Pioneer Natural Resources (PXD) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		244,133,701
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001038357

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 581	$ 1,442
Restricted cash	46	59
Accounts receivable, net	1,680	695
Income taxes receivable	1	4
Inventories	340	224
Derivatives	4	5
Investment in affiliate	144	123
Other	45	43
Total current assets	2,841	2,595
Oil and gas properties, using the successful efforts method of accounting:
Proved properties	35,582	23,934
Unproved properties	8,498	576
Accumulated depletion, depreciation and amortization	(11,836)	(10,071)
Total oil and gas properties, net	32,244	14,439
Other property and equipment, net	1,726	1,584
Operating lease right-of-use assets	319	197
Goodwill	261	261
Derivatives	1	3
Other assets	157	150
Total assets	37,549	19,229
Accounts payable:
Trade	2,227	928
Due to affiliates	168	102
Interest payable	30	35
Income taxes payable	29	4
Current portion of long-term debt	244	140
Derivatives	1,176	234
Operating leases	115	100
Other	546	363
Total current liabilities	4,535	1,906
Long-term debt	6,685	3,160
Derivatives	151	66
Deferred income taxes	1,833	1,366
Operating leases	220	110
Other liabilities	932	1,052
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 244,122,575 and 175,525,268 shares issued as of September 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	19,104	9,323
Treasury stock at cost: 139 and 11,047,856 shares as of September 30, 2021 and December 31, 2020, respectively	0	(1,234)
Retained earnings	4,087	3,478
Total equity	23,193	11,569
Commitments and contingencies
Total liabilities and equity	$ 37,549	$ 19,229

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	244,122,575	175,525,268
Treasury stock, shares (in shares)	139	11,047,856

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues and other income:
Revenue	$ 4,961	$ 1,857	$ 12,294	$ 5,008
Interest and other income (loss), net	2	13	42	(145)
Derivative loss, net	(501)	(141)	(2,024)	(41)
Gain on disposition of assets, net	1	2	14	7
Total revenues and other income	4,463	1,731	10,326	4,829
Costs and expenses:
Production and ad valorem taxes	179	63	445	182
Depletion, depreciation and amortization	704	393	1,825	1,243
Exploration and abandonments	10	16	40	35
General and administrative	72	64	216	180
Accretion of discount on asset retirement obligations	2	2	5	7
Interest	41	34	122	94
Other	34	98	384	273
Total costs and expenses	3,127	1,831	8,571	5,118
Income (loss) before income taxes	1,336	(100)	1,755	(289)
Income tax benefit (provision)	(291)	15	(400)	46
Net income (loss) attributable to common stockholders	$ 1,045	$ (85)	$ 1,355	$ (243)
Net income (loss) per share attributable to common stockholders:
Basic (usd per share)	$ 4.27	$ (0.52)	$ 5.88	$ (1.47)
Diluted (usd per share)	$ 4.07	$ (0.52)	$ 5.60	$ (1.47)
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	244	165	230	165
Diluted weighted average shares outstanding (in shares)	257	165	242	165
Dividends declared (usd per share)	$ 2.07	$ 0.55	$ 3.19	$ 1.65
Oil and gas
Revenues and other income:
Revenue	$ 3,282	$ 922	$ 7,787	$ 2,617
Costs and expenses:
Costs and expenses	323	163	890	506
Sales of purchased commodities
Revenues and other income:
Revenue	1,679	935	4,507	2,391
Costs and expenses:
Costs and expenses	$ 1,762	$ 998	$ 4,644	$ 2,598

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings
Beginning balance (in 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 (in shares)		8,000
Exercise of long-term incentive stock options	0		(1)	1
Purchases of treasury stock (in shares)		(1,007,000)
Purchases of treasury stock	(122)			(122)
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		316,000
Vested compensation awards, net	0
Compensation costs included in net income	16		16
Net loss	291				291
Ending balance (in 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 (in shares) at Dec. 31, 2019		165,547,000
Beginning balance at Dec. 31, 2019	12,136	$ 2	9,161	(1,069)	4,042
Stock-based compensation costs:
Net loss	(243)
Ending balance (in shares) at Sep. 30, 2020		164,403,000
Ending balance at Sep. 30, 2020	11,598	$ 2	9,305	(1,235)	3,526
Beginning balance (in shares) at Mar. 31, 2020		164,864,000
Beginning balance at Mar. 31, 2020	12,230	$ 2	9,176	(1,190)	4,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(91)				(91)
Equity component	230		230
Capped call	(113)		(113)
Deferred tax provision	(25)		(25)
Purchases of treasury stock (in shares)		(592,000)
Purchases of treasury stock	(50)			(50)
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		4,000
Vested compensation awards, net	0
Compensation costs included in net income	17		17
Net loss	(449)				(449)
Ending balance (in shares) at Jun. 30, 2020		164,276,000
Ending balance at Jun. 30, 2020	11,749	$ 2	9,285	(1,240)	3,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(91)				(91)
Exercise of long-term incentive stock options (in shares)		62,000
Exercise of long-term incentive stock options	6		(1)	7
Purchases of treasury stock (in shares)		(19,000)
Purchases of treasury stock	(2)			(2)
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		84,000
Vested compensation awards, net	0
Compensation costs included in net income	21		21
Net loss	(85)				(85)
Ending balance (in shares) at Sep. 30, 2020		164,403,000
Ending balance at Sep. 30, 2020	11,598	$ 2	9,305	(1,235)	3,526
Beginning balance (in 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)
Equity component	(202)		(230)		28
Deferred tax provision	44		50		(6)
Exercise of long-term incentive stock options (in shares)		55,000
Exercise of long-term incentive stock options	6		(2)	8
Purchases of treasury stock (in 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 Parsley Energy, Inc. ("Parsley") acquisition	6,882		5,644	1,238
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		623,000
Vested compensation awards, net	0
Compensation costs included in net income	19		19
Compensation costs included in net loss associated with Parsley acquisition	33		33
Net loss	(70)				(70)
Ending balance (in shares) at Mar. 31, 2021		216,711,000
Ending balance at Mar. 31, 2021	18,146	$ 2	14,837	(1)	3,308
Beginning balance (in 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]
Equity component			(230)		28
Deferred tax provision			50		(6)
Exercise of long-term incentive stock options (in shares)	55,173
Stock-based compensation costs:
Net loss	$ 1,355
Ending balance (in shares) at Sep. 30, 2021		244,122,000
Ending balance at Sep. 30, 2021	23,193	$ 2	19,104	0	4,087
Beginning balance (in shares) at Mar. 31, 2021		216,711,000
Beginning balance at Mar. 31, 2021	18,146	$ 2	14,837	(1)	3,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(138)				(138)
Purchases of treasury stock (in shares)		(2,000)
Purchases of treasury stock	(1)			(1)
Shares issued or reissued for acquisition (in shares)		27,187,000
Shares issued or reissued for Parsley Energy, Inc. ("Parsley") acquisition	4,234		4,234
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		63,000
Vested compensation awards, net	0
Compensation costs included in net income	17		17
Net loss	380				380
Ending balance (in shares) at Jun. 30, 2021		243,959,000
Ending balance at Jun. 30, 2021	22,638	$ 2	19,088	(2)	3,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(508)				(508)
Exercise of long-term incentive stock options (in shares)		53,000
Exercise of long-term incentive stock options	5		(2)	7
Purchases of treasury stock (in shares)		(34,000)
Purchases of treasury stock	(5)			(5)
Stock-based compensation costs:
Vested compensation awards, net or issued awards (in shares)		144,000
Vested compensation awards, net	0
Compensation costs included in net income	18		18
Net loss	1,045				1,045
Ending balance (in shares) at Sep. 30, 2021		244,122,000
Ending balance at Sep. 30, 2021	$ 23,193	$ 2	$ 19,104	$ 0	$ 4,087

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 2.07	$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 0.55	$ 3.19	$ 1.65

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 1,355	$ (243)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	1,825	1,243
Exploration expenses	3	8
Deferred income taxes	371	(36)
Gain on disposition of assets, net	(14)	(7)
Loss on early extinguishment of debt, net	2	27
Accretion of discount on asset retirement obligations	5	7
Interest expense	19	34
Derivative-related activity	636	129
Amortization of stock-based compensation	87	54
Investment in affiliate valuation adjustment	(21)	119
South Texas contingent consideration valuation adjustment	0	42
South Texas deficiency fee obligation	0	69
Other	116	94
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(601)	371
Inventories	(93)	13
Other assets	24	24
Accounts payable	515	(164)
Interest payable	(76)	(37)
Other liabilities	(318)	(201)
Net cash provided by operating activities	3,835	1,546
Cash flows from investing activities:
Proceeds from disposition of assets	59	58
Cash used in acquisitions, net of cash acquired	(826)	0
Additions to oil and gas properties	(2,191)	(1,297)
Additions to other assets and other property and equipment	(77)	(103)
Net cash used in investing activities	(3,035)	(1,342)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net of discount	3,247	1,091
Proceeds from issuance of convertible senior notes	0	1,323
Purchase of derivatives related to issuance of convertible senior notes	0	(113)
Borrowings under credit facility	650	800
Repayment of credit facilities	(1,287)	(800)
Repayment of senior notes, including tender offer premiums	(3,371)	(1,198)
Payments of other liabilities	(153)	(162)
Payments of financing fees	(32)	(36)
Purchases of treasury stock	(19)	(174)
Exercise of long-term incentive plan stock options and employee stock purchases	11	6
Dividends paid	(720)	(255)
Net cash provided by (used in) financing activities	(1,674)	482
Net increase (decrease) in cash, cash equivalents and restricted cash	(874)	686
Cash, cash equivalents and restricted cash, beginning of period	1,501	705
Cash, cash equivalents and restricted cash, end of period	$ 627	$ 1,391

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and for the three and nine months ended September 30, 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 and nine months ended September 30, 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 of the misstatement was material to its consolidated financial statements for the interim period ended September 30, 2020. In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the Company has corrected the misstatement for the three and nine months ended September 30, 2020 by restating the consolidated financial statements appearing herein. The net impact of these noncash corrections to the Company's previously reported consolidated financial statements for the three and nine months ended September 30, 2020 is as follows (in millions, except for per share data): As Reported Adjustments As Restated Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Oil and gas revenues $ 922 $ 2,617 $ — $ — $ 922 $ 2,617 Derivative gain (loss), net $ (57) $ 60 $ (84) $ (101) $ (141) $ (41) Total revenues and other income $ 1,815 $ 4,930 $ (84) $ (101) $ 1,731 $ 4,829 Total costs and expenses 1,831 5,118 — — 1,831 5,118 Loss before income taxes (16) (188) (84) (101) (100) (289) Income tax benefit (provision) (4) 18 19 28 15 46 Net loss $ (20) $ (170) $ (65) $ (73) $ (85) $ (243) Basic and diluted net loss per share attributable to common stockholders $ (0.12) $ (1.03) $ (0.40) $ (0.44) $ (0.52) $ (1.47) 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, 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 Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 0.250% 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. As part of the adoption of ASU 2020-06, 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 is no longer allowed. As such, the Company has transitioned to the if-converted method utilizing the modified retrospective approach, resulting in 12 million incremental shares being included in the Company's weighted-average diluted shares outstanding for the three and nine months ended September 30, 2021. See Note 16

