Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 169,607,877 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents, at Carrying Value | $ 1,825 | $ 1,391 |
Short-term Investments | 1,473 | 0 |
Accounts receivable: | ||
Trade, net | 434 | 384 |
Due from affiliates | 0 | 1 |
Income taxes receivable | 4 | 43 |
Inventories | 165 | 155 |
Prepaid expenses | 18 | 17 |
Other current assets: | ||
Notes receivable | 501 | 498 |
Derivatives Assets, Current | 273 | 694 |
Other | 6 | 11 |
Total current assets | 4,699 | 3,194 |
Oil and gas properties, using the successful efforts method of accounting: | ||
Proved properties | 17,546 | 16,631 |
Unproved properties | 137 | 169 |
Accumulated depletion, depreciation and amortization | (7,491) | (6,778) |
Total property, plant and equipment | 10,192 | 10,022 |
Long-term Investments | 23 | 0 |
Goodwill | 272 | 272 |
Property, Plant and Equipment, Net | 1,525 | 1,523 |
Other assets: | ||
Derivative Assets, Noncurrent | 12 | 64 |
Other, net | 85 | 79 |
Assets, Total | 16,808 | 15,154 |
Accounts payable: | ||
Trade | 674 | 798 |
Due to affiliates | 67 | 85 |
Interest payable | 84 | 65 |
Income taxes payable | 0 | 2 |
Current portion of long-term debt | 939 | 448 |
Other current liabilities: | ||
Derivative Liabilities, Current | 8 | 0 |
Other | 59 | 64 |
Total current liabilities | 1,831 | 1,462 |
Long-term Debt, Excluding Current Maturities | 2,725 | 3,207 |
Derivative Liabilities, Noncurrent | 43 | 1 |
Deferred income taxes | 1,494 | 1,776 |
Other liabilities | 329 | 333 |
Stockholders' equity: | ||
Common stock, $.01 par value | 2 | 2 |
Additional paid-in capital | 8,843 | 6,267 |
Treasury stock at cost | (222) | (199) |
Retained earnings | 1,756 | 2,298 |
Total equity attributable to common stockholders | 10,379 | 8,368 |
Noncontrolling interests in consolidating subsidiaries | 7 | 7 |
Total equity | 10,386 | 8,375 |
Commitments and contingencies | ||
Liabilities and Stockholders' Equity, Total | $ 16,808 | $ 15,154 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 173,187,409 | 152,775,920 |
Treasury Stock, Shares | 3,585,628 | 3,396,220 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues and other income: | ||||
Oil and gas | $ 613,000 | $ 596,000 | $ 1,022,000 | $ 1,113,000 |
Sales of purchased oil and gas | 395,000 | 236,000 | 618,000 | 339,000 |
Interest and other | 6,000 | 7,000 | 13,000 | 14,000 |
Derivative gains, net | (229,000) | (197,000) | (186,000) | 44,000 |
Gain (loss) on disposition of assets, net | 1,000 | 2,000 | 3,000 | 3,000 |
Total revenues and other income | 786,000 | 644,000 | 1,470,000 | 1,513,000 |
Costs and expenses: | ||||
Oil and gas production | 141,000 | 163,000 | 297,000 | 343,000 |
Production and ad valorem taxes | 36,000 | 37,000 | 65,000 | 76,000 |
Depletion, depreciation and amortization | 384,000 | 329,000 | 737,000 | 639,000 |
Purchased oil and gas | 410,000 | 237,000 | 653,000 | 345,000 |
Impairment of oil and gas properties | 0 | 0 | 32,000 | 138,000 |
Exploration and abandonments | 18,000 | 28,000 | 77,000 | 54,000 |
General and administrative | 80,000 | 83,000 | 154,000 | 165,000 |
Accretion of discount on asset retirement obligations | 5,000 | 3,000 | 9,000 | 6,000 |
Interest | 56,000 | 46,000 | 111,000 | 92,000 |
Other | 67,000 | 58,000 | 154,000 | 107,000 |
Costs and Expenses | 1,197,000 | 984,000 | 2,289,000 | 1,965,000 |
Income from continuing operations before income taxes | (411,000) | (340,000) | (819,000) | (452,000) |
Income tax provision | 143,000 | 123,000 | 284,000 | 160,000 |
Income from continuing operations | (268,000) | (217,000) | (535,000) | (292,000) |
Loss from discontinued operations, net of tax | 0 | (1,000) | 0 | (4,000) |
Net income | (535,000) | (296,000) | ||
Net income (loss) attributable to common stockholders | $ (268,000) | $ (218,000) | $ (535,000) | $ (296,000) |
Basic earnings per share: | ||||
Income from continuing operations | $ (1.63) | $ (1.45) | $ (3.28) | $ (1.95) |
Loss from discontinued operations | 0 | (0.01) | 0 | (0.03) |
Net income | (1.63) | (1.46) | (3.28) | (1.98) |
Diluted earnings per share: | ||||
Income from continuing operations | (1.63) | (1.45) | (3.28) | (1.95) |
Loss from discontinued operations | 0 | (0.01) | 0 | (0.03) |
Net income | $ (1.63) | $ (1.46) | $ (3.28) | $ (1.98) |
Weighted average shares outstanding: | ||||
Basic | 164 | 149 | 163 | 149 |
Diluted | 164 | 149 | 163 | 149 |
Dividends declared per share | $ 0 | $ 0 | $ 0.04 | $ 0.04 |
Amounts attributable to common stockholders: | ||||
Net income (loss) attributable to common stockholders | $ (268,000) | $ (218,000) | $ (535,000) | $ (296,000) |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance, shares at Dec. 31, 2015 | 149,380 | |||||
Beginning Balance at Dec. 31, 2015 | $ 8,375 | $ 2 | $ 6,267 | $ (199) | $ 2,298 | $ 7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Issued During Period, Shares, New Issues | 19,838 | |||||
Stock Issued During Period, Value, New Issues | 2,534 | $ 0 | 2,534 | |||
Dividends declared ($0.08 per share) | (7) | (7) | ||||
Treasury stock purchases, shares | (189) | |||||
Treasury stock purchases | (23) | (23) | ||||
Tax benefit related to stock-based compensation | (2) | (2) | ||||
Compensation costs: | ||||||
Vested compensation awards, net, shares | 573 | |||||
Vested compensation awards, net | 0 | $ 0 | 0 | |||
Compensation costs included in net income | 44 | 44 | 0 | |||
Net loss | (535) | (535) | 0 | |||
Ending Balance, shares at Jun. 30, 2016 | 169,602 | |||||
Ending Balance at Jun. 30, 2016 | $ 10,386 | $ 2 | $ 8,843 | $ (222) | $ 1,756 | $ 7 |
Consolidated Statement Of Equi6
Consolidated Statement Of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share | $ 0 | $ 0 | $ 0.04 | $ 0.04 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (535,000) | $ (296,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depletion, depreciation and amortization | 737,000 | 639,000 |
Impairment of oil and gas properties | 32,000 | 138,000 |
Impairment of Inventory and Other Property and Equipment | 5,000 | 9,000 |
Exploration expenses, including dry holes | 40,000 | 15,000 |
Deferred income taxes | (284,000) | (161,000) |
Gain on disposition of assets, net | (3,000) | (3,000) |
Accretion of discount on asset retirement obligations | 9,000 | 6,000 |
Discontinued operations | 0 | (3,000) |
Interest expense | 9,000 | 9,000 |
Derivative related activity | 535,000 | 312,000 |
Amortization of stock-based compensation | 44,000 | 47,000 |
Other | 36,000 | (6,000) |
Change in operating assets and liabilities, net of effects from acquisitions and dispositions: | ||
Accounts receivable, net | (51,000) | 49,000 |
Income taxes receivable | 39,000 | 1,000 |
Inventories | (12,000) | (44,000) |
Prepaid expenses | (1,000) | (1,000) |
Derivatives | (12,000) | 0 |
Other current assets | 1,000 | (8,000) |
Accounts payable | (60,000) | (275,000) |
Interest payable | 20,000 | 22,000 |
Income taxes payable | (2,000) | (1,000) |
Other current liabilities | (26,000) | (17,000) |
Net cash provided by operating activities | 521,000 | 432,000 |
Cash flows from investing activities: | ||
Proceeds from disposition of assets, net of cash sold | 2,000 | 7,000 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 1,000 | 0 |
Purchase of investment securities | (1,495,000) | 0 |
Additions to oil and gas properties | (971,000) | (1,083,000) |
Additions to other assets and other property and equipment, net | (126,000) | (130,000) |
Net cash used in investing activities | (2,589,000) | (1,206,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 2,534,000 | 0 |
Distributions to noncontrolling interests | 0 | (1,000) |
Purchases of treasury stock | (23,000) | (31,000) |
Tax benefits related to stock-based compensation | (2,000) | 6,000 |
Dividends paid | (7,000) | (6,000) |
Net cash used in financing activities | 2,502,000 | (32,000) |
Net increase (decrease) in cash and cash equivalents | 434,000 | (806,000) |
Cash and cash equivalents, beginning of period | 1,391,000 | 1,025,000 |
Cash and cash equivalents, end of period | $ 1,825,000 | $ 219,000 |
Organization And Nature Of Oper
Organization And Nature Of Operations | 6 Months Ended |
Jun. 30, 2016 | |
