Pioneer Natural Resources (PXD) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PXD
Entity Registrant Name	PIONEER NATURAL RESOURCES CO
Entity Central Index Key	0001038357
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		168,423,736

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 511	$ 825
Short-term investments	445	443
Accounts receivable:
Trade, net	870	694
Due from affiliates	7	120
Income taxes receivable	6	7
Inventories	253	242
Derivatives	30	52
Investment in affiliate	347	172
Other	36	25
Total current assets	2,505	2,580
Oil and gas properties, successful efforts method of accounting:
Proved properties	22,038	21,165
Unproved properties	607	601
Accumulated depletion, depreciation and amortization	(8,600)	(8,218)
Total oil and gas properties, net	14,045	13,548
Other property and equipment, net	1,072	1,291
Operating lease right-of-use assets	356	0
Long-term investments	11	125
Goodwill	264	264
Other assets	102	95
Total Assets	18,355	17,903
Accounts payable:
Trade	1,536	1,441
Due to affiliates	181	183
Interest payable	25	53
Income taxes payable	2	2
Current portion of long-term debt	449	0
Derivatives	22	27
Operating leases	145	0
Other	172	112
Total current liabilities	2,532	1,818
Long-term debt	1,836	2,284
Deferred income taxes	1,255	1,152
Operating Lease, Liability, Noncurrent	217	0
Other liabilities	306	538
Equity:
Common stock, $.01 par value	2	2
Additional paid-in capital	9,086	9,062
Treasury stock at cost	(645)	(423)
Retained earnings	3,766	3,470
Total equity	12,209	12,111
Commitments and contingencies
Total Liabilities and Equity	$ 18,355	$ 17,903

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	174,828,478	174,321,171
Treasury stock, shares	6,406,441	4,822,069

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Document Fiscal Year Focus	2019
Revenues and other income:
Revenue	$ 2,244	$ 2,336
Interest and other	191	18
Derivative loss, net	(13)	(208)
Gain (loss) on disposition of assets, net	(9)	4
Total revenues and other income	2,413	2,150
Costs and expenses:
Production and ad valorem taxes	68	76
Depletion, depreciation and amortization	421	357
Exploration and abandonments	20	35
General and administrative	94	90
Accretion of discount on asset retirement obligations	3	4
Interest	29	36
Other	147	57
Costs and Expenses	1,960	1,922
Income before income taxes	453	228
Income tax provision	(103)	(50)
Net income	350	178
Net income attributable to common stockholders	$ 350	$ 178
Net income per share attributable to common stockholders:
Basic and diluted net income per share attributable to common stockholders (usd per share)	$ 2.06	$ 1.04
Basic weighted average shares outstanding	169	170
Diluted weighted average shares outstanding	169	171
Dividends declared per share (usd per share)	$ 0.32	$ 0.16
Oil and gas
Revenues and other income:
Revenue	$ 1,135	$ 1,266
Costs and expenses:
Costs and expenses	221	213
Sales of purchased oil and gas
Revenues and other income:
Revenue	1,109	1,070
Costs and expenses:
Costs and expenses	$ 957	$ 1,054

Consolidated Statements Of Equi

Consolidated Statements Of Equity - 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, 2017		170,189
Beginning Balance at Dec. 31, 2017	$ 11,279	$ 2	$ 8,974	$ (249)	$ 2,547	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared ($0.32 per share)	(27)				(27)
Purchases of treasury stock, shares		(262)
Purchases of treasury stock	(45)			(45)
Stock-based compensation costs:
Vested compensation awards, shares		492
Issued awards, net	0	$ 0	0
Compensation costs included in net income	17		17			0
Net income	178				178	0
Ending Balance, shares at Mar. 31, 2018		170,419
Ending Balance at Mar. 31, 2018	11,402	$ 2	8,991	(294)	2,698	5
Beginning Balance, shares at Dec. 31, 2017		170,189
Beginning Balance at Dec. 31, 2017	11,279	$ 2	8,974	(249)	2,547	5
Ending Balance, shares at Dec. 31, 2018		169,499
Ending Balance at Dec. 31, 2018	12,111	$ 2	9,062	(423)	3,470	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared ($0.32 per share)	(54)				(54)
Exercise of long-term incentive stock options and employee stock purchases, shares		10
Exercise of long-term incentive stock options	0		0	0
Purchases of treasury stock, shares		(1,594)
Purchases of treasury stock	(222)			(222)
Stock-based compensation costs:
Vested compensation awards, shares		507
Issued awards, net	0	$ 0	0
Compensation costs included in net income	24		24			0
Net income	350				350	0
Ending Balance, shares at Mar. 31, 2019		168,422
Ending Balance at Mar. 31, 2019	$ 12,209	$ 2	$ 9,086	$ (645)	$ 3,766	$ 0

Consolidated Statements Of Eq_2

Consolidated Statements Of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (usd per share)	$ 0.32	$ 0.16

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 350	$ 178
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation and amortization	421	357
Impairment of inventory and other property and equipment	32	0
Exploration expenses, including dry holes	1	5
Deferred income taxes	103	50
(Gain) loss on disposition of assets, net	9	(4)
Accretion of discount on asset retirement obligations	3	4
Interest expense	1	1
Derivative related activity	17	136
Amortization of stock-based compensation	24	17
Investment in affiliate fair value adjustment	174	0
Other	62	22
Change in operating assets and liabilities:
Accounts receivable	(69)	(181)
Inventories	(36)	(6)
Investments	0	3
Other current assets	(15)	(3)
Accounts payable	(74)	(9)
Interest payable	(29)	(21)
Income taxes payable	0	1
Other current liabilities	(22)	5
Net cash provided by operating activities	604	555
Cash flows from investing activities:
Proceeds from disposition of assets, net of cash sold	6	4
Proceeds from investments	112	554
Purchase of investments	0	(94)
Additions to oil and gas properties	(741)	(818)
Additions to other assets and other property and equipment	(72)	(51)
Net cash used in investing activities	(695)	(405)
Cash flows from financing activities:
Purchase of treasury stock	222	45
Payments of other liabilities	(1)	0
Net cash used in financing activities	(223)	(45)
Net increase (decrease) in cash and cash equivalents	(314)	105
Cash and cash equivalents, beginning of period	825	896
Cash and cash equivalents, end of period	$ 511	$ 1,001

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2019
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 ("NGL") and gas within the United States, with operations primarily in the Permian Basin in West Texas.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 include all adjustments and accruals, consisting only of normal, recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods in conformity with generally accepted accounting principles in the United States ("GAAP"). The operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim 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, 2018 . Certain reclassifications have been made to prior period amounts to conform to the current period's presentation. Use of estimates in the preparation of financial statements. Preparation of the Company's unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Depletion of oil and gas properties and impairment of goodwill and proved and unproved oil and gas properties, in part, is determined using estimates of proved, probable and possible oil and gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized. Adoption of new accounting standards. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" ("ASC 842") which supersedes the lease recognition requirements in Accounting Standards Codification ("ASC") 840, "Leases" ("ASC 840"), and requires lessees to recognize lease assets and lease liabilities for those leases previously classified as operating leases. The Company adopted ASC 842 as of January 1, 2019 using the modified retrospective transition method. The Company elected to apply the transition guidance under ASU 2018-11, "Leases (Topic 842) Targeted Improvements," in which ASC 842 is applied at the adoption date, while the comparative periods continue to be reported in accordance with historic accounting under ASC 840. This standard does not apply to leases to explore for or use minerals, oil or gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained. ASC 842 allowed for the election of certain practical expedients at adoption to ease the burden of implementation. At implementation, the Company elected to (i) maintain the historical lease classification for leases prior to January 1, 2019, (ii) maintain the historical accounting treatment for land easements that existed at adoption, (iii) use historical practices in assessing the lease term of existing contracts at adoption, (iv) combine lease and non-lease components of a contract as a single lease and (v) not record short-term leases on the consolidated balance sheet, all in accordance with ASC 842. As of March 31, 2019, the Company's operating lease assets and liabilities totaled $356 million and $362 million , respectively, on the consolidated balance sheet, in accordance with ASC 842. The adoption of ASC 842 did not have a material impact on the consolidated statements of operations and had no impact on cash flows. The Company did not record a change to its opening retained earnings as of January 1, 2019, as there was no material change to the timing or pattern of recognition of lease costs due to the adoption of ASC 842. As of December 31, 2018, the Company was the deemed owner of the Company's new corporate headquarters (for accounting purposes) during the construction period and was following the build-to-suit accounting guidance under ASC 840. On January 1, 2019, upon the adoption of ASC 842, the Company derecognized $217 million of other property and equipment and $219 million of build-to-suit lease liability costs associated with the building as this contract no longer qualifies for capitalization. The contract will be evaluated and recorded on the Company's consolidated balance sheets upon lease commencement, which is expected to occur during the second half of 2019. See Note 10 for additional information. New accounting pronouncements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. Entities will use the modified retrospective approach to apply the standard's provisions and record a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company continues to evaluate ASU 2016-13 but does not expect that it will have a material impact on its consolidated financial statements.

