EP Energy 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document and Entity Information
Entity Registrant Name	EP Energy LLC
Entity Central Index Key	1,555,082
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating revenues
Oil	$ 204	$ 129
Natural gas	30	42
NGLs	23	11
Financial derivatives	70	42
Total operating revenues	327	224
Operating expenses
Oil and natural gas purchases	1	4
Transportation costs	29	30
Lease operating expense	40	42
General and administrative	20	38
Depreciation, depletion and amortization	126	113
Exploration and other expense	3	1
Taxes, other than income taxes	19	14
Total operating expenses	238	242
Operating income (loss)	89	(18)
(Loss) gain on extinguishment of debt	(53)	196
Interest expense	(83)	(84)
(Loss) income before income taxes	(47)	94
Income tax expense	0	0
Net (loss) income	$ (47)	$ 94

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 35	$ 16
Accounts receivable
Customer, net of allowance of less than $1 in 2017 and 2016	137	133
Other, net of allowance of $1 in 2017 and 2016	21	16
Materials and supplies	15	16
Derivative instruments	88	58
Prepaid assets	5	5
Total current assets	301	244
Property, plant and equipment, at cost
Oil and natural gas properties	7,344	7,194
Other property, plant and equipment	85	85
Total property, plant and equipment, at cost	7,429	7,279
Less accumulated depreciation, depletion and amortization	2,901	2,781
Total property, plant and equipment, net	4,528	4,498
Other assets
Derivative instruments	12	4
Unamortized debt issue costs - revolving credit facility	9	10
Other	1	1
Total other assets	22	15
Total assets	4,851	4,757
Accounts payable
Trade	68	63
Other	141	113
Derivative instruments	0	4
Accrued interest	91	43
Other accrued liabilities	86	98
Total current liabilities	386	321
Long-term debt, net of debt issue costs	3,864	3,789
Other long-term liabilities
Derivative Liability, Noncurrent	0	1
Asset retirement obligations	41	40
Other	4	4
Total non-current liabilities	3,909	3,834
Commitments and contingencies
Member’s equity	556	602
Total liabilities and equity	$ 4,851	$ 4,757

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Maximum allowance for accounts receivable, customer	$ 1	$ 1
Other receivables, allowance	$ 1	$ 1

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net (loss) income	$ (47)	$ 94
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation, depletion and amortization	126	113
Loss (gain) on extinguishment of debt	53	(196)
Other non-cash income items	5	9
Asset and liability changes
Accounts receivable	(12)	(89)
Accounts payable	2	(32)
Derivative instruments	(43)	171
Accrued interest	48	43
Other asset changes	1	(1)
Other liability changes	(19)	9
Net cash provided by operating activities	114	299
Cash flows from investing activities
Cash paid for capital expenditures	(119)	(179)
Net cash used in investing activities	(119)	(179)
Cash flows from financing activities
Proceeds from issuance of long-term debt	1,125	325
Repayments and repurchases of long-term debt	(1,086)	(380)
Contributions from parent	4	0
Debt issue costs	(19)	0
Net cash provided by (used in) financing activities	24	(55)
Change in cash and cash equivalents	19	65
Cash and cash equivalents
Beginning of period	16	24
End of period	$ 35	$ 89

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2017 $ in Millions	USD ($)
December 31, 2016 at Dec. 31, 2016	$ 602
Increase (Decrease) in Partners' Capital
Share-based compensation	(3)
Cash contributions from parent	4
Net loss	(47)
March 31, 2017 at Mar. 31, 2017	$ 556