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 southeast Colorado and the West Panhandle field in the Texas Panhandle. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 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, 2015 . Certain reclassifications have been made to the 2015 financial statement and footnote amounts in order to conform to the 2016 presentation. Restructuring. In February 2016, the Company announced plans to restructure its pressure pumping operations in South Texas, including relocating its two Eagle Ford Shale pressure pumping fleets to the Spraberry/Wolfcamp area. In connection therewith, the Company offered severance to certain employees and relocated a number of other employees from its South Texas locations to its operations in the Permian Basin. This initiative was substantially complete as of June 30, 2016. In connection therewith, during the three and six months ended June 30, 2016, the Company recognized $1 million and $4 million , respectively, of restructuring charges in other expense in the accompanying consolidated statements of operations. The restructuring charges for the six months ended June 30, 2016 included approximately $3 million in cash employee severance costs and $1 million in employee relocation and other costs. In May 2015, the Company announced plans to restructure its operations in Colorado, including closing its office in Denver, Colorado and eliminating its Trinidad-based pressure pumping operations. The restructuring plan was substantially complete as of December 31, 2015. In connection therewith, during the three and six months ended June 30, 2015, the Company recognized $15 million of restructuring charges in other expense in the accompanying consolidated statements of operations. As of June 30, 2016 , the Company had $3 million of restructuring liabilities recorded in other current and noncurrent liabilities in the accompanying consolidated balance sheet, primarily related to future lease obligations associated with its Denver, Colorado office. Issuance of common stock. In the second quarter of 2016, the Company issued 6.0 million shares of common stock and received cash proceeds of $937 million , net of associated underwriting and offering expenses. In the first quarter of 2016, the Company issued 13.8 million shares of common stock and received cash proceeds of $1.6 billion , net of associated underwriting and offering expenses. New accounting pronouncements. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for a fiscal year beginning after December 15, 2018, including interim periods within that fiscal year. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the new guidance and does not believe this standard will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as certain classification changes in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. In February 2016, FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and makes certain changes to the way lease expenses are accounted for. This update is effective for fiscal years beginning after December 15, 2018 and for interim periods beginning the following year. This update should be applied using a modified retrospective approach, and early adoption is permitted. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 changes certain guidance related to the recognition, measurement, presentation and disclosure of financial instruments. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is not permitted for the majority of the update, but is permitted for two of its provisions. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. 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 fiscal years beginning after December 15, 2017. Early adoption is permitted for fiscal years beginning after December 15, 2016. In May 2016, the FASB issued ASU 2016-11, which rescinds guidance from the SEC on accounting for gas balancing arrangements and will eliminate the use of the entitlements method. Entities have the option of using either a full retrospective or modified approach to adopt the new standards. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements or decided upon its method of adoption. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions and Divestitures [Abstract] | |
Acquisition and Divestitures | Divestitures EFS Midstream. In July 2015, the Company closed on the sale of its 50.1 percent equity interest in EFS Midstream LLC ("EFS Midstream") to an unaffiliated third party, with the Company receiving total consideration of $1.0 billion , of which $530 million was received in cash at closing and the remaining $501 million was in the form of a note, which was payable to the Company one year from closing. The note receivable was paid in full in July 2016. See Note O for additional information on the payment of the note receivable. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 for each of the fair value hierarchy levels: Fair Value Measurement at June 30, 2016 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 June 30, 2016 (in millions) Assets: Commodity derivatives $ — $ 285 $ — $ 285 Deferred compensation plan assets 78 — — 78 Total assets 78 285 — 363 Liabilities: Commodity derivatives — 42 — 42 Interest rate derivatives — 9 — 9 Total liabilities — 51 — 51 Total recurring fair value measurements $ 78 $ 234 $ — $ 312 Commodity derivatives. The Company's commodity derivatives represent oil, natural gas liquids ("NGL") and gas swap contracts, collar 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 and 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 June 30, 2016 , 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 interest rate swap contracts. The Company utilizes discounted cash flow models for valuing its interest rate derivatives. The 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") 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. The Company recognized noncash impairment charges of $5 million and $9 million for the the six months ended June 30, 2016 and 2015, respectively, attributable to inventory and other property and equipment. Proved oil and gas properties . As a result of the Company's proved property impairment assessments, the Company recognized pretax, noncash impairment charges to reduce the carrying values of (i) the West Panhandle field during the three months ended March 31, 2016 and (ii) the Eagle Ford Shale field, the West Panhandle field and the South Texas - Other field during the year ended December 31, 2015 to their estimated fair values. The Company calculated the fair values of the West Panhandle field, the Eagle Ford Shale 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 longer-term commodity price outlooks ("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 longer-term commodity futures price outlooks as of each 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 2016 and 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 Impairment Date Fair Value Fair Value Adjustment Oil Gas West Panhandle March 2016 $ 33 $ (32 ) $ 49.77 $ 3.24 South Texas - Eagle Ford Shale December 2015 $ 483 $ (846 ) $ 52.82 $ 3.34 South Texas - Other September 2015 $ 88 $ (72 ) $ 57.41 $ 3.46 West Panhandle March 2015 $ 61 $ (138 ) $ 65.02 $ 3.83 It is reasonably possible that the estimate of undiscounted future net cash flows attributable to these or other properties may change in the future resulting in the need to impair their carrying values. The primary factors that may affect estimates of future cash flows are (i) future adjustments, both positive and negative, to proved and risk-adjusted probable and possible oil and gas reserves, (ii) results of future drilling activities, (iii) Management's Price Outlooks and (iv) increases or decreases in production and capital costs associated with these reserves. Unproved oil and gas properties. During March 2016, the Company recorded an impairment charge of $32 million to write-off the carrying value of its unproved royalty acreage in Alaska (reported in exploration and abandonments in the accompanying consolidated statements of operations) as a result of the operator curtailing operations in the area and Management's Price Outlooks. 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 June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in millions) Commercial paper, corporate bonds and time deposits $ 1,521 $ 1,521 $ 275 $ 275 Current portion of long-term debt $ 939 $ 959 $ 448 $ 462 Long-term debt $ 2,725 $ 2,999 $ 3,207 $ 3,206 Commercial paper, corporate bonds and time deposits. Periodically, the Company invests in commercial paper and corporate bonds with investment grade rated entities. The Company also periodically enters into time deposits with financial institutions. The investments are carried at amortized cost, which approximates fair value, and classified as held-to-maturity as the Company has the intent and ability to hold them until they mature. The net carrying value of held-to-maturity investments is adjusted for amortization of premiums and accretion of discounts to maturity over the life of the investments. Income related to these investments is recorded in interest and other income in the Company's consolidated statement of operations. The investments represent Level 2 inputs in the hierarchy. Commercial paper, corporate bonds and time deposits are included in cash and cash equivalents, short-term investments or long-term investments in the accompanying consolidated balance sheets based on their maturity dates. The following table provides the components of the Company's cash and cash equivalents and investments as of June 30, 2016 : June 30, 2016 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Deposits Total (in millions) Cash and cash equivalents $ 1,800 $ 25 $ — $ — $ 1,825 Short-term investments — 867 225 381 1,473 Long-term investments — — 23 — 23 $ 1,800 $ 892 $ 248 $ 381 $ 3,321 Debt obligations. Current and noncurrent long-term debt includes the Company's credit facility and the Company's senior notes. The fair value of the Company's debt obligations is determined utilizing inputs that are Level 2 measurements in the fair value hierarchy. 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. The Company's senior notes represent debt securities that are not actively traded on major exchanges. 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 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 | 6 Months Ended |
