Concho Resources (CXO) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	CXO
Entity Registrant Name	CONCHO RESOURCES INC
Entity Central Index Key	0001358071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		200,594,025

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 0	$ 0
Accounts receivable, net of allowance for doubtful accounts:
Oil and natural gas	530	466
Joint operations and other	413	365
Inventory	34	35
Derivative instruments	1	484
Prepaid costs and other	49	59
Total current assets	1,027	1,409
Property and equipment:
Oil and natural gas properties, successful efforts method	32,559	31,706
Accumulated depletion and depreciation	(10,138)	(9,701)
Total oil and natural gas properties, net	22,421	22,005
Other property and equipment, net	350	308
Total property and equipment, net	22,771	22,313
Deferred loan costs, net	9	10
Goodwill	2,229	2,224
Intangible assets, net	18	19
Noncurrent derivative instruments	2	211
Other assets	112	108
Total assets	26,168	26,294
Current liabilities:
Accounts payable - trade	61	50
Bank overdrafts	105	159
Revenue payable	258	253
Accrued drilling costs	605	574
Derivative instruments	292	0
Other current liabilities	339	320
Total current liabilities	1,660	1,356
Long-term debt	4,567	4,194
Deferred income taxes	1,612	1,808
Noncurrent derivative instruments	75	0
Asset retirement obligations and other long-term liabilities	195	168
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 authorized; 201,755,333 and 201,288,884 shares issued at March 31, 2019 and December 31, 2018, respectively	0	0
Additional paid-in capital	14,797	14,773
Retained earnings	3,406	4,126
Treasury stock, at cost; 1,155,813 and 1,031,655 shares at March 31, 2019 and December 31, 2018, respectively	(144)	(131)
Total stockholders' equity	18,059	18,768
Total liabilities and stockholders' equity	$ 26,168	$ 26,294

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	201,755,333	201,288,884
Treasury shares	1,155,813	1,031,655

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating revenues:
Total operating revenues	$ 1,104	$ 947
Operating costs and expenses:
Production and ad valorem taxes	86	70
Exploration and abandonments	47	18
Depreciation, depletion and amortization	465	317
Accretion of discount on asset retirement obligations	3	2
General and administrative (including non-cash stock-based compensation of $24 and $17 for the three months ended March 31, 2019 and 2018, respectively)	91	65
Loss on derivatives	1,059	35
Gain on disposition of assets, net	(1)	(723)
Transaction costs	0	7
Total operating costs and expenses	1,950	(68)
Income (loss) from operations	(846)	1,015
Other income (expense):
Interest expense	(47)	(30)
Other, net	4	104
Total other income (expense)	(43)	74
Income (loss) before income taxes	(889)	1,089
Income tax (expense) benefit	194	(254)
Net income (loss)	$ (695)	$ 835
Earnings per share:
Basic net income (loss)	$ (3.49)	$ 5.6
Diluted net income (loss)	$ (3.49)	$ 5.58
Oil [Member]
Operating revenues:
Total operating revenues	$ 935	$ 793
Natural Gas [Member]
Operating revenues:
Total operating revenues	169	154
Oil And Natural Gas Production [Member]
Operating costs and expenses:
Operating costs and expenses	174	130
Gathering, Processing and Transportation
Operating costs and expenses:
Operating costs and expenses	$ 26	$ 11

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Non-cash stock-based compensation	$ 24	$ 17

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
BALANCE at Dec. 31, 2017	$ 8,915	$ 0	$ 7,142	$ 1,840	$ (67)
BALANCE, Shares at Dec. 31, 2017		149,325			598
Net income (loss)	835	$ 0	0	835	$ 0
Grants of restricted stock, shares		112
Performance unit share conversion, shares		446
Cancellation of restricted stock, shares		(13)
Stock-based compensation	17		17
Purchase of treasury stock	(29)				$ (29)
Purchase of treasury stock, shares					202
BALANCE, Shares at Mar. 31, 2018		149,870			800
BALANCE at Mar. 31, 2018	9,738	$ 0	7,159	2,675	$ (96)
BALANCE at Dec. 31, 2018	18,768	$ 0	14,773	4,126	$ (131)
BALANCE, Shares at Dec. 31, 2018		201,289			1,032
Net income (loss)	(695)	$ 0	0	(695)	$ 0
Common stock dividends ($0.125 per share)	(25)			(25)
Grants of restricted stock, shares		235
Performance unit share conversion, shares		246
Cancellation of restricted stock, shares		(15)
Stock-based compensation	24	$ 0	24	0	0
Purchase of treasury stock	(13)	$ 0	0	0	$ (13)
Purchase of treasury stock, shares					124
BALANCE, Shares at Mar. 31, 2019		201,755			1,156
BALANCE at Mar. 31, 2019	$ 18,059	$ 0	$ 14,797	$ 3,406	$ (144)

Consolidated Statements of St_2

Consolidated Statements of Stockholders Equity (Parenthetical)	Mar. 31, 2019$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared, amount per share	$ 0.125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (695)	$ 835
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	465	317
Accretion of discount on asset retirement obligations	3	2
Exploration and abandonments	38	10
Non-cash stock-based compensation expense	24	17
Deferred income taxes	(194)	254
Gain on disposition of assets, net	(1)	(723)
Loss on derivatives	1,059	35
Net settlements on derivatives	0	(112)
Other	2	(96)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(111)	(81)
Prepaid costs and other	9	(2)
Inventory	0	3
Accounts payable	11	(12)
Revenue payable	8	2
Other current liabilities	5	39
Net cash provided by operating activities	623	488
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties	(885)	(474)
Acquisitions of oil and natural gas properties	(5)	(13)
Additions to property, equipment and other assets	(15)	(6)
Proceeds from the disposition of assets	5	255
Direct transaction costs for disposition of assets	(2)	(3)
Distribution from equity method investment	0	148
Net cash used in investing activities	(902)	(93)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility	1,112	662
Payments on credit facility	(739)	(984)
Payment of common stock dividends	(25)	0
Purchase of treasury stock	(13)	(29)
Decrease in bank overdrafts	(54)	(44)
Other	(2)	0
Net cash provided by (used in) financing activities	279	(395)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Organization and nature of oper

Organization and nature of operations	3 Months Ended
	Mar. 31, 2019
Organization and nature of operations [Abstract]
Organization and nature of operations	Note 1 . Organization and nature of operations Concho Resources Inc. ( the “Company” ) is a Delaware corporation formed on February 22, 2006. The Company’s principal business is the acquisition, development , exploration and production of oil and natural gas properties primarily loc ated in the Permian Basin of West Texas and Southeast New Mexico .

Basis of presentation and summa

Basis of presentation and summary of significant accounting policies	3 Months Ended
	Mar. 31, 2019
Basis of presentation and summary of significant accounting policies [Abstract]
Basis of presentation and summary of significant accounting policies	Note 2 . Basis of p resentation and s ummary of significant accounting policies A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”). Principles of consolidation. The consolidated financial statements of the Company include the accounts of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated. Reclassifications. Certain prior period amounts have been reclassified to conform to the 2019 presentation. These reclassifications had no impact on net income (l oss), total assets, liabilities and stockholders’ equity or total cash flows. Use of estimates in the preparation of financial statements. Preparati on of financial statements in conformity with Generally Accepted Accounting P rinciples in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the discl osure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved oil and natural gas reserves and in the projection of future rates of production and the timing of de velopment expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevai ling market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, goodwill, fair value of stock-based compensation, fair value of business combinations, fair value of nonmonet ary transactions, fair value of derivative financial instruments and income taxes. Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public account ing firm, except that the consolidated balance sheet at December 31, 2018 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitte d from these consolidated financial statements. Accordingly, these condensed notes to the consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2018 Form 10-K . Equity method investments. The Company accounts for its equity method investments under the equity method of accounting and includes the investment balance in other assets on the consolidated balance sheets. Gains and losses incurred from the Company’s equity investments are recorded in other income (expense) on the consolidated statements of operations. At March 31, 2019 , the Company owned a 23.75 percent membership interest in Oryx Southern Delaware Holdings, LLC (“Oryx”), an entity that operates a crude oil gathering and transportation system in the Delaware Basin. In February 2018, Oryx obtained a term loan of $800 million. The proceeds were used in part to fund a cash distribution to its equity holders, of which the Company received a distribution of approximately $157 million. Of this amount, appro ximately $54 million fully offset the Company’s net investment in Oryx. The remaining distribution of approximately $103 million was recorded in other income (expense) on the Company’s consolidated statement of operations since the lenders to the term loan do not have recourse against the Company, and the Company has no contractual obligation to repay the distribution. The Company’s net investment in Oryx was zero at March 31, 2019 and December 31, 2018 . The Company did not record income or loss on the Oryx inv estment for the three months ended March 31, 2019, as cumulative net income had yet to exceed the distribution in excess of the Company’s investment. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests, which included the Company’s 23.75 percent membership interest . Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In e ach reporting period, the Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. The amount of any resulting losses may differ from these estimates. An accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable. See Note 9 for additional information. Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s consolidated statements of operations. All revenues are recognized in the geographical region of the Permian Basin. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” (“ ASC 606 ”) . Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered tran sferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue i s recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purch aser one to two months after production. At March 31, 2019 and December 31, 2018 , the Company had receivables related to contracts with customers of approximately $ 530 million and $ 466 million, respectively . Oil Contracts. The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts u sing market-based pricing which is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the different ials are included in o il sales on the consolidated statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in g athering, processing and transportation on the Company’s consolidated statement s of operations as they represent payment for services performed outside of the contract with the customer. Natural Gas Contracts. The majority of the Compan y’s natural gas is sold at the lease location, which is generally when control of the natural gas has been transferred to the purchaser. The natural gas is sold under (i) percent age of proceeds processing contr acts, (ii) fee-based contracts or ( iii) a hybr id of percentage of proceeds and fee-based contracts. Un der the majority of the Company’s contracts, the purchaser gathers the natural gas in the field where it is produced and transports it via pipeline to natural gas processing plants where natural gas l iquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the percentage of proceeds and hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the val ue for the extracte d liquids and the residue gas. Under the fee - based contracts, the Company receives natural gas liquids and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers u pstream of the transportation and processing activities, revenue is recognized as the net amount r eceived from the purchaser. To the extent that control transfers downstream of those costs, revenue is recognized on a gross basis, and the related costs are classified in g athering, processing and transportation on the Company’s consolidated statements of operations. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical ex emption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performa nce obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties during the drilling and production phases and records such reimbursements as redu ctions to general and administrative expense. Such fees totaled approximate ly $ 4 million for each of the three months ended March 31, 2019 and 2018 . Recently adopted accounting pronouncements. In Februar y 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842) ” (“ASU 2016-02”), which requires all leases with a term greater than one year to be recognized on the consolidated balance sheet while maintaining similar classifications for financ e and operating leases. Lease expense recognition on the consolidated statements of operation s was effectively unchanged. The Company adopted t his guidance on January 1, 2019. The Company made policy elections not to capitalize short-term leas es for all asset classes and not to separate non-lease components from lease components for all asset clas ses except for vehicles. T he Company also did not elect the package of practical expedients that allowed for certain considerations under the original “Leases (Topic 840)” accounting standard (“Topic 840”) to be carried forward upon adoption of ASU 2016-02 . In January 2018, the FASB issued ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” which provides an opt ional practical expedient not to evaluate land easements that existed or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases under Topic 840. The Company enters into land easements on a routine basis as part of its ongoing operations and has many such agreements currently in place; however, the Company does not currently accou nt for any land easements under Topic 840. As this guidance serves as an amendment t o ASU 2016-02, the Company elect ed this practical expedie nt, which became effective upon the date of adoption of ASU 2016-02. T he Company will assess any new land easements to determine whether the arrangement should be accounted for as a lease. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements,” which pr ovides a transition election not to restate comparative periods for the effects of applying the new le ase standard. This transition election permits entities to change the date of initial application to the beginning of the year of adoption and to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected this transition approach, however the cumulative impact of adoption in the opening balance of retained earnings as of January 1, 2019 was zero. The Company enters into lease agreements to support its operations. These agreements are for leases on assets su ch as office space, vehicles, field equipment and drilling rigs. Upon adop tion, the Company recognized $35 million of right-of-use a ssets, of which approximately $19 million and $ 16 million relate to the Company’ s operating an d finance leases, respectively, and approximately $ 37 million of associated lease liabilities . See Note 9 for additional disclosures of the Company’s leases. In August 2018, the Securities and Exchange Commission (“SEC”) issued a fi nal rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other disclosure requirements, U.S. GAAP or changes in the information environment. The amendments are int ended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The final rule amends numerous SEC rules, items and forms covering a diverse group of topics, including, but not limited to, changes in stockholders’ equity. The final rule extends the annual disclosure requirement in SEC Regulation S-X, Rule 3-04, of presenting changes in stockholders’ equity to interim periods. The registrants are require d to analyze changes in stockholders’ equity in the form of a reconciliation for the current quarter and year-to-date interim periods and comparative periods in the prior year. As a result, the Company updated its presentation of the consolidated statement s of stockholders’ equity to include comparative periods in the prior year. In addition, the final rule requires the presentation of dividends per share to be disclosed in the statement of stockholders’ equity. New accounting pronouncements issued but not yet adopted. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” (“Topic 326”) , which replaces the current “incurred loss” methodology for recognizing cred it losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful informa tion about the expected credit losses on financial instruments. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments–Credit Losses,” which makes amendments to clarify the scope of the guidance, i ncluding the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. This guidance is effective for fiscal years beginning after December 15, 2019, and early adoption is allowed as early as fiscal years be ginning after December 15, 2018. The Company does not believe this new guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808): Clarifying th e Interaction between Topic 808 and Topic 606 ” (“ASU 2018-18”) , which, among other things, clarifies that (i) certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arra ngement participant is a customer in the context of a unit of account, (ii) adds unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 and (iii) requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years and early adoption is permitted. The amendments in this update should be applied retrospectively to the date of initial application of Topic 606. An entity should recognize the cumulative eff ect of initially applying the amendments as an adjustment to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity’s initial application of Topic 606. The Co mpany is currently assessing the effect that ASU 2018-18 will have on its financial position, results of operations and disclosures.

