v2.4.0.8
Natural Gas and Oil Property Divestitures (Tables)
 6 Months Ended
Jun. 30, 2014
Business Combinations [Abstract]  
Drilling And Completion Costs Associated To Joint Ventures [Table Text Block]
For accounting purposes, initial cash proceeds from these joint venture transactions were reflected as a reduction of natural gas and oil properties with no gain or loss recognized. The transactions are detailed below.
Primary
Play
 
Joint
Venture
Partner(a)
 
Joint
Venture
Date
 
Interest
Sold
 
Initial Proceeds(b)
 
Total
Drilling
Carries
 
Total Initial
Proceeds
and Drilling
Carries
 
Drilling
Carries
Remaining(c)
 
 
 
 
 
 
 
 
($ in millions)
Mississippi Lime
 
Sinopec
 
June 2013
 
50.0%
 
$
949

(d) 
$
—

 
$
949

 
$
—

Utica
 
TOT
 
December 2011
 
25.0%
 
610

 
1,422

(e) 
2,032

 
347

Niobrara
 
CNOOC
 
February 2011
 
33.3%
 
570

 
697

(f) 
1,267

 
26

Eagle Ford
 
CNOOC
 
November 2010
 
33.3%
 
1,120

 
1,080

  
2,200

 
—

Barnett
 
TOT
 
January 2010
 
25.0%
 
800

 
1,403

 
2,203

 
—

Marcellus
 
STO
 
November 2008
 
32.5%
 
1,250

 
2,125

  
3,375

 
—

Fayetteville
 
BP
 
September 2008
 
25.0%
 
1,100

 
800

  
1,900

 
—

Haynesville & Bossier
 
FCX
 
July 2008
 
20.0%
 
1,650

 
1,508

 
3,158

 
—

 
 
 
 
 
 
 
 
$
8,049

 
$
9,035

  
$
17,084

 
$
373

____________________________________________
(a)
Joint venture partners are Sinopec International Petroleum Exploration and Production (Sinopec), Total S.A. (TOT), CNOOC Limited (CNOOC), Statoil (STO), BP America (BP) and Freeport-McMoRan Copper & Gold (FCX), formerly known as Plains Exploration & Production Company.
(b)
Excludes closing and post-closing adjustments.
(c)
As of June 30, 2014.
(d)
Excludes $71 million of net proceeds (or 7% of the total transaction) expected to be received pursuant to certain post-closing adjustments and approximately $90 million received at closing for closing adjustments.
(e)
The Utica drilling carry covers 60% of our drilling and completion costs for Utica wells drilled and must be used by December 2018. We expect to fully utilize this drilling carry commitment prior to expiration.
(f)
The Niobrara drilling carry covers 67% of our drilling and completion costs for Niobrara wells drilled and must be used by December 2014. We expect to fully utilize this drilling carry commitment prior to expiration.
VPP Transactions [Table Text Block]
Our outstanding VPPs consist of the following: 
 
 
 
 
 
 
 
 
Volume Sold
VPP #
 
Date of VPP        
 
Location
 
Proceeds
 
Natural Gas
 
Oil
 
NGL
 
Total
 
 
 
 
 
 
($ in millions)
 
 (bcf)
 
(mmbbl)
 
(mmbbl)
 
(bcfe)
10
 
March 2012
 
Anadarko Basin Granite
Wash
 
$
744

 
87

 
3.0

 
9.2

 
160

9
 
May 2011
 
Mid-Continent
 
853

 
138

 
1.7

 
4.8

 
177

8
 
September 2010
 
Barnett Shale
 
1,150

 
390

 
—

 
—

 
390

6
 
February 2010
 
East Texas and NW
Louisiana
 
180

 
44

 
0.3

 
—

 
46

5
 
August 2009
 
South Texas
 
370

 
67

 
0.2

 
—

 
68

4
 
December 2008
 
Anadarko and Arkoma
Basins
 
412

 
95

 
0.5

 
—

 
98

3
 
August 2008
 
Anadarko Basin
 
600

 
93

 
—

 
—

 
93

2
 
May 2008
 
Texas, Oklahoma and
Kansas
 
622

 
94

 
—

 
—

 
94

1
 
December 2007
 
Kentucky and West
Virginia
 
1,100

 
208

 
—

 
—

 
208

 
 
 
 
 
 
