Pioneer Natural Resources (PXD) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		241,958,985
Entity Central Index Key	0001038357
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,385	$ 3,847
Restricted cash	9	37
Accounts receivable, net	2,397	1,685
Inventories	493	369
Investment in affiliate	231	135
Short-term investments, net	640	58
Other	94	42
Total current assets	6,249	6,173
Oil and gas properties, using the successful efforts method of accounting:
Proved properties	35,272	34,454
Unproved properties	5,924	6,063
Accumulated depletion, depreciation and amortization	(12,971)	(12,335)
Total oil and gas properties, net	28,225	28,182
Other property and equipment, net	1,692	1,694
Operating lease right-of-use assets	320	348
Goodwill	243	243
Other assets	131	171
Total Assets	36,860	36,811
Accounts payable:
Trade	2,608	2,380
Due to affiliates	116	179
Interest payable	23	53
Income taxes payable	62	45
Current portion of long-term debt	244	244
Derivatives	556	538
Operating leases	113	121
Other	334	513
Total current liabilities	4,056	4,073
Long-term debt	5,446	6,688
Derivatives	1	25
Deferred income taxes	2,571	2,038
Operating leases	222	243
Other liabilities	896	907
Equity:
Common stock, $.01 par value; 500,000,000 shares authorized; 244,494,327 and 244,144,444 shares issued as of March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	19,142	19,123
Treasury stock, at cost; 2,535,342 and 1,366,610 shares as of March 31, 2022 and December 31, 2021, respectively	(523)	(248)
Retained earnings	5,047	3,960
Total equity	23,668	22,837
Commitments and contingencies
Total Liabilities and Stockholders' Equity	$ 36,860	$ 36,811

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	244,494,327	244,144,444
Treasury stock, shares (in shares)	2,535,342	1,366,610

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues and other income:
Revenue	$ 6,147	$ 3,064
Interest and other income, net	126	60
Derivative loss, net	(135)	(691)
Gain on disposition of assets, net	34	11
Revenues	6,172	2,444
Costs and expenses:
Production and ad valorem taxes	224	113
Depletion, depreciation and amortization	614	474
Exploration and abandonments	14	19
General and administrative	73	68
Accretion of discount on asset retirement obligations	4	1
Interest	37	39
Other	77	304
Total costs and expenses	3,611	2,525
Income (loss) before income taxes	2,561	(81)
Income tax benefit (provision)	(552)	11
Net income (loss) attributable to common stockholders	$ 2,009	$ (70)
Net income (loss) per share attributable to common stockholders:
Basic (usd per share)	$ 8.25	$ (0.33)
Diluted (usd per share)	$ 7.85	$ (0.33)
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	243	210
Diluted weighted average shares outstanding (in shares)	256	210
Dividends declared (usd per share)	$ 3.78	$ 0.56
Oil and gas
Revenues and other income:
Revenue	$ 3,930	$ 1,824
Costs and expenses:
Costs and expenses	416	252
Sales of purchased commodities
Revenues and other income:
Revenue	2,217	1,240
Costs and expenses:
Costs and expenses	$ 2,152	$ 1,255

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		164,477
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)
Cumulative effect of accounting change on convertible senior notes:
Equity component	(202)		(230)		28
Deferred tax provision	44		50		(6)
Exercise of long-term incentive stock options (in shares)		55
Exercise of long-term incentive plan stock options and employee stock purchases	6		(2)	8
Purchases of treasury stock (in shares)		(99)
Purchases of treasury stock	(13)			(13)
Shares issued or reissued for acquisition (in shares)		51,655
Shares issued or reissued for acquisitions	6,882		5,644	1,238
Compensation costs:
Vested compensation awards, net or issued awards (in shares)		623
Compensation costs included in net loss	19		19
Compensation costs included in net income associated with acquisitions	33		33
Net income (loss)	(70)				(70)
Ending balance (in shares) at Mar. 31, 2021		216,711
Ending balance at Mar. 31, 2021	18,146	$ 2	14,837	(1)	3,308
Beginning balance (in shares) at Dec. 31, 2021		242,778
Beginning balance at Dec. 31, 2021	22,837	$ 2	19,123	(248)	3,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(922)				(922)
Cumulative effect of accounting change on convertible senior notes:
Exercise of long-term incentive stock options (in shares)		6
Exercise of long-term incentive plan stock options and employee stock purchases	1			1
Purchases of treasury stock (in shares)		(1,175)
Purchases of treasury stock	(276)			(276)
Compensation costs:
Vested compensation awards, net or issued awards (in shares)		350
Compensation costs included in net loss	19		19
Net income (loss)	2,009				2,009
Ending balance (in shares) at Mar. 31, 2022		241,959
Ending balance at Mar. 31, 2022	$ 23,668	$ 2	$ 19,142	$ (523)	$ 5,047

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 3.78	$ 0.56

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 2,009	$ (70)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	614	474
Exploration expenses	5	3
Deferred income taxes	532	(18)
Gain on disposition of assets, net	(34)	(11)
Loss on early extinguishment of debt	47	5
Accretion of discount on asset retirement obligations	4	1
Interest expense	3	1
Derivative-related activity	67	370
Amortization of stock-based compensation	19	52
Investment valuation adjustments	(114)	(54)
Other	30	45
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	(697)	(330)
Inventories	(126)	(90)
Operating lease right-of-use assets	28	30
Other assets	(28)	(14)
Accounts payable	178	265
Interest payable	(30)	(57)
Income taxes payable	17	7
Operating leases	(29)	(31)
Other liabilities	89	(201)
Net cash provided by operating activities	2,584	377
Cash flows from investing activities:
Proceeds from disposition of assets	210	23
Proceeds from investments	75	0
Purchase of investments	(640)	0
Cash acquired, net of cash paid	0	117
Additions to oil and gas properties	(917)	(464)
Additions to other assets and other property and equipment	(41)	(24)
Net cash used in investing activities	(1,313)	(348)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net of discount	0	2,497
Repayment of credit facilities	0	(397)
Repayment of senior notes, including tender offer premiums	(1,292)	(2,640)
Payments of other liabilities	(121)	(140)
Payments of financing fees	0	(28)
Purchases of treasury stock	(276)	(13)
Exercise of long-term incentive plan stock options	1	6
Dividends paid	(1,073)	(91)
Net cash used in financing activities	(2,761)	(806)
Net decrease in cash, cash equivalents and restricted cash	(1,490)	(777)
Cash, cash equivalents and restricted cash, beginning of period	3,884	1,501
Cash, cash equivalents and restricted cash, end of period	$ 2,394	$ 724

Organization and Nature Of Oper

Organization and Nature Of Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of OperationsPioneer is a Delaware corporation whose common stock is listed and traded on the NYSE. The Company is a large independent oil and gas exploration and production company that explores for, develops and produces oil, NGLs and gas in the Midland Basin in West Texas.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 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 GAAP. The operating results for the three months ended March 31, 2022 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 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, 2021. Use of estimates in the preparation of financial statements. Preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Depletion of oil and gas properties is determined using estimates of proved oil and gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and estimates of development and production costs. Actual results could differ from the estimates and assumptions utilized.

