Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PXD | |
Entity Registrant Name | PIONEER NATURAL RESOURCES CO | |
Entity Central Index Key | 1,038,357 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 170,165,265 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 636 | $ 1,118 |
Short-term investments | 1,357 | 1,441 |
Accounts receivable: | ||
Trade, net | 649 | 517 |
Due from affiliates | 0 | 1 |
Income taxes receivable | 1 | 3 |
Inventories | 187 | 181 |
Derivatives | 43 | 14 |
Other | 28 | 23 |
Total current assets | 2,901 | 3,298 |
Oil and gas properties, using the successful efforts method of accounting: | ||
Proved properties | 19,630 | 18,566 |
Unproved properties | 558 | 486 |
Accumulated depletion, depreciation and amortization | (8,841) | (8,211) |
Total property, plant and equipment | 11,347 | 10,841 |
Long-term investments | 151 | 420 |
Goodwill | 270 | 272 |
Other property and equipment, net | 1,683 | 1,529 |
Derivatives | 7 | 0 |
Other assets, net | 106 | 99 |
Total Assets | 16,465 | 16,459 |
Accounts payable: | ||
Trade | 1,015 | 741 |
Due to affiliates | 90 | 134 |
Interest payable | 38 | 68 |
Current portion of long-term debt | 449 | 485 |
Derivatives | 17 | 77 |
Other | 106 | 61 |
Total current liabilities | 1,715 | 1,566 |
Long-term debt | 2,282 | 2,728 |
Derivatives | 12 | 7 |
Deferred income taxes | 1,475 | 1,397 |
Other liabilities | 384 | 350 |
Equity: | ||
Common stock, $.01 par value | 2 | 2 |
Additional paid-in capital | 8,957 | 8,892 |
Treasury stock at cost | (250) | (218) |
Retained earnings | 1,882 | 1,728 |
Total equity attributable to common stockholders | 10,591 | 10,404 |
Noncontrolling interests in consolidated subsidiaries | 6 | 7 |
Total equity | 10,597 | 10,411 |
Commitments and contingencies | ||
Total Liabilities and Equity | $ 16,465 | $ 16,459 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 173,794,108 | 173,221,845 |
Treasury stock, shares | 3,628,843 | 3,497,742 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues and other income: | ||||
Oil and gas | $ 855 | $ 643 | $ 2,433 | $ 1,665 |
Sales of purchased oil and gas | 721 | 444 | 1,722 | 1,062 |
Interest and other | 17 | 7 | 44 | 21 |
Derivative gains (losses), net | (133) | 91 | 153 | (95) |
Gain on disposition of assets, net | 0 | 1 | 205 | 4 |
Total revenues and other income | 1,460 | 1,186 | 4,557 | 2,657 |
Costs and expenses: | ||||
Oil and gas production | 152 | 141 | 440 | 438 |
Production and ad valorem taxes | 53 | 32 | 152 | 97 |
Depletion, depreciation and amortization | 355 | 386 | 1,033 | 1,123 |
Purchased oil and gas | 735 | 458 | 1,769 | 1,113 |
Impairment of oil and gas properties | 0 | 0 | 285 | 32 |
Exploration and abandonments | 18 | 19 | 78 | 96 |
General and administrative | 81 | 82 | 245 | 235 |
Accretion of discount on asset retirement obligations | 5 | 5 | 14 | 14 |
Interest | 37 | 50 | 118 | 161 |
Other | 58 | 69 | 176 | 223 |
Costs and Expenses | 1,494 | 1,242 | 4,310 | 3,532 |
Income (loss) before income taxes | (34) | (56) | 247 | (875) |
Income tax benefit (provision) | 11 | 78 | (79) | 362 |
Net income (loss) attributable to common stockholders | $ (23) | $ 22 | $ 168 | $ (513) |
Basic and diluted net income (loss) per share attributable to common stockholders (usd per share) | $ (0.13) | $ 0.13 | $ 0.98 | $ (3.10) |
Basic and diluted weighted average shares outstanding | 170 | 170 | 170 | 165 |
Dividends declared per share (usd per share) | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Noncontrolling Interests |
Beginning Balance, shares at Dec. 31, 2016 | 169,724 | |||||
Beginning Balance at Dec. 31, 2016 | $ 10,411 | $ 2 | $ 8,892 | $ (218) | $ 1,728 | $ 7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared ($0.08 per share) | (14) | (14) | ||||
Exercise of long-term incentive stock options and employee stock purchases, shares | 60 | |||||
Exercise of long-term incentive stock options and employee stock purchases | 7 | 3 | 4 | |||
Purchases of treasury stock, shares | (191) | |||||
Purchases of treasury stock | (36) | (36) | ||||
Compensation costs: | ||||||
Vested compensation awards, shares | 572 | |||||
Vested compensation awards | 0 | $ 0 | 0 | |||
Compensation costs included in net income | 61 | 61 | 0 | |||
Purchase of noncontrolling interest | 0 | 1 | (1) | |||
Net income | (168) | 168 | 0 | |||
Ending Balance, shares at Sep. 30, 2017 | 170,165 | |||||
Ending Balance at Sep. 30, 2017 | $ 10,597 | $ 2 | $ 8,957 | $ (250) | $ 1,882 | $ 6 |
Consolidated Statement Of Equi6
Consolidated Statement Of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (usd per share) | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 168 | $ (513) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depletion, depreciation and amortization | 1,033 | 1,123 |
Impairment of oil and gas properties | 285 | 32 |
Impairment of inventory and other property and equipment | 1 | 6 |
Exploration expenses, including dry holes | 19 | 41 |
Deferred income taxes | 79 | (340) |
Gain on disposition of assets, net | (205) | (4) |
Accretion of discount on asset retirement obligations | 14 | 14 |
Interest expense | 4 | 11 |
Derivative related activity | (91) | 628 |
Amortization of stock-based compensation | 61 | 66 |
Other | 48 | 50 |
Change in operating assets and liabilities: | ||
Accounts receivable | (131) | (64) |
Income taxes receivable | 2 | 17 |
Inventories | (9) | (7) |
Derivatives | 0 | (24) |
Investments | 5 | 0 |
Other current assets | (4) | (3) |
Accounts payable | 82 | (8) |
Interest payable | (30) | (26) |
Income taxes payable | 0 | (2) |
Other current liabilities | (33) | (38) |
Net cash provided by operating activities | 1,298 | 959 |
Cash flows from investing activities: | ||
Proceeds from disposition of assets, net of cash sold | 347 | 503 |
Payments for acquisitions | 0 | (429) |
Proceeds from investments | 1,194 | 255 |
Purchase of investments | (845) | (2,300) |
Additions to oil and gas properties | (1,703) | (1,387) |
Additions to other assets and other property and equipment, net | (252) | (156) |
Net cash used in investing activities | (1,259) | (3,514) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (485) | (455) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 2,534 |
Exercise of long-term incentive plan stock options and employee stock purchases | 7 | 7 |
Purchases of treasury stock | (36) | (24) |
Dividends paid | (7) | (7) |
Net cash provided by (used in) financing activities | (521) | 2,055 |
Net decrease in cash and cash equivalents | (482) | (500) |
Cash and cash equivalents, beginning of period | 1,118 | 1,391 |
Cash and cash equivalents, end of period | $ 636 | $ 891 |
Organization And Nature Of Oper
Organization And Nature Of Operations | 9 Months Ended |
Sep. 30, 2017 | |
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 that explores for, develops and produces oil, natural gas liquids ("NGLs") and gas within 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 | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Presentation. In the opinion of management, the consolidated financial statements of the Company as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 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, 2016 . Certain reclassifications have been made to the 2016 financial statement and footnote amounts in order to conform to the 2017 presentation. Issuance of common stock. During the first and second quarters of 2016, the Company issued 13.8 million and 6.0 million shares of common stock, respectively, and received cash proceeds of $1.6 billion and $937 million , respectively, net of associated underwriter discounts and offering expenses. New accounting pronouncements. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted this standard on January 1, 2017. See Note M for discussion on the impact of the adoption to the Company's income tax provision. In February 2016, the 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 accounting for lease expenses. 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 anticipates that the adoption of ASU 2016-02 for its leasing arrangements will likely (i) increase the Company's recorded assets and liabilities, (ii) increase depreciation, depletion and amortization expense, (iii) increase interest expense and (iv) decrease lease/rental expense. The Company is currently evaluating each of its lease arrangements and has not determined the aggregate amount of change expected for each category. 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 addition, 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. The Company has been working through a project plan for the implementation of Topic 606 and has identified the following revenue streams: oil, NGL and gas sales and sales of purchased oil and gas. The Company's analysis of contracts with customers in accordance with the requirements of Topic 606 is largely complete. The Company has not identified any changes to the timing of revenue recognition based upon the requirements of Topic 606 that would have a material impact on the Company's consolidated financial statements. The Company plans to utilize the modified approach to adopt the new standards upon their effective dates with a cumulative effect adjustment, if any, recorded to retained earnings as of January 1, 2018. The Company's evaluation of the new disclosure requirements is ongoing. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Permian Basin Acquisition. In August 2016, the Company acquired approximately 28,000 net acres in the Permian Basin, with net production of approximately 1,400 barrels of oil equivalent per day ("BOEPD"), from an unaffiliated third party for $428 million , including normal closing adjustments. The acquisition was accounted for using the acquisition method under ASC 805, "Business Combinations," which requires acquired assets and liabilities to be recorded at fair value as of the acquisition date. The following table represents the allocation of the acquisition price to the assets acquired and the liabilities assumed based on their fair value at the acquisition date (in millions): Assets acquired: Proved properties $ 79 Unproved properties 347 Other property and equipment 5 Liabilities assumed: Asset retirement obligations (2 ) Other liabilities (1 ) Net assets acquired $ 428 The fair value measurements of the net assets acquired are based on inputs that are not observable in the market and, therefore, represent Level 3 inputs in the fair value hierarchy (see Note D for a description of the input levels in the fair value hierarchy). The Company calculated the fair values of the acquired proved properties and asset retirement obligations using a discounted future cash flow model that utilizes management's estimates of (i) proved reserves, (ii) forecasted production rates, (iii) future operating, development and plugging and abandonment costs, (iv) future commodity prices and (v) a discount rate of 10 percent for proved properties and seven percent for asset retirement obligations. The Company calculated the fair values of the acquired unproved properties based on the average price per acre in comparable market transactions. The operating results attributable to the acquired assets and liabilities assumed are included in the Company's accompanying consolidated statements of operations since the date of acquisition. Divestitures. For the three and nine months ended September 30, 2017 , the Company recorded net gains on the disposition of assets of nil and $205 million , respectively. For the three and nine months ended September 30, 2016 , the Company recorded net gains on the disposition of assets of $1 million and $4 million , respectively. In April 2017, the Company completed the sale of approximately 20,500 acres in the Martin County region of the Permian Basin, with net production of approximately 1,500 BOEPD, to an unaffiliated third party for cash proceeds of $266 million , before normal closing adjustments. The sale resulted in a gain of $194 million . In conjunction with the divestiture, the Company reduced the carrying value of goodwill by $2 million , reflecting the portion of the Company's goodwill related to the assets sold. During the nine months ended September 30, 2017 , the Company also completed the sales of other nonstrategic proved and unproved properties in the Permian Basin for cash proceeds of $78 million , which resulted in a gain of $12 million . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. The three input levels of the fair value hierarchy are as follows: • Level 1 – quoted prices for identical assets or liabilities in active markets. • Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs for the asset or liability. Assets and liabilities measured at fair value on a recurring basis. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety. The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 for each of the fair value hierarchy levels: Fair Value Measurement as of September 30, 2017 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value as of September 30, 2017 (in millions) Assets: Commodity derivatives $ — $ 45 $ — $ 45 Interest rate derivatives — 5 — 5 Deferred compensation plan assets 90 — — 90 Total assets 90 50 — 140 Liabilities: Commodity derivatives — 29 — 29 Total liabilities — 29 — 29 Total recurring fair value measurements $ 90 $ 21 $ — $ 111 Fair Value Measurement as of December 31, 2016 Using Quoted Prices Significant Significant Fair value as of December 31, 2016 (in millions) Assets: Commodity derivatives $ — $ 8 $ — $ 8 Interest rate derivatives — 6 — 6 Deferred compensation plan assets 83 — — 83 Total assets 83 14 — 97 Liabilities: Commodity derivatives — 84 — 84 Total liabilities — 84 — 84 Total recurring fair value measurements $ 83 $ (70 ) $ — $ 13 Commodity derivatives. The Company's commodity derivatives represent oil, NGL and gas swap contracts, collar contracts and collar contracts with short puts. The asset and liability measurements for these 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 September 30, 2017 , 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 assets 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 Rates ("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 or liabilities that are acquired or written down to fair value when they are impaired or held for sale. See Note C for information on the fair value of assets and liabilities acquired in the Permian Basin acquisition. Proved oil and gas properties . As a result of the Company's proved property impairment assessments, the Company recognized noncash impairment charges to reduce the carrying values of the Raton and West Panhandle fields during the three months ended March 31, 2017 and 2016, respectively, to their estimated fair values. The Company calculated the fair values of the Raton and West Panhandle fields 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, (ii) production costs, (iii) capital expenditures 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 fair value. The following table presents the fair value and fair value adjustments (in millions) for the Company's 2017 and 2016 proved property impairments, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in the respective Management's Price Outlooks: Management's Price Outlooks Impairment Date Fair Value Fair Value Adjustment Oil Gas Raton March 2017 $ 186 $ (285 ) $ 53.65 $ 3.00 West Panhandle March 2016 $ 33 $ (32 ) $ 49.77 $ 3.24 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 September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (in millions) Commercial paper, corporate bonds and time deposits $ 1,508 $ 1,506 $ 1,906 $ 1,901 Current portion of long-term debt $ 449 $ 462 $ 485 $ 490 Long-term debt $ 2,282 $ 2,495 $ 2,728 $ 2,956 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 and classified as held-to-maturity as the Company has the intent and ability to hold them until they mature. The carrying values of held-to-maturity investments are adjusted for amortization of premiums and accretion of discounts over the remaining life of the investment. Income related to these investments is recorded in interest and other income in the Company's consolidated statements of operations. The Company's investments in corporate bonds represent Level 1 inputs in the hierarchy, while other investments represent Level 2 inputs in the hierarchy. Commercial paper and time deposits are included in cash and cash equivalents if they have maturity dates that are less than 90 days at the date of purchase; otherwise, investments are reflected in 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 September 30, 2017 and December 31, 2016 : September 30, 2017 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Deposits Total (in millions) Cash and cash equivalents $ 539 $ — $ — $ 97 $ 636 Short-term investments — 124 741 492 1,357 Long-term investments — — 151 — 151 $ 539 $ 124 $ 892 $ 589 $ 2,144 December 31, 2016 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Total (in millions) Cash and cash equivalents $ 873 $ 45 $ — $ 200 $ 1,118 Short-term investments — 368 691 382 1,441 Long-term investments — — 420 — 420 $ 873 $ 413 $ 1,111 $ 582 $ 2,979 Debt obligations. The Company's debt obligations are composed of its credit facility and 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 receivables, payables and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in a business combination, goodwill and asset retirement obligations. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and the weighted average oil prices for those contracts: 2017 Year Ending December 31, 2018 Fourth Quarter Collar contracts (a): Volume (Bbl) 6,000 — Price per Bbl: Ceiling $ 70.40 $ — Floor $ 50.00 $ — Collar contracts with short puts (b): Volume (Bbl) 155,000 150,781 Price per Bbl: Ceiling $ 62.12 $ 57.70 Floor $ 49.82 $ 47.39 Short put $ 41.02 $ 37.35 Basis swap contracts: Midland-Cushing index swap volume (Bbl) 6,630 — Price differential ($/Bbl) (c) $ (1.09 ) $ — ____________________ (a) Subsequent to September 30, 2017, the Company entered into additional collar contracts for 3,000 Bbls per day of 2018 production with a ceiling price of $58.05 per Bbl and a floor price of $45.00 per Bbl. (b) Subsequent to September 30, 2017, the Company entered into additional collar contracts with short puts for 2,000 Bbls per day of 2018 production with a ceiling price of $59.25 per Bbl, a floor price of $45.00 per Bbl and a short put price of $35.00 per Bbl. (c) Represents the basis differential between Midland, Texas oil prices and WTI oil prices at Cushing, Oklahoma. NGL production derivative activities. All material physical sales contracts governing the Company's NGL production are tied directly or indirectly to either Mont Belvieu, Texas or Conway, Kansas NGL component product prices. The Company uses derivative contracts to manage NGL component price volatility. The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of September 30, 2017 and the weighted average NGL prices for those contracts: 2017 Year Ending December 31, Fourth Quarter 2018 2019 Ethane collar contracts (a): Volume (Bbl) 3,000 — — Price per Bbl: Ceiling $ 11.83 $ — $ — Floor $ 8.68 $ — $ — Ethane basis swap contracts (b): Volume (MMBtu) 6,920 6,920 6,920 Price differential ($/MMBtu) $ 1.60 $ 1.60 $ 1.60 ____________________ (a) Represent collar contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. (b) 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 swap contracts 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 6,920 MMBtu per day, which is equivalent to 2,500 Bbls per day of ethane. Subsequent to September 30, 2017, the Company entered into propane swap contracts for 2,500 Bbls per day of November and December 2017 production with a fixed price of $37.80 per Bbl. 