Concho Resources (CXO) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-33615
Entity Registrant Name	Concho Resources Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0818600
Entity Address, Address Line One	One Concho Center
Entity Address, Address Line Two	600 West Illinois Avenue
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	(432)
Local Phone Number	683-7443
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CXO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,707,339
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001358071
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets Unaudited - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 320	$ 70
Accounts receivable, net:
Oil and natural gas	351	584
Joint operations and other	156	304
Inventory	27	30
Derivative instruments	467	6
Prepaid costs and other	46	61
Total current assets	1,367	1,055
Property and equipment:
Oil and natural gas properties, successful efforts method	26,913	28,785
Accumulated depletion and depreciation	(16,419)	(7,895)
Total oil and natural gas properties, net	10,494	20,890
Other property and equipment, net	448	437
Total property and equipment, net	10,942	21,327
Deferred income taxes	45	0
Deferred loan costs, net	6	7
Goodwill	0	1,917
Intangible assets, net	16	17
Noncurrent derivative instruments	80	11
Other assets	324	398
Total assets	12,780	24,732
Current liabilities:
Accounts payable - trade	52	53
Revenue payable	172	268
Accrued drilling costs	191	386
Derivative instruments	6	112
Other current liabilities	339	363
Total current liabilities	760	1,182
Long-term debt	3,957	3,955
Deferred income taxes	0	1,654
Noncurrent derivative instruments	4	7
Asset retirement obligations and other long-term liabilities	139	152
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 authorized; 197,951,047 and 198,863,681 shares issued at June 30, 2020 and December 31, 2019, respectively	0	0
Additional paid-in capital	14,543	14,608
Retained earnings (accumulated deficit)	(6,472)	3,320
Treasury stock, at cost; 1,243,576 and 1,175,026 shares at June 30, 2020 and December 31, 2019, respectively	(151)	(146)
Total stockholders’ equity	7,920	17,782
Total liabilities and stockholders’ equity	$ 12,780	$ 24,732

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Unaudited (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	197,951,047	198,863,681
Treasury shares (in shares)	1,243,576	1,175,026

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations Unaudited - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating revenues:
Total operating revenues	$ 474	$ 1,127	$ 1,396	$ 2,231
Operating costs and expenses:
Production and ad valorem taxes	51	84	125	170
Exploration and abandonments	16	17	2,735	64
Depreciation, depletion and amortization	271	478	795	943
Accretion of discount on asset retirement obligations	2	2	4	5
Impairments of long-lived assets	0	868	7,772	868
Impairments of goodwill	0	0	1,917	0
General and administrative (including non-cash stock-based compensation of $17 and $23 for the three months ended June 30, 2020 and 2019, respectively, and $35 and $47 for the six months ended June 30, 2020 and 2019, respectively)	65	88	134	179
(Gain) loss on derivatives, net	514	(217)	(1,255)	842
Net (gain) loss on disposition of assets and other	(107)	2	(100)	1
Total operating costs and expenses	982	1,532	12,511	3,482
Loss from operations	(508)	(405)	(11,115)	(1,251)
Other income (expense):
Interest expense	(41)	(48)	(83)	(95)
Other, net	(18)	303	(213)	307
Total other income (expense)	(59)	255	(296)	212
Loss before income taxes	(567)	(150)	(11,411)	(1,039)
Income tax benefit	132	53	1,699	247
Net loss	$ (435)	$ (97)	$ (9,712)	$ (792)
Earnings per share:
Basic net loss (in dollars per share)	$ (2.23)	$ (0.48)	$ (49.73)	$ (3.98)
Diluted net loss (in dollars per share)	$ (2.23)	$ (0.48)	$ (49.73)	$ (3.98)
Oil
Operating revenues:
Total operating revenues	$ 430	$ 1,049	$ 1,302	$ 1,984
Natural Gas
Operating revenues:
Total operating revenues	44	78	94	247
Oil And Natural Gas Production
Operating costs and expenses:
Operating costs and expenses	127	188	291	362
Gathering, Processing and Transportation
Operating costs and expenses:
Operating costs and expenses	$ 43	$ 22	$ 93	$ 48

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations Unaudited (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Non-cash stock-based compensation	$ 17	$ 23	$ 35	$ 47

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity Unaudited - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period Of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Issued	Common Stock IssuedCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period Of Adoption, Adjustment	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance
Balance (in shares) at Dec. 31, 2018				201,289							1,032
Balance at Dec. 31, 2018	$ 18,768			$ 0		$ 14,773		$ 4,126			$ (131)
Increase (Decrease) in Stockholders' Equity
Net loss	(792)							(792)
Common stock dividends	(50)							(50)
Grants of restricted stock (in shares)				261
Performance unit share conversion (in shares)				246
Cancellation of restricted stock (in shares)				(31)
Stock-based compensation	47					47
Purchase of treasury stock (in shares)											134
Purchase of treasury stock	(14)										$ (14)
Balance (in shares) at Jun. 30, 2019				201,765							1,166
Balance at Jun. 30, 2019	17,959			$ 0		14,820		3,284			$ (145)
Balance (in shares) at Mar. 31, 2019				201,755							1,156
Balance at Mar. 31, 2019	18,059			$ 0		14,797		3,406			$ (144)
Increase (Decrease) in Stockholders' Equity
Net loss	(97)							(97)
Common stock dividends	(25)							(25)
Grants of restricted stock (in shares)				26
Performance unit share conversion (in shares)				0
Cancellation of restricted stock (in shares)				(16)
Stock-based compensation	23					23
Purchase of treasury stock (in shares)											10
Purchase of treasury stock	(1)										$ (1)
Balance (in shares) at Jun. 30, 2019				201,765							1,166
Balance at Jun. 30, 2019	17,959			$ 0		14,820		3,284			$ (145)
Balance (in shares) at Dec. 31, 2019				198,864	198,864						1,175	1,175
Balance at Dec. 31, 2019	17,782	$ (1)	$ 17,781	$ 0	$ 0	14,608	$ 14,608	3,320	$ (1)	$ 3,319	$ (146)	$ (146)
Increase (Decrease) in Stockholders' Equity
Net loss	(9,712)							(9,712)
Common stock repurchased and retired (in shares)				(1,126)
Common stock repurchased and retired	(100)					(100)
Common stock dividends	(79)							(79)
Grants of restricted stock (in shares)				203
Performance unit share conversion (in shares)				42
Cancellation of restricted stock (in shares)				(32)
Stock-based compensation	35					35
Purchase of treasury stock (in shares)											69
Purchase of treasury stock	(5)										$ (5)
Balance (in shares) at Jun. 30, 2020				197,951							1,244
Balance at Jun. 30, 2020	7,920			$ 0		14,543		(6,472)			$ (151)
Balance (in shares) at Mar. 31, 2020				197,930							1,226
Balance at Mar. 31, 2020	8,379			$ 0		14,526		(5,997)			$ (150)
Increase (Decrease) in Stockholders' Equity
Net loss	(435)							(435)
Common stock dividends	(40)							(40)
Grants of restricted stock (in shares)				28
Performance unit share conversion (in shares)				1
Cancellation of restricted stock (in shares)				(8)
Stock-based compensation	17					17
Purchase of treasury stock (in shares)											18
Purchase of treasury stock	(1)										$ (1)
Balance (in shares) at Jun. 30, 2020				197,951							1,244
Balance at Jun. 30, 2020	$ 7,920			$ 0		$ 14,543		$ (6,472)			$ (151)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity Unaudited (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared, amount per share (in dollars per share)	$ 0.20	$ 0.125	$ 0.40	$ 0.25

