Pioneer Natural Resources (PXD) 10-Q 5 Aug 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-13245
Entity Registrant Name	PIONEER NATURAL RESOURCES CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2702753
Entity Address, Address Line One	777 Hidden Ridge
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75038
City Area Code	972
Local Phone Number	444-9001
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	PXD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		164,276,170
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001038357

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 180	$ 631
Restricted cash	69	74
Accounts receivable:
Trade, net	566	1,032
Due from affiliates	0	3
Income taxes receivable	21	7
Inventories	170	205
Derivatives	72	32
Investment in affiliate	85	187
Other	32	20
Total current assets	1,195	2,191
Oil and gas properties, using the successful efforts method of accounting:
Proved properties	23,217	22,444
Unproved properties	577	584
Accumulated depletion, depreciation and amortization	(9,349)	(8,583)
Total oil and gas properties, net	14,445	14,445
Other property and equipment, net	1,622	1,632
Operating lease right-of-use assets	216	280
Goodwill	261	261
Derivatives	3	0
Other assets	164	258
Total Assets	17,906	19,067
Accounts payable:
Trade	787	1,221
Due to affiliates	65	190
Interest payable	26	53
Income taxes payable	4	3
Less current portion of long-term debt	139	450
Derivatives	88	12
Operating leases	110	136
Other	365	431
Total current liabilities	1,584	2,496
Long-term debt	2,054	1,839
Derivatives	27	8
Deferred income taxes	1,403	1,389
Operating leases	124	170
Other liabilities	974	1,046
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 175,378,954 and 175,057,889 shares issued as of June 30, 2020 and December 31, 2019, respectively	2	2
Additional paid-in capital	9,285	9,161
Treasury stock at cost: 11,102,784 and 9,511,248 shares as of June 30, 2020 and December 31, 2019, respectively	(1,240)	(1,069)
Retained earnings	3,693	4,025
Total equity	11,740	12,119
Commitments and contingencies
Total Liabilities and Equity	$ 17,906	$ 19,067
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	175,378,954	175,057,889
Treasury stock, shares	11,102,784	9,511,248

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues and other income:
Revenue	$ 1,141	$ 2,379	$ 3,151	$ 4,624
Interest and other income (loss), net	48	(11)	(158)	181
Derivative gain (loss), net	(336)	43	117	29
Gain (loss) on disposition of assets, net	6	(488)	6	(498)
Total revenues and other income	859	1,923	3,116	4,336
Costs and expenses:
Production and ad valorem taxes	47	69	120	136
Depletion, depreciation and amortization	416	412	850	833
Exploration and abandonments	10	15	19	35
General and administrative	60	80	116	174
Accretion of discount on asset retirement obligations	2	2	5	5
Interest	33	29	60	59
Other	90	211	175	358
Costs and Expenses	1,397	2,139	3,288	4,099
Income (loss) before income taxes	(538)	(216)	(172)	237
Income tax benefit (provision)	99	47	22	(56)
Net income (loss) attributable to common stockholders	$ (439)	$ (169)	$ (150)	$ 181
Net income per share attributable to common stockholders:
Basic and diluted net income (loss) per share attributable to common stockholders	$ (2.66)	$ (1.01)	$ (0.91)	$ 1.07
Weighted average shares outstanding:
Basic weighted average shares outstanding	165	168	165	168
Diluted weighted average shares outstanding	165	168	165	169
Dividends declared per share	$ 0.55	$ 0	$ 1.10	$ 0.32
Oil and gas
Revenues and other income:
Revenue	$ 600	$ 1,196	$ 1,695	$ 2,332
Costs and expenses:
Costs and expenses	167	219	343	440
Sales of purchased oil and gas
Revenues and other income:
Revenue	541	1,183	1,456	2,292
Costs and expenses:
Costs and expenses	$ 572	$ 1,102	$ 1,600	$ 2,059

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings
Beginning Balance (shares) at Dec. 31, 2018		169,499,000
Beginning Balance at Dec. 31, 2018	$ 12,111	$ 2	$ 9,062	$ (423)	$ 3,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(54)				(54)
Exercise of long-term incentive stock options		10,000
Exercise of long-term incentive stock options and employee stock purchases	0		(1)	1
Purchases of treasury stock (shares)		(1,594,000)
Purchases of treasury stock	(222)			(222)
Stock-based compensation costs:
Issued awards (shares)		507,000
Issued awards	0
Compensation costs included in net loss	24		24
Net income	350				350
Issued awards (shares)		507,000
Issued awards	0
Ending Balance (shares) at Mar. 31, 2019		168,422,000
Ending Balance at Mar. 31, 2019	$ 12,209	$ 2	9,085	(644)	3,766
Stock-based compensation costs:
Dividends declared per share	$ 0.32
Beginning Balance (shares) at Dec. 31, 2018		169,499,000
Beginning Balance at Dec. 31, 2018	$ 12,111	$ 2	9,062	(423)	3,470
Stock-based compensation costs:
Net income	181
Ending Balance (shares) at Jun. 30, 2019		167,122,000
Ending Balance at Jun. 30, 2019	$ 11,876	$ 2	9,123	(846)	3,597
Stock-based compensation costs:
Dividends declared per share	$ 0.32
Beginning Balance (shares) at Mar. 31, 2019		168,422,000
Beginning Balance at Mar. 31, 2019	$ 12,209	$ 2	9,085	(644)	3,766
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (shares)		(1,349,000)
Purchases of treasury stock	(202)			(202)
Stock-based compensation costs:
Issued awards (shares)		49,000
Issued awards	0
Compensation costs included in net loss	38		38
Net income	(169)				(169)
Issued awards (shares)		49,000
Issued awards	0
Ending Balance (shares) at Jun. 30, 2019		167,122,000
Ending Balance at Jun. 30, 2019	$ 11,876	$ 2	9,123	(846)	3,597
Stock-based compensation costs:
Dividends declared per share	$ 0
Beginning Balance (shares) at Dec. 31, 2019		165,547,000
Beginning Balance at Dec. 31, 2019	$ 12,119	$ 2	9,161	(1,069)	4,025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(91)				(91)
Exercise of long-term incentive stock options		8,000
Exercise of long-term incentive stock options and employee stock purchases	0		(1)	1
Purchases of treasury stock (shares)		(1,007,000)
Purchases of treasury stock	(122)			(122)
Stock-based compensation costs:
Issued awards (shares)		316,000
Issued awards	0
Compensation costs included in net loss	16		16
Net income	289				289
Issued awards (shares)		316,000
Issued awards	0
Ending Balance (shares) at Mar. 31, 2020		164,864,000
Ending Balance at Mar. 31, 2020	$ 12,211	$ 2	9,176	(1,190)	4,223
Stock-based compensation costs:
Dividends declared per share	$ 0.55
Beginning Balance (shares) at Dec. 31, 2019		165,547,000
Beginning Balance at Dec. 31, 2019	$ 12,119	$ 2	9,161	(1,069)	4,025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of long-term incentive stock options	7,728
Stock-based compensation costs:
Net income	$ (150)
Ending Balance (shares) at Jun. 30, 2020		164,276,000
Ending Balance at Jun. 30, 2020	$ 11,740	$ 2	9,285	(1,240)	3,693
Stock-based compensation costs:
Dividends declared per share	$ 1.10
Beginning Balance (shares) at Mar. 31, 2020		164,864,000
Beginning Balance at Mar. 31, 2020	$ 12,211	$ 2	9,176	(1,190)	4,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(91)				(91)
Equity component	230		230
Capped call	(113)		(113)
Deferred tax provision	(25)		(25)
Purchases of treasury stock (shares)		(592,000)
Purchases of treasury stock	(50)			(50)
Stock-based compensation costs:
Issued awards (shares)		4,000
Issued awards	0
Compensation costs included in net loss	17		17
Net income	(439)				(439)
Issued awards (shares)		4,000
Issued awards	0
Ending Balance (shares) at Jun. 30, 2020		164,276,000
Ending Balance at Jun. 30, 2020	$ 11,740	$ 2	$ 9,285	$ (1,240)	$ 3,693
Stock-based compensation costs:
Dividends declared per share	$ 0.55

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 0.55	$ 0.55	$ 0	$ 0.32	$ 1.10	$ 0.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (150)	$ 181
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	850	833
Impairment of inventory and other property and equipment	1	31
Exploration expenses, including dry holes	3	4
Deferred income taxes	(11)	56
(Gain) loss on disposition of assets, net	(6)	498
Loss on early extinguishment of debt	27	0
Accretion of discount on asset retirement obligations	5	5
Interest expense	18	3
Derivative-related activity	52	(20)
Amortization of stock-based compensation	33	62
Investment in affiliate valuation adjustment	(101)	171
South Texas contingent consideration valuation adjustment	64	13
South Texas deficiency fee obligation	69	0
Other	64	76
Change in operating assets and liabilities:
Accounts receivable	468	17
Inventories	34	(58)
Other assets	26	(16)
Accounts payable	(313)	(69)
Interest payable	(27)	0
Other liabilities	(154)	(52)
Net cash provided by operating activities	1,154	1,393
Cash flows from investing activities:
Proceeds from disposition of assets	7	57
Proceeds from investments	0	568
Purchase of investments	(1)	0
Additions to oil and gas properties	(1,034)	(1,510)
Additions to other assets and other property and equipment	(78)	(135)
Net cash used in investing activities	(1,106)	(1,020)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	1,323	0
Purchase of derivatives related to issuance of convertible senior notes	(113)	0
Borrowing under credit facility	800	0
Repayment of credit facility	(800)	0
Repayment of senior notes, including tender offer premiums	(1,198)	0
Payments of other liabilities	(154)	(2)
Payments of financing fees, net	(26)	0
Purchases of treasury stock	(172)	(424)
Dividends paid	(164)	(54)
Net cash used in financing activities	(504)	(480)
Net decrease in cash, cash equivalents and restricted cash	(456)	(107)
Cash, cash equivalents and restricted cash, beginning of period	705	825
Cash, cash equivalents and restricted cash, end of period	$ 249	$ 718