Acquisitions and Divestiture Ac

Acquisitions and Divestiture Activities	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions and Divestiture Activities	Acquisition and Divestiture Activities Acquisitions. The Company regularly seeks to acquire or trade acreage that complements its operations, provides exploration and development opportunities, increases the lateral length of future horizontal wells and provides superior returns on investment. 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 Energy, LLC (the "Parsley Acquisition"). 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. The Parsley Acquisition was 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. Divestitures. • In February 2022, the Company completed the sale of its equity interest in certain gas gathering and processing systems in northern Martin County for cash proceeds of $125 million, after normal closing adjustments ("Martin County Gas Processing Divestiture"). The sale was treated as a recovery of investment from a partial sale of proved property resulting in no gain or loss being recognized. • During the three months ended March 31, 2022, the Company divested certain undeveloped acres and producing wells in the Midland Basin for (i) cash proceeds of $85 million and (ii) interests in certain Midland Basin undeveloped acres and producing wells valued at $8 million. The Company recorded a gain on these sales of $41 million, which is reflected in net gain on disposition of assets in the consolidated statements of operations. • 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 through March 2024. The Company recorded a gain on the sale of $9 million, which is reflected in net gain on disposition of assets in the consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Fair Value Measurements Quoted Prices in Significant Other Significant Total (in millions) Assets: Investment in affiliate $ 231 $ — $ — $ 231 Deferred compensation plan assets 68 — — 68 Marketing derivatives — — 5 5 $ 299 $ — $ 5 $ 304 Liabilities: Commodity price derivatives (a) $ — $ 519 $ — $ 519 Marketing derivatives — — 38 38 $ — $ 519 $ 38 $ 557 As of December 31, 2021 Fair Value Measurements Quoted Prices in Significant Other Significant Total (in millions) Assets: Investment in affiliate $ 135 $ — $ — $ 135 Deferred compensation plan assets 74 — — 74 Short-term investment 58 — — 58 $ 267 $ — $ — $ 267 Liabilities: Commodity price derivatives (a) $ — $ 486 $ — $ 486 Marketing derivatives — — 77 77 $ — $ 486 $ 77 $ 563 ______________________ (a) Includes $250 million and $328 million as of March 31, 2022 and December 31, 2021, respectively, of liabilities recorded in the fourth quarter of 2021 related to entering into equal and offsetting oil and gas commodity derivative trades that had the net effect of eliminating certain of the Company's 2022 derivative obligations. Commodity price derivatives. The Company's commodity price derivatives primarily represent oil and gas swap contracts, collar contracts, collar contracts with short puts, option contracts and basis swap contracts. The asset and liability measurements for the Company's commodity price derivative contracts are determined using Level 2 inputs. The Company utilizes discounted cash flow and option-pricing models for valuing its commodity price derivatives. The asset and liability values attributable to the Company's commodity price derivatives were determined based on inputs that include (i) the contracted notional volumes, (ii) independent active market price quotes, (iii) the applicable estimated credit-adjusted risk-free rate yield curve and (iv) the implied rate of volatility inherent in the collar contracts and collar contracts with short puts, which is based on active and independent market-quoted volatility factors. Marketing derivatives. Under the contract terms of the marketing derivatives, the Company agreed to purchase and simultaneously sell 50 thousand barrels of oil per day at an oil terminal in Midland, Texas for a six-year term that ends on December 31, 2026. The price the Company pays to purchase the oil volumes under the purchase contract is based on a Midland oil price and the price the Company receives for the oil volumes sold is a WASP that the non-affiliated counterparty receives for selling oil through a Gulf Coast storage and export facility at prices that are highly correlated with Brent oil prices during the same month of the purchase. Based on the form of the marketing contracts, the Company determined that the marketing contracts should be accounted for as derivative instruments not designated as hedges. The asset and liability measurements for the Company's marketing derivative contracts are determined using both Level 2 and 3 inputs. The Company utilizes a discounted cash flow model for valuing its marketing derivatives. The asset and liability values attributable to the Company's marketing derivative were determined based on Level 2 inputs that include (i) the contracted notional volumes, (ii) independent active market price quotes, (iii) the applicable estimated credit-adjusted risk-free rate yield curve and (iv) stated contractual rates. The Level 3 inputs attributable to the Company's marketing derivatives include the historical monthly differential between Brent oil prices and the corresponding WASP of the counterparty to the marketing derivatives ("WASP Differential Deduction") and, to a lesser extent, an estimated annual cost inflation rate. The average WASP Differential Deduction used in the fair value determination as of March 31, 2022 and 2021 was $2.03 per barrel and $2.06 per barrel, respectively. The WASP Differential Deduction and the estimated annual cost inflation rate reflects management's best estimate of future results utilizing historical performance, but these estimates are not observable inputs by a market participant and contain a high degree of uncertainty. The Company could experience significant mark-to-market fluctuations in the fair value of its marketing derivatives based on changes in the WASP Differential Deduction if it deviates from historical levels. For example, a 10 percent increase or decrease in the WASP Differential Deduction would impact the fair value of the Company's marketing derivatives recorded by approximately $20 million as of March 31, 2022. 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 the Company's investment in ProPetro common stock is determined using Level 1 inputs based on observable prices on a major exchange. See Note 11 and Note 13 for additional information. Short-term investment. In October 2021, the Company acquired 960 thousand shares of Laredo Petroleum, Inc. ("Laredo") as partial consideration for its divestiture of certain acreage in western Glasscock County to Laredo. During the three months ended March 31, 2022, the Company sold the 960 thousand shares of Laredo common stock held by the Company. The shares were treated as an investment in equity securities measured at fair value. The fair value of the Company's investment in Laredo common stock was determined using Level 1 inputs based on observable prices on a major exchange. See 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 inventories, proved and unproved oil and gas properties, assets acquired and liabilities assumed in business combinations, goodwill and other long-lived assets that are written down to fair value when they are determined to be impaired or held for sale. Financial instruments not carried at fair value. Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: As of March 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 2,385 $ 2,385 $ 3,847 $ 3,847 Restricted cash (a) (b) $ 9 $ 9 $ 37 $ 37 Short-term investments, net (c) $ 640 $ 640 $ — $ — Liabilities: Current portion of long-term debt: Senior notes (d) $ 244 $ 245 $ 244 $ 247 Long-term debt: Convertible senior notes (d) $ 1,308 $ 3,142 $ 1,307 $ 2,359 Senior notes (d) $ 4,138 $ 3,895 $ 5,381 $ 5,390 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Represents funds in escrow for use in future deficiency fee payments associated with the Company's 2019 sale of its Eagle Ford assets and other remaining assets in South Texas (the "South Texas Divestiture"). Any remaining balance after the payment of the deficiency fees will revert to the Company on March 31, 2023. See Note 10 for additional information. (c) Represents commercial paper investments that are carried at amortized cost and classified as held-to-maturity as the Company has the intent and ability to hold them until they mature. Commercial paper is included in cash and cash equivalents if it has maturity dates that are less than 90 days at the date of purchase; otherwise, investments are reflected in short-term investments in the accompanying consolidated balance sheets based on their maturity dates. Fair value for the Company's commercial paper investments is determined using Level 2 inputs. (d) Fair value is determined using Level 2 inputs. The Company's senior notes are quoted, but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges. See Note 7 for additional information. The Company has other financial instruments consisting primarily of receivables, payables and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations, goodwill and asset retirement obligations.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company's derivatives are accounted for as non-hedge derivatives and 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. 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, WTI oil prices. As a result, the Company periodically enters into basis swap contracts to reduce basis risk between WTI index prices and Midland index prices at which the oil is sold. Volumes per day associated with outstanding oil basis derivative contracts as of March 31, 2022 and the weighted average oil price differential for those contracts are as follows: 2022 Second Quarter Third Quarter Fourth Quarter Midland/WTI basis swap contracts: Volume per day (Bbl) (a) 26,000 26,000 26,000 Price differential per Bbl $ 0.50 $ 0.50 $ 0.50 ______________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Midland Basin oil and the WTI index price. Additionally, as of March 31, 2022, the Company has outstanding oil derivative contracts for 3,000 Bbls per day of Brent/WTI basis swaps for January 2024 through December 2024 production. The basis swap contracts fix the basis differential between the WTI index price (the price at which the Company buys Midland Basin oil for transport to the Gulf Coast) and the Brent index price (the price at which the Midland Basin purchased oil is sold in the Gulf Coast market) at a weighted average differential of $4.33. Gas production derivatives. All material physical sales contracts governing the Company's gas production are tied directly or indirectly to NYMEX 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 a price correlated to the Dutch TTF index price. The Company uses derivative contracts to manage gas price volatility and basis swap contracts to reduce basis risk between HH prices and actual index prices at which the gas is sold. Volumes per day associated with outstanding gas derivative contracts as of March 31, 2022 and the weighted average gas prices for those contracts are as follows: 2022 Second Quarter Third Quarter Fourth Quarter Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 30,000 Price per MMBtu $ 7.80 $ 7.80 $ 7.80 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-year term that began on January 1, 2021 and ends on December 31, 2026. The price the Company pays to purchase the oil volumes under the purchase contract is based on a Midland WTI price and the price the Company receives for the oil volumes sold is a WASP that a non-affiliated counterparty receives for selling oil through a Gulf Coast storage and export facility at prices that are highly correlated with Brent oil prices during the same month of the purchase. Based on the form of the marketing contracts, the Company determined that the marketing contracts should be accounted for as derivative instruments. Fair value. The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of March 31, 2022 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Marketing derivatives Other assets - noncurrent $ 5 $ — $ 5 Liabilities: Commodity price derivatives Derivatives - current $ 518 $ — $ 518 Marketing derivatives Derivatives - current $ 38 $ — $ 38 Commodity price derivatives Derivatives - noncurrent $ 1 $ — $ 1 As of December 31, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Liabilities: Commodity price derivatives Derivatives - current $ 486 $ — $ 486 Marketing derivatives Derivatives - current $ 52 $ — $ 52 Marketing derivatives Derivatives - noncurrent $ 25 $ — $ 25 Fair value. Gains and losses recorded to net derivative loss in the consolidated statements of operations related to derivative financial instruments not designated as hedging instruments are as follows: Three Months Ended March 31, 2022 2021 (in millions) Commodity price derivatives: Noncash derivative loss, net $ (111) $ (350) Cash payments on settled derivatives, net (a) (57) (314) Total commodity derivative loss, net (168) (664) Marketing derivatives: Noncash derivative gain (loss), net 44 (20) Cash payments on settled derivatives, net (11) (7) Total marketing derivative gain (loss), net 33 (27) Derivative loss, net $ (135) $ (691) _____________________ (a) Excludes cash payments of $78 million during the three months ended March 31, 2022 related to entering into equal and offsetting oil and gas commodity derivative trades in the fourth quarter of 2021, which had the net effect of eliminating certain of the Company's 2022 derivative obligations. Includes the effect from early settlement of certain of the Company's commodity derivative contracts for cash payments of $13 million during the three months ended March 31, 2021. 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 Well and Project Co

