Pioneer Natural Resources (PXD) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		243,952,401
Amendment Flag	false
Document Fiscal Year Focus	2021
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	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 668	$ 1,442
Restricted cash	56	59
Accounts receivable:
Trade, net	1,273	695
Due from affiliates		0
Income taxes receivable	1	4
Inventories	327	224
Derivatives	9	5
Investment in affiliate	177	123
Other	41	43
Total current assets	2,552	2,595
Oil and gas properties, using the successful efforts method of accounting:
Proved properties	29,655	23,934
Unproved properties	6,197	576
Accumulated depletion, depreciation and amortization	(10,520)	(10,071)
Total oil and gas properties, net	25,332	14,439
Other property and equipment, net	1,680	1,584
Operating lease right-of-use assets	369	197
Goodwill	261	261
Derivatives	3	3
Other assets	154	150
Total Assets	30,351	19,229
Accounts payable:
Trade	1,698	928
Due to affiliates	95	102
Interest payable	27	35
Income taxes payable	11	4
Less current portion of long-term debt	0	140
Derivatives	871	234
Operating leases	125	100
Other	416	363
Total current liabilities	3,243	1,906
Long-term debt	6,177	3,160
Derivatives	111	66
Deferred income taxes	1,435	1,366
Operating leases	258	110
Other liabilities	981	1,052
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 216,721,541 and 175,525,268 shares issued as of March 31, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	14,837	9,323
Treasury stock at cost: 10,601 and 11,047,856 shares as of March 31, 2021 and December 31, 2020, respectively	(1)	(1,234)
Retained earnings	3,308	3,478
Total equity	18,146	11,569
Commitments and contingencies
Total Liabilities and Equity	$ 30,351	$ 19,229
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	Mar. 31, 2021	Dec. 31, 2020
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	216,721,541	175,525,268
Treasury stock, shares	10,601	11,047,856

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues and other income:
Revenue	$ 3,064	$ 2,010
Interest and other income (loss), net	60	(206)
Derivative gain (loss), net	(691)	456
Gain on disposition of assets, net	11	0
Total revenues and other income	2,444	2,260
Costs and expenses:
Production and ad valorem taxes	113	75
Depletion, depreciation and amortization	474	434
Exploration and abandonments	19	9
General and administrative	68	56
Accretion of discount on asset retirement obligations	1	2
Interest	39	27
Other	304	85
Costs and Expenses	2,525	1,892
Income (loss) before income taxes	(81)	368
Income tax benefit (provision)	11	(77)
Net income (loss) attributable to common stockholders	$ (70)	$ 291
Net income per share attributable to common stockholders:
Basic and diluted net income (loss) per share attributable to common stockholders	$ (0.33)	$ 1.75
Weighted average shares outstanding:
Basic and diluted weighted average shares outstanding	210	166
Dividends declared per share	$ 0.56	$ 0.55
Oil and gas
Revenues and other income:
Revenue	$ 1,824	$ 1,095
Costs and expenses:
Costs and expenses	252	176
Sales of purchased commodities
Revenues and other income:
Revenue	1,240	915
Costs and expenses:
Costs and expenses	$ 1,255	$ 1,028

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, 2019		165,547,000
Beginning Balance at Dec. 31, 2019	$ 12,136	$ 2	$ 9,161	$ (1,069)	$ 4,042
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(91)				(91)
Exercise of long-term incentive stock options		8,000
Exercise of 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
Vested compensation awards, net	0
Compensation costs included in net loss	16		16
Net loss	291				291
Ending Balance (shares) at Mar. 31, 2020		164,864,000
Ending Balance at Mar. 31, 2020	12,230	$ 2	9,176	(1,190)	4,242
Beginning Balance (shares) at Dec. 31, 2020		164,477,000
Beginning Balance at Dec. 31, 2020	11,569	$ 2	9,323	(1,234)	3,478
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (122)				(122)
Exercise of long-term incentive stock options	55,173	55,000
Exercise of employee stock purchases	$ 6		(2)	8
Equity component	(202)		(230)		28
Deferred tax provision	44		50		(6)
Purchases of treasury stock (shares)		(99,000)
Purchases of treasury stock	(13)			(13)
Shares issued or reissued for acquisition (in shares)		51,655,000
Shares issued or reissued for acquisition	6,882		5,644	1,238
Stock-based compensation costs:
Issued awards (shares)		623,000
Vested compensation awards, net	0
Compensation costs included in net loss	19		19
Compensation costs included in net loss associated with acquisition	33		33
Net loss	(70)				(70)
Ending Balance (shares) at Mar. 31, 2021		216,711,000
Ending Balance at Mar. 31, 2021	$ 18,146	$ 2	$ 14,837	$ (1)	$ 3,308

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 0.56	$ 0.56	$ 0.55	$ 0.55

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (70)	$ 291
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	474	434
Exploration expenses, including dry holes	3	2
Deferred income taxes	(18)	77
Gain on disposition of assets, net	(11)	0
Loss on early extinguishment of debt	5	0
Accretion of discount on asset retirement obligations	1	2
Interest expense	5	5
Derivative-related activity	370	(415)
Amortization of stock-based compensation	52	16
Investment in affiliate valuation adjustment	(54)	145
South Texas contingent consideration valuation adjustment	0	63
South Texas deficiency fee obligation	0	69
Other	45	31
Change in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	(330)	479
Inventories	(90)	16
Other assets	16	21
Accounts payable	265	(284)
Interest payable	(57)	(35)
Other liabilities	(229)	(92)
Net cash provided by operating activities	377	825
Cash flows from investing activities:
Proceeds from disposition of assets	23	1
Cash acquired, net of cash paid	117	0
Additions to oil and gas properties	(464)	(639)
Additions to other assets and other property and equipment	(24)	(43)
Net cash used in investing activities	(348)	(681)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net of discount	2,497	0
Borrowings under credit facility	0	800
Repayment of credit facility	(397)	0
Repayment of senior notes, including tender offer premiums	(2,640)	(450)
Payments of other liabilities	(140)	(146)
Payments of financing fees, net	(28)	0
Purchases of treasury stock	(13)	(122)
Exercise of long-term incentive plan stock options and employee stock purchases	6	0
Dividends paid	(91)	(73)
Net cash provided by (used in) financing activities	(806)	9
Net increase (decrease) in cash, cash equivalents and restricted cash	(777)	153
Cash, cash equivalents and restricted cash, beginning of period	1,501	705
Cash, cash equivalents and restricted cash, end of period	$ 724	$ 858

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2021
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 "NYSE"). 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	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 include all adjustments and accruals, consisting only of normal, recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods in conformity with generally accepted accounting principles in the United States ("GAAP"). The operating results for the three months ended March 31, 2021 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, 2020. Correction of previously issued financial statements. During the Company's review of its marketing contracts during the fourth quarter of 2020, the Company identified two long-term marketing contracts that should have been accounted for as derivative contracts. The contracts were entered in October 2019, each with a January 1, 2021 contract commencement date and a December 31, 2026 contract termination date. In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the misstatements and, based on an analysis of quantitative and qualitative factors, determined that the related impact was not material to the Company's March 31, 2020 consolidated financial statements; however, the Company determined that the impact of the misstatement to its interim period ending September 30, 2020 was material. In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the Company has corrected the immaterial misstatement for the quarter ended March 31, 2020 by revising the consolidated financial statements appearing herein. The net impact of these immaterial noncash corrections to the Company's previously reported consolidated financial statements for the quarter ended March 31, 2020 is shown below (in millions, except for per share data): March 31, 2020 As Reported Adjustments As Revised Oil and gas revenues $ 1,095 $ — $ 1,095 Derivative gain, net $ 453 $ 3 $ 456 Total revenues and other income $ 2,257 $ 3 $ 2,260 Total costs and expenses 1,892 — 1,892 Income before income taxes 365 3 368 Income tax provision (76) (1) (77) Net income $ 289 $ 2 $ 291 Basic and diluted net income attributable to common stockholders per share $ 1.74 $ 0.01 $ 1.75 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 is calculated using estimates of proved oil and gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of goodwill and proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of proved, probable and possible reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized. Adoption of new accounting standards. In August 2020, the FASB issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 simplifies the accounting for certain convertible instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. Additionally, ASU 2020-06 amends the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method. The if-converted method assumes the conversion of convertible instruments occurs at the beginning of the reporting period and diluted weighted average shares outstanding includes the common shares issuable upon conversion of the convertible instruments. The Company early adopted ASU 2020-06 on January 1, 2021. Upon issuance of the Company's $1.3 billion principal amount of 0.25% convertible senior notes due 2025 (the "Convertible Notes") in May 2020, the Company bifurcated the debt and equity components of the Convertible Notes to long-term debt and additional paid-in capital in its consolidated balance sheet. The amount recorded to additional paid in capital represented a debt discount that was being amortized to interest expense over the life of the Convertible Notes. Upon adoption of ASU 2020-06 on January 1, 2021, the Company (i) reversed the debt discount and related deferred income tax liability recorded to additional paid in capital of $230 million and $50 million, respectively, (ii) recorded a cumulative effect of the adoption of ASU 2020-06 of $22 million to retained earnings, representing a reversal of $28 million of the debt discount that was amortized to interest expense, net of an associated deferred income tax impact of $6 million, in 2020 and (iii) recorded the respective offsets for items (i) and (ii) above, representing the unamortized debt discount attributable to the Convertible Notes of $202 million to long-term debt and the associated deferred tax impact of $44 million to deferred income tax liabilities. See Note 7 for additional information. Additionally, upon adoption of ASU 2020-06, the treasury stock method utilized by the Company to calculate earnings per share through December 31, 2020 will no longer be allowed. As such, the Company has transitioned to the if-converted method utilizing the modified retrospective approach, with a cumulative effect from the change in accounting principle including the addition of 12 million of incremental shares to the Company's weighted-average diluted shares outstanding as of March 31, 2021. See Note 16

