Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PXD | |
Entity Registrant Name | PIONEER NATURAL RESOURCES CO | |
Entity Central Index Key | 1,038,357 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 149,377,919 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 581 | $ 1,025 |
Accounts receivable: | ||
Trade, net | 413 | 436 |
Due from affiliates | 0 | 4 |
Income taxes receivable | 0 | 23 |
Inventories | 238 | 241 |
Prepaid expenses | 19 | 15 |
Other current assets: | ||
Notes receivable | 497 | 0 |
Derivatives Assets, Current | 632 | 578 |
Other | 23 | 37 |
Total current assets | 2,403 | 2,359 |
Oil and gas properties, using the successful efforts method of accounting: | ||
Proved properties | 16,799 | 15,662 |
Unproved properties | 170 | 159 |
Accumulated depletion, depreciation and amortization | (6,407) | (5,431) |
Total property, plant and equipment | 10,562 | 10,390 |
Goodwill | 272 | 272 |
Property, Plant and Equipment, Net | 1,480 | 1,391 |
Other assets: | ||
Investment in unconsolidated affiliate | 0 | 239 |
Derivative Assets, Noncurrent | 147 | 181 |
Other, net | 101 | 94 |
Assets, Total | 14,965 | 14,926 |
Accounts payable: | ||
Trade | 791 | 1,197 |
Due to affiliates | 58 | 123 |
Interest payable | 36 | 40 |
Income taxes payable | 27 | 1 |
Deferred Tax Liabilities, Net, Current | 172 | 161 |
Other current liabilities: | ||
Derivative Liabilities, Current | 2 | 3 |
Other | 61 | 55 |
Total current liabilities | 1,147 | 1,580 |
Long-term Debt, Excluding Current Maturities | 2,675 | 2,665 |
Derivative Liabilities, Noncurrent | 1 | 2 |
Deferred income taxes | 1,925 | 1,803 |
Other liabilities | 236 | 287 |
Stockholders' equity: | ||
Common stock, $.01 par value | 2 | 2 |
Additional paid-in capital | 6,250 | 6,167 |
Treasury stock at cost | (199) | (171) |
Retained earnings | 2,921 | 2,583 |
Total equity attributable to common stockholders | 8,974 | 8,581 |
Noncontrolling interests in consolidating subsidiaries | 7 | 8 |
Total equity | $ 8,981 | $ 8,589 |
Commitments and contingencies | ||
Liabilities and Stockholders' Equity, Total | $ 14,965 | $ 14,926 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 152,774,139 | 152,158,428 |
Treasury Stock, Shares | 3,396,220 | 3,253,781 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues and other income: | ||||
Oil and gas | $ 557,000 | $ 967,000 | $ 1,670,000 | $ 2,795,000 |
Sales of purchased oil and gas | 326,000 | 202,000 | 665,000 | 554,000 |
Interest and other | (17,000) | 2,000 | 0 | 9,000 |
Derivative gains, net | 573,000 | 341,000 | 617,000 | 19,000 |
Gain (loss) on disposition of assets, net | 779,000 | 1,000 | 782,000 | 11,000 |
Total revenues and other income | 2,218,000 | 1,513,000 | 3,734,000 | 3,388,000 |
Costs and expenses: | ||||
Oil and gas production | 189,000 | 168,000 | 532,000 | 493,000 |
Production and ad valorem taxes | 36,000 | 58,000 | 112,000 | 169,000 |
Depletion, depreciation and amortization | 364,000 | 274,000 | 1,003,000 | 734,000 |
Purchased oil and gas | 339,000 | 194,000 | 684,000 | 535,000 |
Impairment of oil and gas properties | 72,000 | 0 | 210,000 | 0 |
Exploration and abandonments | 25,000 | 22,000 | 79,000 | 80,000 |
General and administrative | 81,000 | 81,000 | 246,000 | 244,000 |
Accretion of discount on asset retirement obligations | 3,000 | 3,000 | 9,000 | 9,000 |
Interest | 46,000 | 46,000 | 138,000 | 138,000 |
Other | 60,000 | 20,000 | 170,000 | 55,000 |
Costs and Expenses | 1,215,000 | 866,000 | 3,183,000 | 2,457,000 |
Income from continuing operations before income taxes | 1,003,000 | 647,000 | 551,000 | 931,000 |
Income tax provision | (355,000) | (236,000) | (195,000) | (319,000) |
Income from continuing operations | 648,000 | 411,000 | 356,000 | 612,000 |
Loss from discontinued operations, net of tax | (2,000) | (37,000) | (6,000) | (113,000) |
Net income | 350,000 | 499,000 | ||
Net income (loss) attributable to common stockholders | $ 646,000 | $ 374,000 | $ 350,000 | $ 499,000 |
Basic earnings per share: | ||||
Income from continuing operations | $ 4.29 | $ 2.84 | $ 2.36 | $ 4.24 |
Loss from discontinued operations | (0.01) | (0.26) | (0.04) | (0.79) |
Net income | 4.28 | 2.58 | 2.32 | 3.45 |
Diluted earnings per share: | ||||
Income from continuing operations | 4.28 | 2.84 | 2.36 | 4.23 |
Loss from discontinued operations | (0.01) | (0.26) | (0.04) | (0.79) |
Net income | $ 4.27 | $ 2.58 | $ 2.32 | $ 3.44 |
Weighted average shares outstanding: | ||||
Basic | 149 | 143 | 149 | 143 |
Diluted | 150 | 143 | 149 | 143 |
Dividends declared per share | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Amounts attributable to common stockholders: | ||||
Net income (loss) attributable to common stockholders | $ 646,000 | $ 374,000 | $ 350,000 | $ 499,000 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance, shares at Dec. 31, 2014 | 149,000 | |||||
Beginning Balance at Dec. 31, 2014 | $ 8,589,000 | $ 2,000 | $ 6,167,000 | $ (171,000) | $ 2,583,000 | $ 8,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared ($0.08 per share) | (12,000) | (12,000) | ||||
Exercise of long-term incentive plan stock options and employee stock purchases, shares | 0 | |||||
Exercise of long-term incentive plan stock options and employee stock purchases | 6,000 | 3,000 | 3,000 | |||
Treasury stock purchases, shares | 0 | |||||
Treasury stock purchases | (31,000) | (31,000) | ||||
Tax benefit related to stock-based compensation | 10,000 | 10,000 | ||||
Compensation costs: | ||||||
Vested compensation awards, net, shares | 616 | |||||
Vested compensation awards, net | 0 | $ 6 | (6) | |||
Compensation costs included in net income | 70,000 | 70,000 | 0 | |||
Cash distributions to noncontrolling interests | (1,000) | (1,000) | ||||
Net loss | 350,000 | 350,000 | 0 | |||
Ending Balance, shares at Sep. 30, 2015 | 149,000 | |||||
Ending Balance at Sep. 30, 2015 | $ 8,981,000 | $ 2,000 | $ 6,250,000 | $ (199,000) | $ 2,921,000 | $ 7,000 |
Consolidated Statement Of Equi6
Consolidated Statement Of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 350,000 | $ 499,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depletion, depreciation and amortization | 1,003,000 | 734,000 |
Impairment of oil and gas properties | 210,000 | 0 |
Impairment of Inventory and Other Property and Equipment | 21,000 | 7,000 |
Exploration expenses, including dry holes | 22,000 | 11,000 |
Deferred income taxes | 146,000 | 315,000 |
Gain on disposition of assets, net | (782,000) | (11,000) |
Accretion of discount on asset retirement obligations | 9,000 | 9,000 |
Discontinued operations | (4,000) | 247,000 |
Interest expense | 14,000 | 13,000 |
Derivative related activity | (22,000) | (39,000) |
Amortization of stock-based compensation | 70,000 | 63,000 |
Other | 13,000 | 42,000 |
Change in operating assets and liabilities, net of effects from acquisitions and dispositions: | ||
Accounts receivable, net | 26,000 | (77,000) |
Income taxes receivable | 23,000 | (17,000) |
Inventories | (29,000) | (27,000) |
Prepaid expenses | (3,000) | (11,000) |
Other current assets | (6,000) | (1,000) |
Accounts payable | (266,000) | 96,000 |
Interest payable | (4,000) | (26,000) |
Income taxes payable | 26,000 | 1,000 |
Other current liabilities | (28,000) | (30,000) |
Net cash provided by operating activities | 789,000 | 1,798,000 |
Cash flows from investing activities: | ||
Proceeds from disposition of assets, net of cash sold | 556,000 | 855,000 |
Additions to oil and gas properties | (1,573,000) | (2,259,000) |
Additions to other assets and other property and equipment, net | (191,000) | (224,000) |
Net cash used in investing activities | (1,208,000) | (1,628,000) |
Cash flows from financing activities: | ||
Borrowings under long-term debt | 0 | 523,000 |
Principal payments on long-term debt | 0 | (523,000) |
Distributions to noncontrolling interests | (1,000) | (1,000) |
Exercise of long-term incentive plan stock options and employee stock purchases | 6,000 | 13,000 |
Purchases of treasury stock | (31,000) | (33,000) |
Tax benefits related to stock-based compensation | 10,000 | 14,000 |
Payments of financing fees | (3,000) | 0 |
Dividends paid | (6,000) | (6,000) |
Net cash used in financing activities | (25,000) | (13,000) |
Net increase (decrease) in cash and cash equivalents | (444,000) | 157,000 |
Cash and cash equivalents, beginning of period | 1,025,000 | 393,000 |
Cash and cash equivalents, end of period | $ 581,000 | $ 550,000 |
Organization And Nature Of Oper
Organization And Nature Of Operations | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Nature Of Operations | Organization and Nature of Operations Pioneer Natural Resources Company ("Pioneer" or the "Company") is a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. The Company is a large independent oil and gas exploration and production company operating in the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeastern Colorado and the West Panhandle field in the Texas Panhandle. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation Presentation. In the opinion of management, the consolidated financial statements of the Company as of September 30, 2015 and for the three and nine months ended September 30, 2015 and 2014 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Certain reclassifications have been made to the 2014 financial statement and footnote amounts in order to conform to the 2015 presentation. Restructuring. On May 4, 2015, the Company announced plans to restructure its operations in Colorado, including closing its office in Denver, Colorado and eliminating its Trinidad-based pumping services operations. In connection therewith, during the three and nine months ended September 30, 2015, the Company recognized $9 million and $24 million , respectively, of restructuring charges in other expense in the accompanying consolidated statements of operations. The Company estimates that it will incur an additional $3 million of restructuring charges during the fourth quarter of 2015. The aggregate $27 million of estimated restructuring charges includes approximately $18 million in employee severance costs, $6 million in lease-related costs and $3 million in employee relocation and other costs. Employee severance costs. The $18 million of employee severance costs is based on the number of employees impacted by the restructuring. Approximately $17 million is related to cash severance and $1 million is related to accelerated vesting of share-based grants, which are noncash charges. Lease obligations and other . The $6 million of lease-related costs relates to certain Denver office space that will no longer be used as a part of the restructuring. Approximately $2 million represents the impairment of leasehold improvements and approximately $4 million represents the Company’s future obligations under the operating leases, net of anticipated sublease income. As of September 30, 2015, the Company had $4 million of restructuring liabilities related to employee severance costs and future lease obligations recorded in other current and noncurrent liabilities in the accompanying consolidated balance sheets. New accounting pronouncements. In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity to measure inventory at the lower of cost or net realizable value rather than lower of cost or market as previously required by GAAP. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This update should be applied prospectively with early application permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as assets. The guidance is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted and is to be implemented retrospectively. Adoption of the new guidance will only affect the presentation of the Company's consolidated balance sheets and will not have a material impact. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition," and most industry-specific guidance. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for one year to annual reports beginning after December 15, 2017. Early adoption is permitted as of the original effective date, December 15, 2016. Entities have the option of using either a full retrospective or modified approach to adopt the new standards. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions and Divestitures [Abstract] | |