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 actual index prices at which the gas is sold. The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of September 30, 2017 and the weighted average gas prices for those contracts: 2017 Year Ending December 31, Fourth Quarter 2018 2019 Swap contracts: Volume (MMBtu) (a) — 30,000 — Price per MMBtu $ — $ 3.08 $ — Collar contracts with short puts: Volume (MMBtu) 300,000 62,329 — Price per MMBtu: Ceiling $ 3.60 $ 3.56 $ — Floor $ 2.96 $ 2.91 $ — Short put $ 2.47 $ 2.37 $ — Basis swap contracts: Mid-Continent index swap volume (MMBtu) (b) 45,000 — — Price differential ($/MMBtu) $ (0.32 ) $ — $ — Permian Basin index swap volume (MMBtu) (c) 26,522 51,671 70,000 Price differential ($/MMBtu) $ 0.30 $ 0.30 $ 0.30 ____________________ (a) Subsequent to September 30, 2017 , the Company entered into additional swap contracts for 70,000 MMBtu per day of April through December 2018 production with a price of $3.00 per MMBtu. (b) Represent swap contracts that fix the basis differentials between the index price at which the Company sells its Mid-Continent gas and the HH index price used in collar contracts with short puts. (c) Represent swap contracts 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. Subsequent to September 30, 2017 , the Company entered into additional basis swap contracts for (i) 20,000 MMBtu per day of November 2017 through March 2018 production with a price of $0.49 per MMBtu and (ii) 10,000 MMBtu per day of 2019 production with a price of $0.32 per MMBtu. Marketing derivatives. 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 that mitigate price risk. As of September 30, 2017 , the Company was party to (i) oil index swap contracts for 10,000 Bbls per day of November and December 2017 transportation commitments with a price differential of $4.18 per Bbl between NYMEX WTI and Louisiana Light Sweet oil ("LLS") and (ii) oil index swap contracts for 10,000 Bbls per day of January through August 2018 transportation commitments with a price differential of $3.18 per Bbl between NYMEX WTI and LLS. Interest rate derivative activities. As of September 30, 2017 , the Company was party to interest rate derivative contracts whereby the Company will receive the three-month LIBOR rate for the 10 -year period from December 2017 through December 2027 in exchange for paying a fixed interest rate of 1.81 percent on a notional amount of $100 million on December 15, 2017. Subsequent to September 30, 2017 , the Company liquidated its interest rate derivative contracts for cash proceeds of $5 million . Tabular disclosure of derivative financial instruments . All of the Company's derivatives are accounted for as non-hedge derivatives as of September 30, 2017 and December 31, 2016 , and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the earnings of the periods in which they occur. The Company classifies the fair value amounts of derivative assets and liabilities as net current or noncurrent derivative assets or net current or noncurrent derivative liabilities, whichever the case may be, by commodity and counterparty. The Company enters into derivatives under master netting arrangements, which, in an event of default, allows the Company to offset payables to and receivables from the defaulting counterparty. The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following: Fair Value of Derivative Instruments as of September 30, 2017 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 $ 50 $ (12 ) $ 38 Interest rate derivatives Derivatives - current $ 5 $ — 5 Commodity price derivatives Derivatives - noncurrent $ 10 $ (3 ) 7 $ 50 Liability Derivatives: Commodity price derivatives Derivatives - current $ 29 $ (12 ) $ 17 Commodity price derivatives Derivatives - noncurrent $ 15 $ (3 ) 12 $ 29 Fair Value of Derivative Instruments as of December 31, 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 $ 33 $ (25 ) $ 8 Interest rate derivatives Derivatives - current $ 6 $ — 6 $ 14 Liability Derivatives: Commodity price derivatives Derivatives - current $ 102 $ (25 ) $ 77 Commodity price derivatives Derivatives - noncurrent $ 7 $ — 7 $ 84 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 Earnings Three Months Ended Nine Months Ended Hedging Instruments on Derivatives 2017 2016 2017 2016 (in millions) Commodity price derivatives Derivative gains (losses), net $ (133 ) $ 91 $ 154 $ (87 ) Interest rate derivatives Derivative gains (losses), net — — (1 ) (8 ) Total $ (133 ) $ 91 $ 153 $ (95 ) |
Exploratory Costs
Exploratory Costs | 9 Months Ended |
Sep. 30, 2017 | |
Extractive Industries [Abstract] | |
Exploratory Costs | Exploratory Costs The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are presented in proved properties in the accompanying consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The following table reflects the Company's capitalized exploratory well and project activity during the three and nine months ended September 30, 2017 : Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in millions) Beginning capitalized exploratory well costs $ 443 $ 323 Additions to exploratory well costs pending the determination of proved reserves 474 1,369 Reclassification due to determination of proved reserves (482 ) (1,247 ) Exploratory well costs charged to exploration and abandonment expense (1 ) (11 ) Ending capitalized exploratory well costs $ 434 $ 434 The following table provides an aging as of September 30, 2017 and December 31, 2016 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: September 30, 2017 December 31, 2016 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 422 $ 318 More than one year 12 5 $ 434 $ 323 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year 7 3 The seven wells that were suspended for a period greater than one year as of September 30, 2017 are in the Eagle Ford Shale area. The Company expects to complete all seven of these wells in 2018. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2017 | |
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 and discounts. 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 September 30, 2017 , the Company had no outstanding borrowings under the Credit Facility and was in compliance with its debt covenants. Senior notes. The Company's 6.65% senior notes (the " 6.65% Senior Notes") and 5.875% senior notes (the " 5.875% Senior Notes") matured and were repaid in March 2017 and July 2016, respectively. The Company funded both the $485 million repayment of the 6.65% Senior Notes and the $455 million repayment of the 5.875% Senior Notes with cash on hand. The Company's 6.875% senior notes (the " 6.875% Senior Notes"), with an outstanding debt principal balance of $450 million , will mature in May 2018. The 6.875% Senior Notes are classified as current in the accompanying consolidated balance sheets as of September 30, 2017 . |
Incentive Plans
Incentive Plans | 9 Months Ended |
Sep. 30, 2017 | |
Compensation Related Costs [Abstract] | |
Incentive Plans | Incentive Plans Stock-based compensation. For the three and nine months ended September 30, 2017 , the Company recorded $21 million and $78 million , respectively, of stock-based compensation expense for all plans, as compared to $31 million and $84 million for the same respective periods in 2016 . As of September 30, 2017 , there was $113 million of unrecognized stock-based compensation expense related to unvested share-based compensation plans, including $24 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 on a straight-line basis over the remaining vesting periods of the awards, which is a period of less than three years on a weighted average basis. As of September 30, 2017 and December 31, 2016 , accounts payable – due to affiliates included $13 million and $22 million , respectively, of liabilities attributable to Liability Awards. The following table summarizes the activity that occurred during the nine months ended September 30, 2017 for restricted stock awards and performance units issued by Pioneer: Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Outstanding as of December 31, 2016 1,077,227 290,552 178,556 Awards granted 332,635 118,003 59,044 Awards forfeited (31,426 ) (15,956 ) — Awards vested (454,898 ) (134,381 ) — Outstanding as of September 30, 2017 923,538 258,218 237,600 As of September 30, 2017 and December 31, 2016 , the Company also had 159,378 stock options outstanding and exercisable. There were no stock options exercised during the nine months ended September 30, 2017 . |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2017 | |