Jun. 30, 2016 | |
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. Periodically, the Company may pay a premium to enter into commodity contracts. Premiums paid, if any, have been nominal in relation to the value of the underlying asset in the contract. The Company recognizes the nominal premium payments as an increase to the value of derivative assets when paid. All derivatives are adjusted to fair value as of each balance sheet date. 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 June 30, 2016 and the weighted average oil prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 Collar contracts: Volume (Bbl) — — 6,000 Price per Bbl: Ceiling $ — $ — $ 70.40 Floor $ — $ — $ 50.00 Collar contracts with short puts: Volume (Bbl) (a) 112,000 112,000 75,000 Price per Bbl: Ceiling $ 75.94 $ 75.94 $ 61.72 Floor $ 65.41 $ 65.41 $ 49.62 Short put $ 47.03 $ 47.03 $ 41.41 ____________________ (a) During June 2016, the Company paid $12 million to convert 15,000 Bbls per day of 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a ceiling price of $60.00 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. During the period from July 1, 2016 through July 26, 2016, the Company paid $7 million to convert 8,000 Bbls per day of additional 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a weighted average ceiling price of $60.75 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. 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 Company uses derivative contracts to manage the NGL component price volatility. The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of June 30, 2016 and the weighted average NGL prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 Propane swap contracts (a): Volume (Bbl) (b) 7,500 7,500 — Price per Bbl $ 21.57 $ 21.57 $ — Ethane collar contracts (c): Volume (Bbl) — — 3,000 Price per Bbl: Ceiling $ — $ — $ 11.83 Floor $ — $ — $ 8.68 Ethane basis swap contracts (d): Volume (MMBtu) 2,768 2,768 — Price differential ($/MMBtu) $ 0.91 $ 0.91 $ — ____________________ (a) Represent derivative contracts that reduce the price volatility of propane forecasted for sale by the Company at Mont Belvieu, Texas and Conway, Kansas-posted prices. (b) During the period from July 1, 2016 through July 26, 2016, the Company terminated propane swap contracts for 1,500 Bbls per day of September through December 2016 production for proceeds of $167 thousand . (c) Represent collar contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. (d) Represent basis swap contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. The basis swaps fix the basis differential on a NYMEX Henry Hub ("HH") MMBtu equivalent basis. The Company will receive the HH price plus the price differential on 2,768 MMBtu per day, which is equivalent to 1,000 Bbls per day of ethane. Gas production derivative activities. All material physical sales contracts governing the Company's gas production are tied directly or indirectly to 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 June 30, 2016 and the weighted average gas prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 2018 Swap contracts: Volume (MMBtu) 70,000 70,000 — — Price per MMBtu $ 4.06 $ 4.06 $ — $ — Collar contracts with short puts: Volume (MMBtu) (a) 180,000 180,000 80,000 50,000 Price per MMBtu: Ceiling $ 4.01 $ 4.01 $ 3.15 $ 3.40 Floor $ 3.24 $ 3.24 $ 2.75 $ 2.75 Short put $ 2.78 $ 2.78 $ 2.35 $ 2.25 Basis swap contracts: Gulf Coast index swap volume (b) 10,000 10,000 — — Price differential ($/MMBtu) $ — $ — $ — $ — Mid-Continent index swap volume (b) 15,000 15,000 45,000 — Price differential ($/MMBtu) $ (0.32 ) $ (0.32 ) $ (0.32 ) $ — Permian Basin index swap volume (c) — 34,946 9,863 — Price differential ($/MMBtu) $ — $ 0.41 $ 0.37 $ — ____________________ (a) During the period from July 1, 2016 through July 26, 2016, the Company entered into additional gas collar contracts with short puts for 50,000 MMBtu per day of 2017 production with a ceiling price of $3.76 per MMBtu, a floor price of $3.00 per MMBtu and a short put price of $2.50 per MMBtu. (b) Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast and Mid-Continent gas, respectively, and the HH index price used in gas swap and collar contracts with short puts. (c) 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 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 June 30, 2016 , the Company did not have any marketing derivatives outstanding. Interest rate derivative activities. As of June 30, 2016 , the Company was a party to interest rate derivative contracts whereby the Company will receive the three-month LIBOR rate for the 10-year period from December 2017 to December 2027 in exchange for paying a weighted average fixed interest rate of 1.94 percent on a notional amount of $250 million on December 15, 2017. 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 June 30, 2016 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 $ 294 $ (21 ) $ 273 Commodity price derivatives Derivatives - noncurrent $ 18 $ (6 ) 12 $ 285 Liability Derivatives: Commodity price derivatives Derivatives - current $ 29 $ (21 ) $ 8 Commodity price derivatives Derivatives - noncurrent $ 40 $ (6 ) 34 Interest rate derivatives Derivatives - noncurrent $ 9 $ — 9 $ 51 Fair Value of Derivative Instruments as of December 31, 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 $ 695 $ (1 ) $ 694 Commodity price derivatives Derivatives - noncurrent $ 64 $ — 64 $ 758 Liability Derivatives: Commodity price derivatives Derivatives - current $ 1 $ (1 ) $ — Commodity price derivatives Derivatives - noncurrent $ 1 $ — 1 $ 1 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 Location of Gain / (Loss) Recognized in Three Months Ended Six Months Ended Hedging Instruments Earnings on Derivatives 2016 2015 2016 2015 (in millions) Commodity price derivatives Derivative gains (losses), net $ (222 ) $ (212 ) $ (177 ) $ 39 Interest rate derivatives Derivative gains (losses), net (7 ) 15 (9 ) 5 Total $ (229 ) $ (197 ) $ (186 ) $ 44 |
Exploratory Costs
Exploratory Costs | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 : Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 (in millions) (in millions) Beginning capitalized exploratory costs $ 361 $ 306 Additions to exploratory costs pending the determination of proved reserves 314 664 Reclassification due to determination of proved reserves (318 ) (612 ) Exploratory well costs charged to exploration expense — (1 ) Ending capitalized exploratory costs $ 357 $ 357 The following table provides an aging, as of June 30, 2016 and December 31, 2015 of capitalized exploratory costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year, based on the date drilling was completed: June 30, 2016 December 31, 2015 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 355 $ 303 More than one year 2 3 $ 357 $ 306 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year 1 1 The well that was suspended for a period greater than one year as of June 30, 2016 is in the Eagle Ford Shale area. The Company expects to complete this well in 2017. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
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 (the "Credit Facility") and the effects of issuance costs, issuance discounts and net deferred fair value hedge losses. The Credit Facility is maintained with a syndicate of financial institutions and has aggregate loan commitments of $1.5 billion that expire in August 2020. As of June 30, 2016 , 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 an outstanding debt principal balance of $455 million , matured and were repaid in July 2016. The Company's 6.65% senior notes (the "6.65% Senior Notes"), with an outstanding debt principal balance of $485 million , will mature in March 2017. The 5.875% Senior Notes and 6.65% Senior Notes are classified as current in the accompanying consolidated balance sheets as of June 30, 2016. See Note O for additional information on the payment of the 5.875% Senior Notes. |