Divestiture, Decommissioning an

Divestiture, Decommissioning and Restructuring Activities	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Divestiture, Decommissioning and Restructuring Activities	Divestiture, Decommissioning and Restructuring Activities The Company's significant divestiture, decommissioning and restructuring activities during the three months ended March 31, 2019 and 2018 are as follows: • In March 2019, the Company made certain changes to its leadership and organizational structure to align its cost structure with the needs of a Permian Basin-focused company. These changes included the early retirement and departure of certain officers of the Company. During the three months ended March 31, 2019 , the Company recorded $12 million of employee-related charges associated with these changes. See Note 15 for additional information. • In December 2018, the Company completed the sale of its pressure pumping assets to ProPetro Holding Corp. ("ProPetro") in exchange for total consideration of $282 million , of which $110 million was received in the first quarter of 2019. See Note 12 for additional information. During the three months ended March 31, 2019 , the Company reduced the gain associated with the sale by $10 million and recorded additional employee-related charges of $1 million related to the sale. • In November 2018, the Company announced plans to close its sand mine located in Brady, Texas and transition its proppant supply requirements to West Texas sand sources. During the three months ended March 31, 2019 , the Company recorded $23 million of accelerated depreciation and $16 million of inventory and other property and equipment impairment charges associated with the planned shutdown. The Company's restructuring activities, including employee-related charges, contract termination charges and other costs are recorded as other expense in the statements of operations and as other noncash operating activities in the consolidated statements of cash flows. Obligations associated with employee-related charges are classified as accounts payable - due to affiliates in the consolidated balance sheets. Obligations associated with contract termination charges are classified as other current or noncurrent liabilities in the consolidated balance sheets. The Company's restructuring activity during the three months ended March 31, 2019 is as follows (in millions): Employee-related charges: Beginning employee-related obligations $ 27 Additions ( Note 15 ) 13 Cash payments (10 ) Noncash changes ( Note 8 ) (4 ) Ending employee-related obligations 26 Contract termination charges: Beginning contract termination obligations 111 Cash payments (9 ) Ending contract termination obligations (a) 102 Total restructuring obligations $ 128 ______________________ (a) Includes $90 million of deficiency charges related to certain firm transportation contracts associated with the divestiture of the Company's gas field assets in the Raton Basin. These obligations were retained by the Company and are expected to be paid as follows: $30 million in 2019 , $43 million in 2020 and $17 million in 2021 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company determines fair value based on the price that would be received from selling an asset or 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 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 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, typically reflecting management's estimate of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore, determined using model-based techniques, including discounted cash flow models. Assets and liabilities measured at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurement as of March 31, 2019 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 March 31, 2019 (in millions) Assets: Commodity derivatives $ — $ 30 $ — $ 30 Deferred compensation plan assets 89 — — 89 Investment in affiliate — 347 — 347 Total assets 89 377 — 466 Liabilities: Commodity derivatives — 22 — 22 Total liabilities — 22 — 22 $ 89 $ 355 $ — $ 444 Fair Value Measurement as of December 31, 2018 Using Quoted Prices in Active Markets for Significant Significant Fair value as of December 31, 2018 (in millions) Assets: Commodity derivatives $ — $ 52 $ — $ 52 Deferred compensation plan assets 82 — — 82 Investment in affiliate — 172 — 172 Total assets 82 224 — 306 Liabilities: Commodity derivatives — 27 — 27 Total liabilities — 27 — 27 $ 82 $ 197 $ — $ 279 Commodity derivatives. The Company's commodity derivatives represent oil, NGL and gas swap contracts, collar contracts, collar contracts with short puts and basis swap contracts. The asset and liability measurements for the Company's commodity derivative contracts represent Level 2 inputs in the hierarchy. The Company utilizes discounted cash flow and option-pricing models for valuing its commodity derivatives. The asset and liability values attributable to the Company's commodity derivatives were determined based on inputs that include (i) the contracted notional volumes, (ii) independent active market price quotes, (iii) the applicable estimated credit-adjusted risk-free rate yield curve and (iv) the implied rate of volatility inherent in the collar contracts and collar contracts with short puts, which is based on active and independent market-quoted volatility factors. Deferred compensation plan assets. The Company's deferred compensation plan assets represent investments in equity and mutual fund securities that are actively traded on major exchanges. These investments are measured based on observable prices on major exchanges. As of March 31, 2019 and December 31, 2018 , the significant inputs to these asset exchange values represented Level 1 independent active exchange market price inputs. Investment in affiliate. The Company elected the fair value option for measuring its equity method investment in ProPetro. The fair value of its investment in ProPetro is determined using Level 2 inputs, including the quoted market price for the stock as adjusted to reflect a value discount due to the shares not being able to be sold until mid-2019. See Note 12 and Note 14 for additional information. Assets and liabilities measured at fair value on a nonrecurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets and liabilities can include inventory, proved and unproved oil and gas properties and other long-lived assets that are written down to fair value when they are impaired or held for sale. During the three months ended March 31, 2019 , the Company impaired the remaining $16 million of inventory and other property and equipment related to the decommissioning of the Company's Brady, Texas sand mine, as these assets had no remaining future economic value. In addition, the Company recognized a $15 million impairment charge related to pressure pumping assets excluded from the December 2018 sale of the Company's pumping services assets. See Note 15 for additional information. Financial instruments not carried at fair value. Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: As of March 31, 2019 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (in millions) Assets: Cash and cash equivalents: Cash (a) $ 461 461 $ 775 $ 775 Time deposits (a) 50 50 50 50 Total $ 511 $ 511 $ 825 $ 825 Short-term investments: Commercial paper (b) $ 21 21 $ 53 53 Corporate bonds (c) 374 374 290 288 Time deposits (b) 50 50 100 100 Total $ 445 $ 445 $ 443 $ 441 Long-term investments: Corporate bonds (c) $ 11 $ 11 $ 125 $ 125 Liabilities: Current portion of long-term debt (d) $ 449 $ 466 $ — $ — Long-term debt (d) $ 1,836 $ 1,948 $ 2,284 $ 2,374 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Fair value is determined using Level 2 inputs. (c) Fair value is determined using Level 1 inputs. (d) Fair value is determined using Level 2 inputs. The Company's senior notes are quoted but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges. The Company has other financial instruments consisting primarily of receivables, payables, operating leases 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	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes commodity swap contracts, option contracts, collar contracts, collar contracts with short puts and basis swap contracts to (i) reduce the effect of price volatility on the commodities the Company produces and sells or consumes, (ii) support the Company's annual capital budgeting and expenditure plans and (iii) reduce commodity price risk associated with certain capital projects. The Company also, from time to time, utilizes interest rate contracts to reduce the effect of interest rate volatility on the Company's indebtedness. Oil production derivatives. The Company sells its oil production at the lease and the sales contracts governing such oil production are tied directly to, or are highly correlated with, New York Mercantile Exchange ("NYMEX") West Texas Intermediate ("WTI") oil prices. The Company also enters into pipeline capacity commitments in order to secure available oil transportation capacity from its areas of production to the Gulf Coast. In order to diversify the oil price it receives, the Company (i) enters into oil purchase transactions with third parties in its areas of production that are consistent with the oil prices that the Company receives at the lease, adjusted for transportation costs to the point of purchase, (ii) transports the purchased oil using its pipeline capacity to the Gulf Coast and (iii) enters into third party sale transactions to sell the oil into the Gulf Coast refinery or international export markets at prices that are highly correlated with Brent oil prices. As a result, the Company will generally use Brent derivative contracts to manage future oil price volatility. Volumes per day associated with the Company's outstanding oil derivative contracts as of March 31, 2019 and the weighted average oil prices for those contracts are as follows: 2019 Second Quarter Third Quarter Fourth Quarter Brent collar contracts with short puts: Volume per day (Bbl) (a) 15,000 15,000 15,000 Price per Bbl: Ceiling $ 89.90 $ 89.90 $ 89.90 Floor $ 75.00 $ 75.00 $ 75.00 Short put $ 65.00 $ 65.00 $ 65.00 ____________________ (a) Subsequent to March 31, 2019 , the Company entered into additional Brent collar contracts with short puts for (i) 30,000 Bbls per day of May through December 2019 production with an average ceiling price of $75.13 per Bbl, a floor price of $65.00 per Bbl and a short put price of $55.00 per Bbl and (ii) 9,000 Bbls per day of 2020 production with a ceiling price of $75.57 , a floor price of $65.00 and a short put price of $55.00 . NGL production derivatives. All material physical sales contracts governing the Company's NGL production are tied directly or indirectly to Mont Belvieu, Texas NGL component product prices. The Company uses derivative contracts to manage the NGL component product price volatility. As of March 31, 2019 , the Company did not have any NGL derivative contracts outstanding. Gas production derivatives. All material physical sales contracts governing the Company's gas production are tied directly or indirectly to NYMEX Henry Hub ("HH") gas prices or regional index prices where the gas is sold. The Company uses derivative contracts to manage gas price volatility and basis swap contracts to reduce basis risk between HH prices and actual index prices at which the gas is sold. Volumes per day associated with outstanding gas derivative contracts as of March 31, 2019 and the weighted average gas prices for those contracts are as follows: 2019 Second Quarter Third Quarter Fourth Quarter Swap contracts: Volume per day (MMBtu) 50,000 50,000 16,848 Price per MMBtu $ 2.94 $ 2.94 $ 2.94 Basis swap contracts: Permian Basin index swap volume per day(MMBtu) (a) 60,000 60,000 — Price differential ($/MMBtu) $ (1.46 ) $ (1.46 ) $ — Southern California index swap volume per day (MMBtu) (b) 80,000 80,000 80,000 Price differential ($/MMBtu) $ 0.31 $ 0.31 $ 0.31 ____________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells its Permian Basin gas and the HH price used in swap contracts. (b) The referenced basis swap contracts fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in Arizona and southern California. The Company's derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the earnings of the periods in which they occur. The Company 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. Fair value. The fair value of derivative financial instruments not designated as hedging instruments is as follows: Fair Value of Derivative Instruments as of March 31, 2019 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) Asset Derivatives: Commodity price derivatives Derivatives - current $ 36 $ (6 ) $ 30 Liability Derivatives: Commodity price derivatives Derivatives - current $ 28 $ (6 ) $ 22 Fair Value of Derivative Instruments as of December 31, 2018 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) Asset Derivatives: Commodity price derivatives Derivatives - current $ 59 $ (7 ) $ 52 Liability Derivatives: Commodity price derivatives Derivatives - current $ 34 $ (7 ) $ 27 Gains and losses recorded on derivative contracts are as follows: Derivatives Not Designated as Hedging Instruments Location of Loss Recognized in Earnings on Derivatives Three Months Ended 2019 2018 (in millions) Commodity price derivatives Derivative loss, net $ 13 $ 208 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.