Acquisitions and Divestiture

Acquisitions and Divestiture	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisition and Divestiture	Acquisition and Divestiture Acquisition. On January 12, 2021, the Company acquired Parsley Energy, Inc., a Delaware corporation that previously traded on the NYSE under the symbol "PE" ("Parsley"), pursuant to the Agreement and Plan of Merger, dated as of October 20, 2020, among Pioneer, certain of its subsidiaries, Parsley and Parsley's subsidiary, Parsley Energy, LLC (the "Parsley Acquisition"). On the closing date of the Parsley Acquisition, Parsley merged into a newly formed wholly-owned subsidiary of the Company, and the subsidiaries of Parsley, including Jagged Peak Energy LLC ("Jagged Peak"), became indirect subsidiaries of the Company. As part of the Parsley Acquisition, each eligible share of Parsley Class A common stock and each membership interest unit of Parsley Energy, LLC were automatically converted into the right to receive 0.1252 (the "Exchange Ratio") shares of Pioneer common stock. As a result, the Company issued 52 million shares of Pioneer common stock upon the consummation of the Parsley Acquisition, representing total stock consideration transferred of approximately $7 billion. The Parsley Acquisition was accounted for using the acquisition method under ASC Topic 805, Business Combinations, which requires all assets acquired and liabilities assumed in the Parsley Acquisition to be recorded at fair value at the effective time of the acquisition. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods (up to one year from the acquisition date) as information necessary to complete the fair value analysis is obtained. The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed (presented in millions): As of January 12, 2021 Cash and cash equivalents $ 118 Accounts receivable 248 Derivatives 8 Proved properties 5,096 Unproved properties 5,647 Other property and equipment 127 Operating lease right-of-use assets 201 Other assets 22 Total assets acquired 11,467 Accounts payable 366 Interest payable 49 Derivatives 318 Operating leases 201 Deferred income taxes 130 Long-term debt 3,238 Other liabilities 282 Total liabilities assumed 4,584 Net assets acquired $ 6,883 The following unaudited pro forma summary presents the results of operations as if the Parsley Acquisition had occurred on January 1, 2020. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Three Months Ended March 31, 2021 2020 (in millions) Revenues and other income $ 2,414 $ 3,441 Net loss $ (136) $ (3,201) Divestiture. In March 2021, the Company sold its well services business to a third party for (i) net cash proceeds of $20 million and (ii) up to $4 million of additional cash proceeds to be earned over the next three years. The Company recorded a gain on sale of $9 million, which is reflected in net gains on disposition of assets in the consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 12 $ — $ 12 Deferred compensation plan assets 68 — — 68 Investment in affiliate 177 — — 177 Total assets 245 12 — 257 Liabilities: Commodity price derivatives — 871 — 871 Marketing derivatives — — 111 111 Total liabilities — 871 111 982 Total recurring fair value measurements $ 245 $ (859) $ (111) $ (725) As of December 31, 2020 Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 8 $ — $ 8 Deferred compensation plan assets 72 — — 72 Investment in affiliate 123 — — 123 Total assets 195 8 — 203 Liabilities: Commodity price derivatives — 209 — 209 Marketing derivatives — — 91 91 Total liabilities — 209 91 300 Total recurring fair value measurements $ 195 $ (201) $ (91) $ (97) Commodity price derivatives. The Company's commodity price derivatives represent oil, NGL and gas swap contracts, collar contracts, collar contracts with short puts, option contracts 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. Marketing derivatives. Under the contract terms of the marketing derivatives the Company agreed to purchase and simultaneously sell 50 thousand barrels of oil per day at an oil terminal in Midland, Texas for a six The asset and liability values attributable to the Company's marketing derivatives were determined based on Level 2 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) stated contractual rates. The Level 3 inputs attributable to the Company's marketing derivatives include the historical monthly differential between Brent oil prices and the corresponding WASP of the counterparty to the marketing derivatives ("WASP Differential Deduction") and, to a lesser extent, an estimated annual cost inflation rate. The average WASP Differential Deduction used in the fair value determination as of March 31, 2021 and 2020 was $2.06 and $1.90 per barrel, respectively. The WASP Differential Deduction and the estimated annual cost inflation rate reflects management's best estimate of future results utilizing historical performance, but these estimates are not observable inputs by a market participant and contain a high degree of uncertainty. The Company could experience significant mark-to-market fluctuations in the fair value of its marketing derivatives based on changes in the WASP Differential Deduction if it deviates from historical levels. For example, a 10 percent increase or decrease in the WASP Differential Deduction would impact the fair value of the Company's marketing derivatives recorded by approximately $20 million as of March 31, 2021. 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. 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. Parsley Acquisition. The Parsley Acquisition was accounted for using the acquisition method under ASC Topic 805, "Business Combinations", which requires all assets acquired and liabilities assumed in the Parsley Acquisition to be recorded at fair values at the effective time of the acquisition. Oil and gas properties were valued based on income and market based approaches utilizing Level 3 inputs including internally generated development and production profiles and price and cost assumptions. Debt assumed in the acquisition was valued based on Level 2 inputs that included using observable market prices to determine fair value. Net derivative liabilities assumed in the acquisition were valued based on Level 2 inputs similar to the Company's other commodity price derivatives. See Note 3 for additional information. South Texas Divestiture. The Company recorded a deficiency fee obligation and related deficiency fee receivable in conjunction with its 2019 divestiture of its South Texas assets (the "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. The changes to the Company's forecasted deficiency fee obligation resulted in the Company recording a charge of $69 million to other expense during the three months ended March 31, 2020. The present value of the estimated 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 10 and Note 14 for additional information. Financial instruments not carried at fair value. Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: As of March 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 668 $ 668 $ 1,442 $ 1,442 Restricted cash (a) $ 56 $ 56 $ 59 $ 59 Liabilities: Current portion of long-term debt: Senior notes (b) $ — $ — $ 140 $ 140 Long-term debt: Convertible senior notes (b) $ 1,303 $ 2,068 $ 1,100 $ 1,756 Senior notes (b) $ 4,874 $ 4,898 $ 2,060 $ 2,230 ______________________ (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. The Company has other financial instruments consisting primarily of receivables, payables, other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in a business combination, goodwill and asset retirement obligations.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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, and (ii) support the Company's capital budgeting and expenditure plans and (iii) support the payment of contractual obligations and dividends. 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 correlated with, NYMEX WTI oil prices. The Company also enters into (i) pipeline capacity commitments in order to secure available oil, NGL and gas transportation capacity from its areas of production and (ii) purchase transactions with third parties and separate sale transactions with third parties to diversify a portion of the Company's oil sales to Gulf Coast refineries or international export markets at prices that are highly correlated to Brent oil prices. As a result, the Company uses a combination of Brent, Magellan East Houston ("MEH") and WTI derivative contracts to manage future oil price volatility. The Company's outstanding oil derivative contracts as of March 31, 2021 and the weighted average oil prices per barrel for those contracts are as follows: 2021 Year Ending December 31, 2022 Second Quarter Third Quarter Fourth Quarter Brent swap contracts: Volume per day (Bbl) 102,000 17,000 17,000 — Price per Bbl $ 46.48 $ 44.45 $ 44.45 $ — MEH swap contracts: Volume per day (Bbl) 54,000 43,000 43,000 2,055 Price per Bbl $ 41.85 $ 40.52 $ 40.52 $ 42.80 Midland WTI swap contracts: Volume per day (Bbl) 5,000 5,000 5,000 — Price per Bbl $ 40.50 $ 40.50 $ 40.50 $ — Brent call contracts sold: Volume per Bbl (a) 20,000 20,000 20,000 — Price per Bbl $ 69.74 $ 69.74 $ 69.74 $ — Brent collar contracts: Volume per day (Bbl) — — — 10,000 Price per Bbl: Ceiling $ — $ — $ — $ 60.32 Floor $ — $ — $ — $ 50.00 Brent collar contracts with short puts: Volume per day (Bbl) 90,000 110,000 90,000 57,000 Price per Bbl: Ceiling $ 50.74 $ 54.46 $ 50.74 $ 64.41 Floor $ 45.11 $ 47.82 $ 45.11 $ 50.18 Short put $ 35.07 $ 36.87 $ 35.07 $ 38.25 MEH collar contracts with short puts: Volume per day (Bbl) 20,187 9,446 9,446 — Price per Bbl: Ceiling $ 59.39 $ 51.29 $ 51.29 $ — Floor $ 49.30 $ 41.55 $ 41.55 $ — Short put $ 39.30 $ 31.55 $ 31.55 $ — ______________________ (a) The referenced call contracts were sold in exchange for higher ceiling prices on certain 2020 collar contracts with short puts. 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 March 31, 2021, 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 (e.g. WAHA, SoCal and Houston Ship Channel) where the gas is sold. To diversify the gas prices it receives to international market prices, the Company sells a portion of its gas production at Dutch Title Transfer Facility ("Dutch TTF") prices. 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 March 31, 2021 and the weighted average gas prices per MMBtu for those contracts are as follows: 2021 Year Ending December 31, 2022 Second Quarter Third Quarter Fourth Quarter NYMEX swap contracts: Volume per day (MMBtu) (a) 20,000 20,000 20,000 — Price per MMBtu $ 2.81 $ 2.81 $ 2.81 $ — Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 30,000 — Price per MMBtu $ 5.07 $ 5.07 $ 5.07 $ — WAHA swap contracts: Volume per day (MMBtu) 116,484 116,304 116,304 4,932 Price per MMBtu $ 2.36 $ 2.36 $ 2.36 $ 2.46 NYMEX collar contracts: Volume per day (MMBtu) (b) 200,000 200,000 200,000 — Price per MMBtu: Ceiling $ 3.18 $ 3.18 $ 3.18 $ — Floor $ 2.56 $ 2.56 $ 2.56 $ — ______________________ (a) Subsequent to March 31, 2021, the Company entered into additional NYMEX swap contracts for 20,000 MMBtu per day of June 2021 through December 2021 production with an average fixed price of $3.01 per MMBtu. (b) Subsequent to March 31, 2021, the Company entered into additional NYMEX collar contracts for 20,000 MMBtu per day of June 2021 through December 2021 production with a ceiling price of $3.31 per MMBtu and a floor price of $2.75 per MMBtu. Marketing derivatives. The Company's marketing derivatives reflect two long-term marketing contracts that were entered in October 2019 whereby the Company agreed to purchase and simultaneously sell 50 thousand barrels of oil per day at an oil terminal in Midland, Texas for a six 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. 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. Prior to its settlement in July 2020, the contingent consideration was revalued using an option pricing model each reporting period based on forecasted oil and NGL prices during each of the five years from 2020 to 2024. See Note 13 for additional information. Noncash gains and losses associated with the Company's (i) commodity price derivatives and marketing derivatives and (ii) 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 March 31, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 9 $ — $ 9 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Liabilities: Commodity price derivatives Derivatives - current $ 829 $ — $ 829 Marketing derivatives Derivatives - current $ 42 $ — $ 42 Commodity price derivatives Derivatives - noncurrent $ 42 $ — $ 42 Marketing derivatives Derivatives - noncurrent $ 69 $ — $ 69 As of December 31, 2020 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 5 $ — $ 5 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Liabilities: Commodity price derivatives Derivatives - current $ 198 $ — $ 198 Marketing derivatives Derivatives - current $ 36 $ — $ 36 Commodity price derivatives Derivatives - noncurrent $ 11 $ — $ 11 Marketing derivatives Derivatives - noncurrent $ 55 $ — $ 55 Fair value . Gains and losses recorded on derivative financial instruments not designated as hedging instruments are as follows: Derivatives Not Designated Location of Gain/(Loss) Recognized Three Months Ended March 31, 2021 2020 (in millions) Commodity price derivatives Derivative gain (loss), net $ (664) $ 472 Marketing derivatives Derivative gain (loss), net $ (27) $ 6 Interest rate derivatives Derivative gain (loss), net $ — $ (22) Contingent consideration Interest and other income (loss), net $ — $ (63) The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not obtain collateral or otherwise secure the fair value of its derivative instruments, associated credit risk is mitigated by the Company's credit risk policies and procedures.