Acquisitions, Divestitures and

Acquisitions, Divestitures and Restructuring Activities	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions, Divestitures and Restructuring Activities	Acquisitions, Divestitures and Restructuring Activities Acquisitions 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 27 million shares of Pioneer common stock and $1.0 billion of cash. The Pioneer stock consideration transferred had a fair value of $4.2 billion. Parsley 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 $6.9 billion. Both the Parsley Acquisition and the DoublePoint Acquisition were accounted for using the acquisition method under ASC Topic 805, Business Combinations, which requires all assets acquired and liabilities assumed to be recorded at fair value at the acquisition date. 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): Parsley Acquisition DoublePoint Acquisition As of January 12, 2021 As of May 4, 2021 Cash and cash equivalents (a) $ 118 $ 58 Accounts receivable 253 131 Derivatives 8 — Proved properties 5,110 3,929 Unproved properties 5,636 2,406 Other property and equipment 118 72 Operating lease right-of-use assets 201 2 Other assets 22 11 Total assets acquired 11,466 6,609 Accounts payable 337 232 Interest payable 49 22 Derivatives 317 86 Operating leases 201 2 Deferred income taxes 140 — Long-term debt 3,238 975 Other liabilities 301 58 Total liabilities assumed 4,583 1,375 Net assets acquired $ 6,883 $ 5,234 ______________________ (a) Cash used in investing activities as a result of the Parsley Acquisition and DoublePoint Acquisition includes (i) $2 million of cash used in the settlement of partial shares related to the conversion of Parsley Class A common stock at the Exchange Ratio and (ii) $1 billion of cash used to acquire DoublePoint, respectively. The following unaudited pro forma summary presents the results of operations as if the Parsley Acquisition and DoublePoint 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) (in millions) Revenues and other income $ 4,463 $ 2,168 $ 10,373 $ 6,797 Net income (loss) $ 1,045 $ (40) $ 1,210 $ (3,870) Divestitures • 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 gain on disposition of assets in the consolidated statements of operations for the nine months ended September 30, 2021. • In May 2020, the Company completed the sale of certain vertical wells and approximately 1,500 undeveloped acres in Upton County of the Permian Basin to an unaffiliated third party for net cash proceeds of $6 million. The Company recorded a gain of $6 million associated with the sale which is reflected in net gain on disposition of assets in the consolidated statements of operations for the nine months ended September 30, 2020. Restructuring During 2020, the Company implemented changes to respond to a reduction in expected activity levels as a result of the COVID-19 pandemic. In October 2020, the Company initiated a corporate restructuring whereby approximately 300 employees were involuntarily separated from the Company. The Company recorded $74 million of employee-related charges, including $3 million of noncash stock-based compensation expense related to the accelerated vesting of certain equity awards, in other expense in the consolidated statements of operations during the three and nine months ended September 30, 2020. See Note 8 and Note 14 for additional information. In June 2020, the Company implemented changes to its well services business, including a staffing reduction of approximately 50 employees. The employee-related costs associated with restructuring activities were primarily recorded in other expense in the consolidated statements of operations. Obligations associated with employee-related charges are included in accounts payable - due to affiliates in the consolidated balance sheets. See Note 14 for additional information. The changes in the Company's total employee-related obligations associated with divestiture and restructuring activities are as follows: Nine Months Ended September 30, 2021 2020 (in millions) Beginning employee-related obligations $ 3 $ 6 Additions (a) 1 75 Less: Noncash stock-based compensation — 3 Cash payments 3 7 Ending employee-related obligations $ 1 $ 71 ______________________ (a) Additions for the nine months ended September 30, 2021 primarily represent employee-related charges associated with the divestiture of the Company's well services business in March 2021. Additions for the nine months ended September 30, 2020 primarily represent employee-related charges associated with the 2020 corporate restructuring of $74 million and the Company's staffing reduction in its well services business of $1 million. See Note 14 for additional information.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. The fair value input hierarchy level to which an asset or liability measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety. The three input levels of the fair value hierarchy are as follows: • Level 1 – quoted prices for identical assets or liabilities in active markets. • Level 2 – quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates) and inputs derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs for the asset or liability, typically reflecting management's estimate of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore, determined using model-based techniques, including discounted cash flow models. Assets and liabilities measured at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows: As of September 30, 2021 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 5 $ — $ 5 Deferred compensation plan assets 74 — — 74 Investment in affiliate 144 — — 144 Total assets 218 5 — 223 Liabilities: Commodity price derivatives — 1,239 — 1,239 Marketing derivatives — — 88 88 Total liabilities — 1,239 88 1,327 Total recurring fair value measurements $ 218 $ (1,234) $ (88) $ (1,104) 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, collar contracts with short puts and option contracts, 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 September 30, 2021 and 2020 was $2.07 and $1.97 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 September 30, 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 and DoublePoint Acquisition. Both the Parsley Acquisition and DoublePoint Acquisition were accounted for using the acquisition method under ASC Topic 805, "Business Combinations", which requires all assets acquired and liabilities assumed in the acquisitions to be recorded at fair values at the acquisition date of each transaction. 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 acquisitions was valued based on Level 2 inputs that included using observable market prices to determine fair value. Net derivative liabilities assumed in the acquisitions 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 the divestiture of the Company's Eagle Ford assets and other remaining South Texas assets in May 2019 (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. Changes to the Company's forecasted deficiency fee obligation resulted in the Company recording a charge of $69 million to other expense during the nine months ended September 30, 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 September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 581 $ 581 $ 1,442 $ 1,442 Restricted cash (a) (b) $ 46 $ 46 $ 59 $ 59 Liabilities: Current portion of long-term debt: Senior notes (c) $ 244 $ 249 $ 140 $ 140 Long-term debt: Convertible Notes (c) (d) $ 1,305 $ 2,139 $ 1,100 $ 1,756 Senior notes (c) $ 5,380 $ 5,469 $ 2,060 $ 2,230 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Primarily relates to funds in escrow for use in future deficiency fee payments related to the South Texas Divestiture. Any remaining balance after the payment of the deficiency fees will revert to the Company on March 31, 2023. (c) 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. (d) Upon issuance of the Convertible Notes, the debt discount and related deferred income tax liability were recorded to additional paid-in capital. As part of the Company's early adoption of ASU 2020-06 on January 1, 2021 (see Note 2 ), the Company reclassified the debt discount and related deferred income tax liability of $230 million and $50 million, respectively, from additional paid-in capital to the Convertible Notes reported in long-term debt and deferred income taxes, respectively, in the consolidated balance sheets. 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	9 Months Ended
	Sep. 30, 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, (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, New York Mercantile Exchange ("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 pricing 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 September 30, 2021 and the weighted average oil prices per barrel for those contracts are as follows: 2021 Year Ending December 31, 2022 (a) Fourth Quarter Brent swap contracts: Volume per day (Bbl) 17,000 — Price per Bbl $ 44.45 $ — MEH swap contracts: Volume per day (Bbl) 43,000 2,055 Price per Bbl $ 40.52 $ 42.80 Midland WTI swap contracts: Volume per day (Bbl) 5,000 — Price per Bbl $ 40.50 $ — NYMEX WTI swap contracts: Volume per day (Bbl) 15,000 — Price per Bbl $ 52.85 $ — NYMEX rollfactor swap contracts: Volume per day (Bbl) 35,000 — Price per Bbl $ 0.17 $ — Midland WTI basis swap contracts: Volume per day (Bbl) 37,000 26,000 Price per Bbl $ 0.89 $ 0.50 Brent call contracts sold: Volume per day (Bbl) (b) 20,000 — Price per Bbl $ 69.74 $ — Brent collar contracts: Volume per day (Bbl) — 10,000 Price per Bbl: Ceiling $ — $ 60.32 Floor $ — $ 50.00 NYMEX WTI collar contracts: Volume per day (Bbl) 6,000 — Price per Bbl: Ceiling $ 55.54 $ — Floor $ 50.00 $ — Brent collar contracts with short puts: Volume per day (Bbl) 90,000 67,000 Price per Bbl: Ceiling $ 50.74 $ 66.02 Floor $ 45.11 $ 52.39 Short put $ 35.07 $ 39.25 MEH collar contracts with short puts: Volume per day (Bbl) 9,446 — Price per Bbl: Ceiling $ 51.29 $ — Floor $ 41.55 $ — Short put $ 31.55 $ — NYMEX WTI collar contracts with short puts: Volume per day (Bbl) — 12,000 Price per Bbl: Ceiling $ — $ 65.86 Floor $ — $ 52.50 Short put $ — $ 40.00 ______________________ (a) Between October 1, 2021 and November 1, 2021, the Company liquidated certain derivative contracts as follows (i) 8,152 Bbls per day of MEH swap contracts for January 2022 through March 2022 production with a weighted average swap price of $42.80, (ii) 10,000 Bbls per day of Brent collar contracts for January 2022 through December 2022 production with a weighted average call price of $60.32 and a put price of $50.00 and (iii) 20,000 Bbls per day of Brent collar contracts with short puts for January 2022 through December 2022 production with a weighted average call price of $57.88, put price of $45.50 and short put price of $35.00. (b) 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 September 30, 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 September 30, 2021 and the weighted average gas prices per MMBtu for those contracts are as follows: 2021 Year Ending December 31, 2022 Fourth Quarter NYMEX swap contracts: Volume per day (MMBtu) 160,000 — Price per MMBtu $ 3.63 $ — Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 Price per MMBtu $ 5.07 $ 8.87 WAHA swap contracts: Volume per day (MMBtu) 116,304 4,932 Price per MMBtu $ 2.36 $ 2.46 NYMEX collar contracts: Volume per day (MMBtu) 247,000 1,726 Price per MMBtu: Ceiling $ 3.20 $ 3.45 Floor $ 2.60 $ 2.75 NYMEX collar contracts with short puts: Volume per day (MMBtu) — 100,000 Price per MMBtu: Ceiling $ — $ 4.00 Floor $ — $ 3.20 Short put $ — $ 2.50 Basis swap contracts: Permian Basin index swap volume per day (MMBtu) (a) 7,000 1,726 Price differential ($/MMBtu) $ (0.39) $ (0.39) ____________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Permian Basin gas and the NYMEX index price used in swap contracts. Marketing derivatives. The Company uses marketing derivatives to diversify its oil pricing to Gulf Coast and international markets. 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 September 30, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 4 $ — $ 4 Commodity price derivatives Derivatives - noncurrent $ 1 $ — $ 1 Liabilities: Commodity price derivatives Derivatives - current $ 1,129 $ — $ 1,129 Marketing derivatives Derivatives - current $ 47 $ — $ 47 Commodity price derivatives Derivatives - noncurrent $ 110 $ — $ 110 Marketing derivatives Derivatives - noncurrent $ 41 $ — $ 41 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Commodity price derivatives Derivative loss, net $ (496) $ (56) $ (1,996) $ 81 Marketing derivatives Derivative loss, net $ (5) $ (85) $ (28) $ (100) Interest rate derivatives Derivative loss, net $ — $ — $ — $ (22) Contingent consideration Interest and other income (loss), net $ — $ 22 $ — $ (42) 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	9 Months Ended
	Sep. 30, 2021
Extractive Industries [Abstract]
Exploratory Costs	Exploratory Costs The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are 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: Nine Months Ended September 30, 2021 (in millions) Beginning capitalized exploratory well costs $ 498 Additions to exploratory well costs pending the determination of proved reserves 2,110 Additions to capitalized exploratory well costs from acquisitions 235 Reclassification due to determination of proved reserves (2,093) Ending capitalized exploratory well costs $ 750 Aging of capitalized exploratory costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year, based on the date drilling was completed, are as follows: As of As of (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 750 $ 495 More than one year — 3 $ 750 $ 498 Number of wells or projects with exploratory well costs that have been — 1