Exploratory Costs

Exploratory Costs	3 Months Ended
	Mar. 31, 2019
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 consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. Capitalized exploratory well and project activity is as follows: Three Months Ended March 31, 2019 (in millions) Beginning capitalized exploratory well costs $ 509 Additions to exploratory well costs pending the determination of proved reserves 647 Reclassification due to determination of proved reserves (406 ) Ending capitalized exploratory well costs $ 750 Aging 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, are as follows: As of As of (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 750 $ 509 More than one year — — $ 750 $ 509 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year — —

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2019
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 . The Credit Facility has a maturity date of October 2023. As of March 31, 2019 , the Company had no outstanding borrowings under the Credit Facility and was in compliance with its debt covenants. Senior notes. The Company's 7.50% senior notes with a debt principal balance of $450 million will mature in January 2020 and are classified as current in the consolidated balance sheet as of March 31, 2019 .

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Incentive Plans	Incentive Plans Stock-based compensation. For the three months ended March 31, 2019 , the Company recorded $29 million of stock-based compensation expense for all plans, as compared to $23 million for the same period in 2018 . Stock-based compensation expense for the three months ended March 31, 2019 included $3 million of remaining expense associated with the unvested restricted stock awards and performance units granted to the Company's former CEO, who retired during the period, in accordance with the terms of his award agreements. In addition, the Company accounted for the modification of award agreements with certain other officers that were notified during the three months ended March 31, 2019 of the Company's planned changes to its leadership and organizational structure to align its cost structure with the needs of a Permian Basin-focused company. These other officer modifications provided for the full vesting of all outstanding awards upon each such officers' early retirement and departure from the Company. The modification associated with the full vesting of outstanding awards resulted in a modified fair value that is in excess of what would have vested in accordance with the terms of the original award agreements. The stock-based compensation expense associated with the modified awards will be recognized over the remaining service period of those officers, which is generally expected to be less than 90 days. As of March 31, 2019 , there was $146 million of unrecognized stock-based compensation expense related to unvested share-based compensation plans, including $29 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 March 31, 2019 and December 31, 2018 , accounts payable – due to affiliates included $3 million and $14 million , respectively, of liabilities attributable to Liability Awards. Activity for outstanding restricted stock awards and performance units is as follows: Three Months Ended March 31, 2019 Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Beginning incentive compensation awards 799,672 201,501 119,169 Awards granted 470,204 125,607 86,483 Awards forfeited (3,201 ) (2,026 ) — Awards vested (a) (391,446 ) (101,219 ) (39,793 ) Ending incentive compensation awards 875,229 223,863 165,859 ____________________ (a) Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards and performance units that vest during the period.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations activity is as follows: Three Months Ended 2019 2018 (in millions) Beginning asset retirement obligations $ 183 $ 271 New wells placed on production — 1 Changes in estimates — 2 Obligations reclassified to liabilities held for sale — (6 ) Liabilities settled (6 ) (9 ) Accretion of discount 3 4 Ending asset retirement obligations $ 180 $ 263 The Company records the current and noncurrent portions of asset retirement obligations in other current liabilities and other liabilities, respectively, in the consolidated balance sheets. As of March 31, 2019 and December 31, 2018 , the current portions of the Company's asset retirement obligations were $31 million and $25 million , respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases The Company leases drilling rigs, storage tanks, equipment and office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term. As most of the Company's lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain leases contain variable costs above the minimum required payments and are not included in the right-of-use assets or liabilities. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. The exercise of those options is at the Company’s sole discretion and is evaluated at inception and throughout the contract to determine if a modification of the lease term is required. Leases with an initial term of 12 months or less are not recorded on the balance sheet. 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 $33 million and lease payments are expected to commence once the building is complete. The Company has a variable equity interest in the entity that is constructing the building. The Company is not the primary beneficiary of the variable interest entity and only has a profit sharing interest after certain economic returns are achieved. The Company has no exposure to the variable interest entity's losses or future liabilities, if any. The contract for the Company's new corporate headquarters will be evaluated under ASC 842 upon lease commencement, which is expected to occur during the second half of 2019. Lease costs, including amounts recoverable from joint operating partners, are as follows: Three Months Ended March 31, 2019 ($ in millions) Lease costs: Operating lease cost (a) $ 45 Short-term lease cost (b) 6 Variable lease cost (c) 19 Total lease costs $ 70 Other information: Cash paid for amounts included in lease costs (d): Operating cash flows from operating leases $ 21 Investing cash flows from operating leases (e) $ 49 Right-of-use assets obtained in exchange for new operating lease liabilities $ 88 Weighted-average remaining lease term - operating leases 3.4 years Weighted-average discount rate - operating leases 3.3 % ____________________ (a) Represents straight-line rent cost associated with the Company's operating lease right-of-use assets. (b) Represents costs associated with short-term leases (those with a contractual term of 12 months or less) that are not recorded on the consolidated balance sheet. (c) Variable lease costs are primarily comprised of the non-lease service component of drilling rig commitments above the minimum required payments. Both the minimum required payments and the non-lease service component of the drilling rig commitments are capitalized as additions to oil and gas properties. (d) Cash paid for amounts included in total lease costs may not agree due to timing of cash payments and costs incurred. (e) Lease costs associated with drilling operations are capitalized as additions to oil and gas properties. The payment schedule for the Company's operating lease obligations as of March 31, 2019 is as follows: Operating Leases (in millions) Remainder of 2019 $ 122 2020 127 2021 69 2022 36 2023 9 Thereafter 26 Total minimum lease payments 389 Less: Amount associated with discounting (27 ) Total $ 362