Acquisition and Divestitures | Divestitures Divestitures Recorded in Continuing Operations For the three and nine months ended September 30, 2015 , the Company recorded net gains on disposition of assets in continuing operations of $779 million and $782 million , respectively, as compared to $1 million and $11 million for the same respective periods in 2014 . The net gains attributable to the disposition of assets included the following: • EFS Midstream. In November 2014, the Company announced that it was pursuing the divestment of its 50.1 percent equity interest in EFS Midstream LLC ("EFS Midstream"), which was accounted for under the equity method of accounting for investments in unconsolidated affiliates. In July 2015, the Company closed on the sale of its interest in EFS Midstream to an unaffiliated third party, with the Company receiving total consideration of $1.0 billion , of which $530 million was received at closing and the remaining approximately $500 million will be received in July 2016. The amount to be received in July 2016, less imputed interest, is included in notes receivable in the accompanying consolidated balance sheets and represents a noncash investing activity. Associated with the sale, the Company recorded a pretax gain of $778 million during the third quarter of 2015. • Vertical drilling rigs . In March 2014, the Company completed the sale of Sendero Drilling Company, LLC ("Sendero") to Sendero's minority interest owner for cash proceeds of $31 million , which resulted in a gain of $1 million . As part of the sales agreement, the Company committed to a lease agreement with Sendero for 12 vertical rigs through December 31, 2015, and eight vertical rigs in 2016. During the three and nine months ended September 30, 2015 , the Company incurred $10 million and $30 million of idle drilling rig fees related to the leased Sendero rigs. • Permian Basin. During February 2014, the Company completed the sale of proved and unproved properties in Gaines and Dawson counties in the Spraberry field in West Texas for cash proceeds of $72 million , which resulted in a gain of $2 million . Divestitures Recorded as Discontinued Operations During 2014, the Company completed the sales of its (i) net assets in the Hugoton field in southwest Kansas for cash proceeds of $328 million , (ii) net assets in the Barnett Shale field in North Texas for cash proceeds of $150 million and (iii) capital stock in its Alaskan subsidiary ("Pioneer Alaska") for cash proceeds of $267 million . The Company has included its Hugoton, Barnett Shale and Pioneer Alaska results of operations in loss from discontinued operations, net of tax, in the accompanying consolidated statements of operations. The following table represents the components of the Company's discontinued operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Revenues and other income (a) $ — $ 50 $ 1 $ 234 Costs and expenses (b) (2 ) (108 ) (10 ) (408 ) Loss from discontinued operations before income taxes (2 ) (58 ) (9 ) (174 ) Current tax provision — — — (1 ) Deferred tax benefit — 21 3 62 Loss from discontinued operations, net of tax $ (2 ) $ (37 ) $ (6 ) $ (113 ) ____________________ (a) Primarily reflects oil and gas revenues and cash received associated with Alaskan Petroleum Production Tax credits on qualifying capital expenditures. (b) Costs and expenses during 2015 were primarily related to an arbitration award associated with plugging and abandonment obligations for two Gulf of Mexico wells from which Pioneer withdrew in 2009. Costs and expenses in 2014 were primarily comprised of oil and gas production costs and impairment charges. See Note D for information about impairment charges on the Barnett Shale assets and Pioneer Alaska. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. The three input levels of the fair value hierarchy are as follows: • Level 1 – quoted prices for identical assets or liabilities in active markets. • Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs for the asset or liability. Assets and liabilities measured at fair value on a recurring basis. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety. The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 for each of the fair value hierarchy levels: Fair Value Measurement at September 30, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at September 30, 2015 (in millions) Assets: Commodity derivatives $ — $ 779 $ — $ 779 Deferred compensation plan assets 69 — — 69 Total assets 69 779 — 848 Liabilities: Commodity derivatives — 1 — 1 Interest rate derivatives — 2 — 2 Total liabilities — 3 — 3 Total recurring fair value measurements $ 69 $ 776 $ — $ 845 Commodity derivatives. The Company's commodity derivatives represent oil, natural gas liquids ("NGL") and gas swap contracts and collar contracts with short puts. The asset and liability measurements for the Company's commodity derivative contracts represent Level 2 inputs in the hierarchy. The Company utilizes discounted cash flow and option-pricing models for valuing its commodity derivatives. The asset and liability values attributable to the Company's commodity derivatives were determined based on inputs that include (i) the contracted notional volumes, (ii) independent active market price quotes, (iii) the applicable estimated credit-adjusted risk-free rate yield curve and (iv) the implied rate of volatility inherent in the collar contracts with short puts, which is based on active and independent market-quoted volatility factors. Deferred compensation plan assets. The Company's deferred compensation plan assets represent investments in equity and mutual fund securities that are actively traded on major exchanges. These investments are measured based on observable prices on major exchanges. As of September 30, 2015 , the significant inputs to these asset values represented Level 1 independent active exchange market price inputs. Interest rate derivatives. The Company's interest rate derivative liabilities represent Treasury rate swap contracts and interest rate swap contracts. The Company utilizes discounted cash flow models for valuing its interest rate derivatives. The net derivative values attributable to the Company's interest rate derivative contracts are based on (i) the contracted notional amounts, (ii) forward active market-quoted London Interbank Offered Rate ("LIBOR") or United States Treasury yield curves and (iii) the applicable credit-adjusted risk-free rate yield curve. The Company's interest rate derivative fair value measurements represent Level 2 inputs in the hierarchy. Assets and liabilities measured at fair value on a nonrecurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets and liabilities can include inventory, proved and unproved oil and gas properties and other long-lived assets that are written down to fair value when they are impaired or held for sale. During the three and nine months ended September 30, 2015 , the Company recorded charges in other expense in the Company's accompanying consolidated statements of operations of $12 million and $20 million , respectively, to reduce the carrying value of inventory to fair value. Proved oil and gas properties . During 2015, reductions in management's longer-term commodity price outlooks ("Management's Price Outlooks") provided indications of possible impairment of the Company's oil and gas properties in the West Panhandle field and in the South Texas - Other field (Edwards dry gas). As a result of management's assessments, during March 2015 and September 2015, the Company recognized pretax noncash impairment charges to reduce the carrying values of the West Panhandle field and the South Texas - Other field, respectively, to their estimated fair values. The Company calculated the fair values of the West Panhandle field and the South Texas - Other field using a discounted future cash flow model. Significant Level 3 assumptions associated with the calculations included Management's Price Outlooks and management's outlooks for (i) production costs, (ii) capital expenditures, (iii) production and (iv) estimated proved reserves and risk-adjusted probable reserves. Management's Price Outlooks are developed based on third-party futures price outlooks as of the measurement date. The expected future net cash flows were discounted using an annual rate of 10 percent to determine estimated fair value. The following table presents the fair value and fair value adjustments (in millions) for the Company's March 2015 and September 2015 proved property impairments, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in respective Management's Price Outlooks: Management's Price Outlooks Fair Value Fair Value Adjustment Oil Gas West Panhandle March 2015 $ 61 $ (138 ) $ 65.02 $ 3.83 South Texas - Other September 2015 $ 88 $ (72 ) $ 57.41 $ 3.46 Assets associated with divestitures. Long-lived assets that are classified as held for sale are recorded at the lower of the asset's net carrying amount or estimated fair value less costs to sell. The Hugoton field assets, the Barnett Shale field assets and Pioneer Alaska were classified as held for sale and carried as such until their divestitures in September 2014, September 2014 and April 2014, respectively. Associated therewith, the Company recognized impairment charges during 2014 to reduce the carrying values of the Hugoton field assets, the Barnett Shale field assets and Pioneer Alaska to their sales prices, less costs to sell. The following table presents the fair value adjustments made by the Company during 2014 related to assets associated with divestitures: Fair Value Adjustment Sales Value Less Costs to Sell Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (in millions) Hugoton field $ 328 $ (34 ) $ (34 ) Barnett Shale field $ 149 $ (46 ) $ (174 ) Pioneer Alaska $ 253 $ — $ (97 ) See Note C for additional information regarding the Company's divestitures of the Hugoton field assets, the Barnett Shale field assets and Pioneer Alaska. Financial instruments not carried at fair value. Carrying values and fair values of financial instruments that are not carried at fair value in the accompanying consolidated balance sheets as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (in millions) Long-term debt $ 2,675 $ 2,867 $ 2,665 $ 2,938 Long-term debt includes the Company's credit facility and the Company's senior notes. The fair value of debt is determined utilizing inputs that are Level 2 measurements in the fair value hierarchy. Credit facility . The fair value of the Company's credit facility is calculated using a discounted cash flow model based on (i) forecasted contractual interest and fee payments, (ii) forward active market-quoted United States Treasury Bill rates and (iii) the applicable credit-adjustments. Senior notes . The Company's senior notes represent debt securities that are traded on major exchanges but are not actively traded. The fair values of the Company's senior notes are based on their periodic values as quoted on the major exchanges. The Company has other financial instruments consisting primarily of cash equivalents, accounts receivables, prepaid expenses, notes receivable, payables and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in a business combination, goodwill and asset retirement obligations. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes commodity swap contracts, collar contracts and collar contracts with short puts to (i) reduce the effect of price volatility on the commodities the Company produces and sells or consumes, (ii) support the Company's annual capital budgeting and expenditure plans and (iii) reduce commodity price risk associated with certain capital projects. The Company also, from time to time, utilizes interest rate contracts to reduce the effect of interest rate volatility on the Company's indebtedness. Oil production derivative activities. All material physical sales contracts governing the Company's oil production are tied directly to, or are highly correlated with, New York Mercantile Exchange ("NYMEX") West Texas Intermediate ("WTI") oil prices. The Company uses derivative contracts to manage oil price volatility and basis swap contracts to reduce basis risk between NYMEX prices and the actual index prices at which the oil is sold. The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of September 30, 2015 and the weighted average oil prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 2017 Swap contracts: Volume (Bbl) 82,000 4,475 — Price per Bbl $ 71.18 $ 59.00 $ — Collar contracts with short puts (a): Volume (Bbl) 15,000 101,806 34,000 Price per Bbl: Ceiling $ 97.69 $ 75.93 $ 70.42 Floor $ 82.97 $ 65.30 $ 57.65 Short put $ 69.67 $ 46.08 $ 47.65 Rollfactor swap contracts (b): Volume (Bbl) 37,000 — — NYMEX roll price $ 0.06 $ — $ — ____________________ (a) Counterparties have the option to extend for an additional year 5,000 Bbls per day of 2015 collar contracts with short puts with a ceiling price of $100.08 per Bbl, a floor price of $90.00 per Bbl and a short put price of $80.00 per Bbl. The option to extend is exercisable on December 31, 2015. These contracts give the counterparties the option to extend the contracts under the same terms for an additional year if the option to extend is exercised by the counterparties on December 31, 2015. (b) Represents swaps that fix the difference between (i) each day's price per Bbl of WTI for the first nearby month less (ii) the price per Bbl of WTI for the second nearby NYMEX month, multiplied by .6667 ; plus (iii) each day's price per Bbl of WTI for the first nearby month less (iv) the price per Bbl of WTI for the third nearby NYMEX month, multiplied by .3333 . NGL production derivative activities. All material physical sales contracts governing the Company's NGL production are tied directly or indirectly to either Mont Belvieu or Conway NGL component product prices. The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of September 30, 2015 and the weighted average NGL prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 Ethane swap contracts: Volume (Bbl) 6,000 5,000 Price per Bbl $ 7.80 $ 11.61 Propane swap contracts: Volume (Bbl) 11,000 7,500 Price per Bbl $ 21.62 $ 21.57 Gas production derivative activities. All material physical sales contracts governing the Company's gas production are tied directly or indirectly to NYMEX Henry Hub ("HH") gas prices or regional index prices where the gas is sold. The Company uses derivative contracts to manage gas price volatility and basis swap contracts to reduce basis risk between HH prices and the actual index prices at which the gas is sold. The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of September 30, 2015 and the weighted average gas prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 2017 Swap contracts: Volume (MMBtu) 20,000 70,000 — Price per MMBtu $ 4.31 $ 4.06 $ — Collar contracts with short puts: Volume (MMBtu) 285,000 180,000 — Price per MMBtu: Ceiling $ 5.07 $ 4.01 $ — Floor $ 4.00 $ 3.24 $ — Short put $ 3.00 $ 2.78 $ — Basis swap contracts: Gulf Coast index swap volume (a) 20,000 10,000 — Price differential ($/MMBtu) $ — $ — $ — Mid-Continent index swap volume (a) 95,000 15,000 45,000 Price differential ($/MMBtu) $ (0.24 ) $ (0.32 ) $ (0.32 ) Permian Basin index swap volume (a) 10,000 — — Price differential ($/MMBtu) $ (0.13 ) $ — $ — Permian Basin index swap volume (b) 30,000 — — Price differential ($/MMBtu) $ 0.19 $ — $ — ____________________ (a) Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast, Mid-Continent and Permian Basin gas, respectively, and the HH index price used in gas swap and collar contracts. (b) Represent swaps that fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in southern California. Marketing and basis differential derivative activities. Periodically, the Company enters into buy and sell marketing arrangements to fulfill firm pipeline transportation commitments. Associated with these marketing arrangements, the Company may enter into index swaps to mitigate price risk. As of September 30, 2015 , the Company had marketing oil index swap contracts for 10,000 Bbl per day for the remainder of 2015 with a price differential of $2.99 per Bbl between WTI and Louisiana Light Sweet oil. Interest rate derivative activities. As of September 30, 2015, the Company was party to interest rate derivative contracts whereby the Company will receive (i) the 10-year Treasury rate in exchange for paying average fixed rates of 2.15 percent on a notional amount of $100 million on December 15, 2015 and 2.24 percent on a notional amount of $100 million on March 15, 2016 and (ii) the three-month LIBOR rate for the 10-year period from March 2016 through March 2026 in exchange for paying a fixed interest rate of 2.18 percent on a notional amount of $50 million on March 15, 2016. Subsequent to September 30, 2015, the Company entered into additional interest rate derivative contracts whereby the Company will receive the three-month LIBOR rate for the 10-year period from March 2016 through March 2026 in exchange for paying a fixed interest rate of 2.12 percent on a notional amount of $50 million on March 15, 2016. Tabular disclosure of derivative financial instruments . All of the Company's derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the earnings of the periods in which they occur. The Company classifies the fair value amounts of derivative assets and liabilities as net current or noncurrent derivative assets or net current or noncurrent derivative liabilities, whichever the case may be, by commodity and counterparty. The Company enters into derivatives under master netting arrangements, which, in an event of default, allows the Company to offset payables to and receivables from the defaulting counterparty. The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following: Fair Value of Derivative Instruments as of September 30, 2015 Type Consolidated Balance Sheet Location Fair Value Gross Amounts Offset in the Consolidated Balance Sheet Net Fair Value Presented in the Consolidated Balance Sheet (in millions) Derivatives not designated as hedging instruments Asset Derivatives: Commodity price derivatives Derivatives - current $ 634 $ (2 ) $ 632 Commodity price derivatives Derivatives - noncurrent $ 148 $ (1 ) 147 $ 779 Liability Derivatives: Commodity price derivatives Derivatives - current $ 2 $ (2 ) $ — Interest rate derivatives Derivatives - current $ 2 $ — 2 Commodity price derivatives Derivatives - noncurrent $ 2 $ (1 ) 1 $ 3 Fair Value of Derivative Instruments as of December 31, 2014 Type Consolidated Balance Sheet Location Fair Value Gross Amounts Offset in the Consolidated Balance Sheet Net Fair Value Presented in the Consolidated Balance Sheet (in millions) Derivatives not designated as hedging instruments Asset Derivatives: Commodity price derivatives Derivatives - current $ 579 $ (1 ) $ 578 Commodity price derivatives Derivatives - noncurrent $ 182 $ (1 ) 181 $ 759 Liability Derivatives: Commodity price derivatives Derivatives - current $ 1 $ (1 ) $ — Interest rate derivatives Derivatives - current $ 3 $ — 3 Commodity price derivatives Derivatives - noncurrent $ 3 $ (1 ) 2 $ 5 The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not obtain collateral or otherwise secure the fair value of its derivative instruments, associated credit risk is mitigated by the Company's credit risk policies and procedures. The following table details the location of gains and losses recognized on the Company's derivative contracts in the accompanying consolidated statements of operations: Derivatives Not Designated as Hedging Location of Gain / (Loss) Recognized in Three Months Ended Nine Months Ended Instruments Earnings on Derivatives 2015 2014 2015 2014 (in millions) Commodity price derivatives Derivative gains, net $ 575 $ 341 $ 614 $ 1 Interest rate derivatives Derivative gains, net (2 ) — 3 18 Total $ 573 $ 341 $ 617 $ 19 |
Exploratory Costs
Exploratory Costs | 9 Months Ended |
Sep. 30, 2015 | |
Exploratory Cost Disclosure [Abstract] | |