RSP acquisition

RSP acquisition	3 Months Ended
	Mar. 31, 2019
RSP Acquisition [Abstract]
RSP Acquisition	Note 3 . RSP Acquisition On July 19, 2018, the Company completed the acquisition of RSP Permian, Inc. (“RSP”) through an all-stock transaction (the “RSP Acquisition”) for approximately $7.5 billion. Purchase price allocation. The RSP Acquisition has been accounted for as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price of RSP to the identifiable assets acquired and the liabilities assumed based on the fair values at th e acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill. Any value assigned to goodwill is not deductible for income tax purposes. Th e following table sets forth the Company’s preliminary purchase price allocation: (in millions) Total purchase price $ 7,549 Fair value of liabilities assumed: Accounts payable – trade $ 48 Accrued drilling costs 79 Current derivative instruments 10 Other current liabilities 124 Long-term debt 1,758 Deferred income taxes 514 Asset retirement obligations 20 Noncurrent derivative instruments 5 Total liabilities assumed $ 2,558 Total purchase price plus liabilities assumed $ 10,107 Fair value of assets acquired: Accounts receivable $ 194 Current derivative instruments 36 Other current assets 21 Proved oil and natural gas properties 4,055 Unproved oil and natural gas properties 3,565 Other property and equipment 5 Noncurrent derivative instruments 2 Implied goodwill 2,229 Total assets acquired $ 10,107 Pro forma data. The following unaudited pro forma combined condensed financial data for the three months ended March 31, 2018 was derived from the historical financial statements of the Company giving effect to the RSP Acquisition as if it had occurred on January 1, 2017. The below information reflects pro forma adjustments for the issuance of the Company’s common stock in exchange for RSP’s outstanding shares of common stock, as well as pro forma adjustments based on available information and certain as sumptions that the Company believes are reasonable, including (i) the Company’s common stock issued to convert RSP’s outstanding shares of common stock and equity awards as of the closing date of the RSP Acquisition, (ii) the depletion of RSP’s fair-valued proved oil and natural gas properties and (iii) the estimated tax impacts of the pro forma adjustments. The pro forma results of operations do not include any cost savings or other synergies that may result from the RSP Acquisition. The pro forma financi al data does not include the pro forma results of operations for any other acquisitions made during the period. The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the RSP Acquisition taken place on January 1, 2017 and is not intended to be a projection of future results. Three Months Ended (in millions, except per share amounts) March 31, 2018 Operating revenues $ 1,226 Net income $ 931 Earnings per share: Basic net income $ 4.66 Diluted net income $ 4.64

Other acquisitions, divestiture

Other acquisitions, divestitures and nonmonetary transactions	3 Months Ended
	Mar. 31, 2019
Acquisitions, Divestitures, And Non-Monetary Transactions [Abstract]
Acquisitions, divestitures and nonmonetary transactions	Note 4 . Ot her acquisi tions, divestitures and nonmonetary transactions During the three months ended March 31, 2018 , the Company closed the following transactions: February 2018 acquisition and divestiture. In February 2018, the Company closed an acquisition treated as a business combination where it received producing wells along with approximately 21,000 net acres, primarily located in the Midland Basin. As consideration for the non-cash acquisition, the Company divested of certain producing wells and approximately 34,000 net acres located primarily in the northern portion of the Delaware Basin. The business acquired was valued at approximately $755 million as compared to the historical book value of the divested assets of approximately $180 million, which resulted in a non-cash gain of approximately $575 million, included in gain on disposition of assets, net on the Company’s consolidated statement of operations for the three months ended March 31, 2018 . Delaware Basin divestitures. In January 2018, the Company closed on two asset divestitures of certain non-core assets in Reeves and Ward Counties, Texas, with combined proceeds of approximately $280 million. After direct transaction costs, the Company recorded a pre-tax gain of approximately $134 million, which is included in gain o n disposition of assets, net on its consolidated statement of operations for the three months ended March 31, 2018 . The assets divested included proved and unproved oil and natural gas properties on approximately 20,000 net acres. Nonmonetary t ransactions. During the three months ended March 31, 2018 , the Company completed multiple nonmonetary transactions. These transactions included exchanges of both proved and unproved oil and natural gas properties. Certain of these transactions we re accounted for at fair value and, as a result, the Company recorded pre-tax gains of approximately $14 million, included in gain on disposition of assets, net on the Company’s consolidated statement of operations for the three months ended March 31, 2018 .

Stock incentive plan

Stock incentive plan	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock incentive plan	Note 5 . Stock incentive plan The Company’s 20 15 Stock Incentive Plan (“the Plan”) provides for granting stock options, restricted stock awards and performance unit awards to directors, officers and employees of the Company. The restricted stock awards vest over a period ranging from one to ten years. The holders of unvested restricted stock awards have voting rights and the right to receive dividends. In January 2019, the Company granted 212,947 performance unit awards. Included in this grant were 38,952 performance unit awards granted to certain officers, of which 19,476 have a three-year performance period and 19,476 have a five- year performance period . At the end of each performance period , each performance unit award will convert into a restricted stock award with the number of shares determined based upon performance criteria , which will then vest at a rate of 20 percent per year commencing on the sixth anniversary of the grant date. The total number of units converted to restricted stock awards will depend on the Company’s performance at the end of each performance period. All other performance unit awards have a three-year performance period. Shares issued as a result of awards granted under the Plan are generally new common shares. A summary of the Company’s restricted stock shares and performance unit activity under the Plan for the three months ended March 31, 2019 is presented below: Restricted Performance Stock Shares Units Outstanding at December 31, 2018 1,364,699 218,391 Awards granted (a) 235,082 212,947 (b) Awards cancelled / forfeited (14,947) - Lapse of restrictions (146,048) - Outstanding at March 31, 2019 1,438,786 431,338 (a) Weighted average grant date fair value per share/unit $ 105.52 $ 144.03 (b) Includes 38,952 performance award units granted to certain officers in January 2019 that may convert into shares of restricted stock awards at the end of each performance period that will be subject to additional vesting conditions. The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outsta nding at March 31, 2019 : (in millions) Remaining 2019 $ 61 2020 48 2021 22 2022 4 2023 2 2024 1 Thereafter 2 Total $ 140

Disclosures about fair value me

Disclosures about fair value measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Disclosures about fair value measurements	Note 6 . Disclosures about fair value measurements The Company uses a valuation framework based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. 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. These two types of inputs are further prioritized into the following fair value input hierarchy: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 2 instruments primarily include non-ex change traded derivatives such as over-the-counter commodity price swaps, basis swaps, collars and floors, investments and interest rate swaps. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i ) quoted forward prices f or commodities, (ii) time value, (iii) current market and contractual prices for the underlying instruments and (iv) volatility factors, as well as other relevant economic measures. Level 3 : Prices or valuation models that requir e inputs that are both significant to the fair value measurement and less observable from objective sources ( i.e. , supported by little or no market activity). The Company’s valuation models are primarily industry-standard models that consider various input s including: (i) quoted forward prices for commodities, (ii) time value, (i ii) current market and contractual prices for the underlying instruments and (iv) volatility factors , as well as other relevant economic measures. Financial Assets and Liabilities Measured at Fair Value The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (in millions) Value Value Value Value Assets: Derivative instruments $ 3 $ 3 $ 695 $ 695 Liabilities: Derivative instruments $ 367 $ 367 $ - $ - Credit facility $ 615 $ 615 $ 242 $ 242 $600 million 4.375% senior notes due 2025 (a) $ 594 $ 617 $ 594 $ 591 $1,000 million 3.75% senior notes due 2027 (a) $ 989 $ 991 $ 989 $ 939 $1,000 million 4.3% senior notes due 2028 (a) $ 988 $ 1,033 $ 988 $ 980 $800 million 4.875% senior notes due 2047 (a) $ 789 $ 849 $ 789 $ 761 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 634 $ 592 $ 573 (a) The carrying value includes associated deferred loan costs and any discount. Credit facility. The carrying amount of the Company’s credit facility, as amended and restated (the “Credit Facility”), approximates its fair value, as the applicable interest rates are variable and reflective of market rates. Senior notes. The fair values of the Company’s senior notes are based on quoted market prices. The debt securities are not actively traded and, therefore, are classified as Level 2 in the fair value hierarchy. Other financial assets and liabilities . The Company has ot her financial instruments consisting primarily of receivables, payables and other current assets and liabilities. The carrying amounts approximate fair value due to the short maturity of these instruments. Derivative instruments. The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect th e valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following table s summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. March 31, 2019 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Total Consolidated Consolidated Assets Inputs Inputs Fair Balance Balance (in millions) (Level 1) (Level 2) (Level 3) Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 57 $ - $ 57 $ (56) $ 1 Noncurrent: Commodity derivatives - 29 - 29 (27) 2 Liabilities: Current: Commodity derivatives - (348) - (348) 56 (292) Noncurrent: Commodity derivatives - (102) - (102) 27 (75) Net derivative instruments $ - $ (364) $ - $ (364) $ - $ (364) December 31, 2018 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Total Consolidated Consolidated Assets Inputs Inputs Fair Balance Balance (in millions) (Level 1) (Level 2) (Level 3) Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 543 $ - $ 543 $ (59) $ 484 Noncurrent: Commodity derivatives - 243 - 243 (32) 211 Liabilities: Current: Commodity derivatives - (59) - (59) 59 - Noncurrent: Commodity derivatives - (32) - (32) 32 - Net derivative instruments $ - $ 695 $ - $ 695 $ - $ 695 Concentrations of credit risk. At March 31, 2019 , the Company’s primary concentrations of credit risk are the risk of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations. The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the co unterparties with rights of set- off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not in default may set off all derivative liabilities owed to the defaulting party against all derivative asset receivables from the defaulting party. See No te 7 for additional information regarding the Company ’ s derivative activities and counterparties .

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Note 7 . Derivative financial instruments The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to (i) reduce the effect of the volatility of price changes on the oil and natural gas the Company produces and sells, (ii) support the Company’s capital budget and expenditure plans and (iii) support the economics associated with acquisitions. The Company does not enter into derivative financial instrument s for speculative or trading purposes. The Company also enters into fixed-price forward physical power purchase contracts to manage the volatility of the price of power needed for ongoing operations. The Company may also enter into physical delivery contra cts to effectively provide commodity price hedges. Because these physical contracts are not expected to be net cash settled, the Company has elected normal purcha se or normal sale treatment and records these contracts at cost. T he Company does not designa te its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. The following table summarizes the amounts reported in earnings related to the commodity derivative i nstruments for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in millions) 2019 2018 Loss on derivatives: Oil derivatives $ (1,056) $ (33) Natural gas derivatives (3) (2) Total $ (1,059) $ (35) The following table represents the Company’s net cash receipts from (payments on) derivatives for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, (in millions) 2019 2018 Net cash receipts from (payments on) derivatives: Oil derivatives $ 3 $ (113) Natural gas derivatives (3) 1 Total $ - $ (112) Commodity derivative contracts . The following table sets forth the Company’s outstanding derivative contracts at March 31, 2019 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2019 are expected to settle by December 31, 202 1 . First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Price Swaps: (a) 2019: Volume (Bbl) - 15,112,750 13,378,000 11,232,000 39,722,750 Price per Bbl $ - $ 56.59 $ 56.41 $ 55.88 $ 56.33 2020: Volume (Bbl) 10,502,500 10,166,500 9,453,000 9,218,000 39,340,000 Price per Bbl $ 57.28 $ 57.24 $ 57.18 $ 57.14 $ 57.21 2021: Volume (Bbl) 2,160,000 2,184,000 2,024,000 2,024,000 8,392,000 Price per Bbl $ 54.57 $ 54.57 $ 54.50 $ 54.50 $ 54.54 Oil Costless Collars: (a) 2019: Volume (Bbl) - 1,213,250 1,135,000 1,058,000 3,406,250 Ceiling price per Bbl $ - $ 64.00 $ 63.47 $ 62.95 $ 63.50 Floor price per Bbl $ - $ 56.06 $ 55.74 $ 55.43 $ 55.76 Oil Basis Swaps: (b) 2019: Volume (Bbl) - 11,965,500 12,650,000 15,133,000 39,748,500 Price per Bbl $ - $ (3.03) $ (2.82) $ (2.32) $ (2.69) 2020: Volume (Bbl) 13,013,000 10,192,000 10,120,000 10,120,000 43,445,000 Price per Bbl $ (0.53) $ (0.70) $ (0.71) $ (0.71) $ (0.65) 2021: Volume (Bbl) 2,070,000 2,093,000 2,116,000 2,116,000 8,395,000 Price per Bbl $ 0.55 $ 0.55 $ 0.55 $ 0.55 $ 0.55 Natural Gas Price Swaps: (c) 2019: Volume (MMBtu) - 17,241,387 17,298,537 17,209,535 51,749,459 Price per MMBtu $ - $ 2.87 $ 2.87 $ 2.87 $ 2.87 2020: Volume (MMBtu) 6,233,500 6,233,500 6,118,000 6,118,000 24,703,000 Price per MMBtu $ 2.70 $ 2.70 $ 2.70 $ 2.70 $ 2.70 (a) The oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. The majority of these contracts are settled on a calendar- month basis, while certain contracts assumed in the RSP Acquisition are settled on a trading-month basis. (c) The natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price. Derivative counterparties. The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. The Company is not required to provide credit support or collateral to any counterparties under its derivative contracts, nor are they required to provide credit support to the Company.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Note 8 . Debt The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018 : March 31, December 31, (in millions) 2019 2018 Credit facility due 2022 $ 615 $ 242 4.375% unsecured senior notes due 2025 (a) 600 600 3.75% unsecured senior notes due 2027 1,000 1,000 4.3% unsecured senior notes due 2028 1,000 1,000 4.875% unsecured senior notes due 2047 800 800 4.85% unsecured senior notes due 2048 600 600 Unamortized original issue discount (10) (10) Senior notes issuance costs, net (38) (38) Less: current portion - - Total long-term debt $ 4,567 $ 4,194 (a) For each of the twelve-month periods beginning on January 15, 2020, 2021, 2022, 2023 and thereafter, these notes are callable at 103.281%, 102.188%, 101.094% and 100%, respectively. Credit facility. The Company’s Credit Facility has a maturity date of May 9, 2022. At March 31, 2019 , the Company’s commitments from its bank group were $2.0 billion , of which $ 1.4 billion was unused commitments, net of letters of credit . During the three months ended March 31, 2019 , the weighted average interest rate on the Credit Facility was 4.4 percent. At March 31, 2019 , certain of the Company’s 100 percent owned subsidiaries were guarantors under the Credit Facility. Senior notes . Interest on the Company’s senior notes is paid in arrears semi-annually. The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company’s 100 percent owned subsidiaries, subject to customary release provisions as described in Note 13 , and rank equally in right of payments with one another . At March 31, 2019 , the Company was in compliance with the covenants under all of its debt instruments. Interest expense. The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in millions) 2019 2018 Cash payments for interest $ 63 $ 18 Non-cash interest 1 1 Net changes in accruals (13) 12 Interest costs incurred 51 31 Less: capitalized interest (4) (1) Total interest expense $ 47 $ 30