Exploratory Costs

Exploratory Costs	3 Months Ended
	Mar. 31, 2021
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: Three Months Ended March 31, 2021 (in millions) Beginning capitalized exploratory well costs $ 498 Additions to exploratory well costs pending the determination of proved reserves 505 Additions to capitalized exploratory well costs from acquisitions 183 Reclassification due to determination of proved reserves (544) Ending capitalized exploratory well costs $ 642 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 $ 568 $ 495 More than one year 74 3 $ 642 $ 498 Number of wells or projects with exploratory well costs that have been 17 1

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2021
Compensation Related Costs [Abstract]
Incentive Plans	Incentive Plans In connection with the Parsley Acquisition, the Company assumed all rights and obligations under the Amended and Restated Parsley Energy, Inc. 2014 Long Term Incentive Plan (the "2014 Parsley Plan") and the Jagged Peak Energy Inc. 2017 Long Term Incentive Plan (the "Jagged Peak Plan") and together with the 2014 Parsley Plan, (the "Parsley Plans"). The awards outstanding under the Parsley Plans were assumed by the Company and were automatically converted into an award with the right to receive a number of shares of Pioneer common stock that is equal to the product of the number of shares of Parsley common stock subject to such award under the Parsley Plans as of the acquisition date and the Exchange Ratio (0.1252). As a result, 37,299 shares of Pioneer common stock are issuable by the Company upon settlement of the outstanding Parsley awards granted under the 2014 Parsley Plan and 1,166 shares of Pioneer common stock are issuable by the Company upon settlement of the outstanding Parsley awards granted under the Jagged Peak Plan. The number of shares available for grant pursuant to the awards issued under the Company's Amended and Restated 2006 Long-Term Incentive Plan ("LTIP") is as follows: As of Approved and authorized awards 12,600,000 2014 Parsley Plan awards available to the LTIP (a) 879,575 Awards issued under the plan (9,300,390) Awards available for future grant 4,179,185 ______________________ (a) Under New York Stock Exchange rules, the Company added shares that were available under the 2014 Parsley Plan to the LTIP. These shares can only be used for grants to employees who were not employed or engaged by Pioneer or any of its subsidiaries immediately before the Parsley Acquisition and such awards may only be granted through May 22, 2024, the date that the 2014 Parsley Plan would have otherwise expired. Stock-based compensation expense is as follows: Three Months Ended March 31, 2021 2020 (in millions) Restricted stock - equity awards $ 11 $ 11 Restricted stock - liability awards (a) 6 — Restricted stock and performance units - Parsley awards (b) 33 — Performance unit awards 7 4 Employee stock purchase plan 1 1 $ 58 $ 16 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of March 31, 2021 and December 31, 2020, accounts payable – due to affiliates included $7 million for each period of liabilities attributable to Liability Awards. (b) Represents expense related to accelerated vesting of Parsley restricted stock equity awards and performance units upon completion of the Parsley Acquisition that was recorded to other expense in the consolidated statements of operations. As of March 31, 2021, there was $107 million of unrecognized stock-based compensation expense related to unvested share-based compensation awards, including $21 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: Three Months Ended March 31, 2021 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 765,981 221,353 207,430 86,332 Awards granted 107,967 3,085 173,423 — Awards assumed (a) (c) 255,379 — 100,056 — Awards forfeited (1,484) (2,055) — — Awards vested (b) (c) (410,987) (42,499) (100,056) — Options exercised — — — (55,173) Options expired — — — (415) Ending incentive compensation awards 716,856 179,884 380,853 30,744 ______________________ (a) Awards assumed as a result of the Parsley Acquisition. (b) 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	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The changes in asset retirement obligations are as follows: Three Months Ended March 31, 2021 (in millions) Beginning asset retirement obligations $ 282 Liabilities assumed in the Parsley Acquisition 73 New wells placed on production 2 Changes in estimates (a) 1 Liabilities settled (6) Accretion of discount 1 Ending asset retirement obligations 353 Less current portion of asset retirement obligations (56) Asset retirement obligations - noncurrent $ 297 ______________________

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 the remediation occurs. Firm purchase, gathering, processing, transportation, fractionation and storage commitments. From time to time, the Company enters into, and as of March 31, 2021 was a party to, take-or-pay agreements, which include contractual commitments (i) to purchase sand, water and diesel for use in the Company's drilling and completion 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 2019 divestiture of the Company's South Texas assets, the Company transferred its long-term midstream agreements and associated minimum volume commitments ("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 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 approximately $270 million as of March 31, 2021. The Company's estimated deficiency fee obligation as of March 31, 2021 is $201 million, of which $133 million is included in other current liabilities in the consolidated balance sheets. The deficiency fee receivable from the buyer of $76 million is included in noncurrent other assets in the consolidated balance sheets. The Company has credit support for the deficiency fee receivable of up 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 $76 million as of March 31, 2021. The Company has received credit support for the commitments of up to $50 million. The Company paid $2 million in gas transportation fees associated with the transferred commitment for the three months ended March 31, 2021 and was fully reimbursed. West Eagle Ford Shale commitments . In April 2018, the Company completed the sale of its West Eagle Ford Shale gas and liquids field to an unaffiliated third party and transferred certain gas and liquids transportation commitments, which extend through 2022, 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 $19 million as of March 31, 2021. The Company has received credit support for the commitments of up to $19 million. Certain contractual obligations were retained by the Company after the South Texas Divestiture, the Raton Basin asset sale, 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 are included in other current or noncurrent liabilities in the consolidated balance sheets. The changes in contract obligations are as follows: Three Months Ended March 31, 2021 (in millions) Beginning contract obligations $ 360 Liabilities settled (142) Accretion of discount 2 Ending contract obligations $ 220

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions) Pressure pumping and related services charges (a) $ 56 $ 67 ____________________ (a) Includes $4 million and $1 million of idle frac fleet fees for the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021 As of December 31, 2020 (in millions) Accounts payable - due to affiliate (a) $ 47 $ 45 ____________________ (a) Represents pressure pumping and related services provided by ProPetro as part of a long-term agreement. The Company discloses ProPetro's summarized financial information on a one-quarter lag as it enables the Company to report its quarterly results independent from the timing of when ProPetro reports its results. Summarized financial information for ProPetro is as follows: Year Ended December 31, 2020 2019 (in millions) Revenue - Service revenue $ 789 $ 2,052 Cost of services (exclusive of depreciation and amortization) $ 584 $ 1,470 Net income (loss) $ (107) $ 163

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
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, gas and diesel are recognized when control of the product is transferred to the purchaser and payment can be reasonably assured. Sales prices for oil, NGLs, gas and diesel 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 received by the Company for oil, NGLs, gas and diesel sales generally fluctuate similar to changes in the relevant market index prices. Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended March 31, 2021 2020 (in millions) Oil sales $ 1,435 $ 924 NGL sales 246 111 Gas sales 143 60 Total commodities sales 1,824 1,095 Sales of purchased oil 1,221 902 Sales of purchased gas 4 13 Sales of purchased diesel 15 — Total sales of purchased commodities 1,240 915 Total revenue from contracts with purchasers $ 3,064 $ 2,010

Interest and Other Income (Loss

Interest and Other Income (Loss), Net	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ 54 $ (145) Deferred compensation plan income (loss) 4 (3) Interest income 1 2 Contingent consideration fair value adjustment ( Note 5 ) — (63) Other 1 3 $ 60 $ (206)