Exploratory Costs | Exploratory Costs The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are presented in proved properties in the accompanying consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The following table reflects the Company's capitalized exploratory well and project activity during the three and nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (in millions) Beginning capitalized exploratory costs $ 270 $ 305 Additions to exploratory costs pending the determination of proved reserves 321 782 Reclassification due to determination of proved reserves (319 ) (800 ) Exploratory well costs charged to exploration expense — (15 ) Ending capitalized exploratory costs $ 272 $ 272 As of September 30, 2015 and December 31, 2014 , the Company had no exploratory projects for which exploratory costs have been capitalized for a period greater than one year from the date drilling was completed. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt Credit facility. The Company's long-term debt consists of senior notes, a revolving corporate credit facility and the effects of net deferred fair value hedge losses and issuance discounts. During August 2015, the Company entered into the Second Amendment to its Second Amended and Restated 5-Year Revolving Credit Agreement ("Credit Facility") with a syndicate of financial institutions to primarily extend the maturity of the credit facility from December 2017 to August 2020 while maintaining aggregate loan commitments of $1.5 billion . The Company accounted for the entry into the Credit Facility as a modification of the prior agreement and capitalized the debt issuance costs along with those unamortized issuance costs that remained from the issuance of the prior agreement. As of September 30, 2015 , the Company had no outstanding borrowings under the Credit Facility and was in compliance with its debt covenants. Senior notes. The Company's 5.875% senior notes (the "5.875% Senior Notes"), with outstanding debt principal balances of $455 million , are due to mature in July 2016. As the Company has the ability to fund any required cash payments upon the maturity of the 5.875% Senior Notes with its borrowing capacity under the Credit Facility, to the extent that they are not refinanced prior to their maturity, such notes are classified as long-term debt in the accompanying consolidated balance sheets. |
Incentive Plans
Incentive Plans | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Incentive Plans | Incentive Plans Stock-based compensation For the three and nine months ended September 30, 2015 , the Company recorded $26 million and $87 million , respectively, of stock-based compensation expense for all plans, as compared to $27 million and $89 million for the same respective periods of 2014 . As of September 30, 2015 , there was $131 million of unrecognized compensation expense related to unvested share-based compensation plan awards, including $21 million attributable to stock-based awards that are expected to be settled on their vesting date in cash, rather than in equity shares ("Liability Awards"). The unrecognized compensation expense will be recognized over the remaining vesting periods of the awards, which is a period of less than three years on a weighted average basis. As of September 30, 2015 and December 31, 2014 , accounts payable – due to affiliates includes $11 million and $23 million , respectively, of liabilities attributable to Liability Awards. The following table summarizes the activity that occurred during the nine months ended September 30, 2015 , for each type of share-based incentive award issued by Pioneer: Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Stock Options Outstanding as of December 31, 2014 1,233,539 328,087 154,733 199,058 Awards granted 439,742 158,726 82,431 — Awards vested (525,494 ) (185,302 ) — — Awards forfeited (36,679 ) (28,851 ) — — Outstanding as of September 30, 2015 1,111,108 272,660 237,164 199,058 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company's asset retirement obligations primarily relate to the future plugging and abandonment of wells and facilities. The following table summarizes the Company's asset retirement obligation activity during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Beginning asset retirement obligations $ 187 $ 193 $ 189 $ 194 New wells placed on production 1 1 2 3 Changes in estimates — 2 — 3 Dispositions — (5 ) — (7 ) Liabilities settled (9 ) (6 ) (18 ) (14 ) Accretion of discount 3 3 9 9 Ending asset retirement obligations $ 182 $ 188 $ 182 $ 188 The Company records the current and noncurrent portions of asset retirement obligations in other current liabilities and other liabilities, respectively, in the accompanying consolidated balance sheets. As of September 30, 2015 , the current portion of the Company's asset retirement obligations was $31 million , as compared to $28 million at December 31, 2014 . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies The Company is a party to proceedings and claims incidental to its business. While many of these matters involve inherent uncertainty, the Company believes that the amount of the liability, if any, ultimately incurred with respect to such proceedings and claims will not have a material adverse effect on the Company's consolidated financial position as a whole or on its liquidity, capital resources or future annual results of operations. The Company records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. Obligations following divestitures. In connection with its divestiture transactions, the Company may retain certain liabilities and provide the purchaser certain indemnifications, subject to defined limitations, which may apply to identified pre-closing matters, including matters of litigation, environmental contingencies, royalty obligations and income taxes. The Company does not believe these obligations are probable of having a material impact on its liquidity, financial position or future results of operations. |
Interest And Other Income
Interest And Other Income | 9 Months Ended |
Sep. 30, 2015 | |
Interest and Other Income [Abstract] | |
Interest And Other Income | Interest and Other Income The following table provides the components of the Company's interest and other income for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Equity interest in income of EFS Midstream (a) $ — $ 3 $ 5 $ 10 Deferred compensation plan income — — 4 3 Interest income 2 — 2 — Loss from vertical integration services (b) (20 ) (2 ) (16 ) (9 ) Other income 1 1 5 5 Total interest and other income $ (17 ) $ 2 $ — $ 9 ____________________ (a) The Company accounted for its investment in EFS Midstream LLC ("EFS Midstream") prior to its sale in July 2015 using the equity method. EFS Midstream provided gathering, treating and transportation services for the Company. See Note C for additional information on the Company's sale of EFS Midstream. (b) Loss from vertical integration services primarily represents net margins that result from Company-provided fracture stimulation and service operations, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three and nine months ended September 30, 2015 , these vertical integration net margins included $66 million and $264 million , respectively, of revenues and $86 million and $280 million , respectively, of costs and expenses. For the same periods in 2014 , these vertical integration net margins included $125 million and $321 million , respectively, of revenues and $127 million and $330 million , respectively, of costs and expenses. |
Other Expense
Other Expense | 9 Months Ended |
Sep. 30, 2015 | |
Other Expense [Abstract] | |
Other Expense | Other Expense The following table provides the components of the Company's other expense for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Idle drilling and well service equipment charges (a) $ 22 $ 2 $ 73 $ 2 Transportation commitment charge (b) 11 11 38 34 Restructuring charges (c) 9 — 24 — Impairment of inventory and other property and equipment (d) 13 3 21 7 Other 5 4 14 12 Total other expense $ 60 $ 20 $ 170 $ 55 ____________________ (a) Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. (b) Primarily represents firm transportation payments on excess pipeline capacity commitments. (c) Represents one-time restructuring costs associated with the Company's restructuring of its operations in Colorado, including closing its office in Denver, Colorado and eliminating its Trinidad-based pumping services operations. See Note B for additional information on the restructuring charges. (d) Primarily represents charges to reduce excess material and supplies inventories to their market values. See Note D for additional information on the fair value of materials and supplies inventory. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's income tax benefit (provision) attributable to income from continuing operations consisted of the following for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Current tax benefit (provision) $ (48 ) $ 14 $ (49 ) $ (4 ) Deferred tax provision (307 ) (250 ) (146 ) (315 ) Income tax provision $ (355 ) $ (236 ) $ (195 ) $ (319 ) For both the three and nine months ended September 30, 2015 , the Company's effective tax rate, excluding income attributable to noncontrolling interests, was 35 percent , as compared to effective rates of 36 percent and 34 percent for the same respective periods in 2014 . During 2014, the Company's effective tax rates differed from the U.S. statutory rate of 35 percent primarily due to state income tax apportionments, nondeductible expenses and, for the nine months ended September 30, 2014, the recognition of a $21 million tax benefit resulting from the resolution during the first quarter of 2014 of a tax uncertainty related to net operating loss carryovers and alternative minimum tax credits obtained from the 2012 sand mine acquisition. The Company has no unrecognized tax benefits as of September 30, 2015 . The Company files income tax returns in the U.S. federal and various state and foreign jurisdictions. The Internal Revenue Service has closed examinations of the 2013 and prior tax years and, with few exceptions, the Company believes that it is no longer subject to examinations by state and foreign tax authorities for years before 2009. As of September 30, 2015 , no adjustments had been proposed in any jurisdiction that would have a significant effect on the Company's liquidity, future results of operations or financial position. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The following table reconciles the Company's income from continuing operations to basic and diluted net income attributable to common stockholders for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Income from continuing operations $ 648 $ 411 $ 356 $ 612 Participating basic earnings (6 ) (4 ) (3 ) (5 ) Basic and diluted income from continuing operations $ 642 $ 407 353 607 Basic and diluted loss from discontinued operations $ (2 ) $ (37 ) $ (6 ) $ (113 ) Basic and diluted net income attributable to common stockholders $ 640 $ 370 $ 347 $ 494 Basic weighted average common shares outstanding were 149 million for both the three and nine months ended September 30, 2015 and diluted weighted average common shares outstanding were 150 million and 149 million for the three and nine months ended September 30, 2015 , respectively. Basic and diluted weighted average common shares outstanding were 143 million for the three and nine months ended September 30, 2014 . |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation | Presentation. In the opinion of management, the consolidated financial statements of the Company as of September 30, 2015 and for the three and nine months ended September 30, 2015 and 2014 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . Certain reclassifications have been made to the 2014 financial statement and footnote amounts in order to conform to the 2015 presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements. In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity to measure inventory at the lower of cost or net realizable value rather than lower of cost or market as previously required by GAAP. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This update should be applied prospectively with early application permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. In April 2015, the FASB issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as assets. The guidance is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted and is to be implemented retrospectively. Adoption of the new guidance will only affect the presentation of the Company's consolidated balance sheets and will not have a material impact. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition," and most industry-specific guidance. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for one year to annual reports beginning after December 15, 2017. Early adoption is permitted as of the original effective date, December 15, 2016. Entities have the option of using either a full retrospective or modified approach to adopt the new standards. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions and Divestitures [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table represents the components of the Company's discontinued operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Revenues and other income (a) $ — $ 50 $ 1 $ 234 Costs and expenses (b) (2 ) (108 ) (10 ) (408 ) Loss from discontinued operations before income taxes (2 ) (58 ) (9 ) (174 ) Current tax provision — — — (1 ) Deferred tax benefit — 21 3 62 Loss from discontinued operations, net of tax $ (2 ) $ (37 ) $ (6 ) $ (113 ) ____________________ (a) Primarily reflects oil and gas revenues and cash received associated with Alaskan Petroleum Production Tax credits on qualifying capital expenditures. (b) Costs and expenses during 2015 were primarily related to an arbitration award associated with plugging and abandonment obligations for two Gulf of Mexico wells from which Pioneer withdrew in 2009. Costs and expenses in 2014 were primarily comprised of oil and gas production costs and impairment charges. See Note D for information about impairment charges on the Barnett Shale assets and Pioneer Alaska. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 for each of the fair value hierarchy levels: Fair Value Measurement at September 30, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at September 30, 2015 (in millions) Assets: Commodity derivatives $ — $ 779 $ — $ 779 Deferred compensation plan assets 69 — — 69 Total assets 69 779 — 848 Liabilities: Commodity derivatives — 1 — 1 Interest rate derivatives — 2 — 2 Total liabilities — 3 — 3 Total recurring fair value measurements $ 69 $ 776 $ — $ 845 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the fair value and fair value adjustments (in millions) for the Company's March 2015 and September 2015 proved property impairments, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in respective Management's Price Outlooks: Management's Price Outlooks Fair Value Fair Value Adjustment Oil Gas West Panhandle March 2015 $ 61 $ (138 ) $ 65.02 $ 3.83 South Texas - Other September 2015 $ 88 $ (72 ) $ 57.41 $ 3.46 |
Fair Value of Assets Classified as Held for Sale [Table Text Block] | The following table presents the fair value adjustments made by the Company during 2014 related to assets associated with divestitures: Fair Value Adjustment Sales Value Less Costs to Sell Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (in millions) Hugoton field $ 328 $ (34 ) $ (34 ) Barnett Shale field $ 149 $ (46 ) $ (174 ) Pioneer Alaska $ 253 $ — $ (97 ) |
Schedule of carrying values and financial instruments not carried at fair value | Carrying values and fair values of financial instruments that are not carried at fair value in the accompanying consolidated balance sheets as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (in millions) Long-term debt $ 2,675 $ 2,867 $ 2,665 $ 2,938 |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of oil derivative contracts volume and weighted average price | The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of September 30, 2015 and the weighted average oil prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 2017 Swap contracts: Volume (Bbl) 82,000 4,475 — Price per Bbl $ 71.18 $ 59.00 $ — Collar contracts with short puts (a): Volume (Bbl) 15,000 101,806 34,000 Price per Bbl: Ceiling $ 97.69 $ 75.93 $ 70.42 Floor $ 82.97 $ 65.30 $ 57.65 Short put $ 69.67 $ 46.08 $ 47.65 Rollfactor swap contracts (b): Volume (Bbl) 37,000 — — NYMEX roll price $ 0.06 $ — $ — ____________________ (a) Counterparties have the option to extend for an additional year 5,000 Bbls per day of 2015 collar contracts with short puts with a ceiling price of $100.08 per Bbl, a floor price of $90.00 per Bbl and a short put price of $80.00 per Bbl. The option to extend is exercisable on December 31, 2015. These contracts give the counterparties the option to extend the contracts under the same terms for an additional year if the option to extend is exercised by the counterparties on December 31, 2015. (b) Represents swaps that fix the difference between (i) each day's price per Bbl of WTI for the first nearby month less (ii) the price per Bbl of WTI for the second nearby NYMEX month, multiplied by .6667 ; plus (iii) each day's price per Bbl of WTI for the first nearby month less (iv) the price per Bbl of WTI for the third nearby NYMEX month, multiplied by .3333 . |
Schedule of NGL derivative volumes and weighted average prices | The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of September 30, 2015 and the weighted average NGL prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 Ethane swap contracts: Volume (Bbl) 6,000 5,000 Price per Bbl $ 7.80 $ 11.61 Propane swap contracts: Volume (Bbl) 11,000 7,500 Price per Bbl $ 21.62 $ 21.57 |
Schedule of gas derivative volume and weighted average prices | The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of September 30, 2015 and the weighted average gas prices for those contracts: Three Months Ending December 31, Year Ending December 31, 2015 2016 2017 Swap contracts: Volume (MMBtu) 20,000 70,000 — Price per MMBtu $ 4.31 $ 4.06 $ — Collar contracts with short puts: Volume (MMBtu) 285,000 180,000 — Price per MMBtu: Ceiling $ 5.07 $ 4.01 $ — Floor $ 4.00 $ 3.24 $ — Short put $ 3.00 $ 2.78 $ — Basis swap contracts: Gulf Coast index swap volume (a) 20,000 10,000 — Price differential ($/MMBtu) $ — $ — $ — Mid-Continent index swap volume (a) 95,000 15,000 45,000 Price differential ($/MMBtu) $ (0.24 ) $ (0.32 ) $ (0.32 ) Permian Basin index swap volume (a) 10,000 — — Price differential ($/MMBtu) $ (0.13 ) $ — $ — Permian Basin index swap volume (b) 30,000 — — Price differential ($/MMBtu) $ 0.19 $ — $ — ____________________ (a) Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast, Mid-Continent and Permian Basin gas, respectively, and the HH index price used in gas swap and collar contracts. (b) Represent swaps that fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in southern California. |
Offsetting Asset and Liability | The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following: Fair Value of Derivative Instruments as of September 30, 2015 Type Consolidated Balance Sheet Location Fair Value Gross Amounts Offset in the Consolidated Balance Sheet Net Fair Value Presented in the Consolidated Balance Sheet (in millions) Derivatives not designated as hedging instruments Asset Derivatives: Commodity price derivatives Derivatives - current $ 634 $ (2 ) $ 632 Commodity price derivatives Derivatives - noncurrent $ 148 $ (1 ) 147 $ 779 Liability Derivatives: Commodity price derivatives Derivatives - current $ 2 $ (2 ) $ — Interest rate derivatives Derivatives - current $ 2 $ — 2 Commodity price derivatives Derivatives - noncurrent $ 2 $ (1 ) 1 $ 3 Fair Value of Derivative Instruments as of December 31, 2014 Type Consolidated Balance Sheet Location Fair Value Gross Amounts Offset in the Consolidated Balance Sheet Net Fair Value Presented in the Consolidated Balance Sheet (in millions) Derivatives not designated as hedging instruments Asset Derivatives: Commodity price derivatives Derivatives - current $ 579 $ (1 ) $ 578 Commodity price derivatives Derivatives - noncurrent $ 182 $ (1 ) 181 $ 759 Liability Derivatives: Commodity price derivatives Derivatives - current $ 1 $ (1 ) $ — Interest rate derivatives Derivatives - current $ 3 $ — 3 Commodity price derivatives Derivatives - noncurrent $ 3 $ (1 ) 2 $ 5 |
Schedule of derivative gains and losses recognized on statement of operations | The following table details the location of gains and losses recognized on the Company's derivative contracts in the accompanying consolidated statements of operations: Derivatives Not Designated as Hedging Location of Gain / (Loss) Recognized in Three Months Ended Nine Months Ended Instruments Earnings on Derivatives 2015 2014 2015 2014 (in millions) Commodity price derivatives Derivative gains, net $ 575 $ 341 $ 614 $ 1 Interest rate derivatives Derivative gains, net (2 ) — 3 18 Total $ 573 $ 341 $ 617 $ 19 |
Exploratory Costs (Tables)
Exploratory Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Exploratory Cost Disclosure [Abstract] | |
Capitalized exploratory well and project activity | The following table reflects the Company's capitalized exploratory well and project activity during the three and nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (in millions) Beginning capitalized exploratory costs $ 270 $ 305 Additions to exploratory costs pending the determination of proved reserves 321 782 Reclassification due to determination of proved reserves (319 ) (800 ) Exploratory well costs charged to exploration expense — (15 ) Ending capitalized exploratory costs $ 272 $ 272 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Share Based Incentive Award Activity | The following table summarizes the activity that occurred during the nine months ended September 30, 2015 , for each type of share-based incentive award issued by Pioneer: Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Stock Options Outstanding as of December 31, 2014 1,233,539 328,087 154,733 199,058 Awards granted 439,742 158,726 82,431 — Awards vested (525,494 ) (185,302 ) — — Awards forfeited (36,679 ) (28,851 ) — — Outstanding as of September 30, 2015 1,111,108 272,660 237,164 199,058 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations | The following table summarizes the Company's asset retirement obligation activity during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Beginning asset retirement obligations $ 187 $ 193 $ 189 $ 194 New wells placed on production 1 1 2 3 Changes in estimates — 2 — 3 Dispositions — (5 ) — (7 ) Liabilities settled (9 ) (6 ) (18 ) (14 ) Accretion of discount 3 3 9 9 Ending asset retirement obligations $ 182 $ 188 $ 182 $ 188 |