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 9 . Co mmitments and contingencies Legal actions . The Company is a party to proceedings and claims incidental to its business. Assessing contingencies is highly subjective and requires judgment about uncertain future events. When evaluating contingencies related to legal proceedings, the Company may be unable to estimate losses due to a number of factors, including potential defenses, the procedural status of the matter in question, the presence of complex legal and/or factual issues, the ong oing discovery and/or development of information important to the matter. For material matters that the Company believes an unfavorable outcome is reasonably possible, it would disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. The Company does not believe that the loss for any other litigation matters and claims that are reasonably possible to occur will have a material adverse effect on its financial position, results of operations or liqui dity. The Company will continue to evaluate proceedings and claims involving the Company on a regular basis and will establish and adjust any estimated accruals as appropriate. Severance tax, royalty and joint interest audits . The Company is subject to routine severance, royalty and joint interest audits from regulatory bodies and non-operators and makes accruals as necessary for estimated exposure when deemed probable and estimable. Additionally, the Company is subject to vario us possible contingencies that arise primarily from interpretations affecting the oil and natural gas industry. Such contingencies include differing interpretations as to the prices at which oil and natural gas sales may be made, the prices at which royalt y owners may be paid for production from their leases, allowable costs under joint interest arrangements and other matters. Although the Company believe s that it has estimated its exposure with respect to the various laws and regulations, administrative ru lings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued. C ommitments. The Company periodically enters into contractual arrangements under which the Company is committed to expend funds . These contractual arrangements r elate to purchase agreements the Company has entered into including water commitment agreements, through put volume delivery commitments, fixed and variable power commitments , sand commitment agreements, fixed asset commitments and maintenance commitments . The Company’s drilling rig commitments are considered leases under ASU 2016-02 and ar e included within the tables under the “Leases” section below. The following table s ummarizes the Company’s commitments at March 31, 2019 : (in millions) Remaining 2019 $ 35 2020 75 2021 76 2022 36 2023 33 2024 34 Thereafter 96 Total $ 385 At March 31, 2019 , the Company’s delivery commitments covered the following gross volumes of oil and natural gas : Oil Natural Gas (MMBbl) (MMcf) Remaining 2019 12 2,697 2020 36 10,286 2021 39 21,627 2022 41 16,425 2023 33 16,425 2024 33 16,470 Thereafter 114 32,850 Total 308 116,780 Other commitment s . In May 2018, the Company entered into a one-year term oil marketing contract with a third-party pu rchaser. The contract requires the Company to deliver not less than seven thousand barrels per day. Should there be a delivery shortfall in any given month, the Company retain s an option to deliver the shortfall volume in any two subsequent months; however, failure to meet this volume delivery commitment would result in a penalty equal t o the volume shortfall multiplied by the then market price for oil. If production is not sufficient to meet the sales commitment, the Company may purchase commodities in the market to satisfy its commitment. In January 2019, the Company entered into a fir m sales agreement with a third-party pur chaser. The purchaser provides integrated transportation and mark eting optionality, including dock capacity in Corpus Christi, Texas . The agreement has a term that ends five years after the startup of Cactus II Pipel ine system and requires the Company to deliver 50,000 barrels of oil per day that will receive waterborne market pricing. L eases. The Company leases office space, office equipment, drilling rigs, field equipment and vehicles. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The Company elected a practic al expedient to not separate non - lease components from lease components for the following asset types: office s pace, office equipment, drilling rigs, and field equipment. The Company did not elect this practic al expedient for vehicle leases . The following table provides supplemental consolidated balance sheet information related to leases at March 31, 2019: (in millions) Classification March 31, 2019 Assets Operating lease right-of-use assets Other property and equipment, net $ 18 Finance lease right-of-use assets Other property and equipment, net 15 Total lease right-of-use assets (a) $ 33 Liabilities Current: Operating Other current liabilities $ 7 Finance Other current liabilities 6 Noncurrent: Operating Asset retirement obligations and other long-term liabilities 13 Finance Asset retirement obligations and other long-term liabilities 10 Total lease liabilities (a) $ 36 (a) Total lease right-of-use assets and lease liabilities are gross amounts and a portion of these costs will be reimbursed by other working interest owners. The following table provides the components of lease cost, excluding lease cost related to short-term leases, for the three months ended March 31, 2019 : Three Months Ended (in millions) Classification March 31, 2019 Operating lease cost General and administrative $ 2 Finance lease cost Depreciation, depletion, and amortization (a) 2 Total lease cost $ 4 (a) Interest on lease liabilities related to finance leases was immaterial during the three months ended March 31, 2019. The C ompany’s short-term leases are comprised primarily o f drilling rigs and certain field equipment. During the three months ended March 31, 201 9 , the Company’s gross lease cost related to its short-term leases was $94 million , of which $67 million was capitalized as part of oil and natural gas properties . A portion of these costs was reimbursed to the Company b y other working interest owners . The following table summarizes supplemental cash flow information related to leases for the three months ended March 31, 2019 : Three Months Ended (in millions) March 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2 Financing cash flows from finance leases $ 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - Finance leases $ 3 The following table provides lease terms and discount rates related to leases at March 31, 2019 : March 31, 2019 Weighted average remaining lease term (years): Operating leases 3.5 Finance leases 2.9 Weighted average discount rate: Operating leases 4.9% Finance leases 4.4% The following table provides maturities of lease liabilities at March 31, 2019 : (in millions) Operating Leases Finance Leases Remaining 2019 $ 6 $ 5 2020 8 6 2021 6 4 2022 1 2 Thereafter 1 - Total lease payments 22 17 Less: interest (2) (1) Present value of lease liabilities $ 20 $ 16 As discussed in Note 2, the Company elected a transition method to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. Per ASU 2016-02, an entity electing this transition method should provide the required disclosures under Topic 840 for all periods that continue to be in accordance with Topic 840. As such, the Company included the future minimum lease commitments table below as of December 31, 2018. In addition, lease payments ass ociated with these operating leases were $ 3 million for the three months ended March 31, 2018 . Future minimum lease commitments under non-cancellable leases at December 31, 2018 were as follows: (in millions) 2019 $ 14 2020 12 2021 10 2022 3 2023 - Thereafter 1 Total $ 40

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes	Note 10 . Income taxes The Company’s provision for income taxes is based on the estimated annual effective tax rate plus discrete items. For the three months ended March 31, 2019 and 2018 , the Company recorded an income tax benefit of approximately $ 194 million and an inco me tax expense of approximately $ 254 million, respectively. The change is primarily due to the pre-tax loss for the three months ended March 31, 2019 as c omp ared to the pre-tax income for the three months ended March 31, 2018 . The effective income tax rates were 22 percent and 23 percent for the three months ended March 31, 2019 and 2018 , respectively. The difference between the Company’s effective tax rates for the three months ended March 31, 2019 as compared to 2018 is primarily due to the research and development credit, net of unrecognized tax benefits, partially offset by the impact of other items. The Company recorded a discrete income tax benefit related to stock-based awards of approximately $2 million for each of the three months ended March 31, 2019 and 2018 . The Company recognizes the tax benefit from an uncertain t ax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position. At December 31, 2018 , the Company had cumulative unrecognized tax benefits of approximately $63 million, primarily related to research and development credits. As of March 31, 2019 , the Company estimated an increase in cumulative unrecognized tax benefits for the 20 19 tax year of approximately $16 million. If all or a portion of the unrecognized tax benefit is sustained upon examination by the taxing authorities, the tax benefit will be recognized as a reduction to the Company's deferred tax liability and will affect the Company's effective tax rate in the period recognized. T he timing as to when the Company will substantially resolve the uncertainties associated with the unrecognized tax benefit is uncertain

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related party transactions	Note 11 . Related party transactions The Company paid royalties on certain properties to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest. At March 31, 2019 , the Company had an ownership interest in an entity that operates and manages various water infrastructure assets located in the Permian Basin and accounts for this investment using the equity method. The Company also has a water management services agreement with this entit y under which the Company pays a fee for each barrel of produced water. The payments to the Company’s related parties totaled approximately $ 6 million and $ 1 million for the three months ended March 31, 2019 a nd 2018 , respectively.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Earnings per share	Note 12 . Earnings per share The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested share-based awards qualify as participating securities. The Company’s basic earnings (loss) per share attributable to common stockholders is c omputed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Comp any’s earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three months ended March 31, 2019 and 2018 , respectively, unde r the two-class method: Three Months Ended March 31, (in millions) 2019 2018 Net income (loss) as reported $ (695) $ 835 Participating basic earnings (a) - (6) Basic earnings (loss) attributable to common stockholders (695) 829 Reallocation of participating earnings - - Diluted earnings (loss) attributable to common stockholders $ (695) $ 829 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating 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 following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands) 2019 2018 Weighted average common shares outstanding: Basic 199,148 147,925 Dilutive performance units - 537 Diluted 199,148 148,462 The following table is a summary of the performance units that were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive: Three Months Ended March 31, (in thousands) 2019 2018 Number of antidilutive units: Performance units 324 - Performance unit awards. The number of shares of common stock that will ultimately be issued for performance units will be determined by a combination of (i) comparing the Company’s total shareholder return relative to the total shareholder return of a predetermined group of peer companies at the end of the performance period and (ii) the Company’s absolute total shareholder return at the end of the performance period. The performance period on these awards can range from three to five years . The actual payout of shares will be between zero and 300 percent. See Note 5 for additional information on performance unit awards.

Subsidiary guarantors

Subsidiary guarantors	3 Months Ended
	Mar. 31, 2019
Guarantees [Abstract]
Subsidiary guarantors	Note 13 . Subsidiary guarantors At March 31, 2019 , certain of the Company’s 100 percent owned subsidiaries have fully and unconditionally guaranteed the Company’s senior notes. The indentures governing the Company’s senior notes provide that the guarantees of its subsidiary guarantors will be released in certain cus tomary circumstances including (i) in connection with any sale, exchange or other disposition, whether by merger, consolidation or otherwise, of the capital stock of that guarantor to a person that is not the Company or a restricted subsidiary of the Compa ny, such that, after giving effect to such transaction, such guarantor would no longer constitute a subsidiary of the Company, (ii) in connection with any sale, exchange or other disposition (other than a lease) of all or substantially all of the assets of that guarantor to a person that is not the Company or a restricted subsidiary of the Company, (iii) upon the merger of a guarantor into the Company or any other guarantor or the liquidation or dissolution of a guarantor, (iv) if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the indenture, (v) upon legal defeasance or satisfaction and discharge of the indenture and (vi) upon written notice of such release or discharge by the Company to the trustee following the release or discharge of all guarantees by such guarantor of any indebtedness that resulted in the creation of such guarantee, except a discharge or release by or as a result of payment under such guarantee. See Note 8 for a summary of the Company’s senior notes. In accordance with practices accepted by the SEC , the Company has prepared condensed consolidating financial statements in order to quantify the assets, results of operations and cash flows of such subsidiaries as subsidiary guarantors. In addition, certain of the Company’s subsidiaries do not guarantee the Company’s senior notes and are included in the Company’s consolidated financial statements. These entities are 100 percen t owned subsidiaries and are referred to as a “Subsidiary Non-Guarantor” in the tables below . The Company’s less than 100 percent owned subsidiaries, primarily equity method investments, do not guarantee the Company’s senior notes. The following condensed consolidating balance s heets at March 31, 2019 and December 31, 2018 , condensed c o nsolidating statements of o perations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis ( carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantor s on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantor s on a stand-alone basis and the consolidation and elimination entries necessary to arrive at th e information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guaranto r s are not restricted from making distributions to the Company. Condensed Consolidating Balance Sheet March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total ASSETS Accounts receivable - related parties $ 18,518 $ - $ - $ (18,518) $ - Other current assets 6 1,021 - - 1,027 Oil and natural gas properties, net - 22,405 16 - 22,421 Property and equipment, net - 350 - - 350 Investment in subsidiaries 5,629 - - (5,629) - Goodwill - 2,229 - - 2,229 Other long-term assets 15 126 - - 141 Total assets $ 24,168 $ 26,131 $ 16 $ (24,147) $ 26,168 LIABILITIES AND EQUITY Accounts payable - related parties $ - $ 18,502 $ 16 $ (18,518) $ - Other current liabilities 368 1,292 - - 1,660 Long-term debt 4,567 - - - 4,567 Other long-term liabilities 1,174 708 - - 1,882 Equity 18,059 5,629 - (5,629) 18,059 Total liabilities and equity $ 24,168 $ 26,131 $ 16 $ (24,147) $ 26,168 Condensed Consolidating Balance Sheet December 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total ASSETS Accounts receivable - related parties $ 18,155 $ - $ - $ (18,155) $ - Other current assets 534 875 - - 1,409 Oil and natural gas properties, net - 21,988 17 - 22,005 Property and equipment, net - 308 - - 308 Investment in subsidiaries 5,411 - - (5,411) - Goodwill - 2,224 - - 2,224 Other long-term assets 224 124 - - 348 Total assets $ 24,324 $ 25,519 $ 17 $ (23,566) $ 26,294 LIABILITIES AND EQUITY Accounts payable - related parties $ - $ 18,138 $ 17 $ (18,155) $ - Other current liabilities 70 1,286 - - 1,356 Long-term debt 4,194 - - - 4,194 Other long-term liabilities 1,292 684 - - 1,976 Equity 18,768 5,411 - (5,411) 18,768 Total liabilities and equity $ 24,324 $ 25,519 $ 17 $ (23,566) $ 26,294 Condensed Consolidating Statement of Operations Three Months Ended March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Total operating revenues $ - $ 1,104 $ - $ - $ 1,104 Total operating costs and expenses (1,060) (890) - - (1,950) Income (loss) from operations (1,060) 214 - - (846) Interest expense (47) - - - (47) Other, net 218 4 - (218) 4 Income (loss) before income taxes (889) 218 - (218) (889) Income tax benefit 194 - - - 194 Net income (loss) $ (695) $ 218 $ - $ (218) $ (695) Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantors Entries Total Total operating revenues $ - $ 942 $ 5 $ - $ 947 Total operating costs and expenses (34) 105 (3) - 68 Income (loss) from operations (34) 1,047 2 - 1,015 Interest expense (30) - - - (30) Other, net 1,153 104 - (1,153) 104 Income before income taxes 1,089 1,151 2 (1,153) 1,089 Income tax expense (254) - - - (254) Net income $ 835 $ 1,151 $ 2 $ (1,153) $ 835 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Net cash flows provided by (used in) operating activities $ (335) $ 958 $ - $ - $ 623 Net cash flows used in investing activities - (902) - - (902) Net cash flows provided by (used in) financing activities 335 (56) - - 279 Net increase in cash and cash equivalents - - - - - Cash and cash equivalents at beginning of period - - - - - Cash and cash equivalents at end of period $ - $ - $ - $ - $ - Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Net cash flows provided by operating activities $ 351 $ 137 $ - $ - $ 488 Net cash flows used in investing activities - (93) - - (93) Net cash flows used in financing activities (351) (44) - - (395) Net increase in cash and cash equivalents - - - - - Cash and cash equivalents at beginning of period - - - - - Cash and cash equivalents at end of period $ - $ - $ - $ - $ -