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The components of long-term debt, including the effects of issuance costs and issuance discounts, are as follows: As of September 30, 2021 As of December 31, 2020 (in millions) Outstanding debt principal balances: 3.450% senior notes due 2021 $ — $ 140 3.950% senior notes due 2022 244 244 0.550% senior notes due 2023 750 — 0.750% senior callable notes due 2024 750 — 0.250% convertible senior notes due 2025 1,323 1,323 1.125% senior notes due 2026 750 — 4.450% senior notes due 2026 500 500 5.625% senior notes due 2027 179 — 7.200% senior notes due 2028 241 241 4.125% senior notes due 2028 138 — 1.900% senior notes due 2030 1,100 1,100 2.150% senior notes due 2031 1,000 — 6,975 3,548 Issuance costs and discounts, net (46) (248) Total debt 6,929 3,300 Less current portion of long-term debt 244 140 Long-term debt $ 6,685 $ 3,160 Credit facility. The Company maintains a revolving corporate credit facility (the "Credit Facility") with a syndicate of financial institutions and has aggregate loan commitments of $2.0 billion. On January 12, 2021, Pioneer entered into the First Amendment to Credit Agreement (the "Amendment") with Wells Fargo Bank, National Association, as Administrative Agent, and the other agents and lenders party thereto. The primary changes attributable to the Amendment were to increase the aggregate loan commitments from $1.5 billion to $2.0 billion, extend the maturity of the Credit Facility to January 12, 2026 and to nominally adjust the drawn and undrawn pricing. As of September 30, 2021, the Company had no outstanding borrowings under the Credit Facility and was in compliance with its debt covenants. Assumption of DoublePoint notes and payoff of DoublePoint credit facility. In connection with the completion of the DoublePoint Acquisition, the Company assumed DoublePoint's outstanding senior notes of $650 million in aggregate principal amount (with a fair value of $735 million) and DoublePoint's credit facility with an outstanding balance of $240 million. The Company repaid and terminated the DoublePoint credit facility agreement on May 4, 2021. Assumption of Parsley notes and payoff of Parsley credit facility. In connection with the completion of the Parsley Acquisition, the Company assumed Parsley's outstanding senior notes of $2.7 billion in aggregate principal amount (with a fair value of $2.8 billion) and Parsley's credit facility with an outstanding balance of $397 million. The Company repaid and terminated the Parsley credit facility agreement on January 12, 2021. Senior notes. In May 2021, the Company issued $750 million of 0.550% senior notes that will mature May 15, 2023 (the "May 2021 Senior Notes Offering"). The Company received proceeds, net of $4 million of issuance costs and discounts, of $746 million. Interest on the notes will be payable on May 15 and November 15 of each year. The senior notes are unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company. The Company used $731 million of the proceeds from the May 2021 Senior Notes Offering to redeem DoublePoint's 7.750% senior notes due 2025. Associated with the redemption, the Company recognized a $3 million gain on the early extinguishment of debt. See Note 14 for additional information. In January 2021, the Company issued $750 million of 0.750% senior callable notes that will mature January 15, 2024, $750 million of 1.125% senior notes that will mature January 15, 2026 and $1.0 billion of 2.150% senior notes that will mature January 15, 2031 (the "January 2021 Senior Notes Offering"). The Company received proceeds, net of $24 million of issuance costs and discounts, of $2.5 billion. Interest on each of the new notes will be payable on January 15 and July 15 of each year. The senior notes are unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company. The Company used the proceeds from the January 2021 Senior Notes Offering to pay (i) $1.6 billion to redeem Parsley's 5.250% senior notes due 2025, Parsley's 5.375% senior notes due 2025 and Jagged Peak's 5.875% senior notes due 2026 and (ii) $852 million to purchase a portion of Parsley's 5.625% senior notes due 2027 and Parsley's 4.125% senior notes due 2028 pursuant to a cash tender offer. In connection with the tender offers, the Company also obtained the requisite consents from holders of Parsley's 5.625% senior notes due 2027 and 4.125% senior notes due 2028 to amend the indentures pursuant to which the notes were issued to, among other things, (i) eliminate substantially all of the restrictive covenants and related provisions and certain events of default contained in each indenture and (ii) shorten the minimum notice requirement for optional redemptions to three days. Associated with the redemption and tenders, the Company recognized a $5 million loss on the early extinguishment of debt. See Note 14 for additional information. The Company's 3.450% senior notes, with a debt principal balance of $140 million, matured and were repaid in January 2021. The Company funded the repayment with cash on hand. The Company's 3.950% senior notes, with a debt principal balance of $244 million, will mature in July 2022. The 3.950% senior notes are recorded in the current portion of long-term debt in the consolidated balance sheet as of September 30, 2021. Convertible senior notes. In May 2020, the Company issued $1.3 billion principal amount of convertible senior notes due 2025. The Convertible Notes bear a fixed interest rate of 0.250% per year, with interest payable on May 15 and November 15 of each year. The Convertible Notes will mature on May 15, 2025, unless earlier redeemed, repurchased or converted. The Convertible Notes are unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company. The Convertible Notes are convertible into shares of the Company's common stock at an adjusted conversion rate of 9.2055 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes (subject to further adjustment pursuant to the terms of the notes indenture, the "Conversion Rate"), which represents an adjusted conversion price of $108.63 per share (subject to further adjustment pursuant to the terms of the notes indenture, the "Conversion Price"). Upon conversion, the Convertible Notes will be settled in cash, shares of the Company's common stock or a combination thereof, at the Company's election. Holders of the Convertible Notes may convert their notes at their option prior to February 15, 2025 under the following circumstances: • during the quarter following any quarter during which the last reported sales price of the Company's common stock for at least 20 of the last 30 consecutive trading days of such quarter exceeds 130 percent of the Conversion Price; • during the five-day period following any five consecutive trading day period when the trading price of the Convertible Notes is less than 98 percent of the price of the Company's common stock times the Conversion Rate; • upon notice of redemption by the Company; or • upon the occurrence of specified corporate events, including certain consolidations or mergers. On or after February 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. The Company may not redeem the Convertible Notes prior to May 20, 2023, and after such date, may redeem the Convertible Notes only if the last reported sale price of the Company's common stock has been at least 130 percent of the Conversion Price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides the notice of redemption. The redemption price is equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. During the last 30 consecutive trading days of the third quarter of 2021, the last reported sales prices of the Company's common stock exceeded 130 percent of the Conversion Price for at least 20 trading days, causing the Convertible Notes to become convertible at the option of the holders during the three month period ending December 31, 2021. As of September 30, 2021, if converted by the holder, the Company intends to settle the Convertible Notes in cash with cash on hand or through borrowings under its Credit Facility. The Company reserves its right under the notes indenture to elect to settle the Convertible Notes in shares of the Company's common stock or a combination of cash and common stock. The Company early adopted ASU 2020-06 on January 1, 2021. Upon issuance of the Convertible Notes in May 2020, the Company bifurcated the debt and equity components of the Convertible Notes between 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. As part of the adoption of ASU 2020-06, 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 the reversal of the $28 million 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 2 for additional information. As of September 30, 2021, the Convertible Notes had an outstanding principal balance of $1.3 billion and unamortized issuance costs of $17 million. The effective interest rate related to interest expense to be recorded over the life of the Convertible Notes is 0.6 percent. See Note for additional information regarding the effect of the early adoption of ASU 2020-06 on the debt discount on the Company's Convertible Notes. The interest costs recognized on the Convertible Notes, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Contractual coupon interest $ 1 $ 1 $ 3 $ 1 Amortization of debt discount and issuance costs 1 12 3 19 $ 2 $ 13 $ 6 $ 20 Capped call transactions. In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain financial institution counterparties (the "Capped Call"), the purpose of which was to reduce the potential dilution to the Company's common stock upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted notes, with such reduction and offset subject to a capped price. The Capped Call transactions have an adjusted strike price of $108.63 per share of common stock and an adjusted capped price of $154.59 per share of common stock. The net costs of $113 million incurred to purchase the Capped Call transactions were recorded as a reduction to additional paid-in capital.

Incentive Plans

Incentive Plans	9 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
Incentive Plans	Incentive PlansIn 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 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 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 (9,459,418) Awards available for future grant 4,020,157 ______________________ (a) Under New York Stock Exchange rules, the Company added the 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Restricted stock - equity awards $ 11 $ 15 $ 32 $ 37 Restricted stock - liability awards (a) 3 4 12 7 Restricted stock and performance units - Parsley awards (b) — — 33 — Performance unit awards 6 6 20 15 Employee stock purchase plan 1 — 2 2 $ 21 $ 25 $ 99 $ 61 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of September 30, 2021 and December 31, 2020, accounts payable – due to affiliates included $4 million and $7 million, respectively, of liabilities attributable to Liability Awards. (b) Represents the accelerated vesting of Parsley restricted stock equity awards and performance units upon completion of the Parsley Acquisition, which was recorded to other expense in the consolidated statements of operations. As of September 30, 2021, there was $105 million of unrecognized stock-based compensation expense related to unvested share-based compensation awards, including $25 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: Nine Months Ended September 30, 2021 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 765,981 221,353 207,430 86,332 Awards granted 304,142 71,870 173,423 — Awards assumed (a) (c) 255,379 — 100,056 — Awards forfeited (7,329) (5,848) — — Awards vested (b) (c) (562,752) (100,956) (100,056) — Options exercised — — — (55,173) Options expired — — — (415) Ending incentive compensation awards 755,421 186,419 380,853 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	9 Months Ended
	Sep. 30, 2021
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The changes in asset retirement obligations are as follows: Nine Months Ended September 30, 2021 (in millions) Beginning asset retirement obligations $ 282 Liabilities assumed in the Parsley Acquisition 73 Liabilities assumed in the DoublePoint Acquisition 37 New wells placed on production 8 Changes in estimates (a) (1) Liabilities settled (27) Accretion of discount 5 Ending asset retirement obligations 377 Less current portion of asset retirement obligations (61) Asset retirement obligations - noncurrent $ 316 ______________________

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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, royalties and income taxes. Also associated with its divestiture transactions, the Company has issued and received guarantees to facilitate the transfer of contractual obligations, such as firm transportation agreements or gathering and processing arrangements. The Company does not recognize a liability if the fair value of the obligation is immaterial and the likelihood of making payments under these guarantees is remote. South Texas Divestiture. In conjunction with the South Texas Divestiture, the Company transferred its long-term midstream agreements and associated 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 $260 million as of September 30, 2021. As of September 30, 2021, the Company's estimated deficiency fee obligation of $198 million is included in other current liabilities in the consolidated balance sheets. The deficiency fee receivable from the buyer of $77 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 $72 million as of September 30, 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 nine months ended September 30, 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 $16 million as of September 30, 2021. The Company has received credit support for the commitments of up to $17 million. Certain contractual obligations were retained by the Company after some divestitures, including the aforementioned South Texas Divestiture. These contractual obligations are 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: Nine Months Ended September 30, 2021 (in millions) Beginning contract obligations $ 360 Liabilities settled (159) Accretion of discount 6 Changes in estimate (a) (2) Ending contract obligations $ 205 ______________________ (a) Represents differences between estimated and actual liabilities settled.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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. In July 2021, ProPetro announced that, effective August 31, 2021, Mr. Gobe would transition from ProPetro's Chairman and Chief Executive Officer to Executive Chairman. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Pressure pumping and related services charges (a) $ 130 $ 21 $ 297 $ 163 ____________________ (a) Includes no idle frac fleet fees for the three months ended September 30, 2021 and $5 million of idle frac fleet fees for the nine months ended September 30, 2021, as compared to $6 million and $35 million of idle frac fleet fees for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 As of December 31, 2020 (in millions) Accounts payable - due to affiliate (a) $ 97 $ 45 ____________________ (a) Represents amounts payable for 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: Six Months Ended June 30, 2021 2020 (in millions) Revenue - Service revenue $ 378 $ 501 Cost of services (exclusive of depreciation and amortization) $ 286 $ 369 Net loss $ (29) $ (34)

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Oil sales $ 2,477 $ 724 $ 6,043 $ 2,101 NGL sales 515 129 1,135 344 Gas sales 290 69 609 172 Total oil and gas revenues 3,282 922 7,787 2,617 Sales of purchased oil 1,642 934 4,422 2,373 Sales of purchased gas 22 1 38 18 Sales of purchased diesel 15 — 47 — Total sales of purchased commodities 1,679 935 4,507 2,391 Total revenue from contracts with purchasers $ 4,961 $ 1,857 $ 12,294 $ 5,008 As of September 30, 2021 and December 31, 2020, the accounts receivable balance representing amounts due or billable under the terms of contracts with purchasers was $1.6 billion and $661 million, respectively.

Interest and Other Income (Loss

Interest and Other Income (Loss), Net	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ (8) $ (18) $ 21 $ (119) Deferred compensation plan income 3 6 11 3 Contingent consideration fair value adjustment ( Note 5 ) — 22 — (42) Other 7 3 10 13 $ 2 $ 13 $ 42 $ (145)

Other Expense

Other Expense	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Parsley Acquisition transaction costs (a) $ 3 $ — $ 209 $ — Winter Storm Uri gas commitments (b) — — 80 — DoublePoint Acquisition transaction costs (c) 5 — 32 — Unoccupied facility expense (d) 10 — 26 (1) Transportation commitment charges (e) 5 4 15 12 Termination and idle drilling and frac equipment charges (f) — 16 5 69 Loss on early extinguishment of debt ( Note 7 ) — — 2 27 Restructuring charges ( Note 3 ) — 74 1 75 South Texas deficiency fee obligation ( Note 4 ) — — — 69 Vertical integration services loss (income), net (g) 2 (2) (4) (1) Other 9 6 18 23 $ 34 $ 98 $ 384 $ 273 ____________________ (a) Represents costs associated with the Parsley Acquisition, which includes $90 million of employee-related costs and $119 million of transaction-related fees during the nine months ended September 30, 2021 and $3 million of transaction-related fees during the three months ended September 30, 2021. See Note 3 and Note 8 for additional information. (b) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (c) Represents transaction-related fees associated with the DoublePoint Acquisition. See Note 3 for additional information. (d) Primarily facilities expense associated with certain acquired Parsley offices that are no longer occupied. (e) Primarily represents firm transportation payments on excess pipeline capacity commitments. (f) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (g) 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. The components of the vertical integration services net margins are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Gross revenues $ 9 $ 11 $ 32 $ 36 Gross costs and expenses $ 11 $ 9 $ 28 $ 35

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Current tax benefit (provision) $ (11) $ (1) $ (29) $ 10 Deferred tax benefit (provision) (280) 16 (371) 36 Income tax benefit (provision) $ (291) $ 15 $ (400) $ 46 Effective tax rate 22 % 15 % 23 % 16 % 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 and nine months ended September 30, 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 2019 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 2014. As of September 30, 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. DoublePoint Acquisition. The Company purchased all the membership interests of DoublePoint, a disregarded entity for federal income tax purposes. As a result, for tax purposes, the Company recorded the cost basis in the assets acquired equal to its purchase price (i.e. stepped-up basis).