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 nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Beginning asset retirement obligations $ 294 $ 281 $ 297 $ 285 Liabilities assumed in acquisitions — 3 — 3 New wells placed on production — — 2 — Changes in estimates — — 7 — Dispositions — — (7 ) — Liabilities settled (7 ) (8 ) (21 ) (21 ) Accretion of discount 5 5 14 14 Ending asset retirement obligations $ 292 $ 281 $ 292 $ 281 The Company records the current and noncurrent portions of asset retirement obligations in other current liabilities and other liabilities, respectively, in the accompanying consolidated balance sheets. As of September 30, 2017 and December 31, 2016 , the current portion of the Company's asset retirement obligations was $42 million and $39 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In addition to the legal action described below, the Company is a party to other 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. U.S. Environmental Protection Agency ("EPA") potential enforcement action. The Company has been advised by the EPA that the agency is considering an enforcement action against the Company and may seek monetary sanctions for alleged failures to prevent emissions occurring at the Company's Fain gas plant in the West Panhandle region of Texas on five separate occasions. The Company has asserted defenses to the EPA's allegations and is in discussions with the EPA regarding these matters. Although the Company cannot predict the outcome of these discussions with any certainty, the Company believes such monetary sanctions will not exceed $45,000 for any single event, but could exceed $100,000 in the aggregate. 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. Lease agreements. In June 2017, the Company entered into a 20 -year operating lease for the Company's new corporate headquarters that is currently being constructed in Irving, Texas. Annual base rent is expected to be $33 million and lease payments are expected to commence once the building is complete, which is anticipated to occur during the second half of 2019. The Company has a variable equity interest in the entity that is constructing the building. The Company is not the primary beneficiary of the variable interest entity and only has a profit sharing interest after certain economic returns are achieved. The Company has no exposure to the variable interest entity's losses or future liabilities, if any. The Company is the deemed owner of the building (for accounting purposes) during the construction period and is following the build-to-suit accounting guidance. Accordingly, as of September 30, 2017 , the Company has capitalized $36 million of construction costs within other property and equipment and has recognized a corresponding build-to-suit lease liability. The recording of these assets and liabilities are considered noncash investing and financing items, respectively, for purposes of the consolidated statements of cash flows. |
Interest and Other Income
Interest and Other Income | 9 Months Ended |
Sep. 30, 2017 | |
Interest and Other Income [Abstract] | |
Interest and Other Income | Interest and Other Income The following table provides the components of the Company's interest and other income for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Interest income $ 9 $ 5 $ 25 $ 14 Severance and sales tax refunds 5 — 13 — Deferred compensation plan income 1 — 3 2 Other income 2 2 3 5 Total interest and other income $ 17 $ 7 $ 44 $ 21 |
Other Expense
Other Expense | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expense | Other Expense The following table provides the components of the Company's other expense for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Transportation commitment charges (a) $ 45 $ 27 $ 127 $ 77 Loss from vertical integration services (b) — 17 11 46 Idle drilling and well service equipment charges (c) — 10 — 57 Other 13 15 38 43 Total other expense $ 58 $ 69 $ 176 $ 223 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Loss from vertical integration services primarily represents net margins (attributable to third party working interest owners) that result from Company-provided fracture stimulation and well service operations, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three and nine months ended September 30, 2017 , these vertical integration net margins included $42 million and $84 million , respectively, of revenues and $42 million and $95 million , respectively, of costs and expenses. For the same respective periods in 2016, these vertical integration net margins included $19 million and $144 million of revenues and $36 million and $190 million of costs and expenses. (c) Primarily represents expenses attributable to idle drilling rig fees that are not chargeable to joint operations and charges to terminate rig contracts that were not required to meet planned drilling activities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's income tax benefit (provision) consisted of the following for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Current tax benefit $ — $ 22 $ — $ 22 Deferred tax benefit (provision) 11 56 (79 ) 340 Income tax benefit (provision) $ 11 $ 78 $ (79 ) $ 362 For the three and nine months ended September 30, 2017 , the Company's effective tax rate, excluding income attributable to noncontrolling interests, was 34 percent and 32 percent , respectively, as compared to an effective rate of 140 percent and 41 percent for the same respective periods in 2016 . The Company's effective tax rate for the nine months ended September 30, 2017 differs from the U.S. statutory rate of 35 percent primarily due to recognizing excess tax benefits of $8 million associated with the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which requires excess tax benefits or deficiencies associated with the vesting of long-term incentive awards to be recorded as income tax expense or benefit in the statement of operations rather than as an adjustment to additional paid-in capital in the balance sheet. The Company's effective tax rates for the three and nine months ended September 30, 2016 differ from the U.S. statutory rate of 35 percent primarily due to recognizing research and experimental expenditure credits of $59 million during the three months ended September 30, 2016. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position. As of September 30, 2017 and December 31, 2016 , the Company had unrecognized tax benefits of $123 million and $112 million , respectively, resulting from research and experimental expenditures related to horizontal drilling and completions innovations. If all or a portion of the unrecognized tax benefit is sustained upon examination by the taxing authorities, the tax benefit will be recognized as a reduction to the Company's deferred tax liability and will affect the Company's effective tax rate in the period it is recognized. The Company expects to substantially resolve the uncertainties associated with the unrecognized tax benefit by December 2018 . 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 2012 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 2011. As of September 30, 2017 , 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 (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table reconciles the Company's net income (loss) attributable to common stockholders to basic and diluted net income (loss) attributable to common stockholders for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Net income (loss) attributable to common stockholders $ (23 ) $ 22 $ 168 $ (513 ) Participating share-based earnings — — (1 ) — Basic and diluted net income (loss) attributable to common stockholders $ (23 ) $ 22 $ 167 $ (513 ) Basic and diluted weighted average common shares outstanding were 170 million for both the three and nine months ended September 30, 2017 , as compared to 170 million and 165 million for the same respective periods in 2016 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation | Presentation. In the opinion of management, the consolidated financial statements of the Company as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 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, 2016 . Certain reclassifications have been made to the 2016 financial statement and footnote amounts in order to conform to the 2017 presentation. |
New accounting pronouncements | New accounting pronouncements. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted this standard on January 1, 2017. See Note M for discussion on the impact of the adoption to the Company's income tax provision. In February 2016, the 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 accounting for lease expenses. 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 anticipates that the adoption of ASU 2016-02 for its leasing arrangements will likely (i) increase the Company's recorded assets and liabilities, (ii) increase depreciation, depletion and amortization expense, (iii) increase interest expense and (iv) decrease lease/rental expense. The Company is currently evaluating each of its lease arrangements and has not determined the aggregate amount of change expected for each category. 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 addition, 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. The Company has been working through a project plan for the implementation of Topic 606 and has identified the following revenue streams: oil, NGL and gas sales and sales of purchased oil and gas. The Company's analysis of contracts with customers in accordance with the requirements of Topic 606 is largely complete. The Company has not identified any changes to the timing of revenue recognition based upon the requirements of Topic 606 that would have a material impact on the Company's consolidated financial statements. The Company plans to utilize the modified approach to adopt the new standards upon their effective dates with a cumulative effect adjustment, if any, recorded to retained earnings as of January 1, 2018. The Company's evaluation of the new disclosure requirements is ongoing. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of allocation of the acquisition price | The following table represents the allocation of the acquisition price to the assets acquired and the liabilities assumed based on their fair value at the acquisition date (in millions): Assets acquired: Proved properties $ 79 Unproved properties 347 Other property and equipment 5 Liabilities assumed: Asset retirement obligations (2 ) Other liabilities (1 ) Net assets acquired $ 428 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 for each of the fair value hierarchy levels: Fair Value Measurement as of September 30, 2017 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value as of September 30, 2017 (in millions) Assets: Commodity derivatives $ — $ 45 $ — $ 45 Interest rate derivatives — 5 — 5 Deferred compensation plan assets 90 — — 90 Total assets 90 50 — 140 Liabilities: Commodity derivatives — 29 — 29 Total liabilities — 29 — 29 Total recurring fair value measurements $ 90 $ 21 $ — $ 111 Fair Value Measurement as of December 31, 2016 Using Quoted Prices Significant Significant Fair value as of December 31, 2016 (in millions) Assets: Commodity derivatives $ — $ 8 $ — $ 8 Interest rate derivatives — 6 — 6 Deferred compensation plan assets 83 — — 83 Total assets 83 14 — 97 Liabilities: Commodity derivatives — 84 — 84 Total liabilities — 84 — 84 Total recurring fair value measurements $ 83 $ (70 ) $ — $ 13 |
Fair value and fair value adjustments | The following table presents the fair value and fair value adjustments (in millions) for the Company's 2017 and 2016 proved property impairments, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in the respective Management's Price Outlooks: Management's Price Outlooks Impairment Date Fair Value Fair Value Adjustment Oil Gas Raton March 2017 $ 186 $ (285 ) $ 53.65 $ 3.00 West Panhandle March 2016 $ 33 $ (32 ) $ 49.77 $ 3.24 |
Schedule of carrying values and financial instruments not carried at fair value | Carrying values and fair values of financial instruments that are not carried at fair value in the accompanying consolidated balance sheets as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (in millions) Commercial paper, corporate bonds and time deposits $ 1,508 $ 1,506 $ 1,906 $ 1,901 Current portion of long-term debt $ 449 $ 462 $ 485 $ 490 Long-term debt $ 2,282 $ 2,495 $ 2,728 $ 2,956 |
Cash and cash equivalents and investments | The following table provides the components of the Company's cash and cash equivalents and investments as of September 30, 2017 and December 31, 2016 : September 30, 2017 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Deposits Total (in millions) Cash and cash equivalents $ 539 $ — $ — $ 97 $ 636 Short-term investments — 124 741 492 1,357 Long-term investments — — 151 — 151 $ 539 $ 124 $ 892 $ 589 $ 2,144 December 31, 2016 Consolidated Balance Sheet Location Cash Commercial Paper Corporate Bonds Time Total (in millions) Cash and cash equivalents $ 873 $ 45 $ — $ 200 $ 1,118 Short-term investments — 368 691 382 1,441 Long-term investments — — 420 — 420 $ 873 $ 413 $ 1,111 $ 582 $ 2,979 |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of oil derivative contracts volume and weighted average price | The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of September 30, 2017 and the weighted average oil prices for those contracts: 2017 Year Ending December 31, 2018 Fourth Quarter Collar contracts (a): Volume (Bbl) 6,000 — Price per Bbl: Ceiling $ 70.40 $ — Floor $ 50.00 $ — Collar contracts with short puts (b): Volume (Bbl) 155,000 150,781 Price per Bbl: Ceiling $ 62.12 $ 57.70 Floor $ 49.82 $ 47.39 Short put $ 41.02 $ 37.35 Basis swap contracts: Midland-Cushing index swap volume (Bbl) 6,630 — Price differential ($/Bbl) (c) $ (1.09 ) $ — ____________________ (a) Subsequent to September 30, 2017, the Company entered into additional collar contracts for 3,000 Bbls per day of 2018 production with a ceiling price of $58.05 per Bbl and a floor price of $45.00 per Bbl. (b) Subsequent to September 30, 2017, the Company entered into additional collar contracts with short puts for 2,000 Bbls per day of 2018 production with a ceiling price of $59.25 per Bbl, a floor price of $45.00 per Bbl and a short put price of $35.00 per Bbl. (c) Represents the basis differential between Midland, Texas oil prices and WTI oil prices at Cushing, Oklahoma. |
Schedule of NGL derivative volumes and weighted average prices | The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of September 30, 2017 and the weighted average NGL prices for those contracts: 2017 Year Ending December 31, Fourth Quarter 2018 2019 Ethane collar contracts (a): Volume (Bbl) 3,000 — — Price per Bbl: Ceiling $ 11.83 $ — $ — Floor $ 8.68 $ — $ — Ethane basis swap contracts (b): Volume (MMBtu) 6,920 6,920 6,920 Price differential ($/MMBtu) $ 1.60 $ 1.60 $ 1.60 ____________________ (a) Represent collar contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. (b) 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 swap contracts 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 6,920 MMBtu per day, which is equivalent to 2,500 Bbls per day of ethane. |
Schedule of gas derivative volume and weighted average prices | The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of September 30, 2017 and the weighted average gas prices for those contracts: 2017 Year Ending December 31, Fourth Quarter 2018 2019 Swap contracts: Volume (MMBtu) (a) — 30,000 — Price per MMBtu $ — $ 3.08 $ — Collar contracts with short puts: Volume (MMBtu) 300,000 62,329 — Price per MMBtu: Ceiling $ 3.60 $ 3.56 $ — Floor $ 2.96 $ 2.91 $ — Short put $ 2.47 $ 2.37 $ — Basis swap contracts: Mid-Continent index swap volume (MMBtu) (b) 45,000 — — Price differential ($/MMBtu) $ (0.32 ) $ — $ — Permian Basin index swap volume (MMBtu) (c) 26,522 51,671 70,000 Price differential ($/MMBtu) $ 0.30 $ 0.30 $ 0.30 ____________________ (a) Subsequent to September 30, 2017 , the Company entered into additional swap contracts for 70,000 MMBtu per day of April through December 2018 production with a price of $3.00 per MMBtu. (b) Represent swap contracts that fix the basis differentials between the index price at which the Company sells its Mid-Continent gas and the HH index price used in collar contracts with short puts. (c) Represent swap contracts 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. Subsequent to September 30, 2017 , the Company entered into additional basis swap contracts for (i) 20,000 MMBtu per day of November 2017 through March 2018 production with a price of $0.49 per MMBtu and (ii) 10,000 MMBtu per day of 2019 production with a price of $0.32 per MMBtu. |
Offsetting asset and liability | The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following: Fair Value of Derivative Instruments as of September 30, 2017 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 $ 50 $ (12 ) $ 38 Interest rate derivatives Derivatives - current $ 5 $ — 5 Commodity price derivatives Derivatives - noncurrent $ 10 $ (3 ) 7 $ 50 Liability Derivatives: Commodity price derivatives Derivatives - current $ 29 $ (12 ) $ 17 Commodity price derivatives Derivatives - noncurrent $ 15 $ (3 ) 12 $ 29 Fair Value of Derivative Instruments as of December 31, 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 $ 33 $ (25 ) $ 8 Interest rate derivatives Derivatives - current $ 6 $ — 6 $ 14 Liability Derivatives: Commodity price derivatives Derivatives - current $ 102 $ (25 ) $ 77 Commodity price derivatives Derivatives - noncurrent $ 7 $ — 7 $ 84 |
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 Earnings Three Months Ended Nine Months Ended Hedging Instruments on Derivatives 2017 2016 2017 2016 (in millions) Commodity price derivatives Derivative gains (losses), net $ (133 ) $ 91 $ 154 $ (87 ) Interest rate derivatives Derivative gains (losses), net — — (1 ) (8 ) Total $ (133 ) $ 91 $ 153 $ (95 ) |
Exploratory Costs (Tables)
Exploratory Costs (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Extractive Industries [Abstract] | |
Capitalized exploratory well and project activity | The following table reflects the Company's capitalized exploratory well and project activity during the three and nine months ended September 30, 2017 : Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in millions) Beginning capitalized exploratory well costs $ 443 $ 323 Additions to exploratory well costs pending the determination of proved reserves 474 1,369 Reclassification due to determination of proved reserves (482 ) (1,247 ) Exploratory well costs charged to exploration and abandonment expense (1 ) (11 ) Ending capitalized exploratory well costs $ 434 $ 434 |
Capitalized exploratory costs and the number of projects for which exploratory costs have been capitalized | The following table provides an aging as of September 30, 2017 and December 31, 2016 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: September 30, 2017 December 31, 2016 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 422 $ 318 More than one year 12 5 $ 434 $ 323 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year 7 3 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation Related Costs [Abstract] | |