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent events	Note 14 . Subsequent events Oryx divestiture. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests. The Company expects to receive approximately $300 million, net of closing costs, for its 23.75 percent membership interest. Midstream joint venture. In April 2019, the Company entered into a midstream joint venture, Beta Holding Company, LLC (“Beta Holding”), to construct a p ipeline to gather and transport oil production in the Midland Basin. The Company also entered into a ten-year dedication agreement with an affiliate of Beta Holding to transport the Company’s oil production in the Midland Basin. The Company owns a 50 perce nt membership interest in Beta Holding. 2019 dividends. On April 30 , 2019, the Company’s board of directors approved a cash dividend of $0.125 per share for the second quarter of 2019 that is expected to be paid on June 28 , 2019 to stockholders of record as of May 10 , 2019. New commodity derivative contracts. After March 31, 2019 , the Company entered into the following derivative contracts to hedge additional amounts of estimated future production First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Price Swaps: (a) 2019: Volume (Bbl) - 1,707,000 1,451,000 1,281,000 4,439,000 Price per Bbl $ - $ 62.64 $ 63.14 $ 63.43 $ 63.03 2021: Volume (Bbl) 1,170,000 1,183,000 1,196,000 1,196,000 4,745,000 Price per Bbl $ 56.72 $ 56.72 $ 56.72 $ 56.72 $ 56.72 Oil Basis Swaps: (b) 2019: Volume (Bbl) - - 92,000 920,000 1,012,000 Price per Bbl $ - $ - $ (1.05) $ (0.07) $ (0.16) 2020: Volume (Bbl) 1,092,000 - - - 1,092,000 Price per Bbl $ 0.10 $ - $ - $ - $ 0.10 2021: Volume (Bbl) 540,000 546,000 552,000 552,000 2,190,000 Price per Bbl $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 (a) The oil derivative contracts are settled based on the NYMEX – WTI calendar-month average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. These contracts are settled on a calendar-month basis.

Supplementary Information

Supplementary Information	3 Months Ended
	Mar. 31, 2019
Supplementary Information [Abstract]
Supplementary information	Note 15 . Supplementary information Capitalized costs March 31, December 31, (in millions) 2019 2018 Oil and natural gas properties: Proved $ 26,000 $ 24,992 Unproved 6,559 6,714 Less: accumulated depletion (10,138) (9,701) Net capitalized costs for oil and natural gas properties $ 22,421 $ 22,005 Costs incurred for oil and natural gas producing activities Three Months Ended March 31, (in millions) 2019 2018 Property acquisition costs: Proved $ - $ - Unproved 4 13 Exploration 462 243 Development 464 207 Total costs incurred for oil and natural gas properties $ 930 $ 463

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of presentation and summary of significant accounting policies [Abstract]
Principles of consolidation	Principles of consolidation. The consolidated financial statements of the Company include the accounts of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated.
Reclassifications	Reclassifications. Certain prior period amounts have been reclassified to conform to the 2019 presentation. These reclassifications had no impact on net income (l oss), total assets, liabilities and stockholders’ equity or total cash flows.
Use of estimates in the preparation of financial statements	Use of estimates in the preparation of financial statements. Preparati on of financial statements in conformity with Generally Accepted Accounting P rinciples in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the discl osure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved oil and natural gas reserves and in the projection of future rates of production and the timing of de velopment expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevai ling market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, goodwill, fair value of stock-based compensation, fair value of business combinations, fair value of nonmonet ary transactions, fair value of derivative financial instruments and income taxes.
Interim financial statements	Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public account ing firm, except that the consolidated balance sheet at December 31, 2018 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitte d from these consolidated financial statements. Accordingly, these condensed notes to the consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2018 Form 10-K .
Equity method investments	Equity method investments. The Company accounts for its equity method investments under the equity method of accounting and includes the investment balance in other assets on the consolidated balance sheets. Gains and losses incurred from the Company’s equity investments are recorded in other income (expense) on the consolidated statements of operations. At March 31, 2019 , the Company owned a 23.75 percent membership interest in Oryx Southern Delaware Holdings, LLC (“Oryx”), an entity that operates a crude oil gathering and transportation system in the Delaware Basin. In February 2018, Oryx obtained a term loan of $800 million. The proceeds were used in part to fund a cash distribution to its equity holders, of which the Company received a distribution of approximately $157 million. Of this amount, appro ximately $54 million fully offset the Company’s net investment in Oryx. The remaining distribution of approximately $103 million was recorded in other income (expense) on the Company’s consolidated statement of operations since the lenders to the term loan do not have recourse against the Company, and the Company has no contractual obligation to repay the distribution. The Company’s net investment in Oryx was zero at March 31, 2019 and December 31, 2018 . The Company did not record income or loss on the Oryx inv estment for the three months ended March 31, 2019, as cumulative net income had yet to exceed the distribution in excess of the Company’s investment. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests, which included the Company’s 23.75 percent membership interest .
Litigation contingencies	Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In e ach reporting period, the Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. The amount of any resulting losses may differ from these estimates. An accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable. See Note 9 for additional information.
Revenue recognition	Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s consolidated statements of operations. All revenues are recognized in the geographical region of the Permian Basin. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” (“ ASC 606 ”) . Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered tran sferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue i s recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purch aser one to two months after production. At March 31, 2019 and December 31, 2018 , the Company had receivables related to contracts with customers of approximately $ 530 million and $ 466 million, respectively . Oil Contracts. The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts u sing market-based pricing which is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the different ials are included in o il sales on the consolidated statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in g athering, processing and transportation on the Company’s consolidated statement s of operations as they represent payment for services performed outside of the contract with the customer. Natural Gas Contracts. The majority of the Compan y’s natural gas is sold at the lease location, which is generally when control of the natural gas has been transferred to the purchaser. The natural gas is sold under (i) percent age of proceeds processing contr acts, (ii) fee-based contracts or ( iii) a hybr id of percentage of proceeds and fee-based contracts. Un der the majority of the Company’s contracts, the purchaser gathers the natural gas in the field where it is produced and transports it via pipeline to natural gas processing plants where natural gas l iquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the percentage of proceeds and hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the val ue for the extracte d liquids and the residue gas. Under the fee - based contracts, the Company receives natural gas liquids and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers u pstream of the transportation and processing activities, revenue is recognized as the net amount r eceived from the purchaser. To the extent that control transfers downstream of those costs, revenue is recognized on a gross basis, and the related costs are classified in g athering, processing and transportation on the Company’s consolidated statements of operations. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical ex emption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performa nce obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
General and administrative expense	General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties during the drilling and production phases and records such reimbursements as redu ctions to general and administrative expense. Such fees totaled approximate ly $ 4 million for each of the three months ended March 31, 2019 and 2018 .
Recently adopted accounting pronouncements and new accounting pronouncements issued but not yet adopted	Recently adopted accounting pronouncements. In Februar y 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842) ” (“ASU 2016-02”), which requires all leases with a term greater than one year to be recognized on the consolidated balance sheet while maintaining similar classifications for financ e and operating leases. Lease expense recognition on the consolidated statements of operation s was effectively unchanged. The Company adopted t his guidance on January 1, 2019. The Company made policy elections not to capitalize short-term leas es for all asset classes and not to separate non-lease components from lease components for all asset clas ses except for vehicles. T he Company also did not elect the package of practical expedients that allowed for certain considerations under the original “Leases (Topic 840)” accounting standard (“Topic 840”) to be carried forward upon adoption of ASU 2016-02 . In January 2018, the FASB issued ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” which provides an opt ional practical expedient not to evaluate land easements that existed or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases under Topic 840. The Company enters into land easements on a routine basis as part of its ongoing operations and has many such agreements currently in place; however, the Company does not currently accou nt for any land easements under Topic 840. As this guidance serves as an amendment t o ASU 2016-02, the Company elect ed this practical expedie nt, which became effective upon the date of adoption of ASU 2016-02. T he Company will assess any new land easements to determine whether the arrangement should be accounted for as a lease. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements,” which pr ovides a transition election not to restate comparative periods for the effects of applying the new le ase standard. This transition election permits entities to change the date of initial application to the beginning of the year of adoption and to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected this transition approach, however the cumulative impact of adoption in the opening balance of retained earnings as of January 1, 2019 was zero. The Company enters into lease agreements to support its operations. These agreements are for leases on assets su ch as office space, vehicles, field equipment and drilling rigs. Upon adop tion, the Company recognized $35 million of right-of-use a ssets, of which approximately $19 million and $ 16 million relate to the Company’ s operating an d finance leases, respectively, and approximately $ 37 million of associated lease liabilities . See Note 9 for additional disclosures of the Company’s leases. In August 2018, the Securities and Exchange Commission (“SEC”) issued a fi nal rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other disclosure requirements, U.S. GAAP or changes in the information environment. The amendments are int ended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The final rule amends numerous SEC rules, items and forms covering a diverse group of topics, including, but not limited to, changes in stockholders’ equity. The final rule extends the annual disclosure requirement in SEC Regulation S-X, Rule 3-04, of presenting changes in stockholders’ equity to interim periods. The registrants are require d to analyze changes in stockholders’ equity in the form of a reconciliation for the current quarter and year-to-date interim periods and comparative periods in the prior year. As a result, the Company updated its presentation of the consolidated statement s of stockholders’ equity to include comparative periods in the prior year. In addition, the final rule requires the presentation of dividends per share to be disclosed in the statement of stockholders’ equity. New accounting pronouncements issued but not yet adopted. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” (“Topic 326”) , which replaces the current “incurred loss” methodology for recognizing cred it losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful informa tion about the expected credit losses on financial instruments. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments–Credit Losses,” which makes amendments to clarify the scope of the guidance, i ncluding the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. This guidance is effective for fiscal years beginning after December 15, 2019, and early adoption is allowed as early as fiscal years be ginning after December 15, 2018. The Company does not believe this new guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808): Clarifying th e Interaction between Topic 808 and Topic 606 ” (“ASU 2018-18”) , which, among other things, clarifies that (i) certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arra ngement participant is a customer in the context of a unit of account, (ii) adds unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 and (iii) requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years and early adoption is permitted. The amendments in this update should be applied retrospectively to the date of initial application of Topic 606. An entity should recognize the cumulative eff ect of initially applying the amendments as an adjustment to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity’s initial application of Topic 606. The Co mpany is currently assessing the effect that ASU 2018-18 will have on its financial position, results of operations and disclosures.