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United States Securities and Exchange Commission (SEC) and in accordance with United States generally accepted accounting principles (U.S. GAAP) as it applies to interim financial statements. Because this is an interim period report presented using a condensed format, it does not include all of the disclosures required by U.S. GAAP and should be read along with our 2016 Annual Report on Form 10-K. The condensed consolidated financial statements as of March 31, 2017 and 2016 are unaudited. The consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated balance sheet included in our 2016 Annual Report on Form 10-K. In our opinion, all adjustments which are of a normal, recurring nature are reflected to fairly present these interim period results. The results for any interim period are not necessarily indicative of the expected results for the entire year. Significant Accounting Policies There were no changes in significant accounting policies as described in the 2016 Annual Report on Form 10-K other than in Accounting for Long-Term Incentive Compensation. In the first quarter of 2017, we adopted Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of the accounting for share-based payment awards to employees including accounting for income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. As permitted under ASU 2016-09, we have elected to account for forfeitures in compensation cost when they occur. Upon adoption of the ASU, there was no impact to total member's equity. New Accounting Pronouncements Issued But Not Yet Adopted The following accounting standards have been issued but not yet adopted as of March 31, 2017 . Statement of Cash Flows. In August 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-15, Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash , which requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. Retrospective application of these standards is required for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is allowed. We do not anticipate that the adoption of this standard will have a material impact on our consolidated statement of cash flows. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Adoption of this standard is required beginning in the first quarter of 2019 and early adoption is allowed. We continue to evaluate our contracts and other agreements to assess the impact this update will have on our financial statements. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. Adoption of this standard is required beginning in the first quarter of 2018, with the option of early adoption in 2017. Modified or full retrospective application of this standard is required upon adoption. Based upon our preliminary contract evaluations, we do not anticipate our adoption of this standard in 2018, utilizing the modified retrospective approach, will have a material impact on our financial statements. We continue to evaluate disclosure requirements and assess any potential changes to our accounting policies, business processes and/or controls as a result of the provisions of this standard.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	Divestitures In March 2016, we entered into an agreement to sell our assets located in the Haynesville and Bossier shales. In May 2016, we completed the sale of our assets located in the Haynesville and Bossier shales for approximately $420 million (net cash proceeds of $388 million after customary adjustments) with the buyer also assuming a transportation commitment totaling $106 million . Summarized operating results of our assets sold were as follows (in millions): Quarter ended 2016 Operating revenues $ 20 Operating expenses Transportation costs 5 Lease operating expense 1 Depreciation, depletion and amortization 16 Other expense 4 Total operating expenses 26 Loss before income taxes $ (6 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our taxable income or loss is included in our parent's (EP Energy Corporation) U.S. federal and certain state returns. EP Energy Corporation pays all consolidated U.S. federal and state income tax directly to the appropriate taxing jurisdictions. We record income taxes on a separate return basis in our financial statements as if we had filed separate income tax returns under our existing structure. In certain states, we also file and pay directly to the state taxing authorities. Interim period income taxes are computed by applying an anticipated annual effective tax rate to year-to-date income or loss, except for significant, unusual or infrequently occurring items, which income tax effects are recorded in the period in which they occur. Changes in tax laws or rates are recorded in the period they are enacted. For both of the quarter s ended March 31, 2017 and 2016 , our effective tax rates were approximately 0% . Our effective tax rates differed from the statutory rate as a result of adjustments to the valuation allowance on our deferred tax assets which offset deferred income tax benefit by $15 million for the quarter ended March 31, 2017 and deferred income tax expense by $35 million for the quarter ended March 31, 2016 . We evaluate the realization of our deferred tax assets and record a valuation allowance after considering cumulative book losses, the reversal of existing temporary differences, the existence of taxable income in prior carryback years, tax planning strategies and future taxable income for each of our taxable jurisdictions. Based upon the evaluation of the available evidence, we maintained a valuation allowance against our net deferred tax assets of $457 million as of March 31, 2017 . The Company's and certain subsidiaries' income tax years (2013-2016) remain open and subject to examination by both federal and state tax authorities. One parent's, EPE Acquisition LLC, 2013 U.S. tax return is under examination by the IRS.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Fair Value Measurements We use various methods to determine the fair values of our financial instruments. The fair value of a financial instrument depends on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. We separate the fair value of our financial instruments into three levels (Levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. As of March 31, 2017 and December 31, 2016 , all of our derivative financial instruments were classified as Level 2. Our assessment of the level of an instrument can change over time based on the maturity or liquidity of the instrument. The following table presents the carrying amounts and estimated fair values of our financial instruments: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in millions ) Long-term debt (see Note 6) $ 3,921 $ 3,613 $ 3,856 $ 3,637 Derivative instruments $ 100 $ 100 $ 57 $ 57 As of March 31, 2017 and December 31, 2016 , the carrying amount of cash and cash equivalents, accounts receivable and accounts payable represent fair value because of the short-term nature of these instruments. We hold long-term debt obligations with various terms. We estimated the fair value of debt (representing a Level 2 fair value measurement) primarily based on quoted market prices for the same or similar issuances, considering our credit risk. Oil, Natural Gas and NGLs Derivative Instruments. We attempt to mitigate a portion of our commodity price risk and stabilize cash flows associated with forecasted sales of