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (435)	$ (97)	$ (9,712)	$ (792)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	271	478	795	943
Accretion of discount on asset retirement obligations	2	2	4	5
Impairments of long-lived assets	0	868	7,772	868
Impairments of goodwill	0	0	1,917	0
Exploration and abandonments			2,724	51
Non-cash stock-based compensation expense	17	23	35	47
Deferred income taxes			(1,699)	(247)
Net gain on disposition of assets and other non-operating items			(105)	(288)
(Gain) loss on derivatives, net	514	(217)	(1,255)	842
Net settlements received from (paid on) derivatives	415	(50)	616	(50)
Other			202	(10)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable			345	33
Prepaid costs and other			16	4
Inventory			2	1
Accounts payable			(1)	5
Revenue payable			(96)	5
Other current liabilities			(35)	(15)
Net cash provided by operating activities			1,525	1,402
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties			(868)	(1,699)
Changes in working capital associated with oil and natural gas property additions			(149)	(27)
Acquisitions of oil and natural gas properties			(34)	(14)
Additions to property, equipment and other assets			(39)	(41)
Proceeds from the disposition of assets			3	311
Direct transaction costs for asset acquisitions and dispositions			(1)	(3)
Net cash used in investing activities			(1,088)	(1,473)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility			345	2,060
Payments on credit facility			(345)	(1,905)
Payment of common stock dividends	(40)		(79)	(50)
Purchases of treasury stock			(5)	(14)
Purchases of common stock under share repurchase program			(100)	0
Decrease in book overdrafts			0	(16)
Other			(3)	(4)
Net cash provided by (used in) financing activities			(187)	71
Net increase in cash and cash equivalents			250	0
Cash and cash equivalents at beginning of period			70	0
Cash and cash equivalents at end of period	$ 320	$ 0	$ 320	$ 0

Organization and nature of oper

Organization and nature of operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operationsConcho Resources Inc., a Delaware corporation (the “Company”), is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The Company's operations are primarily focused 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	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies	Basis of presentation and summary 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, 2019 (“2019 Form 10-K”). Principles of consolidation. The condensed 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 2020 presentation. These reclassifications had no impact on net income (loss), total assets, liabilities and stockholders’ equity or total cash flows. Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with Generally Accepted Accounting Principles 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 development 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 prevailing 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 nonmonetary transactions, fair value of derivative financial instruments and income taxes. Interim financial statements. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2019 is derived from audited consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed 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 omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2019 Form 10-K. Accounts receivable. The Company sells oil and natural gas to various customers and participates with other parties in the drilling, completion and operation of oil and natural gas wells. One area of the Company’s exposure to credit risk is through the sale of its oil and natural gas production. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. The Company extends credit terms based on its evaluation of each counterparty’s creditworthiness. Oil and natural gas sales receivables are generally unsecured and typically received from the purchaser one to two months after production. The Company had an allowance for expected credit losses of $6 million at June 30, 2020, which was primarily based on a historical loss rate. The Company’s allowance for doubtful accounts at December 31, 2019 was $5 million. Joint interest receivables are generally secured pursuant to the operating agreement between or among the co-owners of the operated property. The Company has the right to realize the receivables through netting of anticipated future production revenues. The allowance for expected credit losses for these receivables is primarily based on a historical loss rate. The Company’s assessment of the creditworthiness of the joint interest owners is another factor that is considered in developing its allowance for expected credit losses. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written-off against the allowance for expected credit losses only after all collection attempts have been exhausted. The Company had an allowance for expected credit losses of $2 million at June 30, 2020. The Company had an allowance for doubtful accounts of $2 million at December 31, 2019. The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary. Equity method investments. The Company holds membership interests in certain entities and accounts for these investments using the equity method of accounting: • The Company owns a 50 percent membership interest in Beta Holding Company, LLC, a midstream joint venture formed to construct a crude oil gathering system in the Midland Basin. • The Company owns a 30 percent membership interest and a preferred membership interest in Solaris Midstream Holdings, LLC (“Solaris”), an entity that owns and operates water gathering, transportation, disposal, recycling and storage infrastructure assets in the Permian Basin. • The Company owns a preferred membership interest in WaterBridge Operating LLC, an entity that operates and manages various water infrastructure assets located in the Permian Basin. The Company includes its equity method investment balance in other assets on the condensed consolidated balance sheets. The Company records its share of equity investment earnings and losses in other income (expense) on the condensed consolidated statements of operations. The Company recorded equity method investment income of $4 million and a loss of $198 million for the three and six months ended June 30, 2020, respectively, and equity investment income of $15 million for both the three and six months ended June 30, 2019. The loss during the six months ended June 30, 2020 was primarily due to an other-than-temporary impairment of an equity method investment of $204 million during the first quarter of 2020, which is also included in other cash flows from operating activities on the condensed consolidated statement of cash flows. In June 2020, the Company sold certain water infrastructure assets to Solaris in exchange for additional ownership interests in the entity and recorded a gain of $107 million, which is included in net (gain) loss on disposition of assets and other on the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2020. Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In each 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 condensed 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 7 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 condensed 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 transferred 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 is 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 purchaser one to two months after production. At June 30, 2020 and December 31, 2019, the Company had net receivables related to contracts with customers of $278 million and $584 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 using 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 differentials are included in oil sales on the condensed 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 gathering, processing and transportation on the Company’s condensed consolidated statements of operations and are accounted for as costs incurred directly and not netted from the transaction price. Natural Gas Contracts . The majority of the Company’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) percentage of proceeds processing contracts, (ii) fee-based contracts or (iii) a hybrid of percentage of proceeds and fee-based contracts. Under 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 liquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the (i) percentage of proceeds and (ii) hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the value for the extracted liquids and the residue gas less any applicable fee component. 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 upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those activities, revenue is recognized on a gross basis, and the related costs are classified in gathering, processing and transportation on the Company’s condensed 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 exemption 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 performance 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 reductions to general and administrative expense. Such fees totaled $4 million for both the three months ended June 30, 2020 and 2019 and $9 million and $8 million for the six months ended June 30, 2020 and 2019, respectively. Voluntary separation program. In May 2020, the Company offered employees who met certain eligibility criteria the option to participate in a voluntary separation program (“VSP”). Eligible employees received certain separation benefits. As a result, the Company recognized $30 million of charges during the second quarter of 2020. These charges were recorded in other income (expense) on the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2020. The Company expects to recognize an additional $6 million of charges during the remainder of 2020 related to the VSP. Goodwill. Goodwill was assessed for impairment on an annual basis, or more frequently if indicators of impairment were present. Impairment tests, which involved the use of estimates related to the fair market value of the reporting unit with which goodwill was associated, were performed as of July 1 of each year. The balance of goodwill was allocated in its entirety to the Company’s one reporting unit. The reporting unit’s fair value is the Company’s enterprise value calculated as the combined market capitalization of the Company’s equity plus a control premium and the fair value of the Company’s long-term debt. If the results of the quantitative test were such that the fair value of the reporting unit was less than the carrying value, goodwill was then reduced by an amount that was equal to the amount by which the carrying value of the reporting unit exceeded the fair value. The Company performed an impairment test at March 31, 2020 due to the significant decline in oil and natural gas prices as well as the reduced demand for oil and natural gas as a result of the COVID-19 pandemic and other supply factors during the first quarter of 2020. As a result, the Company impaired its entire goodwill balance of $1.9 billion. The impairment was due to the significant decline in the Company’s enterprise value. To estimate the fair value of the reporting unit at March 31, 2020, the Company used an average stock price of $41.63. The period over which this average stock price was calculated was shortened for the announcement of the COVID-19 pandemic to include the impact of the recent decline in oil and natural gas prices on the Company’s common stock. In addition, the Company’s control premium was based on the median control premium of recent transactions in the Company’s industry. Recently adopted accounting pronouncements . In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The amended rules, which can be found under new Rule 13-01 of Regulation S-X, narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those statements. The amended rules allow the registrants, among other things, to disclose summarized financial information of the issuer and guarantors on a combined basis and to present only the most recently completed fiscal year and subsequent year-to-date interim period. The rule allows the parent company to omit summarized financial information if it is not material, or if assets, liabilities, and results of operations of the combined issuers and guarantors of the security are not materially different than the amounts in the parent company’s condensed consolidated financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company early adopted the rule in the first quarter of 2020 and chose to omit the summarized financial information as the combined financial statements of the issuer and guarantors were not materially different than the amounts in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 credit 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 information 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, including the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Oil and natural gas sales receivables and joint interest receivables are the primary financial assets that are within the scope of the new guidance. A loss-rate method is applied to these receivables to estimate credit losses. The Company recognized a tax effected $1 million non-cash cumulative effect adjustment to retained earnings on its opening condensed consolidated balance sheet at January 1, 2020 to record an allowance for expected credit losses associated with the Company’s oil and natural gas sales receivables. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to the following: (i) hybrid tax regimes; (ii) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; (iii) separate financial statements of entities not subject to tax; (iv) the intraperiod tax allocation exception to the incremental approach; (v) ownership changes in investments - changes from a subsidiary to an equity method investment (and vice versa); (vi) interim-period accounting for enacted changes in tax laws; and (vii) the year-to-date loss limitation in interim-period tax accounting. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and early adoption is permitted. Under the current interim-period tax model, the Company records income taxes through the use of an estimated annual effective tax. The Company calculates its best estimate of the annual effective tax rate for the full fiscal year at the end of each interim reporting period and uses that rate to calculate income taxes on a year-to-date basis. If the Company’s year-to-date loss exceeds the anticipated loss for the year, the Company is not permitted to recognize tax benefits in excess of the amount that would be recognized if its year-to-date ordinary loss were the anticipated ordinary loss for the year. Under ASU 2019-12, the Company is no longer required to limit the tax benefit recognized in an interim period if it expects to realize a tax benefit. The Company early adopted ASU 2019-12 in the second quarter of 2020 as its year-to-date loss exceeded its anticipated loss for the year. As a result, the Company recognized an additional income tax benefit of $45 million for the six months ended June 30, 2020. The adoption of ASU 2019-12 will not change the total income tax benefit the Company is expected to recognize for the full year ending December 31, 2020. New accounting pronouncements issued but not yet adopted. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., London Interbank Offered Rate (“LIBOR”)) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications, such as those within the scope of Topic 470 on debt, to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. The Company will consider this optional guidance prospectively, if applicable.