Exploratory Well and Project Costs	3 Months Ended
	Mar. 31, 2022
Extractive Industries [Abstract]
Exploratory Well and Project Costs	Exploratory Well and Project 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 recorded in exploration and abandonments in the consolidated statements of operations. The changes in capitalized exploratory well and project costs are as follows: Three Months Ended March 31, 2022 (in millions) Beginning capitalized exploratory well and project costs $ 632 Additions to exploratory well and project costs pending the determination of proved reserves 819 Reclassification due to determination of proved reserves (728) Ending capitalized exploratory well and project costs $ 723 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 of drilling was completed, are as follows: As of March 31, 2022 As of December 31, 2021 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 723 $ 621 More than one year — 11 $ 723 $ 632 Number of projects with exploratory well costs that have been suspended for a period greater than one year (a) — 3 ______________________ (a) The three exploratory wells that were suspended for a period greater than one year as of December 31, 2021 were completed during the first quarter of 2022.

Long-term Debt and Interest Exp

Long-term Debt and Interest Expense	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt and Interest Expense	Long-term Debt and Interest Expense The components of long-term debt, including the effects of issuance costs and discounts, are as follows: As of March 31, 2022 As of December 31, 2021 (in millions) Outstanding debt principal balances: 3.950% senior notes due 2022 $ 244 $ 244 0.550% senior notes due 2023 750 750 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 750 750 4.450% senior notes due 2026 — 500 5.625% senior notes due 2027 179 179 7.200% senior notes due 2028 241 241 4.125% senior notes due 2028 138 138 1.900% senior notes due 2030 1,100 1,100 2.150% senior notes due 2031 1,000 1,000 5,725 6,975 Issuance costs and discounts, net (35) (43) Total debt 5,690 6,932 Less current portion of long-term debt 244 244 Long-term debt $ 5,446 $ 6,688 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. The Credit Facility has a maturity date in January 12, 2026. As of March 31, 2022, the Company had no outstanding borrowings under the Credit Facility. Senior Notes. In February 2022, the Company paid $1.29 billion to redeem its outstanding 0.750% Senior Notes due 2024 and 4.450% Senior Notes due 2026, having aggregate principal amounts of $750 million and $500 million, respectively. The Company recorded a $47 million loss on early extinguishment of debt to other expense associated with the early redemptions. See Note 14 for additional information. 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 sheets as of March 31, 2022. The Company's senior notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Company is a holding company that conducts all of its operations through subsidiaries; consequently, the senior notes are structurally subordinated to all obligations of its subsidiaries. Interest on the Company's senior notes is payable semiannually. Convertible senior notes. In May 2020, the Company issued $1.3 billion principal amount of convertible senior notes due 2025 (the "Convertible Notes"). 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 9.5009 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 $105.25 per share (subject to adjustment pursuant to the terms of the notes indenture, the "Conversion Price"). Upon conversion, the Convertible Notes will be settled in cash, shares of the Company's common stock or a combination thereof, at the Company's election. 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 first quarter of 2022, the last reported sale price 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 June 30, 2022. The Company reserves its right under the notes indenture to elect to settle the Convertible Notes in cash, shares of the Company's common stock or a combination of cash and common stock. As of March 31, 2022, the Convertible Notes had an outstanding principal balance of $1.3 billion and unamortized issuance costs of $15 million. The effective annual interest rate of the Convertible Notes is 0.6 percent. Interest expense recognized on the Convertible Notes is as follows: Three Months Ended March 31, 2022 2021 (in millions) Contractual coupon interest $ 1 $ 1 Amortization of capitalized loan fees 1 1 $ 2 $ 2 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 $105.25 per share of common stock and an adjusted capped price of $149.78 per share of common stock. The net costs of $113 million incurred to purchase the Capped Call transactions were recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets.

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Incentive Plans	Incentive Plans Long-Term Incentive Plan. The Company's Amended and Restated 2006 Long-Term Incentive Plan ("LTIP") provides for the granting of various forms of awards, including stock options, stock appreciation rights, performance units, restricted stock and restricted stock units to directors, officers and employees of the Company. In connection with the Parsley Acquisition, the Company assumed all rights and obligations under the Amended and Restated Parsley Energy, Inc. 2014 Long-Term Incentive Plan (the "2014 Parsley Plan") and the Jagged Peak Energy Inc. 2017 Long-Term Incentive Plan (the "Jagged Peak Plan") and together with the 2014 Parsley Plan, (the "Parsley Plans"). The awards outstanding under the Parsley Plans were assumed by the Company and were automatically converted into an award with the right to receive a number of shares of Pioneer common stock that is equal to the product of the number of shares of Parsley common stock subject to such award under the Parsley Plans as of the acquisition date and the Exchange Ratio (0.1252). Shares available for future grant pursuant to awards under the LTIP are as follows: As of March 31, 2022 Approved and authorized awards 12,600,000 2014 Parsley Plan awards available to the LTIP (a) 879,575 Awards issued under plan (9,552,217) 3,927,358 ______________________ (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 March 31, 2022 2021 (in millions) Restricted stock - equity awards $ 11 $ 11 Restricted stock - liability awards (a) 9 6 Restricted stock and performance units - Parsley awards (b) — 33 Performance unit awards 7 7 Employee Stock Purchase Plan 1 1 $ 28 $ 58 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of March 31, 2022 and December 31, 2021, accounts payable – due to affiliates included $12 million and $9 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 March 31, 2022, there is $126 million of unrecognized stock-based compensation expense related to unvested share-based compensation awards, including $26 million attributable to stock-based awards that are expected to be settled on their vesting date in cash, rather than in equity shares. The unrecognized compensation expense will be recognized on a straight-line basis over the remaining vesting periods of the awards, which is a period of less than three years on a weighted average basis. Activity for restricted stock awards, performance units and stock options is as follows: Three Months Ended March 31, 2022 Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Stock Options Beginning incentive compensation awards 741,892 182,278 304,686 6,039 Awards granted 99,577 2,724 114,066 — Awards forfeited (22,502) (4,370) (1,607) — Awards vested (a) (244,379) (23,402) — — Options exercised — — — (6,039) Ending incentive compensation awards 574,588 157,230 417,145 — ______________________ (a) Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards that vest during the period.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The Company's asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company's credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows: Three Months Ended March 31, 2022 (in millions) Beginning asset retirement obligations $ 354 New wells placed on production 2 Liabilities settled (15) Accretion of discount 4 Ending asset retirement obligations 345 Less current portion of asset retirement obligations (50) Asset retirement obligations, long-term $ 295