Schedule of share based incentive award activity | The following table summarizes the activity that occurred during the nine months ended September 30, 2017 for restricted stock awards and performance units issued by Pioneer: Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Outstanding as of December 31, 2016 1,077,227 290,552 178,556 Awards granted 332,635 118,003 59,044 Awards forfeited (31,426 ) (15,956 ) — Awards vested (454,898 ) (134,381 ) — Outstanding as of September 30, 2017 923,538 258,218 237,600 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations | The following table summarizes the Company's asset retirement obligation activity during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Beginning asset retirement obligations $ 294 $ 281 $ 297 $ 285 Liabilities assumed in acquisitions — 3 — 3 New wells placed on production — — 2 — Changes in estimates — — 7 — Dispositions — — (7 ) — Liabilities settled (7 ) (8 ) (21 ) (21 ) Accretion of discount 5 5 14 14 Ending asset retirement obligations $ 292 $ 281 $ 292 $ 281 |
Interest and Other Income (Tabl
Interest and Other Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Interest and Other Income [Abstract] | |
Components of interest and other income | The following table provides the components of the Company's interest and other income for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Interest income $ 9 $ 5 $ 25 $ 14 Severance and sales tax refunds 5 — 13 — Deferred compensation plan income 1 — 3 2 Other income 2 2 3 5 Total interest and other income $ 17 $ 7 $ 44 $ 21 |
Other Expense (Tables)
Other Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of components of other expense | The following table provides the components of the Company's other expense for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Transportation commitment charges (a) $ 45 $ 27 $ 127 $ 77 Loss from vertical integration services (b) — 17 11 46 Idle drilling and well service equipment charges (c) — 10 — 57 Other 13 15 38 43 Total other expense $ 58 $ 69 $ 176 $ 223 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Loss from vertical integration services primarily represents net margins (attributable to third party working interest owners) that result from Company-provided fracture stimulation and well service operations, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three and nine months ended September 30, 2017 , these vertical integration net margins included $42 million and $84 million , respectively, of revenues and $42 million and $95 million , respectively, of costs and expenses. For the same respective periods in 2016, these vertical integration net margins included $19 million and $144 million of revenues and $36 million and $190 million of costs and expenses. (c) Primarily represents expenses attributable to idle drilling rig fees that are not chargeable to joint operations and charges to terminate rig contracts that were not required to meet planned drilling activities. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax (provisions) benefits attributable to income from continuing operations | The Company's income tax benefit (provision) consisted of the following for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Current tax benefit $ — $ 22 $ — $ 22 Deferred tax benefit (provision) 11 56 (79 ) 340 Income tax benefit (provision) $ 11 $ 78 $ (79 ) $ 362 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of earnings attributable to common stockholders, basic and diluted | The following table reconciles the Company's net income (loss) attributable to common stockholders to basic and diluted net income (loss) attributable to common stockholders for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Net income (loss) attributable to common stockholders $ (23 ) $ 22 $ 168 $ (513 ) Participating share-based earnings — — (1 ) — Basic and diluted net income (loss) attributable to common stockholders $ (23 ) $ 22 $ 167 $ (513 ) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Common stock issued, shares | 6 | 13.8 | ||
Proceeds from issuance of common stock, net of issuance costs | $ 937 | $ 1,600 | $ 0 | $ 2,534 |
Acquisitions and Divestitures34
Acquisitions and Divestitures (Permian Basin Acquisition) (Details) a in Thousands, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2016USD ($)Boe | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2017a | |
Business Acquisition [Line Items] | ||||
Payments for acquisitions | $ 0 | $ 429 | ||
Permian Basin | ||||
Business Acquisition [Line Items] | ||||
Net acres acquired | a | 28 | |||
Net production in barrels | Boe | 1,400 | |||
Payments for acquisitions | $ 428 | |||
Permian Basin | Proved properties | ||||
Business Acquisition [Line Items] | ||||
Discount rate | 10.00% | |||
Permian Basin | Asset retirement obligations | ||||
Business Acquisition [Line Items] | ||||
Discount rate | 7.00% |
Acquisitions and Divestitures35
Acquisitions and Divestitures (Schedule of Allocation of the Acquisition Price) (Details) - Permian Basin $ in Millions | Aug. 31, 2017USD ($) |
Assets acquired: | |
Proved properties | $ 79 |
Unproved properties | 347 |
Other property and equipment | 5 |
Liabilities assumed: | |
Asset retirement obligations | 2 |
Other liabilities | 1 |
Net assets acquired | $ 428 |
Acquisitions and Divestitures36
Acquisitions and Divestitures (Divestitures) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017USD ($)aBoe | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on disposition of assets, net | $ 0 | $ 1 | $ 205 | $ 4 | |
Cash proceeds | 347 | $ 503 | |||
Martin County | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on disposition of assets, net | $ 194 | ||||
Acres sold | a | 20,500 | ||||
Net production in barrels | Boe | 1,500 | ||||
Cash proceeds | $ 266 | ||||
Goodwill sold | $ 2 | ||||
Permian Basin | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on disposition of assets, net | 12 | ||||
Cash proceeds | $ 78 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Deferred compensation plan assets | $ 90 | $ 83 |
Total assets | 140 | 97 |
Liabilities: | ||
Total liabilities | 29 | 84 |
Total recurring fair value measurements | 111 | 13 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Deferred compensation plan assets | 90 | 83 |
Total assets | 90 | 83 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Total recurring fair value measurements | 90 | 83 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Deferred compensation plan assets | 0 | 0 |
Total assets | 50 | 14 |
Liabilities: | ||
Total liabilities | 29 | 84 |
Total recurring fair value measurements | 21 | (70) |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Deferred compensation plan assets | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Total recurring fair value measurements | 0 | 0 |
Commodity derivatives | ||
Assets: | ||
Derivative assets | 45 | 8 |
Liabilities: | ||
Commodity derivatives | 29 | 84 |
Commodity derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Commodity derivatives | 0 | 0 |
Commodity derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative assets | 45 | 8 |
Liabilities: | ||
Commodity derivatives | 29 | 84 |
Commodity derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Commodity derivatives | 0 | 0 |
Interest rate derivatives | ||
Assets: | ||
Derivative assets | 5 | 6 |
Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative assets | 0 | 0 |
Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative assets | 5 | 6 |
Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurements (Nonrec
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($)$ / MMBTU$ / bbl | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($)$ / MMBTU$ / bbl | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Adjustment | $ 0 | $ 0 | $ (285) | $ (32) | |||
Impairment charge | $ 32 | ||||||
Raton | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 10.00% | ||||||
Fair Value | $ 186 | ||||||
Fair Value Adjustment | $ (285) | ||||||
Management oil price outlook per barrel | $ / bbl | 53.65 | ||||||
Management gas price outlook per millions of BTU | $ / MMBTU | 3 | ||||||
West Panhandle | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount rate | 10.00% | ||||||
Fair Value | $ 33 | $ 33 | |||||
Fair Value Adjustment | $ (32) | ||||||
Management oil price outlook per barrel | $ / bbl | 49.77 | ||||||
Management gas price outlook per millions of BTU | $ / MMBTU | 3.24 |
Fair Value Measurements (Sche39
Fair Value Measurements (Schedule Of Carrying Values And Financial Instruments Not Carried At Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current portion of long-term debt | $ 449 | $ 485 |
Long-term debt | 2,282 | 2,728 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial paper, corporate bonds and time deposits | 1,508 | 1,906 |
Current portion of long-term debt | 449 | 485 |
Long-term debt | 2,282 | 2,728 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial paper, corporate bonds and time deposits | 1,506 | 1,901 |
Current portion of long-term debt | 462 | 490 |
Long-term debt | $ 2,495 | $ 2,956 |
Fair Value Measurements (Sche40
Fair Value Measurements (Schedule of Cash and Cash Equivalents and Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | $ 636 | $ 1,118 | $ 891 | $ 1,391 |
Short-term investments | 1,357 | 1,441 | ||
Long-term investments | 151 | 420 | ||
Total cash and cash equivalents and investments | 2,144 | 2,979 | ||
Cash | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | 539 | 873 | ||
Short-term investments | 0 | 0 | ||
Long-term investments | 0 | 0 | ||
Total cash and cash equivalents and investments | 539 | 873 | ||
Commercial Paper | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | 0 | 45 | ||
Short-term investments | 124 | 368 | ||