oil, natural gas and NGLs through the use of financial derivatives. As of March 31, 2017 , we had derivative contracts in the form of fixed price swaps and three-way collars on 13 MMBbls of oil ( 10 MMBbls in 2017 and 3 MMBbls in 2018). In addition to our oil derivatives, we had derivative contracts in the form of fixed price swaps and options on 44 TBtu of natural gas ( 26 TBtu in 2017 and 18 TBtu in 2018) and 136 MMGal of ethane and propane fixed price swaps ( 75 MMGal in 2017 and 61 MMGal in 2018). As of December 31, 2016 , we had fixed price derivative contracts for 16 MMBbls of oil, 36 TBtu on natural gas and 108 MMGal on ethane. In addition to the contracts above, we have derivative contracts related to locational basis differences on our oil production. None of our derivative contracts are designated as accounting hedges. The following table presents the fair value associated with our derivative financial instruments as of March 31, 2017 and December 31, 2016 . All of our derivative instruments are subject to master netting arrangements which provide for the unconditional right of offset for all derivative assets and liabilities with a given counterparty in the event of default. We present assets and liabilities related to these instruments in our consolidated balance sheets as either current or non-current assets or liabilities based on their anticipated settlement date, net of the impact of master netting agreements. On derivative contracts recorded as assets in the table below, we are exposed to the risk that our counterparties may not perform. Level 2 Derivative Assets Derivative Liabilities Gross Fair Value Balance Sheet Location Gross Fair Value Balance Sheet Location Impact of Netting Current Non- current Impact of Netting Current Non- current (in millions) (in millions) March 31, 2017 Derivative instruments $ 111 $ (11 ) $ 88 $ 12 $ (11 ) $ 11 $ — $ — December 31, 2016 Derivative instruments $ 79 $ (17 ) $ 58 $ 4 $ (22 ) $ 17 $ (4 ) $ (1 ) For the quarters ended March 31, 2017 and 2016 , we recorded derivative gains of $70 million and $42 million , respectively. Derivative gains and losses on our oil, natural gas and NGLs financial derivative instruments are recorded in operating revenues in our consolidated income statements. Interest Rate Derivative Instruments . On March 31, 2017 , our interest rate swaps with a notional amount of $600 million ended. As of December 31, 2016 , we had a net asset of less than $1 million related to interest rate derivative instruments included on our consolidated balance sheet. For the quarters ended March 31, 2017 and 2016 , we recorded less than $1 million of interest income and $2 million of interest expense related to the change in fair market value and cash settlements on our interest rate derivative instruments.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Oil and Natural Gas Properties . As of both March 31, 2017 and December 31, 2016 , we had approximately $4.5 billion of total property, plant, and equipment, net of accumulated depreciation, depletion and amortization on our consolidated balance sheets, substantially all of which relates to proved and unproved oil and natural gas properties. Our capitalized costs related to proved and unproved oil and natural gas properties by area were as follows: March 31, 2017 December 31, 2016 (in millions) Proved Eagle Ford $ 3,089 $ 3,001 Wolfcamp 2,490 2,415 Altamont 1,643 1,624 Total Proved 7,222 7,040 Unproved Wolfcamp 62 94 Altamont 60 60 Total Unproved 122 154 Less accumulated depletion 2,848 2,731 Net capitalized costs for oil and natural gas properties $ 4,496 $ 4,463 During the quarter ended March 31, 2017 , we transferred approximately $32 million from unproved properties to proved properties. For the quarters ended March 31, 2017 and 2016 , we recorded approximately $1 million and less than $1 million , respectively, of amortization of unproved leasehold costs in exploration expense in our consolidated income statements. Suspended well costs were not material as of March 31, 2017 or December 31, 2016 . We evaluate capitalized costs related to proved properties upon a triggering event (such as a significant decline in forward commodity prices) to determine if an impairment of such properties has occurred. Capitalized costs associated with unproved properties (e.g. leasehold acquisition costs associated with non-producing areas) are also assessed upon a triggering event for impairment based on estimated drilling plans and capital expenditures which may also change based on forward commodity price changes and/or potential lease expirations. Commodity price declines may cause changes to our capital spending levels, production rates, levels of proved reserves and development plans, which may result in an impairment of the carrying value of our proved and/or unproved properties in the future. Generally, economic recovery of unproved reserves in non-producing or unproved areas is not yet supported by actual production or conclusive formation tests, but may be confirmed by continuing exploration and development activities. Our ability to retain our leases and thus recover our non-producing leasehold costs is dependent upon a number of factors including our levels of drilling activity, which may include drilling the acreage on our own behalf or jointly with partners, or our ability to modify or extend our leases. Should commodity prices not justify sufficient capital allocation to the continued development of properties where we have non-producing leasehold costs, we could incur impairment charges of our unproved property costs. Asset Retirement Obligations. We have legal asset retirement obligations associated with the retirement of our oil and natural gas wells and related infrastructure. We settle these obligations when production on those wells is exhausted, when we no longer plan to use them or when we abandon them. We accrue these obligations when we can estimate the timing and amount of their settlement. In estimating the liability associated with our asset retirement obligations, we utilize several assumptions, including a credit-adjusted risk-free rate between 7 and 9 percent on a significant portion of our obligations and a projected inflation rate of 2.5 percent . Changes in estimates represent changes to the expected amount and timing of payments to settle our asset retirement obligations. Typically, these changes primarily result from obtaining new information about the timing of our obligations to plug and abandon oil and natural gas wells and the costs to do so, or reassessing our assumptions in light of changing market conditions. The net asset retirement liability as of March 31, 2017 on our consolidated balance sheet in other current and non-current liabilities and the changes in the net liability from January 1 through March 31, 2017 were as follows: 2017 (in millions) Net asset retirement liability at January 1 $ 41 Accretion expense 1 Net asset retirement liability at March 31 $ 42 Capitalized Interest. Interest expense is reflected in our financial statements net of capitalized interest. We capitalize interest primarily on the costs associated with drilling and completing wells until production begins. The interest rate used is the weighted average interest rate of our outstanding borrowings. Capitalized interest for the quarter s ended March 31, 2017 and 2016 was approximately $1 million and

