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Derivative and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of estimated fair value of oil, natural gas and NGL derivative instrument asset (liabilities) | The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of December 31, 2020 and 2019 are provided below:
|  | December 31, 2020 |  | December 31, 2019
|  | Notional Volume |  | Fair Value |  | Notional Volume |  | Fair Value
|  |  |  | ($ in millions) |  |  |  | ($ in millions)
Oil (mmbbl): |  |  |  |  |  |  |  |
Fixed-price swaps |  | 27 |  |  | $ | (136) |  |  | 24 |  |  | $ | (7) |
Collars |  | — |  |  | — |  |  | 2 |  |  | 14 |
Basis protection swaps |  | 7 |  |  | (1) |  |  | 8 |  |  | (2) |
Total oil |  | 34 |  |  | (137) |  |  | 34 |  |  | 5 |
Natural gas (bcf): |  |  |  |  |  |  |  |
Fixed-price swaps |  | 728 |  |  | 10 |  |  | 265 |  |  | 125 |
Collars |  | 53 |  |  | 8 |  |  | — |  |  | — |
Call options (sold) |  | — |  |  | — |  |  | 22 |  |  | — |
Call swaptions |  | — |  |  | — |  |  | 29 |  |  | (2) |
Basis protection swaps |  | 66 |  |  | 1 |  |  | 30 |  |  | 2 |
Total natural gas |  | 847 |  |  | 19 |  |  | 346 |  |  | 125 |
Total estimated fair value |  |  |  | $ | (118) |  |  |  |  | $ | 130 |
Schedule of effects of dividend instruments in consolidated balance sheets | The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2020 and 2019 on a gross basis and after same-counterparty netting:
Balance Sheet Classification |  | Gross Fair Value |  | Amounts Netted in the Consolidated Balance Sheets |  | Net Fair Value Presented in the Consolidated Balance Sheets
|  | ($ in millions)
As of December 31, 2020 |  |  |  |  |  |
Commodity Contracts: |  |  |  |  |  |
Short-term derivative asset |  | $ | 84 |  |  | $ | (65) |  |  | $ | 19 |
Long-term derivative asset |  | 5 |  |  | (5) |  |  | — |
Short-term derivative liability |  | (158) |  |  | 65 |  |  | (93) |
Long-term derivative liability |  | (49) |  |  | 5 |  |  | (44) |
Total derivatives |  | $ | (118) |  |  | $ | — |  |  | $ | (118) |
As of December 31, 2019 |  |  |  |  |  |
Commodity Contracts: |  |  |  |  |  |
Short-term derivative asset |  | $ | 174 |  |  | $ | (40) |  |  | $ | 134 |
Short-term derivative liability |  | (42) |  |  | 40 |  |  | (2) |
Long-term derivative liability |  | (2) |  |  | — |  |  | (2) |
Total derivatives |  | $ | 130 |  |  | $ | — |  |  | $ | 130 |
Schedule of effects of derivative instruments in consolidated statements of operations | The components of oil, natural gas and NGL revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | ($ in millions)
Oil, natural gas and NGL revenues |  | $ | 2,745 |  |  | $ | 4,517 |  |  | $ | 5,189 |
Gains on undesignated oil, natural gas and NGL derivatives |  | 629 |  |  | 40 |  |  | — |
Losses on terminated cash flow hedges |  | (33) |  |  | (35) |  |  | (34) |
Total oil, natural gas and NGL revenues |  | $ | 3,341 |  |  | $ | 4,522 |  |  | $ | 5,155 |
The components of marketing revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | ($ in millions)
Marketing revenues |  | $ | 1,869 |  |  | $ | 3,971 |  |  | $ | 5,069 |
Gains (losses) on undesignated marketing natural gas derivatives |  | — |  |  | (4) |  |  | 7 |
Total marketing revenues |  | $ | 1,869 |  |  | $ | 3,967 |  |  | $ | 5,076 |
Schedule of effects of derivative instruments in accumulated other comprehensive income (loss) | A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Before Tax |  | After Tax |  | Before Tax |  | After Tax |  | Before Tax |  | After Tax
|  | ($ in millions)
Balance, beginning of period |  | $ | (45) |  |  | $ | 12 |  |  | $ | (80) |  |  | $ | (23) |  |  | $ | (114) |  |  | $ | (57) |
Losses reclassified to income |  | 33 |  |  | 33 |  |  | 35 |  |  | 35 |  |  | 34 |  |  | 34 |
Balance, end of period |  | $ | (12) |  |  | $ | 45 |  |  | $ | (45) |  |  | $ | 12 |  |  | $ | (80) |  |  | $ | (23) |
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, 2020 and 2019:
|  | 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, 2020 |  |  |  |  |  |  |  |
Derivative Assets (Liabilities): |  |  |  |  |  |  |  |
Commodity assets |  | $ | — |  |  | $ | 78 |  |  | $ | 10 |  |  | $ | 88 |
Commodity liabilities |  | — |  |  | (204) |  |  | (2) |  |  | (206) |
Total derivatives |  | $ | — |  |  | $ | (126) |  |  | $ | 8 |  |  | $ | (118) |
As of December 31, 2019 |  |  |  |  |  |  |  |
Derivative Assets (Liabilities): |  |  |  |  |  |  |  |
Commodity assets |  | $ | — |  |  | $ | 160 |  |  | $ | 14 |  |  | $ | 174 |
Commodity liabilities |  | — |  |  | (42) |  |  | (2) |  |  | (44) |
Total derivatives |  | $ | — |  |  | $ | 118 |  |  | $ | 12 |  |  | $ | 130 |
A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during 2020 and 2019 is presented below:
|  | Commodity Derivatives |  | Utica Contingent Consideration
|  | ($ in millions)
Balance, as of January 1, 2020 |  | $ | 12 |  |  | $ | — |
Total gains (losses) (realized/unrealized): |  |  |  |
Included in earnings(a) |  | 11 |  |  | — |
Total purchases, issuances, sales and settlements: |  |  |  |
Settlements |  | (15) |  |  | — |
Balance, as of December 31, 2020 |  | $ | 8 |  |  | $ | — |
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 |  |  | $ | — |
___________________________________________
(a) |  |  | Commodity Derivatives |  | Utica Contingent Consideration
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  |  | ($ in millions)
| Total gains (losses) included in earnings for the period |  | $ | 11 |  |  | $ | (59) |  |  | $ | — |  |  | $ | (7) |
| Change in unrealized gains (losses) related to assets still held at reporting date |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | — |
Schedule of quantitative information about Level 3 inputs used in fair value measurement of commodity contracts | The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts as of December 31, 2020:
Instrument Type |  | Unobservable Input |  | Range |  | Weighted Average |  | Fair Value December 31, 2020
|  |  |  |  |  |  |  | ($ in millions)
Natural gas trades |  | Natural gas price volatility curves |  | 24% – 71% |  | 38% |  | $ | 8 |

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