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of OperationsPioneer Natural Resources Company ("Pioneer" or the "Company") is a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. The Company is a large independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids ("NGLs") and gas in the Permian Basin in West Texas.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 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 and six months ended June 30, 2020 are not necessarily indicative of results for a 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, 2019. 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 as of 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 evaluations for 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. Impact of the COVID-19 Pandemic. A novel strain of the coronavirus ("COVID-19") surfaced in late 2019 and has spread around the world, including to the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The COVID-19 pandemic has significantly affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. In addition, the COVID-19 pandemic has resulted in travel restrictions, business closures and other restrictions that have disrupted the demand for oil throughout the world and when combined with pressures on the global supply-demand balance for oil and related products, resulted in significant volatility in oil prices beginning late February 2020. The length of this demand disruption is unknown, and there is significant uncertainty regarding the long-term impact of the effects of the COVID-19 pandemic to global oil demand, which has negatively impacted the Company's results of operations and led to a significant reduction in the Company's 2020 capital activities. Adoption of new accounting standards. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). Effective January 1, 2020, the Company adopted ASU 2016-13 prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of this ASU was not material. The Company is exposed to credit losses primarily through sales of oil, NGLs, gas and purchased oil and gas. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe 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: As of June 30, 2020 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 75 $ — $ 75 Deferred compensation plan assets 64 — — 64 Investment in affiliate 85 — — 85 Contingent consideration — 27 — 27 Total assets 149 102 — 251 Liabilities: Commodity price derivatives — 115 — 115 $ 149 $ (13) $ — $ 136 As of December 31, 2019 Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 32 $ — $ 32 Deferred compensation plan assets 85 — — 85 Investment in affiliate 187 — — 187 Contingent consideration — 91 — 91 Total assets 272 123 — 395 Liabilities: Commodity price derivatives — 20 — 20 $ 272 $ 103 $ — $ 375 Commodity price derivatives. The Company's commodity price 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 price derivative contracts are determined using Level 2 inputs. The Company utilizes discounted cash flow and option-pricing models for valuing its commodity price derivatives. The asset and liability values attributable to the Company's commodity price 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 include investments in equity and mutual fund securities that are actively traded on major exchanges. The fair value of these investments is determined using Level 1 inputs based on observable prices on major exchanges. Investment in affiliate. The Company elected the fair value option for measuring its equity method investment in ProPetro Holding Corp. ("ProPetro"). The fair value of its investment in ProPetro is determined using Level 1 inputs based on observable prices on a major exchange. See Note 11 and Note 13 for additional information. Contingent consideration. The Company had a right to receive contingent consideration in conjunction with the South Texas Divestiture based on future oil and NGL prices during each of the five years from 2020 to 2024. The fair value of the contingent consideration was determined using Level 2 inputs based on an option pricing model using quoted future commodity prices based on active markets, implied volatility factors and counterparty credit risk assessments. In July 2020, the Company accepted $49 million to fully satisfy the South Texas Divestiture contingent consideration receivable. See Note 3 , Note 5 and Note 13 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, goodwill and other long-lived assets that are written down to fair value when they are impaired or held for sale. Other assets. During the six months ended June 30, 2019, the Company recognized impairment charges of $13 million associated with inventory and other property and equipment related to the decommissioning of the Company's Brady, Texas sand mine, and $16 million related to pressure pumping assets, as they had no remaining future economic value. See Note 14 for additional information. South Texas Divestiture. The Company recorded a deficiency fee obligation and related deficiency fee receivable in conjunction with the 2019 South Texas Divestiture. The fair value of the deficiency fee obligation and deficiency fee receivable was determined using Level 3 inputs based on a probability-weighted forecast that considers historical results, market conditions and various development plans to arrive at the estimated present value of the deficiency payments and corresponding receipts. Changes to the Company's forecasted deficiency fee obligation, as a result of the expected impact of the COVID-19 pandemic on the ability of the buyer to satisfy the MVC, resulted in the Company recording a charge of $69 million to other expense during the six months ended June 30, 2020. The present value of the future cash payments and expected cash receipts were determined using a 3.6 percent and 3.2 percent discount rate, respectively, based on the estimated timing of future payments and receipts and the Company's counterparty credit risk assessments. See Note 3 , Note 10 and Note 14 for additional information. Impact of the COVID-19 pandemic on certain assets and liabilities measured at fair value on a nonrecurring basis. Proved Properties. The Company performs assessments of its proved oil and gas properties accounted for under the successful efforts method of accounting whenever events or circumstances indicate that the carrying value of those assets may not be recoverable. An impairment loss is indicated if the sum of the expected future cash flows, including from vertical integrated services that are used in the development of the assets, is less than the carrying amount of the assets, including the carrying value of the vertical integrated services. In these circumstances, the Company recognizes an impairment charge for the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Due to the decrease in management's commodity price outlooks, which represent longer-term outlooks that are developed based on third party longer term commodity price estimates as of a measurement date ("Management's Price Outlooks"), the Company performed an impairment assessment of its proved oil and gas properties as of June 30, 2020 and determined that its proved oil and gas properties were not impaired. The primary factors that may affect estimates of future cash flows for the Company's proved oil and gas properties are (i) future reserve adjustments, both positive and negative, to proved reserves and risk-adjusted probable and possible reserves, (ii) results of future drilling activities, (iii) Management's Price Outlooks and (iv) increases or decreases in production and capital costs. The average oil price per barrel and gas price per thousand cubic feet utilized in Management's Price Outlooks were as follows: As of June 30, 2020 Oil Gas Management's Price Outlooks $ 45.92 $ 2.52 Goodwill. Goodwill is assessed for impairment whenever it is likely that events or circumstances indicate the carrying value of a reporting unit exceeds its fair value, but no less often than annually. An impairment charge is recorded for the amount by which the carrying amount exceeds the fair value of a reporting unit in the period it is determined to be impaired. During the six months ended June 30, 2020, the Company's market capitalization decreased from $25 billion at December 31, 2019 to $12 billion at March 31, 2020 then increased to $16 billion at June 30, 2020. The Company determined that the significant decline in its market capitalization during the first quarter of 2020 indicated that an impairment loss may have been triggered related to the Company's $261 million carrying amount of goodwill. Based on the Company's assessment of the fair value of goodwill as of March 31, 2020, the Company determined that its goodwill was not impaired. In addition, the Company's market capitalization was higher as of June 30, 2020, as compared to March 31, 2020, and therefore, goodwill was not reassessed for impairment. There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID-19 pandemic. These conditions are negatively impacting the Company's 2020 forecasted capital activities and production levels. It is reasonably possible that the carrying value of the Company's proved oil and gas properties or goodwill could exceed their estimated fair value resulting in the need to impair their carrying values in the future. If incurred, an impairment of the Company's proved oil and gas properties or goodwill could have a material adverse effect on the Company's financial condition and results of operation. 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 June 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 180 $ 180 $ 631 $ 631 Restricted cash (a) $ 69 $ 69 $ 74 $ 74 Liabilities: Current portion of long-term debt: Senior notes (b) $ 139 $ 141 $ 450 $ 451 Long-term debt: Convertible senior notes (b) $ 1,076 $ 1,573 $ — $ — Senior notes (b) $ 978 $ 1,125 $ 1,839 $ 1,995 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) 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. See Note 7 for additional information.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company primarily utilizes commodity swap 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, NGL and gas transportation capacity from its areas of production. To diversify the oil prices it receives, the Company enters into third party purchase transactions in its area of production and separate third party transactions for the sales of such purchased oil to Gulf Coast refineries or international export markets at prices that are highly correlated to Brent oil prices. As a result, the Company generally uses Brent derivative contracts to manage future oil price volatility. The Company's outstanding oil derivative contracts as of June 30, 2020 and the weighted average oil prices per barrel for those contracts are as follows: 2020 Year Ending December 31, 2021 Third Quarter Fourth Quarter Brent collar contracts with short puts: (a) Volume per day (Bbl) 115,500 115,500 — Price per Bbl: Ceiling $ 69.78 $ 69.78 $ — Floor $ 62.06 $ 62.06 $ — Short put $ 53.56 $ 53.56 $ — Brent swap contracts: Volume per day (Bbl) 172,200 155,200 — Price per Bbl $ 35.70 $ 36.47 $ — Brent call contracts sold: Volume per Bbl (b) — — 20,000 Price per Bbl $ — $ — $ 69.74 Brent collar contracts with short puts: (c) Volume per day (Bbl) 30,000 30,000 87,000 Price per Bbl: Ceiling $ 43.09 $ 43.09 $ 48.64 Floor $ 34.83 $ 34.83 $ 43.45 Short put $ 24.83 $ 24.83 $ 33.49 ______________________ (a) Represents collar contracts with short puts that were entered into prior to March 2020. During and subsequent to March 2020, the Company entered into incremental swap contracts and collar contracts with short puts to provide additional downside price protection for its remaining 2020 and 2021 volumes. (b) The referenced call contracts were sold in exchange for higher ceiling prices on certain 2020 collar contracts with short puts. (c) Subsequent to June 30, 2020, the Company entered into additional derivative contracts for 23,000 Bbls per day of Brent collar contracts with short puts for January through December 2021 production with a ceiling price of $51.98 per Bbl, a floor price of $45.13 per Bbl and a short put price of $35.00 per Bbl. 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 volatility of NGL component product prices. As of June 30, 2020, 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. The Company's outstanding gas derivative contracts as of June 30, 2020 and the weighted average gas prices per MMBtu for those contracts are as follows: 2020 Year Ending December 31, 2021 Third Quarter Fourth Quarter NYMEX swap contracts: (b) Volume per day (MMBtu) 30,000 16,739 82,466 Price per MMBtu $ 2.41 $ 2.43 $ 2.65 NYMEX collar contracts: Volume per day (MMBtu) — — 80,000 Price per MMBtu: Ceiling $ — $ — $ 3.15 Floor $ — $ — $ 2.50 Basis swap contracts: Permian Basin index swap volume per day (MMBtu) (a) 30,000 16,739 2,466 Price differential ($/MMBtu) $ (1.68) $ (1.59) $ (1.46) ______________________ (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 NYMEX index prices used in swap contracts. (b) Subsequent to June 30, 2020, the Company entered into additional NYMEX swap contracts for 50,000 MMBtu per day of January through December 2021 production with an average fixed price of $2.63 per MMBtu. Contingent consideration. The Company's right to receive contingent consideration in conjunction with the South Texas Divestiture was determined to be a derivative financial instrument that is not designated as a hedging instrument. The contingent consideration valuation is based on oil and NGL prices during each of the five years from 2020 to 2024. See Note 3 and Note 4 for additional information. Derivative accounting. 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 commodity price derivatives under master netting arrangements, which, in an event of default, allows the Company to offset payables to and receivables from the defaulting counterparty. Noncash gains and losses associated with the Company's commodity price derivatives and contingent consideration are separately presented in operating activities within the consolidated statements of cash flows. Fair value. The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of June 30, 2020 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 72 $ — $ 72 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Contingent consideration Other assets - noncurrent $ 27 $ — $ 27 Liabilities: Commodity price derivatives Derivatives - current $ 88 $ — $ 88 Commodity price derivatives Derivatives - noncurrent $ 27 $ — $ 27 As of December 31, 2019 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 32 $ — $ 32 Contingent consideration Other assets - noncurrent $ 91 $ — $ 91 Liabilities: Commodity price derivatives Derivatives - current $ 12 $ — $ 12 Commodity price derivatives Derivatives - noncurrent $ 8 $ — $ 8 Gains and losses on derivative contracts are as follows: Derivatives Not Designated Location of Gain (Loss) Recognized Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Commodity price derivatives Derivative gain (loss), net $ (336) $ 43 $ 139 $ 29 Interest rate derivatives Derivative gain (loss), net $ — $ — $ (22) $ — Contingent consideration Interest and other income $ (1) $ (13) $ (64) $ (13) 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	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
Exploratory Costs	Exploratory CostsThe 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 included 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. The changes in capitalized exploratory well costs are as follows: Six Months Ended June 30, 2020 (in millions) Beginning capitalized exploratory well costs $ 660 Additions to exploratory well costs pending the determination of proved reserves 734 Reclassification due to determination of proved reserves (913) Ending capitalized exploratory well costs $ 481 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 $ 478 $ 660 More than one year 3 — $ 481 $ 660 Number of wells or projects with exploratory well costs that have been 1 —