Other Expense

Other Expense	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended March 31, 2021 2020 (in millions) Parsley Acquisition transaction costs (a) $ 197 $ — Winter Storm Uri gas commitments (b) 80 — Unoccupied facility expense (c) 8 — Transportation commitment charges (d) 7 4 Loss on early extinguishment of debt ( Note 7 ) 5 — Termination and idle drilling and frac equipment charges (e) 4 8 South Texas deficiency fee obligation ( Note 4 ) — 69 Vertical integration services income, net (f) (4) (4) Other 7 8 $ 304 $ 85 ____________________ (a) Represents costs associated with the Parsley Acquisition, which includes $121 million of employee-related costs and $76 million of transaction fees. (b) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (c) Primarily includes certain acquired Parsley offices which are no longer occupied. (d) Primarily represents firm transportation payments on excess pipeline capacity commitments. (e) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (f) Primarily represents net margins (attributable to third party working interest owners) that result from Company-provided vertically integrated services, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three months ended March 31, 2021 and March 31, 2020, these vertical integration net margins included $12 million and $11 million of gross vertical integration revenues, respectively, and $8 million and $7 million of total vertical integration costs and expenses, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For federal income tax purposes, the Parsley Acquisition qualified as a tax-free merger whereby the Company acquired carryover tax basis in Parsley's assets and liabilities. The Company recorded a deferred tax liability of $130 million associated with the acquired assets. Included in the deferred tax liability are deferred tax asset attributes acquired from Parsley, which primarily consist of net operating loss carryforwards of $2 billion that are subject to an annual limitation under Internal Revenue Code Section 382. The Company believes it is more likely than not that the acquired net operating loss carryforwards will be utilized before they expire. Enactment of the Consolidated Appropriations Act, 2021. On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the "Act"). The Act includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, among other things. The Act did not have a material impact on the Company's current or prior year tax provision or the Company's consolidated financial statements. Enactment of the Coronavirus Aid, Relief and Economic Security Act. 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 CARES Act did not have a material impact on the Company's current or prior year tax provision or the Company's consolidated financial statements. Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended March 31, 2021 2020 (in millions) Current tax provision $ (7) $ — Deferred tax benefit (provision) 18 (77) Income tax benefit (provision) $ 11 $ (77) Effective tax rate 14 % 21 % The Company evaluates and updates its annual effective income tax rate on an interim basis based on current and forecasted earnings and tax laws. The mix and timing of the Company's actual earnings compared to annual projections can cause interim effective tax rate fluctuations. The Company's interim effective tax rate for the three months ended March 31, 2021 differed from the U.S. statutory rate of 21 percent primarily due to forecasted state income taxes. 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 2018 and prior tax years and, with few exceptions, the Company believes that it is no longer subject to examinations by state and foreign tax authorities for years before 2012. As of March 31, 2021, 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	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events DoublePoint Acquisition. On May 4, 2021, the Company acquired Double Eagle III Midco 1 LLC ("DoublePoint") pursuant to a definitive membership interest purchase agreement to acquire DoublePoint dated April 1, 2021 (the "DoublePoint Acquisition") in exchange for consideration valued at approximately $6.2 billion, which is comprised of 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $890 million of debt. The DoublePoint Acquisition will be accounted for as a business combination, with the fair value of consideration allocated to the acquisition date fair value of assets and liabilities acquired. DoublePoint's post-acquisition date results of operations will be included in the Company's interim consolidated financial statements beginning in May 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation	Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 include all adjustments and accruals, consisting only of normal, recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods in conformity with generally accepted accounting principles in the United States ("GAAP"). The operating results for the three months ended March 31, 2021 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, 2020. Correction of previously issued financial statements. During the Company's review of its marketing contracts during the fourth quarter of 2020, the Company identified two long-term marketing contracts that should have been accounted for as derivative contracts. The contracts were entered in October 2019, each with a January 1, 2021 contract commencement date and a December 31, 2026 contract termination date. In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the misstatements and, based on an analysis of quantitative and qualitative factors, determined that the related impact was not material to the Company's March 31, 2020 consolidated financial statements; however, the Company determined that the impact of the misstatement to its interim period ending September 30, 2020 was material. In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the Company has corrected the immaterial misstatement for the quarter ended March 31, 2020 by revising the consolidated financial statements appearing herein. The net impact of these immaterial noncash corrections to the Company's previously reported consolidated financial statements for the quarter ended March 31, 2020 is shown below (in millions, except for per share data): March 31, 2020 As Reported Adjustments As Revised Oil and gas revenues $ 1,095 $ — $ 1,095 Derivative gain, net $ 453 $ 3 $ 456 Total revenues and other income $ 2,257 $ 3 $ 2,260 Total costs and expenses 1,892 — 1,892 Income before income taxes 365 3 368 Income tax provision (76) (1) (77) Net income $ 289 $ 2 $ 291 Basic and diluted net income attributable to common stockholders per share $ 1.74 $ 0.01 $ 1.75
Adoption of new accounting standards and new accounting pronouncements	Adoption of new accounting standards. In August 2020, the FASB issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 simplifies the accounting for certain convertible instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. Additionally, ASU 2020-06 amends the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method. The if-converted method assumes the conversion of convertible instruments occurs at the beginning of the reporting period and diluted weighted average shares outstanding includes the common shares issuable upon conversion of the convertible instruments. The Company early adopted ASU 2020-06 on January 1, 2021. Upon issuance of the Company's $1.3 billion principal amount of 0.25% convertible senior notes due 2025 (the "Convertible Notes") in May 2020, the Company bifurcated the debt and equity components of the Convertible Notes to long-term debt and additional paid-in capital in its consolidated balance sheet. The amount recorded to additional paid in capital represented a debt discount that was being amortized to interest expense over the life of the Convertible Notes. Upon adoption of ASU 2020-06 on January 1, 2021, the Company (i) reversed the debt discount and related deferred income tax liability recorded to additional paid in capital of $230 million and $50 million, respectively, (ii) recorded a cumulative effect of the adoption of ASU 2020-06 of $22 million to retained earnings, representing a reversal of $28 million of the debt discount that was amortized to interest expense, net of an associated deferred income tax impact of $6 million, in 2020 and (iii) recorded the respective offsets for items (i) and (ii) above, representing the unamortized debt discount attributable to the Convertible Notes of $202 million to long-term debt and the associated deferred tax impact of $44 million to deferred income tax liabilities. See Note 7 for additional information. Additionally, upon adoption of ASU 2020-06, the treasury stock method utilized by the Company to calculate earnings per share through December 31, 2020 will no longer be allowed. As such, the Company has transitioned to the if-converted method utilizing the modified retrospective approach, with a cumulative effect from the change in accounting principle including the addition of 12 million of incremental shares to the Company's weighted-average diluted shares outstanding as of March 31, 2021. See Note 16

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The net impact of these immaterial noncash corrections to the Company's previously reported consolidated financial statements for the quarter ended March 31, 2020 is shown below (in millions, except for per share data): March 31, 2020 As Reported Adjustments As Revised Oil and gas revenues $ 1,095 $ — $ 1,095 Derivative gain, net $ 453 $ 3 $ 456 Total revenues and other income $ 2,257 $ 3 $ 2,260 Total costs and expenses 1,892 — 1,892 Income before income taxes 365 3 368 Income tax provision (76) (1) (77) Net income $ 289 $ 2 $ 291 Basic and diluted net income attributable to common stockholders per share $ 1.74 $ 0.01 $ 1.75

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed (presented in millions): As of January 12, 2021 Cash and cash equivalents $ 118 Accounts receivable 248 Derivatives 8 Proved properties 5,096 Unproved properties 5,647 Other property and equipment 127 Operating lease right-of-use assets 201 Other assets 22 Total assets acquired 11,467 Accounts payable 366 Interest payable 49 Derivatives 318 Operating leases 201 Deferred income taxes 130 Long-term debt 3,238 Other liabilities 282 Total liabilities assumed 4,584 Net assets acquired $ 6,883
Business Acquisition, Pro Forma Information	The following unaudited pro forma summary presents the results of operations as if the Parsley Acquisition had occurred on January 1, 2020. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Three Months Ended March 31, 2021 2020 (in millions) Revenues and other income $ 2,414 $ 3,441 Net loss $ (136) $ (3,201)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 12 $ — $ 12 Deferred compensation plan assets 68 — — 68 Investment in affiliate 177 — — 177 Total assets 245 12 — 257 Liabilities: Commodity price derivatives — 871 — 871 Marketing derivatives — — 111 111 Total liabilities — 871 111 982 Total recurring fair value measurements $ 245 $ (859) $ (111) $ (725) As of December 31, 2020 Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 8 $ — $ 8 Deferred compensation plan assets 72 — — 72 Investment in affiliate 123 — — 123 Total assets 195 8 — 203 Liabilities: Commodity price derivatives — 209 — 209 Marketing derivatives — — 91 91 Total liabilities — 209 91 300 Total recurring fair value measurements $ 195 $ (201) $ (91) $ (97)
Schedule of carrying values and financial instruments not carried at fair value	Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: As of March 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 668 $ 668 $ 1,442 $ 1,442 Restricted cash (a) $ 56 $ 56 $ 59 $ 59 Liabilities: Current portion of long-term debt: Senior notes (b) $ — $ — $ 140 $ 140 Long-term debt: Convertible senior notes (b) $ 1,303 $ 2,068 $ 1,100 $ 1,756 Senior notes (b) $ 4,874 $ 4,898 $ 2,060 $ 2,230 ______________________ (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)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of oil derivative contracts volume and weighted average price	The Company's outstanding oil derivative contracts as of March 31, 2021 and the weighted average oil prices per barrel for those contracts are as follows: 2021 Year Ending December 31, 2022 Second Quarter Third Quarter Fourth Quarter Brent swap contracts: Volume per day (Bbl) 102,000 17,000 17,000 — Price per Bbl $ 46.48 $ 44.45 $ 44.45 $ — MEH swap contracts: Volume per day (Bbl) 54,000 43,000 43,000 2,055 Price per Bbl $ 41.85 $ 40.52 $ 40.52 $ 42.80 Midland WTI swap contracts: Volume per day (Bbl) 5,000 5,000 5,000 — Price per Bbl $ 40.50 $ 40.50 $ 40.50 $ — Brent call contracts sold: Volume per Bbl (a) 20,000 20,000 20,000 — Price per Bbl $ 69.74 $ 69.74 $ 69.74 $ — Brent collar contracts: Volume per day (Bbl) — — — 10,000 Price per Bbl: Ceiling $ — $ — $ — $ 60.32 Floor $ — $ — $ — $ 50.00 Brent collar contracts with short puts: Volume per day (Bbl) 90,000 110,000 90,000 57,000 Price per Bbl: Ceiling $ 50.74 $ 54.46 $ 50.74 $ 64.41 Floor $ 45.11 $ 47.82 $ 45.11 $ 50.18 Short put $ 35.07 $ 36.87 $ 35.07 $ 38.25 MEH collar contracts with short puts: Volume per day (Bbl) 20,187 9,446 9,446 — Price per Bbl: Ceiling $ 59.39 $ 51.29 $ 51.29 $ — Floor $ 49.30 $ 41.55 $ 41.55 $ — Short put $ 39.30 $ 31.55 $ 31.55 $ — ______________________ (a) The referenced call contracts were sold in exchange for higher ceiling prices on certain 2020 collar contracts with short puts.
Schedule of gas derivative volume and weighted average prices	The Company's outstanding gas derivative contracts as of March 31, 2021 and the weighted average gas prices per MMBtu for those contracts are as follows: 2021 Year Ending December 31, 2022 Second Quarter Third Quarter Fourth Quarter NYMEX swap contracts: Volume per day (MMBtu) (a) 20,000 20,000 20,000 — Price per MMBtu $ 2.81 $ 2.81 $ 2.81 $ — Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 30,000 — Price per MMBtu $ 5.07 $ 5.07 $ 5.07 $ — WAHA swap contracts: Volume per day (MMBtu) 116,484 116,304 116,304 4,932 Price per MMBtu $ 2.36 $ 2.36 $ 2.36 $ 2.46 NYMEX collar contracts: Volume per day (MMBtu) (b) 200,000 200,000 200,000 — Price per MMBtu: Ceiling $ 3.18 $ 3.18 $ 3.18 $ — Floor $ 2.56 $ 2.56 $ 2.56 $ — ______________________ (a) Subsequent to March 31, 2021, the Company entered into additional NYMEX swap contracts for 20,000 MMBtu per day of June 2021 through December 2021 production with an average fixed price of $3.01 per MMBtu. (b) Subsequent to March 31, 2021, the Company entered into additional NYMEX collar contracts for 20,000 MMBtu per day of June 2021 through December 2021 production with a ceiling price of $3.31 per MMBtu and a floor price of $2.75 per MMBtu.
Offsetting asset and liability	The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of March 31, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 9 $ — $ 9 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Liabilities: Commodity price derivatives Derivatives - current $ 829 $ — $ 829 Marketing derivatives Derivatives - current $ 42 $ — $ 42 Commodity price derivatives Derivatives - noncurrent $ 42 $ — $ 42 Marketing derivatives Derivatives - noncurrent $ 69 $ — $ 69 As of December 31, 2020 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 5 $ — $ 5 Commodity price derivatives Derivatives - noncurrent $ 3 $ — $ 3 Liabilities: Commodity price derivatives Derivatives - current $ 198 $ — $ 198 Marketing derivatives Derivatives - current $ 36 $ — $ 36 Commodity price derivatives Derivatives - noncurrent $ 11 $ — $ 11 Marketing derivatives Derivatives - noncurrent $ 55 $ — $ 55
Schedule of derivative gains and losses recognized on statement of operations	Gains and losses recorded on derivative financial instruments not designated as hedging instruments are as follows: Derivatives Not Designated Location of Gain/(Loss) Recognized Three Months Ended March 31, 2021 2020 (in millions) Commodity price derivatives Derivative gain (loss), net $ (664) $ 472 Marketing derivatives Derivative gain (loss), net $ (27) $ 6 Interest rate derivatives Derivative gain (loss), net $ — $ (22) Contingent consideration Interest and other income (loss), net $ — $ (63)