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Net income (loss) attributable to common stockholders $ 1,045 $ (85) $ 1,355 $ (243) Participating share-based earnings (a) (3) — (4) — Basic net income (loss) attributable to common stockholders 1,042 (85) 1,351 (243) Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes 2 — 5 — Diluted net income (loss) attributable to common stockholders $ 1,044 $ (85) $ 1,356 $ (243) Basic weighted average shares outstanding 244 165 230 165 Contingently issuable stock-based compensation 1 — — — Convertible Notes (b) 12 — 12 — Diluted weighted average shares outstanding 257 165 242 165 ____________________ (a) Unvested restricted stock awards represent participating securities because they participate in non-forfeitable dividends with the common equity owners of the Company. Participating share-based earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so. The dilutive effect of the reallocation of participating share-based earnings to diluted net income (loss) attributable to common stockholders was negligible. (b) Diluted weighted average common shares outstanding have been increased to reflect the dilutive effect that would have resulted if the Company's Convertible Notes had been converted at the beginning of the three and nine months ended September 30, 2021. If converted by the holder, the Company intends to settle the Convertible Notes in cash. Stock repurchase program . In December 2018, the Company's board of directors authorized a $2 billion common stock repurchase program. Under this stock repurchase program, the Company may repurchase shares at management's discretion in accordance with applicable securities laws. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Act of 1934, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company's insider trading policy. The stock repurchase program has no time limit and may be modified, suspended or terminated at any time by the board of directors. Expenditures to acquire shares under the share repurchase program are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Share repurchases (a) $ — $ — $ — $ 160 ____________________ (a) During the three and nine months ended September 30, 2021, no shares were repurchased under the share repurchase program, as compared to no shares repurchased and 1,511,930 shares repurchased for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, $1.1 billion remains available for use to repurchase shares under the Company's common stock repurchase program.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Base Dividend. In November 2021, the board of directors declared a quarterly base dividend of $0.62 per share on the Company's outstanding common stock, payable January 14, 2022 to stockholders of record at the close of business on December 31, 2021. Variable Dividend. In November 2021, the board of directors declared a cash dividend of $3.02 per share on the Company's outstanding common stock, payable December 14, 2021 to stockholders of record at the close of business on November 30, 2021. Divestitures Delaware Divestiture. In November 2021, the Company entered into a definitive agreement with Continental Resources, Inc. to sell all of its assets in the Delaware Basin for cash proceeds of $3.25 billion, subject to normal closing adjustments. The Company expects to recognize a pretax loss of $900 million to $1.1 billion. For tax purposes the Company expects to recognize a gain of $1.1 billion to $1.3 billion which is expected to be offset by the Company's existing federal net operating losses, resulting in no federal taxes and $7 million to $11 million of state taxes expected to be paid associated with the divestiture. The transaction is expected to close in late December 2021, subject to the satisfaction of customary closing conditions, including regulatory approval. The Delaware Basin assets did not meet the criteria to be considered held-for-sale at September 30, 2021. Glasscock Divestiture. In October 2021, the Company completed the sale of approximately 20,000 net acres in western Glasscock County to Laredo Petroleum, Inc. ("Laredo") in exchange for approximately $160 million in cash and approximately 960 thousand shares of Laredo's common stock representing total consideration transferred of $230 million. The sale of these assets is expected to result in a pretax gain of approximately $5 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and for the three and nine months ended September 30, 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 and nine months ended September 30, 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 of the misstatement was material to its consolidated financial statements for the interim period ended September 30, 2020. In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the Company has corrected the misstatement for the three and nine months ended September 30, 2020 by restating the consolidated financial statements appearing herein. The net impact of these noncash corrections to the Company's previously reported consolidated financial statements for the three and nine months ended September 30, 2020 is as follows (in millions, except for per share data): As Reported Adjustments As Restated Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Oil and gas revenues $ 922 $ 2,617 $ — $ — $ 922 $ 2,617 Derivative gain (loss), net $ (57) $ 60 $ (84) $ (101) $ (141) $ (41) Total revenues and other income $ 1,815 $ 4,930 $ (84) $ (101) $ 1,731 $ 4,829 Total costs and expenses 1,831 5,118 — — 1,831 5,118 Loss before income taxes (16) (188) (84) (101) (100) (289) Income tax benefit (provision) (4) 18 19 28 15 46 Net loss $ (20) $ (170) $ (65) $ (73) $ (85) $ (243) Basic and diluted net loss per share attributable to common stockholders $ (0.12) $ (1.03) $ (0.40) $ (0.44) $ (0.52) $ (1.47)
Adoption of new accounting standards and new accounting pronouncements	Adoption of new accounting standards. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 0.250% 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. As part of the adoption of ASU 2020-06, 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 is no longer allowed. As such, the Company has transitioned to the if-converted method utilizing the modified retrospective approach, resulting in 12 million incremental shares being included in the Company's weighted-average diluted shares outstanding for the three and nine months ended September 30, 2021. See Note 16

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The net impact of these noncash corrections to the Company's previously reported consolidated financial statements for the three and nine months ended September 30, 2020 is as follows (in millions, except for per share data): As Reported Adjustments As Restated Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Oil and gas revenues $ 922 $ 2,617 $ — $ — $ 922 $ 2,617 Derivative gain (loss), net $ (57) $ 60 $ (84) $ (101) $ (141) $ (41) Total revenues and other income $ 1,815 $ 4,930 $ (84) $ (101) $ 1,731 $ 4,829 Total costs and expenses 1,831 5,118 — — 1,831 5,118 Loss before income taxes (16) (188) (84) (101) (100) (289) Income tax benefit (provision) (4) 18 19 28 15 46 Net loss $ (20) $ (170) $ (65) $ (73) $ (85) $ (243) Basic and diluted net loss per share attributable to common stockholders $ (0.12) $ (1.03) $ (0.40) $ (0.44) $ (0.52) $ (1.47)

Acquisitions, Divestitures an_2

Acquisitions, Divestitures and Restructuring Activities (Tables)	9 Months Ended
	Sep. 30, 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): Parsley Acquisition DoublePoint Acquisition As of January 12, 2021 As of May 4, 2021 Cash and cash equivalents (a) $ 118 $ 58 Accounts receivable 253 131 Derivatives 8 — Proved properties 5,110 3,929 Unproved properties 5,636 2,406 Other property and equipment 118 72 Operating lease right-of-use assets 201 2 Other assets 22 11 Total assets acquired 11,466 6,609 Accounts payable 337 232 Interest payable 49 22 Derivatives 317 86 Operating leases 201 2 Deferred income taxes 140 — Long-term debt 3,238 975 Other liabilities 301 58 Total liabilities assumed 4,583 1,375 Net assets acquired $ 6,883 $ 5,234 ______________________ (a) Cash used in investing activities as a result of the Parsley Acquisition and DoublePoint Acquisition includes (i) $2 million of cash used in the settlement of partial shares related to the conversion of Parsley Class A common stock at the Exchange Ratio and (ii) $1 billion of cash used to acquire DoublePoint, respectively.
Business Acquisition, Pro Forma Information	The following unaudited pro forma summary presents the results of operations as if the Parsley Acquisition and DoublePoint 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) (in millions) Revenues and other income $ 4,463 $ 2,168 $ 10,373 $ 6,797 Net income (loss) $ 1,045 $ (40) $ 1,210 $ (3,870)
Restructuring and Related Costs	The changes in the Company's total employee-related obligations associated with divestiture and restructuring activities are as follows: Nine Months Ended September 30, 2021 2020 (in millions) Beginning employee-related obligations $ 3 $ 6 Additions (a) 1 75 Less: Noncash stock-based compensation — 3 Cash payments 3 7 Ending employee-related obligations $ 1 $ 71 ______________________ (a) Additions for the nine months ended September 30, 2021 primarily represent employee-related charges associated with the divestiture of the Company's well services business in March 2021. Additions for the nine months ended September 30, 2020 primarily represent employee-related charges associated with the 2020 corporate restructuring of $74 million and the Company's staffing reduction in its well services business of $1 million. See Note 14 for additional information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Fair Value Measurement Quoted Prices in Significant Significant Total (in millions) Assets: Commodity price derivatives $ — $ 5 $ — $ 5 Deferred compensation plan assets 74 — — 74 Investment in affiliate 144 — — 144 Total assets 218 5 — 223 Liabilities: Commodity price derivatives — 1,239 — 1,239 Marketing derivatives — — 88 88 Total liabilities — 1,239 88 1,327 Total recurring fair value measurements $ 218 $ (1,234) $ (88) $ (1,104) 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 September 30, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 581 $ 581 $ 1,442 $ 1,442 Restricted cash (a) (b) $ 46 $ 46 $ 59 $ 59 Liabilities: Current portion of long-term debt: Senior notes (c) $ 244 $ 249 $ 140 $ 140 Long-term debt: Convertible Notes (c) (d) $ 1,305 $ 2,139 $ 1,100 $ 1,756 Senior notes (c) $ 5,380 $ 5,469 $ 2,060 $ 2,230 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Primarily relates to funds in escrow for use in future deficiency fee payments related to the South Texas Divestiture. Any remaining balance after the payment of the deficiency fees will revert to the Company on March 31, 2023. (c) 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. (d) Upon issuance of the Convertible Notes, the debt discount and related deferred income tax liability were recorded to additional paid-in capital. As part of the Company's early adoption of ASU 2020-06 on January 1, 2021 (see Note 2