Stock incentive plan

Stock incentive plan	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock incentive plan	Stock incentive plan The Company's 2019 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 generally vest over a period ranging from one three five 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 six months ended June 30, 2020 is presented below: Restricted Performance Outstanding at December 31, 2019 1,485,352 324,437 Awards granted (a) 202,673 185,301 Awards canceled / forfeited (32,177) (13,935) Lapse of restrictions (340,767) (6,915) Outstanding at June 30, 2020 1,315,081 488,888 (a) Weighted average grant date fair value per share/unit $ 83.02 $ 126.30 The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at June 30, 2020: (in millions) Remaining 2020 $ 33 2021 43 2022 21 2023 3 2024 2 2025 1 Thereafter 1 Total $ 104

Disclosures about fair value me

Disclosures about fair value measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Disclosures about fair value measurements	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-exchange 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 for 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 require 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 inputs including: (i) quoted forward prices for 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. 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 June 30, 2020 and December 31, 2019: (in millions) June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Derivative instruments $ 547 $ 547 $ 17 $ 17 Liabilities: Derivative instruments $ 10 $ 10 $ 119 $ 119 Credit facility $ — $ — $ — $ — $600 million 4.375% senior notes due 2025 (a) $ 595 $ 619 $ 595 $ 620 $1,000 million 3.75% senior notes due 2027 (a) $ 990 $ 1,066 $ 990 $ 1,054 $1,000 million 4.3% senior notes due 2028 (a) $ 990 $ 1,100 $ 989 $ 1,091 $800 million 4.875% senior notes due 2047 (a) $ 790 $ 908 $ 789 $ 941 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 670 $ 592 $ 697 (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 other 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 the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables 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 condensed consolidated balance sheets at June 30, 2020 and December 31, 2019. The Company nets the fair value of derivative instruments by counterparty in the Company’s condensed consolidated balance sheets. June 30, 2020 (in millions) Fair Value Measurements Using Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 611 $ — $ 611 $ (144) $ 467 Noncurrent: Commodity derivatives — 137 — 137 (57) 80 Liabilities: Current: Commodity derivatives — (150) — (150) 144 (6) Noncurrent: Commodity derivatives — (61) — (61) 57 (4) Net derivative instruments $ — $ 537 $ — $ 537 $ — $ 537 December 31, 2019 Fair Value Measurements Using (in millions) Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 108 $ — $ 108 $ (102) $ 6 Noncurrent: Commodity derivatives — 31 — 31 (20) 11 Liabilities: Current: Commodity derivatives — (214) — (214) 102 (112) Noncurrent: Commodity derivatives — (27) — (27) 20 (7) Net derivative instruments $ — $ (102) $ — $ (102) $ — $ (102) Concentrations of credit risk. At June 30, 2020, 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 counterparties 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 Note 5 for additional information regarding the Company’s derivative activities and counterparties. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are reported at fair value on a nonrecurring basis on the Company’s condensed consolidated balance sheets. The following methods and assumptions were used to estimate the fair values. Impairments of long-lived assets . The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable, for instance when there are declines in commodity prices or well performance. The Company reviews its oil and natural gas properties by depletion base (Midland Basin and Delaware Basin). An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. If the estimated undiscounted future net cash flows are less than the carrying amount of the Company’s assets, it recognizes an impairment loss for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Impairments of proved oil and natural gas properties are charged to accumulated depletion. The Company recorded an impairment of long-lived assets during the first quarter of 2020 attributable to the significant decrease in value of the Company’s proved oil and natural gas reserves in both the Midland Basin and Delaware Basin primarily due to the significant decline in commodity prices. The assumptions used in calculating the estimated fair values of the Midland Basin and Delaware Basin at March 31, 2020 are below. The Company calculates the expected undiscounted future net cash flows of its long-lived assets and their integrated assets using management’s assumptions and expectations of (i) commodity prices, which are based on the New York Mercantile Exchange (“NYMEX”) strip, (ii) pricing adjustments for differentials, (iii) production costs, (iv) capital expenditures, (v) production volumes, (vi) estimated proved reserves and risk-adjusted probable and possible reserves, and (vii) prevailing market rates of income and expenses from integrated assets. At March 31, 2020, the Company’s estimates of commodity prices for purposes of determining undiscounted future cash flows, which were based on the NYMEX strip, ranged from a 2020 price of $28.22 per barrel of oil increasing to a 2026 price of $46.00 per barrel of oil. Natural gas prices ranged from a 2020 price of $1.99 per Mcf increasing to a 2026 price of $2.50 per Mcf. Both oil and natural gas commodity prices for this purpose were held flat after 2026. The Company calculates the estimated fair values of its long-lived assets and their integrated assets using a discounted future cash flow model. Significant inputs associated with the calculation of discounted future net cash flows include estimates of (i) recoverable reserves, (ii) production rates, (iii) future operating and development costs, (iv) future commodity prices, and (v) a market-based weighted average cost of capital. The Company utilized NYMEX strip pricing, adjusted for differentials, to value the reserves. These are classified as Level 3 fair value assumptions. At March 31, 2020, the Company's estimates of commodity prices for purposes of determining discounted future cash flows ranged from a 2020 price of $28.22 per barrel of oil increasing to a 2026 price of $46.00 per barrel of oil. Natural gas prices ranged from a 2020 price of $1.99 per Mcf increasing to a 2026 price of $2.50 per Mcf of natural gas. These prices were then adjusted for location and quality differentials. Both oil and natural gas commodity prices for this purpose were held flat after 2026. Costs were adjusted for potential service cost deflation and then inflated in periods of rising commodity prices. The expected future net cash flows were discounted using a rate of 10 percent, which the Company believes is a market-based weighted average cost of capital for industry peers determined appropriate at the time of the