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. Legal actions. The Company is 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. Significant judgement is required in making these estimates and the Company's final liabilities may ultimately be materially different. Environmental. Environmental expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Environmental expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. Liabilities for expenditures that will not qualify for capitalization are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. Such liabilities are undiscounted unless the timing of cash payments for the liability is fixed or reliably determinable. Environmental liabilities normally involve estimates that are subject to revision until settlement or remediation occurs. Obligations following divestitures. In connection with its divestiture transactions, the Company may retain certain liabilities and provide the purchaser certain indemnifications, subject to defined limitations, which may apply to identified pre-closing matters, including matters of litigation, environmental contingencies, royalty and income taxes. Also associated with its divestiture transactions, the Company has issued and received guarantees to facilitate the transfer of contractual obligations, such as firm transportation agreements or gathering and processing arrangements. The Company does not recognize a liability if the fair value of the obligation is immaterial and the likelihood of making payments under these guarantees is remote. South Texas Divestiture. In conjunction with the South Texas Divestiture, the Company transferred its long-term midstream agreements and associated minimum volume commitments ("MVC") to the buyer. However, the Company retained the obligation to pay 100 percent of any deficiency fees associated with the MVC 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 are paid as deficiency fees, the maximum amount of future payments for this obligation would be approximately $92 million as of March 31, 2022. The Company's estimated deficiency fee obligation as of March 31, 2022 of $72 million is included in other current liabilities in the consolidated balance sheets. The corresponding estimated deficiency fee receivable from the buyer is included in current and noncurrent other assets in the consolidated balance sheets in the amounts of $43 million and $41 million, respectively, as of March 31, 2022. The Company has received credit support for the deficiency fee receivable of up to $100 million. Certain contractual obligations were retained by the Company after certain divestitures, primarily the 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 and changes are as follows: Three Months Ended March 31, 2022 (in millions) Beginning contractual obligations $ 199 Liabilities settled (118) Accretion of discount 1 Changes in estimate (a) (4) Ending contractual obligations $ 78 ______________________ (a) Primarily represents differences between estimated and actual liabilities settled.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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. In March 2022, the Company amended its agreement with ProPetro. The amended agreement provides for updated performance standards, operating procedures, pricing and term. The agreement covers the Company's 2022 pressure pumping and related services requirements. The costs of these services will be capitalized in oil and gas properties as incurred. 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 in October 2019 and Chief Executive Officer in March 2020, and served as Chief Executive Officer and Chairman of the board of directors of ProPetro through August 31, 2021, at which point continued as ProPetro's Executive Chairman. In March 2022, Mr. Gobe transitioned to non-executive Chairman of the board of directors of ProPetro. 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. Based on the Company's ownership in ProPetro and representation on the ProPetro board of directors, ProPetro is considered an affiliate and deemed to be a related party. Transactions and balances with ProPetro representing pressure pumping and related services as part of a long-term agreement are as follows: Three Months Ended March 31, 2022 2021 (in millions) Pressure pumping related services charges $ 112 $ 56 As of March 31, 2022 As of December 31, 2021 (in millions) Accounts payable - due to affiliate $ 74 $ 66 The Company discloses ProPetro's summarized financial information on a one-quarter lag as it enables the Company to report its quarterly results independent from the timing of when ProPetro reports its results. Summarized financial information for ProPetro is as follows: Year Ended December 31, 2021 2020 (in millions) Revenue - service revenue $ 875 $ 789 Cost of services (exclusive of depreciation and amortization) $ 662 $ 584 Net loss $ (54) $ (107)

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregated revenue from contracts with purchasers. Revenues on sales of oil, NGL, 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, NGL, 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, NGL, gas and diesel generally fluctuate similar to changes in the relevant market index prices. Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended March 31, 2022 2021 (in millions) Oil sales $ 3,025 $ 1,435 NGL sales 569 246 Gas sales 336 143 Total oil and gas revenues 3,930 1,824 Sales of purchased oil 2,215 1,221 Sales of purchased gas 2 4 Sales of purchased diesel — 15 Total sales of purchased commodities 2,217 1,240 $ 6,147 $ 3,064 Performance obligations and contract balances. The majority of the Company's product sale commitments are short-term in nature with a contract term of one year or less. The Company typically satisfies its performance obligations upon transfer of control as described above in Disaggregated revenue from contracts with purchasers and records the related revenue in the month production is delivered to the purchaser. Settlement statements for sales of oil, NGL, gas and sales of purchased oil, gas and diesel may not be received for 30 to 60 days after the date the volumes are delivered, and as a result, the Company is required to estimate the amount of volumes delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales in the

Interest and Other Income, Net

Interest and Other Income, Net	3 Months Ended
	Mar. 31, 2022
Interest and Other Income [Abstract]
Interest and Other Income, Net	Interest and Other Income, Net The components of interest and other income are as follows: Three Months Ended March 31, 2022 2021 (in millions) Investment in affiliate valuation adjustment ( Note 4 ) $ 96 $ 54 Short-term investment valuation adjustment ( Note 4 ) 18 — Deferred compensation plan income (loss), net ( Note 4 ) (3) 4 Other 15 2 $ 126 $ 60