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The components of long-term debt, including the effects of issuance costs and issuance discounts, are as follows: As of June 30, 2020 As of December 31, 2019 (in millions) Outstanding debt principal balances: 7.50% senior notes due 2020 $ — $ 450 3.45% senior notes due 2021 139 500 3.95% senior notes due 2022 244 600 0.25% convertible senior notes due 2025 1,323 — 4.45% senior notes due 2026 500 500 7.20% senior notes due 2028 241 250 2,447 2,300 Issuance costs and discounts (254) (11) Total debt 2,193 2,289 Less current portion of long-term debt (139) (450) Long-term debt $ 2,054 $ 1,839 Credit facility. The Company maintains a revolving corporate credit facility (the "Credit Facility") with a syndicate of financial institutions and has aggregate loan commitments of $1.5 billion. The Credit Facility has a maturity date in October 2023. As of June 30, 2020, the Company had no outstanding borrowings under the Credit Facility and was in compliance with its debt covenants. Convertible senior notes. In May 2020, the Company issued $1.3 billion principal amount of 0.25 percent convertible senior notes due 2025 (the "Convertible Notes"). The Convertible Notes bear a fixed interest rate of 0.25 percent per year with interest payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2020. The Convertible Notes will mature on May 15, 2025, unless earlier redeemed, repurchased or converted. The Convertible Notes are unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company. The Convertible Notes are convertible into shares of the Company's common stock at an initial conversion rate of 9.1098 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes (subject to adjustment pursuant to the terms of the notes indenture, the "Conversion Rate"), which represents an initial conversion price of $109.77 per share (subject to adjustment pursuant to the terms of the notes indenture, the "Conversion Price"). Upon conversion, the Convertible Notes will be settled in cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Company intends to settle the principal amount of the Convertible Notes in cash. Holders of the Convertible Notes may convert their notes at their option prior to February 15, 2025 under the following circumstances: • during the quarter following any quarter during which the last reported sales price of the Company's common stock exceeds 130 percent of the Conversion Price for at least 20 trading days; • during the five-day period following any five consecutive trading day period when the trading price of the Convertible Notes is less than 98 percent of the price of the Company's common stock times the Conversion Rate; • upon notice of redemption by the Company; or • upon the occurrence of specified corporate events including certain consolidations or mergers. On or after February 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. The Company may not redeem the Convertible Notes prior to May 20, 2023, and after such date, may redeem the Convertible Notes only if the last reported sale price of the Company's common stock has been at least 130 percent of the Conversion Price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides the notice of redemption. The redemption price is equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. The Company bifurcated the Convertible Notes into a debt and equity component at issuance. The value assigned to the debt component was the estimated fair value, as of the issuance date, of an equivalent senior note without the conversion feature. The difference between the cash proceeds and the estimated fair value, representing the value assigned to the equity component, was recorded as a debt discount. The Company measured the debt component at fair value by utilizing a discounted cash flow model. This model utilized observable inputs such as contractual interest rate and repayment terms, risk-free interest rate, benchmark forward yield curves and the average term-yield on the Company's existing non-convertible debt. The principal amount and related unamortized issuance costs and discount on the Convertible Notes, are as follows: As of (in millions) Principal amount of Convertible Notes $ 1,323 Unamortized issuance costs and discount on Convertible Notes (a) (247) Net carrying value $ 1,076 ______________________ (a) Amortized to interest expense at an effective interest rate of 4.27 percent over five years. The interest costs recognized on the Convertible Notes, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Contractual interest coupon $ 1 $ — $ 1 $ — Amortization of debt discount and issuance costs 8 — 8 — $ 9 $ — $ 9 $ — Capped call transactions. In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain financial institution counterparties (the "Capped Call"), the purpose of which was to reduce the potential dilution to the Company's common stock upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted notes, with such reduction and offset subject to a capped price. The Capped Call transactions have a strike price of $109.77 per share of common stock and a capped price of $156.21 per share of common stock. The net costs of $113 million incurred to purchase the Capped Call transactions were recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets. Senior notes. In May 2020, the Company paid $725 million to complete a cash tender offer for certain of its outstanding senior notes. Associated with the tender offer, the Company settled $360 million of its 3.45% senior notes due 2021, $356 million of its 3.95% senior notes due 2022 and $9 million of its 7.20% senior notes due 2028. The Company expensed unamortized debt discounts and issuance costs associated with the tendered notes of $2 million and recognized a pre-tax loss on the early extinguishment of debt totaling $23 million. The losses are recorded in other expense in the consolidated statements of operations. See Note 14 for additional information. The Company's 7.50% senior notes with a debt principal balance of $450 million matured and was repaid in January 2020. The Company funded the repayment with cash on hand. The Company's 3.45% senior notes, with a debt principal balance of $139 million, will mature in January 2021 and are included in the current portion of long-term debt in the consolidated balance sheet as of June 30, 2020. Credit agreement. On April 3, 2020, the Company entered into a 364-Day Credit Agreement (the "364-Day Credit Agreement") with Wells Fargo Bank, National Association, as Administrative Agent, and the other agents and lenders party thereto. In May 2020, the Company terminated the 364-Day Credit Agreement in conjunction with the issuance of the Convertible Notes. During the three months ended June 30, 2020, the Company recognized a $2 million loss on the early extinguishment of debt in other expense in the consolidated statements of operations for unamortized deferred financing costs associated with the 364-Day Credit Agreement. See Note 14 for additional information.