valuation. During the three months ended March 31, 2020, NYMEX strip prices declined significantly as compared to December 31, 2019, resulting in a significant decrease in value of the Company’s economically recoverable proved oil and natural gas reserves. As such, the carrying amount of the Company’s proved oil and natural gas properties exceeded the expected undiscounted future net cash flows resulting in impairment charges against earnings of $7.8 billion, reducing the carrying values of the Company’s Midland Basin and Delaware Basin to their estimated fair values of approximately $3.1 billion and $3.9 billion, respectively, at March 31, 2020. These impairment charges are included in impairments of long-lived assets on the condensed consolidated statement of operations for the six months ended June 30, 2020. The Company recognized an impairment of $868 million to proved oil and natural gas properties during the three and six months ended June 30, 2019, primarily attributable to certain downward adjustments to the Company’s economically recoverable proved oil and natural gas reserves associated with properties in the Company’s Yeso field, which were subsequently sold in November 2019. Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. During the three months ended June 30, 2020 and 2019, the Company recognized expenses of $8 million and $12 million, respectively, related to abandoned and expiring acreage. During the six months ended June 30, 2020 and 2019, the Company recognized expenses of $2.7 billion and $42 million, respectively, related to unproved oil and natural gas property impairments and abandoned and expiring acreage. Unproved oil and natural gas property impairments and abandoned and expiring acreage are included in exploration and abandonments expense on the accompanying condensed consolidated statements of operations.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Derivative financial instruments The Company 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 instruments 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 contracts to effectively provide commodity price hedges. Because these physical contracts are not expected to be net cash settled, the Company has elected normal purchase or normal sale treatment and records these contracts at cost. The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur. The following table summarizes the amounts reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Gain (loss) on derivatives, net: Oil derivatives $ (497) $ 195 $ 1,328 $ (861) Natural gas derivatives (a) (17) 22 (73) 19 Total $ (514) $ 217 $ 1,255 $ (842) (a) Includes propane price swaps. The following table represents the Company’s net cash receipts from (payments on) derivatives for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net cash receipts from (payments on) derivatives: Oil derivatives $ 401 $ (54) $ 573 $ (51) Natural gas derivatives 14 4 43 1 Total $ 415 $ (50) $ 616 $ (50) Commodity derivative contracts. The following table sets forth the Company’s outstanding derivative contracts at June 30, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at June 30, 2020 are expected to settle by December 31, 2022. 2020 Third Quarter Fourth Quarter Total 2021 2022 Oil Price Swaps – WTI: (a) Volume (MBbl) 13,770 11,774 25,544 32,482 6,604 Price per Bbl $ 52.50 $ 53.84 $ 53.12 $ 46.89 $ 41.31 Oil Price Swaps – Brent: (b) Volume (MBbl) 2,756 2,477 5,233 6,023 1,095 Price per Bbl $ 49.75 $ 49.11 $ 49.45 $ 40.82 $ 45.55 Oil Basis Swaps: (c) Volume (MBbl) 13,054 11,192 24,246 30,657 1,460 Price per Bbl $ (0.57) $ (0.69) $ (0.62) $ 0.50 $ 0.18 WTI Oil Roll Swaps: (d) Volume (MBbl) — — — 730 — Price per Bbl $ — $ — $ — $ (0.18) $ — Natural Gas Price Swaps: (e) Volume (BBtu) 33,418 31,258 64,676 97,600 36,500 Price per MMBtu $ 2.44 $ 2.48 $ 2.46 $ 2.50 $ 2.38 Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (f) Volume (BBtu) 24,540 23,610 48,150 65,700 36,500 Price per MMBtu $ (1.00) $ (1.02) $ (1.01) $ (0.74) $ (0.72) Natural Gas Basis Swaps – Henry Hub/WAHA: (g) Volume (BBtu) 8,590 8,280 16,870 25,550 7,300 Price per MMBtu $ (1.00) $ (1.03) $ (1.02) $ (0.80) $ (0.85) Propane Price Swaps: (h) Volume (gal) 38,640 38,640 77,280 — — Price per gal $ 0.52 $ 0.52 $ 0.52 $ — $ — (a) These oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price. (b) These oil derivative contracts are settled based on the Brent calendar-month average futures price. (c) The basis differential price is between Midland – WTI and Cushing – WTI. These contracts are settled on a calendar-month basis. (d) These oil derivative contracts are settled based on differentials between the NYMEX – WTI prices for certain futures contracts. (e) These natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price. (f) The basis differential price is between NYMEX – Henry Hub and El Paso Permian. (g) The basis differential price is between NYMEX – Henry Hub and WAHA. (h) These contracts are settled based on the OPIS Mont Belvieu Propane (non-TET) calendar-month average 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. At June 30, 2020, the Company had a net derivative asset position of $537 million as a result of outstanding derivative contracts, which is reflected in the accompanying condensed consolidated balance sheet. The Company assessed this balance for concentration risk and noted balances of $116 million, $81 million, $56 million and $50 million with JPMorgan

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following at June 30, 2020 and December 31, 2019: (in millions) June 30, December 31, Credit facility due 2022 $ — $ — 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 (9) (9) Senior notes issuance costs, net (34) (36) Less: current portion — — Total long-term debt $ 3,957 $ 3,955 (a) These notes are currently callable at 103.281%. For each of the twelve-month periods beginning on January 15, 2021, 2022, 2023 and thereafter, these notes are callable at 102.188%, 101.094% and 100%, respectively. Credit Facility. The Company’s Credit Facility has a maturity date of May 9, 2022. At June 30, 2020, the Company’s commitments from its bank group were $2.0 billion, all of which were unused. During the six months ended June 30, 2020, the weighted average interest rate on the Credit Facility was 3.0 percent. At June 30, 2020, the majority 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 the majority of the Company’s 100 percent owned subsidiaries, subject to customary release provisions, and rank equally in right of payments with one another. The customary release provisions were enumerated and discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. There have been no material changes in the Company’s guarantor structure since December 31, 2019. At June 30, 2020, 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 and six months ended June 30, 2020 and 2019: (in millions) Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash payments for interest $ 40 $ 46 $ 91 $ 109 Non-cash interest 1 2 3 3 Net changes in accruals 6 5 — (8) Interest costs incurred 47 53 94 104 Less: capitalized interest (6) (5) (11) (9) Total interest expense $ 41 $ 48 $ 83 $ 95