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal actions. The Company is a party to various 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 these proceedings and claims will not have a material adverse effect on the Company's consolidated financial position as a whole or on its liquidity, capital resources or future annual results of operations. The Company records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. Obligations following divestitures. In connection with its divestiture transactions, the Company may retain certain liabilities and provide the purchaser certain indemnifications, subject to defined limitations, which may apply to identified pre-closing matters, including matters of litigation, environmental contingencies, royalty and income taxes. The Company does not believe it is probable that these obligations will have a material impact on its liquidity, financial position or future results of operations. Also associated with its divestiture transactions, the Company has issued and received guarantees to facilitate the transfer of contractual obligations, such as firm transportation agreements or gathering and processing arrangements. The Company believes the likelihood of making or receiving payments under these guarantees is remote. As of March 31, 2019 , the maximum amount of payments the Company could be required to make under the guarantees is $128 million , which could be partially offset by credit support from third parties of $69 million . Firm purchase, gathering, processing, transportation and fractionation commitments. From time to time, the Company enters into, and as of March 31, 2019 was a party to, take-or-pay agreements, which include contractual commitments (i) to purchase and process sand and purchase water for use in the Company's drilling operations, (ii) with midstream service companies and pipeline carriers for future gathering, processing, transportation, storage and fractionation services and (iii) with oilfield services companies that provide pressure pumping services. These commitments are normal and customary for the Company's business activities.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In December 2018, the Company completed the sale of its pressure pumping assets to ProPetro in exchange for 16.6 million shares of ProPetro common stock and $110 million of short-term receivables that were collected during the three months ended March 31, 2019 . ProPetro is considered a related party since the shares received represent approximately 16 percent of ProPetro's outstanding common stock. In addition to the sale of equipment and related facilities, the Company entered into a long-term agreement with ProPetro for it to provide pressure pumping and related services. The costs of these services are capitalized in oil and gas properties as incurred. See Note 3 and Note 14 for additional information. Transactions and balances with ProPetro are as follows: Three Months Ended March 31, 2019 (in millions) Pressure pumping services $ 147 As of As of (in millions) Accounts receivable - due from affiliate (a) $ 7 $ 119 Accounts payable - due to affiliate (b) $ 104 $ 37 ____________________ (a) Includes employee-related charges to be reimbursed by ProPetro and $110 million of short-term receivables as of December 31, 2018 that were collected during the three months ended March 31, 2019 . (b) Prior to the Company's sale of its pressure pumping assets to ProPetro, the Company utilized the services of ProPetro in the normal course of business. The balance as of December 31, 2018 represents invoices associated with those services that were in the process of being paid.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company recognizes revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Disaggregated revenue from contracts with purchasers. Revenues on sales of oil, NGL, gas and purchased oil and gas are recognized when control of the product is transferred to the purchaser and payment can be reasonably assured. Sales prices for oil, NGL and gas production are negotiated based on factors normally considered in the industry, such as an index or spot price, distance from the well to the pipeline or market, commodity quality and prevailing supply and demand conditions. As such, the prices of oil, NGL and gas generally fluctuate based on the relevant market index rates. Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended 2019 2018 (in millions) Oil sales $ 917 $ 1,013 NGL sales 138 165 Gas sales 80 88 Total oil and gas sales 1,135 1,266 Sales of purchased oil 1,107 1,051 Sales of purchased gas 2 19 Total sales of purchased oil and gas 1,109 1,070 Total revenue derived from contracts with purchasers $ 2,244 $ 2,336 Oil sales . Sales under the Company's oil contracts are generally considered performed when the Company sells oil production at the wellhead and receives an agreed-upon index price, net of any price differentials. The Company recognizes revenue when control transfers to the purchaser at the wellhead based on the net price received. NGL and gas sales . The Company evaluated whether it is the principal or the agent in gas processing transactions and concluded that it is the principal when it has the ability to take-in-kind, which is the case in the majority of the Company's gas processing and transportation contracts. Therefore the Company recognizes revenue on a gross basis, with the gathering, processing, transportation and fractionation costs associated with its take-in-kind arrangements being recorded as oil and gas production costs in the consolidated statement of operations. Sales of purchased oil and gas . The Company enters into pipeline capacity commitments in order to secure available oil, NGL and gas transportation capacity from the Company's areas of production. The Company enters into purchase transactions with third parties and separate sale transactions with third parties to (i) diversify a portion of the Company's WTI oil sales to the Gulf Coast refinery or international export markets and (ii) satisfy unused pipeline capacity commitments. Revenues and expenses from these transactions are presented on a gross basis as the Company acts as a principal in the transaction by assuming control of the commodities purchased and the responsibility to deliver the commodities sold. Revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The transportation costs associated with these transactions are presented as a component of purchased oil and gas expense. Firm transportation payments on excess pipeline capacity are included in other expense in the consolidated statements of operations. Performance obligations and contract balances. The majority of the Company's product sale commitments are short-term in nature with a contract term of one year or less. The Company typically satisfies its performance obligations upon transfer of control as described above in Disaggregated revenue from contracts with purchasers and records the related revenue in the month production is delivered to the purchaser. Settlement statements for sales of oil, NGL and gas and sales of purchased oil and gas may not be received for 30 to 60 days after the date the volumes are delivered, and as a result, the Company is required to estimate the amount of volumes delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Historically, differences between the Company's revenue estimates and actual revenue received have not been significant. As of March 31, 2019 and December 31, 2018 , the accounts receivable balance representing amounts due or billable under the terms of contracts with purchasers was $825 million and $646 million , respectively.

Interest and Other Income

Interest and Other Income	3 Months Ended
	Mar. 31, 2019
Interest and Other Income [Abstract]
Interest and Other Income	Interest and Other Income The components of interest and other income are as follows: Three Months Ended 2019 2018 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ 174 $ — Interest income 8 7 Deferred compensation plan income 7 4 Other income 2 4 Seismic data sales — 3 $ 191 $ 18