RSP acquisition (Tables)

RSP acquisition (Tables)	3 Months Ended
	Mar. 31, 2019
Business Acquisition [Line Items]
Purchase Price Allocation	Th e following table sets forth the Company’s preliminary purchase price allocation: (in millions) Total purchase price $ 7,549 Fair value of liabilities assumed: Accounts payable – trade $ 48 Accrued drilling costs 79 Current derivative instruments 10 Other current liabilities 124 Long-term debt 1,758 Deferred income taxes 514 Asset retirement obligations 20 Noncurrent derivative instruments 5 Total liabilities assumed $ 2,558 Total purchase price plus liabilities assumed $ 10,107 Fair value of assets acquired: Accounts receivable $ 194 Current derivative instruments 36 Other current assets 21 Proved oil and natural gas properties 4,055 Unproved oil and natural gas properties 3,565 Other property and equipment 5 Noncurrent derivative instruments 2 Implied goodwill 2,229 Total assets acquired $ 10,107
Schedule of Pro Forma Information	The pro forma results of operations do not include any cost savings or other synergies that may result from the RSP Acquisition. The pro forma financi al data does not include the pro forma results of operations for any other acquisitions made during the period. The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the RSP Acquisition taken place on January 1, 2017 and is not intended to be a projection of future results. Three Months Ended (in millions, except per share amounts) March 31, 2018 Operating revenues $ 1,226 Net income $ 931 Earnings per share: Basic net income $ 4.66 Diluted net income $ 4.64

Stock incentive plan (Tables)

Stock incentive plan (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock shares and preformance unit activity	A summary of the Company’s restricted stock shares and performance unit activity under the Plan for the three months ended March 31, 2019 is presented below: Restricted Performance Stock Shares Units Outstanding at December 31, 2018 1,364,699 218,391 Awards granted (a) 235,082 212,947 (b) Awards cancelled / forfeited (14,947) - Lapse of restrictions (146,048) - Outstanding at March 31, 2019 1,438,786 431,338 (a) Weighted average grant date fair value per share/unit $ 105.52 $ 144.03 (b) Includes 38,952 performance award units granted to certain officers in January 2019 that may convert into shares of restricted stock awards at the end of each performance period that will be subject to additional vesting conditions.
Future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding	The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outsta nding at March 31, 2019 : (in millions) Remaining 2019 $ 61 2020 48 2021 22 2022 4 2023 2 2024 1 Thereafter 2 Total $ 140

Disclosures about fair value _2

Disclosures about fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Carrying amounts and fair values of the Company's financial instruments	The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (in millions) Value Value Value Value Assets: Derivative instruments $ 3 $ 3 $ 695 $ 695 Liabilities: Derivative instruments $ 367 $ 367 $ - $ - Credit facility $ 615 $ 615 $ 242 $ 242 $600 million 4.375% senior notes due 2025 (a) $ 594 $ 617 $ 594 $ 591 $1,000 million 3.75% senior notes due 2027 (a) $ 989 $ 991 $ 989 $ 939 $1,000 million 4.3% senior notes due 2028 (a) $ 988 $ 1,033 $ 988 $ 980 $800 million 4.875% senior notes due 2047 (a) $ 789 $ 849 $ 789 $ 761 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 634 $ 592 $ 573 (a) The carrying value includes associated deferred loan costs and any discount.
Net basis derivative fair values as reported in the consolidated balance sheets	The following table s summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018 . The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets. March 31, 2019 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Total Consolidated Consolidated Assets Inputs Inputs Fair Balance Balance (in millions) (Level 1) (Level 2) (Level 3) Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 57 $ - $ 57 $ (56) $ 1 Noncurrent: Commodity derivatives - 29 - 29 (27) 2 Liabilities: Current: Commodity derivatives - (348) - (348) 56 (292) Noncurrent: Commodity derivatives - (102) - (102) 27 (75) Net derivative instruments $ - $ (364) $ - $ (364) $ - $ (364) December 31, 2018 Fair Value Measurements Using Net Quoted Prices Gross Fair Value in Active Significant Amounts Presented Markets for Other Significant Offset in the in the Identical Observable Unobservable Total Consolidated Consolidated Assets Inputs Inputs Fair Balance Balance (in millions) (Level 1) (Level 2) (Level 3) Value Sheet Sheet Assets: Current: Commodity derivatives $ - $ 543 $ - $ 543 $ (59) $ 484 Noncurrent: Commodity derivatives - 243 - 243 (32) 211 Liabilities: Current: Commodity derivatives - (59) - (59) 59 - Noncurrent: Commodity derivatives - (32) - (32) 32 - Net derivative instruments $ - $ 695 $ - $ 695 $ - $ 695

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the gains and losses reported in earnings related to the commodity derivative instruments	The following table summarizes the amounts reported in earnings related to the commodity derivative i nstruments for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in millions) 2019 2018 Loss on derivatives: Oil derivatives $ (1,056) $ (33) Natural gas derivatives (3) (2) Total $ (1,059) $ (35) The following table represents the Company’s net cash receipts from (payments on) derivatives for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, (in millions) 2019 2018 Net cash receipts from (payments on) derivatives: Oil derivatives $ 3 $ (113) Natural gas derivatives (3) 1 Total $ - $ (112)
Company's outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at March 31, 2019 . When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2019 are expected to settle by December 31, 202 1 . First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Price Swaps: (a) 2019: Volume (Bbl) - 15,112,750 13,378,000 11,232,000 39,722,750 Price per Bbl $ - $ 56.59 $ 56.41 $ 55.88 $ 56.33 2020: Volume (Bbl) 10,502,500 10,166,500 9,453,000 9,218,000 39,340,000 Price per Bbl $ 57.28 $ 57.24 $ 57.18 $ 57.14 $ 57.21 2021: Volume (Bbl) 2,160,000 2,184,000 2,024,000 2,024,000 8,392,000 Price per Bbl $ 54.57 $ 54.57 $ 54.50 $ 54.50 $ 54.54 Oil Costless Collars: (a) 2019: Volume (Bbl) - 1,213,250 1,135,000 1,058,000 3,406,250 Ceiling price per Bbl $ - $ 64.00 $ 63.47 $ 62.95 $ 63.50 Floor price per Bbl $ - $ 56.06 $ 55.74 $ 55.43 $ 55.76 Oil Basis Swaps: (b) 2019: Volume (Bbl) - 11,965,500 12,650,000 15,133,000 39,748,500 Price per Bbl $ - $ (3.03) $ (2.82) $ (2.32) $ (2.69) 2020: Volume (Bbl) 13,013,000 10,192,000 10,120,000 10,120,000 43,445,000 Price per Bbl $ (0.53) $ (0.70) $ (0.71) $ (0.71) $ (0.65) 2021: Volume (Bbl) 2,070,000 2,093,000 2,116,000 2,116,000 8,395,000 Price per Bbl $ 0.55 $ 0.55 $ 0.55 $ 0.55 $ 0.55 Natural Gas Price Swaps: (c) 2019: Volume (MMBtu) - 17,241,387 17,298,537 17,209,535 51,749,459 Price per MMBtu $ - $ 2.87 $ 2.87 $ 2.87 $ 2.87 2020: Volume (MMBtu) 6,233,500 6,233,500 6,118,000 6,118,000 24,703,000 Price per MMBtu $ 2.70 $ 2.70 $ 2.70 $ 2.70 $ 2.70 (a) The oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. The majority of these contracts are settled on a calendar- month basis, while certain contracts assumed in the RSP Acquisition are settled on a trading-month basis. (c) The natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018 : March 31, December 31, (in millions) 2019 2018 Credit facility due 2022 $ 615 $ 242 4.375% unsecured senior notes due 2025 (a) 600 600 3.75% unsecured senior notes due 2027 1,000 1,000 4.3% unsecured senior notes due 2028 1,000 1,000 4.875% unsecured senior notes due 2047 800 800 4.85% unsecured senior notes due 2048 600 600 Unamortized original issue discount (10) (10) Senior notes issuance costs, net (38) (38) Less: current portion - - Total long-term debt $ 4,567 $ 4,194 (a) For each of the twelve-month periods beginning on January 15, 2020, 2021, 2022, 2023 and thereafter, these notes are callable at 103.281%, 102.188%, 101.094% and 100%, respectively.
Interest expense	The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in millions) 2019 2018 Cash payments for interest $ 63 $ 18 Non-cash interest 1 1 Net changes in accruals (13) 12 Interest costs incurred 51 31 Less: capitalized interest (4) (1) Total interest expense $ 47 $ 30

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's future commitments	The following table s ummarizes the Company’s commitments at March 31, 2019 : (in millions) Remaining 2019 $ 35 2020 75 2021 76 2022 36 2023 33 2024 34 Thereafter 96 Total $ 385
Oil and natural gas delivery commitments	At March 31, 2019 , the Company’s delivery commitments covered the following gross volumes of oil and natural gas : Oil Natural Gas (MMBbl) (MMcf) Remaining 2019 12 2,697 2020 36 10,286 2021 39 21,627 2022 41 16,425 2023 33 16,425 2024 33 16,470 Thereafter 114 32,850 Total 308 116,780
Supplemental balance sheet information related to leases	The following table provides supplemental consolidated balance sheet information related to leases at March 31, 2019: (in millions) Classification March 31, 2019 Assets Operating lease right-of-use assets Other property and equipment, net $ 18 Finance lease right-of-use assets Other property and equipment, net 15 Total lease right-of-use assets (a) $ 33 Liabilities Current: Operating Other current liabilities $ 7 Finance Other current liabilities 6 Noncurrent: Operating Asset retirement obligations and other long-term liabilities 13 Finance Asset retirement obligations and other long-term liabilities 10 Total lease liabilities (a) $ 36 (a) Total lease right-of-use assets and lease liabilities are gross amounts and a portion of these costs will be reimbursed by other working interest owners.
Components of lease expense	The following table provides the components of lease cost, excluding lease cost related to short-term leases, for the three months ended March 31, 2019 : Three Months Ended (in millions) Classification March 31, 2019 Operating lease cost General and administrative $ 2 Finance lease cost Depreciation, depletion, and amortization (a) 2 Total lease cost $ 4 (a) Interest on lease liabilities related to finance leases was immaterial during the three months ended March 31, 2019.
Supplemental cash flow information related to leases	The following table summarizes supplemental cash flow information related to leases for the three months ended March 31, 2019 : Three Months Ended (in millions) March 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2 Financing cash flows from finance leases $ 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - Finance leases $ 3
Lease terms and discount rates related to leases	The following table provides lease terms and discount rates related to leases at March 31, 2019 : March 31, 2019 Weighted average remaining lease term (years): Operating leases 3.5 Finance leases 2.9 Weighted average discount rate: Operating leases 4.9% Finance leases 4.4%
Maturity and present value of lease liabilities	The following table provides maturities of lease liabilities at March 31, 2019 : (in millions) Operating Leases Finance Leases Remaining 2019 $ 6 $ 5 2020 8 6 2021 6 4 2022 1 2 Thereafter 1 - Total lease payments 22 17 Less: interest (2) (1) Present value of lease liabilities $ 20 $ 16
Future minimum lease commitments under non-cancellable operating leases	Future minimum lease commitments under non-cancellable leases at December 31, 2018 were as follows: (in millions) 2019 $ 14 2020 12 2021 10 2022 3 2023 - Thereafter 1 Total $ 40

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Reconciliation of earnings attributable to common shares, basic and diluted	The following table reconciles the Comp any’s earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three months ended March 31, 2019 and 2018 , respectively, unde r the two-class method: Three Months Ended March 31, (in millions) 2019 2018 Net income (loss) as reported $ (695) $ 835 Participating basic earnings (a) - (6) Basic earnings (loss) attributable to common stockholders (695) 829 Reallocation of participating earnings - - Diluted earnings (loss) attributable to common stockholders $ (695) $ 829 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating 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.
Reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding	The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands) 2019 2018 Weighted average common shares outstanding: Basic 199,148 147,925 Dilutive performance units - 537 Diluted 199,148 148,462
Summary of the performance units that were not included in the computation of diluted net income per share	The following table is a summary of the performance units that were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive: Three Months Ended March 31, (in thousands) 2019 2018 Number of antidilutive units: Performance units 324 -

Subsidiary guarantors (Tables)

Subsidiary guarantors (Tables)	3 Months Ended
	Mar. 31, 2019
Guarantees [Abstract]
Condensed Consolidating Balance Sheet	The following condensed consolidating balance s heets at March 31, 2019 and December 31, 2018 , condensed c o nsolidating statements of o perations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis ( carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantor s on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantor s on a stand-alone basis and the consolidation and elimination entries necessary to arrive at th e information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guaranto r s are not restricted from making distributions to the Company. Condensed Consolidating Balance Sheet March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total ASSETS Accounts receivable - related parties $ 18,518 $ - $ - $ (18,518) $ - Other current assets 6 1,021 - - 1,027 Oil and natural gas properties, net - 22,405 16 - 22,421 Property and equipment, net - 350 - - 350 Investment in subsidiaries 5,629 - - (5,629) - Goodwill - 2,229 - - 2,229 Other long-term assets 15 126 - - 141 Total assets $ 24,168 $ 26,131 $ 16 $ (24,147) $ 26,168 LIABILITIES AND EQUITY Accounts payable - related parties $ - $ 18,502 $ 16 $ (18,518) $ - Other current liabilities 368 1,292 - - 1,660 Long-term debt 4,567 - - - 4,567 Other long-term liabilities 1,174 708 - - 1,882 Equity 18,059 5,629 - (5,629) 18,059 Total liabilities and equity $ 24,168 $ 26,131 $ 16 $ (24,147) $ 26,168 Condensed Consolidating Balance Sheet December 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total ASSETS Accounts receivable - related parties $ 18,155 $ - $ - $ (18,155) $ - Other current assets 534 875 - - 1,409 Oil and natural gas properties, net - 21,988 17 - 22,005 Property and equipment, net - 308 - - 308 Investment in subsidiaries 5,411 - - (5,411) - Goodwill - 2,224 - - 2,224 Other long-term assets 224 124 - - 348 Total assets $ 24,324 $ 25,519 $ 17 $ (23,566) $ 26,294 LIABILITIES AND EQUITY Accounts payable - related parties $ - $ 18,138 $ 17 $ (18,155) $ - Other current liabilities 70 1,286 - - 1,356 Long-term debt 4,194 - - - 4,194 Other long-term liabilities 1,292 684 - - 1,976 Equity 18,768 5,411 - (5,411) 18,768 Total liabilities and equity $ 24,324 $ 25,519 $ 17 $ (23,566) $ 26,294
Condensed Consolidating Statement of Operations	The following condensed consolidating balance s heets at March 31, 2019 and December 31, 2018 , condensed c o nsolidating statements of o perations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis ( carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantor s on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantor s on a stand-alone basis and the consolidation and elimination entries necessary to arrive at th e information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guaranto r s are not restricted from making distributions to the Company. Condensed Consolidating Statement of Operations Three Months Ended March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Total operating revenues $ - $ 1,104 $ - $ - $ 1,104 Total operating costs and expenses (1,060) (890) - - (1,950) Income (loss) from operations (1,060) 214 - - (846) Interest expense (47) - - - (47) Other, net 218 4 - (218) 4 Income (loss) before income taxes (889) 218 - (218) (889) Income tax benefit 194 - - - 194 Net income (loss) $ (695) $ 218 $ - $ (218) $ (695) Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantors Entries Total Total operating revenues $ - $ 942 $ 5 $ - $ 947 Total operating costs and expenses (34) 105 (3) - 68 Income (loss) from operations (34) 1,047 2 - 1,015 Interest expense (30) - - - (30) Other, net 1,153 104 - (1,153) 104 Income before income taxes 1,089 1,151 2 (1,153) 1,089 Income tax expense (254) - - - (254) Net income $ 835 $ 1,151 $ 2 $ (1,153) $ 835
Condensed Consolidating Statement of Cash Flows	The following condensed consolidating balance s heets at March 31, 2019 and December 31, 2018 , condensed c o nsolidating statements of o perations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 , present financial information fo r Concho Resources Inc. as the p arent on a stand-alone basis ( carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantor s on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantor s on a stand-alone basis and the consolidation and elimination entries necessary to arrive at th e information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guaranto r s are not restricted from making distributions to the Company. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Net cash flows provided by (used in) operating activities $ (335) $ 958 $ - $ - $ 623 Net cash flows used in investing activities - (902) - - (902) Net cash flows provided by (used in) financing activities 335 (56) - - 279 Net increase in cash and cash equivalents - - - - - Cash and cash equivalents at beginning of period - - - - - Cash and cash equivalents at end of period $ - $ - $ - $ - $ - Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 Parent Subsidiary Subsidiary Consolidating (in millions) Issuer Guarantors Non-Guarantor Entries Total Net cash flows provided by operating activities $ 351 $ 137 $ - $ - $ 488 Net cash flows used in investing activities - (93) - - (93) Net cash flows used in financing activities (351) (44) - - (395) Net increase in cash and cash equivalents - - - - - Cash and cash equivalents at beginning of period - - - - - Cash and cash equivalents at end of period $ - $ - $ - $ - $ -