Incentive Plans

Incentive Plans	6 Months Ended
	Jun. 30, 2020
Compensation Related Costs [Abstract]
Incentive Plans	Incentive Plans Stock-based compensation expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Restricted stock - Equity Awards $ 10 $ 33 $ 22 $ 50 Restricted stock - Liability Awards (a) 3 7 3 12 Performance unit awards 6 5 10 11 Employee stock purchase plan 1 — 1 1 $ 20 $ 45 $ 36 $ 74 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of June 30, 2020 and December 31, 2019, accounts payable – due to affiliates included $5 million and $11 million, respectively, of liabilities attributable to Liability Awards. As of June 30, 2020, there was $86 million of unrecognized stock-based compensation expense related to unvested share-based compensation awards, including $12 million attributable to stock-based awards that are expected to be settled on their vesting date in cash, rather than in equity shares. 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. Activity for restricted stock awards, performance units and stock options is as follows: Six Months Ended June 30, 2020 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 824,193 246,851 116,215 121,953 Awards granted 96,987 3,061 132,621 — Awards forfeited (6,580) (3,720) — — Awards vested (a) (222,924) (68,061) (2,093) — Options exercised — — — (7,728) Ending incentive compensation awards 691,676 178,131 246,743 114,225 ______________________ (a) Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards, performance units and stock options that vest during the period.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The changes in asset retirement obligations are as follows: Six Months Ended June 30, 2020 (in millions) Beginning asset retirement obligations $ 191 New wells placed on production 2 Changes in estimates (a) (6) Liabilities settled (24) Accretion of discount 5 Ending asset retirement obligations 168 Less current portion of asset retirement obligations (17) Asset retirement obligations - noncurrent $ 151 ______________________

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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. Indemnifications. The Company has agreed to indemnify its directors and certain of its officers, employees and agents with respect to claims and damages arising from acts or omissions taken in such capacity, as well as with respect to certain litigation. Environmental . Environmental expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Environmental expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. Liabilities for expenditures that will not qualify for capitalization are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. Such liabilities are undiscounted unless the timing of cash payments for the liability is fixed or reliably determinable. Environmental liabilities normally involve estimates that are subject to revision until settlement or remediation occurs. Firm purchase, gathering, processing, transportation, fractionation and storage commitments. From time to time, the Company enters into, and as of June 30, 2020 was a party to, take-or-pay agreements, which include contractual commitments (i) to purchase sand and water for use in the Company's drilling operations, (ii) with midstream service companies and pipeline carriers for future gathering, processing, transportation, fractionation and storage and (iii) with oilfield services companies that provide drilling and pressure pumping services. These commitments are normal and customary for the Company's business activities. 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. 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 does not recognize a liability if the fair value of the obligation is immaterial and the likelihood of making payments under these guarantees is remote. South Texas Divestiture. In conjunction with the South Texas Divestiture, the Company transferred its long-term midstream agreements and associated MVC's to the buyer. However, the Company retained the obligation to pay 100 percent of any deficiency fees associated with the MVC's from January 2019 through July 2022. The buyer is required to reimburse the Company for 18 percent of the deficiency fees paid by the Company from January 2019 through July 2022; such reimbursement will be paid by the buyer in installments beginning in years 2023 through 2025. Assuming 100 percent of the MVC's are paid as deficiency fees, the maximum amount of future payments for this obligation would be $464 million as of June 30, 2020. The Company's estimated deficiency fee obligation as of June 30, 2020 is $321 million, of which $130 million is included in other current liabilities in the consolidated balance sheets. The deficiency fee receivable from the buyer of $70 million is included in noncurrent other assets in the consolidated balance sheets. The Company had received credit support for the deficiency fee receivable and the contingent consideration of up to $325 million. In July 2020, the Company settled the South Texas Divestiture contingent consideration receivable with the buyer and reduced the credit support provided by the buyer to $100 million. Raton transportation commitments. In July 2018, the Company completed the sale of its gas field assets in the Raton Basin to an unaffiliated third party and transferred certain gas transportation commitments, which extend through 2032, to the buyer for which the Company has provided a guarantee. Assuming 100 percent of the remaining commitments are paid by the Company under its guarantee, the maximum amount of future payments would be approximately $80 million as of June 30, 2020. The Company has received credit support for the commitments of up to $50 million. The Company paid $6 million in gas transportation fees associated with the transferred commitment for the six months ended June 30, 2020 and was fully reimbursed. Certain contractual obligations were retained by the Company after the South Texas Divestiture, the divestiture of the Company's gas field assets in the Raton Basin, the divestiture of the Company's pressure pumping assets and the decommissioning of the Company's sand mine operations in Brady, Texas. These contracts were primarily related to firm transportation and storage agreements in which the Company is unlikely to realize any benefit. The estimated obligations associated with these agreements are included in other current or noncurrent liabilities in the consolidated balance sheets. The changes in contract obligations are as follows: Six Months Ended June 30, 2020 (in millions) Beginning contract obligations $ 468 Liabilities settled (167) Accretion of discount 6 Changes in estimate (a) 65 Ending contract obligations $ 372 ______________________ (a) Represents changes in the Company's forecasted deficiency fee payments associated with the South Texas Divestiture and the difference between estimated and actual liabilities settled.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
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 cash that was received during the first quarter of 2019. ProPetro is considered a related party as the shares received represent 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. In October 2019, Phillip A. Gobe, a nonemployee member of the Company's board of directors, was appointed by the board of directors of ProPetro to serve as its Executive Chairman, and in March 2020 he was appointed as Chief Executive Officer and Chairman of the Board of Directors. Mark S. Berg, the Company's Executive Vice President, Corporate Operations, serves as a member of the ProPetro board of directors under the Company's right to designate a director to the board of directors of ProPetro so long as the Company owns five percent or more of ProPetro's outstanding common stock. Transactions and balances with ProPetro are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Pressure pumping and related services charges (a) $ 76 $ 120 $ 143 $ 267 ____________________ (a) Includes $30 million of idle frac fleet fees for the three and six months ended June 30, 2020. As of June 30, 2020 As of December 31, 2019 (in millions) Accounts receivable - due from affiliate (a) $ — $ 3 Accounts payable - due to affiliate (b) $ 43 $ 88 ____________________ (a) Represents employee-related charges that were reimbursed by ProPetro.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
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, NGLs, 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, NGLs and gas 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. Accordingly, the prices of oil, NGLs 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Oil sales $ 453 $ 1,048 $ 1,377 $ 1,965 NGL sales 104 120 215 257 Gas sales 43 28 103 110 Total oil and gas sales 600 1,196 1,695 2,332 Sales of purchased oil 536 1,182 1,439 2,289 Sales of purchased gas 5 1 17 3 Total sales of purchased oil and gas 541 1,183 1,456 2,292 Total revenue from contracts with purchasers $ 1,141 $ 2,379 $ 3,151 $ 4,624 As of June 30, 2020 and December 31, 2019, the accounts receivable balance representing amounts due or billable under the terms of contracts with purchasers was $505 million and $968 million, respectively.

Interest and Other Income (Loss

Interest and Other Income (Loss), Net	6 Months Ended
	Jun. 30, 2020
Interest and Other Income [Abstract]
Interest and Other Income (Loss), Net	Interest and Other Income (Loss), Net The components of net interest and other income (loss) are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Interest income $ — $ 5 $ 2 $ 12 Contingent consideration valuation adjustment ( Note 4 ) (1) (13) (64) (13) Investment in affiliate fair value adjustment ( Note 4 ) 44 (3) (101) 171 Other 5 — 5 11 $ 48 $ (11) $ (158) $ 181

Other Expense

Other Expense	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) South Texas deficiency fee obligation ( Note 4 ) $ — $ — $ 69 $ — Termination and idle drilling and frac equipment charges (a) 44 8 53 12 Loss on early extinguishment of debt ( Note 7 ) 27 — 27 — Transportation commitment charges (b) 5 23 8 63 Legal and environmental charges 2 2 5 8 Restructuring charges ( Note 3 ) 1 146 1 158 Asset impairment ( Note 4 ) — 2 1 31 Vertical integration services (income) loss, net (c) 5 (1) 1 19 Asset divestiture-related charges ( Note 3 ) — 23 — 23 Accelerated depreciation ( Note 3 ) — — — 23 Other 6 8 10 21 $ 90 $ 211 $ 175 $ 358 ____________________ (a) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (b) Primarily represents firm transportation payments on excess pipeline capacity commitments. (c) For the six months ended June 30, 2019, amount includes $12 million of decommissioning operating expenses related to the Company's Brady sand mine and $13 million of carryover and winding down operating expenses related to the Company's sale of its pressure pumping services assets in December 2018. The components of the vertical integration services net margins are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Gross revenues $ 14 $ 28 $ 25 $ 63 Gross costs and expenses $ 19 $ 27 $ 26 $ 82

