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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2016
DERIVATIVES  
Schedule of current hedge positions including those entered into after year end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2017

 

2018

 

 

Q2

 

Q3

 

Q4

 

Q1 - Q4

 

Q1 - Q4

Calls:

 

 

 

 

 

 

 

 

 

 

Barrels per day

 
35,500

 
4,000

 
4,000

 
30,000

 
23,300

Weighted-average price per barrel

 

$
66.15

 

$
71.13

 

$
71.13

 

$
55.68

 

$
57.99

 

 

 

 

 

 

 

 

 

 

 

Puts:

 

 

 

 

 

 

 

 

 

 

Barrels per day

 
55,500

 
28,000

 
3,000

 

—

 

—

Weighted-average price per barrel

 

$
50.14

 

$
50.65

 

$
50.00

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Swaps:

 

 

 

 

 

 

 

 

 

 

Barrels per day

 

—

 
1,000

 
6,000

 

—

 

—

Weighted-average price per barrel

 

$

—

 

$
61.25

 

$
46.27

 

$

—

 

$

—

 

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

 

The following table presents the fair values (at gross and net) of our outstanding derivatives as of March 31, 2016 and December 31, 2015 (in millions):

 

Type of Contract

 

Balance Sheet Classification

 

March 31, 2016

 

December 31, 2015

 

Commodity contracts

 

Other current assets

 

$
79

 

 

$
87

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets at Fair Value

 

 

 

$
79

 

 

$
87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Accrued liabilities

 

$
(7

)

 

$
(1

)

Commodity contracts

 

Other long-term liabilities

 
(67

)

 

—

 

 

 

 

 

 

 

 

 

 

Total Liabilities at Fair Value

 

 

 

$
(74

)

 

$
(1

)