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Listed below are our debt obligations as of the periods presented: Interest Rate March 31, 2017 December 31, 2016 (in millions) RBL credit facility - due May 24, 2019 (1) Variable $ 265 $ 370 Senior secured term loans: Due May 24, 2018 (2)(4) Variable 21 21 Due April 30, 2019 (3)(4) Variable 8 8 Due June 30, 2021 (5) Variable — 580 Senior secured notes: Due November 29, 2024 8.00% 500 500 Due February 15, 2025 8.00% 1,000 — Senior unsecured notes: Due May 1, 2020 9.375% 1,326 1,576 Due September 1, 2022 7.75% 250 250 Due June 15, 2023 6.375% 551 551 Total long-term debt 3,921 3,856 Less unamortized debt issue costs (57 ) (67 ) Total long-term debt, net $ 3,864 $ 3,789 (1) Carries interest at a specified margin over LIBOR of 2.50% to 3.50% , based on borrowing utilization. (2) Issued at 99% of par and carries interest at a specified margin over the LIBOR of 2.75% , with a minimum LIBOR floor of 0.75% . As of March 31, 2017 and December 31, 2016 , the effective interest rate of the term loan was 3.80% and 3.50% , respectively. (3) Carries interest at a specified margin over the LIBOR of 3.50% , with a minimum LIBOR floor of 1.00% . As of March 31, 2017 and December 31, 2016 , the effective interest rate for the term loan was 4.55% and 4.50% , respectively. (4) Secured by a second priority lien on all of the collateral securing the RBL Facility, and effectively rank junior to any existing and future priority lien secured indebtedness of the Company. (5) As of December 31, 2016 , the effective interest rate for the term loan was 9.75% . During the first quarter of 2017, we issued $1 billion of 8.00% senior secured notes which mature in 2025 and used the proceeds (less fees and expenses) to (i) repay in full our $580 million senior secured term loans due 2021, (ii) repurchase $250 million of our 9.375% senior notes due 2020 in the open market and (iii) repay $111 million of the amounts outstanding under our Reserve-Based Loan facility (RBL Facility). As a result of the issuance, our RBL borrowing base was also reduced to $1.44 billion . In conjunction with these transactions, we recorded a loss on extinguishment of debt of approximately $53 million (including $30 million in non-cash expense related to eliminating associated unamortized debt issue costs and debt discounts). During the first quarter of 2016, we paid approximately $143 million in cash to repurchase a total of approximately $345 million in aggregate principal amount of our senior unsecured notes. We recorded a gain on extinguishment of debt of approximately $196 million (including $6 million of non-cash expense related to eliminating associated unamortized debt issue costs). Unamortized Debt Issue Costs. As of March 31, 2017 and December 31, 2016 , we had total unamortized debt issue costs of $66 million and $77 million . Of these amounts, $9 million and $10 million , respectively, are associated with our RBL Facility and $57 million and $67 million , respectively, are associated with our senior secured term loans and senior notes. During the first quarter of 2017, we (i) recorded an additional $19 million in conjunction with the issuance of our $1 billion of 8.00% senior secured notes and (ii) expensed approximately $28 million in conjunction with the repurchase of a portion of our senior secured term loans and senior unsecured notes and the reduction of our RBL borrowing base. During both of the quarters ended March 31, 2017 and 2016 , we amortized $4 million of deferred financing costs into interest expense. Reserve-based Loan Facility. We have a $1.44 billion credit facility in place which allows us to borrow funds or issue letters of credit. The facility matures in May 2019. As of March 31, 2017 , we had $1,153 million of available capacity remaining with approximately $19 million of letters of credit issued and approximately $265 million outstanding under the facility. The RBL Facility is collateralized by certain of our oil and natural gas properties and has a borrowing base subject to semi-annual redetermination. In April 2017, we completed the semi-annual redetermination and reaffirmed the borrowing base at $1.44 billion . Our next redetermination date is in October 2017. Downward revisions of our oil and natural gas reserves due to declines in commodity prices, performance revisions, sales of assets or the incurrence of certain types of additional debt, among other items, could cause a further reduction of our borrowing base which could negatively impact our borrowing capacity under the RBL Facility in the future. Guarantees. Our obligations under the RBL Facility, term loans, and unsecured notes are fully and unconditionally guaranteed, jointly and severally, by the Company’s present and future direct and indirect wholly owned material domestic subsidiaries. EP Energy LLC has no independent assets or operations. Any subsidiaries of EP Energy LLC, other than the subsidiary guarantors, are minor. The subsidiary guarantees are subject to certain automatic customary releases, including the sale or disposition of the capital stock or substantially all of the assets of a subsidiary guarantor, exercise of legal defeasance or covenant defeasance, or designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture. There are no significant restrictions on the ability of the Company or any guarantor to obtain funds from its subsidiaries by dividend or loan. Restrictive Provisions/Covenants. The availability of borrowings under our credit agreements and our ability to incur additional indebtedness is subject to various financial and non-financial covenants and restrictions, the most restrictive of which is a requirement that our first lien debt to EBITDAX, as defined in the credit agreement, not exceed 3.5 to 1.0 . As of March 31, 2017, we were in compliance with our debt covenants, and our ratio of first lien debt to EBITDAX was 0.28 x. In April 2017, in conjunction with the redetermination, our first lien debt to EBITDAX covenant was extended through March 31, 2019. In addition, the first lien debt to EBITDAX ratio covenant was reduced to 3.0 to 1.0 , and the company paid an amendment fee of approximately $1 million . In April 2019, our financial covenant will revert to a requirement that our total debt to EBITDAX ratio not exceed 4.5 to 1.0 . Under our RBL Facility, we are also limited in non-RBL Facility debt repurchases to $350 million , subject to certain adjustments. The $350 million limit has increased as a result of recent divestitures and financing transactions and will continue to be subject to future adjustments. Certain other covenants and restrictions, among other things, also limit our ability to incur or guarantee additional indebtedness; make any restricted payments or pay any dividends on equity interests or redeem, repurchase or retire parent entities’ equity interests or subordinated indebtedness; sell assets; make investments; create certain liens; prepay debt obligations; engage in transactions with affiliates; and enter into certain hedge agreements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters We and our subsidiaries and affiliates are parties to various legal actions and claims that arise in the ordinary course of our business. For each matter, we evaluate the merits of the case or claim, our exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If we determine that an unfavorable outcome is probable and can be estimated, we establish the necessary accruals. While the outcome of our current matters cannot be predicted with certainty and there are still uncertainties related to the costs we may incur, based upon our evaluation and experience to date, we believe we have established appropriate reserves for these matters. It is possible, however, that new information or future developments could require us to reassess our potential exposure and adjust our accruals accordingly, and these adjustments could be material. As of March 31, 2017 , we had approximately $3 million accrued for all outstanding legal matters. Indemnifications and Other Matters. We periodically enter into indemnification arrangements as part of the divestiture of assets or businesses. These arrangements include, but are not limited to, indemnifications for income taxes, the resolution of existing disputes, environmental and other contingent matters. In addition, under various laws or regulations, we could be subject to the imposition of certain liabilities. For example, the decline in commodity prices has created an environment where there is an increased risk that owners and/or operators of assets previously purchased from us may no longer be able to satisfy plugging and abandonment obligations that attach to such assets. In that event, under various laws or regulations, we could be required to assume all, or a portion of the plugging or abandonment obligations on assets we no longer own or operate. As of March 31, 2017 , we had approximately $8 million accrued related to these indemnifications and other matters. Non-Income Tax Matters. We are under a number of examinations by taxing authorities related to non-income tax matters. As of March 31, 2017 , we had approximately $47 million accrued (included in other accrued liabilities in our consolidated balance sheet) in connection with ongoing examinations related to certain prior period non-income tax matters. Environmental Matters We are subject to existing federal, state and local laws and regulations governing environmental quality, pollution control and greenhouse gas (GHG) emissions. Numerous governmental agencies, such as the Environmental Protection Agency (EPA), issue regulations which often require difficult and costly compliance measures that carry substantial administrative, civil and criminal penalties and may result in injunctive obligations for non-compliance. Our management believes that we are in substantial compliance with applicable environmental laws and regulations, and we have not experienced any material adverse effect from compliance with these environmental requirements. For additional details on certain environmental matters, including matters related to climate change, air quality and other emissions, hydraulic fracturing regulations and waste handling, refer to the Risk Factors section of our 2016 Annual Report on Form 10-K. While our reserves for environmental matters are currently not material, there are still uncertainties related to the ultimate costs we may incur in the future in order to comply with increasingly strict environmental laws, regulations, and orders of regulatory agencies, as well as claims for damages to property and the environment or injuries to employees and other persons resulting from our current or past operations. Based upon our evaluation and experience to date, however, we believe our accruals for these matters are adequate. It is possible that new information or future developments could result in substantial additional costs and liabilities which could require us to reassess our potential exposure related to these matters and to adjust our accruals accordingly, and these adjustments could be material.