Other Expense

Other Expense	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended March 31, 2022 2021 (in millions) Loss on early extinguishment of debt ( Note 7 ) $ 47 $ 5 Unoccupied facility expense (a) 16 10 Idle frac equipment charges (b) 6 4 Transportation commitment charges (c) 3 7 Parsley Acquisition transaction costs (d) — 197 Winter Storm Uri gas commitments (e) — 80 Vertical integration services (income) loss (f) — (4) Other 5 5 $ 77 $ 304 ____________________ (a) Primarily represents facilities expense associated with certain acquired Parsley offices that are no longer occupied. (b) Includes idle frac equipment fees and frac reservation fees. (c) Primarily represents firm transportation charges on excess pipeline capacity commitments. (d) Represents costs associated with the Parsley Acquisition, which includes $88 million of employee-related costs and $109 million of transaction-related fees during the three months ended March 31, 2021. See Note 3 for additional information. (e) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (f) Represents net margins (attributable to third party working interest owners) that result from Company-provided vertically integrated services, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three months ended March 31, 2022 and 2021, the vertical integration net margins included $8 million and $12 million of gross vertical integration revenues, respectively, and $8 million and $8 million of total vertical integration costs and expenses, respectively. During the three months ended March 31, 2021, the Company divested its well services business and continues to operate its water services business. See Note 3 for additional information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended March 31, 2022 2021 (in millions) Current tax provision $ (20) $ (7) Deferred tax benefit (provision) (532) 18 Income tax benefit (provision) $ (552) $ 11 Effective tax rate 22 % 14 % The Company evaluates and updates its annual effective income tax rate on an interim basis based on current and forecasted earnings and tax laws. The mix and timing of the Company's actual earnings compared to annual projections can cause interim effective tax rate fluctuations. The Company's interim effective tax rate for the three months ended March 31, 2022 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 2013. As of March 31, 2022, no adjustments had been proposed in any jurisdiction that would have a significant effect on the Company's liquidity, future results of operations or financial position.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions) Net income (loss) attributable to common stockholders $ 2,009 $ (70) Participating share-based earnings (a) (5) — Basic net income (loss) attributable to common stockholders 2,004 (70) Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes 1 — Diluted net income (loss) attributable to common stockholders $ 2,005 $ (70) Basic weighted average shares outstanding 243 210 Convertible Notes (b) 13 — Diluted weighted average shares outstanding 256 210 ______________________ (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 includes the dilutive effect had the Company's Convertible Notes been converted as of the beginning of the three months ended March 31, 2022. If converted by the holder, the Company may settle in cash, shares of the Company's common stock or a combination thereof, at the Company's election. Stock repurchase program . In February 2022, the Company's board of directors authorized a $4 billion common stock repurchase program. This authorization replaced the previously authorized $2 billion common stock repurchase program that had $841 million remaining in the program before bring replaced with the $4 billion common stock repurchase program. Under this stock repurchase program, the Company may repurchase shares in accordance with applicable securities laws or 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 March 31, 2022 2021 (in millions) Shares repurchased (a) $ 250 $ — ______________________ (a) During the three months ended March 31, 2022, 1,052,822 shares were repurchased under the share repurchase program. No shares were repurchased under the share repurchase program during the three months ended March 31, 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends. On May 4, 2022, the board of directors declared a quarterly base dividend of $0.78 per share and a quarterly variable dividend of $6.60 per share on the Company's outstanding common stock, payable June 14, 2022 to shareholders of record at the close of business on May 31, 2022. Marketing derivatives. Subsequent to March 31, 2022, the Company entered into two long-term marketing contracts that will be accounted for as derivative instruments. The terms of the two marketing contracts commit the Company to purchase and simultaneously sell 40 thousand barrels of oil per day beginning May 1, 2022 and ending April 30, 2027 and 30 thousand barrels of oil per day beginning August 1, 2022 and ending July 31, 2027. The price the Company pays to purchase the oil volumes under these marketing contracts is based on a Midland oil price and the price the Company receives for the oil volumes sold is a WASP that a non-affiliated counterparty receives for selling oil through a Gulf Coast storage and export facility at prices that are highly correlated with Brent oil prices during the same month of the purchase.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation	Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 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 GAAP. The operating results for the three months ended March 31, 2022 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 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, 2021.
Use of estimates in the preparation of financial statements	Use of estimates in the preparation of financial statements. Preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Depletion of oil and gas properties is determined using estimates of proved oil and gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and estimates of development and production costs. Actual results could differ from the estimates and assumptions utilized.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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. Assets and liabilities measured at fair value on a recurring basis are as follows: As of March 31, 2022 Fair Value Measurements Quoted Prices in Significant Other Significant Total (in millions) Assets: Investment in affiliate $ 231 $ — $ — $ 231 Deferred compensation plan assets 68 — — 68 Marketing derivatives — — 5 5 $ 299 $ — $ 5 $ 304 Liabilities: Commodity price derivatives (a) $ — $ 519 $ — $ 519 Marketing derivatives — — 38 38 $ — $ 519 $ 38 $ 557 As of December 31, 2021 Fair Value Measurements Quoted Prices in Significant Other Significant Total (in millions) Assets: Investment in affiliate $ 135 $ — $ — $ 135 Deferred compensation plan assets 74 — — 74 Short-term investment 58 — — 58 $ 267 $ — $ — $ 267 Liabilities: Commodity price derivatives (a) $ — $ 486 $ — $ 486 Marketing derivatives — — 77 77 $ — $ 486 $ 77 $ 563 ______________________ (a) Includes $250 million and $328 million as of March 31, 2022 and December 31, 2021, respectively, of liabilities recorded in the fourth quarter of 2021 related to entering into equal and offsetting oil and gas commodity derivative trades that had the net effect of eliminating certain of the Company's 2022 derivative obligations.
Schedule of carrying values and financial instruments not carried at fair value	Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: As of March 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair (in millions) Assets: Cash and cash equivalents (a) $ 2,385 $ 2,385 $ 3,847 $ 3,847 Restricted cash (a) (b) $ 9 $ 9 $ 37 $ 37 Short-term investments, net (c) $ 640 $ 640 $ — $ — Liabilities: Current portion of long-term debt: Senior notes (d) $ 244 $ 245 $ 244 $ 247 Long-term debt: Convertible senior notes (d) $ 1,308 $ 3,142 $ 1,307 $ 2,359 Senior notes (d) $ 4,138 $ 3,895 $ 5,381 $ 5,390 ______________________ (a) Fair value approximates carrying value due to the short-term nature of the instruments. (b) Represents funds in escrow for use in future deficiency fee payments associated with the Company's 2019 sale of its Eagle Ford assets and other remaining assets in South Texas (the "South Texas Divestiture"). Any remaining balance after the payment of the deficiency fees will revert to the Company on March 31, 2023. See Note 10 for additional information. (c) Represents commercial paper investments that are carried at amortized cost and classified as held-to-maturity as the Company has the intent and ability to hold them until they mature. Commercial paper is included in cash and cash equivalents if it has maturity dates that are less than 90 days at the date of purchase; otherwise, investments are reflected in short-term investments in the accompanying consolidated balance sheets based on their maturity dates. Fair value for the Company's commercial paper investments is determined using Level 2 inputs. (d) Fair value is determined using Level 2 inputs. The Company's senior notes are quoted, but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges. See Note 7 for additional information.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of oil derivative contracts volume and weighted average price	Volumes per day associated with outstanding oil basis derivative contracts as of March 31, 2022 and the weighted average oil price differential for those contracts are as follows: 2022 Second Quarter Third Quarter Fourth Quarter Midland/WTI basis swap contracts: Volume per day (Bbl) (a) 26,000 26,000 26,000 Price differential per Bbl $ 0.50 $ 0.50 $ 0.50 ______________________ (a) The referenced basis swap contracts fix the basis differentials between the index price at which the Company sells a portion of its Midland Basin oil and the WTI index price.
Schedule of gas derivative volume and weighted average prices	Volumes per day associated with outstanding gas derivative contracts as of March 31, 2022 and the weighted average gas prices for those contracts are as follows: 2022 Second Quarter Third Quarter Fourth Quarter Dutch TTF swap contracts: Volume per day (MMBtu) 30,000 30,000 30,000 Price per MMBtu $ 7.80 $ 7.80 $ 7.80
Schedule of offsetting asset and liability	The fair value of derivative financial instruments not designated as hedging instruments is as follows: As of March 31, 2022 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Assets: Marketing derivatives Other assets - noncurrent $ 5 $ — $ 5 Liabilities: Commodity price derivatives Derivatives - current $ 518 $ — $ 518 Marketing derivatives Derivatives - current $ 38 $ — $ 38 Commodity price derivatives Derivatives - noncurrent $ 1 $ — $ 1 As of December 31, 2021 Type Consolidated Fair Gross Amounts Net Fair Value (in millions) Liabilities: Commodity price derivatives Derivatives - current $ 486 $ — $ 486 Marketing derivatives Derivatives - current $ 52 $ — $ 52 Marketing derivatives Derivatives - noncurrent $ 25 $ — $ 25
Schedule of derivative gains and losses recognized on statement of operations	Gains and losses recorded to net derivative loss in the consolidated statements of operations related to derivative financial instruments not designated as hedging instruments are as follows: Three Months Ended March 31, 2022 2021 (in millions) Commodity price derivatives: Noncash derivative loss, net $ (111) $ (350) Cash payments on settled derivatives, net (a) (57) (314) Total commodity derivative loss, net (168) (664) Marketing derivatives: Noncash derivative gain (loss), net 44 (20) Cash payments on settled derivatives, net (11) (7) Total marketing derivative gain (loss), net 33 (27) Derivative loss, net $ (135) $ (691) _____________________

Exploratory Well and Project _2

Exploratory Well and Project Costs (Tables)	3 Months Ended
	Mar. 31, 2022
Extractive Industries [Abstract]
Schedule of capitalized exploratory well costs, roll forward	The changes in capitalized exploratory well and project costs are as follows: Three Months Ended March 31, 2022 (in millions) Beginning capitalized exploratory well and project costs $ 632 Additions to exploratory well and project costs pending the determination of proved reserves 819 Reclassification due to determination of proved reserves (728) Ending capitalized exploratory well and project costs $ 723
Schedule of capitalized exploratory costs and the number of projects for which exploratory costs have been capitalized	Aging of capitalized exploratory costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year, based on the date of drilling was completed, are as follows: As of March 31, 2022 As of December 31, 2021 (in millions, except well counts) Capitalized exploratory well costs that have been suspended: One year or less $ 723 $ 621 More than one year — 11 $ 723 $ 632 Number of projects with exploratory well costs that have been suspended for a period greater than one year (a) — 3 ______________________ (a) The three exploratory wells that were suspended for a period greater than one year as of December 31, 2021 were completed during the first quarter of 2022.

Long-term Debt and Interest E_2

Long-term Debt and Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of components of long-term debt	The components of long-term debt, including the effects of issuance costs and discounts, are as follows: As of March 31, 2022 As of December 31, 2021 (in millions) Outstanding debt principal balances: 3.950% senior notes due 2022 $ 244 $ 244 0.550% senior notes due 2023 750 750 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 750 750 4.450% senior notes due 2026 — 500 5.625% senior notes due 2027 179 179 7.200% senior notes due 2028 241 241 4.125% senior notes due 2028 138 138 1.900% senior notes due 2030 1,100 1,100 2.150% senior notes due 2031 1,000 1,000 5,725 6,975 Issuance costs and discounts, net (35) (43) Total debt 5,690 6,932 Less current portion of long-term debt 244 244 Long-term debt $ 5,446 $ 6,688
Schedule of convertible notes	nterest expense recognized on the Convertible Notes is as follows: Three Months Ended March 31, 2022 2021 (in millions) Contractual coupon interest $ 1 $ 1 Amortization of capitalized loan fees 1 1 $ 2 $ 2