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine how the CARES Act may impact its business, results of operations, financial condition and liquidity. Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Current tax benefit $ 11 $ — $ 11 $ — Deferred tax benefit (provision) 88 47 11 (56) Income tax benefit (provision) $ 99 $ 47 $ 22 $ (56) Effective tax rate 18 % 22 % 13 % 24 % The Company's interim effective tax rate for the three and six months ended June 30, 2020 differed from the U.S. statutory rate of 21 percent primarily due to the impact of permanent differences on the Company's effective tax rate attributable to forecasted earnings for 2020. 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 June 30, 2020 and December 31, 2019, the Company had unrecognized tax benefits ("UTBs") of $39 million for each respective period as a result of 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 Company expects to substantially resolve the uncertainties associated with the UTBs within the next twelve months. 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 June 30, 2020, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company continues to monitor the impact of the COVID-19 pandemic on all aspects of its business, including the disruption to oil demand throughout the world. The length of this demand disruption is unknown, and there is significant uncertainty regarding the long-term impact to global oil demand, which has negatively impacted the Company's results of operations and led to a significant reduction in the Company's 2020 capital activities.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 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 and six months ended June 30, 2020 are not necessarily indicative of results for a 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, 2019.
Adoption of new accounting standards and new accounting pronouncements	Adoption of new accounting standards. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). Effective January 1, 2020, the Company adopted ASU 2016-13 prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of this ASU was not material. The Company is exposed to credit losses primarily through sales of oil, NGLs, gas and purchased oil and gas. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based

Divestitures, Decommissioning a

Divestitures, Decommissioning and Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of divestiture-related charges	The changes in the Company's total employee-related obligations are as follows: Six Months Ended June 30, 2020 2019 (in millions) Beginning employee-related obligations $ 6 $ 27 Additions (a) 1 156 Cash payments (6) (89) Ending employee-related obligations $ 1 $ 94

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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: As of June 30, 2020 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 75 $ — $ 75 Deferred compensation plan assets 64 — — 64 Investment in affiliate 85 — — 85 Contingent consideration — 27 — 27 Total assets 149 102 — 251 Liabilities: Commodity price derivatives — 115 — 115 $ 149 $ (13) $ — $ 136 As of December 31, 2019 Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 32 $ — $ 32 Deferred compensation plan assets 85 — — 85 Investment in affiliate 187 — — 187 Contingent consideration — 91 — 91 Total assets 272 123 — 395 Liabilities: Commodity price derivatives — 20 — 20 $ 272 $ 103 $ — $ 375
Fair value and fair value adjustments, nonrecurring	The average oil price per barrel and gas price per thousand cubic feet utilized in Management's Price Outlooks were as follows: As of June 30, 2020 Oil Gas Management's Price Outlooks $ 45.92 $ 2.52
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 June 30, 2020 As of December 31, 2019 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 180 $ 180 $ 631 $ 631 Restricted cash (a) $ 69 $ 69 $ 74 $ 74 Liabilities: Current portion of long-term debt: Senior notes (b) $ 139 $ 141 $ 450 $ 451 Long-term debt: Convertible senior notes (b) $ 1,076 $ 1,573 $ — $ — Senior notes (b) $ 978 $ 1,125 $ 1,839 $ 1,995 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) 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. See Note 7 for additional information.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of gas derivative volume and weighted average prices	The Company's outstanding gas derivative contracts as of June 30, 2020 and the weighted average gas prices per MMBtu for those contracts are as follows: 2020 Year Ending December 31, 2021 Third Quarter Fourth Quarter NYMEX swap contracts: (b) Volume per day (MMBtu) 30,000 16,739 82,466 Price per MMBtu $ 2.41 $ 2.43 $ 2.65 NYMEX collar contracts: Volume per day (MMBtu) — — 80,000 Price per MMBtu: Ceiling $ — $ — $ 3.15 Floor $ — $ — $ 2.50 Basis swap contracts: Permian Basin index swap volume per day (MMBtu) (a) 30,000 16,739 2,466 Price differential ($/MMBtu) $ (1.68) $ (1.59) $ (1.46) ______________________ (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 NYMEX index prices used in swap contracts. (b) Subsequent to June 30, 2020, the Company entered into additional NYMEX swap contracts for 50,000 MMBtu per day of January through December 2021 production with an average fixed price of $2.63 per MMBtu.
Offsetting asset and liability	The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of June 30, 2020 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 72 $ — $ 72 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Contingent consideration Other assets - noncurrent $ 27 $ — $ 27 Liabilities: Commodity price derivatives Derivatives - current $ 88 $ — $ 88 Commodity price derivatives Derivatives - noncurrent $ 27 $ — $ 27 As of December 31, 2019 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 32 $ — $ 32 Contingent consideration Other assets - noncurrent $ 91 $ — $ 91 Liabilities: Commodity price derivatives Derivatives - current $ 12 $ — $ 12 Commodity price derivatives Derivatives - noncurrent $ 8 $ — $ 8
Schedule of derivative gains and losses recognized on statement of operations	Gains and losses on derivative contracts are as follows: Derivatives Not Designated Location of Gain (Loss) Recognized Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Commodity price derivatives Derivative gain (loss), net $ (336) $ 43 $ 139 $ 29 Interest rate derivatives Derivative gain (loss), net $ — $ — $ (22) $ — Contingent consideration Interest and other income $ (1) $ (13) $ (64) $ (13)

Exploratory Costs (Tables)

Exploratory Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
Schedule of Capitalized Exploratory Well and Project Activity	The changes in capitalized exploratory well costs are as follows: Six Months Ended June 30, 2020 (in millions) Beginning capitalized exploratory well costs $ 660 Additions to exploratory well costs pending the determination of proved reserves 734 Reclassification due to determination of proved reserves (913) Ending capitalized exploratory well costs $ 481
Aging of Capitalized Exploratory Costs	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 $ 478 $ 660 More than one year 3 — $ 481 $ 660 Number of wells or projects with exploratory well costs that have been 1 —

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	The components of long-term debt, including the effects of issuance costs and issuance discounts, are as follows: As of June 30, 2020 As of December 31, 2019 (in millions) Outstanding debt principal balances: 7.50% senior notes due 2020 $ — $ 450 3.45% senior notes due 2021 139 500 3.95% senior notes due 2022 244 600 0.25% convertible senior notes due 2025 1,323 — 4.45% senior notes due 2026 500 500 7.20% senior notes due 2028 241 250 2,447 2,300 Issuance costs and discounts (254) (11) Total debt 2,193 2,289 Less current portion of long-term debt (139) (450) Long-term debt $ 2,054 $ 1,839 The principal amount and related unamortized issuance costs and discount on the Convertible Notes, are as follows: As of (in millions) Principal amount of Convertible Notes $ 1,323 Unamortized issuance costs and discount on Convertible Notes (a) (247) Net carrying value $ 1,076 ______________________ (a) Amortized to interest expense at an effective interest rate of 4.27 percent over five years.
Interest Costs	The interest costs recognized on the Convertible Notes, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Contractual interest coupon $ 1 $ — $ 1 $ — Amortization of debt discount and issuance costs 8 — 8 — $ 9 $ — $ 9 $ —

Incentive Plans (Tables)

Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Compensation Related Costs [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Restricted stock - Equity Awards $ 10 $ 33 $ 22 $ 50 Restricted stock - Liability Awards (a) 3 7 3 12 Performance unit awards 6 5 10 11 Employee stock purchase plan 1 — 1 1 $ 20 $ 45 $ 36 $ 74 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of June 30, 2020 and December 31, 2019, accounts payable – due to affiliates included $5 million and $11 million, respectively, of liabilities attributable to Liability Awards.
Schedule of share based incentive award activity	Activity for restricted stock awards, performance units and stock options is as follows: Six Months Ended June 30, 2020 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 824,193 246,851 116,215 121,953 Awards granted 96,987 3,061 132,621 — Awards forfeited (6,580) (3,720) — — Awards vested (a) (222,924) (68,061) (2,093) — Options exercised — — — (7,728) Ending incentive compensation awards 691,676 178,131 246,743 114,225 ______________________ (a) Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards, performance units and stock options that vest during the period.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation [Abstract]
Schedule of asset retirement obligations	The changes in asset retirement obligations are as follows: Six Months Ended June 30, 2020 (in millions) Beginning asset retirement obligations $ 191 New wells placed on production 2 Changes in estimates (a) (6) Liabilities settled (24) Accretion of discount 5 Ending asset retirement obligations 168 Less current portion of asset retirement obligations (17) Asset retirement obligations - noncurrent $ 151 ______________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Schedule of Changes in Contract Obligations	The changes in contract obligations are as follows: Six Months Ended June 30, 2020 (in millions) Beginning contract obligations $ 468 Liabilities settled (167) Accretion of discount 6 Changes in estimate (a) 65 Ending contract obligations $ 372 ______________________ (a) Represents changes in the Company's forecasted deficiency fee payments associated with the South Texas Divestiture and the difference between estimated and actual liabilities settled.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	Transactions and balances with ProPetro are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Pressure pumping and related services charges (a) $ 76 $ 120 $ 143 $ 267 ____________________ (a) Includes $30 million of idle frac fleet fees for the three and six months ended June 30, 2020. As of June 30, 2020 As of December 31, 2019 (in millions) Accounts receivable - due from affiliate (a) $ — $ 3 Accounts payable - due to affiliate (b) $ 43 $ 88 ____________________ (a) Represents employee-related charges that were reimbursed by ProPetro.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Oil sales $ 453 $ 1,048 $ 1,377 $ 1,965 NGL sales 104 120 215 257 Gas sales 43 28 103 110 Total oil and gas sales 600 1,196 1,695 2,332 Sales of purchased oil 536 1,182 1,439 2,289 Sales of purchased gas 5 1 17 3 Total sales of purchased oil and gas 541 1,183 1,456 2,292 Total revenue from contracts with purchasers $ 1,141 $ 2,379 $ 3,151 $ 4,624