Long-term investments | 0 | 0 | ||
Total cash and cash equivalents and investments | 124 | 413 | ||
Corporate Bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments | 741 | 691 | ||
Long-term investments | 151 | 420 | ||
Total cash and cash equivalents and investments | 892 | 1,111 | ||
Time Deposits | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Cash and cash equivalents | 97 | 200 | ||
Short-term investments | 492 | 382 | ||
Long-term investments | 0 | 0 | ||
Total cash and cash equivalents and investments | $ 589 | $ 582 |
Derivative Financial Instrume41
Derivative Financial Instruments (Schedule Of Oil Derivative Contracts Volume And Weighted Average Prices) (Details) | Nov. 01, 2017bbl / d$ / bbl | Sep. 30, 2017bbl / d$ / bbl |
Oil contracts | Collar contract for Q4 | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 6,000 | |
Oil contracts | Collar Contracts for next year | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 0 | |
Oil contracts | Collar contracts with short puts for Q4 | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 155,000 | |
Oil contracts | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 150,781 | |
Oil contracts | Basis swap contracts for Q4 | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 6,630 | |
Price differential, dollars per barrel | (1.09) | |
Oil contracts | Basis swap contracts for next year | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 0 | |
Price differential, dollars per barrel | 0 | |
Oil contracts, price per bbl | Collar contract for Q4 | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 70.40 | |
Floor, price per barrel | 50 | |
Oil contracts, price per bbl | Collar Contracts for next year | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 0 | |
Floor, price per barrel | 0 | |
Oil contracts, price per bbl | Collar contracts with short puts for Q4 | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 62.12 | |
Floor, price per barrel | 49.82 | |
Oil contracts, price per bbl | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 57.70 | |
Floor, price per barrel | 47.39 | |
Short put | Collar contracts with short puts for Q4 | ||
Derivative [Line Items] | ||
Short put, price per barrel | 41.02 | |
Short put | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Short put, price per barrel | 37.35 | |
Subsequent event | Oil contracts | Collar Contracts for next year | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 3,000 | |
Subsequent event | Oil contracts | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Volume, barrels per day | bbl / d | 2,000 | |
Subsequent event | Oil contracts, price per bbl | Collar Contracts for next year | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 58.05 | |
Floor, price per barrel | 45 | |
Subsequent event | Oil contracts, price per bbl | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 59.25 | |
Floor, price per barrel | 45 | |
Subsequent event | Short put | Collar contracts with short puts for next year | ||
Derivative [Line Items] | ||
Short put, price per barrel | 35 |
Derivative Financial Instrume42
Derivative Financial Instruments (Schedule of NGL Derivative Contracts Volume and Weighted Average Prices) (Details) - Ethane | Sep. 30, 2017bbl / dMMBTU / d$ / MMBTU$ / bbl |
NGL contract, in BBLS | |
Derivative [Line Items] | |
Volume, barrels per day | bbl / d | 2,500 |
NGL contract, in BBLS | Collar contract for Q4 | |
Derivative [Line Items] | |
Volume, barrels per day | bbl / d | 3,000 |
NGL contract, in BBLS | Collar Contracts for next year | |
Derivative [Line Items] | |
Volume, barrels per day | bbl / d | 0 |
NGL contract, in BBLS | Collar contracts for year 3 | |
Derivative [Line Items] | |
Volume, barrels per day | bbl / d | 0 |
NGL contracts, price per BBL | Collar contract for Q4 | |
Derivative [Line Items] | |
Ceiling, price per barrel | 11.83 |
Floor, price per barrel | 8.68 |
NGL contracts, price per BBL | Collar Contracts for next year | |
Derivative [Line Items] | |
Ceiling, price per barrel | 0 |
Floor, price per barrel | 0 |
NGL contracts, price per BBL | Collar contracts for year 3 | |
Derivative [Line Items] | |
Ceiling, price per barrel | 0 |
Floor, price per barrel | 0 |
NGL contract, MMBtu Equivalent | |
Derivative [Line Items] | |
Volume, barrels per day | MMBTU / d | 6,920 |
NGL contract, MMBtu Equivalent | Basis swap contracts for Q4 | |
Derivative [Line Items] | |
Volume, barrels per day | MMBTU / d | 6,920 |
NGL contract, MMBtu Equivalent | Basis swap contracts for next year | |
Derivative [Line Items] | |
Volume, barrels per day | MMBTU / d | 6,920 |
NGL contract, MMBtu Equivalent | Basis swap contracts for year 3 | |
Derivative [Line Items] | |
Volume, barrels per day | MMBTU / d | 6,920 |
NGL contract, price per MMBtu Equivalent | Basis swap contracts for Q4 | |
Derivative [Line Items] | |
Price differential, dollars per barrel | $ / MMBTU | 1.60 |
NGL contract, price per MMBtu Equivalent | Basis swap contracts for next year | |
Derivative [Line Items] | |
Price differential, dollars per barrel | $ / MMBTU | 1.60 |
NGL contract, price per MMBtu Equivalent | Basis swap contracts for year 3 | |
Derivative [Line Items] | |
Price differential, dollars per barrel | $ / MMBTU | 1.60 |
Derivative Financial Instrume43
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended |
Nov. 01, 2017USD ($)bbl / d$ / bbl | Sep. 30, 2017USD ($)bbl / d$ / MMBTU$ / bblRate | |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Interest rate derivative contract, term | 10 years | |
Fixed interest rate | Rate | 1.81% | |
Notional amount of debt | $ | $ 100 | |
Swap contracts for November 2017 through December 2017 | Oil index swap contracts | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Volume, barrels per day | 10,000 | |
Price differential, dollars per barrel | $ / bbl | 4.18 | |
Swap contracts for January 2018 through August 2018 | Oil index swap contracts | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Volume, barrels per day | 10,000 | |
Price differential, dollars per barrel | $ / MMBTU | 3.18 | |
Subsequent event | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Proceeds from Termination of Interest Rate Derivatives | $ | $ 5 | |
Subsequent event | Swap contracts for November 2017 through December 2017 | Propane swap contracts | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Volume, barrels per day | 2,500 | |
Fixed price (usd per Bbl) | $ / bbl | 37.80 |
Derivative Financial Instrume44
Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details) | Nov. 01, 2017MMBTU / d$ / MMBTU | Sep. 30, 2017MMBTU / d$ / MMBTU |
Swap contracts for Q4 | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 0 | |
Price per MMBtu in usd | 0 | |
Swap contracts for next year | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 30,000 | |
Price per MMBtu in usd | 3.08 | |
Swap contracts for next year | Gas contracts, in MMBTU | Subsequent event | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 70,000 | |
Price per MMBtu in usd | 3 | |
Basis Swap Contracts for November 2017 Through March 2018 [Member] | Gas contracts, in MMBTU | Permian Basin | Subsequent event | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 20,000 | |
Basis Swap Contracts for November 2017 Through March 2018 [Member] | Gas contracts, price per MMBTU | Permian Basin | Subsequent event | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0.49 | |
Swap contracts for year 3 | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 0 | |
Price per MMBtu in usd | 0 | |
Collar contracts with short puts for Q4 | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 300,000 | |
Collar contracts with short puts for Q4 | Gas contracts, price per MMBTU | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 3.60 | |
Floor, price per barrel | 2.96 | |
Short put, price per barrel | 2.47 | |
Collar contracts with short puts for next year | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 62,329 | |
Collar contracts with short puts for next year | Gas contracts, price per MMBTU | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 3.56 | |
Floor, price per barrel | 2.91 | |
Short put, price per barrel | 2.37 | |
Collar contracts with short puts for year 3 | Gas contracts, in MMBTU | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 0 | |
Collar contracts with short puts for year 3 | Gas contracts, price per MMBTU | ||
Derivative [Line Items] | ||
Ceiling, price per barrel | 0 | |
Floor, price per barrel | 0 | |
Short put, price per barrel | 0 | |
Basis swap contracts for Q4 | Gas contracts, in MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 45,000 | |
Basis swap contracts for Q4 | Gas contracts, in MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 26,522 | |
Basis swap contracts for Q4 | Gas contracts, price per MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | (0.32) | |
Basis swap contracts for Q4 | Gas contracts, price per MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0.30 | |
Basis swap contracts for next year | Gas contracts, in MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 0 | |
Basis swap contracts for next year | Gas contracts, in MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 51,671 | |
Basis swap contracts for next year | Gas contracts, price per MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0 | |
Basis swap contracts for next year | Gas contracts, price per MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0.30 | |
Basis swap contracts for year 3 | Gas contracts, in MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 0 | |