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and the weighted average oil prices per barrel for those contracts are as follows: 2021 Year Ending December 31, 2022 (a) Fourth Quarter Brent swap contracts: Volume per day (Bbl) 17,000 — Price per Bbl $ 44.45 $ — MEH swap contracts: Volume per day (Bbl) 43,000 2,055 Price per Bbl $ 40.52 $ 42.80 Midland WTI swap contracts: Volume per day (Bbl) 5,000 — Price per Bbl $ 40.50 $ — NYMEX WTI swap contracts: Volume per day (Bbl) 15,000 — Price per Bbl $ 52.85 $ — NYMEX rollfactor swap contracts: Volume per day (Bbl) 35,000 — Price per Bbl $ 0.17 $ — Midland WTI basis swap contracts: Volume per day (Bbl) 37,000 26,000 Price per Bbl $ 0.89 $ 0.50 Brent call contracts sold: Volume per day (Bbl) (b) 20,000 — Price per Bbl $ 69.74 $ — Brent collar contracts: Volume per day (Bbl) — 10,000 Price per Bbl: Ceiling $ — $ 60.32 Floor $ — $ 50.00 NYMEX WTI collar contracts: Volume per day (Bbl) 6,000 — Price per Bbl: Ceiling $ 55.54 $ — Floor $ 50.00 $ — Brent collar contracts with short puts: Volume per day (Bbl) 90,000 67,000 Price per Bbl: Ceiling $ 50.74 $ 66.02 Floor $ 45.11 $ 52.39 Short put $ 35.07 $ 39.25 MEH collar contracts with short puts: Volume per day (Bbl) 9,446 — Price per Bbl: Ceiling $ 51.29 $ — Floor $ 41.55 $ — Short put $ 31.55 $ — NYMEX WTI collar contracts with short puts: Volume per day (Bbl) — 12,000 Price per Bbl: Ceiling $ — $ 65.86 Floor $ — $ 52.50 Short put $ — $ 40.00 ______________________ (a) Between October 1, 2021 and November 1, 2021, the Company liquidated certain derivative contracts as follows (i) 8,152 Bbls per day of MEH swap contracts for January 2022 through March 2022 production with a weighted average swap price of $42.80, (ii) 10,000 Bbls per day of Brent collar contracts for January 2022 through December 2022 production with a weighted average call price of $60.32 and a put price of $50.00 and (iii) 20,000 Bbls per day of Brent collar contracts with short puts for January 2022 through December 2022 production with a weighted average call price of $57.88, put price of $45.50 and short put price of $35.00. (b) 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 September 30, 2021 and the weighted average gas prices per MMBtu for those contracts are as follows: 2021 Year Ending December 31, 2022 Fourth Quarter NYMEX swap contracts: Volume per day (MMBtu) 160,000 — Price per MMBtu $ 3.63 $ — Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 Price per MMBtu $ 5.07 $ 8.87 WAHA swap contracts: Volume per day (MMBtu) 116,304 4,932 Price per MMBtu $ 2.36 $ 2.46 NYMEX collar contracts: Volume per day (MMBtu) 247,000 1,726 Price per MMBtu: Ceiling $ 3.20 $ 3.45 Floor $ 2.60 $ 2.75 NYMEX collar contracts with short puts: Volume per day (MMBtu) — 100,000 Price per MMBtu: Ceiling $ — $ 4.00 Floor $ — $ 3.20 Short put $ — $ 2.50 Basis swap contracts: Permian Basin index swap volume per day (MMBtu) (a) 7,000 1,726 Price differential ($/MMBtu) $ (0.39) $ (0.39) ____________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Permian Basin gas and the NYMEX index price used in swap contracts.
Offsetting asset and liability	The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of September 30, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Commodity price derivatives Derivatives - current $ 4 $ — $ 4 Commodity price derivatives Derivatives - noncurrent $ 1 $ — $ 1 Liabilities: Commodity price derivatives Derivatives - current $ 1,129 $ — $ 1,129 Marketing derivatives Derivatives - current $ 47 $ — $ 47 Commodity price derivatives Derivatives - noncurrent $ 110 $ — $ 110 Marketing derivatives Derivatives - noncurrent $ 41 $ — $ 41 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Commodity price derivatives Derivative loss, net $ (496) $ (56) $ (1,996) $ 81 Marketing derivatives Derivative loss, net $ (5) $ (85) $ (28) $ (100) Interest rate derivatives Derivative loss, net $ — $ — $ — $ (22) Contingent consideration Interest and other income (loss), net $ — $ 22 $ — $ (42)

Exploratory Costs (Tables)

Exploratory Costs (Tables)	9 Months Ended
	Sep. 30, 2021
Extractive Industries [Abstract]
Schedule of Capitalized Exploratory Well and Project Activity	The changes in capitalized exploratory well costs are as follows: Nine Months Ended September 30, 2021 (in millions) Beginning capitalized exploratory well costs $ 498 Additions to exploratory well costs pending the determination of proved reserves 2,110 Additions to capitalized exploratory well costs from acquisitions 235 Reclassification due to determination of proved reserves (2,093) Ending capitalized exploratory well costs $ 750
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 $ 750 $ 495 More than one year — 3 $ 750 $ 498 Number of wells or projects with exploratory well costs that have been — 1

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 As of December 31, 2020 (in millions) Outstanding debt principal balances: 3.450% senior notes due 2021 $ — $ 140 3.950% senior notes due 2022 244 244 0.550% senior notes due 2023 750 — 0.750% senior callable notes due 2024 750 — 0.250% convertible senior notes due 2025 1,323 1,323 1.125% senior notes due 2026 750 — 4.450% senior notes due 2026 500 500 5.625% senior notes due 2027 179 — 7.200% senior notes due 2028 241 241 4.125% senior notes due 2028 138 — 1.900% senior notes due 2030 1,100 1,100 2.150% senior notes due 2031 1,000 — 6,975 3,548 Issuance costs and discounts, net (46) (248) Total debt 6,929 3,300 Less current portion of long-term debt 244 140 Long-term debt $ 6,685 $ 3,160 The interest costs recognized on the Convertible Notes, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Contractual coupon interest $ 1 $ 1 $ 3 $ 1 Amortization of debt discount and issuance costs 1 12 3 19 $ 2 $ 13 $ 6 $ 20

Incentive Plans (Tables)

Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 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 (9,459,418) Awards available for future grant 4,020,157 ______________________ (a) Under New York Stock Exchange rules, the Company added the 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Restricted stock - equity awards $ 11 $ 15 $ 32 $ 37 Restricted stock - liability awards (a) 3 4 12 7 Restricted stock and performance units - Parsley awards (b) — — 33 — Performance unit awards 6 6 20 15 Employee stock purchase plan 1 — 2 2 $ 21 $ 25 $ 99 $ 61 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of September 30, 2021 and December 31, 2020, accounts payable – due to affiliates included $4 million and $7 million, respectively, of liabilities attributable to Liability Awards. (b) Represents the accelerated vesting of Parsley restricted stock equity awards and performance units upon completion of the Parsley Acquisition, which 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: Nine Months Ended September 30, 2021 Restricted Restricted Performance Stock Options Beginning incentive compensation awards 765,981 221,353 207,430 86,332 Awards granted 304,142 71,870 173,423 — Awards assumed (a) (c) 255,379 — 100,056 — Awards forfeited (7,329) (5,848) — — Awards vested (b) (c) (562,752) (100,956) (100,056) — Options exercised — — — (55,173) Options expired — — — (415) Ending incentive compensation awards 755,421 186,419 380,853 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)	9 Months Ended
	Sep. 30, 2021
Asset Retirement Obligation [Abstract]
Schedule of asset retirement obligations	The changes in asset retirement obligations are as follows: Nine Months Ended September 30, 2021 (in millions) Beginning asset retirement obligations $ 282 Liabilities assumed in the Parsley Acquisition 73 Liabilities assumed in the DoublePoint Acquisition 37 New wells placed on production 8 Changes in estimates (a) (1) Liabilities settled (27) Accretion of discount 5 Ending asset retirement obligations 377 Less current portion of asset retirement obligations (61) Asset retirement obligations - noncurrent $ 316 ______________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Schedule of Changes in Contract Obligations	The changes in contract obligations are as follows: Nine Months Ended September 30, 2021 (in millions) Beginning contract obligations $ 360 Liabilities settled (159) Accretion of discount 6 Changes in estimate (a) (2) Ending contract obligations $ 205 ______________________ (a) Represents differences between estimated and actual liabilities settled.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	Transactions and balances with ProPetro are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Pressure pumping and related services charges (a) $ 130 $ 21 $ 297 $ 163 ____________________ (a) Includes no idle frac fleet fees for the three months ended September 30, 2021 and $5 million of idle frac fleet fees for the nine months ended September 30, 2021, as compared to $6 million and $35 million of idle frac fleet fees for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 As of December 31, 2020 (in millions) Accounts payable - due to affiliate (a) $ 97 $ 45 ____________________ (a) Represents amounts payable for 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: Six Months Ended June 30, 2021 2020 (in millions) Revenue - Service revenue $ 378 $ 501 Cost of services (exclusive of depreciation and amortization) $ 286 $ 369 Net loss $ (29) $ (34)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Oil sales $ 2,477 $ 724 $ 6,043 $ 2,101 NGL sales 515 129 1,135 344 Gas sales 290 69 609 172 Total oil and gas revenues 3,282 922 7,787 2,617 Sales of purchased oil 1,642 934 4,422 2,373 Sales of purchased gas 22 1 38 18 Sales of purchased diesel 15 — 47 — Total sales of purchased commodities 1,679 935 4,507 2,391 Total revenue from contracts with purchasers $ 4,961 $ 1,857 $ 12,294 $ 5,008

Interest and Other Income (Lo_2

Interest and Other Income (Loss), Net (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Investment in affiliate fair value adjustment ( Note 4 ) $ (8) $ (18) $ 21 $ (119) Deferred compensation plan income 3 6 11 3 Contingent consideration fair value adjustment ( Note 5 ) — 22 — (42) Other 7 3 10 13 $ 2 $ 13 $ 42 $ (145)

Other Expense (Tables)

Other Expense (Tables)	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Schedule of components of other expense	The components of other expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Parsley Acquisition transaction costs (a) $ 3 $ — $ 209 $ — Winter Storm Uri gas commitments (b) — — 80 — DoublePoint Acquisition transaction costs (c) 5 — 32 — Unoccupied facility expense (d) 10 — 26 (1) Transportation commitment charges (e) 5 4 15 12 Termination and idle drilling and frac equipment charges (f) — 16 5 69 Loss on early extinguishment of debt ( Note 7 ) — — 2 27 Restructuring charges ( Note 3 ) — 74 1 75 South Texas deficiency fee obligation ( Note 4 ) — — — 69 Vertical integration services loss (income), net (g) 2 (2) (4) (1) Other 9 6 18 23 $ 34 $ 98 $ 384 $ 273 ____________________ (a) Represents costs associated with the Parsley Acquisition, which includes $90 million of employee-related costs and $119 million of transaction-related fees during the nine months ended September 30, 2021 and $3 million of transaction-related fees during the three months ended September 30, 2021. See Note 3 and Note 8 for additional information. (b) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (c) Represents transaction-related fees associated with the DoublePoint Acquisition. See Note 3 for additional information. (d) Primarily facilities expense associated with certain acquired Parsley offices that are no longer occupied. (e) Primarily represents firm transportation payments on excess pipeline capacity commitments. (f) Includes idle frac fleet fees, stacked drilling rig charges and drilling rig early termination charges. (g) 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. The components of the vertical integration services net margins are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Gross revenues $ 9 $ 11 $ 32 $ 36 Gross costs and expenses $ 11 $ 9 $ 28 $ 35

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of income tax benefit (provision) and effective tax rate	Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Current tax benefit (provision) $ (11) $ (1) $ (29) $ 10 Deferred tax benefit (provision) (280) 16 (371) 36 Income tax benefit (provision) $ (291) $ 15 $ (400) $ 46 Effective tax rate 22 % 15 % 23 % 16 %

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Net income (loss) attributable to common stockholders $ 1,045 $ (85) $ 1,355 $ (243) Participating share-based earnings (a) (3) — (4) — Basic net income (loss) attributable to common stockholders 1,042 (85) 1,351 (243) Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes 2 — 5 — Diluted net income (loss) attributable to common stockholders $ 1,044 $ (85) $ 1,356 $ (243) Basic weighted average shares outstanding 244 165 230 165 Contingently issuable stock-based compensation 1 — — — Convertible Notes (b) 12 — 12 — Diluted weighted average shares outstanding 257 165 242 165 ____________________ (a) Unvested restricted stock awards represent participating securities because they participate in non-forfeitable dividends with the common equity owners of the Company. Participating share-based earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so. The dilutive effect of the reallocation of participating share-based earnings to diluted net income (loss) attributable to common stockholders was negligible.
Class of Treasury Stock	Expenditures to acquire shares under the share repurchase program are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Share repurchases (a) $ — $ — $ — $ 160 ____________________ (a) During the three and nine months ended September 30, 2021, no shares were repurchased under the share repurchase program, as compared to no shares repurchased and 1,511,930 shares repurchased for the three and nine months ended September 30, 2020, respectively.

