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DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2018

DERIVATIVES

Schedule of oil hedge positions

		Q4			Q1			Q2			Q3			Q4
		2018			2019			2019			2019			2019
Sold Calls:
Barrels per day			15,000			15,000			5,000			—			—
Weighted-average price per barrel		$	58.83		$	66.15		$	68.45		$	—		$	—
Purchased Calls:
Barrels per day			—			2,000			—			—			—
Weighted-average price per barrel		$	—		$	71.00		$	—		$	—		$	—
Purchased Puts:
Barrels per day			—			33,000			35,000			30,000			20,000
Weighted-average price per barrel		$	—		$	63.48		$	68.29		$	71.67		$	75.00
Sold Puts:
Barrels per day			19,000			35,000			30,000			30,000			20,000
Weighted-average price per barrel		$	45.00		$	50.71		$	55.00		$	56.67		$	60.00
Swaps:
Barrels per day			48,000			7,000	(1)		—			—			—
Weighted-average price per barrel		$	60.35		$	67.71		$	—		$	—		$	—

Note:  Additional hedges for 2019 and 2020 were put in place after September 30, 2018 that are not included in the table above.

(1) Certain of our counterparties have options to increase swap volumes by up to 5,000 barrels per day at a weighted-average Brent price of $70.00 for the first quarter of 2019.

Schedule of fair value (at gross and net) of outstanding derivatives

The following table presents the fair values (at gross and net) of our outstanding commodity derivatives as of September 30, 2018 and December 31, 2017 (in millions):

September 30,  2018
		Gross			Gross			Net Fair Value
		Amounts			Amounts			Presented in
		Recognized at			Offset in the			the Balance
Balance Sheet Classification		Fair Value			Balance Sheet			Sheet
Assets:
Other current assets		$	34		$	—		$	34
Other assets			13			—			13
Liabilities:
Accrued liabilities			(191)			—			(191)
Other long-term liabilities			(9)			—			(9)
Total derivatives		$	(153)		$	—		$	(153)

December 31, 2017
		Gross			Gross			Net Fair Value
		Amounts			Amounts			Presented in
		Recognized at			Offset in the			the Balance
Balance Sheet Classification		Fair Value			Balance Sheet			Sheet
Assets:
Other current assets		$	39		$	(16)		$	23
Other assets			1			—			1
Liabilities:
Accrued liabilities			(170)			16			(154)
Other long-term liabilities			(3)			—			(3)
Total derivatives		$	(133)		$	—		$	(133)

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