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Legal actions . The Company is a party to 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 ongoing 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 liquidity. 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, joint interest and sales and use tax audits . The Company is subject to routine severance, royalty, joint interest and sales and use tax 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 various 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 royalty owners may be paid for production from their leases, allowable costs under joint interest arrangements and other matters. Although the Company believes that it has estimated its exposure with respect to the various laws and regulations, administrative rulings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued. Commitments. The Company periodically enters into contractual arrangements under which the Company is committed to expend funds. These contractual arrangements relate to purchase agreements the Company has entered into including water commitment agreements, throughput volume delivery commitments, fixed and variable power commitments, sand commitment agreements and other commitments. The following table summarizes the Company’s commitments at June 30, 2020: (in millions) Remaining 2020 $ 17 2021 78 2022 45 2023 38 2024 39 2025 38 Thereafter 86 Total (a) $ 341 (a) Volume delivery commitments included in the table do not include the oil marketing contract discussed in the table below. At June 30, 2020, the Company’s delivery commitments covered the following gross volumes of oil and natural gas: Oil Natural Gas Remaining 2020 22 — 2021 51 1,634 2022 59 14,597 2023 51 18,838 2024 47 18,884 2025 33 16,425 Thereafter 115 16,425 Total 378 86,803 (a) Included in the table above is an oil marketing contract with a third-party purchaser that requires the Company to deliver fifty thousand barrels of oil per day through September 2024. Leases. The Company leases office space, office equipment, drilling rigs, field equipment and vehicles. Right-of-use assets and lease liabilities are initially recorded at the commencement date based on the present value of lease payments over the lease term. Leased assets may be used in joint operations with other working interest owners. When the Company is the operator in a joint arrangement, the right-of-use assets and lease liabilities are determined on a gross basis. Certain leases contain variable costs above the minimum required payments and are not included in the right-of-use assets or lease liabilities. Options to extend or terminate a lease are included in the lease term when it is reasonably certain the Company will exercise that option. For operating leases, lease cost is recognized on a straight-line basis over the term of the lease. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. The Company’s short-term leases are primarily composed of drilling rigs and certain field equipment. During the three months ended June 30, 2020 and 2019, the Company’s gross lease costs related to its short-term leases were $54 million and $90 million, respectively, of which $31 million and $64 million, respectively, were capitalized as part of oil and natural gas properties. During the six months ended June 30, 2020 and 2019, the Company’s gross lease costs related to its short-term leases were $109 million and $174 million, respectively, of which $66 million and $131 million, respectively, were capitalized as part of oil and natural gas properties. A portion of the gross lease costs was reimbursed to the Company by other working interest owners.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company records income taxes through the use of an estimated annual effective tax rate and specific events that are discretely recognized as they occur. For the three months ended June 30, 2020 and 2019, the Company recorded an income tax benefit of $132 million and $53 million, respectively, and an income tax benefit of $1.7 billion and $247 million for the six months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020, the Company recognized impairments of proved and unproved oil and natural gas properties of approximately $7.8 billion and $2.7 billion, respectively, which will cause its deferred tax balance to change from a net deferred tax liability at December 31, 2019 to a net deferred tax asset by December 31, 2020. This change in deferred tax position resulted in the need for a valuation allowance recorded against deferred tax assets that are not more likely than not to be realized. The Company recognized the valuation allowance as an ordinary item in its estimated annual effective tax rate. At the end of each interim period, the Company applies an estimated annualized effective tax rate to the current period income or loss before income taxes, which can produce interim effective tax rate fluctuations. The effective income tax rates were 23 percent and 35 percent for the three months ended June 30, 2020 and 2019, respectively, and 15 percent and 24 percent for the six months ended June 30, 2020 and 2019. The difference between the U.S. federal statutory rate of 21 percent and the Company’s effective tax rate for the three and six months ended June 30, 2020 was primarily due to the impact of the nondeductible goodwill impairment reported discretely and the increase in valuation allowance, partially offset by state income tax benefits. The difference between the U.S. federal statutory rate of 21 percent and the Company’s effective tax rate for the three and six months ended June 30, 2019 was primarily due to research and development credits, net of unrecognized benefits, recorded in 2019. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position. There have been no significant changes to the Company’s cumulative unrecognized tax benefits since December 31, 2019.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related party transactions	Related party transactionsThe 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 limited partnership interest. These payments totaled $1 million and $2 million for the three months ended June 30, 2020 and 2019, respectively, and $2 million and $4 million for the six months ended June 30, 2020 and 2019, respectively.At June 30, 2020, the Company had ownership interests in entities that operate and manage various infrastructure assets and accounts for these investments using the equity method. The Company made payments to these entities of $29 million and $11 million for the three months ended June 30, 2020 and 2019, respectively, and $58 million and $15 million for the six months ended June 30, 2020 and 2019, respectively.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Earnings per share	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 computed 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 Company’s loss from operations and loss attributable to common stockholders to the basic and diluted loss used to determine the Company’s loss per share amounts for the three and six months ended June 30, 2020 and 2019 under the two-class method: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net loss as reported $ (435) $ (97) $ (9,712) $ (792) Participating basic earnings (a) — — (1) — Basic loss attributable to common stockholders (435) (97) (9,713) (792) Reallocation of participating earnings — — — — Diluted loss attributable to common stockholders $ (435) $ (97) $ (9,713) $ (792) (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 and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 195,285 199,185 195,305 199,184 Dilutive performance units — — — — Diluted 195,285 199,185 195,305 199,184 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 Six Months Ended (in thousands) 2020 2019 2020 2019 Number of antidilutive units: Performance units 491 431 493 430 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 stockholder return relative to the total stockholder return of a predetermined group of peer companies at the end of the performance period and (ii) the Company’s absolute total stockholder return at the end of the performance period. The performance period on these awards can range from three

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' equity	Stockholders' equity Share repurchase program. In September 2019, the Company announced that its board of directors authorized the initiation of a share repurchase program for up to $1.5 billion of the Company’s common stock. During January 2020, the Company repurchased and retired 1,125,906 shares under the program at an aggregate cost of $100 million. The Company did not repurchase any shares from February 2020 through June 2020. As of June 30, 2020, the Company had repurchased and retired a total of 4,426,276 shares since the inception of the program at an aggregate cost of $350 million. The Company’s share repurchase program may be modified, suspended or terminated at any time by the Company’s board of directors. The Company is not obligated to acquire any specific number of shares. Common stock dividends. The Company paid dividends of $40 million, or $0.20 per share, and $79 million, or $0.40 per share, during the three and six months ended June 30, 2020, respectively. Any payment of future dividends will be at the discretion of the Company’s board of directors. Covenants contained in the Company’s agreement governing its Credit Facility and the indentures governing the Company’s senior notes could limit the payment of dividends.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent events 2020 dividends. On July 28, 2020, the Company’s board of directors approved a cash dividend of $0.20 per share for the third quarter of 2020 that is expected to be paid on September 28, 2020 to stockholders of record as of August 7, 2020. New commodity derivative contracts. After June 30, 2020, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production: 2020 Third Quarter Fourth Quarter Total 2021 2022 Oil Price Swaps – WTI: (a) Volume (MBbl) 377 342 719 — 365 Price per Bbl $ 41.85 $ 41.94 $ 41.89 $ — $ 42.72 Oil Basis Swaps: (b) Volume (MBbl) — — — — 5,110 Price per Bbl $ — $ — $ — $ — $ 0.27 WTI Oil Roll Swaps: (c) Volume (MBbl) 2,303 4,876 7,179 — — Price per Bbl $ (0.20) $ (0.20) $ (0.20) $ — $ — Natural Gas Price Swaps: (d) Volume (BBtu) 2,440 3,680 6,120 — — Price per MMBtu $ 2.09 $ 2.09 $ 2.09 $ — $ — Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (e) Volume (BBtu) 2,745 2,760 5,505 17,330 — Price per MMBtu $ (0.40) $ (0.40) $ (0.40) $ (0.45) $ — Propane Price Swaps: (f) Volume (gal) 7,686 11,592 19,278 — — Price per gal $ 0.51 $ 0.51 $ 0.51 $ — $ — (a) These 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. (c) These oil derivative contracts are settled based on differentials between the NYMEX – WTI prices for certain futures contracts. (d) These natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price. (e) The basis differential price is between NYMEX – Henry Hub and El Paso Permian. (f) These contracts are settled based on the OPIS Mont Belvieu Propane (non-TET) calendar-month average futures price.