Basis of Presentation - Prior P

Basis of Presentation - Prior Period Revision (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue	$ 4,961	$ 1,857	$ 12,294	$ 5,008
Derivative gain (loss), net	(501)	(141)	(2,024)	(41)
Total revenues and other income	4,463	1,731	10,326	4,829
Total costs and expenses	3,127	1,831	8,571	5,118
Loss before income taxes	1,336	(100)	1,755	(289)
Income tax benefit (provision)	(291)	15	(400)	46
Net loss	1,045	$ (85)	1,355	$ (243)
Basic and diluted net loss per share attributable to common stockholders (usd per share)		$ (0.52)		$ (1.47)
Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue	$ 3,282	$ 922	$ 7,787	$ 2,617
As Reported
Income Statement Related Disclosures [Abstract]
Derivative gain (loss), net		(57)		60
Total revenues and other income		1,815		4,930
Total costs and expenses		1,831		5,118
Loss before income taxes		(16)		(188)
Income tax benefit (provision)		(4)		18
Net loss		$ (20)		$ (170)
Basic and diluted net loss per share attributable to common stockholders (usd per share)		$ (0.12)		$ (1.03)
As Reported | Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue		$ 922		$ 2,617
Adjustments
Income Statement Related Disclosures [Abstract]
Derivative gain (loss), net		(84)		(101)
Total revenues and other income		(84)		(101)
Total costs and expenses		0		0
Loss before income taxes		(84)		(101)
Income tax benefit (provision)		19		28
Net loss		$ (65)		$ (73)
Basic and diluted net loss per share attributable to common stockholders (usd per share)		$ (0.40)		$ (0.44)
Adjustments | Oil and gas
Income Statement Related Disclosures [Abstract]
Revenue - Service revenue		$ 0		$ 0

Basis of Presentation - Narrati

Basis of Presentation - Narrative Policies (Details) - USD ($) shares in Millions	Jan. 01, 2021	Mar. 31, 2021	Jun. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Equity component		$ (202,000,000)	$ 230,000,000
Deferred tax provision		44,000,000	(25,000,000)
Retained earnings				$ 4,087,000,000	$ 3,478,000,000
Issuance costs and discounts, net				46,000,000	$ 248,000,000
Additional Paid-in Capital
Debt Instrument [Line Items]
Equity component		(230,000,000)	230,000,000	(230,000,000)
Deferred tax provision		50,000,000	$ (25,000,000)	50,000,000
Retained Earnings
Debt Instrument [Line Items]
Equity component		28,000,000		28,000,000
Deferred tax provision		$ (6,000,000)		$ (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, net	(202,000,000)
Deferred tax liabilities	$ 44,000,000
Incremental shares (in shares)	12
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate				0.25%
Issuance costs and discounts, net				$ (17,000,000)
0.250% convertible senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Principal						$ 1,300,000,000
Stated interest rate						0.25%

Acquisitions, Divestitures an_3

Acquisitions, Divestitures and Restructuring Activities - Narrative (Details) $ in Millions	May 04, 2021USD ($)shares	Mar. 31, 2021USD ($)	May 31, 2020USD ($)a	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 01, 2021USD ($)	Jan. 12, 2021shares
Business Acquisition [Line Items]
Shares issued or reissued for Parsley Energy, Inc. ("Parsley") acquisition				$ 4,234	$ 6,882
Cash proceeds						$ 59	$ 58
Wells Services
Business Acquisition [Line Items]
Cash proceeds		$ 20
Additional contingent proceeds								$ 4
Payout period		3 years
Gain (loss) on sale						$ 9
Double Eagle III Midco 1 LLC
Business Acquisition [Line Items]
Number of shares issued (in shares) | shares	27,000,000
Payments to acquire businesses, gross	$ 1,000
Shares issued or reissued for Parsley Energy, Inc. ("Parsley") acquisition	$ 4,200
Parsley
Business Acquisition [Line Items]
Number of shares called by each right | shares									0.1252
Number of shares issued from rights (in shares) | shares									52,000,000
Sold | Vertical Wells in Upton County
Business Acquisition [Line Items]
Cash proceeds			$ 6
Gain (loss) on sale			$ 6
Acres | a			1,500

Acquisitions, Divestitures an_4

Acquisitions, Divestitures and Restructuring Activities - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	May 04, 2021	Sep. 30, 2021	Sep. 30, 2020	Jan. 12, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Cash used in acquisitions, net of cash acquired		$ 826	$ 0
Parsley
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents (a)				$ 118
Accounts receivable				253
Derivatives				8
Proved properties				5,110
Unproved properties				5,636
Other property and equipment				118
Operating lease right-of-use assets				201
Other assets				22
Total assets acquired				11,466
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable				337
Interest payable				49
Derivatives				317
Operating leases				201
Deferred income taxes				140
Long-term debt				3,238
Other liabilities				301
Total liabilities assumed				(4,583)
Net assets acquired				$ 6,883
Cash used in acquisitions, net of cash acquired	$ 2
Double Eagle III Midco 1 LLC
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents (a)	58
Accounts receivable	131
Derivatives	0
Proved properties	3,929
Unproved properties	2,406
Other property and equipment	72
Operating lease right-of-use assets	2
Other assets	11
Total assets acquired	6,609
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable	232
Interest payable	22
Derivatives	86
Operating leases	2
Deferred income taxes	0
Long-term debt	975
Other liabilities	58
Total liabilities assumed	(1,375)
Net assets acquired	5,234
Cash used in acquisitions, net of cash acquired	$ 1,000

Acquisitions, Divestitures an_5

Acquisitions, Divestitures and Restructuring Activities - Pro Forma Summary (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Combinations [Abstract]
Total revenues and other income	$ 4,463	$ 1,731	$ 10,326	$ 4,829
Net income (loss) attributable to common stockholders	$ 1,045	(85)	1,355	(243)
Parsley Energy, Inc. and DoublePoint
Business Acquisition [Line Items]
Revenues and other income		2,168	10,373	6,797
Net income (loss)		$ (40)	$ 1,210	$ (3,870)

Acquisitions, Divestitures an_6

Acquisitions, Divestitures and Restructuring Activities - Narrative Restructuring (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2020employee	Jun. 30, 2020employee	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Staffing reduction, employees | employee	300	50
Restructuring charges			$ 0	$ 74	$ 1	$ 75
Employee severance | 2020 Corporate Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges				$ 74		74
Accelerated vesting of certain equity awards | 2020 Corporate Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges						$ 3

Acquisitions, Divestitures an_7

Acquisitions, Divestitures and Restructuring Activities - Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning employee-related obligations			$ 3	$ 6
Restructuring charges	$ 0	$ 74	1	75
Noncash stock-based compensation			0	3
Cash payments			3	7
Ending employee-related obligations	$ 1	71	$ 1	71
Employee severance | 2020 Corporate Restructuring
Restructuring Reserve [Roll Forward]
Restructuring charges		$ 74		74
Employee severance | Wells services staffing reduction
Restructuring Reserve [Roll Forward]
Restructuring charges				$ 1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Deferred compensation plan assets	$ 74	$ 72
Investment in affiliate	144	123
Assets, fair value disclosure	223	203
Liabilities:
Liabilities, fair value disclosure	1,327	300
Total recurring fair value measurements	(1,104)	(97)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	74	72
Investment in affiliate	144	123
Assets, fair value disclosure	218	195
Liabilities:
Liabilities, fair value disclosure	0	0
Total recurring fair value measurements	218	195
Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Assets, fair value disclosure	5	8
Liabilities:
Liabilities, fair value disclosure	1,239	209
Total recurring fair value measurements	(1,234)	(201)
Significant Unobservable Inputs (Level 3)
Assets:
Deferred compensation plan assets	0	0
Investment in affiliate	0	0
Assets, fair value disclosure	0	0
Liabilities:
Liabilities, fair value disclosure	88	91
Total recurring fair value measurements	(88)	(91)
Commodity price derivatives
Assets:
Commodity price derivatives	5	8
Liabilities:
Commodity price derivatives	1,239	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	5	8
Liabilities:
Commodity price derivatives	1,239	209
Commodity price derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Commodity price derivatives	0	0
Liabilities:
Commodity price derivatives	0	0
Marketing derivatives
Liabilities:
Commodity price derivatives	88	91
Marketing derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Commodity price derivatives	0	0
Marketing derivatives | Significant Other Observable Inputs (Level 2)
Liabilities:
Commodity price derivatives	0	0
Marketing derivatives | Significant Unobservable Inputs (Level 3)
Liabilities:
Commodity price derivatives	$ 88	$ 91

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)bblPerDay	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)bblPerDay$ / bbl	Sep. 30, 2020USD ($)$ / bbl	May 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase contract, amount of barrel to be purchased and sold | bblPerDay	50,000		50,000
Long-term purchase commitment, period			6 years
South Texas deficiency fee obligation	$ 0	$ 0	$ 0	$ 69
South Texas divestiture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
South Texas deficiency fee obligation				$ 69
Marketing derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fair value input, WASP differential deduction | $ / bbl			2.07	1.97
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 - Sch_2

Fair Value Measurements - Schedule of Carrying Values and Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			$ 581	$ 1,442
Restricted cash			46	59
Less current portion of long-term debt			244	140
Long-term debt			6,685	3,160
Equity component	$ (202)	$ 230
Deferred tax provision	44	(25)
Additional Paid-in Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity component	(230)	230	(230)
Deferred tax provision	$ 50	$ (25)	50
Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt			1,305	1,100
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt			5,380	2,060
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less current portion of long-term debt			249	140
Estimate of Fair Value Measurement | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt			2,139	1,756
Estimate of Fair Value Measurement | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt			5,469	2,230
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value			$ 581	$ 1,442

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Oil Derivative Contracts Volume and Weighted Average Prices (Details)	Oct. 01, 2021MMBTU / d$ / MMBTU	Sep. 30, 2021MMBTU / d$ / MMBTU$ / bbl
Oil contracts | Brent swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		17,000
Oil contracts | Brent swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | MEH swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		43,000
Oil contracts | MEH swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		2,055
Oil contracts | MEH swap contracts, next year | Subsequent event
Derivative [Line Items]
Volume, barrels per day	8,152
Oil contracts | Midland WTI swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		5,000
Oil contracts | Midland WTI swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | NYMEX WTI swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		15,000
Oil contracts | NYMEX WTI swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | NYMEX Rollfactor swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		35,000
Oil contracts | NYMEX Rollfactor swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | Midland WTI Basis swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		37,000
Oil contracts | Midland WTI Basis swap contracts, next year
Derivative [Line Items]
Volume, barrels per day		26,000
Oil contracts | Brent call contracts sold, fourth quarter
Derivative [Line Items]
Volume, barrels per day		20,000
Oil contracts | Brent call contracts sold, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | Brent collar contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | Brent collar contracts, next year
Derivative [Line Items]
Volume, barrels per day		10,000
Oil contracts | Brent collar contracts, next year | Subsequent event
Derivative [Line Items]
Volume, barrels per day	10,000
Oil contracts | NYMEX WTI collar contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		6,000
Oil contracts | NYMEX WTI collar contracts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | Brent collar contracts with short puts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		90,000
Oil contracts | Brent collar contracts with short puts, next year
Derivative [Line Items]
Volume, barrels per day		67,000
Oil contracts | Brent collar contracts with short puts, next year | Subsequent event
Derivative [Line Items]
Volume, barrels per day	20,000
Oil contracts | MEH collar contracts with short puts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		9,446
Oil contracts | MEH collar contracts with short puts, next year
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | NYMEX WTI collar contracts with short puts, fourth quarter
Derivative [Line Items]
Volume, barrels per day		0
Oil contracts | NYMEX WTI collar contracts with short puts, next year
Derivative [Line Items]
Volume, barrels per day		12,000
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 | MEH swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		40.52
Oil contracts, price per bbl | MEH swap contracts, next year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		42.80
Oil contracts, price per bbl | MEH swap contracts, next year | Subsequent event
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	42.80
Oil contracts, price per bbl | Midland WTI swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		40.50
Oil contracts, price per bbl | Midland WTI swap contracts, next year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | NYMEX WTI swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		52.85
Oil contracts, price per bbl | NYMEX WTI swap contracts, next year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | NYMEX Rollfactor swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0.17
Oil contracts, price per bbl | NYMEX Rollfactor swap contracts, next year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0
Oil contracts, price per bbl | Midland WTI Basis swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0.89
Oil contracts, price per bbl | Midland WTI Basis swap contracts, next year
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU		0.50
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 | Brent collar contracts, fourth quarter
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		0
Floor, price per barrel | $ / bbl		0
Oil contracts, price per bbl | Brent collar contracts, next year
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		60.32
Floor, price per barrel | $ / bbl		50
Oil contracts, price per bbl | Brent collar contracts, next year | Subsequent event
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	60.32
Floor, price per barrel | $ / MMBTU	50
Oil contracts, price per bbl | NYMEX WTI collar contracts, fourth quarter
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		55.54
Floor, price per barrel | $ / bbl		50
Oil contracts, price per bbl | NYMEX WTI collar contracts, next year
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		0
Floor, price per barrel | $ / bbl		0
Oil contracts, price per bbl | Brent collar contracts with short puts, fourth quarter
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		50.74
Floor, price per barrel | $ / bbl		45.11
Short put, price per barrel | $ / bbl		35.07
Oil contracts, price per bbl | Brent collar contracts with short puts, next year
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		66.02
Floor, price per barrel | $ / bbl		52.39
Short put, price per barrel | $ / bbl		39.25
Oil contracts, price per bbl | Brent collar contracts with short puts, next year | Subsequent event
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	57.88
Floor, price per barrel | $ / MMBTU	45.50
Short put, price per barrel | $ / MMBTU	35
Oil contracts, price per bbl | MEH collar contracts with short puts, fourth quarter
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		51.29
Floor, price per barrel | $ / bbl		41.55
Short put, price per barrel | $ / bbl		31.55
Oil contracts, price per bbl | MEH collar contracts with short puts, next year
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		0
Floor, price per barrel | $ / bbl		0
Short put, price per barrel | $ / bbl		0
Oil contracts, price per bbl | NYMEX WTI collar contracts with short puts, fourth quarter
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		0
Floor, price per barrel | $ / bbl		0
Short put, price per barrel | $ / bbl		0
Oil contracts, price per bbl | NYMEX WTI collar contracts with short puts, next year
Derivative [Line Items]
Ceiling, price per barrel | $ / bbl		65.86
Floor, price per barrel | $ / bbl		52.50
Short put, price per barrel | $ / bbl		40