Incentive Plans
Incentive Plans | 6 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Incentive Plans | Incentive Plans Stock-based compensation For the three and six months ended June 30, 2016 , the Company recorded $29 million and $53 million , respectively, of stock-based compensation expense for all plans, as compared to $32 million and $61 million for the same respective periods in 2015 . As of June 30, 2016 , there was $154 million of unrecognized compensation expense related to unvested share-based compensation plan awards, including $35 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 June 30, 2016 and December 31, 2015 , accounts payable – due to affiliates included $9 million and $16 million , respectively, of liabilities attributable to Liability Awards. The following table summarizes the activity that occurred during the six months ended June 30, 2016 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, 2015 1,081,650 271,031 148,547 199,058 Awards granted 491,104 175,988 104,114 — Awards vested (438,092 ) (134,658 ) (8,670 ) — Awards forfeited (24,922 ) (10,310 ) (4,821 ) — Outstanding as of June 30, 2016 1,109,740 302,051 239,170 199,058 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2016 | |
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 related facilities. The following table summarizes the Company's asset retirement obligation activity during the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Beginning asset retirement obligations $ 285 $ 188 $ 285 $ 189 New wells placed on production — — — 1 Liabilities settled (9 ) (4 ) (13 ) (9 ) Accretion of discount 5 3 9 6 Ending asset retirement obligations $ 281 $ 187 $ 281 $ 187 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 June 30, 2016 , the current portion of the Company's asset retirement obligations was $42 million , as compared to $40 million at December 31, 2015 . |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Interest income $ 5 $ — $ 9 $ — Deferred compensation plan income — — 2 3 Equity interest in income of EFS Midstream (a) — 3 — 5 Other income 1 4 2 6 Total interest and other income $ 6 $ 7 $ 13 $ 14 ____________________ (a) The Company accounted for its investment in 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. |
Other Expense
Other Expense | 6 Months Ended |
Jun. 30, 2016 | |
Other Expense [Abstract] | |
Other Expense | Other Expense The following table provides the components of the Company's other expense for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Transportation commitment charges (a) $ 25 $ 13 $ 50 $ 27 Idle drilling and well service equipment charges (b) 10 28 31 51 (Income) loss from vertical integration services (c) 16 (5 ) 29 (4 ) Terminated drilling rig charges (d) 1 — 16 — Impairment of inventory and other property and equipment (e) 1 3 5 9 Restructuring charges (f) 1 15 4 15 Other 13 4 19 9 Total other expense $ 67 $ 58 $ 154 $ 107 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. (c) Loss from vertical integration services primarily represents net margins (attributable to third party working interest owners) 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 six months ended June 30, 2016 , these vertical integration net margins included $56 million and $124 million , respectively, of revenues and $72 million and $153 million , respectively, of costs and expenses. For the same respective periods in 2015, these vertical integration net margins included $86 million and $198 million of revenues and $81 million and $194 million of costs and expenses. (d) Primarily represents charges to terminate rig contracts that were not required to meet planned drilling activities. (e) 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. (f) Represents costs associated with the Company's restructuring of its pressure pumping operations in South Texas in 2016 and its operations in Colorado in 2015. See Note B for additional information on the restructuring charges. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's income tax benefit attributable to income from continuing operations consisted of the following for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Current tax provision $ — $ (1 ) $ — $ (1 ) Deferred tax benefit 143 124 284 161 Income tax benefit $ 143 $ 123 $ 284 $ 160 For both the three and six months ended June 30, 2016 , the Company's effective tax rates, excluding income attributable to noncontrolling interests, were 35 percent , as compared to effective rates of 36 percent and 35 percent for the same respective periods in 2015 . The Company has no unrecognized tax benefits as of June 30, 2016 . 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 2010. As of June 30, 2016 , 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 | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Loss Per Share The following table reconciles the Company's loss from continuing operations to basic and diluted net loss attributable to common stockholders for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Basic and diluted loss from continuing operations $ (268 ) $ (217 ) (535 ) (292 ) Basic and diluted loss from discontinued operations $ — $ (1 ) $ — $ (4 ) Basic and diluted net loss attributable to common stockholders $ (268 ) $ (218 ) $ (535 ) $ (296 ) Basic and diluted weighted average common shares outstanding were 164 million and 163 million , respectively, for the three and six months ended June 30, 2016 and 149 million for the three and six months ended June 30, 2015 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events | NOTE O. Subsequent Events Senior notes . In July 2016, the Company's 5.875% Senior Notes matured. The Company funded the payment of the $455 million principal balance with cash on hand. See Note G for additional information regarding the Company's senior notes. EFS Midstream . In July 2016, the Company received a cash payment of $501 million from an unaffiliated third party to settle the outstanding note receivable that was reflected in the accompanying consolidated balance sheet as of June 30, 2016. The note receivable represented a portion of the consideration received from the July 2015 sale of EFS Midstream. See Note C for additional information regarding the Company's sale of EFS Midstream. |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation | Presentation. In the opinion of management, the consolidated financial statements of the Company as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 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, 2015 . Certain reclassifications have been made to the 2015 financial statement and footnote amounts in order to conform to the 2016 presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for a fiscal year beginning after December 15, 2018, including interim periods within that fiscal year. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the new guidance and does not believe this standard will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as certain classification changes in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. In February 2016, FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and makes certain changes to the way lease expenses are accounted for. This update is effective for fiscal years beginning after December 15, 2018 and for interim periods beginning the following year. This update should be applied using a modified retrospective approach, and early adoption is permitted. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 changes certain guidance related to the recognition, measurement, presentation and disclosure of financial instruments. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is not permitted for the majority of the update, but is permitted for two of its provisions. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements. 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 fiscal years beginning after December 15, 2017. Early adoption is permitted for fiscal years beginning after December 15, 2016. In May 2016, the FASB issued ASU 2016-11, which rescinds guidance from the SEC on accounting for gas balancing arrangements and will eliminate the use of the entitlements method. Entities have the option of using either a full retrospective or modified approach to adopt the new standards. The Company is evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements or decided upon its method of adoption. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 for each of the fair value hierarchy levels: Fair Value Measurement at June 30, 2016 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 June 30, 2016 (in millions) Assets: Commodity derivatives $ — $ 285 $ — $ 285 Deferred compensation plan assets 78 — — 78 Total assets 78 285 — 363 Liabilities: Commodity derivatives — 42 — 42 Interest rate derivatives — 9 — 9 Total liabilities — 51 — 51 Total recurring fair value measurements $ 78 $ 234 $ — $ 312 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the fair value and fair value adjustments (in millions) for the Company's 2016 and 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 Impairment Date Fair Value Fair Value Adjustment Oil Gas West Panhandle March 2016 $ 33 $ (32 ) $ 49.77 $ 3.24 South Texas - Eagle Ford Shale December 2015 $ 483 $ (846 ) $ 52.82 $ 3.34 South Texas - Other September 2015 $ 88 $ (72 ) $ 57.41 $ 3.46 West Panhandle March 2015 $ 61 $ (138 ) $ 65.02 $ 3.83 |