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of number of LTIP shares available for issuance	Shares available for future grant pursuant to awards under the LTIP are as follows: As of March 31, 2022 Approved and authorized awards 12,600,000 2014 Parsley Plan awards available to the LTIP (a) 879,575 Awards issued under plan (9,552,217) 3,927,358 ______________________ (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 March 31, 2022 2021 (in millions) Restricted stock - equity awards $ 11 $ 11 Restricted stock - liability awards (a) 9 6 Restricted stock and performance units - Parsley awards (b) — 33 Performance unit awards 7 7 Employee Stock Purchase Plan 1 1 $ 28 $ 58 ______________________ (a) Liability Awards are expected to be settled on their vesting date in cash. As of March 31, 2022 and December 31, 2021, accounts payable – due to affiliates included $12 million and $9 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 restricted stock award activity	Activity for restricted stock awards, performance units and stock options is as follows: Three Months Ended March 31, 2022 Restricted Stock Equity Awards Restricted Stock Liability Awards Performance Units Stock Options Beginning incentive compensation awards 741,892 182,278 304,686 6,039 Awards granted 99,577 2,724 114,066 — Awards forfeited (22,502) (4,370) (1,607) — Awards vested (a) (244,379) (23,402) — — Options exercised — — — (6,039) Ending incentive compensation awards 574,588 157,230 417,145 — ______________________ (a) Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards that vest during the period.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation [Abstract]
Schedule of asset retirement obligations	Asset retirement obligations activity is as follows: Three Months Ended March 31, 2022 (in millions) Beginning asset retirement obligations $ 354 New wells placed on production 2 Liabilities settled (15) Accretion of discount 4 Ending asset retirement obligations 345 Less current portion of asset retirement obligations (50) Asset retirement obligations, long-term $ 295

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of changes in contract obligations	The estimated obligations are included in other current or noncurrent liabilities in the consolidated balance sheets and changes are as follows: Three Months Ended March 31, 2022 (in millions) Beginning contractual obligations $ 199 Liabilities settled (118) Accretion of discount 1 Changes in estimate (a) (4) Ending contractual obligations $ 78 ______________________ (a) Primarily represents differences between estimated and actual liabilities settled.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of related party transactions and balances	Transactions and balances with ProPetro representing pressure pumping and related services as part of a long-term agreement are as follows: Three Months Ended March 31, 2022 2021 (in millions) Pressure pumping related services charges $ 112 $ 56 As of March 31, 2022 As of December 31, 2021 (in millions) Accounts payable - due to affiliate $ 74 $ 66 The Company discloses ProPetro's summarized financial information on a one-quarter lag as it enables the Company to report its quarterly results independent from the timing of when ProPetro reports its results. Summarized financial information for ProPetro is as follows: Year Ended December 31, 2021 2020 (in millions) Revenue - service revenue $ 875 $ 789 Cost of services (exclusive of depreciation and amortization) $ 662 $ 584 Net loss $ (54) $ (107)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregated revenue from contracts with purchasers by product type is as follows: Three Months Ended March 31, 2022 2021 (in millions) Oil sales $ 3,025 $ 1,435 NGL sales 569 246 Gas sales 336 143 Total oil and gas revenues 3,930 1,824 Sales of purchased oil 2,215 1,221 Sales of purchased gas 2 4 Sales of purchased diesel — 15 Total sales of purchased commodities 2,217 1,240 $ 6,147 $ 3,064

Interest and Other Income, Net

Interest and Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Interest and Other Income [Abstract]
Components of interest and other income (loss), net	The components of interest and other income are as follows: Three Months Ended March 31, 2022 2021 (in millions) Investment in affiliate valuation adjustment ( Note 4 ) $ 96 $ 54 Short-term investment valuation adjustment ( Note 4 ) 18 — Deferred compensation plan income (loss), net ( Note 4 ) (3) 4 Other 15 2 $ 126 $ 60

Other Expense (Tables)

Other Expense (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of components of other expense	The components of other expense are as follows: Three Months Ended March 31, 2022 2021 (in millions) Loss on early extinguishment of debt ( Note 7 ) $ 47 $ 5 Unoccupied facility expense (a) 16 10 Idle frac equipment charges (b) 6 4 Transportation commitment charges (c) 3 7 Parsley Acquisition transaction costs (d) — 197 Winter Storm Uri gas commitments (e) — 80 Vertical integration services (income) loss (f) — (4) Other 5 5 $ 77 $ 304 ____________________ (a) Primarily represents facilities expense associated with certain acquired Parsley offices that are no longer occupied. (b) Includes idle frac equipment fees and frac reservation fees. (c) Primarily represents firm transportation charges on excess pipeline capacity commitments. (d) Represents costs associated with the Parsley Acquisition, which includes $88 million of employee-related costs and $109 million of transaction-related fees during the three months ended March 31, 2021. See Note 3 for additional information. (e) Represents costs related to the Company's fulfillment of certain firm gas commitments during Winter Storm Uri in February 2021. (f) Represents net margins (attributable to third party working interest owners) that result from Company-provided vertically integrated services, which are ancillary to and supportive of the Company's oil and gas joint operating activities, and do not represent intercompany transactions. For the three months ended March 31, 2022 and 2021, the vertical integration net margins included $8 million and $12 million of gross vertical integration revenues, respectively, and $8 million and $8 million of total vertical integration costs and expenses, respectively. During the three months ended March 31, 2021, the Company divested its well services business and continues to operate its water services business. See Note 3 for additional information.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of income tax (provision) benefit and effective tax rate	Income tax benefit (provision) and effective tax rate are as follows: Three Months Ended March 31, 2022 2021 (in millions) Current tax provision $ (20) $ (7) Deferred tax benefit (provision) (532) 18 Income tax benefit (provision) $ (552) $ 11 Effective tax rate 22 % 14 %

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of earnings attributable to common stockholders, basic and diluted	The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows: Three Months Ended March 31, 2022 2021 (in millions) Net income (loss) attributable to common stockholders $ 2,009 $ (70) Participating share-based earnings (a) (5) — Basic net income (loss) attributable to common stockholders 2,004 (70) Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes 1 — Diluted net income (loss) attributable to common stockholders $ 2,005 $ (70) Basic weighted average shares outstanding 243 210 Convertible Notes (b) 13 — Diluted weighted average shares outstanding 256 210 ______________________ (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 March 31, 2022 2021 (in millions) Shares repurchased (a) $ 250 $ — ______________________ (a) During the three months ended March 31, 2022, 1,052,822 shares were repurchased under the share repurchase program. No shares were repurchased under the share repurchase program during the three months ended March 31, 2021.

Acquisitions and Divestiture _2

Acquisitions and Divestiture Activities - Narrative (Acquisitions) (Details) - Parsley Acquisition $ in Billions	Jan. 12, 2021USD ($)shares
Business Acquisition [Line Items]
Exchange ratio	0.1252
Number of share issued from rights (in shares)	52,000,000
Net assets acquired | $	$ 6.9

Acquisitions and Divestiture _3

Acquisitions and Divestiture Activities - Narrative (Divestitures) (Details) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 28, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets			$ 210,000,000	$ 23,000,000
Martin County Gas Processing | Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity method investments	$ 125,000,000
Equity method investment, realized gain (loss) on disposal	$ 0
Midland County | Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets			85,000,000
Interest received in sale			8,000,000
Gain (loss) on sale			$ 41,000,000
Wells Services | Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets		$ 20,000,000
Gain (loss) on sale		9,000,000
Additional contingent proceeds		$ 4,000,000		$ 4,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Investment in affiliate	$ 231	$ 135
Deferred compensation plan assets	68	74
Short-term investment		58
Assets, fair value disclosure	304	267
Liabilities:
Liabilities, fair value disclosure	557	563
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in affiliate	231	135
Deferred compensation plan assets	68	74
Short-term investment		58
Assets, fair value disclosure	299	267
Liabilities:
Liabilities, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Investment in affiliate	0	0
Deferred compensation plan assets	0	0
Short-term investment		0
Assets, fair value disclosure	0	0
Liabilities:
Liabilities, fair value disclosure	519	486
Significant Unobservable Inputs (Level 3)
Assets:
Investment in affiliate	0	0
Deferred compensation plan assets	0	0
Short-term investment		0
Assets, fair value disclosure	5	0
Liabilities:
Liabilities, fair value disclosure	38	77
Commodity derivatives
Liabilities:
Commodity price and marketing derivatives	519	486
Commodity price and marketing derivatives related to equal and offsetting oil and gas commodity derivative trades	250	328
Commodity derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Commodity price and marketing derivatives	0	0
Commodity derivatives | Significant Other Observable Inputs (Level 2)
Liabilities:
Commodity price and marketing derivatives	519	486
Commodity derivatives | Significant Unobservable Inputs (Level 3)
Liabilities:
Commodity price and marketing derivatives	0	0
Marketing derivatives
Assets:
Marketing derivatives	5
Liabilities:
Commodity price and marketing derivatives	38	77
Marketing derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Marketing derivatives	0
Liabilities:
Commodity price and marketing derivatives	0	0
Marketing derivatives | Significant Other Observable Inputs (Level 2)
Assets:
Marketing derivatives	0
Liabilities:
Commodity price and marketing derivatives	0	0
Marketing derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Marketing derivatives	5
Liabilities:
Commodity price and marketing derivatives	$ 38	$ 77