Other Expense

Other Expense	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended 2019 2018 (in millions) Transportation commitment charges (a) $ 40 $ 34 Asset impairment (b) ( Note 4 ) 32 — Restructuring charges ( Note 3 ) 13 — Accelerated depreciation (c) 23 — Vertical integration services loss, net (d) 20 6 Other 10 13 Legal and environmental charges 5 4 Idle drilling and well service equipment charges (e) 4 — $ 147 $ 57 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Represents inventory and other property and equipment impairment charges of $16 million related to the decommissioning of the Company's Brady, Texas sand mine and $15 million of impairment charges related to inventory and other property and equipment excluded from the Company's sale of its pumping services assets in December 2018. (c) Represents accelerated depreciation related to the decommissioning of the Company's Brady, Texas sand mine. (d) For the three months ended March 31, 2019 , amount includes $9 million of decommissioning operating expenses related to the Company's Brady sand mine and $15 million of carryover and winding down operating expenses related to the Company's sale of its pumping services assets in December 2018, partially offset by net margins (attributable to third party working interest owners) that result from Company-provided 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 months ended March 31, 2019 , these vertical integration net margins included $35 million of revenues and $55 million of costs and expenses. For the same period in 2018 , these vertical integration net margins included $34 million of revenues and $40 million of costs and expenses. (e) Primarily represents expenses attributable to idle frac fleet and drilling rig fees that are not chargeable to joint operations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax provision and effective tax rate are as follows: Three Months Ended 2019 2018 (in millions) Deferred tax provision $ 103 $ 50 Effective tax rate 23 % 22 % Uncertain tax positions. 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 March 31, 2019 and December 31, 2018 , the Company had unrecognized tax benefits ("UTBs") of $141 million for each respective period resulting from research and experimental expenditures related to horizontal drilling and completion innovations. If all or a portion of the UTBs is sustained upon examination by the taxing authorities, the tax benefit will be recorded as a reduction to the Company's deferred tax liability and will affect the Company's effective tax rate in the period it is recorded. The timing as to when the Company will substantially resolve the uncertainties associated with the UTBs is uncertain. 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 2011 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 2012. As of March 31, 2019 , no adjustments had been proposed in any jurisdiction that would have a significant effect on the Company's liquidity, future results of operations or financial position.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The components of basic and diluted net income per share attributable to common stockholders are as follows: Three Months Ended 2019 2018 (in millions) Net income attributable to common stockholders $ 350 $ 178 Participating share-based earnings (2 ) (1 ) Basic and diluted net income attributable to common stockholders $ 348 $ 177 Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows: Three Months Ended 2019 2018 (in millions) Basic weighted average shares outstanding 169 170 Dilution attributable to stock-based compensation awards — 1 Diluted weighted average shares outstanding 169 171 Stock repurchase program . In December 2018, the Company's board of directors authorized a $2 billion common stock repurchase program. Under this stock repurchase program, the Company may repurchase shares at management's discretion in accordance with applicable securities laws. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Act of 1934, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company's insider trading policy. The stock repurchase program has no time limit, may be modified, suspended or terminated at any time by the board of directors and replaced and terminated the Company's prior $100 million common stock repurchase program announced in February 2018. During the three months ended March 31, 2019 and 2018 , the Company repurchased $200 million and $17 million , respectively, of common stock under these repurchase programs. As of March 31, 2019 , $1.7 billion remains available for use to repurchase shares under the Company's common stock repurchase program.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In May 2019, the Company completed the sale of its Eagle Ford assets and other remaining assets in South Texas to an unaffiliated third party. The sale of these assets is expected to result in a pretax loss of $400 million to $550 million during the second quarter of 2019. The Company expects to recognize a liability associated with the sale for estimated deficiency fees retained by the Company on unused minimum volume commitments. Additionally, under the agreement, the Company expects to receive up to $475 million in total proceeds, of which $25 million was received at closing and $450 million is contingent on future commodity prices. The contingent proceeds will be valued based on the probability-weighted estimate of proceeds that will be received over the earn-out period using forecasted commodity prices. The contingent proceeds will be determined annually over the 2020 through 2024-time periods based on actual commodity prices for each year. The contingent proceeds, if any, will be received between 2023 and 2025. In May 2019, the Company announced its plans to divest of its ownership interest in certain gas gathering and processing assets operated by a third party. The Company expects this divestiture process to be completed before the end of 2019, although no assurance can be given that this divestiture will be completed in accordance with the Company's plans or on terms and at a price that is acceptable to the Company. In April 2019, the Company adopted a voluntary separation program (“VSP”) for certain eligible employees. Eligible employees who voluntarily choose to participate in the program will receive certain severance and related benefits above the Company's customary involuntary termination benefits. The Company plans to further reduce its headcount levels during the second quarter of 2019 with an involuntary separation program. Based on initial estimates, the Company expects to recognize between $140 million and $180 million of severance and related benefit costs associated with the voluntary and involuntary programs during the second quarter of 2019, of which approximately 25 percent is expected to be noncash charges related to the accelerated vesting of certain equity awards.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation	Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 include all adjustments and accruals, consisting only of normal, recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods in conformity with generally accepted accounting principles in the United States ("GAAP"). The operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim 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, 2018 . Certain reclassifications have been made to prior period amounts to conform to the current period's presentation.
Adoption of new accounting standards	Adoption of new accounting standards. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" ("ASC 842") which supersedes the lease recognition requirements in Accounting Standards Codification ("ASC") 840, "Leases" ("ASC 840"), and requires lessees to recognize lease assets and lease liabilities for those leases previously classified as operating leases. The Company adopted ASC 842 as of January 1, 2019 using the modified retrospective transition method. The Company elected to apply the transition guidance under ASU 2018-11, "Leases (Topic 842) Targeted Improvements," in which ASC 842 is applied at the adoption date, while the comparative periods continue to be reported in accordance with historic accounting under ASC 840. This standard does not apply to leases to explore for or use minerals, oil or gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained. ASC 842 allowed for the election of certain practical expedients at adoption to ease the burden of implementation. At implementation, the Company elected to (i) maintain the historical lease classification for leases prior to January 1, 2019, (ii) maintain the historical accounting treatment for land easements that existed at adoption, (iii) use historical practices in assessing the lease term of existing contracts at adoption, (iv) combine lease and non-lease components of a contract as a single lease and (v) not record short-term leases on the consolidated balance sheet, all in accordance with ASC 842. As of March 31, 2019, the Company's operating lease assets and liabilities totaled $356 million and $362 million , respectively, on the consolidated balance sheet, in accordance with ASC 842. The adoption of ASC 842 did not have a material impact on the consolidated statements of operations and had no impact on cash flows. The Company did not record a change to its opening retained earnings as of January 1, 2019, as there was no material change to the timing or pattern of recognition of lease costs due to the adoption of ASC 842. As of December 31, 2018, the Company was the deemed owner of the Company's new corporate headquarters (for accounting purposes) during the construction period and was following the build-to-suit accounting guidance under ASC 840. On January 1, 2019, upon the adoption of ASC 842, the Company derecognized $217 million of other property and equipment and $219 million of build-to-suit lease liability costs associated with the building as this contract no longer qualifies for capitalization. The contract will be evaluated and recorded on the Company's consolidated balance sheets upon lease commencement, which is expected to occur during the second half of 2019.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurement as of March 31, 2019 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 March 31, 2019 (in millions) Assets: Commodity derivatives $ — $ 30 $ — $ 30 Deferred compensation plan assets 89 — — 89 Investment in affiliate — 347 — 347 Total assets 89 377 — 466 Liabilities: Commodity derivatives — 22 — 22 Total liabilities — 22 — 22 $ 89 $ 355 $ — $ 444 Fair Value Measurement as of December 31, 2018 Using Quoted Prices in Active Markets for Significant Significant Fair value as of December 31, 2018 (in millions) Assets: Commodity derivatives $ — $ 52 $ — $ 52 Deferred compensation plan assets 82 — — 82 Investment in affiliate — 172 — 172 Total assets 82 224 — 306 Liabilities: Commodity derivatives — 27 — 27 Total liabilities — 27 — 27 $ 82 $ 197 $ — $ 279
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 consolidated balance sheets are as follows: As of March 31, 2019 As of December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (in millions) Assets: Cash and cash equivalents: Cash (a) $ 461 461 $ 775 $ 775 Time deposits (a) 50 50 50 50 Total $ 511 $ 511 $ 825 $ 825 Short-term investments: Commercial paper (b) $ 21 21 $ 53 53 Corporate bonds (c) 374 374 290 288 Time deposits (b) 50 50 100 100 Total $ 445 $ 445 $ 443 $ 441 Long-term investments: Corporate bonds (c) $ 11 $ 11 $ 125 $ 125 Liabilities: Current portion of long-term debt (d) $ 449 $ 466 $ — $ — Long-term debt (d) $ 1,836 $ 1,948 $ 2,284 $ 2,374 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Fair value is determined using Level 2 inputs. (c) Fair value is determined using Level 1 inputs. (d) Fair value is determined using Level 2 inputs. The Company's senior notes are quoted but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of oil derivative contracts volume and weighted average price	Volumes per day associated with the Company's outstanding oil derivative contracts as of March 31, 2019 and the weighted average oil prices for those contracts are as follows: 2019 Second Quarter Third Quarter Fourth Quarter Brent collar contracts with short puts: Volume per day (Bbl) (a) 15,000 15,000 15,000 Price per Bbl: Ceiling $ 89.90 $ 89.90 $ 89.90 Floor $ 75.00 $ 75.00 $ 75.00 Short put $ 65.00 $ 65.00 $ 65.00 ____________________ (a) Subsequent to March 31, 2019 , the Company entered into additional Brent collar contracts with short puts for (i) 30,000 Bbls per day of May through December 2019 production with an average ceiling price of $75.13 per Bbl, a floor price of $65.00 per Bbl and a short put price of $55.00 per Bbl and (ii) 9,000 Bbls per day of 2020 production with a ceiling price of $75.57 , a floor price of $65.00 and a short put price of $55.00 .
Schedule of gas derivative volume and weighted average prices	Volumes per day associated with outstanding gas derivative contracts as of March 31, 2019 and the weighted average gas prices for those contracts are as follows: 2019 Second Quarter Third Quarter Fourth Quarter Swap contracts: Volume per day (MMBtu) 50,000 50,000 16,848 Price per MMBtu $ 2.94 $ 2.94 $ 2.94 Basis swap contracts: Permian Basin index swap volume per day(MMBtu) (a) 60,000 60,000 — Price differential ($/MMBtu) $ (1.46 ) $ (1.46 ) $ — Southern California index swap volume per day (MMBtu) (b) 80,000 80,000 80,000 Price differential ($/MMBtu) $ 0.31 $ 0.31 $ 0.31 ____________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells its Permian Basin gas and the HH price used in swap contracts. (b) The referenced basis swap contracts fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in Arizona and southern California.
Offsetting asset and liability	The fair value of derivative financial instruments not designated as hedging instruments is as follows: Fair Value of Derivative Instruments as of March 31, 2019 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) Asset Derivatives: Commodity price derivatives Derivatives - current $ 36 $ (6 ) $ 30 Liability Derivatives: Commodity price derivatives Derivatives - current $ 28 $ (6 ) $ 22 Fair Value of Derivative Instruments as of December 31, 2018 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) Asset Derivatives: Commodity price derivatives Derivatives - current $ 59 $ (7 ) $ 52 Liability Derivatives: Commodity price derivatives Derivatives - current $ 34 $ (7 ) $ 27
Schedule of derivative gains and losses recognized on statement of operations	Gains and losses recorded on derivative contracts are as follows: Derivatives Not Designated as Hedging Instruments Location of Loss Recognized in Earnings on Derivatives Three Months Ended 2019 2018 (in millions) Commodity price derivatives Derivative loss, net $ 13 $ 208