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Gas Derivative Contracts Volume and Weighted Average Prices (Details)	Sep. 30, 2021MMBTU / d$ / MMBTU
Swap contracts, fourth quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	160,000
Swap contracts, fourth quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	3.63
Swap Contracts, year two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	0
Swap Contracts, year two | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	0
Dutch TTF swap contracts, fourth quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	30,000
Dutch TTF swap contracts, fourth quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	5.07
Dutch TTF swap contracts, year two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	30,000
Dutch TTF swap contracts, year two | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	8.87
WAHA swap contracts, fourth quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	116,304
WAHA swap contracts, fourth quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	2.36
WAHA swap contracts, year two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	4,932
WAHA swap contracts, year two | Gas contracts, price per MMBTU
Derivative [Line Items]
Price per MMBtu in usd	2.46
NYMEX collar contracts, fourth quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	247,000
Ceiling, price per barrel	3.20
Floor, price per barrel	2.60
NYMEX collar contracts, year two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	1,726
Ceiling, price per barrel	3.45
Floor, price per barrel	2.75
NYMEX collar contracts with short puts, fourth quarter | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	0
NYMEX collar contracts with short puts, fourth quarter | Gas contracts, price per MMBTU
Derivative [Line Items]
Ceiling, price per barrel	0
Floor, price per barrel	0
Short put, price per barrel	0
NYMEX collar contracts with short puts, year two | Gas contracts, in MMBTU
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	100,000
NYMEX collar contracts with short puts, year two | Gas contracts, price per MMBTU
Derivative [Line Items]
Ceiling, price per barrel	4
Floor, price per barrel	3.20
Short put, price per barrel	2.50
Basis swap contracts, fourth quarter | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	7,000
Basis swap contracts, fourth quarter | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel	(0.39)
Basis Swap contracts, year two | Gas contracts, in MMBTU | Permian Basin
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	1,726
Basis Swap contracts, year two | Gas contracts, price per MMBTU | Permian Basin
Derivative [Line Items]
Price differential, dollars per barrel	(0.39)

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)bblPerDay	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)bblPerDay	Sep. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Purchase contract, amount of barrel to be purchased and sold | bblPerDay	50,000		50,000
Long-term purchase commitment, period			6 years
Gain (loss) on derivative, net	$ 6,000,000	$ (85,000,000)	$ 3,000,000	$ (100,000,000)
Cash payments or receipts from marketing derivatives	$ (11,000,000)	$ 0	$ (31,000,000)	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Net Fair Value Presented in the Consolidated Balance Sheet	$ 4	$ 5
Liabilities:
Net Fair Value Presented in the Consolidated Balance Sheet	1,176	234
Derivatives	151	66
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current
Assets:
Fair Value	4	5
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	4	5
Liabilities:
Fair Value	1,129	198
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	1,129	198
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - other noncurrent
Assets:
Fair Value	1	3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	1	3
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - noncurrent
Liabilities:
Fair Value	110	11
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Derivatives	110	11
Derivatives not designated as hedging instruments | Marketing derivatives | Derivatives - current
Liabilities:
Fair Value	47	36
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	47	36
Derivatives not designated as hedging instruments | Marketing derivatives | Derivatives - noncurrent
Liabilities:
Fair Value	41	55
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Derivatives	$ 41	$ 55

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Obligations Under Terminated Hedge Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Derivative loss, net	$ (501)	$ (141)	$ (2,024)	$ (41)
Interest and other income (loss), net	0	22	0	(42)
Derivative loss, net | Commodity price derivatives
Derivative [Line Items]
Derivative loss, net	(496)	(56)	(1,996)	81
Derivative loss, net | Marketing derivatives
Derivative [Line Items]
Derivative loss, net	(5)	(85)	(28)	(100)
Derivative loss, net | Interest rate derivatives
Derivative [Line Items]
Derivative loss, net	0	0	0	(22)
Interest and other income (loss), net | Contingent consideration
Derivative [Line Items]
Interest and other income (loss), net	$ 0	$ 22	$ 0	$ (42)

Exploratory Costs - Schedule of

Exploratory Costs - Schedule of Capitalized Exploratory Well and Project Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	2,110
Additions to capitalized exploratory well costs from acquisitions	235
Reclassification due to determination of proved reserves	(2,093)
Ending capitalized exploratory well costs	$ 750

Exploratory Costs - Aging of Ca

Exploratory Costs - Aging of Capitalized Exploratory Costs (Details) $ in Millions	Sep. 30, 2021USD ($)Well	Dec. 31, 2020USD ($)Well
Extractive Industries [Abstract]
One year or less	$ 750	$ 495
More than one year	0	3
Total	$ 750	$ 498
Number of wells or projects with exploratory well costs that have been suspended for a period greater than one year | Well	0	1

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 6,975	$ 3,548
Issuance costs and discounts, net	(46)	(248)
Total debt	6,929	3,300
Current portion of long-term debt	244	140
Long-term debt	6,685	3,160
Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 5,380	2,060
3.450% senior notes due 2021
Debt Instrument [Line Items]
Stated interest rate	3.45%
3.450% senior notes due 2021 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 0	140
3.950% senior notes due 2022
Debt Instrument [Line Items]
Stated interest rate	3.95%
3.950% senior notes due 2022 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 244	244
0.550% senior notes due 2023
Debt Instrument [Line Items]
Stated interest rate	0.55%
0.550% senior notes due 2023 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 750	0
0.750% senior callable notes due 2024
Debt Instrument [Line Items]
Stated interest rate	0.75%
0.750% senior callable notes due 2024 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 750	0
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate	0.25%
Issuance costs and discounts, net	$ 17
0.250% convertible senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate			0.25%
Long-term debt	$ 1,323	1,323
1.125% senior notes due 2026
Debt Instrument [Line Items]
Stated interest rate	1.125%
1.125% senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Stated interest rate	1.125%
Long-term debt	$ 750	0
4.450% senior notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.45%
4.450% senior notes due 2026 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 500	500
5.625% senior notes due 2027
Debt Instrument [Line Items]
Stated interest rate	5.625%
5.625% senior notes due 2027 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 179	0
7.200% senior notes due 2028
Debt Instrument [Line Items]
Stated interest rate	7.20%
7.200% senior notes due 2028 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 241	241
4.125% senior notes due 2028
Debt Instrument [Line Items]
Stated interest rate	4.125%
4.125% senior notes due 2028 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 138	0
1.900% senior notes due 2030
Debt Instrument [Line Items]
Stated interest rate	1.90%
1.900% senior notes due 2030 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 1,100	1,100
2.150% senior notes due 2031
Debt Instrument [Line Items]
Stated interest rate	2.15%
2.150% senior notes due 2031 | Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 1,000	$ 0

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	May 04, 2021USD ($)	Jan. 12, 2021USD ($)	May 31, 2020USD ($)Well	Jan. 31, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesRate	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesRate	Sep. 30, 2020USD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Aggregate loan commitments					$ 2,000,000,000				$ 2,000,000,000			$ 1,500,000,000
Outstanding borrowing					0				0
Long-term debt					6,975,000,000				6,975,000,000			3,548,000,000
Proceeds from issuance of senior notes, net of discount									3,247,000,000	$ 1,091,000,000
Gain (loss) on extinguishment of debt					0		$ 0		2,000,000	$ 27,000,000
Equity component						$ 202,000,000		$ (230,000,000)
Deferred tax provision						(44,000,000)		25,000,000
Retained earnings (accumulated deficit)					4,087,000,000				4,087,000,000			3,478,000,000
Issuance costs and discounts, net					$ 46,000,000				$ 46,000,000			248,000,000
Cap price (usd per share) | $ / shares					$ 154.59				$ 154.59
Net costs			$ 113,000,000
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Retained earnings (accumulated deficit)											$ 22,000,000
Issuance costs and discounts, net											(202,000,000)
Deferred tax liabilities											$ 44,000,000
Additional Paid-in Capital
Debt Instrument [Line Items]
Equity component						230,000,000		(230,000,000)	$ 230,000,000
Deferred tax provision						(50,000,000)		$ 25,000,000	(50,000,000)
Retained Earnings
Debt Instrument [Line Items]
Equity component						(28,000,000)			(28,000,000)
Deferred tax provision						$ 6,000,000			$ 6,000,000
Double Eagle III Midco 1 LLC
Debt Instrument [Line Items]
Long-term debt	$ (975,000,000)
Double Eagle III Midco 1 LLC | Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Long-term debt	(735,000,000)
Parsley
Debt Instrument [Line Items]
Long-term debt		$ (3,238,000,000)
Parsley | Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Long-term debt		(2,800,000,000)
0.550% senior notes due 2023
Debt Instrument [Line Items]
Stated interest rate					0.55%				0.55%
7.750% senior notes due 2025
Debt Instrument [Line Items]
Repayments of senior debt	731,000,000
Gain (loss) on extinguishment of debt	(3,000,000)
0.750% senior callable notes due 2024
Debt Instrument [Line Items]
Stated interest rate					0.75%				0.75%
1.125% senior notes due 2026
Debt Instrument [Line Items]
Stated interest rate					1.125%				1.125%
2.150% senior notes due 2031
Debt Instrument [Line Items]
Stated interest rate					2.15%				2.15%
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
5.250% senior notes due 2025, 5.375% senior notes due 2025 and 5.875% senior notes due 2026 | Parsley
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		5,000,000
5.250% due 2025
Debt Instrument [Line Items]
Stated interest rate					5.25%				5.25%
5.375% due 2025
Debt Instrument [Line Items]
Stated interest rate					5.375%				5.375%
5.875% due 2026 | Jagged Peak
Debt Instrument [Line Items]
Stated interest rate					5.875%				5.875%
5.625% senior notes due 2027 and 4.125% senior notes due 2028
Debt Instrument [Line Items]
Repayments of senior debt		852,000,000
5.625% senior notes due 2027
Debt Instrument [Line Items]
Stated interest rate					5.625%				5.625%
4.125% senior notes due 2028
Debt Instrument [Line Items]
Stated interest rate					4.125%				4.125%
3.450% senior notes due 2021
Debt Instrument [Line Items]
Stated interest rate					3.45%				3.45%
3.950% senior notes due 2022
Debt Instrument [Line Items]
Stated interest rate					3.95%				3.95%
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate					0.25%				0.25%
Issuance costs and discounts, net					$ (17,000,000)				$ (17,000,000)
Senior notes
Debt Instrument [Line Items]
Debt issuance costs, net	4,000,000	24,000,000
Proceeds from issuance of senior notes, net of discount	746,000,000	2,500,000,000
Senior notes | Double Eagle III Midco 1 LLC
Debt Instrument [Line Items]
Long-term debt	(650,000,000)
Senior notes | Parsley
Debt Instrument [Line Items]
Long-term debt		(2,700,000,000)
Senior notes | 0.550% senior notes due 2023
Debt Instrument [Line Items]
Long-term debt					$ 750,000,000				$ 750,000,000			0
Senior notes | 7.750% senior notes due 2025 | Double Eagle III Midco 1 LLC
Debt Instrument [Line Items]
Stated interest rate					7.75%				7.75%
Senior notes | 0.750% senior callable notes due 2024
Debt Instrument [Line Items]
Long-term debt					$ 750,000,000				$ 750,000,000			0
Senior notes | 1.125% senior notes due 2026
Debt Instrument [Line Items]
Long-term debt					$ 750,000,000				$ 750,000,000			0
Stated interest rate | Rate					1.125%				1.125%
Senior notes | 2.150% senior notes due 2031
Debt Instrument [Line Items]
Long-term debt					$ 1,000,000,000				$ 1,000,000,000			0
Senior notes | 5.625% senior notes due 2027
Debt Instrument [Line Items]
Long-term debt					179,000,000				179,000,000			0
Senior notes | 4.125% senior notes due 2028
Debt Instrument [Line Items]
Long-term debt					138,000,000				138,000,000			0
Senior notes | 3.450% senior notes due 2021
Debt Instrument [Line Items]
Long-term debt					0				0			140,000,000
Debt principal payment				$ 140,000,000
Senior notes | 3.950% senior notes due 2022
Debt Instrument [Line Items]
Long-term debt					244,000,000				244,000,000			244,000,000
Senior notes | 0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Long-term debt					$ 1,323,000,000				$ 1,323,000,000			$ 1,323,000,000
Stated interest rate			0.25%
Principal			$ 1,300,000,000
Initial conversion rate									0.0092055
Initial conversion price (usd per share) | $ / shares					$ 108.63				$ 108.63
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%
Effective interest rate									0.60%
Line of Credit | Double Eagle III Midco 1 LLC
Debt Instrument [Line Items]
Long-term debt	$ (240,000,000)
Line of Credit | Parsley
Debt Instrument [Line Items]
Long-term debt		$ (397,000,000)