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022bblPerDay$ / bbl	Mar. 31, 2021$ / bbl	Oct. 31, 2021shares
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
Long-term purchase commitment, period	6 years
Equity Securities, FV-NI (in shares) | shares			960
Marketing derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fair value input, WASP differential deduction | $ / bbl	2.03	2.06

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Values and Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 2,385	$ 3,847
Restricted cash	9	37
Short-term investments, net	640	58
Current portion of long-term debt:	244	244
Long-term debt	5,446	6,688
Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,308	1,307
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	4,138	5,381
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt:	245	247
Estimate of Fair Value Measurement | Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	3,142	2,359
Estimate of Fair Value Measurement | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	3,895	5,390
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, net	640	0
Portion at Other than Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, net	640	0
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 2,385	$ 3,847

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2022MMBTU / dbblPerDay$ / MMBTU
Derivative [Line Items]
Purchase contract, amount of barrel to be purchased and sold | bblPerDay	50,000
Long-term purchase commitment, period	6 years
Oil contracts | Brent Basis Swap Contracts for January 2024 through December 2024
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	3,000
Oil contracts, price per bbl | Brent Basis Swap Contracts for January 2024 through December 2024
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	4.33

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Oil Derivative Contracts Volume and Weighted Average Prices (Details)	Mar. 31, 2022MMBTU / d$ / MMBTU
Oil contracts | Midland/WTI basis swap contracts, second quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	26,000
Oil contracts | Midland/WTI basis swap contracts, third quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	26,000
Oil contracts | Midland/WTI basis swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	26,000
Oil contracts | Dutch TTF swap contracts, second quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	30,000
Oil contracts | Dutch TTF swap contracts, third quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	30,000
Oil contracts | Dutch TTF swap contracts, fourth quarter
Derivative [Line Items]
Volume, barrels per day | MMBTU / d	30,000
Oil contracts, price per bbl | Midland/WTI basis swap contracts, second quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	0.50
Oil contracts, price per bbl | Midland/WTI basis swap contracts, third quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	0.50
Oil contracts, price per bbl | Midland/WTI basis swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	0.50
Oil contracts, price per bbl | Dutch TTF swap contracts, second quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	7.80
Oil contracts, price per bbl | Dutch TTF swap contracts, third quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	7.80
Oil contracts, price per bbl | Dutch TTF swap contracts, fourth quarter
Derivative [Line Items]
Price per Bbl in usd | $ / MMBTU	7.80

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Net Fair Value Presented in the Consolidated Balance Sheet	$ 556	$ 538
Derivatives	1	25
Derivatives not designated as hedging instruments | Marketing derivatives | Other assets - noncurrent
Assets:
Fair Value	5
Gross Amounts Offset in the Consolidated Balance Sheet	0
Net Fair Value Presented in the Consolidated Balance Sheet	5
Derivatives not designated as hedging instruments | Marketing derivatives | Derivatives - current
Liabilities:
Fair Value	38	52
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	38	52
Derivatives not designated as hedging instruments | Marketing derivatives | Derivatives - noncurrent
Liabilities:
Fair Value		25
Gross Amounts Offset in the Consolidated Balance Sheet		0
Derivatives		25
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - current
Liabilities:
Fair Value	518	486
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Fair Value Presented in the Consolidated Balance Sheet	518	$ 486
Derivatives not designated as hedging instruments | Commodity price derivatives | Derivatives - noncurrent
Liabilities:
Fair Value	1
Gross Amounts Offset in the Consolidated Balance Sheet	0
Derivatives	$ 1

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivative Obligations Under Terminated Hedge Arrangements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Noncash derivative loss, net	$ (67)	$ (370)
Derivative loss, net	(135)	(691)
Commodity price derivatives
Derivative [Line Items]
Noncash derivative loss, net	(111)	(350)
Cash receipts (payments/deferred obligations) on settled derivatives, net	(57)	(314)
Derivative loss, net	(168)	(664)
Cash receipts (payments/deferred obligations) related to offsetting oil and gas commodity derivative trades	(78)
Marketing derivatives
Derivative [Line Items]
Noncash derivative loss, net	44	(20)
Cash receipts (payments/deferred obligations) on settled derivatives, net	(11)	(7)
Derivative loss, net	33	$ (27)
WTI Swap Contract
Derivative [Line Items]
Cash receipts (payments/deferred obligations) on settled derivatives, net	$ 13

Exploratory Well and Project _3

Exploratory Well and Project Costs - Schedule of Capitalized Exploratory Well And Project Activity (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory well and project costs	$ 632
Additions to exploratory well and project costs pending the determination of proved reserves	819
Reclassification due to determination of proved reserves	(728)
Ending capitalized exploratory well and project costs	$ 723

Exploratory Well and Project _4

Exploratory Well and Project Costs - Aging of Capitalized Exploratory Costs (Details) $ in Millions	Mar. 31, 2022USD ($)Well	Dec. 31, 2021USD ($)Well
Capitalized Exploratory Well Costs [Abstract]
One year or less	$ 723	$ 621
More than one year	0	11
Total	$ 723	$ 632
Number of projects with exploratory well costs that have been suspended for a period greater than one year (a) | Well	0	3

Long-term Debt and Interest E_3

Long-term Debt and Interest Expense - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 5,725		$ 6,975
Issuance costs and discounts, net	(35)		(43)
Total debt	5,690		6,932
Current portion of long-term debt	244		244
Long-term debt	5,446		6,688
Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 4,138		5,381
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		750
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	$ 0	$ 750	750
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate	0.25%
Issuance costs and discounts, net	$ 15
0.250% convertible senior notes due 2025 | Senior notes
Debt Instrument [Line Items]
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]
Long-term debt	$ 750		750
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	$ 0	$ 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		179
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		138
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		$ 1,000

Long-term Debt and Interest E_4

Long-term Debt and Interest Expense - Narrative (Details)	1 Months Ended	3 Months Ended
	May 31, 2020USD ($)dayWell	Mar. 31, 2022USD ($)Wellday$ / shares	Mar. 31, 2021USD ($)	Feb. 28, 2022USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,000,000,000
Outstanding borrowings under the Credit Facility		0
Repayments of Long-term Debt		(1,292,000,000)	$ (2,640,000,000)
Long-term debt		5,725,000,000			$ 6,975,000,000
Loss on early extinguishment of debt		47,000,000	$ 5,000,000
Issuance costs and discounts		$ 35,000,000			43,000,000
Cap price | $ / shares		$ 149.78
Net costs	$ 113,000,000
0.750% senior callable notes due 2024
Debt Instrument [Line Items]
Stated interest rate		0.75%
4.450% senior notes due 2026
Debt Instrument [Line Items]
Stated interest rate		4.45%
3.950% senior notes due 2022
Debt Instrument [Line Items]
Stated interest rate		3.95%
0.250% convertible senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate		0.25%
Issuance costs and discounts		$ (15,000,000)
Senior notes | 0.750% senior callable notes due 2024
Debt Instrument [Line Items]
Long-term debt		0		$ 750,000,000	750,000,000
Senior notes | 4.450% senior notes due 2026
Debt Instrument [Line Items]
Long-term debt		0		$ 500,000,000	500,000,000
Senior notes | 0.750% senior callable notes due 2024 and 4.450%senior notes due 2026
Debt Instrument [Line Items]
Loss on early extinguishment of debt		47,000,000
Senior notes | 3.950% senior notes due 2022
Debt Instrument [Line Items]
Long-term debt		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
Initial conversion rate		0.0095009
Debt instrument, convertible, conversion price | $ / shares		$ 105.25
Debt instrument, convertible, threshold trading days | day	20	20
Threshold consecutive trading days | Well	30	30
Debt instrument, convertible, threshold percentage of conversion price	130.00%
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%
Debt instrument, convertible, conversion ratio, percent	100.00%
Effective interest rate		0.60%