Supplementary information

Supplementary information	6 Months Ended
	Jun. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Supplementary information Capitalized costs (in millions) June 30, December 31, Oil and natural gas properties: Proved $ 23,934 $ 22,915 Unproved 2,979 5,870 Less: accumulated depletion (16,419) (7,895) Net capitalized costs for oil and natural gas properties $ 10,494 $ 20,890 Costs incurred for oil and natural gas producing activities Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Property acquisition costs: Proved $ 10 $ — $ 17 $ — Unproved 2 9 7 13 Exploration 180 435 477 897 Development 141 350 411 814 Total costs incurred for oil and natural gas properties $ 333 $ 794 $ 912 $ 1,724

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation. The condensed 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 2020 presentation. These reclassifications had no impact on net income (loss), 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. Preparation of financial statements in conformity with Generally Accepted Accounting Principles 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 development 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 prevailing 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 nonmonetary transactions, fair value of derivative financial instruments and income taxes.
Interim financial statements	Interim financial statements. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2019 is derived from audited consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed 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 omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2019 Form 10-K.
Accounts receivable	Accounts receivable. The Company sells oil and natural gas to various customers and participates with other parties in the drilling, completion and operation of oil and natural gas wells. One area of the Company’s exposure to credit risk is through the sale of its oil and natural gas production. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. The Company extends credit terms based on its evaluation of each counterparty’s creditworthiness. Oil and natural gas sales receivables are generally unsecured and typically received from the purchaser one to two months after production. The Company had an allowance for expected credit losses of $6 million at June 30, 2020, which was primarily based on a historical loss rate. The Company’s allowance for doubtful accounts at December 31, 2019 was $5 million. Joint interest receivables are generally secured pursuant to the operating agreement between or among the co-owners of the operated property. The Company has the right to realize the receivables through netting of anticipated future production revenues. The allowance for expected credit losses for these receivables is primarily based on a historical loss rate. The Company’s assessment of the creditworthiness of the joint interest owners is another factor that is considered in developing its allowance for expected credit losses. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written-off against the allowance for expected credit losses only after all collection
Equity method investments	Equity method investments. The Company holds membership interests in certain entities and accounts for these investments using the equity method of accounting: • The Company owns a 50 percent membership interest in Beta Holding Company, LLC, a midstream joint venture formed to construct a crude oil gathering system in the Midland Basin. • The Company owns a 30 percent membership interest and a preferred membership interest in Solaris Midstream Holdings, LLC (“Solaris”), an entity that owns and operates water gathering, transportation, disposal, recycling and storage infrastructure assets in the Permian Basin. • The Company owns a preferred membership interest in WaterBridge Operating LLC, an entity that operates and manages various water infrastructure assets located in the Permian Basin.
Litigation contingencies	Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In each 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 condensed 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.
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 condensed 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 transferred 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 is 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 purchaser one to two months after production. At June 30, 2020 and December 31, 2019, the Company had net receivables related to contracts with customers of $278 million and $584 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 using 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 differentials are included in oil sales on the condensed 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 gathering, processing and transportation on the Company’s condensed consolidated statements of operations and are accounted for as costs incurred directly and not netted from the transaction price. Natural Gas Contracts . The majority of the Company’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) percentage of proceeds processing contracts, (ii) fee-based contracts or (iii) a hybrid of percentage of proceeds and fee-based contracts. Under 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 liquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the (i) percentage of proceeds and (ii) hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the value for the extracted liquids and the residue gas less any applicable fee component. 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 upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those activities, revenue is recognized on a gross basis, and the related costs are classified in gathering, processing and transportation on the Company’s condensed 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 exemption 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 performance 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 reductions to general and administrative expense.
Goodwill	Goodwill. Goodwill was assessed for impairment on an annual basis, or more frequently if indicators of impairment were present. Impairment tests, which involved the use of estimates related to the fair market value of the reporting unit with which goodwill was associated, were performed as of July 1 of each year. The balance of goodwill was allocated in its entirety to the Company’s one reporting unit. The reporting unit’s fair value is the Company’s enterprise value calculated as the combined market capitalization of the Company’s equity plus a control premium and the fair value of the Company’s long-term debt. If the results of the quantitative test were such that the fair value of the reporting unit was less than the carrying value, goodwill was then reduced by an amount that was equal to the amount by which the carrying value of the reporting unit exceeded the fair value.
Recently adopted accounting pronouncements and new accounting pronouncements issued but not yet adopted	Recently adopted accounting pronouncements . In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The amended rules, which can be found under new Rule 13-01 of Regulation S-X, narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those statements. The amended rules allow the registrants, among other things, to disclose summarized financial information of the issuer and guarantors on a combined basis and to present only the most recently completed fiscal year and subsequent year-to-date interim period. The rule allows the parent company to omit summarized financial information if it is not material, or if assets, liabilities, and results of operations of the combined issuers and guarantors of the security are not materially different than the amounts in the parent company’s condensed consolidated financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company early adopted the rule in the first quarter of 2020 and chose to omit the summarized financial information as the combined financial statements of the issuer and guarantors were not materially different than the amounts in the Company’s condensed consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 credit 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 information 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, including the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Oil and natural gas sales receivables and joint interest receivables are the primary financial assets that are within the scope of the new guidance. A loss-rate method is applied to these receivables to estimate credit losses. The Company recognized a tax effected $1 million non-cash cumulative effect adjustment to retained earnings on its opening condensed consolidated balance sheet at January 1, 2020 to record an allowance for expected credit losses associated with the Company’s oil and natural gas sales receivables. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies various aspects of the income tax accounting guidance in ASC 740, including requirements related to the following: (i) hybrid tax regimes; (ii) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; (iii) separate financial statements of entities not subject to tax; (iv) the intraperiod tax allocation exception to the incremental approach; (v) ownership changes in investments - changes from a subsidiary to an equity method investment (and vice versa); (vi) interim-period accounting for enacted changes in tax laws; and (vii) the year-to-date loss limitation in interim-period tax accounting. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and early adoption is permitted. Under the current interim-period tax model, the Company records income taxes through the use of an estimated annual effective tax. The Company calculates its best estimate of the annual effective tax rate for the full fiscal year at the end of each interim reporting period and uses that rate to calculate income taxes on a year-to-date basis. If the Company’s year-to-date loss exceeds the anticipated loss for the year, the Company is not permitted to recognize tax benefits in excess of the amount that would be recognized if its year-to-date ordinary loss were the anticipated ordinary loss for the year. Under ASU 2019-12, the Company is no longer required to limit the tax benefit recognized in an interim period if it expects to realize a tax benefit. The Company early adopted ASU 2019-12 in the second quarter of 2020 as its year-to-date loss exceeded its anticipated loss for the year. As a result, the Company recognized an additional income tax benefit of $45 million for the six months ended June 30, 2020. The adoption of ASU 2019-12 will not change the total income tax benefit the Company is expected to recognize for the full year ending December 31, 2020. New accounting pronouncements issued but not yet adopted. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., London Interbank Offered Rate (“LIBOR”)) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications, such as those within the scope of Topic 470 on debt, to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2022. The Company will consider this optional guidance prospectively, if applicable.

Stock incentive plan (Tables)

Stock incentive plan (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of restricted stock shares and performance unit activity	A summary of the Company’s restricted stock shares and performance unit activity under the Plan for the six months ended June 30, 2020 is presented below: Restricted Performance Outstanding at December 31, 2019 1,485,352 324,437 Awards granted (a) 202,673 185,301 Awards canceled / forfeited (32,177) (13,935) Lapse of restrictions (340,767) (6,915) Outstanding at June 30, 2020 1,315,081 488,888 (a) Weighted average grant date fair value per share/unit $ 83.02 $ 126.30
Share-based payment arrangement, nonvested award, cost	The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at June 30, 2020: (in millions) Remaining 2020 $ 33 2021 43 2022 21 2023 3 2024 2 2025 1 Thereafter 1 Total $ 104

Disclosures about fair value _2

Disclosures about fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: (in millions) June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Derivative instruments $ 547 $ 547 $ 17 $ 17 Liabilities: Derivative instruments $ 10 $ 10 $ 119 $ 119 Credit facility $ — $ — $ — $ — $600 million 4.375% senior notes due 2025 (a) $ 595 $ 619 $ 595 $ 620 $1,000 million 3.75% senior notes due 2027 (a) $ 990 $ 1,066 $ 990 $ 1,054 $1,000 million 4.3% senior notes due 2028 (a) $ 990 $ 1,100 $ 989 $ 1,091 $800 million 4.875% senior notes due 2047 (a) $ 790 $ 908 $ 789 $ 941 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 670 $ 592 $ 697 (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 tables 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 condensed consolidated balance sheets at June 30, 2020 and December 31, 2019. The Company nets the fair value of derivative instruments by counterparty in the Company’s condensed consolidated balance sheets. June 30, 2020 (in millions) Fair Value Measurements Using Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 611 $ — $ 611 $ (144) $ 467 Noncurrent: Commodity derivatives — 137 — 137 (57) 80 Liabilities: Current: Commodity derivatives — (150) — (150) 144 (6) Noncurrent: Commodity derivatives — (61) — (61) 57 (4) Net derivative instruments $ — $ 537 $ — $ 537 $ — $ 537 December 31, 2019 Fair Value Measurements Using (in millions) Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 108 $ — $ 108 $ (102) $ 6 Noncurrent: Commodity derivatives — 31 — 31 (20) 11 Liabilities: Current: Commodity derivatives — (214) — (214) 102 (112) Noncurrent: Commodity derivatives — (27) — (27) 20 (7) Net derivative instruments $ — $ (102) $ — $ (102) $ — $ (102)