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 June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in millions) Commercial paper, corporate bonds and time deposits $ 1,521 $ 1,521 $ 275 $ 275 Current portion of long-term debt $ 939 $ 959 $ 448 $ 462 Long-term debt $ 2,725 $ 2,999 $ 3,207 $ 3,206 |
Cash, Cash Equivalents and Investments [Table Text Block] | The following table provides the components of the Company's cash and cash equivalents and investments as of June 30, 2016 : June 30, 2016 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Deposits Total (in millions) Cash and cash equivalents $ 1,800 $ 25 $ — $ — $ 1,825 Short-term investments — 867 225 381 1,473 Long-term investments — — 23 — 23 $ 1,800 $ 892 $ 248 $ 381 $ 3,321 |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and the weighted average oil prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 Collar contracts: Volume (Bbl) — — 6,000 Price per Bbl: Ceiling $ — $ — $ 70.40 Floor $ — $ — $ 50.00 Collar contracts with short puts: Volume (Bbl) (a) 112,000 112,000 75,000 Price per Bbl: Ceiling $ 75.94 $ 75.94 $ 61.72 Floor $ 65.41 $ 65.41 $ 49.62 Short put $ 47.03 $ 47.03 $ 41.41 ____________________ (a) During June 2016, the Company paid $12 million to convert 15,000 Bbls per day of 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a ceiling price of $60.00 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. During the period from July 1, 2016 through July 26, 2016, the Company paid $7 million to convert 8,000 Bbls per day of additional 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a weighted average ceiling price of $60.75 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. |
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 June 30, 2016 and the weighted average NGL prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 Propane swap contracts (a): Volume (Bbl) (b) 7,500 7,500 — Price per Bbl $ 21.57 $ 21.57 $ — Ethane collar contracts (c): Volume (Bbl) — — 3,000 Price per Bbl: Ceiling $ — $ — $ 11.83 Floor $ — $ — $ 8.68 Ethane basis swap contracts (d): Volume (MMBtu) 2,768 2,768 — Price differential ($/MMBtu) $ 0.91 $ 0.91 $ — ____________________ (a) Represent derivative contracts that reduce the price volatility of propane forecasted for sale by the Company at Mont Belvieu, Texas and Conway, Kansas-posted prices. (b) |
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 June 30, 2016 and the weighted average gas prices for those contracts: 2016 Year Ending December 31, Third Quarter Fourth Quarter 2017 2018 Swap contracts: Volume (MMBtu) 70,000 70,000 — — Price per MMBtu $ 4.06 $ 4.06 $ — $ — Collar contracts with short puts: Volume (MMBtu) (a) 180,000 180,000 80,000 50,000 Price per MMBtu: Ceiling $ 4.01 $ 4.01 $ 3.15 $ 3.40 Floor $ 3.24 $ 3.24 $ 2.75 $ 2.75 Short put $ 2.78 $ 2.78 $ 2.35 $ 2.25 Basis swap contracts: Gulf Coast index swap volume (b) 10,000 10,000 — — Price differential ($/MMBtu) $ — $ — $ — $ — Mid-Continent index swap volume (b) 15,000 15,000 45,000 — Price differential ($/MMBtu) $ (0.32 ) $ (0.32 ) $ (0.32 ) $ — Permian Basin index swap volume (c) — 34,946 9,863 — Price differential ($/MMBtu) $ — $ 0.41 $ 0.37 $ — ____________________ (a) During the period from July 1, 2016 through July 26, 2016, the Company entered into additional gas collar contracts with short puts for 50,000 MMBtu per day of 2017 production with a ceiling price of $3.76 per MMBtu, a floor price of $3.00 per MMBtu and a short put price of $2.50 per MMBtu. (b) Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast and Mid-Continent gas, respectively, and the HH index price used in gas swap and collar contracts with short puts. (c) 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 June 30, 2016 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 $ 294 $ (21 ) $ 273 Commodity price derivatives Derivatives - noncurrent $ 18 $ (6 ) 12 $ 285 Liability Derivatives: Commodity price derivatives Derivatives - current $ 29 $ (21 ) $ 8 Commodity price derivatives Derivatives - noncurrent $ 40 $ (6 ) 34 Interest rate derivatives Derivatives - noncurrent $ 9 $ — 9 $ 51 Fair Value of Derivative Instruments as of December 31, 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 $ 695 $ (1 ) $ 694 Commodity price derivatives Derivatives - noncurrent $ 64 $ — 64 $ 758 Liability Derivatives: Commodity price derivatives Derivatives - current $ 1 $ (1 ) $ — Commodity price derivatives Derivatives - noncurrent $ 1 $ — 1 $ 1 |
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 Location of Gain / (Loss) Recognized in Three Months Ended Six Months Ended Hedging Instruments Earnings on Derivatives 2016 2015 2016 2015 (in millions) Commodity price derivatives Derivative gains (losses), net $ (222 ) $ (212 ) $ (177 ) $ 39 Interest rate derivatives Derivative gains (losses), net (7 ) 15 (9 ) 5 Total $ (229 ) $ (197 ) $ (186 ) $ 44 |
Exploratory Costs (Tables)
Exploratory Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 : Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 (in millions) (in millions) Beginning capitalized exploratory costs $ 361 $ 306 Additions to exploratory costs pending the determination of proved reserves 314 664 Reclassification due to determination of proved reserves (318 ) (612 ) Exploratory well costs charged to exploration expense — (1 ) Ending capitalized exploratory costs $ 357 $ 357 |
Capitalized Exploratory Costs And The Number Of Projects For Which Exploratory Costs Have Been Capitalized | The following table provides an aging, as of June 30, 2016 and December 31, 2015 of capitalized exploratory costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year, based on the date drilling was completed: June 30, 2016 December 31, 2015 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 355 $ 303 More than one year 2 3 $ 357 $ 306 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year 1 1 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 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, 2015 1,081,650 271,031 148,547 199,058 Awards granted 491,104 175,988 104,114 — Awards vested (438,092 ) (134,658 ) (8,670 ) — Awards forfeited (24,922 ) (10,310 ) (4,821 ) — Outstanding as of June 30, 2016 1,109,740 302,051 239,170 199,058 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations | The following table summarizes the Company's asset retirement obligation activity during the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Beginning asset retirement obligations $ 285 $ 188 $ 285 $ 189 New wells placed on production — — — 1 Liabilities settled (9 ) (4 ) (13 ) (9 ) Accretion of discount 5 3 9 6 Ending asset retirement obligations $ 281 $ 187 $ 281 $ 187 |
Interest And Other Income (Tabl
Interest And Other Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Interest income $ 5 $ — $ 9 $ — Deferred compensation plan income — — 2 3 Equity interest in income of EFS Midstream (a) — 3 — 5 Other income 1 4 2 6 Total interest and other income $ 6 $ 7 $ 13 $ 14 ____________________ (a) The Company accounted for its investment in 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. |
Other Expense (Tables)