$
6,031

 
1,216

 
5.7

 
14.0

 
1,334
VPP Volumes Produced During Period [Table Text Block]
The volumes produced on behalf of our VPP buyers for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period were as follows:
 
 
Three Months Ended June 30, 2014
 
Three Months Ended June 30, 2013
VPP #
 
Natural Gas
 
Oil
 
NGL
 
Total
 
Natural Gas
 
Oil
 
NGL
 
Total
 
 
 (bcf)
 
(mbbl)
 
 (mbbl)
 
 (bcfe)
 
 (bcf)
 
(mbbl)
 
 (mbbl)
 
 (bcfe)
10
 
2.7

 
103.0

 
329.9

 
5.3

 
3.4

 
141.0

 
379.0

 
6.5

9
 
3.9

 
47.5

 
103.9

 
4.8

 
4.3

 
54.2

 
115.4

 
5.3

8
 
15.2

 
—

 
—

 
15.2

 
17.3

 
—

 
—

 
17.3

6
 
1.1

 
6.0

 
—

 
1.1

 
1.2

 
6.0

 
—

 
1.2

5
 
1.7

 
6.0

 
—

 
1.7

 
1.9

 
6.2

 
—

 
1.9

4
 
2.3

 
12.2

 
—

 
2.3

 
2.6

 
13.8

 
—

 
2.7

3
 
1.8

 
—

 
—

 
1.8

 
2.0

 
—

 
—

 
2.0

2
 
1.6

 
—

 
—

 
1.6

 
2.6

 
—

 
—

 
2.6

1
 
3.4

 
—

 
—

 
3.4

 
3.6

 
—

 
—

 
3.6

 
 
33.7

 
174.7

 
433.8

 
37.2

 
38.9

 
221.2

 
494.4

 
43.1

 
 
Six Months Ended June 30, 2014
 
Six Months Ended June 30, 2013
VPP #
 
Natural Gas
 
Oil
 
NGL
 
Total
 
Natural Gas
 
Oil
 
NGL
 
Total
 
 
 (bcf)
 
(mbbl)
 
 (mbbl)
 
 (bcfe)
 
 (bcf)
 
(mbbl)
 
 (mbbl)
 
 (bcfe)
10
 
5.5

 
212.0

 
675.1

 
10.8

 
7.0

 
295.0

 
786.7

 
13.5

9
 
7.9

 
96.5

 
210.4

 
9.7

 
8.7

 
110.4

 
234.2

 
10.8

8
 
30.9

 
—

 
—

 
30.9

 
35.3

 
—

 
—

 
35.3

6
 
2.2

 
12.0

 
—

 
2.3

 
2.4

 
12.0

 
—

 
2.4

5
 
3.4

 
12.3

 
—

 
3.5

 
3.9

 
12.2

 
—

 
3.9

4
 
4.6

 
24.6

 
—

 
4.7

 
5.2

 
28.0

 
—

 
5.4

3
 
3.7

 
—

 
—

 
3.7

 
4.1

 
—

 
—

 
4.1

2
 
4.0

 
—

 
—

 
4.0

 
5.3

 
—

 
—

 
5.3

1
 
7.0

 
—

 
—

 
7.0

 
7.4

 
—

 
—

 
7.4

 
 
69.2

 
357.4

 
885.5

 
76.6

 
79.3

 
457.6

 
1,020.9

 
88.1
VPP Volumes Remaining to be Delivered [Table Text Block]
The volumes remaining to be delivered on behalf of our VPP buyers as of June 30, 2014 were as follows:
 
 
 
 
Volume Remaining as of June 30, 2014
VPP #
 
Term Remaining
 
Natural Gas
 
Oil
 
NGL
 
Total
 
 
(in months)
 
 (bcf)
 
(mmbbl)
 
 (mmbbl)
 
 (bcfe)
10
 
92
 
43.1

 
1.5

 
5.3

 
83.9

9
 
80
 
80.8

 
0.9

 
2.1

 
99.2

8
 
14
 
65.7

 
—

 
—

 
65.7

6
 
67
 
19.2

 
0.1

 
—

 
20.0

5
 
31
 
13.5

 
—

 
—

 
13.8

4
 
30
 
19.7

 
0.1

 
—

 
20.3

3
 
61
 
27.4

 
—

 
—

 
27.4

2
 
58
 
16.0

 
—

 
—

 
16.0

1
 
102
 
98.4

 
—

 
—

 
98.4

 
 
 
 
383.8

 
2.6

 
7.4

 
444.7