Long-term Debt - Interest Costs

Long-term Debt - Interest Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 19	$ 34
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Contractual coupon interest	$ 1	$ 1	3	1
Amortization of debt discount and issuance costs	1	12	3	19
Total interest expense	$ 2	$ 13	$ 6	$ 20

Incentive Plans - Long-Term Inc

Incentive Plans - Long-Term Incentive Plan (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2021shares	Sep. 30, 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 (in shares)	37,299
Jagged Peak Plan | Parsley
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in 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)		(9,459,418)
Awards available for future grant (in shares)		4,020,157
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 S

Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 21	$ 25	$ 99	$ 61
Due to affiliates	168		168		$ 102
Unrecognized stock-based compensation expense	105		$ 105
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	15	$ 32	37
Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3	4	12	7
Unrecognized stock-based compensation expense	25		25
Restricted Stock Liability Awards | Affiliates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Due to affiliates	4		4		$ 7
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6	6	20	15
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	$ 0	2	2
Parsley | Restricted stock and performance units - Parsley awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0		$ 33	$ 0

Incentive Plans - Share Based I

Incentive Plans - Share Based Incentive Award Activity (Details)	9 Months Ended
	Sep. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance outstanding (in shares)	86,332
Awards granted (in shares)	0
Awards forfeited (in shares)	0
Awards vested (in shares)	0
Options exercised (in shares)	(55,173)
Options expired (in shares)	(415)
Ending balance outstanding (in shares)	30,744
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 (in shares)	765,981
Awards granted (in shares)	304,142
Awards vested (in shares)	(562,752)
Awards exercised (in shares)	0
Ending balance outstanding (in shares)	755,421
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 (in shares)	221,353
Awards granted (in shares)	71,870
Awards vested (in shares)	(100,956)
Awards exercised (in shares)	0
Ending balance outstanding (in shares)	186,419
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 (in shares)	207,430
Awards granted (in shares)	173,423
Awards vested (in shares)	(100,056)
Awards exercised (in shares)	0
Ending balance outstanding (in shares)	380,853
Parsley
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Awards granted (in 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 (in shares)	255,379
Awards forfeited (in shares)	(7,329)
Assumption and accelerated vested awards (in shares)	(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 (in shares)	0
Awards forfeited (in shares)	(5,848)
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 (in shares)	100,056
Awards forfeited (in shares)	0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations			$ 282
New wells placed on production			8
Changes in estimates			(1)
Liabilities settled			(27)
Accretion of discount	$ 2	$ 2	5	$ 7
Ending asset retirement obligations	377		377
Less current portion of asset retirement obligations	(61)		(61)
Asset retirement obligations - noncurrent	$ 316		316
Parsley
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities assumed in the Parsley Acquisition			73
Double Eagle III Midco 1 LLC
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liabilities assumed in the Parsley Acquisition			37
New wells placed on production			8
Changes in estimates			(1)
Liabilities settled			(27)
Accretion of discount			$ 5

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Sep. 30, 2021	Jul. 01, 2022	Dec. 31, 2022	Dec. 31, 2032
South Texas divestiture
Loss Contingencies [Line Items]
Deficiency fee liability		$ 198
Receivable from buyer		77
Credit support from third parties		100
South Texas divestiture | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage	100.00%
Deficiency fee liability		260
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		72
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		17
West Eagle Ford Shale | Maximum
Loss Contingencies [Line Items]
Deficiency fee liability		$ 16
West Eagle Ford Shale | Forecast | Maximum
Loss Contingencies [Line Items]
Retained obligation percentage				100.00%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Changes in Contract Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning contract obligations	$ 360
Liabilities settled	(159)
Accretion of discount	6
Changes in estimate	(2)
Ending contract obligations	$ 205

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions	Oct. 19, 2020	Dec. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Ownership threshold for right to designate director	5.00%
Pressure pumping and related services charges			$ (130,000,000)	$ (21,000,000)			$ (297,000,000)	$ (163,000,000)
Accounts payable - due to affiliate			97,000,000				97,000,000		$ 45,000,000
Revenue - Service revenue			4,961,000,000	1,857,000,000			12,294,000,000	5,008,000,000
Income (loss) before income taxes			1,336,000,000	(100,000,000)			1,755,000,000	(289,000,000)
Idle frac fleet fees
Related Party Transaction [Line Items]
Pressure pumping and related services charges			$ 0	$ (6,000,000)			$ (5,000,000)	$ (35,000,000)
ProPetro
Related Party Transaction [Line Items]
Revenue - Service revenue					$ 378,000,000	$ 501,000,000
Cost of services (exclusive of depreciation and amortization)					286,000,000	369,000,000
Income (loss) before income taxes					$ (29,000,000)	$ (34,000,000)
ProPetro | ProPetro
Related Party Transaction [Line Items]
Ownership percentage			16.00%				16.00%
ProPetro | Pressure pumping assets | Sale of assets
Related Party Transaction [Line Items]
Shares received (in shares)		16.6
Short-term receivable										$ 110,000,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	$ 4,961	$ 1,857	$ 12,294	$ 5,008
Oil sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	2,477	724	6,043	2,101
NGL sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	515	129	1,135	344
Gas sales
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	290	69	609	172
Total oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	3,282	922	7,787	2,617
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	1,642	934	4,422	2,373
Sales of purchased gas
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	22	1	38	18
Sales of purchased diesel
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	15	0	47	0
Total sales of purchased commodities
Disaggregation of Revenue [Line Items]
Revenue - Service revenue	$ 1,679	$ 935	$ 4,507	$ 2,391

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable balance representing amounts due or billable	$ 1,600	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest and Other Income [Abstract]
Investment in affiliate fair value adjustment (Note 4)	$ (8)	$ (18)	$ 21	$ (119)
Deferred compensation plan income	3	6	11	3
Contingent consideration fair value adjustment (Note 5)	0	22	0	(42)
Other	7	3	10	13
Interest and other income (loss), net	$ 2	$ 13	$ 42	$ (145)

Other Expense - Schedule of Com

Other Expense - Schedule of Components of Other Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Parsley Acquisition transaction costs (a)	$ 3	$ 0	$ 209	$ 0
Winter Storm Uri gas commitments (b)	0	0	80	0
DoublePoint Acquisition transaction costs (c)	5	0	32	0
Unoccupied facility expense (d)	10	0	26	(1)
Transportation commitment charges (e)	5	4	15	12
Termination and idle drilling and frac equipment charges (f)	0	16	5	69
Loss on early extinguishment of debt, net	0	0	2	27
Restructuring charges (Note 3)	0	74	1	75
South Texas deficiency fee obligation	0	0	0	69
Vertical integration services loss (income), net (g)	2	(2)	(4)	(1)
Other	9	6	18	23
Total other expense	34	98	384	273
Gross revenues	9	11	32	36
Gross costs and expenses	11	$ 9	28	$ 35
Parsley | Employee related costs
Restructuring Cost and Reserve [Line Items]
Parsley Acquisition transaction costs (a)			90
Parsley | Transaction related fees
Restructuring Cost and Reserve [Line Items]
Parsley Acquisition transaction costs (a)	$ 3		$ 119

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Current tax benefit (provision)	$ 11	$ 1	$ 29	$ (10)
Deferred tax benefit (provision)	280	(16)	371	(36)
Income tax benefit (provision)	$ (291)	$ 15	$ (400)	$ 46
Effective tax rate	22.00%	15.00%	23.00%	16.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - Parsley - USD ($) $ in Millions	Sep. 30, 2021	Jan. 12, 2021
Valuation Allowance [Line Items]
Deferred income taxes		$ 140
Deferred tax assets, operating loss carryforwards	$ 2,200

Net Income (Loss) Per Share - R

Net Income (Loss) Per Share - Reconciliation of Earnings Attributable to Common Stockholders, Basic and Diluted (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 1,045	$ (85)	$ 1,355	$ (243)
Participating share-based earnings	(3)	0	(4)	0
Basic net income (loss) attributable to common stockholders	1,042	(85)	1,351	(243)
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	2	0	5	0
Diluted net income (loss) attributable to common stockholders	$ 1,044	$ (85)	$ 1,356	$ (243)
Basic weighted average shares outstanding (in shares)	244	165	230	165
Contingently issuable stock-based compensation (in shares)	1	0	0	0
Convertible Notes dilution (in shares)	12	0		0
Diluted weighted average shares outstanding (in shares)	257	165	242	165

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 13, 2018
Equity, Class of Treasury Stock [Line Items]
Remaining authorized amount	$ 1,100,000,000		$ 1,100,000,000
Common stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Authorized amount					$ 2,000,000,000
Purchases of treasury stock (in shares)	0	0	0	160,000,000
Stock repurchased during period (in shares)	0	0	0	1,511,930

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Thousands, a in Thousands

Nov. 05, 2021USD ($)$ / shares

Dec. 31, 2021USD ($)

Oct. 31, 2021USD ($)shares

Sep. 30, 2021$ / shares

Jun. 30, 2021$ / shares

Mar. 31, 2021$ / shares

Sep. 30, 2020$ / shares

Jun. 30, 2020$ / shares

Mar. 31, 2020$ / shares

Sep. 30, 2021USD ($)$ / shares

Sep. 30, 2020USD ($)$ / shares

Oct. 01, 2021USD ($)a

Subsequent Event [Line Items]

Dividends declared (usd per share) | $ / shares

$ 2.07

$ 0.56

$ 0.56

$ 0.55

$ 0.55

$ 0.55

$ 3.19

$ 1.65

Cash proceeds

$ 59,000,000

$ 58,000,000

Minimum | Forecast

Subsequent Event [Line Items]

Gain (loss) on divestiture, tax purposes

$ 1,100,000,000

Maximum | Forecast

Subsequent Event [Line Items]

Gain (loss) on divestiture, tax purposes

1,300,000,000

Sold | Delaware Basin Divestiture | Forecast

Subsequent Event [Line Items]

Federal tax expense

0

Sold | Delaware Basin Divestiture | Minimum | Forecast

Subsequent Event [Line Items]

State and local tax expense

7,000,000

Sold | Delaware Basin Divestiture | Maximum | Forecast

Subsequent Event [Line Items]

State and local tax expense

$ 11,000,000

Subsequent event

Subsequent Event [Line Items]

Quarterly base dividend declared (usd per share) | $ / shares

$ 0.62

Dividends declared (usd per share) | $ / shares

$ 3.02

Subsequent event | Sold | Delaware Basin Divestiture

Subsequent Event [Line Items]

Cash proceeds

$ 3,250,000,000

Subsequent event | Sold | Delaware Basin Divestiture | Minimum

Subsequent Event [Line Items]

Gain (loss) on sale

(900,000,000)

Subsequent event | Sold | Delaware Basin Divestiture | Maximum

Subsequent Event [Line Items]

Gain (loss) on sale

$ (1,100,000,000)

Subsequent event | Sold | Laredo Petroleum, Inc.

Subsequent Event [Line Items]

Cash proceeds

$ 160,000,000

Gain (loss) on sale

$ 5,000,000

Acres | a

20

Shares received (in shares) | shares

960

Total consideration

$ 230,000,000