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 instruments for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Gain (loss) on derivatives, net: Oil derivatives $ (497) $ 195 $ 1,328 $ (861) Natural gas derivatives (a) (17) 22 (73) 19 Total $ (514) $ 217 $ 1,255 $ (842) (a) Includes propane price swaps. The following table represents the Company’s net cash receipts from (payments on) derivatives for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net cash receipts from (payments on) derivatives: Oil derivatives $ 401 $ (54) $ 573 $ (51) Natural gas derivatives 14 4 43 1 Total $ 415 $ (50) $ 616 $ (50)
Schedule of outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at June 30, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at June 30, 2020 are expected to settle by December 31, 2022. 2020 Third Quarter Fourth Quarter Total 2021 2022 Oil Price Swaps – WTI: (a) Volume (MBbl) 13,770 11,774 25,544 32,482 6,604 Price per Bbl $ 52.50 $ 53.84 $ 53.12 $ 46.89 $ 41.31 Oil Price Swaps – Brent: (b) Volume (MBbl) 2,756 2,477 5,233 6,023 1,095 Price per Bbl $ 49.75 $ 49.11 $ 49.45 $ 40.82 $ 45.55 Oil Basis Swaps: (c) Volume (MBbl) 13,054 11,192 24,246 30,657 1,460 Price per Bbl $ (0.57) $ (0.69) $ (0.62) $ 0.50 $ 0.18 WTI Oil Roll Swaps: (d) Volume (MBbl) — — — 730 — Price per Bbl $ — $ — $ — $ (0.18) $ — Natural Gas Price Swaps: (e) Volume (BBtu) 33,418 31,258 64,676 97,600 36,500 Price per MMBtu $ 2.44 $ 2.48 $ 2.46 $ 2.50 $ 2.38 Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (f) Volume (BBtu) 24,540 23,610 48,150 65,700 36,500 Price per MMBtu $ (1.00) $ (1.02) $ (1.01) $ (0.74) $ (0.72) Natural Gas Basis Swaps – Henry Hub/WAHA: (g) Volume (BBtu) 8,590 8,280 16,870 25,550 7,300 Price per MMBtu $ (1.00) $ (1.03) $ (1.02) $ (0.80) $ (0.85) Propane Price Swaps: (h) Volume (gal) 38,640 38,640 77,280 — — Price per gal $ 0.52 $ 0.52 $ 0.52 $ — $ — (a) These oil derivative contracts are settled based on the NYMEX – West Texas Intermediate (“WTI”) calendar-month average futures price. (b) These oil derivative contracts are settled based on the Brent calendar-month average futures price. (c) The basis differential price is between Midland – WTI and Cushing – WTI. These contracts are settled on a calendar-month basis. (d) These oil derivative contracts are settled based on differentials between the NYMEX – WTI prices for certain futures contracts. (e) These natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price. (f) The basis differential price is between NYMEX – Henry Hub and El Paso Permian. (g) The basis differential price is between NYMEX – Henry Hub and WAHA. (h) These contracts are settled based on the OPIS Mont Belvieu Propane (non-TET) calendar-month average futures price.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at June 30, 2020 and December 31, 2019: (in millions) June 30, December 31, Credit facility due 2022 $ — $ — 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 (9) (9) Senior notes issuance costs, net (34) (36) Less: current portion — — Total long-term debt $ 3,957 $ 3,955 (a) These notes are currently callable at 103.281%. For each of the twelve-month periods beginning on January 15, 2021, 2022, 2023 and thereafter, these notes are callable at 102.188%, 101.094% and 100%, respectively.
Interest Income and Interest Expense Disclosure	The following amounts have been incurred and charged to interest expense for the three and six months ended June 30, 2020 and 2019: (in millions) Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash payments for interest $ 40 $ 46 $ 91 $ 109 Non-cash interest 1 2 3 3 Net changes in accruals 6 5 — (8) Interest costs incurred 47 53 94 104 Less: capitalized interest (6) (5) (11) (9) Total interest expense $ 41 $ 48 $ 83 $ 95

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Other commitments	The following table summarizes the Company’s commitments at June 30, 2020: (in millions) Remaining 2020 $ 17 2021 78 2022 45 2023 38 2024 39 2025 38 Thereafter 86 Total (a) $ 341 (a) Volume delivery commitments included in the table do not include the oil marketing contract discussed in the table below.
Oil and natural gas delivery commitments	At June 30, 2020, the Company’s delivery commitments covered the following gross volumes of oil and natural gas: Oil Natural Gas Remaining 2020 22 — 2021 51 1,634 2022 59 14,597 2023 51 18,838 2024 47 18,884 2025 33 16,425 Thereafter 115 16,425 Total 378 86,803 (a) Included in the table above is an oil marketing contract with a third-party purchaser that requires the Company to deliver fifty thousand barrels of oil per day through September 2024.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Reconciliation of earnings attributable to common shares, basic and diluted	The following table reconciles the Company’s loss from operations and loss attributable to common stockholders to the basic and diluted loss used to determine the Company’s loss per share amounts for the three and six months ended June 30, 2020 and 2019 under the two-class method: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net loss as reported $ (435) $ (97) $ (9,712) $ (792) Participating basic earnings (a) — — (1) — Basic loss attributable to common stockholders (435) (97) (9,713) (792) Reallocation of participating earnings — — — — Diluted loss attributable to common stockholders $ (435) $ (97) $ (9,713) $ (792) (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 and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 195,285 199,185 195,305 199,184 Dilutive performance units — — — — Diluted 195,285 199,185 195,305 199,184
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 Six Months Ended (in thousands) 2020 2019 2020 2019 Number of antidilutive units: Performance units 491 431 493 430

Subsequent events (Tables)

Subsequent events (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Schedule of subsequent events	After June 30, 2020, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production: 2020 Third Quarter Fourth Quarter Total 2021 2022 Oil Price Swaps – WTI: (a) Volume (MBbl) 377 342 719 — 365 Price per Bbl $ 41.85 $ 41.94 $ 41.89 $ — $ 42.72 Oil Basis Swaps: (b) Volume (MBbl) — — — — 5,110 Price per Bbl $ — $ — $ — $ — $ 0.27 WTI Oil Roll Swaps: (c) Volume (MBbl) 2,303 4,876 7,179 — — Price per Bbl $ (0.20) $ (0.20) $ (0.20) $ — $ — Natural Gas Price Swaps: (d) Volume (BBtu) 2,440 3,680 6,120 — — Price per MMBtu $ 2.09 $ 2.09 $ 2.09 $ — $ — Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (e) Volume (BBtu) 2,745 2,760 5,505 17,330 — Price per MMBtu $ (0.40) $ (0.40) $ (0.40) $ (0.45) $ — Propane Price Swaps: (f) Volume (gal) 7,686 11,592 19,278 — — Price per gal $ 0.51 $ 0.51 $ 0.51 $ — $ — (a) These 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. (c) These oil derivative contracts are settled based on differentials between the NYMEX – WTI prices for certain futures contracts. (d) These natural gas derivative contracts are settled based on the NYMEX – Henry Hub last trading day futures price. (e) The basis differential price is between NYMEX – Henry Hub and El Paso Permian. (f) These contracts are settled based on the OPIS Mont Belvieu Propane (non-TET) calendar-month average futures price.