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
New commodity derivative contracts	After March 31, 2019 , the Company entered into the following derivative contracts to hedge additional amounts of estimated future production : First Second Third Fourth Quarter Quarter Quarter Quarter Total Oil Price Swaps: (a) 2019: Volume (Bbl) - 1,707,000 1,451,000 1,281,000 4,439,000 Price per Bbl $ - $ 62.64 $ 63.14 $ 63.43 $ 63.03 2021: Volume (Bbl) 1,170,000 1,183,000 1,196,000 1,196,000 4,745,000 Price per Bbl $ 56.72 $ 56.72 $ 56.72 $ 56.72 $ 56.72 Oil Basis Swaps: (b) 2019: Volume (Bbl) - - 92,000 920,000 1,012,000 Price per Bbl $ - $ - $ (1.05) $ (0.07) $ (0.16) 2020: Volume (Bbl) 1,092,000 - - - 1,092,000 Price per Bbl $ 0.10 $ - $ - $ - $ 0.10 2021: Volume (Bbl) 540,000 546,000 552,000 552,000 2,190,000 Price per Bbl $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 (a) The oil derivative contracts are settled based on the NYMEX – WTI calendar-month average futures price. (b) The basis differential price is between Midland – WTI and Cushing – WTI. These contracts are settled on a calendar-month basis.

Supplementary Information (Tabl

Supplementary Information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplementary Information [Abstract]
Capitalized costs	Capitalized costs March 31, December 31, (in millions) 2019 2018 Oil and natural gas properties: Proved $ 26,000 $ 24,992 Unproved 6,559 6,714 Less: accumulated depletion (10,138) (9,701) Net capitalized costs for oil and natural gas properties $ 22,421 $ 22,005
Costs incurred for oil and natural gas producing activities	Costs incurred for oil and natural gas producing activities Three Months Ended March 31, (in millions) 2019 2018 Property acquisition costs: Proved $ - $ - Unproved 4 13 Exploration 462 243 Development 464 207 Total costs incurred for oil and natural gas properties $ 930 $ 463

Basis Of Presentation And Sum_3

Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)		1 Months Ended		3 Months Ended
		Apr. 30, 2019	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Significant Accounting Policies Disclosure [Line Items]
Receivables related to contracts with customers				$ 530,000,000			$ 466,000,000
Fees related to operation of jointly owned oil and natural gas properties				4,000,000	$ 4,000,000
Right of use asset	[1]			33,000,000
Right of use asset, operating leases				18,000,000
Right of use asset, finance leases				15,000,000
Lease liabilities				$ 36,000,000
Accounting Standards Update 2018-01 [Member]
Significant Accounting Policies Disclosure [Line Items]
Cumulative effect adjustment						$ 0
Accounting Standards Update 2016-02 [Member]
Significant Accounting Policies Disclosure [Line Items]
Right of use asset						35,000,000
Right of use asset, operating leases						19,000,000
Right of use asset, finance leases						16,000,000
Lease liabilities						$ 37,000,000
Oryx Southern Delaware Holdings [Member]
Significant Accounting Policies Disclosure [Line Items]
Equity method investment ownership percentage				23.75%
Total distribution from equity method investment			$ 157,000,000
Portion of equity method investment distribution that offset Company's net investment			54,000,000
Total equity method investment				$ 0			$ 0
Income (loss) from equity method investments			103,000,000	$ 0
Oryx Southern Delaware Holdings [Member] | Disposal Group Heldforsale Not Discontinued Operations [Member] | Scenario Forecast [Member]
Significant Accounting Policies Disclosure [Line Items]
Equity method investment ownership percentage		23.75%
Percentage of interest sold		100.00%
Oryx Southern Delaware Holdings [Member] | Loans Payable [Member]
Significant Accounting Policies Disclosure [Line Items]
Face amount of debt			$ 800,000,000
[1]	Total lease right-of-use assets and lease liabilities are gross amounts and a portion of these costs will be reimbursed by other working interest owners.

RSP Acquisition (Narrative) (De

RSP Acquisition (Narrative) (Details) - RSP Permian [Member] - USD ($) $ in Millions	Jul. 19, 2018	Mar. 31, 2019
Business Acquisition [Line Items]
Acquisition close date		Jul. 19, 2018
Consideration paid	$ 7,549

RSP Acquisition (Purchase Price

RSP Acquisition (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Jul. 19, 2018	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Implied goodwill		$ 2,229	$ 2,224
RSP Permian [Member]
Business Acquisition [Line Items]
Total purchase price	$ 7,549
Accounts payable - trade	48
Accrued drilling costs	79
Current derivative instruments	10
Other current liabilities	124
Long-term debt	1,758
Deferred income taxes	514
Asset retirement obligations	20
Noncurrent derivative instruments	5
Total liabilities assumed	2,558
Accounts receivable	194
Current derivative instruments	36
Other current assets	21
Proved oil and natural gas properties	4,055
Unproved oil and natural gas properties	3,565
Other property and equipment	5
Noncurrent derivative instruments	2
Implied goodwill	2,229
Total assets acquired	$ 10,107

RSP Acquisition (Schedule Of Pr

RSP Acquisition (Schedule Of Pro Forma Information) (Details) - RSP Permian [Member] $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Business Acquisition [Line Items]
Operating revenues | $	$ 1,226
Net income | $	$ 931
Earnings per share, Basic net income | $ / shares	$ 4.66
Earnings per share, Diluted net income | $ / shares	$ 4.64

Other Aquisitions, Divestitures

Other Aquisitions, Divestitures And Nonmonetary Transactions (Narrative) (Details) $ in Millions	1 Months Ended		3 Months Ended
	Feb. 28, 2018USD ($)a	Jan. 31, 2018USD ($)a	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Business Acquisition [Line Items]
Pre-tax gain (loss)			$ 1	$ 723
February 2018 Acquisition Divestiture [Member]
Business Acquisition [Line Items]
Net acreage | a	21,000
Pre-tax gain (loss)				575
Fair value of acquired assets	$ 755
Book value of divested assets	$ 180
February 2018 Acquisition Divestiture [Member] | Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Exchange [Member]
Business Acquisition [Line Items]
Net acreage | a	34,000
Delaware Basin [Member]
Business Acquisition [Line Items]
Net acreage | a		20,000
Pre-tax gain (loss)				134
Net proceeds from divestiture		$ 280
Nonmonetary Transactions [Member]
Business Acquisition [Line Items]
Pre-tax gain (loss)				$ 14

Stock incentive Plan (Narrative

Stock incentive Plan (Narrative) (Details) - shares		1 Months Ended	3 Months Ended
		Jan. 31, 2019	Mar. 31, 2019
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted	[1]		235,082
Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		212,947	212,947	[2],[3]
Performance Units [Member] | Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted		38,952
Performance Units [Member] | Three Year Vesting Period [Member] | Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Awards granted		19,476
Vesting percentage		20.00%
Performance Units [Member] | Five Year Vesting Period [Member] | Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			5 years
Awards granted		19,476
Vesting percentage		20.00%
Other Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Minimum [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Maximum [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			10 years
[1]	Weighted average grant date fair value per share is $105.52
[2]	Includes 38,952 performance award units granted to certain officers in January 2019 that may convert into shares of restricted stock awards at the end of each performance period that will be subject to additional vesting conditions.
[3]	Weighted average grant date fair value per unit is $144.03

Stock Incentive Plan (Summary O

Stock Incentive Plan (Summary Of Restricted Stock Shares and Performance Unit Activity) (Details) - $ / shares		1 Months Ended	3 Months Ended
		Jan. 31, 2019	Mar. 31, 2019
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at beginning of period		1,364,699	1,364,699
Awards granted	[1]		235,082
Awards cancelled / forfeited			(14,947)
Lapse of restrictions			(146,048)
Outstanding at end of period			1,438,786
Awards granted - Weighted average grant date fair value per share / unit			$ 105.52
Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at beginning of period		218,391	218,391
Awards granted		212,947	212,947	[2],[3]
Awards cancelled / forfeited			0
Lapse of restrictions			0
Outstanding at end of period			431,338
Awards granted - Weighted average grant date fair value per share / unit			$ 144.03
[1]	Weighted average grant date fair value per share is $105.52
[2]	Includes 38,952 performance award units granted to certain officers in January 2019 that may convert into shares of restricted stock awards at the end of each performance period that will be subject to additional vesting conditions.
[3]	Weighted average grant date fair value per unit is $144.03

Stock Incentive Plan (Summary F

Stock Incentive Plan (Summary For Future Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 24	$ 17
Remaining 2019 And Thereafter [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	140
Remaining 2019 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	61
2020 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	48
2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	22
2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	4
2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2
2024 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1
Thereafter [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2

Disclosures About Fair Value _3

Disclosures About Fair Value Measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosure Item Amounts [Domain] | 4.375% senior notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Face amount of debt		$ 600
Interest rate		4.375%
Debt maturity year		2025
Fair Value Disclosure Item Amounts [Domain] | 3.75% senior notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Face amount of debt		$ 1,000
Interest rate		3.75%
Debt maturity year		2027
Fair Value Disclosure Item Amounts [Domain] | 4.3% senior notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Face amount of debt		$ 1,000
Interest rate		4.30%
Debt maturity year		2028
Fair Value Disclosure Item Amounts [Domain] | 4.875% senior notes due 2047
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Face amount of debt		$ 800
Interest rate		4.875%
Debt maturity year		2047
Fair Value Disclosure Item Amounts [Domain] | 4.85% senior notes due 2048
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Face amount of debt		$ 600
Interest rate		4.85%
Debt maturity year		2048
Derivative instruments, Assets		$ 3	$ 695
Derivative instruments, Liabilities		367	0
Credit facility		615	242
4.375% senior notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes		617	591
Face amount of debt	[1]	$ 600	$ 600
Interest rate		4.375%	4.375%
Debt maturity year		2025
3.75% senior notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes		$ 991	$ 939
Face amount of debt		$ 1,000	$ 1,000
Interest rate		3.75%	3.75%
Debt maturity year		2027
4.3% senior notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes		$ 1,033	$ 980
Face amount of debt		$ 1,000	$ 1,000
Interest rate		4.30%	4.30%
Debt maturity year		2028
4.875% senior notes due 2047
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes		$ 849	$ 761
Face amount of debt		$ 800	$ 800
Interest rate		4.875%	4.875%
Debt maturity year		2047
4.85% senior notes due 2048
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes		$ 634	$ 573
Face amount of debt		$ 600	$ 600
Interest rate		4.85%	4.85%
Debt maturity year		2048
Carrying Reported Amount Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets		$ 3	$ 695
Derivative instruments, Liabilities		367	0
Credit facility		615	242
Carrying Reported Amount Fair Value Disclosure [Member] | 4.375% senior notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	[2]	594	594
Carrying Reported Amount Fair Value Disclosure [Member] | 3.75% senior notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	[2]	989	989
Carrying Reported Amount Fair Value Disclosure [Member] | 4.3% senior notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	[2]	988	988
Carrying Reported Amount Fair Value Disclosure [Member] | 4.875% senior notes due 2047
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	[2]	789	789
Carrying Reported Amount Fair Value Disclosure [Member] | 4.85% senior notes due 2048
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	[2]	$ 592	$ 592
[1]	For each of the twelve month periods beginning on January 15, 2020, 2021, 2022, 2023 and thereafter, these notes are callable at 103.281%, 102.188%, 101.094% and 100%, respectively.
[2]	The carrying value includes associated deferred loan costs and any discount.