Other Expense (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Transportation commitment charges (a) $ 25 $ 13 $ 50 $ 27 Idle drilling and well service equipment charges (b) 10 28 31 51 (Income) loss from vertical integration services (c) 16 (5 ) 29 (4 ) Terminated drilling rig charges (d) 1 — 16 — Impairment of inventory and other property and equipment (e) 1 3 5 9 Restructuring charges (f) 1 15 4 15 Other 13 4 19 9 Total other expense $ 67 $ 58 $ 154 $ 107 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Primarily represents expenses attributable to idle drilling rig fees, which are not chargeable to joint operations. (c) Loss from vertical integration services primarily represents net margins (attributable to third party working interest owners) 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 six months ended June 30, 2016 , these vertical integration net margins included $56 million and $124 million , respectively, of revenues and $72 million and $153 million , respectively, of costs and expenses. For the same respective periods in 2015, these vertical integration net margins included $86 million and $198 million of revenues and $81 million and $194 million of costs and expenses. (d) Primarily represents charges to terminate rig contracts that were not required to meet planned drilling activities. (e) 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. (f) Represents costs associated with the Company's restructuring of its pressure pumping operations in South Texas in 2016 and its operations in Colorado in 2015. See Note B for additional information on the restructuring charges. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income tax (provisions) benefits attributable to income from continuing operations | The Company's income tax benefit attributable to income from continuing operations consisted of the following for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Current tax provision $ — $ (1 ) $ — $ (1 ) Deferred tax benefit 143 124 284 161 Income tax benefit $ 143 $ 123 $ 284 $ 160 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of earnings attributable to common stockholders, basic and diluted | The following table reconciles the Company's loss from continuing operations to basic and diluted net loss attributable to common stockholders for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (in millions) Basic and diluted loss from continuing operations $ (268 ) $ (217 ) (535 ) (292 ) Basic and diluted loss from discontinued operations $ — $ (1 ) $ — $ (4 ) Basic and diluted net loss attributable to common stockholders $ (268 ) $ (218 ) $ (535 ) $ (296 ) |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 6 | 13.8 | ||
Proceeds from issuance of common stock, net of issuance costs | $ 937 | $ 1,600 | $ 2,534 | $ 0 |
Basis Of Presentation Basis o34
Basis Of Presentation Basis of Presentation (Restructuring) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 1 | $ 15 | $ 4 | $ 15 |
Restructuring Reserve | $ 3 | 3 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 3 | |||
Employee Relocation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 1 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Acquisitions and Divestitures [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.10% | |
Equity Method Investment, Net Sales Proceeds | $ 1,000 | |
Proceeds Received Current Year [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Equity Method Investment, Net Sales Proceeds | 530 | |
Proceeds To Be Received In Future Year [Member] [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Equity Method Investment, Net Sales Proceeds | $ 501 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) $ in Millions | Jun. 30, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Deferred Compensation Plan Assets | $ 78 |
Assets, Fair Value Disclosure | 363 |
Liabilities, Fair Value Disclosure | 51 |
Recurring Measurements, (Fair Value, Total) | 312 |
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 | 78 |
Assets, Fair Value Disclosure | 78 |
Liabilities, Fair Value Disclosure | 0 |
Recurring Measurements, (Fair Value, Total) | 78 |
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 | 285 |
Liabilities, Fair Value Disclosure | 51 |
Recurring Measurements, (Fair Value, Total) | 234 |
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 |
Commodity Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset, Fair Value, Net | 285 |
Derivative Liability, Fair Value, Net | 42 |
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 | 285 |
Derivative Liability, Fair Value, Net | 42 |
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 |
Interest Rate Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Liability, Fair Value, Net | 9 |
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 | 9 |
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 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)$ / MMBTU$ / bbl | Dec. 31, 2015USD ($)$ / MMBTU$ / bbl | Sep. 30, 2015USD ($)$ / MMBTU$ / bbl | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / MMBTU$ / bbl | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Tangible Asset Impairment Charges | [1] | $ 1,000 | $ 3,000 | $ 5,000 | $ 9,000 | ||||
Impairment of oil and gas properties | $ 0 | $ 0 | $ (32,000) | $ (138,000) | |||||
Management oil price outlook | $ / bbl | 49.77 | 52.82 | 57.41 | 65.02 | |||||
Management gas price outlook | $ / MMBTU | 3.24 | 3.34 | 3.46 | 3.83 | |||||
Impairment of Long-Lived Assets Held-for-use | $ 32,000 | ||||||||
West Panhandle [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value of Asset Group | 33,000 | $ 61,000 | |||||||
Impairment of oil and gas properties | $ (32,000) | $ (138,000) | |||||||
South Texas Eagle Ford Shale [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value of Asset Group | $ 483,000 | ||||||||
Impairment of oil and gas properties | $ (846,000) | ||||||||
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 | ||||||||
Impairment of oil and gas properties | $ (72,000) | ||||||||
[1] | Primarily represents charges to terminate rig contracts that were not required to meet planned drilling activities. |
Fair Value Measurements (Sche38
Fair Value Measurements (Schedule Of Carrying Values And Financial Instruments Not Carried At Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 2,725 | $ 3,207 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,521 | 275 |
Debt, Current | 939 | 448 |
Long-term Debt, Excluding Current Maturities | 2,725 | 3,207 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,521 | 275 |
Debt, Current | 959 | 462 |
Long-term Debt, Excluding Current Maturities | $ 2,999 | $ 3,206 |
Fair Value Measurements Fair 39
Fair Value Measurements Fair Value Measurements (Schedule of Cash and Cash Equivalents and Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents, at Carrying Value | $ 1,825 | $ 1,391 | $ 219 | $ 1,025 |
Short-term Investments | 1,473 | 0 | ||
Long-term Investments | 23 | $ 0 | ||
Cash, Cash Equivalents, and Short-term Investments | 3,321 | |||
Cash and Cash Equivalents [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents, at Carrying Value | 1,800 | |||
Short-term Investments | 0 | |||
Long-term Investments | 0 | |||
Cash, Cash Equivalents, and Short-term Investments | 1,800 | |||
Commercial Paper [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents, at Carrying Value | 25 | |||
Short-term Investments | 867 | |||
Long-term Investments | 0 | |||
Cash, Cash Equivalents, and Short-term Investments | 892 | |||
Corporate Bond Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents, at Carrying Value | 0 | |||
Short-term Investments | 225 | |||
Long-term Investments | 23 | |||
Cash, Cash Equivalents, and Short-term Investments | 248 | |||
Bank Time Deposits [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents, at Carrying Value | 0 | |||
Short-term Investments | 381 | |||
Long-term Investments | 0 | |||
Cash, Cash Equivalents, and Short-term Investments | $ 381 |
Derivative Financial Instrume40
Derivative Financial Instruments (Narrative) (Details) $ in Millions | Jun. 30, 2016USD ($)Rate |
Trading Activity, Gains and Losses, Net [Line Items] | |
Derivative, Fixed Interest Rate | Rate | 1.94% |
Notional amount of debt | $ | $ 250 |
Derivative Financial Instrume41
Derivative Financial Instruments (Schedule Of Oil Derivative Contracts Volume And Weighted Average Prices) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 26, 2016USD ($)bbl / d$ / bbl | Jun. 30, 2016USD ($)bbl / d$ / bbl | ||
Oil contracts [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | |||
Derivative [Line Items] | |||
Premium Paid on Derivative Contract | $ | $ 12 | ||
Derivative, Nonmonetary Notional Amount | bbl / d | [1] | 15,000 | |
Oil contracts [Member] | Collar Contracts With Short Puts for Year 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | bbl / d | [1] | 75,000 | |
Oil contracts [Member] | Collar Contracts for Year 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | bbl / d | 6,000 | ||
Oil contracts [Member] | Collar Contracts With Short Puts For Third Quarter of Year One [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | bbl / d | 112,000 | ||
Oil contracts [Member] | Collar Contracts With Short Puts For Fourth Quarter of Year One [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | bbl / d | 112,000 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 60 | ||
Derivative, Average Floor Price | 45 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | Short Put [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Price Per Unit | 40 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 61.72 | ||
Derivative, Average Floor Price | 49.62 | ||
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 | 41.41 | ||
Oil contracts, price per bbl [Member] | Collar Contracts for Year 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 70.40 | ||