Exploratory Costs (Tables)

Exploratory Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Extractive Industries [Abstract]
Schedule of Capitalized Exploratory Well and Project Activity	The changes in capitalized exploratory well costs are as follows: Three Months Ended March 31, 2021 (in millions) Beginning capitalized exploratory well costs $ 498 Additions to exploratory well costs pending the determination of proved reserves 505 Additions to capitalized exploratory well costs from acquisitions 183 Reclassification due to determination of proved reserves (544) Ending capitalized exploratory well costs $ 642
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 $ 568 $ 495 More than one year 74 3 $ 642 $ 498 Number of wells or projects with exploratory well costs that have been 17 1 ______________________ (a) 13 of the 17 wells that have been suspended for a period greater than one year were acquired from Parsley and all suspended wells are scheduled to be completed by the end of the third quarter of 2021.

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 As of December 31, 2020 (in millions) Outstanding debt principal balances: 3.45% senior notes due 2021 $ — $ 140 3.95% senior notes due 2022 244 244 0.75% senior callable notes due 2024 750 — 0.25% convertible senior notes due 2025 1,323 1,323 1.125% senior notes due 2026 750 — 4.45% senior notes due 2026 500 500 5.625% senior notes due 2027 179 — 7.20% senior notes due 2028 241 241 4.125% senior notes due 2028 138 — 1.90% senior notes due 2030 1,100 1,100 2.15% senior notes due 2031 1,000 — 6,225 3,548 Issuance costs and discounts (48) (248) Total debt 6,177 3,300 Less current portion of long-term debt — (140) Long-term debt $ 6,177 $ 3,160

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Compensation Related Costs [Abstract]
Schedule of Information Relating to Long-Term Incentive Plan	The number of shares available for grant pursuant to the awards issued under the Company's Amended and Restated 2006 Long-Term Incentive Plan ("LTIP") is as follows: As of Approved and authorized awards 12,600,000 2014 Parsley Plan awards available to the LTIP (a) 879,575 Awards issued under the plan (9,300,390) Awards available for future grant 4,179,185 ______________________ (a) Under New York Stock Exchange rules, the Company added shares that were available under the 2014 Parsley Plan to the LTIP. These shares can only be used for grants to employees who were not employed or engaged by Pioneer or any of its subsidiaries immediately before the Parsley Acquisition and such awards may only be granted through May 22, 2024, the date that the 2014 Parsley Plan would have otherwise expired.
Schedule of stock-based compensation expense	Stock-based compensation expense is as follows: Three Months Ended March 31, 2021 2020 (in millions) Restricted stock - equity awards $ 11 $ 11 Restricted stock - liability awards (a) 6 — Restricted stock and performance units - Parsley awards (b) 33 — Performance unit awards 7 4 Employee stock purchase plan 1 1 $ 58 $ 16 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of March 31, 2021 and December 31, 2020, accounts payable – due to affiliates included $7 million for each period of liabilities attributable to Liability Awards. (b) Represents expense related to accelerated vesting of Parsley restricted stock equity awards and performance units upon completion of the Parsley Acquisition that was recorded to other expense in the consolidated statements of operations.
Schedule of share based incentive award activity	Activity for restricted stock awards, performance units and stock options is as follows: Three Months Ended March 31, 2021 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 765,981 221,353 207,430 86,332 Awards granted 107,967 3,085 173,423 — Awards assumed (a) (c) 255,379 — 100,056 — Awards forfeited (1,484) (2,055) — — Awards vested (b) (c) (410,987) (42,499) (100,056) — Options exercised — — — (55,173) Options expired — — — (415) Ending incentive compensation awards 716,856 179,884 380,853 30,744 ______________________ (a) Awards assumed as a result of the Parsley Acquisition. (b) 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)	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation [Abstract]
Schedule of asset retirement obligations	The changes in asset retirement obligations are as follows: Three Months Ended March 31, 2021 (in millions) Beginning asset retirement obligations $ 282 Liabilities assumed in the Parsley Acquisition 73 New wells placed on production 2 Changes in estimates (a) 1 Liabilities settled (6) Accretion of discount 1 Ending asset retirement obligations 353 Less current portion of asset retirement obligations (56) Asset retirement obligations - noncurrent $ 297 ______________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Schedule of Changes in Contract Obligations	The changes in contract obligations are as follows: Three Months Ended March 31, 2021 (in millions) Beginning contract obligations $ 360 Liabilities settled (142) Accretion of discount 2 Ending contract obligations $ 220

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	Transactions and balances with ProPetro are as follows: Three Months Ended March 31, 2021 2020 (in millions) Pressure pumping and related services charges (a) $ 56 $ 67 ____________________ (a) Includes $4 million and $1 million of idle frac fleet fees for the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021 As of December 31, 2020 (in millions) Accounts payable - due to affiliate (a) $ 47 $ 45 ____________________ (a) Represents pressure pumping and related services provided by ProPetro as part of a long-term agreement. The Company discloses ProPetro's summarized financial information on a one-quarter lag as it enables the Company to report its quarterly results independent from the timing of when ProPetro reports its results. Summarized financial information for ProPetro is as follows: Year Ended December 31, 2020 2019 (in millions) Revenue - Service revenue $ 789 $ 2,052 Cost of services (exclusive of depreciation and amortization) $ 584 $ 1,470 Net income (loss) $ (107) $ 163

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended March 31, 2021 2020 (in millions) Oil sales $ 1,435 $ 924 NGL sales 246 111 Gas sales 143 60 Total commodities sales 1,824 1,095 Sales of purchased oil 1,221 902 Sales of purchased gas 4 13 Sales of purchased diesel 15 — Total sales of purchased commodities 1,240 915 Total revenue from contracts with purchasers $ 3,064 $ 2,010

Interest and Other Income (Lo_2

Interest and Other Income (Loss), Net (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ 54 $ (145) Deferred compensation plan income (loss) 4 (3) Interest income 1 2 Contingent consideration fair value adjustment ( Note 5 ) — (63) Other 1 3 $ 60 $ (206)

Other Expense (Tables)

Other Expense (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of components of other expense	The components of other expense are as follows: Three Months Ended March 31, 2021 2020 (in millions) Parsley Acquisition transaction costs (a) $ 197 $ — Winter Storm Uri gas commitments (b) 80 — Unoccupied facility expense (c) 8 — Transportation commitment charges (d) 7 4 Loss on early extinguishment of debt ( Note 7 ) 5 — Termination and idle drilling and frac equipment charges (e) 4 8 South Texas deficiency fee obligation ( Note 4 ) — 69 Vertical integration services income, net (f) (4) (4) Other 7 8 $ 304 $ 85 ____________________ (a) Represents costs associated with the Parsley Acquisition, which includes $121 million of employee-related costs and $76 million of transaction fees. (b) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (c) Primarily includes certain acquired Parsley offices which are no longer occupied. (d) Primarily represents firm transportation payments on excess pipeline capacity commitments. (e) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (f) Primarily represents net margins (attributable to third party working interest owners) that result from Company-provided vertically integrated services, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three months ended March 31, 2021 and March 31, 2020, these vertical integration net margins included $12 million and $11 million of gross vertical integration revenues, respectively, and $8 million and $7 million of total vertical integration costs and expenses, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions) Current tax provision $ (7) $ — Deferred tax benefit (provision) 18 (77) Income tax benefit (provision) $ 11 $ (77) Effective tax rate 14 % 21 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions) Net income (loss) attributable to common stockholders $ (70) $ 291 Participating share-based earnings — (1) Basic and diluted net income (loss) attributable to common stockholders $ (70) $ 290 Basic and diluted weighted average shares outstanding 210 166