Disclosures About Fair Value _4

Disclosures About Fair Value Measurements (Company's Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative, Fair Value, Net	$ (364)	$ 695
Commodity Derivative [Member] | Derivative Asset Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	57	543
Derivative Asset, Fair Value, Gross Liability	(56)	(59)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	1	484
Commodity Derivative [Member] | Derivative Asset Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	29	243
Derivative Asset, Fair Value, Gross Liability	(27)	(32)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	2	211
Commodity Derivative [Member] | Derivative Liability Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	(348)	(59)
Derivative Liability, Fair Value, Gross Asset	56	59
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(292)	0
Commodity Derivative [Member] | Derivative Liability Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	(102)	(32)
Derivative Liability, Fair Value, Gross Asset	27	32
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(75)	0
Fair Value Inputs Level 1 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Fair Value Inputs Level 2 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative, Fair Value, Net	(364)	695
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	57	543
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	29	243
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	(348)	(59)
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	(102)	(32)
Fair Value Inputs Level 3 [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member]
Fair Value Of Derivatives Disclosure Information [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Summary Of The Gains And Losses Reported In Earnings Related To The Commodity Derivative Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives	$ (1,059)	$ (35)
Net settlements received from (paid on) derivatives	0	(112)
Oil Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives	(1,056)	(33)
Net settlements received from (paid on) derivatives	3	(113)
Natural Gas Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives	(3)	(2)
Net settlements received from (paid on) derivatives	$ (3)	$ 1

Derivative Financial Instrume_4

Derivative Financial Instruments (Outstanding Commodity Derivative Contracts) (Details)	3 Months Ended
	Mar. 31, 2019MMBTU$ / bbl$ / MMBTUbbl
Oil Price Swaps 2019 [Member]
Derivative [Line Items]
Volume | bbl	39,722,750	[1]
Price	56.33	[1]
Oil Price Swaps Q2 2019 [Member]
Derivative [Line Items]
Volume | bbl	15,112,750	[1]
Price	56.59	[1]
Oil Price Swaps Q3 2019 [Member]
Derivative [Line Items]
Volume | bbl	13,378,000	[1]
Price	56.41	[1]
Oil Price Swaps Q4 2019 [Member]
Derivative [Line Items]
Volume | bbl	11,232,000	[1]
Price	55.88	[1]
Oil Price Swaps 2020 [Member]
Derivative [Line Items]
Volume | bbl	39,340,000	[1]
Price	57.21	[1]
Oil Price Swaps Q1 2020 [Member]
Derivative [Line Items]
Volume | bbl	10,502,500	[1]
Price	57.28	[1]
Oil Price Swaps Q2 2020 [Member]
Derivative [Line Items]
Volume | bbl	10,166,500	[1]
Price	57.24	[1]
Oil Price Swaps Q3 2020 [Member]
Derivative [Line Items]
Volume | bbl	9,453,000	[1]
Price	57.18	[1]
Oil Price Swaps Q4 2020 [Member]
Derivative [Line Items]
Volume | bbl	9,218,000	[1]
Price	57.14	[1]
Oil Price Swaps 2021 [Member]
Derivative [Line Items]
Volume | bbl	8,392,000	[1]
Price	54.54	[1]
Oil Price Swaps Q1 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,160,000	[1]
Price	54.57	[1]
Oil Price Swaps Q2 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,184,000	[1]
Price	54.57	[1]
Oil Price Swaps Q3 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,024,000	[1]
Price	54.5	[1]
Oil Price Swaps Q4 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,024,000	[1]
Price	54.5	[1]
Oil Costless Collars 2019 [Member]
Derivative [Line Items]
Volume | bbl	3,406,250	[1]
Oil Costless Collars 2019 [Member] | Minimum [Member]
Derivative [Line Items]
Price	55.76	[1]
Oil Costless Collars 2019 [Member] | Maximum [Member]
Derivative [Line Items]
Price	63.5	[1]
Oil Costless Collars Q2 2019 [Member]
Derivative [Line Items]
Volume | bbl	1,213,250	[1]
Oil Costless Collars Q2 2019 [Member] | Minimum [Member]
Derivative [Line Items]
Price	56.06	[1]
Oil Costless Collars Q2 2019 [Member] | Maximum [Member]
Derivative [Line Items]
Price	64	[1]
Oil Costless Collars Q3 2019 [Member]
Derivative [Line Items]
Volume | bbl	1,135,000	[1]
Oil Costless Collars Q3 2019 [Member] | Minimum [Member]
Derivative [Line Items]
Price	55.74	[1]
Oil Costless Collars Q3 2019 [Member] | Maximum [Member]
Derivative [Line Items]
Price	63.47	[1]
Oil Costless Collars Q4 2019 [Member]
Derivative [Line Items]
Volume | bbl	1,058,000	[1]
Oil Costless Collars Q4 2019 [Member] | Minimum [Member]
Derivative [Line Items]
Price	55.43	[1]
Oil Costless Collars Q4 2019 [Member] | Maximum [Member]
Derivative [Line Items]
Price	62.95	[1]
Oil Basis Swaps 2019 [Member]
Derivative [Line Items]
Volume | bbl	39,748,500	[2]
Price	(2.69)	[2]
Oil Basis Swaps Q2 2019 [Member]
Derivative [Line Items]
Volume | bbl	11,965,500	[2]
Price	(3.03)	[2]
Oil Basis Swaps Q3 2019 [Member]
Derivative [Line Items]
Volume | bbl	12,650,000	[2]
Price	(2.82)	[2]
Oil Basis Swaps Q4 2019 [Member]
Derivative [Line Items]
Volume | bbl	15,133,000	[2]
Price	(2.32)	[2]
Oil Basis Swaps 2020 [Member]
Derivative [Line Items]
Volume | bbl	43,445,000	[2]
Price	(0.65)	[2]
Oil Basis Swaps Q1 2020 [Member]
Derivative [Line Items]
Volume | bbl	13,013,000	[2]
Price	(0.53)	[2]
Oil Basis Swaps Q2 2020 [Member]
Derivative [Line Items]
Volume | bbl	10,192,000	[2]
Price	(0.7)	[2]
Oil Basis Swaps Q3 2020 [Member]
Derivative [Line Items]
Volume | bbl	10,120,000	[2]
Price	(0.71)	[2]
Oil Basis Swaps Q4 2020 [Member]
Derivative [Line Items]
Volume | bbl	10,120,000	[2]
Price	(0.71)	[2]
Oil Basis Swaps 2021 [Member]
Derivative [Line Items]
Volume | bbl	8,395,000	[2]
Price	0.55	[2]
Oil Basis Swaps Q1 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,070,000	[2]
Price	0.55	[2]
Oil Basis Swaps Q2 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,093,000	[2]
Price	0.55	[2]
Oil Basis Swaps Q3 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,116,000	[2]
Price	0.55	[2]
Oil Basis Swaps Q4 2021 [Member]
Derivative [Line Items]
Volume | bbl	2,116,000	[2]
Price	0.55	[2]
Natural Gas Price Swaps 2019 [Member]
Derivative [Line Items]
Energy | MMBTU	51,749,459	[3]
Price | $ / MMBTU	2.87	[3]
Natural Gas Price Swaps Q2 2019 [Member]
Derivative [Line Items]
Energy | MMBTU	17,241,387	[3]
Price | $ / MMBTU	2.87	[3]
Natural Gas Price Swaps Q3 2019 [Member]
Derivative [Line Items]
Energy | MMBTU	17,298,537	[3]
Price | $ / MMBTU	2.87	[3]
Natural Gas Price Swaps Q4 2019 [Member]
Derivative [Line Items]
Energy | MMBTU	17,209,535	[3]
Price | $ / MMBTU	2.87	[3]
Natural Gas Price Swaps 2020 [Member]
Derivative [Line Items]
Energy | MMBTU	24,703,000	[3]
Price | $ / MMBTU	2.7	[3]
Natural Gas Price Swaps Q1 2020 [Member]
Derivative [Line Items]
Energy | MMBTU	6,233,500	[3]
Price | $ / MMBTU	2.7	[3]
Natural Gas Price Swaps Q2 2020 [Member]
Derivative [Line Items]
Energy | MMBTU	6,233,500	[3]
Price | $ / MMBTU	2.7	[3]
Natural Gas Price Swaps Q3 2020 [Member]
Derivative [Line Items]
Energy | MMBTU	6,118,000	[3]
Price | $ / MMBTU	2.7	[3]
Natural Gas Price Swaps Q4 2020 [Member]
Derivative [Line Items]
Energy | MMBTU	6,118,000	[3]
Price | $ / MMBTU	2.7	[3]
[1]	The oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price.
[2]	The basis differential price is between Midland – WTI and Cushing – WTI. The majority of these contracts are settled on a calendar-month basis, while certain contracts assumed in the RSP Acquisition are settled on a trading-month basis.
[3]	The natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Credit Facility [Member] $ in Billions	3 Months Ended
	Mar. 31, 2019USD ($)
Debt Disclosure [Line Items]
Line of credit maturity date	May 9, 2022
Aggregate lender commitments	$ 2
Unused lender commitments	$ 1.4
Debt weighted average interest rate	4.40%

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Credit facility		$ 615	$ 242
Unamortized original issue premium (discount), net		(10)	(10)
Senior notes issuance costs, net		(38)	(38)
Less: current portion		0	0
Total long-term debt		4,567	4,194
4.375% senior notes due 2025
Debt Instrument [Line Items]
Unsecured senior notes	[1]	$ 600	$ 600
Interest rate		4.375%	4.375%
Debt maturity year		2025
4.375% senior notes due 2025 | January 15, 2020 [Member]
Debt Instrument [Line Items]
Callable price		103.281%
4.375% senior notes due 2025 | January 15, 2021 [Member]
Debt Instrument [Line Items]
Callable price		102.188%
4.375% senior notes due 2025 | January 15, 2022 [Member]
Debt Instrument [Line Items]
Callable price		101.094%
4.375% senior notes due 2025 | January 15, 2023 [Member]
Debt Instrument [Line Items]
Callable price		100.00%
3.75% senior notes due 2027
Debt Instrument [Line Items]
Unsecured senior notes		$ 1,000	$ 1,000
Interest rate		3.75%	3.75%
Debt maturity year		2027
4.3% senior notes due 2028
Debt Instrument [Line Items]
Unsecured senior notes		$ 1,000	$ 1,000
Interest rate		4.30%	4.30%
Debt maturity year		2028
4.875% senior notes due 2047
Debt Instrument [Line Items]
Unsecured senior notes		$ 800	$ 800
Interest rate		4.875%	4.875%
Debt maturity year		2047
4.85% senior notes due 2048
Debt Instrument [Line Items]
Unsecured senior notes		$ 600	$ 600
Interest rate		4.85%	4.85%
Debt maturity year		2048
[1]	For each of the twelve month periods beginning on January 15, 2020, 2021, 2022, 2023 and thereafter, these notes are callable at 103.281%, 102.188%, 101.094% and 100%, respectively.

Debt (Summary Of Interest Expen

Debt (Summary Of Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure Debt Summary Of Interest Expense [Abstract]
Cash payments for interest	$ 63	$ 18
Non-cash interest	1	1
Net changes in accruals	(13)	12
Interest costs incurred	51	31
Less: capitalized interest	(4)	(1)
Total interest expense	$ 47	$ 30

Commitments And Contingencies_2

Commitments And Contingencies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)bbl / d	Mar. 31, 2018USD ($)
Commitments [Line Items]
Gross lease cost related to short-term leases	$ 94,000,000
Short-term lease costs capitalized	$ 67,000,000
Operating leases, lease payments		$ 3,000,000
May 2018 Commitment [Member]
Commitments [Line Items]
Commitment term	1 year
Shortfall makeup period	2 months
May 2018 Commitment [Member] | Minimum [Member]
Commitments [Line Items]
Daily production commitment (barrels per day) | bbl / d	7,000
January 2019 Commitment [Member]
Commitments [Line Items]
Commitment term	5 years
Daily production commitment (barrels per day) | bbl / d	50,000

Commitments And Contingencies_3

Commitments And Contingencies (Summary Of The Company's Future Commitments) (Details) $ in Millions	Mar. 31, 2019USD ($)
Oil And Gas Delivery Commitments And Contracts [Line Items]
Remaining 2019	$ 35
2020	75
2021	76
2022	36
2023	33
2024	34
Thereafter	96
Total	$ 385

Commitments And Contingencies_4

Commitments And Contingencies (Oil And Natural Gas Delivery Commitments) (Details) Mcf in Thousands, bbl in Millions	3 Months Ended
	Mar. 31, 2019bblMcf
Oil [Member]
Long Term Purchase Commitment [Line Items]
Remaining 2019 | bbl	12
2020 | bbl	36
2021 | bbl	39
2022 | bbl	41
2023 | bbl	33
2024 | bbl	33
Thereafter | bbl	114
Total | bbl	308
Natural Gas [Member]
Long Term Purchase Commitment [Line Items]
Remaining 2019 | Mcf	2,697
2020 | Mcf	10,286
2021 | Mcf	21,627
2022 | Mcf	16,425
2023 | Mcf	16,425
2024 | Mcf	16,470
Thereafter | Mcf	32,850
Total | Mcf	116,780

Commitments And Contingencies_5

Commitments And Contingencies (Supplemental Balance Sheet Information Related To Leases) (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 18
Finance lease right-of-use assets	15
Total lease right-of-use assets	33	[1]
Current operating lease liabilities	7
Current finance lease liabilities	6
Noncurrent operating lease liabilities	13
Noncurrent finance lease laibilities	10
Total lease liabilities	$ 36
[1]	Total lease right-of-use assets and lease liabilities are gross amounts and a portion of these costs will be reimbursed by other working interest owners.

Commitments And Contingencies_6

Commitments And Contingencies (Components Of Lease Expense) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee Lease Description [Line Items]
Finance lease cost	$ 2	[1]
Net lease cost	4
General And Administrative [Member]
Lessee Lease Description [Line Items]
Operating lease cost	$ 2
[1]	Interest on lease liabilities related to finance leases was immaterial during the three months ended March 31, 2019.