Derivative, Average Floor Price | 50 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts For Third Quarter of Year One [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 75.94 | ||
Derivative, Average Floor Price | 65.41 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts For Third Quarter of Year One [Member] | Short Put [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Price Per Unit | 47.03 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts For Fourth Quarter of Year One [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 75.94 | ||
Derivative, Average Floor Price | 65.41 | ||
Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts For Fourth Quarter of Year One [Member] | Short Put [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Price Per Unit | 47.03 | ||
Subsequent Event [Member] | Oil contracts [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | |||
Derivative [Line Items] | |||
Premium Paid on Derivative Contract | $ | $ 7 | ||
Derivative, Nonmonetary Notional Amount | bbl / d | 8,000 | ||
Subsequent Event [Member] | Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 60.75 | ||
Derivative, Average Floor Price | 45 | ||
Subsequent Event [Member] | Oil contracts, price per bbl [Member] | Collar Contracts With Short Puts for Year 2 - Converted [Member] | Short Put [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Price Per Unit | 40 | ||
[1] | During the period from July 1, 2016 through July 26, 2016, the Company paid $7 million to convert 8,000 Bbls per day of additional 2017 collar contracts with short puts into new 2017 collar contracts with short puts with a weighted average ceiling price of $60.75 per Bbl, a floor price of $45.00 per Bbl and a short put price of $40.00 per Bbl. |
Derivative Financial Instrume42
Derivative Financial Instruments Derivative Financial Instruments (Schedule of NGL Derivative Contracts Volume and Weighted Average Prices) (Details) $ in Thousands | 1 Months Ended | |
Jul. 26, 2016USD ($)bbl / d | Jun. 30, 2016bbl / dMMBTU / d$ / MMBTU$ / bbl | |
NGL contract, in BBLS [Member] | Basis Swap Contracts for Current Year [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,000 | |
NGL contract, in BBLS [Member] | Collar Contracts for Year 2 [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,000 | |
NGL contract, in BBLS [Member] | Swap Contracts For Third Quarter of Year One [Member] | Propane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 7,500 | |
NGL contract, in BBLS [Member] | Swap Contracts For Fourth Quarter of Year One [Member] | Propane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 7,500 | |
NGL contracts, price per BBL [Member] | Collar Contracts for Year 2 [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Average Cap Price | $ / bbl | 11.83 | |
Derivative, Average Floor Price | $ / bbl | 8.68 | |
NGL contracts, price per BBL [Member] | Swap Contracts For Third Quarter of Year One [Member] | Propane [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 21.57 | |
NGL contracts, price per BBL [Member] | Swap Contracts For Fourth Quarter of Year One [Member] | Propane [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 21.57 | |
NGL contracts, price per BBL [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 0.91 | |
NGL contracts, price per BBL [Member] | Basis Swap Contracts for Fourth Quarter of Year One [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | $ / MMBTU | 0.91 | |
NGL contract, MMBtu Equivalent [Member] | Basis Swap Contracts for Current Year [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 2,768 | |
NGL contract, MMBtu Equivalent [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 2,768 | |
NGL contract, MMBtu Equivalent [Member] | Basis Swap Contracts for Fourth Quarter of Year One [Member] | Ethane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 2,768 | |
Subsequent Event [Member] | NGL contract, in BBLS [Member] | Swap Contracts For Third Quarter of Year One [Member] | Propane [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,500 | |
Proceeds from Termination of Propane Swap Contracts | $ | $ 167 | |
Propane [Member] | NGL contract, in BBLS [Member] | Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 0 | |
Propane [Member] | NGL contracts, price per BBL [Member] | Swap Contracts for Year 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Swap Type, Average Fixed Price | $ / bbl | 0 |
Derivative Financial Instrume43
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details) | Jul. 26, 2016MMBTU / d$ / MMBTU | Jun. 30, 2016MMBTU / d$ / MMBTU | |
Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 70,000 | ||
Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 4.06 | ||
Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 70,000 | ||
Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 4.06 | ||
Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 80,000 | ||
Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 3.15 | ||
Derivative, Average Floor Price | 2.75 | ||
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 | 2.35 | ||
Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 50,000 | ||
Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 3.40 | ||
Derivative, Average Floor Price | 2.75 | ||
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 | 2.25 | ||
Swap Contracts for Year 2 [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | ||
Swap Contracts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 0 | ||
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 | ||
Collar Contracts With Short Puts For Third Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 180,000 | ||
Collar Contracts With Short Puts For Third Quarter of Year One [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 Third Quarter of Year One [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 Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 180,000 | ||
Collar Contracts With Short Puts For Fourth Quarter of Year One [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 Fourth Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | Short Put [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Price Per Unit | 2.78 | ||
Subsequent Event [Member] | Collar Contracts With Short Puts for Year 2 [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Price | 3.76 | ||
Subsequent Event [Member] | 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 | 2.50 | ||
Subsequent Event [Member] | Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 50,000 | ||
Subsequent Event [Member] | Collar Contracts With Short Puts for Year 3 [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Floor Price | 3 | ||
Gulf Coast [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 10,000 | ||
Gulf Coast [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 0 | ||
Gulf Coast [Member] | Basis Swap Contracts for Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 10,000 | ||
Gulf Coast [Member] | Basis Swap Contracts for Fourth Quarter of Year One [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 | [1] | 0 | |
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 | [1] | 0 | |
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 Third Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 15,000 | ||
Mid-Continent [Member] | Basis Swap Contracts for Third Quarter of Year One [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 Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 15,000 | ||
Mid-Continent [Member] | Basis Swap Contracts for Fourth Quarter of Year One [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 2 [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | [1] | 45,000 | |
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 | [1],[2] | 0 | |
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 | ||
Permian Basin [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 0 | ||
Permian Basin [Member] | Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 0 | ||
Permian Basin [Member] | Basis Swap Contracts for Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | MMBTU / d | 34,946 | ||
Permian Basin [Member] | Basis Swap Contracts for Fourth Quarter of Year One [Member] | Gas contracts, price per MMBTU [Member] | |||
Derivative [Line Items] | |||
Derivative, Swap Type, Average Fixed Price | 0.41 | ||
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 | 9,863 | ||
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 | 0.37 | ||
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)During the period from July 1, 2016 through July 26, 2016, the Company entered into additional gas collar contracts with short puts for 50,000 MMBtu per day of 2017 production with a ceiling price of $3.76 per MMBtu, a floor price of $3.00 per MMBtu and a short put price of $2.50 per MMBtu. | ||
