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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2015
DERIVATIVES  
Schedule of current hedge positions including those entered into after year end

The following table presents the gross and net fair values of our outstanding derivatives as of December 31, 2015 (in millions):

 

 

 

Asset Derivatives

 

 

 

Liability Derivatives

 

 

 

 December 31, 2015

 

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

 

 Commodity contracts

 

 Other current assets

 

$
87

 

 Accrued Liabilities

 

$
(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total gross and net fair value

 

 

 

$
87

 

 

 

$
(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross and net fair values of outstanding derivatives (in millions)

 

 

 

Q1 2016

 

Q2 2016

 

Q3 2016

 

Q4 2016

 

2017

 

2018

 

Calls

 

 

 

 

 

 

 

 

 

 

 

 

 

Barrels per Day

 
35,500 

 
35,500 

 
3,000 

 
3,000 

 
30,000 

 
23,300 

 

Wtd Avg Ceiling Price per Barrel

 

$
66.15 

 

$
66.15 

 

$
74.42 

 

$
74.42 

 

$
55.68 

 

$
57.99 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puts

 

 

 

 

 

 

 

 

 

 

 

 

 

Barrels per Day

 
33,800 

 
55,500 

 
28,000 

 
3,000 

 

—

 

—

 

Wtd Avg Floor Price per Barrel

 

$
51.75 

 

$
50.14 

 

$
50.65 

 

$
50.00 

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swap

 

 

 

 

 

 

 

 

 

 

 

 

 

Barrels per Day

 

—

 

—

 
1,000 

 
1,000 

 

—

 

—

 

Weighted-Average Price per Barrel

 

$

—

 

$

—

 

$
61.25 

 

$
61.25 

 

$

—

 

$

—