealized):
Included in earnings(a)	77		7
Total purchases, issuances, sales and settlements:
Settlements	25		—
Balance, as of December 31, 2018	$	87	$	7

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(a)		Commodity Derivatives				Utica Contingent Consideration

		2019		2018		2019		2018
		($ in millions)
	Total gains (losses) included in earnings for the period	$	(59)	$	77	$	(7)	$	7
	Change in unrealized gains (losses) related to assets still held at reporting date	$	(19)	$	86	$	—	$	7

The following table provides fair value measurement information for the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2019 and 2018:


	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
	($ in millions)
As of December 31, 2019
Financial Assets (Liabilities):
Other current assets	$	42	$	—	$	—	$	42
Other current liabilities	(43)		—		—		(43)
Total	$	(1)	$	—	$	—	$	(1)

As of December 31, 2018
Financial Assets (Liabilities):
Other current assets	$	50	$	—	$	—	$	50
Other current liabilities	(51)		—		—		(51)
Total	$	(1)	$	—	$	—	$	(1)