Long-Term Incentive Compensatio

Long-Term Incentive Compensation	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Long-Term Incentive Compensation	Long-Term Incentive Compensation Restricted Stock. Our parent's long-term incentive (LTI) programs consist of restricted stock, stock option and performance unit awards. A summary of the changes in our parent’s non-vested restricted shares for the quarter ended March 31, 2017 is presented below: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2016 6,326,788 $ 7.69 Granted 4,953,434 $ 4.28 Vested (1,823,054 ) $ 7.26 Forfeited (490,478 ) $ 7.91 Non-vested at March 31, 2017 8,966,690 $ 5.88 Performance Unit Awards. A summary of the changes in our parent's performance unit awards for the quarter ended March 31, 2017 is presented below: Number of Awards Weighted Average Fair Value Non-vested at December 31, 2016 78,900 $ 97.77 Granted (1) 40,470 $ 36.57 Vested (22,302 ) $ 159.92 Forfeited (12,000 ) $ 159.92 Non-vested at March 31, 2017 85,068 $ 66.49 (1) Grant date fair value at March 16, 2017 is based on: (i) an expected term of 3 years, (ii) expected volatility of 96.71% , which is based upon the historical stock price volatility and (iii) a risk-free interest rate of 1.57% , based upon the yield on U.S. Treasury STRIPS over the expected term as of the grant date. Our performance unit awards are treated as liability awards for accounting purposes with the expense recognized on an accelerated basis and fair value remeasured at each reporting period. During the first quarter ended March 31, 2017, we paid approximately $4 million in connection with awards that vested and had accrued approximately $1 million related to unvested outstanding performance unit awards. Performance unit awards may be settled in either stock or cash at the election of the board of directors of our parent. Had all outstanding performance unit awards at March 31, 2017 vested and been settled in stock, 0.8 million shares would have been issued. Refer to our 2016 Annual Report on Form 10-K for further description regarding the terms and details of these awards. We record compensation expense on all of our LTI awards as general and administrative expense over the requisite service period. Pre-tax compensation expense related to all of our parent's LTI awards (both equity and liability based), net of the impact of forfeitures, was approximately $(1) million and $5 million for the quarters ended March 31, 2017 and 2016, respectively. Compensation expense for the quarter ended March 31, 2017 reflects approximately $7 million of forfeitures. As of March 31, 2017 , we had unrecognized compensation expense of $63 million . We will recognize an additional $18 million related to our outstanding awards during the remainder of 2017 , $33 million over the remaining requisite service periods subsequent to 2017 and $12 million should a specified capital transaction occur and the right to such amounts become non-forfeitable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Joint Venture. In January 2017, we entered into a drilling joint venture with Wolfcamp Drillco Operating L.P. (the Investor), which is managed and controlled by an affiliate of Apollo Global Management LLC, to fund future oil and natural gas development in our Wolfcamp program. The Investor is anticipated to fund an estimated $450 million over the entire program (150 wells in two separate 75 well tranches), or approximately 60 percent of the estimated drilling, completion and equipping costs of the wells in exchange for a 50 percent working interest in the joint venture wells. Once the Investor achieves a 12 percent internal rate of return on its invested capital in each tranche, its working interest reverts to 15 percent . We are the operator of the joint venture assets and the transaction increases our well-level returns on the jointly developed wells. The first wells under the joint venture began producing in January 2017, and for the quarter ended March 31, 2017, we recovered approximately $57 million related to the capital costs of the joint venture wells from the Investor. Affiliate Supply Agreement. For the quarters ended March 31, 2017 and 2016, we recorded less than $1 million and approximately $4 million in capital expenditures for amounts expended under supply agreements entered into with an affiliate of Apollo Global Management, LLC to provide certain materials used in our Eagle Ford drilling operations. Taxes. We are party to a tax accrual policy with our parent whereby our parent files U.S. and certain state tax returns on our behalf. At both March 31, 2017 and December 31, 2016 , we had federal income tax payable due to parent of $1 million .

Basis of Presentation and Sig16

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United States Securities and Exchange Commission (SEC) and in accordance with United States generally accepted accounting principles (U.S. GAAP) as it applies to interim financial statements. Because this is an interim period report presented using a condensed format, it does not include all of the disclosures required by U.S. GAAP and should be read along with our 2016 Annual Report on Form 10-K. The condensed consolidated financial statements as of March 31, 2017 and 2016 are unaudited. The consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated balance sheet included in our 2016 Annual Report on Form 10-K. In our opinion, all adjustments which are of a normal, recurring nature are reflected to fairly present these interim period results. The results for any interim period are not necessarily indicative of the expected results for the entire year. Significant Accounting Policies There were no changes in significant accounting policies as described in the 2016 Annual Report on Form 10-K other than in Accounting for Long-Term Incentive Compensation. In the first quarter of 2017, we adopted Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting which simplifies several aspects of the accounting for share-based payment awards to employees including accounting for income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. As permitted under ASU 2016-09, we have elected to account for forfeitures in compensation cost when they occur. Upon adoption of the ASU, there was no impact to total member's equity.
New Accounting Pronouncements Issued But Not Yet Adopted	New Accounting Pronouncements Issued But Not Yet Adopted The following accounting standards have been issued but not yet adopted as of March 31, 2017 . Statement of Cash Flows. In August 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-15, Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash , which requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. Retrospective application of these standards is required for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is allowed. We do not anticipate that the adoption of this standard will have a material impact on our consolidated statement of cash flows. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Adoption of this standard is required beginning in the first quarter of 2019 and early adoption is allowed. We continue to evaluate our contracts and other agreements to assess the impact this update will have on our financial statements. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. Adoption of this standard is required beginning in the first quarter of 2018, with the option of early adoption in 2017. Modified or full retrospective application of this standard is required upon adoption. Based upon our preliminary contract evaluations, we do not anticipate our adoption of this standard in 2018, utilizing the modified retrospective approach, will have a material impact on our financial statements. We continue to evaluate disclosure requirements and assess any potential changes to our accounting policies, business processes and/or controls as a result of the provisions of this standard.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Summary of operating results of discontinued operations	Summarized operating results of our assets sold were as follows (in millions): Quarter ended 2016 Operating revenues $ 20 Operating expenses Transportation costs 5 Lease operating expense 1 Depreciation, depletion and amortization 16 Other expense 4 Total operating expenses 26 Loss before income taxes $ (6 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of carrying amounts and estimated fair values of the financial instruments	The following table presents the carrying amounts and estimated fair values of our financial instruments: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (in millions ) Long-term debt (see Note 6) $ 3,921 $ 3,613 $ 3,856 $ 3,637 Derivative instruments $ 100 $ 100 $ 57 $ 57
Schedule of fair value associated with derivative financial instruments	The following table presents the fair value associated with our derivative financial instruments as of March 31, 2017 and December 31, 2016 . All of our derivative instruments are subject to master netting arrangements which provide for the unconditional right of offset for all derivative assets and liabilities with a given counterparty in the event of default. We present assets and liabilities related to these instruments in our consolidated balance sheets as either current or non-current assets or liabilities based on their anticipated settlement date, net of the impact of master netting agreements. On derivative contracts recorded as assets in the table below, we are exposed to the risk that our counterparties may not perform. Level 2 Derivative Assets Derivative Liabilities Gross Fair Value Balance Sheet Location Gross Fair Value Balance Sheet Location Impact of Netting Current Non- current Impact of Netting Current Non- current (in millions) (in millions) March 31, 2017 Derivative instruments $ 111 $ (11 ) $ 88 $ 12 $ (11 ) $ 11 $ — $ — December 31, 2016 Derivative instruments $ 79 $ (17 ) $ 58 $ 4 $ (22 ) $ 17 $ (4 ) $ (1 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of Capitalized Costs of Proved and Unproven Properties [Table Text Block]	March 31, 2017 December 31, 2016 (in millions) Proved Eagle Ford $ 3,089 $ 3,001 Wolfcamp 2,490 2,415 Altamont 1,643 1,624 Total Proved 7,222 7,040 Unproved Wolfcamp 62 94 Altamont 60 60 Total Unproved 122 154 Less accumulated depletion 2,848 2,731 Net capitalized costs for oil and natural gas properties $ 4,496 $ 4,463
Schedule of changes in net asset retirement liability	The net asset retirement liability as of March 31, 2017 on our consolidated balance sheet in other current and non-current liabilities and the changes in the net liability from January 1 through March 31, 2017 were as follows: 2017 (in millions) Net asset retirement liability at January 1 $ 41 Accretion expense 1 Net asset retirement liability at March 31 $ 42