Exploratory Costs (Tables)

Exploratory Costs (Tables)	3 Months Ended
	Mar. 31, 2019
Extractive Industries [Abstract]
Capitalized exploratory well and project activity	Capitalized exploratory well and project activity is as follows: Three Months Ended March 31, 2019 (in millions) Beginning capitalized exploratory well costs $ 509 Additions to exploratory well costs pending the determination of proved reserves 647 Reclassification due to determination of proved reserves (406 ) Ending capitalized exploratory well costs $ 750
Capitalized exploratory costs and the number of projects for which exploratory costs have been capitalized	Aging 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, are as follows: As of As of (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 750 $ 509 More than one year — — $ 750 $ 509 Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year — —

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Schedule of share based incentive award activity	Activity for outstanding restricted stock awards and performance units is as follows: Three Months Ended March 31, 2019 Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Beginning incentive compensation awards 799,672 201,501 119,169 Awards granted 470,204 125,607 86,483 Awards forfeited (3,201 ) (2,026 ) — Awards vested (a) (391,446 ) (101,219 ) (39,793 ) Ending incentive compensation awards 875,229 223,863 165,859

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Retirement Obligation [Abstract]
Schedule of asset retirement obligations	Asset retirement obligations activity is as follows: Three Months Ended 2019 2018 (in millions) Beginning asset retirement obligations $ 183 $ 271 New wells placed on production — 1 Changes in estimates — 2 Obligations reclassified to liabilities held for sale — (6 ) Liabilities settled (6 ) (9 ) Accretion of discount 3 4 Ending asset retirement obligations $ 180 $ 263

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease costs	Lease costs, including amounts recoverable from joint operating partners, are as follows: Three Months Ended March 31, 2019 ($ in millions) Lease costs: Operating lease cost (a) $ 45 Short-term lease cost (b) 6 Variable lease cost (c) 19 Total lease costs $ 70 Other information: Cash paid for amounts included in lease costs (d): Operating cash flows from operating leases $ 21 Investing cash flows from operating leases (e) $ 49 Right-of-use assets obtained in exchange for new operating lease liabilities $ 88 Weighted-average remaining lease term - operating leases 3.4 years Weighted-average discount rate - operating leases 3.3 % ____________________ (a) Represents straight-line rent cost associated with the Company's operating lease right-of-use assets. (b) Represents costs associated with short-term leases (those with a contractual term of 12 months or less) that are not recorded on the consolidated balance sheet. (c) Variable lease costs are primarily comprised of the non-lease service component of drilling rig commitments above the minimum required payments. Both the minimum required payments and the non-lease service component of the drilling rig commitments are capitalized as additions to oil and gas properties. (d) Cash paid for amounts included in total lease costs may not agree due to timing of cash payments and costs incurred. (e) Lease costs associated with drilling operations are capitalized as additions to oil and gas properties.
Payment schedule for operating lease obligations	The payment schedule for the Company's operating lease obligations as of March 31, 2019 is as follows: Operating Leases (in millions) Remainder of 2019 $ 122 2020 127 2021 69 2022 36 2023 9 Thereafter 26 Total minimum lease payments 389 Less: Amount associated with discounting (27 ) Total $ 362

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	Transactions and balances with ProPetro are as follows: Three Months Ended March 31, 2019 (in millions) Pressure pumping services $ 147 As of As of (in millions) Accounts receivable - due from affiliate (a) $ 7 $ 119 Accounts payable - due to affiliate (b) $ 104 $ 37 ____________________ (a) Includes employee-related charges to be reimbursed by ProPetro and $110 million of short-term receivables as of December 31, 2018 that were collected during the three months ended March 31, 2019 . (b) Prior to the Company's sale of its pressure pumping assets to ProPetro, the Company utilized the services of ProPetro in the normal course of business. The balance as of December 31, 2018 represents invoices associated with those services that were in the process of being paid.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended 2019 2018 (in millions) Oil sales $ 917 $ 1,013 NGL sales 138 165 Gas sales 80 88 Total oil and gas sales 1,135 1,266 Sales of purchased oil 1,107 1,051 Sales of purchased gas 2 19 Total sales of purchased oil and gas 1,109 1,070 Total revenue derived from contracts with purchasers $ 2,244 $ 2,336

Interest and Other Income (Tabl

Interest and Other Income (Tables)	3 Months Ended
	Mar. 31, 2019
Interest and Other Income [Abstract]
Components of interest and other income	The components of interest and other income are as follows: Three Months Ended 2019 2018 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ 174 $ — Interest income 8 7 Deferred compensation plan income 7 4 Other income 2 4 Seismic data sales — 3 $ 191 $ 18

Other Expense (Tables)

Other Expense (Tables)	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
Schedule of components of other expense	The components of other expense are as follows: Three Months Ended 2019 2018 (in millions) Transportation commitment charges (a) $ 40 $ 34 Asset impairment (b) ( Note 4 ) 32 — Restructuring charges ( Note 3 ) 13 — Accelerated depreciation (c) 23 — Vertical integration services loss, net (d) 20 6 Other 10 13 Legal and environmental charges 5 4 Idle drilling and well service equipment charges (e) 4 — $ 147 $ 57 ____________________ (a) Primarily represents firm transportation payments on excess pipeline capacity commitments. (b) Represents inventory and other property and equipment impairment charges of $16 million related to the decommissioning of the Company's Brady, Texas sand mine and $15 million of impairment charges related to inventory and other property and equipment excluded from the Company's sale of its pumping services assets in December 2018. (c) Represents accelerated depreciation related to the decommissioning of the Company's Brady, Texas sand mine. (d) For the three months ended March 31, 2019 , amount includes $9 million of decommissioning operating expenses related to the Company's Brady sand mine and $15 million of carryover and winding down operating expenses related to the Company's sale of its pumping services assets in December 2018, partially offset by net margins (attributable to third party working interest owners) that result from Company-provided 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 months ended March 31, 2019 , these vertical integration net margins included $35 million of revenues and $55 million of costs and expenses. For the same period in 2018 , these vertical integration net margins included $34 million of revenues and $40 million of costs and expenses. (e) Primarily represents expenses attributable to idle frac fleet and drilling rig fees that are not chargeable to joint operations.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (provisions) benefits attributable to income from continuing operations	Income tax provision and effective tax rate are as follows: Three Months Ended 2019 2018 (in millions) Deferred tax provision $ 103 $ 50 Effective tax rate 23 % 22 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of earnings attributable to common stockholders, basic and diluted	The components of basic and diluted net income per share attributable to common stockholders are as follows: Three Months Ended 2019 2018 (in millions) Net income attributable to common stockholders $ 350 $ 178 Participating share-based earnings (2 ) (1 ) Basic and diluted net income attributable to common stockholders $ 348 $ 177