Interest and Other Income (Lo_2

Interest and Other Income (Loss), Net (Tables)	6 Months Ended
	Jun. 30, 2020
Interest and Other Income [Abstract]
Components of interest and other income (loss), net	The components of net interest and other income (loss) are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Interest income $ — $ 5 $ 2 $ 12 Contingent consideration valuation adjustment ( Note 4 ) (1) (13) (64) (13) Investment in affiliate fair value adjustment ( Note 4 ) 44 (3) (101) 171 Other 5 — 5 11 $ 48 $ (11) $ (158) $ 181

Other Expense (Tables)

Other Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Schedule of components of other expense	The components of other expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) South Texas deficiency fee obligation ( Note 4 ) $ — $ — $ 69 $ — Termination and idle drilling and frac equipment charges (a) 44 8 53 12 Loss on early extinguishment of debt ( Note 7 ) 27 — 27 — Transportation commitment charges (b) 5 23 8 63 Legal and environmental charges 2 2 5 8 Restructuring charges ( Note 3 ) 1 146 1 158 Asset impairment ( Note 4 ) — 2 1 31 Vertical integration services (income) loss, net (c) 5 (1) 1 19 Asset divestiture-related charges ( Note 3 ) — 23 — 23 Accelerated depreciation ( Note 3 ) — — — 23 Other 6 8 10 21 $ 90 $ 211 $ 175 $ 358 ____________________ (a) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (b) Primarily represents firm transportation payments on excess pipeline capacity commitments. (c) For the six months ended June 30, 2019, amount includes $12 million of decommissioning operating expenses related to the Company's Brady sand mine and $13 million of carryover and winding down operating expenses related to the Company's sale of its pressure pumping services assets in December 2018. The components of the vertical integration services net margins are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Gross revenues $ 14 $ 28 $ 25 $ 63 Gross costs and expenses $ 19 $ 27 $ 26 $ 82

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of income tax provision and effective tax rate	Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Current tax benefit $ 11 $ — $ 11 $ — Deferred tax benefit (provision) 88 47 11 (56) Income tax benefit (provision) $ 99 $ 47 $ 22 $ (56) Effective tax rate 18 % 22 % 13 % 24 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of earnings attributable to common stockholders, basic and diluted	The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Net income (loss) attributable to common $ (439) $ (169) $ (150) $ 181 Participating share-based earnings — — — (1) Basic and diluted net income (loss) attributable to common stockholders $ (439) $ (169) $ (150) $ 180 Basic weighted average shares outstanding 165 168 165 168 Dilution attributable to stock-based compensation — — — 1 Diluted weighted average shares outstanding 165 168 165 169

Organization and Nature of Op_2

Organization and Nature of Operations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets	$ 7	$ 57

Divestitures, Decommissioning_2

Divestitures, Decommissioning and Restructuring Activities (Narrative) (Details) $ in Millions	Jun. 30, 2019a	Jun. 30, 2020USD ($)employee	May 31, 2020USD ($)a	Jun. 30, 2019USD ($)a	May 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)a	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)a	Jul. 01, 2022	Jan. 01, 2021USD ($)	Jul. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds								$ 7	$ 57
Contingent Consideration, Valuation Adjustment						$ (1)	$ (13)	(64)	(13)
Contingent consideration		$ 27				27		27					$ 91
South Texas deficiency fee obligation						0	0	69	0
Restricted cash		$ 69				69		69					74
Accelerated depreciation						0	0	0	23
Staffing reduction, employees | employee		50
Significant Other Observable Inputs (Level 2)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration		$ 27				27		27					$ 91
Certain Vertical Wells in Martin County of the Permian Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale				$ 31
South Texas Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds					$ 2
Cash proceeds, before normal closing adjustments					210
Receivable from buyer		70				70		70
Contingent consideration					136
Deficiency fee liability		(321)				(321)		(321)
Contingent consideration period			5 years
South Texas Divestiture | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration receivable												$ 49
South Texas Divestiture | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained obligation percentage										100.00%
Escrow											$ 50
South Texas Divestiture | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained obligation percentage	100.00%
Deficiency fee liability		$ 464				$ 464		464
South Texas Divestiture | Maximum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained obligation percentage										100.00%
Buyer recovery percentage										18.00%
South Texas Divestiture | South Texas Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivable from buyer					$ 72
Pressure pumping assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accelerated depreciation							13
Impairment of inventory and other property and other equipment									16
Sand mine
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accelerated depreciation							$ 12	$ 23
Impairment of inventory and other property and other equipment									$ 13
Vertical Wells in Upton County
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale			$ 6
Sold | Certain Vertical Wells in Martin County of the Permian Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acres | a	1,900			1,900			1,900		1,900
Cash proceeds				$ 38
Sold | Vertical Wells in Upton County
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acres | a			1,500
Cash proceeds			$ 6

Divestitures, Decommissioning_3

Divestitures, Decommissioning and Restructuring Activities (Schedule of Restructuring and Employee Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Reserve [Roll Forward]
Additions (a)	$ 1	$ 146	$ 1	$ 158
Employee severance
Restructuring Reserve [Roll Forward]
Beginning employee-related obligations			6	27
Additions (a)			1	156
Cash payments			(6)	(89)
Ending employee-related obligations	$ 1	$ 94	$ 1	$ 94

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets:
Deferred compensation plan assets	$ 64	$ 85
Investment in affiliate	85	187
Contingent consideration	27	91
Total assets	251	395
Liabilities:
Total recurring fair value measurements	136	375
Investment in affiliate	85	187
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	64	85
Investment in affiliate	85	187
Contingent consideration	0	0
Total assets	149	272
Liabilities:
Total recurring fair value measurements	149	272
Investment in affiliate	85	187
Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Contingent consideration	27	91
Total assets	102	123
Liabilities:
Total recurring fair value measurements	(13)	103
Investment in affiliate	0	0
Significant Unobservable Inputs (Level 3)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Contingent consideration	0	0
Total assets	0	0
Liabilities:
Total recurring fair value measurements	0	0
Investment in affiliate	0	0
Commodity price derivatives
Assets:
Commodity price derivatives	75	32
Liabilities:
Commodity price derivatives	115	20
Commodity price derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Commodity price derivatives	0	0
Liabilities:
Commodity price derivatives	0	0
Commodity price derivatives | Significant Other Observable Inputs (Level 2)
Assets:
Commodity price derivatives	75	32
Liabilities:
Commodity price derivatives	115	20
Commodity price derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Commodity price derivatives	0	0
Liabilities:
Commodity price derivatives	$ 0	$ 0

Fair Value Measurements (Measur

Fair Value Measurements (Measured On A Nonrecurring Basis) (Details) - Management's Price Outlooks	6 Months Ended
	Jun. 30, 2020$ / MMBTU$ / bbl
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Management oil price outlook (usd per BBL) | $ / bbl	45.92
Management gas price outlook (usd per million BTU) | $ / MMBTU	2.52

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2019USD ($)	May 31, 2020	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jul. 31, 2020USD ($)	May 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
South Texas deficiency fee obligation			$ 0		$ 0	$ 69	$ 0
Market Capitalization	$ 25,000			$ 12,000		16,000
Goodwill	$ 261		$ 261			$ 261
Sand mine
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of inventory and other property and other equipment							13
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							$ 16
South Texas Divestiture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration period		5 years
Contingent consideration									$ 136
South Texas Divestiture | Subsequent event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration receivable								$ 49
Annual discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, cash payment, measurement input									0.036
Contingent consideration, cash receipt, measurement input									0.032

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule of Carrying Values and Financial Instruments Not Carried at Fair Value) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 180				$ 180		$ 631
Restricted cash	69				69		74
Less current portion of long-term debt	139				139		450
Long-term debt	$ 2,054				$ 2,054		1,839
Dividends declared per share	$ 0.55	$ 0.55	$ 0	$ 0.32	$ 1.10	$ 0.32
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 978				$ 978		1,839
Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,076				1,076		0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less current portion of long-term debt	141				141		451
Estimate of Fair Value Measurement [Member] | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,125				1,125		1,995
Estimate of Fair Value Measurement [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,573				1,573		0
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	180				180		631
Cash and cash equivalents, Fair Value	$ 180				$ 180		$ 631