Interest And Other Income (Tabl
Interest And Other Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Interest and Other Income [Abstract] | |
Components of interest and other income | The following table provides the components of the Company's interest and other income for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Equity interest in income of EFS Midstream (a) $ — $ 3 $ 5 $ 10 Deferred compensation plan income — — 4 3 Interest income 2 — 2 — Loss from vertical integration services (b) (20 ) (2 ) (16 ) (9 ) Other income 1 1 5 5 Total interest and other income $ (17 ) $ 2 $ — $ 9 ____________________ (a) The Company accounted for its investment in EFS Midstream LLC ("EFS Midstream") prior to its sale in July 2015 using the equity method. EFS Midstream provided gathering, treating and transportation services for the Company. See Note C for additional information on the Company's sale of EFS Midstream. (b) Loss from vertical integration services primarily represents net margins that result from Company-provided fracture stimulation and service operations, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three and nine months ended September 30, 2015 , these vertical integration net margins included $66 million and $264 million , respectively, of revenues and $86 million and $280 million , respectively, of costs and expenses. For the same periods in 2014 , these vertical integration net margins included $125 million and $321 million , respectively, of revenues and $127 million and $330 million , respectively, of costs and expenses. |
Other Expense (Tables)
Other Expense (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Expense [Abstract] | |
Schedule of components of other expense | The following table provides the components of the Company's other expense for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Idle drilling and well service equipment charges (a) $ 22 $ 2 $ 73 $ 2 Transportation commitment charge (b) 11 11 38 34 Restructuring charges (c) 9 — 24 — Impairment of inventory and other property and equipment (d) 13 3 21 7 Other 5 4 14 12 Total other expense $ 60 $ 20 $ 170 $ 55 ____________________ (a) Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. (b) Primarily represents firm transportation payments on excess pipeline capacity commitments. (c) Represents one-time restructuring costs associated with the Company's restructuring of its operations in Colorado, including closing its office in Denver, Colorado and eliminating its Trinidad-based pumping services operations. See Note B for additional information on the restructuring charges. (d) Primarily represents charges to reduce excess material and supplies inventories to their market values. See Note D for additional information on the fair value of materials and supplies inventory. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income tax (provisions) benefits attributable to income from continuing operations | The Company's income tax benefit (provision) attributable to income from continuing operations consisted of the following for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Current tax benefit (provision) $ (48 ) $ 14 $ (49 ) $ (4 ) Deferred tax provision (307 ) (250 ) (146 ) (315 ) Income tax provision $ (355 ) $ (236 ) $ (195 ) $ (319 ) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of earnings attributable to common stockholders, basic and diluted | The following table reconciles the Company's income from continuing operations to basic and diluted net income attributable to common stockholders for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in millions) Income from continuing operations $ 648 $ 411 $ 356 $ 612 Participating basic earnings (6 ) (4 ) (3 ) (5 ) Basic and diluted income from continuing operations $ 642 $ 407 353 607 Basic and diluted loss from discontinued operations $ (2 ) $ (37 ) $ (6 ) $ (113 ) Basic and diluted net income attributable to common stockholders $ 640 $ 370 $ 347 $ 494 |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Restructuring) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 9 | $ 0 | $ 24 | $ 0 |
Restructuring and Related Cost, Expected Cost Remaining | 3 | 3 | ||
Restructuring and Related Cost, Expected Cost | 27 | 27 | ||
Restructuring Reserve | 4 | 4 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 18 | 18 | ||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 6 | 6 | ||
Employee Relocation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 3 | 3 | ||
Cash [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 17 | |||
Deferred Compensation, Share-based Payments [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1 | |||
Leasehold Improvements [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 2 | 2 | ||
Property Subject to Operating Lease [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 4 | $ 4 |
Acquisitions and Divestitures34
Acquisitions and Divestitures (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015USD ($)Rate | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Rate | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014 | ||
Acquisitions and Divestitures [Line Items] | |||||||
Gain (loss) on disposition of assets, net | $ 779,000 | $ 1,000 | $ 782,000 | $ 11,000 | |||
Equity Method Investment, Ownership Percentage | Rate | 50.10% | 50.10% | |||||
Equity Method Investment, Net Sales Proceeds | $ 1,000,000 | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 778,000 | ||||||
Idle Rig Expense | [1] | $ 22,000 | 2,000 | 73,000 | 2,000 | ||
Proceeds from Sale of Productive Assets | 556,000 | 855,000 | |||||
Impairment of oil and gas properties | 72,000 | $ 0 | 210,000 | 0 | |||
Sendero [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Gain (loss) on disposition of assets, net | 1,000 | ||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 31,000 | ||||||
Idle Rig Expense | $ 10,000 | 30,000 | |||||
Gaines Dawson [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Gain (loss) on disposition of assets, net | 2,000 | ||||||
Proceeds from Sale of Productive Assets | $ 72,000 | ||||||
Lease Contract through Year 2 [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Drilling rigs leased | 12 | ||||||
Lease Contract for Year 3 [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Drilling rigs leased | 8 | ||||||
Discontinued Operations [Member] | Hugoton field [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Proceeds from Sale of Productive Assets | $ 328,000 | ||||||
Discontinued Operations [Member] | Pioneer Alaska [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Proceeds from Sale of Productive Assets | 267,000 | ||||||
Discontinued Operations [Member] | Barnett Shale Field [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Proceeds from Sale of Productive Assets | $ 150,000 | ||||||
Proceeds Received Current Year [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Equity Method Investment, Net Sales Proceeds | 530,000 | ||||||
Proceeds To Be Received In Future Year [Member] [Member] | |||||||
Acquisitions and Divestitures [Line Items] | |||||||
Equity Method Investment, Net Sales Proceeds | $ 500,000 | ||||||
[1] | Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. |
Acquisitions and Divestitures A
Acquisitions and Divestitures Acquisitions and Divestitures (Components of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Oil and gas | $ 557,000 | $ 967,000 | $ 1,670,000 | $ 2,795,000 |
Interest and other | (17,000) | 2,000 | 0 | 9,000 |
Gain on disposition of assets, net | (779,000) | (1,000) | (782,000) | (11,000) |
Oil and gas production | 189,000 | 168,000 | 532,000 | 493,000 |
Production and ad valorem taxes | 36,000 | 58,000 | 112,000 | 169,000 |
Depletion, depreciation and amortization | 364,000 | 274,000 | 1,003,000 | 734,000 |
Impairment of oil and gas properties | 72,000 | 0 | 210,000 | 0 |
Exploration and abandonment | 25,000 | 22,000 | 79,000 | 80,000 |
General and administrative | 81,000 | 81,000 | 246,000 | 244,000 |
Asset Retirement Obligation, Accretion Expense | 3,000 | 3,000 | 9,000 | 9,000 |
Other Nonoperating Expense | 60,000 | 20,000 | 170,000 | 55,000 |
Costs and Expenses | (1,215,000) | (866,000) | (3,183,000) | (2,457,000) |
Current tax provision | (48,000) | 14,000 | (49,000) | (4,000) |
Deferred tax benefit | (307,000) | (250,000) | (146,000) | (315,000) |
Income (Loss) from Discontinued Operations, Net of Tax | (2,000) | (37,000) | (6,000) | (113,000) |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total Revenues And Other Income From Discontinued Operations | 0 | 50,000 | 1,000 | 234,000 |
Costs and Expenses | (2,000) | (108,000) | (10,000) | (408,000) |
Loss from discontinued operations before income taxes | (2,000) | (58,000) | (9,000) | (174,000) |
Current tax provision | 0 | 0 | 0 | (1,000) |
Deferred tax benefit | 0 | 21,000 | 3,000 | 62,000 |
Income (Loss) from Discontinued Operations, Net of Tax | $ (2,000) | $ (37,000) | $ (6,000) | $ (113,000) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Deferred Compensation Plan Assets | $ 69 |
Assets, Fair Value Disclosure | 848 |
Liabilities, Fair Value Disclosure | 3 |
Recurring Measurements, (Fair Value, Total) | 845 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Deferred Compensation Plan Assets | 69 |
Assets, Fair Value Disclosure | 69 |
Liabilities, Fair Value Disclosure | 0 |
Recurring Measurements, (Fair Value, Total) | 69 |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Deferred Compensation Plan Assets | 0 |
Assets, Fair Value Disclosure | 779 |
Liabilities, Fair Value Disclosure | 3 |
Recurring Measurements, (Fair Value, Total) | 776 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Deferred Compensation Plan Assets | 0 |
Assets, Fair Value Disclosure | 0 |
Liabilities, Fair Value Disclosure | 0 |
Recurring Measurements, (Fair Value, Total) | 0 |
Interest Rate Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liability, Fair Value, Net | 2 |
Interest Rate Derivatives [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liability, Fair Value, Net | 0 |
Interest Rate Derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liability, Fair Value, Net | 2 |
Interest Rate Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liability, Fair Value, Net | 0 |
Commodity Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset, Fair Value, Net | 779 |
Derivative Liability, Fair Value, Net | 1 |
Commodity Derivatives [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset, Fair Value, Net | 0 |
Derivative Liability, Fair Value, Net | 0 |
Commodity Derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset, Fair Value, Net | 779 |
Derivative Liability, Fair Value, Net | 1 |
Commodity Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset, Fair Value, Net | 0 |
Derivative Liability, Fair Value, Net | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)$ / MMBTU$ / bbl | Mar. 31, 2015USD ($)$ / MMBTU$ / bbl | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Inventory Write-down | $ 12,000 | $ 20,000 | |||