[2] | Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast and Mid-Continent gas, respectively, and the HH index price used in gas swap and collar contracts with short puts. |
Derivative Financial Instrume44
Derivative Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative Assets, Current | $ 273 | $ 694 |
Derivative Assets, Noncurrent | 12 | 64 |
Derivative Liabilities, Current | 8 | 0 |
Derivative Liabilities, Noncurrent | 43 | 1 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Net | 285 | 758 |
Derivative Liability, Fair Value, Net | 51 | 1 |
Not Designated as Hedging Instrument [Member] | Commodity Price Derivatives [Member] | Derivatives - Current [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Asset, Gross | 294 | 695 |
Derivative Liability, Fair Value, Gross Liability | 29 | 1 |
Derivative Assets Offset In Balance Sheet | (21) | (1) |
Derivative Liabilities Offset In Balance Sheet | (21) | (1) |
Derivative Assets, Current | 273 | 694 |
Derivative Liabilities, Current | 8 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Price Derivatives [Member] | Derivatives - Noncurrent [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Asset, Gross | 18 | 64 |
Derivative Liability, Fair Value, Gross Liability | 40 | 1 |
Derivative Assets Offset In Balance Sheet | (6) | 0 |
Derivative Liabilities Offset In Balance Sheet | (6) | 0 |
Derivative Assets, Noncurrent | 12 | 64 |
Derivative Liabilities, Noncurrent | 34 | $ 1 |
Not Designated as Hedging Instrument [Member] | Interest Rate Derivatives [Member] | Derivatives - Noncurrent [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 9 | |
Derivative Liabilities Offset In Balance Sheet | 0 | |
Derivative Liabilities, Noncurrent | $ 9 |
Derivative Financial Instrume45
Derivative Financial Instruments (Schedule Of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Derivative gains, net | $ (229) | $ (197) | $ (186) | $ 44 |
Commodity Price Derivatives [Member] | Derivative Gains (Losses), Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative gains, net | (222) | (212) | (177) | 39 |
Interest Rate Derivatives [Member] | Derivative Gains (Losses), Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative gains, net | $ (7) | $ 15 | $ (9) | $ 5 |
Exploratory Costs (Schedule Of
Exploratory Costs (Schedule Of Capitalized Exploratory Well And Project Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Beginning capitalized exploratory costs | $ 361 | $ 306 |
Additions to exploratory costs pending the determination of proved reserves | 314 | 664 |
Reclassification due to determination of proved reserves | (318) | (612) |
Exploratory well costs charged to exploration expense | 0 | (1) |
Ending capitalized exploratory costs | $ 357 | $ 357 |
Exploratory Costs Exploratory W
Exploratory Costs Exploratory Well Costs (Capitalized Exploratory Costs And the Number Of Projects For Which Exploratory Costs Have Been Capitalized) (Details) $ in Millions | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Line Items] | |||
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less | $ 355 | $ 303 | |
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | 2 | 3 | |
Capitalized Exploratory Well Costs | $ 357 | $ 361 | $ 306 |
Projects that have Exploratory Well Costs that have been Capitalized for Period Greater than One Year, Number of Projects | 1 | 1 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | Jun. 30, 2016USD ($)Rate |
Debt Instrument [Line Items] | |
Maximum Borrowing Capacity | $ 1,500 |
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 |
Six Point Six Five Percent Senior Notes Due Two Thousand Seventeen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.65% |
Senior Notes | $ 485 |
Incentive Plans Incentive Plans
Incentive Plans Incentive Plans (Stock-based compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 29 | $ 32 | $ 53 | $ 61 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 154 | $ 154 | |||
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 | 35 | $ 35 | |||
Accounts Payable, Current | $ 9 | $ 9 | $ 16 |
Incentive Plans Incentive Pla50
Incentive Plans Incentive Plans (Share Based Incentive Award Activity) (Details) - shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
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 | 1,109,740 | 1,081,650 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 491,104 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (438,092) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (24,922) | |
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 | 302,051 | 271,031 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 175,988 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (134,658) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (10,310) | |
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 | 239,170 | 148,547 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 104,114 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (8,670) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (4,821) | |
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning asset retirement obligations | $ 285 | $ 188 | $ 285 | $ 189 | |
Asset Retirement Obligation, Liabilities Incurred | 0 | 0 | 0 | 1 | |
Liabilities settled | (9) | (4) | (13) | (9) | |
Accretion of discount from continuing operations | 5 | 3 | 9 | 6 | |
Ending asset retirement obligations | 281 | $ 187 | 281 | $ 187 | |
Asset retirement obligations, current portions | $ 42 | $ 42 | $ 40 |
Interest And Other Income (Comp
Interest And Other Income (Components Of Interest And Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Interest and Other Income [Abstract] | |||||
Interest income | $ 5 | $ 0 | $ 9 | $ 0 | |
Deferred compensation plan income | 0 | 0 | 2 | 3 | |
Equity interest in income of unconsolidated affiliate | [1] | 0 | 3 | 0 | 5 |
Other income | 1 | 4 | 2 | 6 | |
Total interest and other income | $ 6 | $ 7 | $ 13 | $ 14 | |
[1] | (a)The Company accounted for its investment in 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. |
Other Expense (Schedule Of Comp
Other Expense (Schedule Of Components Of Other Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Other Expense [Abstract] | |||||
Transportation commitment charges | [1] | $ 25 | $ 13 | $ 50 | $ 27 |
Above market and idle drilling and well services equipment charges | [2] | 10 | 28 | 31 | 51 |
Third-party vertical integration services | 16 | (5) | 29 | (4) | |
Terminated drilling rig contract charges | 1 | 0 | 16 | 0 | |
Tangible Asset Impairment Charges | [3] | 1 | 3 | 5 | 9 |
Restructuring Charges | 1 | 15 | 4 | 15 | |
Other | 13 | 4 | 19 | 9 | |
Total other expense | 67 | 58 | 154 | 107 | |
GrossRevenuesIncludedInThirdPartyLossFromVerticalIntegrationServices | 56 | 86 | 124 | 198 | |
GrossExpensesIncludedInThirdPartyLossFromVerticalIntegrationServices | $ 72 | $ 81 | $ 153 | $ 194 | |
[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 terminate rig contracts that were not required to meet planned drilling activities. |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax (Provisions) Benefits Attributable To Income From Continuing Operations) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Current income taxes | $ 0 | $ (1,000,000) | $ 0 | $ (1,000,000) |
Deferred income taxes | 143,000,000 | 124,000,000 | 284,000,000 | 161,000,000 |
Income tax benefit (provision) | $ 143,000,000 | $ 123,000,000 | $ 284,000,000 | $ 160,000,000 |
Effective Tax Rate | 35.00% | 36.00% | 35.00% | 35.00% |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Operating Activities Segment [Line Items] | ||||
Basic income (loss) from continuing operations attributable to common stockholders | $ (268) | $ (218) | $ (535) | $ (296) |
Diluted income (loss) from continuing operations attributable to common stockholders | (268) | (218) | (535) | (296) |
Continuing Operations [Member] | ||||
Statement Operating Activities Segment [Line Items] | ||||
Basic income (loss) from continuing operations attributable to common stockholders | (268) | (217) | (535) | (292) |
Diluted income (loss) from continuing operations attributable to common stockholders | (268) | (217) | (535) | (292) |
Discontinued Operations [Member] | ||||
Statement Operating Activities Segment [Line Items] | ||||
Basic income (loss) from continuing operations attributable to common stockholders | 0 | (1) | 0 | (4) |
Diluted income (loss) from continuing operations attributable to common stockholders | $ 0 | $ (1) | $ 0 | $ (4) |
Net Income Per Share (Reconci56
Net Income Per Share (Reconciliation Of Basic To Diluted Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Line Items] | ||||
Basic | 164 | 149 | 163 | 149 |
Diluted | 164 | 149 | 163 | 149 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Jul. 26, 2016USD ($) | |
Subsequent Event [Line Items] | |
Maturities of Senior Debt | $ 455 |
Proceeds from Collection of Notes Receivable | $ 501 |