Derivative Financial Instrume_3

Derivative Financial Instruments (Schedule of Oil Derivative Contracts Volume and Weighted Average Prices) (Details)	Jul. 01, 2020bbl / d$ / bbl	Jun. 30, 2020bbl / d$ / MMBTU$ / bbl
Oil contracts | Brent swap contracts, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		172,200
Oil contracts | Brent swap contracts, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		155,200
Oil contracts | Brent swap contracts, Next Year
Derivative [Line Items]
Volume, barrels per day | bbl / d		0
Oil contracts | Brent collar contracts with short puts, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		30,000
Oil contracts | Brent collar contracts with short puts, Third Quarter | Subsequent event
Derivative [Line Items]
Volume, barrels per day | bbl / d	23,000
Oil contracts | Brent Collar Contracts entered in March With Short Puts for Third Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d		115,500
Ceiling, price per barrel		69.78
Floor, price per barrel		62.06
Short put, price per barrel		53.56
Oil contracts | Brent collar contracts with short puts, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		30,000
Oil contracts | Brent Collar Contracts Entered in March With Short Puts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d		115,500
Ceiling, price per barrel		69.78
Floor, price per barrel		62.06
Short put, price per barrel		53.56
Oil contracts | Brent collar contracts with short puts, Next Year
Derivative [Line Items]
Volume, barrels per day | bbl / d		87,000
Oil contracts | Brent Collar Contracts Entered in March With Short Puts for Year Two [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d		0
Ceiling, price per barrel		0
Floor, price per barrel		0
Short put, price per barrel		0
Oil contracts | Brent call contracts sold, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		0
Oil contracts | Brent call contracts sold, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d		0
Oil contracts | Brent call contracts sold, Next Year
Derivative [Line Items]
Volume, barrels per day | bbl / d		20,000
Oil contracts, price per bbl | Brent swap contracts, Third Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		35.70
Oil contracts, price per bbl | Brent swap contracts, Fourth Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		36.47
Oil contracts, price per bbl | Brent swap contracts, Next Year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | Brent collar contracts with short puts, Third Quarter
Derivative [Line Items]
Ceiling, price per barrel		43.09
Floor, price per barrel		34.83
Short put, price per barrel		24.83
Oil contracts, price per bbl | Brent collar contracts with short puts, Third Quarter | Subsequent event
Derivative [Line Items]
Ceiling, price per barrel	51.98
Floor, price per barrel	45.13
Short put, price per barrel	35
Oil contracts, price per bbl | Brent collar contracts with short puts, Fourth Quarter
Derivative [Line Items]
Ceiling, price per barrel		43.09
Floor, price per barrel		34.83
Short put, price per barrel		24.83
Oil contracts, price per bbl | Brent collar contracts with short puts, Next Year
Derivative [Line Items]
Ceiling, price per barrel		48.64
Floor, price per barrel		43.45
Short put, price per barrel		33.49
Oil contracts, price per bbl | Brent call contracts sold, Third Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | Brent call contracts sold, Fourth Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | Brent call contracts sold, Next Year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		69.74

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details) bbl / d in Thousands, $ in Millions	1 Months Ended
	May 31, 2020	Dec. 31, 2021bbl / d$ / bbl	Jun. 30, 2020MMBTU / d$ / MMBTU$ / bbl	May 31, 2019USD ($)
South Texas Divestiture
Derivative [Line Items]
Contingent consideration | $				$ 136
Contingent consideration period	5 years
Swap contracts, Third Quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			30,000
Swap contracts, Third Quarter | Gas contracts, in MMBTU | Subsequent event
Derivative [Line Items]
Volume, barrels per day | bbl / d		50
Swap contracts, Third Quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.41
Swap contracts, Third Quarter | Gas contracts, price per MMBTU | Subsequent event
Derivative [Line Items]
Price per MMBtu in usd | $ / bbl		2.63
Swap contracts, Fourth Quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			16,739
Swap contracts, Fourth Quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.43
Swap Contracts For Year Two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			82,466
Swap Contracts For Year Two | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.65
Basis swap contracts, Third Quarter | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			30,000
Basis swap contracts, Third Quarter | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU			(1.68)
Basis swap contracts, Fourth Quarter | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			16,739
Basis swap contracts, Fourth Quarter | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU			(1.59)
Basis Swap Contracts for Year Two | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			2,466
Basis Swap Contracts for Year Two | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel | $ / MMBTU			(1.46)
Permian collar contracts for the Third Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			0
Ceiling, price per barrel | $ / bbl			0
Short put, price per barrel | $ / MMBTU			0
Permian collar contracts for the Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			0
Ceiling, price per barrel | $ / bbl			0
Short put, price per barrel | $ / MMBTU			0
Permian collar contracts for Year Two [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			80,000
Ceiling, price per barrel | $ / bbl			3.15
Short put, price per barrel | $ / MMBTU			2.50

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets:
Net Fair Value Presented in the Consolidated Balance Sheet	$ 72	$ 32
Net Fair Value Presented in the Consolidated Balance Sheet	3	0
Liabilities:
Net Fair Value Presented in the Consolidated Balance Sheet	88	12
Derivatives	27	8
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current
Assets:
Fair Value	72	32
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	72	32
Liabilities:
Fair Value	88	12
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	88	12
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - noncurrent
Assets:
Fair Value	3
Gross Amounts Offset in the Consolidated Balance Sheet	0
Net Fair Value Presented in the Consolidated Balance Sheet	3
Liabilities:
Fair Value	27	8
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Derivatives	27	8
Derivatives not designated as hedging instruments | Commodity price derivatives | Other assets - noncurrent
Assets:
Fair Value	27	91
Net Fair Value Presented in the Consolidated Balance Sheet	27	91
Derivatives not designated as hedging instruments | Contingent consideration | Other assets - noncurrent
Assets:
Gross Amounts Offset in the Consolidated Balance Sheet	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Derivative gain (loss), net	$ (336)	$ 43	$ 117	$ 29
Contingent Consideration, Valuation Adjustment	(1)	(13)	(64)	(13)
Derivative gain (loss), net | Commodity price derivatives
Derivative [Line Items]
Derivative gain (loss), net	(336)	43	139	29
Derivative gain (loss), net | Interest rate derivatives
Derivative [Line Items]
Derivative gain (loss), net	$ 0	$ 0	$ (22)	$ 0

Exploratory Costs (Schedule of

Exploratory Costs (Schedule of Capitalized Exploratory Well and Project Activity) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory well costs	$ 660
Additions to exploratory well costs pending the determination of proved reserves	734
Reclassification due to determination of proved reserves	(913)
Ending capitalized exploratory well costs	$ 481

Exploratory Costs (Aging of Cap

Exploratory Costs (Aging of Capitalized Exploratory Costs) (Details) $ in Millions	Jun. 30, 2020USD ($)Well	Dec. 31, 2019USD ($)Well
Extractive Industries [Abstract]
One year or less	$ 478	$ 660
More than one year	3	0
Total	$ 481	$ 660
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | Well	1	0

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	May 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 2,447				$ 2,300
Issuance costs and discounts	(254)				(11)
Total debt	2,193				2,289
Less current portion of long-term debt	(139)				(450)
Long-term debt	2,054				1,839
Senior notes
Debt Instrument [Line Items]
Long-term debt	978				1,839
7.50% Senior notes due 2020 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		7.50%
Long-term debt	0				450
3.45% Senior Notes due 2021 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		3.45%	3.45%
Long-term debt	139				500
3.95% Senior notes due 2022 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		3.95%
Long-term debt	244				600
0.25% Convertible Senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		0.25%		0.25%
Long-term debt	1,323				0
Issuance costs and discounts	247
Total debt	1,076
4.45% Senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		4.45%
Long-term debt	500				500
7.20% Senior notes due 2028 | Senior notes
Debt Instrument [Line Items]
Stated interest rate		7.20%
Long-term debt	$ 241				$ 250

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2020USD ($)Well$ / shares	Jan. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020Rate
Debt Instrument [Line Items]
Aggregate loan commitments							$ 1,500,000,000
Outstanding borrowing							$ 0
Strike price | $ / shares	$ 109.77
Cap price | $ / shares	$ 156.21
Net costs	$ 113,000,000
Cash tender offer	725,000,000
Expensed unamortized debt discounts and issuance costs	2,000,000
Loss on early extinguishment of debt	23,000,000		$ 27,000,000	$ 0	$ 27,000,000	$ 0
Senior notes | 0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Principal	$ 1,300,000,000
Stated interest rate	0.25%							0.25%
Initial conversion rate	0.0091098
Initial conversion price | $ / shares	$ 109.77
Threshold conversion price percent	130.00%
Threshold stock price trigger percent	98.00%
Threshold trading days | Well	20
Threshold consecutive trading days | Well	30
Conversion ratio percent	100.00%
Senior notes | 3.45% Senior Notes due 2021
Debt Instrument [Line Items]
Stated interest rate			3.45%		3.45%			3.45%
Debt settlement amount	$ 360,000,000
Senior notes | 3.95% Senior notes due 2022
Debt Instrument [Line Items]
Stated interest rate | Rate								3.95%
Debt settlement amount	356,000,000
Senior notes | 7.20% Senior notes due 2028
Debt Instrument [Line Items]
Stated interest rate | Rate								7.20%
Debt settlement amount	$ 9,000,000
Senior notes | 7.50% Senior notes due 2020
Debt Instrument [Line Items]
Stated interest rate | Rate								7.50%
Debt principal payment		$ 450,000,000