Organization and Nature of Op_2

Organization and Nature of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets	$ 23	$ 1

Basis of Presentation - Prior P

Basis of Presentation - Prior Period Revision (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue	$ 3,064	$ 2,010
Derivative gain (loss), net	(691)	456
Revenues	2,444	2,260
Costs and Expenses	2,525	1,892
Income (loss) before income taxes	(81)	368
Income tax benefit (provision)	11	(77)
Net income	$ (70)	$ 291
Basic and diluted net income (loss) per share attributable to common stockholders	$ (0.33)	$ 1.75
Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue	$ 1,824	$ 1,095
Previously Reported
Income Statement Related Disclosures [Abstract]
Derivative gain (loss), net		453
Revenues		2,257
Costs and Expenses		1,892
Income (loss) before income taxes		365
Income tax benefit (provision)		(76)
Net income		$ 289
Basic and diluted net income (loss) per share attributable to common stockholders		$ 1.74
Previously Reported | Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue		$ 1,095
Revision of Prior Period, Adjustment
Income Statement Related Disclosures [Abstract]
Derivative gain (loss), net		3
Revenues		3
Costs and Expenses		0
Income (loss) before income taxes		3
Income tax benefit (provision)		(1)
Net income		$ 2
Basic and diluted net income (loss) per share attributable to common stockholders		$ 0.01
Revision of Prior Period, Adjustment | Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue		$ 0

Basis of Presentation Policies

Basis of Presentation Policies (Details) - USD ($) shares in Millions	Jan. 01, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Equity component		$ (202,000,000)
Deferred tax provision		44,000,000
Retained earnings		3,308,000,000	$ 3,478,000,000
Issuance costs and discounts		(48,000,000)	$ (248,000,000)
Additional Paid-in Capital
Debt Instrument [Line Items]
Equity component		(230,000,000)
Deferred tax provision		50,000,000
Retained Earnings
Debt Instrument [Line Items]
Equity component		28,000,000
Deferred tax provision		(6,000,000)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Retained earnings	$ 22,000,000
Issuance costs and discounts	(202,000,000)
Deferred tax liabilities	$ 44,000,000
Incremental shares (in shares)	12
0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Issuance costs and discounts		$ (20,000,000)
0.25% Convertible Senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Principal				$ 1,300,000,000
Stated interest rate		0.25%		0.25%

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions	Jan. 12, 2021	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Cash proceeds			$ 23	$ 1
Wells Services
Business Acquisition [Line Items]
Cash proceeds		$ 20
Additional contingent proceeds		$ 4	$ 4
Payout period		3 years
Gain (loss) on sale		$ 9
Parsley
Business Acquisition [Line Items]
Number of shares called by each right	0.1252
Number of shares issued from rights	52,000,000
Total transaction value	$ 7,000

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - Parsley $ in Millions	Jan. 12, 2021USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents	$ 118
Accounts receivable	248
Derivatives	8
Proved properties	5,096
Unproved properties	5,647
Other property and equipment	127
Operating lease right-of-use assets	201
Other assets	22
Total assets acquired	11,467
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable	366
Interest payable	49
Derivatives	318
Operating leases	201
Deferred income taxes	130
Long-term debt	3,238
Other liabilities	282
Total liabilities assumed	(4,584)
Net assets acquired	$ 6,883

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Pro Forma Summary (Details) - Parsley - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Revenues and other income	$ 2,414	$ 3,441
Net loss	$ (136)	$ (3,201)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Deferred compensation plan assets	$ 68	$ 72
Investment in affiliate	177	123
Assets, Fair Value Disclosure	257	203
Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	982	300
Total recurring fair value measurements	(725)	(97)
Investment in affiliate	177	123
Commodity price derivatives | Other assets - noncurrent | Derivatives not designated as hedging instruments
Liabilities:
Fair Value		3
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	68	72
Investment in affiliate	177	123
Assets, Fair Value Disclosure	245	195
Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Total recurring fair value measurements	245	195
Investment in affiliate	177	123
Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Assets, Fair Value Disclosure	12	8
Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	871	209
Total recurring fair value measurements	(859)	(201)
Investment in affiliate	0	0
Significant Unobservable Inputs (Level 3)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Assets, Fair Value Disclosure	0	0
Liabilities:
Financial and Nonfinancial Liabilities, Fair Value Disclosure	111	91
Total recurring fair value measurements	(111)	(91)
Investment in affiliate	0	0
Commodity price derivatives
Assets:
Commodity price derivatives	12	8
Liabilities:
Commodity price derivatives	871	209
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	12	8
Liabilities:
Commodity price derivatives	871	209
Commodity price derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Commodity price derivatives	0	0
Liabilities:
Commodity price derivatives	0	0
Marketing Derivatives [Member]
Liabilities:
Commodity price derivatives	111	91
Marketing Derivatives [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Commodity price derivatives	0	0
Marketing Derivatives [Member] | Significant Other Observable Inputs (Level 2)
Liabilities:
Commodity price derivatives	0	0
Marketing Derivatives [Member] | Significant Unobservable Inputs (Level 3)
Liabilities:
Commodity price derivatives	$ 111	$ 91

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)bblPerDay$ / bbl	Mar. 31, 2020USD ($)$ / bbl	Dec. 31, 2020USD ($)	May 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
South Texas deficiency fee obligation	$ 0	$ 69
Goodwill	$ 261		$ 261
Purchase Contract, Amount of Barrel To Be Purchased and Sold | bblPerDay	50,000
Long-term Purchase Commitment, Period	6 years
Marketing Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value Input, WASP Differential Deduction | $ / bbl	2.06	1.90
South Texas divestiture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
South Texas deficiency fee obligation		$ 69
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
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 668				$ 1,442
Restricted cash	56				59
Less current portion of long-term debt	0				140
Long-term debt	$ 6,177				3,160
Dividends declared per share	$ 0.56	$ 0.56	$ 0.55	$ 0.55
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less current portion of long-term debt	$ 0
Long-term debt	4,874				2,060
Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,303				1,100
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	0				140
Estimate of Fair Value Measurement [Member] | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	4,898				2,230
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	2,068				1,756
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	668				1,442
Cash and cash equivalents, Fair Value	$ 668				$ 1,442

Derivative Financial Instrume_3

Derivative Financial Instruments (Schedule of Oil Derivative Contracts Volume and Weighted Average Prices) (Details)	Mar. 31, 2021bbl / d$ / MMBTU$ / bbl
Oil contracts | Brent swap contracts, Second Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	102,000
Oil contracts | Brent swap contracts, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	17,000
Oil contracts | Brent swap contracts, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	17,000
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, Second Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	90,000
Oil contracts | Brent collar contracts with short puts, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	110,000
Oil contracts | Brent collar contracts with short puts, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	90,000
Oil contracts | Brent collar contracts with short puts, Next Year
Derivative [Line Items]
Volume, barrels per day | bbl / d	57,000
Oil contracts | Brent call contracts sold, Second Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	20,000
Oil contracts | Brent call contracts sold, Third Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	20,000
Oil contracts | Brent call contracts sold, Fourth Quarter
Derivative [Line Items]
Volume, barrels per day | bbl / d	20,000
Oil contracts | Brent call contracts sold, Next Year
Derivative [Line Items]
Volume, barrels per day | bbl / d	0
Oil contracts | MEH Swap Contracts for Second Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	54,000
Oil contracts | MEH Swap Contracts for Third Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	43,000
Oil contracts | MEH Swap Contracts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	43,000
Oil contracts | MEH Swap Contracts for Year Two [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	2,055
Oil contracts | Midland WTI Swap Contracts for Second Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	5,000
Oil contracts | Midland WTI Swap Contracts for Third Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	5,000
Oil contracts | Midland WTI Swap Contracts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	5,000
Oil contracts | Midland WTI Swap Contracts for Year Two [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	0
Oil contracts | Brent Collar Contracts for Year Two [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	10,000
Oil contracts | MEH Collar Contracts with Short Puts for Second Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	20,187
Oil contracts | MEH Collar Contracts with Short Puts for Third Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	9,446
Oil contracts | MEH Collar Contracts with Short Puts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	9,446
Oil contracts | MEH Collar Contracts with Short Puts for Year Two [Member]
Derivative [Line Items]
Volume, barrels per day | bbl / d	0
Oil contracts, price per bbl | Brent swap contracts, Second Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	46.48
Oil contracts, price per bbl | Brent swap contracts, Third Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	44.45
Oil contracts, price per bbl | Brent swap contracts, Fourth Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	44.45
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, Second Quarter
Derivative [Line Items]
Ceiling, price per barrel	50.74
Floor, price per barrel	45.11
Short put, price per barrel	35.07
Oil contracts, price per bbl | Brent collar contracts with short puts, Third Quarter
Derivative [Line Items]
Ceiling, price per barrel	54.46
Floor, price per barrel	47.82
Short put, price per barrel	36.87
Oil contracts, price per bbl | Brent collar contracts with short puts, Fourth Quarter
Derivative [Line Items]
Ceiling, price per barrel	50.74
Floor, price per barrel	45.11
Short put, price per barrel	35.07
Oil contracts, price per bbl | Brent collar contracts with short puts, Next Year
Derivative [Line Items]
Ceiling, price per barrel	64.41
Floor, price per barrel	50.18
Short put, price per barrel	38.25
Oil contracts, price per bbl | Brent call contracts sold, Second Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	69.74
Oil contracts, price per bbl | Brent call contracts sold, Third Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	69.74
Oil contracts, price per bbl | Brent call contracts sold, Fourth Quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	69.74
Oil contracts, price per bbl | Brent call contracts sold, Next Year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	0
Oil contracts, price per bbl | MEH Swap Contracts for Second Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	41.85
Oil contracts, price per bbl | MEH Swap Contracts for Third Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	40.52
Oil contracts, price per bbl | MEH Swap Contracts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	40.52
Oil contracts, price per bbl | MEH Swap Contracts for Year Two [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	42.80
Oil contracts, price per bbl | Midland WTI Swap Contracts for Second Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	40.50
Oil contracts, price per bbl | Midland WTI Swap Contracts for Third Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	40.50
Oil contracts, price per bbl | Midland WTI Swap Contracts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	40.50
Oil contracts, price per bbl | Midland WTI Swap Contracts for Year Two [Member]
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	0
Oil contracts, price per bbl | Brent Collar Contracts for Year Two [Member]
Derivative [Line Items]
Ceiling, price per barrel	60.32
Floor, price per barrel	50
Oil contracts, price per bbl | MEH Collar Contracts with Short Puts for Second Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	59.39
Floor, price per barrel	49.30
Short put, price per barrel	39.30
Oil contracts, price per bbl | MEH Collar Contracts with Short Puts for Third Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	51.29
Floor, price per barrel	41.55
Short put, price per barrel	31.55
Oil contracts, price per bbl | MEH Collar Contracts with Short Puts for Fourth Quarter of Year One [Member]
Derivative [Line Items]
Ceiling, price per barrel	51.29
Floor, price per barrel	41.55
Short put, price per barrel	31.55
Oil contracts, price per bbl | MEH Collar Contracts with Short Puts for Year Two [Member]
Derivative [Line Items]
Ceiling, price per barrel	0
Floor, price per barrel	0
Short put, price per barrel	0