Long-term Debt and Interest E_5

Long-term Debt and Interest Expense - Interest Costs (Details) - 0.250% convertible senior notes due 2025 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Contractual coupon interest	$ 1	$ 1
Amortization of capitalized loan fees	1	1
Total interest expense on convertible notes	$ 2	$ 2

Incentive Plans - Narrative (De

Incentive Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 126
Remaining vesting period	3 years
Parsley Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio		0.1252
Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 26

Incentive Plans - Schedule of N

Incentive Plans - Schedule of Number Of Shares Available Under The Company's Long Term Incentive Plan (Details) - Pioneer Long Term Incentive Plan - 2006 Long-Term Incentive Plan	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards (in shares)	12,600,000
Awards issued under plan (in shares)	(9,552,217)
Awards available for future grant (in shares)	3,927,358
Parsley Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards (in shares)	879,575

Incentive Plans - Schedule of C

Incentive Plans - Schedule of Compensation Expense for Each Type of Incentive Award (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 28	$ 58
Restricted Stock Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	11	11
Restricted Stock Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	9	6
Amount of liabilities attributable to liability awards included in accounts payable	12		$ 9
Restricted Stock Liability Awards | Parsley Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	33
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	7	7
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1	$ 1

Incentive Plans - Schedule Of R

Incentive Plans - Schedule Of Restricted Stock Award Activity (Details)	3 Months Ended
	Mar. 31, 2022shares
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)	741,892
Awards granted (in shares)	99,577
Awards forfeited (in shares)	(22,502)
Awards vested (in shares)	(244,379)
Exercised (in shares)	0
Ending balance outstanding (in shares)	574,588
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)	182,278
Awards granted (in shares)	2,724
Awards forfeited (in shares)	(4,370)
Awards vested (in shares)	(23,402)
Exercised (in shares)	0
Ending balance outstanding (in shares)	157,230
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)	304,686
Awards granted (in shares)	114,066
Awards forfeited (in shares)	(1,607)
Awards vested (in shares)	0
Exercised (in shares)	0
Ending balance outstanding (in shares)	417,145
Stock Options
Stock Options
Beginning balance outstanding (in shares)	6,039
Awards granted (in shares)	0
Awards forfeited (in shares)	0
Awards vested (in shares)	0
Options exercised (in shares)	(6,039)
Ending balance outstanding (in shares)	0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning asset retirement obligations	$ 354
New wells placed on production	2
Liabilities settled	(15)
Accretion of discount	4	$ 1
Ending asset retirement obligations	345
Less current portion of asset retirement obligations	(50)
Asset retirement obligations, long-term	$ 295

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - South Texas Divestiture - USD ($) $ in Millions	3 Months Ended	42 Months Ended
	Mar. 31, 2022	Jul. 01, 2022
Loss Contingencies [Line Items]
Deficiency fee liability	$ 72
Credit support from third parties	100
Other - current
Loss Contingencies [Line Items]
Guarantor obligations, reimbursement	43
Other assets - noncurrent
Loss Contingencies [Line Items]
Guarantor obligations, reimbursement	$ 41
Maximum
Loss Contingencies [Line Items]
Loss contingency, obligation, percentage	10000.00%
Deficiency fee liability	$ 92
Forecast
Loss Contingencies [Line Items]
Loss contingency, obligation, percentage		10000.00%
Loss contingency, buyer recovery, percentage		18.00%

Commitments And Contingencies_2

Commitments And Contingencies - Schedule of Changes in Contract Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Loss Contingency Accrual [Roll Forward]
Beginning contractual obligations	$ 199
Liabilities settled	(118)
Accretion of discount	1
Changes in estimate (a)	(4)
Ending contractual obligations	$ 78

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions	Oct. 19, 2020	Dec. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Mar. 31, 2019
Related Party Transaction [Line Items]
Ownership threshold for right to designate director	5.00%
Pressure pumping and related services charges			$ (112)	$ (56)
Accounts payable - due to affiliate			74		$ 66
Revenue - service revenue			6,147	3,064
Income (loss) before income taxes			2,561	(81)
ProPetro
Related Party Transaction [Line Items]
Revenue - service revenue			875	789
Cost of services (exclusive of depreciation and amortization)			662	584
Income (loss) before income taxes			$ (54)	$ (107)
ProPetro | ProPetro
Related Party Transaction [Line Items]
Percent ownership			16.00%
ProPetro | Pressure pumping assets | Sale of assets
Related Party Transaction [Line Items]
Shares received (in shares)		16.6
Short-term receivables						$ 110

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue - service revenue	$ 6,147	$ 3,064
Oil sales
Disaggregation of Revenue [Line Items]
Revenue - service revenue	3,025	1,435
NGL sales
Disaggregation of Revenue [Line Items]
Revenue - service revenue	569	246
Gas sales
Disaggregation of Revenue [Line Items]
Revenue - service revenue	336	143
Total oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue - service revenue	3,930	1,824
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue - service revenue	2,215	1,221
Sales of purchased gas
Disaggregation of Revenue [Line Items]
Revenue - service revenue	2	4
Sales of purchased diesel
Disaggregation of Revenue [Line Items]
Revenue - service revenue	0	15
Total sales of purchased commodities
Disaggregation of Revenue [Line Items]
Revenue - service revenue	$ 2,217	$ 1,240

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable balance representing amounts due or billable	$ 2.3	$ 1.6

Interest and Other Income, Ne_2

Interest and Other Income, Net - Components of Interest and Other Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and Other Income [Abstract]
Investment in affiliate valuation adjustment (Note 4)	$ 96	$ 54
Short-term investment valuation adjustment (Note 4)	18	0
Deferred compensation plan income (loss), net (Note 4)	(3)	4
Other	15	2
Interest and other income (loss), net	$ 126	$ 60

Other Expense - Schedule of Com

Other Expense - Schedule of Components of Other Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Loss on early extinguishment of debt	$ 47	$ 5
Unoccupied facility expense (a)	16	10
Idle frac equipment charges (b)	6	4
Transportation commitment charges (c)	3	7
Parsley Acquisition transaction costs (d)	0	197
Winter Storm Uri gas commitments (e)	0	80
Vertical integration services (income) loss (f)	0	(4)
Other	5	5
Total other expense	77	304
Gross revenues included in third party loss from vertical integration services	8	12
Gross expenses included in third party loss from vertical integration services	8	$ 8
Parsley Acquisition | Employee related costs
Restructuring Cost and Reserve [Line Items]
Parsley Acquisition transaction costs (d)	88
Parsley Acquisition | Transaction related fees
Restructuring Cost and Reserve [Line Items]
Parsley Acquisition transaction costs (d)	$ 109

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Expense) and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Current tax provision	$ (20)	$ (7)
Deferred tax benefit (provision)	(532)	18
Income tax benefit (provision)	$ (552)	$ 11
Effective tax rate	22.00%	14.00%

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 2,009	$ (70)
Participating share-based earnings	(5)	0
Basic net income (loss) attributable to common stockholders	2,004	(70)
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	1	0
Diluted net income (loss) attributable to common stockholders	$ 2,005	$ (70)
Basic weighted average shares outstanding (in shares)	243	210
Convertible Notes dilution (in shares)	13	0
Diluted weighted average shares outstanding (in shares)	256	210

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - Common stock repurchase program - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 28, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Authorized amount	$ 4,000,000,000			$ 2,000,000,000
Remaining authorized amount	$ 3,800,000,000		$ 841,000,000
Purchases of treasury stock (in shares)	250,000,000	0
Stock repurchased during period (in shares)	1,052,822	0

Subsequent Events (Details)

Subsequent Events (Details)	May 31, 2022$ / shares	May 04, 2022$ / shares	Mar. 31, 2022bblPerDay$ / shares	Mar. 31, 2021$ / shares	Aug. 01, 2022bblPerDay	May 05, 2022contract	May 01, 2022bblPerDay
Subsequent Event [Line Items]
Dividends declared (usd per share)			$ 3.78	$ 0.56
Purchase contract, amount of barrel to be purchased and sold | bblPerDay			50,000
Subsequent event
Subsequent Event [Line Items]
Quarterly base dividend declared (usd per share)		$ 0.78
Dividends declared (usd per share)	$ 6.60
Number of long-term marketing contracts | contract						2
Purchase contract, amount of barrel to be purchased and sold | bblPerDay					30,000		40,000