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt obligations	Listed below are our debt obligations as of the periods presented: Interest Rate March 31, 2017 December 31, 2016 (in millions) RBL credit facility - due May 24, 2019 (1) Variable $ 265 $ 370 Senior secured term loans: Due May 24, 2018 (2)(4) Variable 21 21 Due April 30, 2019 (3)(4) Variable 8 8 Due June 30, 2021 (5) Variable — 580 Senior secured notes: Due November 29, 2024 8.00% 500 500 Due February 15, 2025 8.00% 1,000 — Senior unsecured notes: Due May 1, 2020 9.375% 1,326 1,576 Due September 1, 2022 7.75% 250 250 Due June 15, 2023 6.375% 551 551 Total long-term debt 3,921 3,856 Less unamortized debt issue costs (57 ) (67 ) Total long-term debt, net $ 3,864 $ 3,789 (1) Carries interest at a specified margin over LIBOR of 2.50% to 3.50% , based on borrowing utilization. (2) Issued at 99% of par and carries interest at a specified margin over the LIBOR of 2.75% , with a minimum LIBOR floor of 0.75% . As of March 31, 2017 and December 31, 2016 , the effective interest rate of the term loan was 3.80% and 3.50% , respectively. (3) Carries interest at a specified margin over the LIBOR of 3.50% , with a minimum LIBOR floor of 1.00% . As of March 31, 2017 and December 31, 2016 , the effective interest rate for the term loan was 4.55% and 4.50% , respectively. (4) Secured by a second priority lien on all of the collateral securing the RBL Facility, and effectively rank junior to any existing and future priority lien secured indebtedness of the Company.

Long-Term Incentive Compensat21

Long-Term Incentive Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Summary of changes in non-vested restricted shares	A summary of the changes in our parent’s non-vested restricted shares for the quarter ended March 31, 2017 is presented below: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2016 6,326,788 $ 7.69 Granted 4,953,434 $ 4.28 Vested (1,823,054 ) $ 7.26 Forfeited (490,478 ) $ 7.91 Non-vested at March 31, 2017 8,966,690 $ 5.88
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]	Performance Unit Awards. A summary of the changes in our parent's performance unit awards for the quarter ended March 31, 2017 is presented below: Number of Awards Weighted Average Fair Value Non-vested at December 31, 2016 78,900 $ 97.77 Granted (1) 40,470 $ 36.57 Vested (22,302 ) $ 159.92 Forfeited (12,000 ) $ 159.92 Non-vested at March 31, 2017 85,068 $ 66.49 (1) Grant date fair value at March 16, 2017 is based on: (i) an expected term of 3 years, (ii) expected volatility of 96.71% , which is based upon the historical stock price volatility and (iii) a risk-free interest rate of 1.57% , based upon the yield on U.S. Treasury STRIPS over the expected term as of the grant date.

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies Share Based Payment (Details) $ in Millions	Mar. 31, 2017USD ($)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 1

Acquisitions and Divestitures23

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016
Summary of operating results of assets held for sale
Operating revenues	$ 20
Operating expenses
Transportation costs	5
Lease operating expense	1
Depreciation, depletion and amortization	16
Other expense	4
Total operating expenses	26
Loss before income taxes	$ (6)
Proceeds from Sale of Property, Plant, and Equipment		$ 420
Net Proceeds from Sale of Property, Plant, and Equipment		388
Sale of Oil and Gas Property and Equipment Transportation Liability Assumed by Buyer		$ 106

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	0.00%	0.00%
Deferred Income Tax Expense (Benefit)	$ 15,000,000	$ (35,000,000)
Deferred Tax Assets, Valuation Allowance	$ 457,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of carrying amounts and estimated fair values of the financial instruments (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Carrying Amount
Carrying amounts and estimated fair values of financial instruments
Long-term Debt, net	$ 3,921	$ 3,856
Derivative instruments	100	57
Fair Value
Carrying amounts and estimated fair values of financial instruments
Long-term Debt, Fair Value	3,613	3,637
Derivative instruments	$ 100	$ 57