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Gas Derivative Contracts Volume and Weighted Average Prices) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2021MMBTU / d$ / MMBTU$ / bbl	Mar. 31, 2021MMBTU / d$ / bbl$ / MMBTU
Derivative [Line Items]
Derivative gain | $	$ 6
Swap contracts, Second Quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			20,000
Swap contracts, Second Quarter | Gas contracts, in MMBTU | Subsequent event
Derivative [Line Items]
Volume, barrels per day | MMBTU / d		20,000
Swap contracts, Second Quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.81
Swap contracts, Second Quarter | Gas contracts, price per MMBTU | Subsequent event
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU		3.01
Swap contracts, Third Quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			20,000
Swap contracts, Third Quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.81
Swap contracts, Fourth Quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			20,000
Swap contracts, Fourth Quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.81
Swap Contracts For Year Two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			0
Swap Contracts For Year Two | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			0
Permian collar contracts for the Second Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			200,000
Ceiling, price per barrel | $ / bbl			3.18
Short put, price per barrel | $ / MMBTU			2.56
Permian collar contracts for the Second Quarter of Year One [Member] | Gas contracts, in MMBTU | Subsequent event
Derivative [Line Items]
Volume, barrels per day | MMBTU / d		20,000
Ceiling, price per barrel | $ / bbl		3.31
Short put, price per barrel | $ / MMBTU		2.75
Permian collar contracts for the Third Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			200,000
Ceiling, price per barrel | $ / bbl			3.18
Short put, price per barrel | $ / MMBTU			2.56
Permian collar contracts for the Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			200,000
Ceiling, price per barrel | $ / bbl			3.18
Short put, price per barrel | $ / MMBTU			2.56
Permian collar contracts for Year Two [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
Dutch TTF Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			30,000
Dutch TTF Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			5.07
Dutch TTF Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			30,000
Dutch TTF Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			5.07
Dutch TTF Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			30,000
Dutch TTF Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			5.07
Dutch TTF Swap Contracts For Year Two [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			0
Dutch TTF Swap Contracts For Year Two [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			0
WAHA Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			116,484
WAHA Swap Contracts For Second Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.36
WAHA Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			116,304
WAHA Swap Contracts For Third Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.36
WAHA Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			116,304
WAHA Swap Contracts For Fourth Quarter of Year One [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.36
WAHA Swap Contracts For Year Two [Member] | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d			4,932
WAHA Swap Contracts For Year Two [Member] | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd | $ / MMBTU			2.46

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Net Fair Value Presented in the Consolidated Balance Sheet	$ 9	$ 5
Net Fair Value Presented in the Consolidated Balance Sheet	3	3
Liabilities:
Net Fair Value Presented in the Consolidated Balance Sheet	871	234
Derivatives	111	66
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current
Assets:
Fair Value	9	5
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	9	5
Liabilities:
Fair Value	829	198
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	829	198
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	42	11
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Derivatives	42	11
Derivatives not designated as hedging instruments | Commodity price derivatives | Other assets - noncurrent
Assets:
Fair Value		3
Gross Amounts Offset in the Consolidated Balance Sheet		0
Net Fair Value Presented in the Consolidated Balance Sheet		3
Derivatives not designated as hedging instruments | Marketing Derivatives [Member] | Derivatives - current
Liabilities:
Fair Value	42	36
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	42	36
Derivatives not designated as hedging instruments | Marketing Derivatives [Member] | Derivatives - noncurrent
Liabilities:
Fair Value	69	55
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Derivatives	$ 69	$ 55

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivative Obligations Under Terminated Hedge Arrangements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative gain (loss), net	$ (691)	$ 456
Contingent Consideration, Valuation Adjustment	0	(63)
Derivative gain (loss), net | Commodity price derivatives
Derivative [Line Items]
Derivative gain (loss), net	(664)	472
Derivative gain (loss), net | Interest rate derivatives
Derivative [Line Items]
Derivative gain (loss), net	0	(22)
Derivative gain (loss), net | Marketing Derivatives [Member]
Derivative [Line Items]
Derivative gain (loss), net	$ (27)	$ 6

Derivative Financial Instrume_7

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)bblPerDay	Mar. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Purchase Contract, Amount of Barrel To Be Purchased and Sold | bblPerDay	50,000
Long-term Purchase Commitment, Period	6 years
Derivative, Loss on Derivative	$ (20)
Derivative gain		$ 6
Payments for (Proceeds from) Derivative Instrument, Financing Activities	$ 7

Exploratory Costs (Schedule of

Exploratory Costs (Schedule of Capitalized Exploratory Well and Project Activity) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory well costs	$ 498
Additions to exploratory well costs pending the determination of proved reserves	505
Additions to capitalized exploratory well costs from acquisitions	183
Reclassification due to determination of proved reserves	(544)
Ending capitalized exploratory well costs	$ 642

Exploratory Costs (Aging of Cap

Exploratory Costs (Aging of Capitalized Exploratory Costs) (Details) $ in Millions	Mar. 31, 2021USD ($)Well	Dec. 31, 2020USD ($)Well
Extractive Industries [Abstract]
One year or less	$ 568	$ 495
More than one year	74	3
Total	$ 642	$ 498
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year (a) | Well	17	1

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 6,225	$ 3,548
Issuance costs and discounts	48	248
Total debt	6,177	3,300
Less current portion of long-term debt	0	(140)
Long-term debt	6,177	3,160
Senior notes
Debt Instrument [Line Items]
Less current portion of long-term debt	0
Long-term debt	$ 4,874	2,060
3.45% Senior Notes due 2021 | Senior notes
Debt Instrument [Line Items]
Stated interest rate	3.45%
Long-term debt	$ 0	140
3.95% Senior notes due 2022 | Senior notes
Debt Instrument [Line Items]
Stated interest rate	3.95%
Long-term debt	$ 244	244
0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Issuance costs and discounts	$ 20
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	1,323
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	241
1.90% Senior notes due 2030 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	1.90%
Long-term debt	$ 1,100	1,100
0.75% Senior notes due 2024 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	0.75%
Long-term debt	$ 750	0
1.125% Senior Notes due 2026 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	1.125%
Long-term debt	$ 750	0
5.625% Senior Notes due 2027 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	5.625%
Long-term debt	$ 179	0
4.125% Senior Notes due 2028 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	4.125%
Long-term debt	$ 138	0
2.15% Senior Notes due 2031 [Member] | Senior notes
Debt Instrument [Line Items]
Stated interest rate	2.15%
Long-term debt	$ 1,000	$ 0

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) $ / shares in Units, shares in Millions	Jan. 12, 2021USD ($)	May 31, 2020USD ($)Well$ / shares	Jan. 31, 2020USD ($)	Mar. 31, 2021USD ($)$ / sharesRateshares	Mar. 31, 2020USD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Aggregate loan commitments				$ 2,000,000,000			$ 1,500,000,000
Outstanding borrowing				0
Long-term debt				6,225,000,000			3,548,000,000
Proceeds from issuance of senior notes, net of discount				2,497,000,000	$ 0
Strike price | $ / shares		$ 109.77
Cap price | $ / shares		$ 156.21
Net costs		$ 113,000,000
Loss on early extinguishment of debt				5,000,000	$ 0
Issuance costs and discounts				(48,000,000)			(248,000,000)
Total debt				6,177,000,000			3,300,000,000
Equity component				202,000,000
Deferred tax provision				(44,000,000)
Retained Earnings (Accumulated Deficit)				$ 3,308,000,000			3,478,000,000
Share Price | $ / shares				$ 158.82
Cash Receivable If Capped Call Transaction Had Occurred				$ 559,000,000
Shares Receivable If Capped Call Transaction Had Occurred | shares				3.5
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Issuance costs and discounts						$ (202,000,000)
Retained Earnings (Accumulated Deficit)						22,000,000
Deferred tax liabilities						$ 44,000,000
Additional Paid-in Capital
Debt Instrument [Line Items]
Equity component				$ 230,000,000
Deferred tax provision				(50,000,000)
Retained Earnings
Debt Instrument [Line Items]
Equity component				(28,000,000)
Deferred tax provision				6,000,000
Parsley
Debt Instrument [Line Items]
Long-term debt	$ (3,238,000,000)
Estimate of Fair Value Measurement [Member] | Parsley
Debt Instrument [Line Items]
Long-term debt	(2,800,000,000)
0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Issuance costs and discounts				(20,000,000)
5.625% Senior Notes due 2027 and 4.125% Senior Notes due 2028
Debt Instrument [Line Items]
Repayments of Senior Debt	852,000,000
5.250% Senior Notes due 2025, 5.375% Senior Notes due 2025 and 5.875% Senior Notes due 2026
Debt Instrument [Line Items]
Repayments of Senior Debt	1,600,000,000
Senior notes
Debt Instrument [Line Items]
Debt issuance costs, net	24,000,000
Proceeds from issuance of senior notes, net of discount	2,500,000,000
Senior notes | Parsley
Debt Instrument [Line Items]
Long-term debt	$ (2,700,000,000)
Senior notes | 1.90% Senior notes due 2030 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 1,100,000,000			1,100,000,000
Stated interest rate | Rate				1.90%
Senior notes | 0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Long-term debt				$ 1,323,000,000			1,323,000,000
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%
Principal		$ 1,300,000,000
Senior notes | 3.45% Senior Notes due 2021
Debt Instrument [Line Items]
Long-term debt				$ 0			140,000,000
Stated interest rate | Rate				3.45%
Senior notes | 3.95% Senior notes due 2022
Debt Instrument [Line Items]
Long-term debt				$ 244,000,000			244,000,000
Stated interest rate | Rate				3.95%
Senior notes | 7.20% Senior notes due 2028
Debt Instrument [Line Items]
Long-term debt				$ 241,000,000			241,000,000
Stated interest rate | Rate				7.20%
Senior notes | 7.50% Senior notes due 2020
Debt Instrument [Line Items]
Debt principal payment			$ 140,000,000
Senior notes | 0.75% Senior notes due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 750,000,000			0
Stated interest rate | Rate				0.75%
Senior notes | 1.125% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 750,000,000			0
Stated interest rate | Rate				1.125%
Senior notes | 5.625% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 179,000,000			0
Stated interest rate | Rate				5.625%
Senior notes | 4.125% Senior Notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 138,000,000			0
Stated interest rate | Rate				4.125%
Senior notes | 2.15% Senior Notes due 2031 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 1,000,000,000			$ 0
Stated interest rate | Rate				2.15%
Senior notes | 5.250% Due 2025 | Parsley
Debt Instrument [Line Items]
Stated interest rate	5.25%
Senior notes | 5.375% Due 2025 | Parsley
Debt Instrument [Line Items]
Stated interest rate	5.375%
Senior notes | 5.875% Due 2026 | Jagged Peak
Debt Instrument [Line Items]
Stated interest rate	5.875%
Line of Credit | Parsley
Debt Instrument [Line Items]
Long-term debt	$ (397,000,000)