Organization and Nature of Op_2

Organization and Nature of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, net of cash sold	$ 6	$ 4

Basis of Presentation Policies

Basis of Presentation Policies (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 356	$ 0
Operating lease liability	362
Build-to-suit lease liability	389
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	356
Operating lease liability	$ 362
Capitalized construction costs		217
Build-to-suit lease liability		$ 219

Divestiture, Decommissioning _2

Divestiture, Decommissioning and Restructuring Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance Costs	$ 12
Gain (loss) on disposition of assets, net	(9)	$ 4
Accounts payable - Due to affiliates	181		$ 183
Divestiture related liabilities	128
Accelerated depreciation	23	$ 0
Employee severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture related liabilities	26		27
Pressure pumping assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance Costs	1
Reduction of gain recorded	10
Impairment of inventory and other property and other equipment	15
Sand mine
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of inventory and other property and other equipment	16
Accelerated depreciation	23
ProPetro | Sale of Productive Assets [Member] | Pressure pumping assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds, before normal closing adjustments	$ 110		$ 282

Divestiture, Decommissioning _3

Divestiture, Decommissioning and Restructuring Activities (Schedule of Restructuring and Employee Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Divestiture related liabilities	$ 128
Firm Transportation Contracts [Member]
Restructuring Cost and Reserve [Line Items]
Divestiture related liabilities		$ 90
Divestiture related liabilities, current		30
Restructuring Reserve, Year Two		43
Restructuring Reserve, Year Three		17
Employee severance
Restructuring Cost and Reserve [Line Items]
Divestiture related liabilities	26	27
Restructuring Charges	13
Payments for Restructuring	(10)
Noncash changes (Note 8)	(4)
Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Divestiture related liabilities	102	$ 111
Payments for Restructuring	$ (9)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets:
Deferred compensation plan assets	$ 89	$ 82
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	347	172
Total assets	466	306
Liabilities:
Total liabilities	22	27
Total recurring fair value measurements	444	279
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	89	82
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	0	0
Total assets	89	82
Liabilities:
Total liabilities	0	0
Total recurring fair value measurements	89	82
Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	0	0
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	347	172
Total assets	377	224
Liabilities:
Total liabilities	22	27
Total recurring fair value measurements	355	197
Significant Unobservable Inputs (Level 3)
Assets:
Deferred compensation plan assets	0	0
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	0	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Total recurring fair value measurements	0	0
Commodity derivatives
Assets:
Derivative assets	30	52
Liabilities:
Commodity derivatives	22	27
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	30	52
Liabilities:
Commodity derivatives	22	27
Commodity derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Derivative assets	0	0
Liabilities:
Commodity derivatives	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Sand mine
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of inventory and other property and other equipment	$ 16
Pressure pumping assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of inventory and other property and other equipment	$ 15

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule Of Carrying Values And Financial Instruments Not Carried At Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 511	$ 825	$ 1,001	$ 896
Cash and Cash Equivalents, Fair Value Disclosure	511	825
Short-term investments	445	443
Long-term investments	11	125
Current portion of long-term debt	449	0
Long-term debt	1,836	2,284
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	445	443
Current portion of long-term debt	449	0
Long-term debt	1,836	2,284
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	445	441
Current portion of long-term debt	466	0
Long-term debt	1,948	2,374
Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	461	775
Cash and Cash Equivalents, Fair Value Disclosure	461	775
Time Deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	50	50
Cash and Cash Equivalents, Fair Value Disclosure	50	50
Corporate Bonds | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	374	290
Long-term investments	11	125
Corporate Bonds | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	374	288
Long-term investments	11	125
Time Deposits | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50	100
Time Deposits | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50	100
Commercial Paper | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	21	53
Commercial Paper | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 21	$ 53

Derivative Financial Instrume_3

Derivative Financial Instruments (Schedule Of Oil Derivative Contracts Volume And Weighted Average Prices) (Details)	3 Months Ended
	Mar. 31, 2019bbl / d$ / bbl	Apr. 01, 2019bbl / d$ / bbl
Derivative [Line Items]
Document Fiscal Year Focus	2019
Oil contracts | Brent collar contracts with short puts for Q4 | Subsequent event
Derivative [Line Items]
Volume, barrels per day | bbl / d		30,000
Oil contracts | Brent Collar Contracts With Short Puts for Second Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	15,000
Oil contracts | Brent Collar Contracts With Short Puts for Third Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	15,000
Oil contracts | Brent Collar Contracts With Short Puts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	15,000
Oil contracts | Brent Collar Contracts With Short Puts for Year Two [Member] | Subsequent event
Derivative [Line Items]
Volume, barrels per day | bbl / d		9,000
Oil contracts, price per bbl | Brent collar contracts with short puts for Q4 | Subsequent event
Derivative [Line Items]
Ceiling, price per barrel		75.13
Floor, price per barrel		65
Short put, price per barrel		55
Oil contracts, price per bbl | Brent Collar Contracts With Short Puts for Second Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	89.90
Floor, price per barrel	75
Short put, price per barrel	65
Oil contracts, price per bbl | Brent Collar Contracts With Short Puts for Third Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	89.90
Floor, price per barrel	75
Short put, price per barrel	65
Oil contracts, price per bbl | Brent Collar Contracts With Short Puts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	89.90
Floor, price per barrel	75
Short put, price per barrel	65
Oil contracts, price per bbl | Brent Collar Contracts With Short Puts for Year Two [Member] | Subsequent event
Derivative [Line Items]
Ceiling, price per barrel		75.57
Floor, price per barrel		65
Short put, price per barrel		55

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details)	3 Months Ended
	Mar. 31, 2019MMBTU / d$ / MMBTU
Derivative [Line Items]
Document Fiscal Year Focus	2019
Swap contracts for Q4 | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	16,848
Swap contracts for Q4 | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU	2.94
Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	50,000
Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU	2.94
Basis Swap Contracts for Second Quarter of Year One [Member] | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	60,000
Basis Swap Contracts for Second Quarter of Year One [Member] | Gas contracts, in MMBTU | Southern California
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	80,000
Basis Swap Contracts for Second Quarter of Year One [Member] | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	(1.46)
Basis Swap Contracts for Second Quarter of Year One [Member] | Gas contracts, price per MMBTU | Southern California
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	0.31
Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	60,000
Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, in MMBTU | Southern California
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	80,000
Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	(1.46)
Basis Swap Contracts for Third Quarter of Year One [Member] | Gas contracts, price per MMBTU | Southern California
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	0.31
Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	50,000
Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU	2.94
Basis swap contracts for Q4 | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	0
Basis swap contracts for Q4 | Gas contracts, in MMBTU | Southern California
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	80,000
Basis swap contracts for Q4 | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	0
Basis swap contracts for Q4 | Gas contracts, price per MMBTU | Southern California
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU	0.31

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - current	$ 30	$ 52
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - current	22	27
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current
Derivative [Line Items]
Asset Derivatives, Fair Value	36	59
Gross Amounts Offset in the Consolidated Balance Sheet, Assets Derivatives	(6)	(7)
Net Fair Value Presented in the Consolidated Balance Sheet, Asset Derivatives - current	30	52
Liability Derivatives, Fair Value	28	34
Gross Amounts Offset in the Consolidated Balance Sheet. Liabilities Derivatives	(6)	(7)
Net Fair Value Presented in the Consolidated Balance Sheet, Liabilities Derivatives - current	$ 22	$ 27

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule Of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Document Fiscal Year Focus	2019
Derivative gains (losses), net	$ 13	$ 208
Derivative loss, net | Commodity price derivatives
Derivative [Line Items]
Derivative gains (losses), net	$ 13	$ 208