Fair Value Measurements - Sch26

Fair Value Measurements - Schedule of fair value associated with derivative financial instruments (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Assets
Gross Fair Value	$ 111	$ 79
Impact of Netting	(11)	(17)
Derivative Liabilities
Gross Fair Value	(11)	(22)
Impact of Netting	11	17
Current Assets
Derivative Assets
Derivative instruments	88	58
Non-current assets
Derivative Assets
Derivative instruments	12	4
Current liabilities
Derivative Liabilities
Derivative instruments	0	(4)
Non-current liabilities
Derivative Liabilities
Derivative instruments	$ 0	$ (1)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) BTU in Thousands, gal in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)BTUContractgalMMBbls	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)BTUgalMMBbls
Financial Instruments
Number of contracts that are designated as accounting hedges | Contract	0
Derivative (loss) gain on oil and natural gas financial derivative instruments	$ 70	$ 42
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Monetary notional amount	600
Net asset related to interest rate derivatives			$ 1
Interest expense (income) related to the change in fair market value and cash settlements of interest rate derivative instruments	$ (1)	$ 2
Crude Oil Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | MMBbls	13		16
Natural Gas Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | BTU	44		36
Propane Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | gal	136		108
2016 Fixed Price Swaps [Member] | Crude Oil Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | MMBbls	10
2017 Fixed Price Swaps [Member] | Crude Oil Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | MMBbls	3
2017 Fixed Price Swaps [Member] | Natural Gas Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | BTU	26
2017 Fixed Price Swaps [Member] | Natural Gas Liquids [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | gal	75
2018 Fixed Price Swaps [Member] | Natural Gas Derivative [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | BTU	18
2018 Fixed Price Swaps [Member] | Natural Gas Liquids [Member] | Not Designated as Hedging Instrument [Member]
Financial Instruments
Nonmonetary notional amount | gal	61

Property, Plant and Equipment28

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Total property, plant and equipment, net	$ 4,528		$ 4,498
Restructuring Cost and Reserve [Line Items]
Oil and Gas Property, Successful Effort Method, Net	4,496		4,463
Unproved Oil and Natural Gas Properties
Transfer from unproved properties to proved properties	32
Amortization of unproved leasehold costs	1	$ 1
Capitalized Costs, Proved Properties	7,222		7,040
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization Relating to Oil and Gas Producing Activities	2,848		2,731
Capitalized Costs, Total Unproved Properties	$ 122		154
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Projected inflation rate (as a percent)	2.50%
Changes in net asset retirement liability
Net asset retirement liability at January 1	$ 41
Accretion expense	1
Net asset retirement liability at March 31	42
Capitalized Interest
Capitalized interest	$ 1	$ 2
Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Credit-adjusted risk-free rate (as a percent)	7.00%
Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Credit-adjusted risk-free rate (as a percent)	9.00%
Wolfcamp [Member]
Unproved Oil and Natural Gas Properties
Capitalized Costs, Proved Properties	$ 2,490		2,415
Capitalized Costs, Unproved Properties	62		94
Altamont [Member]
Unproved Oil and Natural Gas Properties
Capitalized Costs, Proved Properties	1,643		1,624
Capitalized Costs, Unproved Properties	60		60
Eagle Ford [Member]
Unproved Oil and Natural Gas Properties
Capitalized Costs, Proved Properties	$ 3,089		$ 3,001

Long-Term Debt (Details)