Basis swap contracts for year 3 | Gas contracts, in MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 70,000 | |
Basis swap contracts for year 3 | Gas contracts, in MMBTU | Permian Basin | Subsequent event | ||
Derivative [Line Items] | ||
Volume, barrels per day | MMBTU / d | 10,000 | |
Basis swap contracts for year 3 | Gas contracts, price per MMBTU | Mid-Continent | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0 | |
Basis swap contracts for year 3 | Gas contracts, price per MMBTU | Permian Basin | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0.30 | |
Basis swap contracts for year 3 | Gas contracts, price per MMBTU | Permian Basin | Subsequent event | ||
Derivative [Line Items] | ||
Price differential, dollars per barrel | 0.32 |
Derivative Financial Instrume45
Derivative Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - current | $ 43 | $ 14 |
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - noncurrent | 7 | 0 |
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - current | 17 | 77 |
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - noncurrent | 12 | 7 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives | 50 | 14 |
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives | 29 | 84 |
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 50 | 33 |
Liability Derivatives, Fair Value | 29 | 102 |
Gross Amounts Offset in the Consolidated Balance Sheet, Assets Derivatives | (12) | (25) |
Gross Amounts Offset in the Consolidated Balance Sheet. Liabilities Derivatives | (12) | (25) |
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - current | 38 | 8 |
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - current | 17 | 77 |
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - noncurrent | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 10 | |
Liability Derivatives, Fair Value | 15 | 7 |
Gross Amounts Offset in the Consolidated Balance Sheet, Assets Derivatives | (3) | |
Gross Amounts Offset in the Consolidated Balance Sheet. Liabilities Derivatives | (3) | 0 |
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - noncurrent | 7 | |
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - noncurrent | 12 | 7 |
Derivatives not designated as hedging instruments | Interest rate derivatives | Derivatives - current | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 5 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet, Assets Derivatives | 0 | 0 |
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - current | $ 5 | $ 6 |
Derivative Financial Instrume46
Derivative Financial Instruments (Schedule Of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||
Derivative gains (losses), net | $ (133) | $ 91 | $ 153 | $ (95) |
Derivative gains (losses), net | Commodity price derivatives | ||||
Derivative [Line Items] | ||||
Derivative gains (losses), net | (133) | 91 | 154 | (87) |
Derivative gains (losses), net | Interest rate derivatives | ||||
Derivative [Line Items] | ||||
Derivative gains (losses), net | $ 0 | $ 0 | $ (1) | $ (8) |
Exploratory Costs (Schedule Of
Exploratory Costs (Schedule Of Capitalized Exploratory Well And Project Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | ||
Beginning capitalized exploratory well costs | $ 443 | $ 323 |
Additions to exploratory well costs pending the determination of proved reserves | 474 | 1,369 |
Reclassification due to determination of proved reserves | (482) | (1,247) |
Exploratory well costs charged to exploration and abandonment expense | (1) | (11) |
Ending capitalized exploratory well costs | $ 434 | $ 434 |
Exploratory Costs (Capitalized
Exploratory Costs (Capitalized Exploratory Costs And the Number Of Projects For Which Exploratory Costs Have Been Capitalized) (Details) $ in Millions | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Capitalized exploratory well costs that have been suspended: | |||
One year or less | $ 422 | $ 318 | |
More than one year | 12 | 5 | |
Total | $ 434 | $ 443 | $ 323 |
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | 7 | 3 |
Exploratory Costs (Narrative) (
Exploratory Costs (Narrative) (Details) | Sep. 30, 2017 | Dec. 31, 2016 |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | 7 | 3 |
Eagle Ford Shale area | ||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | 7 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | |||
Aggregate loan commitments | $ 1,500,000,000 | ||
Outstanding borrowing | 0 | ||
Repayments | $ 485,000,000 | $ 455,000,000 | |
6.65% Senior notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.65% | ||
Repayments | $ 485,000,000 | ||
5.875% Senior notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.875% | ||
Repayments | $ 455,000,000 | ||
6.875% Senior notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.875% | ||
Outstanding debt principal balance | $ 450,000,000 |
Incentive Plans Incentive Plans
Incentive Plans Incentive Plans (Stock-based compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |||||
Stock-based compensation expense | $ 21 | $ 31 | $ 78 | $ 84 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | 113 | $ 113 | |||
Remaining vesting period | 3 years | ||||
Restricted Stock Liability Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | 24 | $ 24 | |||
Affiliates | Restricted Stock Liability Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Due to affiliates | $ 13 | $ 13 | $ 22 |
Incentive Plans Incentive Pla52
Incentive Plans Incentive Plans (Share Based Incentive Award Activity) (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Restricted Stock Equity Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance outstanding, shares | 1,077,227 | |
Awards granted, shares | 332,635 | |
Awards forfeited, shares | (31,426) | |
Awards vested, shares | (454,898) | |
Ending balance outstanding, shares | 923,538 | |
Restricted Stock Liability Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance outstanding, shares | 290,552 | |
Awards granted, shares | 118,003 | |
Awards forfeited, shares | (15,956) | |
Awards vested, shares | (134,381) | |
Ending balance outstanding, shares | 258,218 | |
Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance outstanding, shares | 178,556 | |
Awards granted, shares | 59,044 | |
Awards forfeited, shares | 0 | |
Awards vested, shares | 0 | |
Ending balance outstanding, shares | 237,600 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Stock options outstanding, shares | 159,378 | 159,378,000 |
Exercise of stock options, shares | 0 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning asset retirement obligations | $ 294 | $ 281 | $ 297 | $ 285 | |
Liabilities assumed in acquisitions | 0 | 3 | 0 | 3 | |
New wells placed on production | 0 | 0 | 2 | 0 | |
Changes in estimates | 0 | 0 | 7 | 0 | |
Dispositions | 0 | 0 | (7) | 0 | |
Liabilities settled | (7) | (8) | (21) | (21) | |
Accretion of discount | 5 | 5 | 14 | 14 | |
Ending asset retirement obligations | 292 | $ 281 | 292 | $ 281 | |
Asset retirement obligations, current portions | $ 42 | $ 42 | $ 39 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Individual monetary sanctions | $ 45 | |
Aggregate monetary sanctions | 100 | |
Operating lease term | 20 years | |
Annual base rent | 33,000 | |
Capitalized construction costs | $ 36,000 |
Interest and Other Income (Comp
Interest and Other Income (Components Of Interest And Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest and Other Income [Abstract] | ||||
Interest income | $ 9 | $ 5 | $ 25 | $ 14 |
Severance and sales tax refunds | 5 | 0 | 13 | 0 |
Deferred compensation plan income | 1 | 0 | 3 | 2 |
Other income | 2 | 2 | 3 | 5 |
Total interest and other income | $ 17 | $ 7 | $ 44 | $ 21 |
Other Expense (Schedule Of Comp
Other Expense (Schedule Of Components Of Other Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | ||||
Transportation commitment charges | $ 45 | $ 27 | $ 127 | $ 77 |
Loss from vertical integration services | 0 | 17 | 11 | 46 |
Idle drilling and well service equipment charges | 0 | 10 | 0 | 57 |
Other | 13 | 15 | 38 | 43 |
Total other expense | 58 | 69 | 176 | 223 |
Vertical integration net margins, revenue | 42 | 19 | 84 | 144 |
Vertical integration net margins, costs and expenses | $ 42 | $ 36 | $ 95 | $ 190 |
Income Taxes (Income tax (provi
Income Taxes (Income tax (provisions) benefits attributable to income from continuing operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Current tax benefit | $ 0 | $ (22) | $ 0 | $ (22) |
Deferred income taxes | (11) | (56) | 79 | (340) |
Income tax benefit (provision) | $ (11) | $ (78) | $ 79 | $ (362) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 34.00% | 140.00% | 32.00% | 41.00% | |
U.S. statutory rate | 35.00% | 35.00% | 35.00% | ||
Recognizing excess tax benefits associated with the adoption of ASU 2016-09 | $ 8 | ||||
Recognizing research and experimental expenditure credits | $ 59 | ||||
Unrecognized Tax Benefits | $ 123 | $ 123 | $ 112 |
Net Income (Loss) Per Share (Re
Net Income (Loss) Per Share (Reconciliation Of Earnings Attributable To Common Stockholders, Basic And Diluted) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ (23,000) | $ 22,000 | $ 168,000 | $ (513,000) |
Participating share-based earnings | 0 | 0 | (1,000) | 0 |
Basic income (loss) from continuing operations attributable to common stockholders | (23,000) | 22,000 | 167,000 | (513,000) |
Diluted income (loss) from continuing operations attributable to common stockholders | $ (23,000) | $ 22,000 | $ 167,000 | $ (513,000) |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic and diluted weighted average common shares outstanding | 170 | 170 | 170 | 165 |