Impairment of oil and gas properties | $ (72,000) | $ 0 | (210,000) | $ 0 | |
Management oil price outlook | $ / bbl | 57.41 | 65.02 | |||
Management gas price outlook | $ / MMBTU | 3.46 | 3.83 | |||
West Panhandle [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value of Asset Group | $ 61,000 | ||||
Impairment of oil and gas properties | $ (138,000) | ||||
South Texas Edwards And Austin Chalk [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value of Asset Group | $ 88,000 | $ 88,000 | |||
Impairment of oil and gas properties | $ (72,000) |
Fair Value Measurements Fair 38
Fair Value Measurements Fair Value Measurements (Fair Value of Assets Classified as Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of oil and gas properties | $ (72,000) | $ 0 | $ (210,000) | $ 0 | |
Hugoton field [Member] | Discontinued Operations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value of Asset Group | 328,000 | 328,000 | |||
Impairment of oil and gas properties | (34,000) | (34,000) | |||
Barnett Shale Field [Member] | Discontinued Operations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value of Asset Group | 149,000 | 149,000 | |||
Impairment of oil and gas properties | (46,000) | (174,000) | |||
Pioneer Alaska [Member] | Discontinued Operations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value of Asset Group | $ 253,000 | ||||
Impairment of oil and gas properties | $ 0 | $ (97,000) |
Fair Value Measurements (Sche39
Fair Value Measurements (Schedule Of Carrying Values And Financial Instruments Not Carried At Fair Value) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Document Period End Date | Sep. 30, 2015 | |
Long-term Debt, Excluding Current Maturities | $ 2,675 | $ 2,665 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 2,675 | 2,665 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 2,867 | $ 2,938 |
Derivative Financial Instrume40
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Nov. 02, 2015 | Sep. 30, 2015 |
December 15, 2015 Interest Rate Swaps [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Derivative, Fixed Interest Rate | 2.15% | |
Notional amount of debt | $ 100 | |
March 15, 2016 Interest Rate Swaps [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Derivative, Fixed Interest Rate | 2.24% | |
Notional amount of debt | $ 100 | |
March 2016 Interest Rate Swaps [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Derivative, Fixed Interest Rate | 2.18% | |
Notional amount of debt | $ 50 | |
Subsequent Event [Member] | March 2016 Interest Rate Swaps [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Derivative, Fixed Interest Rate | 2.12% | |
Notional amount of debt | $ 50 |
Derivative Financial Instrume41
Derivative Financial Instruments (Schedule Of Oil Derivative Contracts Volume And Weighted Average Prices) (Details) | Sep. 30, 2015bbl / d$ / bbl | |
Rollfactor Swap Contracts [Member] | ||
Derivative [Line Items] | ||
NYMEX swap multiple, second nearby month | 0.6667 | |
NYMEX swap multiple, third nearby month | 0.3333 | |
Oil contracts [Member] | Collar Contracts With Short Puts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 15,000 | |
Oil contracts [Member] | Collar Contracts With Short Puts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 101,806 | [1],[2] |
Oil contracts [Member] | Collar Contracts With Short Puts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 34,000 | [1] |
Oil contracts [Member] | Collar Contracts With Short Puts for Year 2 - Extendible for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 5,000 | |
Oil contracts [Member] | Swap Contracts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 82,000 | |
Oil contracts [Member] | Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 4,475 | |
Oil contracts [Member] | Swap Contracts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 0 | |
Oil contracts [Member] | Rollfactor Swap Contracts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 37,000 | |
Oil contracts [Member] | Rollfactor Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 0 | |
Oil contracts [Member] | Rollfactor Swap Contracts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 0 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 97.69 | |
Derivative, Average Floor Price | 82.97 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Current Year [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 69.67 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 75.93 | |
Derivative, Average Floor Price | 65.30 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 46.08 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 70.42 | |
Derivative, Average Floor Price | 57.65 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 3 [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 47.65 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Extendible for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 100.08 | |
Derivative, Average Floor Price | 90 | |
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Extendible for Year 3 [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 80 | |
Oil contracts, price per bbl [Member] | Swap Contracts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 71.18 | |
Oil contracts, price per bbl [Member] | Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 59 | |
Oil contracts, price per bbl [Member] | Swap Contracts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Oil contracts, price per bbl [Member] | Rollfactor Swap Contracts for Current Year [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0.06 | |
Oil contracts, price per bbl [Member] | Rollfactor Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | [3] |
Oil contracts, price per bbl [Member] | Rollfactor Swap Contracts for Year 3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 0 | |
[1] | (a)Counterparties have the option to extend for an additional year 5,000 Bbls per day of 2015 collar contracts with short puts with a ceiling price of $100.08 per Bbl, a floor price of $90.00 per Bbl and a short put price of $80.00 per Bbl. The option to extend is exercisable on December 31, 2015. These contracts give the counterparties the option to extend the contracts under the same terms for an additional year if the option to extend is exercised by the counterparties on December 31, 2015. | |
[2] | . | |
[3] | Represents swaps that fix the difference between (i)Â each day's price per Bbl of WTI for the first nearby month less (ii)Â the price per Bbl of WTI for the second nearby NYMEX month, multiplied by .6667; plus (iii)Â each day's price per Bbl of WTI for the first nearby month less (iv)Â the price per Bbl of WTI for the third nearby NYMEX month, multiplied by .3333. |
Derivative Financial Instrume42
Derivative Financial Instruments Derivative Financial Instruments (Schedule of NGL Derivative Contracts Volume and Weighted Average Prices) (Details) | Sep. 30, 2015bbl / d$ / bbl |
Propane [Member] | NGL contract, in BBLS [Member] | Swap Contracts for Current Year [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl / d | 11,000 |
Propane [Member] | NGL contract, in BBLS [Member] | Swap Contracts for Year 2 [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl / d | 7,500 |
Propane [Member] | NGL contracts, price per BBL [Member] | Swap Contracts for Current Year [Member] | |
Derivative [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 21.62 |
Propane [Member] | NGL contracts, price per BBL [Member] | Swap Contracts for Year 2 [Member] | |
Derivative [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 21.57 |
Ethane [Member] | NGL contract, in BBLS [Member] | Swap Contracts for Current Year [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl / d | 6,000 |
Ethane [Member] | NGL contract, in BBLS [Member] | Swap Contracts for Year 2 [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl / d | 5,000 |
Ethane [Member] | NGL contracts, price per BBL [Member] | Swap Contracts for Current Year [Member] | |
Derivative [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 7.80 |
Ethane [Member] | NGL contracts, price per BBL [Member] | Swap Contracts for Year 2 [Member] | |
Derivative [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 11.61 |
Derivative Financial Instrume43
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details) | Sep. 30, 2015MMBTU / d$ / MMBTU | |
Collar Contracts With Short Puts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 285,000 | |
Collar Contracts With Short Puts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 5.07 | |
Derivative, Average Floor Price | 4 | |
Collar Contracts With Short Puts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 3 | |
Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 180,000 | |
Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 4.01 | |
Derivative, Average Floor Price | 3.24 | |
Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 2.78 | |
Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | |
Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | 0 | |
Derivative, Average Floor Price | 0 | |
Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | Short Put [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Price Per Unit | 0 | |
Swap Contracts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 20,000 | |
Swap Contracts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 4.31 | |
Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 70,000 | |
Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 4.06 | |
Swap Contracts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | |
Swap Contracts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Gulf Coast [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 20,000 | |
Gulf Coast [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Gulf Coast [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 10,000 | [1] |
Gulf Coast [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Gulf Coast [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | [1] |
Gulf Coast [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Mid-Continent [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 95,000 | |
Mid-Continent [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | (0.24) | |
Mid-Continent [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 15,000 | [1] |
Mid-Continent [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | (0.32) | |
Mid-Continent [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 45,000 | [1],[2] |
Mid-Continent [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | (0.32) | |
Permian Basin [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 10,000 | |
Permian Basin [Member] | Basis Swap Contracts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | (0.13) | |
Permian Basin [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | [1] |
Permian Basin [Member] | Basis Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Permian Basin [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | [1] |