Long-term Debt (Principal and I

Long-term Debt (Principal and Issuance Costs and Discounts) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount of Convertible Notes	$ 2,447	$ 2,300
Issuance costs and discounts	254	11
Total debt	2,193	2,289
Senior notes | 0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Principal amount of Convertible Notes	1,323	$ 0
Issuance costs and discounts	(247)
Total debt	$ 1,076
Effective interest rate	4.27%
Effective interest rate period	5 years

Long-term Debt (Interest Costs)

Long-term Debt (Interest Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Amortization of debt discount and issuance costs			$ 18	$ 3
Debt Instrument [Line Items]
Interest expense			18	3
Senior notes
Debt Disclosure [Abstract]
Contractual interest coupon	$ 1	$ 0	1	0
Amortization of debt discount and issuance costs	8	0	8	0
Interest expense	9	0	9	0
Debt Instrument [Line Items]
Contractual interest coupon	1	0	1	0
Interest expense	8	0	8	0
Interest expense	$ 9	$ 0	$ 9	$ 0

Incentive Plans (Schedule of St

Incentive Plans (Schedule of Stock-based Compensation Expense) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 20,000,000	$ 45,000,000	$ 36,000,000	$ 74,000,000
Due to affiliates	65,000,000		65,000,000		$ 190,000,000
Unrecognized stock-based compensation expense	86,000,000		$ 86,000,000
Remaining vesting period awards (less than)			3 years
Restricted stock - Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	10,000,000	33,000,000	$ 22,000,000	50,000,000
Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,000,000	7,000,000	3,000,000	12,000,000
Unrecognized stock-based compensation expense	12,000,000		12,000,000
Restricted Stock Liability Awards | Affiliates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to affiliates	5,000,000		5,000,000		$ 11,000,000
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6,000,000	5,000,000	10,000,000	11,000,000
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,000,000	$ 0	$ 1,000,000	$ 1,000,000

Incentive Plans (Share Based In

Incentive Plans (Share Based Incentive Award Activity) (Details)	6 Months Ended
	Jun. 30, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance outstanding, shares	121,953
Awards granted, shares	0
Awards forfeited, shares	0
Awards exercised, shares	0
Awards exercised, shares	(7,728)
Ending balance outstanding, shares	114,225
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	824,193
Awards granted, shares	96,987
Awards forfeited, shares	(6,580)
Awards vested, shares	(222,924)
Awards exercised, shares	0
Ending balance outstanding, shares	691,676
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	246,851
Awards granted, shares	3,061
Awards forfeited, shares	(3,720)
Awards vested, shares	(68,061)
Awards exercised, shares	0
Ending balance outstanding, shares	178,131
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	116,215
Awards granted, shares	132,621
Awards forfeited, shares	0
Awards vested, shares	(2,093)
Awards exercised, shares	0
Ending balance outstanding, shares	246,743

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations			$ 191
New wells placed on production			2
Changes in estimate			(6)
Liabilities settled			(24)
Accretion of discount	$ 2	$ 2	5	$ 5
Ending asset retirement obligations	168		168
Less current portion of asset retirement obligations	(17)		(17)
Asset retirement obligations - noncurrent	$ 151		$ 151

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2020	Jul. 01, 2022	Dec. 31, 2032	Jul. 31, 2020	May 31, 2019
South Texas Divestiture
Loss Contingencies [Line Items]
Deficiency fee liability		$ (321)
Receivable from buyer		70
Credit support from third parties		325
South Texas Divestiture | Subsequent event
Loss Contingencies [Line Items]
Credit support from third parties					$ 100
South Texas Divestiture | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage	100.00%
Deficiency fee liability		464
South Texas Divestiture | Forecast
Loss Contingencies [Line Items]
Retained obligation percentage			100.00%
South Texas Divestiture | Forecast | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage			100.00%
Buyer recovery percentage			18.00%
Raton transportation commitments
Loss Contingencies [Line Items]
Credit support from third parties		50
Deficiency Fees Paid and Reimbursed		6
Raton transportation commitments | Maximum
Loss Contingencies [Line Items]
Deficiency fee liability		80
Raton transportation commitments | Forecast | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage				100.00%
South Texas Divestiture | South Texas Divestiture
Loss Contingencies [Line Items]
Receivable from buyer						$ 72
South Texas Divestiture | Other current liabilities | South Texas Divestiture
Loss Contingencies [Line Items]
Monetary sanctions		$ (130)

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Changes in Contract Obligations) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning contract obligations	$ 468
Liabilities settled	(167)
Accretion of discount	6
Changes in estimate	65
Ending contract obligations	372
South Texas Divestiture
Loss Contingency Accrual [Roll Forward]
Deficiency fee liability	$ (321)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Mar. 31, 2019
Related Party Transaction [Line Items]
Pressure pumping and related services charges (a)		$ 76	$ 120	$ 143	$ 267
Accounts receivable - due from affiliate		0		0		$ 3
Accounts payable - due to affiliate		43		43		$ 88
Idle frac fleet fees
Related Party Transaction [Line Items]
Pressure pumping and related services charges (a)		$ 30		$ 30
ProPetro | ProPetro
Related Party Transaction [Line Items]
Ownership percentage		16.00%		16.00%
ProPetro | Pressure pumping assets | Sale of assets
Related Party Transaction [Line Items]
Shares received	16.6
Short-term receivable							$ 110

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,141	$ 2,379	$ 3,151	$ 4,624
Oil sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	453	1,048	1,377	1,965
NGL sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	104	120	215	257
Gas sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	43	28	103	110
Total oil and gas sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	600	1,196	1,695	2,332
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	536	1,182	1,439	2,289
Sales of purchased gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	5	1	17	3
Total sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 541	$ 1,183	$ 1,456	$ 2,292

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable balance representing amounts due or billable	$ 505	$ 968

Interest and Other Income (Lo_3

Interest and Other Income (Loss), Net (Components of Interest and Other Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest and Other Income [Abstract]
Interest income	$ 0	$ 5	$ 2	$ 12
Investment in affiliate mark-to-market adjustment (Note 4)	(44)	3	101	(171)
Contingent consideration valuation adjustment	(1)	(13)	(64)	(13)
Other	5	0	5	11
Interest and other income (loss), net	$ 48	$ (11)	$ (158)	$ 181

Other Expense (Schedule of Comp

Other Expense (Schedule of Components of Other Expense) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
South Texas deficiency fee obligation		$ 0	$ 0	$ 69	$ 0
Idle drilling and well service equipment expense		44	8	53	12
Loss on early extinguishment of debt	$ 23	27	0	27	0
Transportation commitment charges		5	23	8	63
Legal and environmental charges		2	2	5	8
Restructuring charges		1	146	1	158
Asset impairment		0	2	1	31
Accelerated depreciation		0	0	0	23
Vertical integration services (income) loss, net		5	(1)	1	19
Asset divestiture-related charges (Note 3)		0	23	0	23
Other		6	8	10	21
Other expense		90	211	175	358
Gross revenues		14	28	25	63
Gross costs and expenses		$ 19	27	26	82
Employee severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1	$ 156
Sand mine
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation			12	$ 23
Pressure pumping assets
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation			$ 13

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Deferred tax benefit (provision)	$ 88	$ 47	$ 11	$ (56)
Effective tax rate	18.00%	22.00%	13.00%	24.00%
Current Income Tax Expense (Benefit)	$ 11	$ 0	$ 11	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 39	$ 39

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) $ in Millions	Jun. 30, 2020USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 39

Net Income Per Share (Reconcili

Net Income Per Share (Reconciliation of Earnings Attributable to Common Stockholders, Basic and Diluted) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (439)	$ (169)	$ (150)	$ 181
Participating share-based earnings	0	0	0	(1)
Basic and diluted net income (loss) attributable to common stockholders	$ (439)	$ (169)	$ (150)	$ 180
Basic weighted average shares outstanding	165	168	165	168
Dilution attributable to stock-based compensation awards	0	0	0	1
Diluted weighted average shares outstanding	165	168	165	169

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - Common stock repurchase program - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 13, 2018
Equity, Class of Treasury Stock [Line Items]
Authorized amount					$ 2,000,000,000
Remaining authorized amount	$ 1,100,000,000		$ 1,100,000,000
Purchases of treasury stock (shares)	50,000,000	200,000,000	160,000,000	400,000,000
Stock Repurchased During Period, Shares	592,136	1,337,310	1,511,930	2,773,843