Long-Term Debt (Details)	Apr. 24, 2017USD ($)	May 05, 2016	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt and Available Credit Facility
Net Proceeds from Sale of Property, Plant, and Equipment					$ 388,000,000
(Loss) gain on extinguishment of debt			$ (53,000,000)	$ 196,000,000
Write off of Deferred Debt Issuance Cost			(30,000,000)	(6,000,000)
Repayments of Debt				143,000,000
Debt Instrument, Repurchase Amount				345,000,000
Debt Issuance Costs, Net			(66,000,000)		(77,000,000)
Long-term Debt, net			3,864,000,000		3,789,000,000
Payments of Debt Issuance Costs			19,000,000	0
Amortization of deferred financing costs			$ 4,000,000	$ 4,000,000
RatioOfFirstLienDebtToEBITDAX			0.28
Debt Covenant Debt Repurchase Limit			$ 350,000,000
Maximum
Debt and Available Credit Facility
Debt Covenant Debt to Earnings before Interest, Taxes, Depreciation, Amortization and Exploration Expense Ratio		3.5	4.5
Minimum
Debt and Available Credit Facility
Debt Covenant Debt to Earnings before Interest, Taxes, Depreciation, Amortization and Exploration Expense Ratio		1	1
RBL credit facility - due May 24, 2019
Debt and Available Credit Facility
Long-term debt, net			$ 265,000,000		370,000,000
Borrowing capacity			1,437,000,000
Letters of Credit Outstanding, Amount			19,000,000
Remaining capacity			1,153,000,000
Senior secured term loan - due May 24, 2018
Debt and Available Credit Facility
Long-term debt, net			$ 21,000,000		$ 21,000,000
Debt instrument issuance as a percentage of the par value			99.00%
Effective interest rate (as a percent)			3.80%		3.50%
Senior secured term loan - due May 24, 2018 | LIBOR
Debt and Available Credit Facility
Specified margin on reference rate (as a percent)			2.75%
Senior secured term loan - due May 24, 2018 | Minimum | LIBOR
Debt and Available Credit Facility
Reference rate for variable interest rate			LIBOR
Reference rate floor for variable interest rate (as a percent)			0.75%
Senior secured term loan - due April 30, 2019
Debt and Available Credit Facility
Long-term debt, net			$ 8,000,000		$ 8,000,000
Effective interest rate (as a percent)			4.55%
Senior secured term loan - due April 30, 2019 | LIBOR
Debt and Available Credit Facility
Reference rate for variable interest rate			LIBOR
Specified margin on reference rate (as a percent)			3.50%
Effective interest rate (as a percent)					4.50%
Senior secured term loan - due April 30, 2019 | Minimum | LIBOR
Debt and Available Credit Facility
Reference rate for variable interest rate			LIBOR
Reference rate floor for variable interest rate (as a percent)			1.00%
Senior Unsecured Notes and Term Loans [Member]
Debt and Available Credit Facility
Write off of Deferred Debt Issuance Cost			$ (28,000,000)
Senior Secured Note Due 29 November 2024 [Member]
Debt and Available Credit Facility
Interest rate (as a percent)			8.00%
Long-term debt, net			$ 500,000,000		$ 500,000,000
Senior Secured Note Due 15 February 2025 [Member]
Debt and Available Credit Facility
Interest rate (as a percent)			8.00%
Long-term debt, net			$ 1,000,000,000		0
Debt Issuance Costs, Net			(19,000,000)
Senior Secured Term Loan Due30 June2021 [Member] [Domain]
Debt and Available Credit Facility
Long-term debt, net			$ 0		580,000,000
Senior Secured Term Loan Due30 June2021 [Member] [Domain] | LIBOR
Debt and Available Credit Facility
Reference rate for variable interest rate			LIBOR
Effective interest rate (as a percent)			9.75%
Senior Unsecured Notes Due18 June2023 [Member]
Debt and Available Credit Facility
Interest rate (as a percent)			6.375%
Long-term debt, net			$ 551,000,000		551,000,000
Senior unsecured notes - due May 1, 2020
Debt and Available Credit Facility
Interest rate (as a percent)			9.375%
Long-term debt, net			$ 1,326,000,000		1,576,000,000
Senior unsecured notes - due September 1, 2022
Debt and Available Credit Facility
Interest rate (as a percent)			7.75%
Long-term debt, net			$ 250,000,000		250,000,000
Senior Secured Term Loans and Senior Notes [Member]
Debt and Available Credit Facility
Debt Issuance Costs, Net			(57,000,000)		(67,000,000)
EP Energy Global L L C [Member]
Debt and Available Credit Facility
Long-term debt, net			3,921,000,000		$ 3,856,000,000
EP Energy Global L L C [Member] | RBL credit facility - due May 24, 2019
Debt and Available Credit Facility
Repayments of Lines of Credit			$ 111,000,000
EP Energy Global L L C [Member] | RBL credit facility - due May 24, 2019 | Maximum | LIBOR
Debt and Available Credit Facility
Specified margin on reference rate (as a percent)			3.50%
EP Energy Global L L C [Member] | RBL credit facility - due May 24, 2019 | Minimum | LIBOR
Debt and Available Credit Facility
Specified margin on reference rate (as a percent)			2.50%
EP Energy Global L L C [Member] | Senior unsecured notes - due May 1, 2020
Debt and Available Credit Facility
Debt Instrument, Repurchase Amount			$ 250,000,000
Subsequent Event [Member] | Maximum
Debt and Available Credit Facility
Debt Covenant Debt to Earnings before Interest, Taxes, Depreciation, Amortization and Exploration Expense Ratio	3
Subsequent Event [Member] | Minimum
Debt and Available Credit Facility
Debt Covenant Debt to Earnings before Interest, Taxes, Depreciation, Amortization and Exploration Expense Ratio	1
Subsequent Event [Member] | RBL credit facility - due May 24, 2019
Debt and Available Credit Facility
Debt Issuance Costs, Net	$ (1,000,000)

Commitments and Contingencies -

Commitments and Contingencies - Legal Matters (Details) $ in Millions	Mar. 31, 2017USD ($)
Indemnification and Other Matters
Legal Matters
Amount accrued	$ 8
Sales and Use Tax Adjustment [Member]
Legal Matters
Accrual for Taxes Other than Income Taxes	47
Maximum | Legal Matters
Legal Matters
Amount accrued	$ 3

Long-Term Incentive Compensat31

Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation expense	$ (1)	$ 5
Stock Issued During Period, Value, Share-based Compensation, Forfeited	7
Unrecognized compensation expense	63
Share Based Compensation Arrangement by Share Based Payment Award Additional Compensation Cost to be Recognized in Remainder of Fiscal Year	18
Unrecognized compensation cost to be recognized over the remaining requisite service periods subsequent to 2017	33
Unrecognized compensation cost to be recognized upon a specified capital transaction	$ 12
EP Energy Corporation | Restricted stock
Number of Shares
Non-vested at December 31, 2016	6,326,788
Granted (in shares)	4,953,434
Vested (in shares)	(1,823,054)
Forfeited (in shares)	(490,478)
Non-vested at March 31, 2017	8,966,690
Weighted Average Grant Date Fair Value per Share
Non-Vested (in dollars per shares)	$ 5.88		$ 7.69
Granted (in dollars per share)	4.28
Vested (in dollars per shares)	7.26
Forfeited (in dollars per share)	$ 7.91

Long-Term Incentive Compensat32

Long-Term Incentive Compensation Schedule of Performance Unit Activity (Details) - Performance Shares [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	96.70%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	85,068	78,900
Non-Vested (in dollars per shares)	$ 66.49	$ 97.77
Weighted Average Number Diluted Shares Outstanding Adjustment	800,000
Granted (in dollars per share)	$ 36.57
Granted (in shares)	40,470
Vested (in shares)	(22,302)
Vested (in dollars per shares)	$ 159.92
Forfeited (in shares)	(12,000)
Forfeited (in dollars per share)	$ 159.92
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.57%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested	$ 4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 1,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transactions
Recovered Capital Costs from Joint Venture	$ 57
Capital From Investor	450
Capital expenditures	119	$ 179
Contribution from parent	4	0
Income tax payable to parent	$ 1		$ 1
Percent Of Capital From Investor	60.00%
PercentOfWorkingInterestExchanged	50.00%
Return on Invested Capital	12.00%
PercentOfWorkingInterest	15.00%
Affiliate Supply Agreement | Eagle Ford drilling operations
Related Party Transactions
Capital expenditures	$ 1	$ 4