Permian Basin [Member] | Basis Swap Contracts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Current Year [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 30,000 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Current Year [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0.19 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | |
Permian Basin [Member] | So Cal Basis Swap Contracts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | 0 | |
[1] | (a)Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast, Mid-Continent and Permian Basin gas, respectively, and the HH index price used in gas swap and collar contracts. | |
[2] | (b) |
Derivative Financial Instrume44
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Marketing Derivative Contracts Volume and Weighted Average Prices) (Details) (Details) - Basis Swap Contracts for Current Year [Member] | Sep. 30, 2015MMBTU / d$ / bbl |
Marketing Oil contracts, in BBL [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | MMBTU / d | 10,000 |
Marketing oil contracts, price per BBL [Member] [Member] | |
Derivative [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 2.99 |
Derivative Financial Instrume45
Derivative Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Assets, Current | $ 632 | $ 578 |
Derivative Assets, Noncurrent | 147 | 181 |
Derivative Liabilities, Current | 2 | 3 |
Derivative Liabilities, Noncurrent | 1 | 2 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Net | 779 | 759 |
Derivative Liability, Fair Value, Net | 3 | 5 |
Not Designated as Hedging Instrument [Member] | Commodity Price Derivatives [Member] | Derivatives - Current [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Asset, Gross | 634 | 579 |
Derivative Liability, Fair Value, Gross Liability | 2 | 1 |
Derivative Assets Offset In Balance Sheet | (2) | (1) |
Derivative Liabilities Offset In Balance Sheet | (2) | (1) |
Derivative Assets, Current | 632 | 578 |
Derivative Liabilities, Current | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Price Derivatives [Member] | Derivatives - Noncurrent [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Asset, Gross | 148 | 182 |
Derivative Liability, Fair Value, Gross Liability | 2 | 3 |
Derivative Assets Offset In Balance Sheet | (1) | (1) |
Derivative Liabilities Offset In Balance Sheet | (1) | (1) |
Derivative Assets, Noncurrent | 147 | 181 |
Derivative Liabilities, Noncurrent | 1 | 2 |
Not Designated as Hedging Instrument [Member] | Interest Rate Derivatives [Member] | Derivatives - Current [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 3 |
Derivative Liabilities Offset In Balance Sheet | 0 | 0 |
Derivative Liabilities, Current | $ 2 | $ 3 |
Derivative Financial Instrume46
Derivative Financial Instruments (Schedule Of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Derivative gains, net | $ 573 | $ 341 | $ 617 | $ 19 |
Commodity Price Derivatives [Member] | Derivative Gains (Losses), Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative gains, net | 575 | 341 | 614 | 1 |
Interest Rate Derivatives [Member] | Derivative Gains (Losses), Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative gains, net | $ (2) | $ 0 | $ 3 | $ 18 |
Exploratory Costs (Schedule Of
Exploratory Costs (Schedule Of Capitalized Exploratory Well And Project Activity) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014 | |
Beginning capitalized exploratory costs | $ 270 | $ 305 | |
Additions to exploratory costs pending the determination of proved reserves | 321 | 782 | |
Reclassification due to determination of proved reserves | (319) | (800) | |
Exploratory well costs charged to exploration expense | 0 | (15) | |
Ending capitalized exploratory costs | $ 272 | $ 272 | |
Number of projects with exploratory costs that have been suspended for a period greater than one year | 0 | 0 | 0 |
Exploratory Costs Exploratory C
Exploratory Costs Exploratory Costs (Narrative) (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||
Number of projects with exploratory costs that have been suspended for a period greater than one year | 0 | 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)Rate | |
Debt Instrument [Line Items] | |
Maximum Borrowing Capacity | $ 1,500 |
Document Period End Date | Sep. 30, 2015 |
Outstanding borrowing | $ 0 |
Five Point Eight Seven Five Percent Senior Notes Due Two Thousand Sixteen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.875% |
Senior Notes | $ 455 |
Incentive Plans Incentive Plans
Incentive Plans Incentive Plans (Stock-based compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 26 | $ 27 | $ 87 | $ 89 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 131 | $ 131 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Restricted Stock Liability Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 21 | $ 21 | |||
Accounts Payable, Current | $ 11 | $ 11 | $ 23 |
Incentive Plans Incentive Pla51
Incentive Plans Incentive Plans (Share Based Incentive Award Activity) (Details) - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Restricted Stock Equity Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,111,108 | 1,233,539 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 439,742 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (525,494) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (36,679) | |
Restricted Stock Liability Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 272,660 | 328,087 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 158,726 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (185,302) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (28,851) | |
Performance Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 237,164 | 154,733 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 82,431 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 199,058 | 199,058 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning asset retirement obligations | $ 187 | $ 193 | $ 189 | $ 194 | |
Asset Retirement Obligation, Liabilities Incurred | 1 | 1 | 2 | 3 | |
Changes in estimates | 0 | 2 | 0 | 3 | |
Disposition of wells | 0 | (5) | 0 | (7) | |
Liabilities settled | (9) | (6) | (18) | (14) | |
Accretion of discount from continuing operations | 3 | 3 | 9 | 9 | |
Ending asset retirement obligations | 182 | $ 188 | 182 | $ 188 | |
Asset retirement obligations, current portions | $ 31 | $ 31 | $ 28 |
Interest And Other Income (Comp
Interest And Other Income (Components Of Interest And Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Interest and Other Income [Abstract] | |||||
Equity interest in income of unconsolidated affiliate | [1] | $ 0 | $ 3 | $ 5 | $ 10 |
Deferred compensation plan income | 0 | 0 | 4 | 3 | |
Interest income | 2 | 0 | 2 | 0 | |
Third-party income (loss) from vertical integration services | [2] | (20) | (2) | (16) | (9) |
Other income | 1 | 1 | 5 | 5 | |
Total interest and other income | (17) | 2 | 0 | 9 | |
GrossRevenuesIncludedInThirdPartyIncomeFromVerticalIntegrationServices | 66 | 125 | 264 | 321 | |
GrossExpensesIncludedInThirdPartyIncomeFromVerticalIntegrationServices | $ 86 | $ 127 | $ 280 | $ 330 | |
[1] | (a)The Company accounted for its investment in EFS Midstream LLC ("EFS Midstream") prior to its sale in July 2015 using the equity method. EFS Midstream provided gathering, treating and transportation services for the Company. | ||||
[2] | (b)Loss from vertical integration services primarily represents net margins that result from Company-provided fracture stimulation and service operations, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three and nine months ended September 30, 2015, these vertical integration net margins included $66 million and $264 million, respectively, of revenues and $86 million and $280 million, respectively, of costs and expenses. For the same periods in 2014, these vertical integration net margins included $125 million and $321 million, respectively, of revenues and $127 million and $330 million, respectively, of costs and expenses. |
Other Expense (Schedule Of Comp
Other Expense (Schedule Of Components Of Other Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Other Expense [Abstract] | |||||
Above market and idle drilling and well services equipment charges | [1] | $ 22 | $ 2 | $ 73 | $ 2 |
Transportation commitment charges | [2] | 11 | 11 | 38 | 34 |
Restructuring Charges | 9 | 0 | 24 | 0 | |
Inventory valuation charges | [3] | 13 | 3 | 21 | 7 |
Other | 5 | 4 | 14 | 12 | |
Total other expense | $ 60 | $ 20 | $ 170 | $ 55 | |
[1] | Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. | ||||
[2] | Primarily represents firm transportation payments on excess pipeline capacity commitments. | ||||
[3] | Primarily represents charges to reduce excess material and supplies inventories to their market values. See Note D for additional information on the fair value of materials and supplies inventory. |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax (Provisions) Benefits Attributable To Income From Continuing Operations) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Current income taxes | $ (48,000,000) | $ 14,000,000 | $ (49,000,000) | $ (4,000,000) |
Deferred income taxes | (307,000,000) | (250,000,000) | (146,000,000) | (315,000,000) |
Income tax benefit (provision) | $ (355,000,000) | $ (236,000,000) | $ (195,000,000) | $ (319,000,000) |
Effective Tax Rate | 36.00% | 35.00% | 34.00% | |
Statutory Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% |
Unrecognized tax benefit recognized in period | $ 21,000,000 | |||
Unrecognized Tax Benefits | $ 0 | $ 0 |
Net Income Per Share (Reconcili
Net Income Per Share (Reconciliation Of Earnings Attributable To Common Stockholders, Basic And Diluted) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Operating Activities Segment [Line Items] | ||||
Basic income (loss) from continuing operations attributable to common stockholders | $ 640 | $ 370 | $ 347 | $ 494 |
Diluted income (loss) from continuing operations attributable to common stockholders | 640 | 370 | 347 | 494 |
Continuing Operations [Member] | ||||
Statement Operating Activities Segment [Line Items] | ||||
Income (loss) from continuing operations attributable to parent | 648 | 411 | 356 | 612 |
Participating Securities, Distributed and Undistributed Earnings, Basic | (6) | (4) | (3) | (5) |
Basic income (loss) from continuing operations attributable to common stockholders | 642 | 407 | 353 | 607 |
Diluted income (loss) from continuing operations attributable to common stockholders | 642 | 407 | 353 | 607 |
Discontinued Operations [Member] | ||||
Statement Operating Activities Segment [Line Items] | ||||
Basic income (loss) from continuing operations attributable to common stockholders | (2) | (37) | (6) | (113) |
Diluted income (loss) from continuing operations attributable to common stockholders | $ (2) | $ (37) | $ (6) | $ (113) |
Net Income Per Share (Reconci57
Net Income Per Share (Reconciliation Of Basic To Diluted Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Line Items] | ||||
Basic | 149 | 143 | 149 | 143 |
Diluted | 150 | 143 | 149 | 143 |