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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative [Line Items]  
Schedule of Derivative Financial Instruments Included In Comprehensive Statements of Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Statements of

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

Earnings Caption

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Commodity derivatives

 

Oil, gas and NGL derivatives

 

$
748 

 

$
(141)

 

$
29 

 

$
(95)

EnLink commodity derivatives

 

Marketing and midstream revenues

 

 
1 

 

 

 —

 

 
(2)

 

 

 —

Interest rate derivatives

 

Other nonoperating items

 

 

 —

 

 
1 

 

 
1 

 

 
1 

Foreign currency derivatives

 

Other nonoperating items

 

 
55 

 

 
(28)

 

 
15 

 

 
29 

Net gains (losses) recognized in comprehensive statements of earnings

 

$
804 

 

$
(168)

 

$
43 

 

$
(65)

 

Schedule of Derivative Financial Instruments Included in Accompanying Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Caption

 

September 30, 2014

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Asset derivatives:

 

 

 

 

 

 

 

 

Commodity derivatives

 

Other current assets

 

$
231 

 

$
75 

Commodity derivatives

 

Other long-term assets

 

 
66 

 

 
28 

EnLink commodity derivatives

 

Other current assets

 

 
1 

 

 

 —

Interest rate derivatives

 

Other current assets

 

 
1 

 

 

 —

Foreign currency derivatives

 

Other current assets

 

 
11 

 

 

 —

Total asset derivatives

 

 

 

$
310 

 

$
103 

Liability derivatives:

 

 

 

 

 

 

 

 

Commodity derivatives

 

Other current liabilities

 

$
30 

 

$
58 

Commodity derivatives

 

Other long-term liabilities

 

 
50 

 

 
62 

EnLink commodity derivatives

 

Other current liabilities

 

 
1 

 

 

 —

EnLink commodity derivatives

 

Other long-term liabilities

 

 
1 

 

 

 —

Interest rate derivatives

 

Other current liabilities

 

 
1 

 

 

 —

Interest rate derivatives

 

Other long-term liabilities

 

 
1 

 

 

 —

Foreign currency derivatives

 

Other current liabilities

 

 

 —

 

 
1 

Total liability derivatives

 

 

 

$
84 

 

$
121 

 

Open Oil Derivative Positions [Member]
  
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price Swaps

 

Price Collars

 

Call Options Sold

Period

 

Volume (Bbls/d)

 

Weighted Average Price ($/Bbl)

 

Volume (Bbls/d)

 

Weighted Average Floor Price ($/Bbl)

 

Weighted Average Ceiling Price ($/Bbl)

 

Volume (Bbls/d)

 

Weighted Average Price ($/Bbl)

Q4 2014 

 

75,000

 

$

94.14

 

64,750

 

$

89.33

 

$

100.00

 

42,000

 

$

116.43

Q1-Q4 2015

 

106,736

 

$

91.22

 

31,500

 

$

89.67

 

$

97.84

 

28,000

 

$

116.43

Q1-Q4 2016

 

—

 

$

—

 

—

 

$

—

 

$

—

 

18,500

 

$

103.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil Basis Swaps

Period

 

Index

 

Volume (Bbls/d)

 

Weighted Average Differential to WTI ($/Bbl)

Q4 2014

 

Western Canadian Select

 

50,000

 

$
(17.40)

Q1-Q4 2015 

 

Western Canadian Select

 

14,890

 

$
(18.92)

 

Open Natural Gas Derivative Positions [Member]
  
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price Swaps

 

Price Collars

 

Call Options Sold

Period

 

Volume (MMBtu/d)

 

Weighted Average Price ($/MMBtu)

 

Volume (MMBtu/d)

 

Weighted Average Floor Price ($/MMBtu)

 

Weighted Average Ceiling Price ($/MMBtu)

 

Volume (MMBtu/d)

 

Weighted Average Price ($/MMBtu)

Q4 2014 

 

800,000

 

$

4.42

 

460,000

 

$

4.03

 

$

4.51

 

500,000

 

$

5.00

Q1-Q4 2015

 

210,000

 

$

4.38

 

260,000

 

$

4.05

 

$

4.36

 

550,000

 

$

5.09

Q1-Q4 2016

 

—

 

$

—

 

—

 

$

—

 

$

—

 

400,000

 

$

5.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Basis Swaps

Period

 

Index

 

Volume (MMBtu/d)

 

Weighted Average Differential to Henry Hub ($/MMBtu)

Q4 2014

 

AECO

 

94,781

 

$

(0.52)

Q1-Q4 2015

 

PEPL

 

100,000

 

$

(0.28)

 

Interest Rate Derivatives [Member]
  
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Rate Received

 

Rate Paid

 

Expiration

(In millions)

 

 

 

 

 

 

$

100

 

Three Month LIBOR

 

0.92%

 

December 2016

$

100

 

1.76%

 

Three Month LIBOR

 

January 2019

 

Foreign Currency Derivatives [Member]
  
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward Contract

Currency

 

Contract Type

 

CAD Notional

 

Weighted Average Fixed Rate Received

 

Expiration

 

 

 

 

(In millions)

 

(CAD-USD)

 

 

Canadian Dollar

 

Sell

 

$
1,312 

 

0.899

 

December 2014