Exploratory Costs (Schedule Of

Exploratory Costs (Schedule Of Capitalized Exploratory Well And Project Activity) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory well costs	$ 509
Additions to exploratory well costs pending the determination of proved reserves	647
Reclassification due to determination of proved reserves	(406)
Ending capitalized exploratory well costs	$ 750

Exploratory Costs (Capitalized

Exploratory Costs (Capitalized Exploratory Costs And the Number Of Projects For Which Exploratory Costs Have Been Capitalized) (Details) $ in Millions	Mar. 31, 2019USD ($)Well	Dec. 31, 2018USD ($)Well
Capitalized exploratory well costs that have been suspended:
One year or less	$ 750	$ 509
More than one year	0	0
Total	$ 750	$ 509
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | Well	0	0

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	Mar. 31, 2019	May 01, 2018
Debt Instrument [Line Items]
Aggregate loan commitments	$ 1,500,000,000
Outstanding borrowing	0
Seven Point Five Zero Zero Percentage Senior Notes Due Two Thousand And Twenty [Member]
Debt Instrument [Line Items]
Stated interest rate		7.50%
Debt Instrument, Maturity Date	$ 450,000,000

Incentive Plans Incentive Plans

Incentive Plans Incentive Plans (Stock-based compensation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29	$ 23
Unrecognized stock-based compensation expense	$ 146
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	$ 29
Restricted Stock Liability Awards | Affiliates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to affiliates	3		$ 14
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3

Incentive Plans Incentive Pla_2

Incentive Plans Incentive Plans (Share Based Incentive Award Activity) (Details)	3 Months Ended
	Mar. 31, 2019shares
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	799,672
Awards granted, shares	470,204
Awards forfeited, shares	(3,201)
Awards vested, shares	(391,446)
Ending balance outstanding, shares	875,229
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	201,501
Awards granted, shares	125,607
Awards forfeited, shares	(2,026)
Awards vested, shares	(101,219)
Ending balance outstanding, shares	223,863
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	119,169
Awards granted, shares	86,483
Awards forfeited, shares	0
Awards vested, shares	(39,793)
Ending balance outstanding, shares	165,859

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations	$ 183	$ 271
New wells placed on production	0	1
Changes in estimates	0	2
Obligations reclassified to liabilities held for sale	0	6
Liabilities settled	(6)	(9)
Accretion of discount	3	4
Ending asset retirement obligations	180	$ 263
Asset retirement obligations, current portions	$ 31		$ 25

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jun. 30, 2017
Leases [Abstract]
Operating lease term		20 years
Annual base rent	$ 33

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Lease cost:
Operating lease cost	$ 45
Short-term lease cost	6
Variable lease cost	19
Total lease cost	70
Operating cash flows from operating leases	21
Investing cash flows from operating leases	49
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 88
Weighted-average remaining lease term - operating leases	3 years 4 months 24 days
Weighted-average discount rate - operating leases	3.30%

Leases - Payment schedule for o

Leases - Payment schedule for operating lease obligations (Details) $ in Millions	Mar. 31, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 122
2020	127
2021	69
2022	36
2023	9
Thereafter	26
Total minimum lease payments	389
Less: Amount associated with discounting	(27)
Total	$ 362

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jun. 30, 2017
Loss Contingencies [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 128
Guarantor Obligations, Credit Support from Third Parties	69
Operating lease term		20 years
Annual base rent	$ 33

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2018	Mar. 31, 2019
Related Party Transaction [Line Items]
Pressure pumping services		$ 147
Accounts receivable - due from affiliate	$ 119	7
Accounts payable - due to affiliate	$ 37	$ 104
ProPetro
Related Party Transaction [Line Items]
Ownership percentage		16.00%
Pressure pumping assets | ProPetro | Pressure pumping assets
Related Party Transaction [Line Items]
Shares received	16.6
Short-term receivables	$ 282	$ 110

Revenue Recognition (Schedule o

Revenue Recognition (Schedule of Adoption of ASC 606) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 2,244	$ 2,336
Oil and gas
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	1,135	1,266
Costs and expenses	$ 221	$ 213

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	$ 2,244	$ 2,336
Oil sales
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	917	1,013
NGL sales
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	138	165
Gas sales
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	80	88
Total oil and gas sales
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	1,135	1,266
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	1,107	1,051
Sales of purchased gas
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	2	19
Total sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenue derived from contracts with purchasers	$ 1,109	$ 1,070

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable balance representing amounts due or billable	$ 825	$ 646

Interest and Other Income (Comp

Interest and Other Income (Components Of Interest And Other Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest and Other Income [Abstract]
Document Fiscal Year Focus	2019
Investment in affiliate fair value adjustment	$ 174	$ 0
Interest income	8	7
Deferred compensation plan income	7	4
Other income	2	4
Seismic data sales	0	3
Total interest and other income	$ 191	$ 18

Other Expense (Schedule Of Comp

Other Expense (Schedule Of Components Of Other Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring Cost and Reserve [Line Items]
Transportation commitment charges	$ 40	$ 34
Asset Impairment Charges	32	0
Restructuring charges (Note 3)	13	0
Accelerated depreciation	23	0
Loss from vertical integration services	20	6
Other	10	13
Legal and environmental charges	5	4
Idle drilling and well service equipment expense	4	0
Total other expense	147	57
Vertical integration net margins, revenue	35	34
Vertical integration net margins, costs and expenses	55	$ 40
Sand mine
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	23
Loss from vertical integration services	9
Impairment of inventory and other property and other equipment	16
Pressure pumping assets
Restructuring Cost and Reserve [Line Items]
Loss from vertical integration services	15
Impairment of inventory and other property and other equipment	$ 15

Income Taxes (Income tax (provi

Income Taxes (Income tax (provisions) benefits attributable to income from continuing operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Deferred income taxes	$ 103	$ 50
Income tax provision	$ 103	$ 50
Effective Income Tax Rate Reconciliation, Percent	23.00%	22.00%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	23.00%	22.00%
Unrecognized Tax Benefits	$ 141

Net Income Per Share (Reconcili

Net Income Per Share (Reconciliation Of Earnings Attributable To Common Stockholders, Basic And Diluted) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 350		$ 178
Participating share-based earnings	$ (2)		$ (1)
Basic net income attributable to common stockholders		$ 348		$ 177
Diluted net income attributable to common stockholders		$ 348		$ 177

Net Income Per Share NeNet Inco

Net Income Per Share NeNet Income Per Share (Schedule of Weighted Average Number of Shares) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	169	170
Dilution attributable to stock-based compensation awards	0	1
Diluted weighted average shares outstanding	169	171

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 13, 2018	Feb. 28, 2018
Equity, Class of Treasury Stock [Line Items]
Common stock purchased	$ 222,000,000	$ 45,000,000
Terminated Stock Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Terminated Stock Repurchase Program - Authorized Amount					$ 100,000,000
Common stock purchased			$ 17,000,000
Common stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Authorized amount				$ 2,000,000,000
Remaining authorized amount			1,700,000,000
Common stock purchased			$ 200,000,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	May 31, 2019	Apr. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Cash proceeds				$ 6	$ 4
Severance and related benefit costs				$ 12
Subsequent event | Eagle Ford and other remaining assets in South Texas
Subsequent Event [Line Items]
Cash proceeds	$ 25
Forecast | Subsequent event
Subsequent Event [Line Items]
Noncash charges related to accelerated vesting of certain equity awards			25.00%
Forecast | Subsequent event | Minimum
Subsequent Event [Line Items]
Severance and related benefit costs			$ 140
Forecast | Subsequent event | Maximum
Subsequent Event [Line Items]
Severance and related benefit costs			$ 180
Forecast | Subsequent event | Eagle Ford and other remaining assets in South Texas
Subsequent Event [Line Items]
Contingent proceeds	450
Forecast | Subsequent event | Eagle Ford and other remaining assets in South Texas | Minimum
Subsequent Event [Line Items]
Gain on disposal		$ 400
Forecast | Subsequent event | Eagle Ford and other remaining assets in South Texas | Maximum
Subsequent Event [Line Items]
Gain on disposal		$ 550
Cash proceeds	$ 475