Long-term Debt (Principal and I

Long-term Debt (Principal and Issuance Costs and Discounts) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 6,225		$ 3,548
Issuance costs and discounts	48		248
Total debt	6,177		3,300
Interest expense	5	$ 5
0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Issuance costs and discounts	20
Interest expense	1
Interest expense	2
Interest Expense, Debt, Excluding Amortization	1
Senior notes | 0.25% Convertible Senior notes due 2025
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,323		$ 1,323

Long-term Debt (Interest Costs)

Long-term Debt (Interest Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Amortization of Debt Issuance Costs and Discounts	$ 5	$ 5
Debt Instrument [Line Items]
Interest expense	$ 5	$ 5

Incentive Plans (Long-Term Ince

Incentive Plans (Long-Term Incentive Plan) (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2021shares	Mar. 31, 2021shares
Parsley
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio	0.1252
2014 Parsley Plan | Parsley
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (shares)	37,299
Jagged Peak Plan | Parsley
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (shares)	1,166
2006 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards (in shares)		12,600,000
Awards issued under the plan (in shares)		(9,300,390)
Awards available for future grant (in shares)		4,179,185
2006 Long-Term Incentive Plan | Parsley
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards (in shares)		879,575

Incentive Plans (Schedule of St

Incentive Plans (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 58	$ 16
Due to affiliates	95		$ 102
Unrecognized stock-based compensation expense	$ 107
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	$ 11	11
Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6	0
Unrecognized stock-based compensation expense	21
Restricted Stock Liability Awards | Affiliates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to affiliates	7
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	7	4
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	1
Parsley | Restricted stock Parsley Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 33	$ 0

Incentive Plans (Share Based In

Incentive Plans (Share Based Incentive Award Activity) (Details)	3 Months Ended
	Mar. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance outstanding, shares	86,332
Awards granted, shares	0
Awards forfeited, shares	0
Awards exercised, shares	0
Awards exercised, shares	(55,173)
Ending balance outstanding, shares	30,744
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(415)
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	765,981
Awards granted, shares	107,967
Awards forfeited, shares	(1,484)
Awards vested, shares	(410,987)
Awards exercised, shares	0
Ending balance outstanding, shares	716,856
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	221,353
Awards granted, shares	3,085
Awards forfeited, shares	(2,055)
Awards vested, shares	(42,499)
Awards exercised, shares	0
Ending balance outstanding, shares	179,884
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	207,430
Awards granted, shares	173,423
Awards forfeited, shares	0
Awards vested, shares	(100,056)
Awards exercised, shares	0
Ending balance outstanding, shares	380,853
Parsley
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Awards granted, shares	0
Parsley | Restricted Stock Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards granted, shares	255,379
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number	(216,914)
Parsley | Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards granted, shares	0
Parsley | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards granted, shares	100,056

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations	$ 282
Liabilities assumed in the Parsley Acquisition	73
New wells placed on production	2
Changes in estimate	1
Accretion of discount	1	$ 2
Ending asset retirement obligations	353
Less current portion of asset retirement obligations	(56)
Asset retirement obligations - noncurrent	297
Asset Retirement Obligation, Liabilities Settled	$ (6)

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2021	Jul. 01, 2022	Dec. 31, 2022	Dec. 31, 2032
South Texas Divestiture
Loss Contingencies [Line Items]
Deficiency fee liability		$ (201)
Receivable from buyer		76
Credit support from third parties		100
South Texas Divestiture | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage	100.00%
Deficiency fee liability		270
South Texas Divestiture | Forecast
Loss Contingencies [Line Items]
Retained obligation percentage			100.00%
South Texas Divestiture | Forecast | Maximum
Loss Contingencies [Line Items]
Buyer recovery percentage			18.00%
Raton transportation commitments
Loss Contingencies [Line Items]
Credit support from third parties		50
Deficiency Fees Paid and Reimbursed		2
Raton transportation commitments | Maximum
Loss Contingencies [Line Items]
Deficiency fee liability		76
Raton transportation commitments | Forecast | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage					100.00%
West Eagle Ford Shale
Loss Contingencies [Line Items]
Credit support from third parties		19
West Eagle Ford Shale | Maximum
Loss Contingencies [Line Items]
Deficiency fee liability		19
West Eagle Ford Shale | Forecast | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage				100.00%
South Texas Divestiture | Other current liabilities | South Texas Divestiture
Loss Contingencies [Line Items]
Monetary sanctions		$ (133)

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Changes in Contract Obligations) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning contract obligations	$ 360
Liabilities settled	(142)
Accretion of discount	2
Ending contract obligations	220
South Texas Divestiture
Loss Contingency Accrual [Roll Forward]
Deficiency fee liability	$ (201)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions	Oct. 19, 2020	Dec. 31, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Ownership threshold for right to designate director	5.00%
Pressure pumping and related services charges			$ (56)	$ (67)
Accounts payable - due to affiliate			47		$ 45
Revenue - Service revenue			3,064	2,010
Income (loss) before income taxes			(81)	368
Idle frac fleet fees
Related Party Transaction [Line Items]
Pressure pumping and related services charges			$ (4)	$ (1)
ProPetro
Related Party Transaction [Line Items]
Revenue - Service revenue					789	$ 2,052
Costs and expenses					584	1,470
Income (loss) before income taxes					$ (107)	163
ProPetro | ProPetro
Related Party Transaction [Line Items]
Ownership percentage			16.00%
ProPetro | Pressure pumping assets | Sale of assets
Related Party Transaction [Line Items]
Shares received (shares)		16.6
Short-term receivable						$ 110

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	$ 3,064	$ 2,010
Oil sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	1,435	924
NGL sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	246	111
Gas sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	143	60
Total commodities sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	1,824	1,095
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	1,221	902
Sales of purchased gas
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	4	13
Sales of purchased diesel
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	15	0
Total sales of purchased commodities
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	$ 1,240	$ 915

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable balance representing amounts due or billable	$ 1,200	$ 661

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
	Mar. 31, 2021	Mar. 31, 2020
Interest and Other Income [Abstract]
Interest income	$ 1	$ 2
Deferred Compensation Plan Income	4	(3)
Contingent consideration fair value adjustment (Note 5)	0	(63)
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)	(54)	145
Other	1	3
Interest and other income (loss), net	$ 60	$ (206)

Other Expense (Schedule of Comp

Other Expense (Schedule of Components of Other Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
South Texas deficiency fee obligation	$ 0	$ 69
Parsley Acquisition transaction costs (a)	197	0
Winter Storm Uri gas commitment expenses	80	0
Unoccupied facility expense (c)	8	0
Idle drilling and well service equipment expense	4	8
Loss on early extinguishment of debt	5	0
Transportation commitment charges	7	4
Vertical integration services (income) loss, net	(4)	(4)
Other	7	8
Other expense	304	85
Gross Revenues Included In Third Party Loss From Vertical Integration Services	12	11
Gross Expenses Included In Third Party Loss From Vertical Integration Services	$ 8	$ 7

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax benefit (provision)	$ 18	$ (77)
Effective tax rate	14.00%	21.00%
Current Income Tax Expense (Benefit)	$ (7)	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Valuation Allowance [Line Items]
Deferred income taxes	$ 1,435	$ 1,366
Parsley
Valuation Allowance [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	2,000
Deferred income taxes	$ 130

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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (70)	$ 291
Participating share-based earnings	0	(1)
Basic and diluted net income (loss) attributable to common stockholders	$ (70)	$ 290
Basic and diluted weighted average shares outstanding	210	166

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - Common stock repurchase program - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 13, 2018
Equity, Class of Treasury Stock [Line Items]
Authorized amount			$ 2,000,000,000
Remaining authorized amount	$ 1,100,000,000
Purchases of treasury stock (shares)		110,000,000
Stock Repurchased During Period, Shares	0	919,794

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event - Double Eagle III Midco 1 LLC - USD ($) shares in Millions, $ in Millions	May 04, 2021	May 18, 2021
Subsequent Event [Line Items]
Total transaction value	$ 6,200
Number of shares issued (shares)	27.2
Payments to acquire businesses, gross	$ 1,000
Long-term debt	$ 890
Forecast
Subsequent Event [Line Items]
Principal		$ 650
Double Eagle III Midco 1 LLC | Senior notes
Subsequent Event [Line Items]
Stated interest rate		7.75%