Commitments And Contingencies_7

Commitments And Contingencies (Supplemental Cash Flow Information Related To Leases) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in measurement of lease liabilities, Operating cash flows from operating leases	$ 2
Cash paid for amounts included in measurement of lease liabilities, Financing cash flows from finance leases	2
Right-of-use assets obtained in exchange for lease obligations, Operating leases	0
Right-of-use assets obtained in exchange for lease obligations, Finance leases	$ 3

Commitments And Contingencies_8

Commitments And Contingencies (Lease Terms And Discount Rates Related To Leases) (Details)	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term, Operating leases	3 years 6 months
Weighted average remaining lease term, Finance leases	2 years 10 months 24 days
Weighted average discount rate, Operating leases	4.90%
Weighted average discount rate, Finance leases	4.40%

Commitments And Contingencies_9

Commitments And Contingencies (Maturity Of Lease Liabilities) (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Remaining 2019	$ 6
Operating Leases, 2020	8
Operating Leases, 2021	6
Operating Leases, 2022	1
Operating Leases, Thereafter	1
Operating Leases, Total lease payments	22
Finance Leases, Remaining 2019	5
Finance Leases, 2020	6
Finance Leases, 2021	4
Finance Leases, 2022	2
Finance Leases, Thereafter	0
Finance Leases, Total lease payments	$ 17

Commitments and Contingencie_10

Commitments and Contingencies (Present Value Of Lease Liabilities) (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Total lease payments	$ 22
Operating Leases, Less: Interest	(2)
Operating Leases, Present value of lease liabilities	20
Finance Leases, Total lease payments	17
Finance Leases, Less: Interest	(1)
Finance Leases, Present value of lease liabilities	$ 16

Commitments And Contingencie_11

Commitments And Contingencies (Future Minimum Lease Commitments Under Non-Cancellable Operating Leases) (Details) $ in Millions	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 14
2020	12
2021	10
2022	3
2023	0
Thereafter	1
Total	$ 40

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Disclosure Income Taxes Narrative [Abstract]
Income tax (expense) benefit	$ 194	$ (254)
Discrete income tax expense (benefit)	$ (2)	$ (2)
Effective tax rate	22.00%	23.00%
Unrecognized tax benefits that would impact effective tax rate			$ 63
Increase in unrecongized tax benefits for current year	$ 16

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Amounts paid	$ 6	$ 1
Director [Member]
Related Party Transaction [Line Items]
Ownership interest in partnership	3.50%

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - Performance Units [Member]	3 Months Ended
	Mar. 31, 2019
Minimum [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Vesting period	3 years
Vesting percentage	0.00%
Maximum [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Vesting period	5 years
Vesting percentage	300.00%

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation Of Earnings Attributable To Common Shares Basic And Diluted) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Net income (loss) as reported		$ (695)	$ 835
Participating basic earnings	[1]	0	(6)
Basic earnings (loss) attributable to common stockholders		(695)	829
Reallocation of participating earnings		0	0
Diluted earnings (loss) attributable to common stockholders		$ (695)	$ 829
[1]	Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating 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.

Earnings Per Share (Reconcili_2

Earnings Per Share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure Net Income Per Share Reconciliation Of The Weighted Average Common Shares Outstanding [Abstract]
Basic	199,148	147,925
Dilutive performance shares	0	537
Diluted	199,148	148,462

Earnings Per Share (Summary Of

Earnings Per Share (Summary Of The Common Stock Options And Restricted Stock) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Performance Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common shares	324	0

Subsidiary Guarantors (Condense

Subsidiary Guarantors (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Accounts receivable - related parties	$ 0	$ 0
Other current assets	1,027	1,409
Oil and natural gas properties, net	22,421	22,005
Property and equipment, net	350	308
Investment in subsidiaries	0	0
Goodwill	2,229	2,224
Other long-term assets	141	348
Total assets	26,168	26,294
LIABILITIES AND EQUITY
Accounts payable - related parties	0	0
Other current liabilities	1,660	1,356
Long-term debt	4,567	4,194
Other long-term liabilities	1,882	1,976
Equity	18,059	18,768	$ 9,738	$ 8,915
Total liabilities and stockholders' equity	26,168	26,294
Consolidating Entries [Member]
ASSETS
Accounts receivable - related parties	(18,518)	(18,155)
Other current assets	0	0
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	(5,629)	(5,411)
Goodwill	0	0
Other long-term assets	0	0
Total assets	(24,147)	(23,566)
LIABILITIES AND EQUITY
Accounts payable - related parties	(18,518)	(18,155)
Other current liabilities	0	0
Long-term debt	0	0
Other long-term liabilities	0	0
Equity	(5,629)	(5,411)
Total liabilities and stockholders' equity	(24,147)	(23,566)
Parent Company [Member] | Reportable Legal Entities [Member]
ASSETS
Accounts receivable - related parties	18,518	18,155
Other current assets	6	534
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	5,629	5,411
Goodwill	0	0
Other long-term assets	15	224
Total assets	24,168	24,324
LIABILITIES AND EQUITY
Accounts payable - related parties	0	0
Other current liabilities	368	70
Long-term debt	4,567	4,194
Other long-term liabilities	1,174	1,292
Equity	18,059	18,768
Total liabilities and stockholders' equity	24,168	24,324
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Accounts receivable - related parties	0	0
Other current assets	1,021	875
Oil and natural gas properties, net	22,405	21,988
Property and equipment, net	350	308
Investment in subsidiaries	0	0
Goodwill	2,229	2,224
Other long-term assets	126	124
Total assets	26,131	25,519
LIABILITIES AND EQUITY
Accounts payable - related parties	18,502	18,138
Other current liabilities	1,292	1,286
Long-term debt	0	0
Other long-term liabilities	708	684
Equity	5,629	5,411
Total liabilities and stockholders' equity	26,131	25,519
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Accounts receivable - related parties	0	0
Other current assets	0	0
Oil and natural gas properties, net	16	17
Property and equipment, net	0	0
Investment in subsidiaries	0	0
Goodwill	0	0
Other long-term assets	0	0
Total assets	16	17
LIABILITIES AND EQUITY
Accounts payable - related parties	16	17
Other current liabilities	0	0
Long-term debt	0	0
Other long-term liabilities	0	0
Equity	0	0
Total liabilities and stockholders' equity	$ 16	$ 17

Subsidiary Guarantors (Conden_2

Subsidiary Guarantors (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements Captions [Line Items]
Total operating revenues	$ 1,104	$ 947
Total operating costs and expenses	(1,950)	68
Income (loss) from operations	(846)	1,015
Interest expense	(47)	(30)
Other, net	4	104
Income (loss) before income taxes	(889)	1,089
Income tax (expense) benefit	194	(254)
Net income (loss)	(695)	835
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	0	0
Income (loss) from operations	0	0
Interest expense	0	0
Other, net	(218)	(1,153)
Income (loss) before income taxes	(218)	(1,153)
Income tax (expense) benefit	0	0
Net income (loss)	(218)	(1,153)
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	(1,060)	(34)
Income (loss) from operations	(1,060)	(34)
Interest expense	(47)	(30)
Other, net	218	1,153
Income (loss) before income taxes	(889)	1,089
Income tax (expense) benefit	194	(254)
Net income (loss)	(695)	835
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	1,104	942
Total operating costs and expenses	(890)	105
Income (loss) from operations	214	1,047
Interest expense	0	0
Other, net	4	104
Income (loss) before income taxes	218	1,151
Income tax (expense) benefit	0	0
Net income (loss)	218	1,151
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	5
Total operating costs and expenses	0	(3)
Income (loss) from operations	0	2
Interest expense	0	0
Other, net	0	0
Income (loss) before income taxes	0	2
Income tax (expense) benefit	0	0
Net income (loss)	$ 0	$ 2

Subsidiary Guarantors (Conden_3

Subsidiary Guarantors (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements Captions [Line Items]
Net cash provided by (used in) operating activities	$ 623	$ 488
Net cash flows provided by (used in) investing activities	(902)	(93)
Net cash flows provided by (used in) financing activities	279	(395)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Net cash flows provided by (used in) investing activities	0	0
Net cash flows provided by (used in) financing activities	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net cash provided by (used in) operating activities	(335)	351
Net cash flows provided by (used in) investing activities	0	0
Net cash flows provided by (used in) financing activities	335	(351)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net cash provided by (used in) operating activities	958	137
Net cash flows provided by (used in) investing activities	(902)	(93)
Net cash flows provided by (used in) financing activities	(56)	(44)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Net cash flows provided by (used in) investing activities	0	0
Net cash flows provided by (used in) financing activities	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 30, 2019	Apr. 30, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Dividends declared, amount per share			$ 0.125
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared, date declared	Apr. 30, 2019
Dividends declared, amount per share	$ 0.125	$ 0.125
Dividends declared, date payable	Jun. 28, 2019
Dividends declared, date of record	May 10, 2019
Oryx Southern Delaware Holdings [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage			23.75%
Beta Holding [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage	50.00%	50.00%
Transportation agreement period		10 years
Disposal Group Heldforsale Not Discontinued Operations [Member] | Oryx Southern Delaware Holdings [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Percentage of interest sold		100.00%
Proceeds from the sale of equity investment		$ 300
Equity method investment ownership percentage	23.75%	23.75%

Subsequent Events (New Commodit

Subsequent Events (New Commodity Derivative Contracts) (Details)		May 01, 2019$ / bblbbl	Mar. 31, 2019$ / bblbbl
Oil Price Swaps 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		39,722,750
Price | $ / bbl	[1]		56.33
Oil Price Swaps Q2 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		15,112,750
Price | $ / bbl	[1]		56.59
Oil Price Swaps Q3 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		13,378,000
Price | $ / bbl	[1]		56.41
Oil Price Swaps Q4 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		11,232,000
Price | $ / bbl	[1]		55.88
Oil Price Swaps 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		8,392,000
Price | $ / bbl	[1]		54.54
Oil Price Swaps Q1 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		2,160,000
Price | $ / bbl	[1]		54.57
Oil Price Swaps Q2 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		2,184,000
Price | $ / bbl	[1]		54.57
Oil Price Swaps Q3 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		2,024,000
Price | $ / bbl	[1]		54.5
Oil Price Swaps Q4 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[1]		2,024,000
Price | $ / bbl	[1]		54.5
Oil Basis Swaps 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		39,748,500
Price | $ / bbl	[2]		(2.69)
Oil Basis Swaps Q3 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		12,650,000
Price | $ / bbl	[2]		(2.82)
Oil Basis Swaps Q4 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		15,133,000
Price | $ / bbl	[2]		(2.32)
Oil Basis Swaps 2020 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		43,445,000
Price | $ / bbl	[2]		(0.65)
Oil Basis Swaps Q1 2020 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		13,013,000
Price | $ / bbl	[2]		(0.53)
Oil Basis Swaps 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		8,395,000
Price | $ / bbl	[2]		0.55
Oil Basis Swaps Q1 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		2,070,000
Price | $ / bbl	[2]		0.55
Oil Basis Swaps Q2 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		2,093,000
Price | $ / bbl	[2]		0.55
Oil Basis Swaps Q3 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		2,116,000
Price | $ / bbl	[2]		0.55
Oil Basis Swaps Q4 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[2]		2,116,000
Price | $ / bbl	[2]		0.55
Subsequent Event [Member] | Oil Price Swaps 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	4,439,000
Price | $ / bbl	[3]	63.03
Subsequent Event [Member] | Oil Price Swaps Q2 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,707,000
Price | $ / bbl	[3]	62.64
Subsequent Event [Member] | Oil Price Swaps Q3 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,451,000
Price | $ / bbl	[3]	63.14
Subsequent Event [Member] | Oil Price Swaps Q4 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,281,000
Price | $ / bbl	[3]	63.43
Subsequent Event [Member] | Oil Price Swaps 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	4,745,000
Price | $ / bbl	[3]	56.72
Subsequent Event [Member] | Oil Price Swaps Q1 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,170,000
Price | $ / bbl	[3]	56.72
Subsequent Event [Member] | Oil Price Swaps Q2 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,183,000
Price | $ / bbl	[3]	56.72
Subsequent Event [Member] | Oil Price Swaps Q3 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,196,000
Price | $ / bbl	[3]	56.72
Subsequent Event [Member] | Oil Price Swaps Q4 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[3]	1,196,000
Price | $ / bbl	[3]	56.72
Subsequent Event [Member] | Oil Basis Swaps 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	1,012,000
Price | $ / bbl	[4]	(0.16)
Subsequent Event [Member] | Oil Basis Swaps Q3 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	92,000
Price | $ / bbl	[4]	(1.05)
Subsequent Event [Member] | Oil Basis Swaps Q4 2019 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	920,000
Price | $ / bbl	[4]	(0.07)
Subsequent Event [Member] | Oil Basis Swaps 2020 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	1,092,000
Price | $ / bbl	[4]	0.1
Subsequent Event [Member] | Oil Basis Swaps Q1 2020 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	1,092,000
Price | $ / bbl	[4]	0.1
Subsequent Event [Member] | Oil Basis Swaps 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	2,190,000
Price | $ / bbl	[4]	0.5
Subsequent Event [Member] | Oil Basis Swaps Q1 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	540,000
Price | $ / bbl	[4]	0.5
Subsequent Event [Member] | Oil Basis Swaps Q2 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	546,000
Price | $ / bbl	[4]	0.5
Subsequent Event [Member] | Oil Basis Swaps Q3 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	552,000
Price | $ / bbl	[4]	0.5
Subsequent Event [Member] | Oil Basis Swaps Q4 2021 [Member]
Subsequent Event [Line Items]
Volume | bbl	[4]	552,000
Price | $ / bbl	[4]	0.5
[1]	The oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price.
[2]	The basis differential price is between Midland – WTI and Cushing – WTI. The majority of these contracts are settled on a calendar-month basis, while certain contracts assumed in the RSP Acquisition are settled on a trading-month basis.
[3]	The oil derivative contracts are settled based on the NYMEX – WTI calendar-month average futures price.
[4]	The basis differential price is between Midland – WTI and Cushing – WTI. These contracts are settled on a calendar-month basis.

Supplementary information (Capi

Supplementary information (Capitalized Costs) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Supplementary Information [Abstract]
Proved	$ 26,000	$ 24,992
Unproved	6,559	6,714
Less: accumulated depletion	(10,138)	(9,701)
Net capitalized costs for oil and natural gas properties	$ 22,421	$ 22,005

Supplementary Information (Cost

Supplementary Information (Costs Incurred For Oil And Natural Gas Producing Activities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplementary Information [Abstract]
Proved	$ 0	$ 0
Unproved	4	13
Exploration	462	243
Development	464	207
Total costs incurred for oil and natural gas properties	$ 930	$ 463