Supplementary information (Tabl

Supplementary information (Tables)	6 Months Ended
	Jun. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized costs	Capitalized costs (in millions) June 30, December 31, Oil and natural gas properties: Proved $ 23,934 $ 22,915 Unproved 2,979 5,870 Less: accumulated depletion (16,419) (7,895) Net capitalized costs for oil and natural gas properties $ 10,494 $ 20,890
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure	Costs incurred for oil and natural gas producing activities Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Property acquisition costs: Proved $ 10 $ — $ 17 $ — Unproved 2 9 7 13 Exploration 180 435 477 897 Development 141 350 411 814 Total costs incurred for oil and natural gas properties $ 333 $ 794 $ 912 $ 1,724

Basis of presentation and sum_3

Basis of presentation and summary of significant accounting policies (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)reportingUnit	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Significant Accounting Policies Disclosure [Line Items]
Allowance for expected credit losses	$ 6			$ 6			$ 5
Income (loss) from equity method investments	4	$ 15		(198)	$ 15
Equity method investment, other than temporary impairment				204
Gain on disposition of assets				105	288
Receivables related to contracts with customers	278			278			584
Fees related to operation of jointly owned oil and natural gas properties	4	4		$ 9	8
Voluntary separation costs	30
Number of reporting units | reportingUnit				1
Goodwill	0			$ 0			1,917
Equity	7,920	17,959		7,920	17,959	$ 8,379	17,782	$ 18,059	$ 18,768
Income tax benefit	132	53		1,699	247
Retained Earnings (Accumulated Deficit)
Significant Accounting Policies Disclosure [Line Items]
Equity	(6,472)	$ 3,284		(6,472)	$ 3,284	$ (5,997)	3,320	$ 3,406	$ 4,126
Cumulative Effect, Period Of Adoption, Adjustment
Significant Accounting Policies Disclosure [Line Items]
Equity							(1)
Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)
Significant Accounting Policies Disclosure [Line Items]
Equity							(1)
Adjustments for New Accounting Principle, Early Adoption
Significant Accounting Policies Disclosure [Line Items]
Income tax benefit				45
Scenario, Forecast
Significant Accounting Policies Disclosure [Line Items]
Voluntary separation costs			$ 6
Weighted Average
Significant Accounting Policies Disclosure [Line Items]
Share price (in dollars per share) | $ / shares						$ 41.63
Joint Receivable
Significant Accounting Policies Disclosure [Line Items]
Allowance for expected credit losses	$ 2			$ 2			$ 2
Beta Holding Equity Method Investment
Significant Accounting Policies Disclosure [Line Items]
Equity method investment ownership percentage	50.00%			50.00%
Solaris Midstream Holdings
Significant Accounting Policies Disclosure [Line Items]
Equity method investment ownership percentage	30.00%			30.00%
Gain on disposition of assets	$ 107			$ 107

Stock incentive plan (Narrative

Stock incentive plan (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Units | Three Year Vesting Period | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Units | Five Year Vesting Period | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum | Restricted Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum | Restricted Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years

Stock incentive plan (Summary O

Stock incentive plan (Summary Of Restricted Stock Shares and Performance Unit Activity) (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period (in shares)	1,485,352
Awards granted (in shares)	202,673
Awards canceled / forfeited (in shares)	(32,177)
Lapse of restrictions (in shares)	(340,767)
Outstanding at end of period (in shares)	1,315,081
Awards granted - weighted average grant date fair value per share / unit (in dollars per share) | $ / shares	$ 83.02
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period (in shares)	324,437
Awards granted (in shares)	185,301
Awards canceled / forfeited (in shares)	(13,935)
Lapse of restrictions (in shares)	(6,915)
Outstanding at end of period (in shares)	488,888
Awards granted - weighted average grant date fair value per share / unit (in dollars per share) | $ / shares	$ 126.30

Stock incentive plan (Summary F

Stock incentive plan (Summary For Future Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 17	$ 23	$ 35	$ 47
Remainder 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			33
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			43
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			21
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			3
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			2
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			1
Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			1
Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation			$ 104

Disclosures about fair value _3

Disclosures about fair value measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument, Fair Value Disclosure [Abstract]
Credit facility	$ 0	$ 0
4.375% senior notes due 2025
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 600,000,000
Interest rate	4.375%
Debt maturity year	2025
3.75% senior notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 1,000,000,000
Interest rate	3.75%
Debt maturity year	2027
4.3% unsecured senior notes due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 1,000,000,000
Interest rate	4.30%
Debt maturity year	2028
4.875% unsecured senior notes due 2047
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 800,000,000
Interest rate	4.875%
Debt maturity year	2047
4.85% unsecured senior notes due 2048
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 600,000,000
Interest rate	4.85%
Debt maturity year	2048
Carrying Value
Assets:
Derivative instruments, assets	$ 547,000,000	17,000,000
Liabilities:
Derivative instruments, liabilities	10,000,000	119,000,000
Debt Instrument, Fair Value Disclosure [Abstract]
Credit facility	0	0
Carrying Value | 4.375% senior notes due 2025
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	595,000,000	595,000,000
Carrying Value | 3.75% senior notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	990,000,000	990,000,000
Carrying Value | 4.3% unsecured senior notes due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	990,000,000	989,000,000
Carrying Value | 4.875% unsecured senior notes due 2047
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	790,000,000	789,000,000
Carrying Value | 4.85% unsecured senior notes due 2048
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	592,000,000	592,000,000
Fair Value
Assets:
Derivative instruments, assets	547,000,000	17,000,000
Liabilities:
Derivative instruments, liabilities	10,000,000	119,000,000
Debt Instrument, Fair Value Disclosure [Abstract]
Credit facility	0	0
Fair Value | 4.375% senior notes due 2025
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	619,000,000	620,000,000
Fair Value | 3.75% senior notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	1,066,000,000	1,054,000,000
Fair Value | 4.3% unsecured senior notes due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	1,100,000,000	1,091,000,000
Fair Value | 4.875% unsecured senior notes due 2047
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	908,000,000	941,000,000
Fair Value | 4.85% unsecured senior notes due 2048
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	$ 670,000,000	$ 697,000,000

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	Jun. 30, 2020	Dec. 31, 2019
Liabilities:
Net derivative instruments	$ 537	$ (102)
Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	611	108
Derivative asset, fair value, gross liability	(144)	(102)
Derivative asset, fair value, amount not offset against collateral	467	6
Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	137	31
Derivative asset, fair value, gross liability	(57)	(20)
Derivative asset, fair value, amount not offset against collateral	80	11
Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	(150)	(214)
Derivative liability, fair value, gross asset	144	102
Derivative liability, fair value, amount not offset against collateral	(6)	(112)
Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	(61)	(27)
Derivative liability, fair value, gross asset	57	20
Derivative liability, fair value, amount not offset against collateral	(4)	(7)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Net derivative instruments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	0	0
Significant Other Observable Inputs (Level 2)
Liabilities:
Net derivative instruments	537	(102)
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	611	108
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	137	31
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	(150)	(214)
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	(61)	(27)
Significant Unobservable Inputs (Level 3)
Liabilities:
Net derivative instruments	0	0
Significant Unobservable Inputs (Level 3) | Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	0	0
Significant Unobservable Inputs (Level 3) | Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	0	0
Significant Unobservable Inputs (Level 3) | Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	0	0
Significant Unobservable Inputs (Level 3) | Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	$ 0	$ 0

Disclosures about fair value _5

Disclosures about fair value measurements (Narrative) (Details)	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2020$ / Mcf$ / bbl	Dec. 31, 2026$ / bbl$ / Mcf	Mar. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Annual discount rate							10.00%
Impairments of long-lived assets	$ 0	$ 868,000,000	$ 7,772,000,000	$ 868,000,000
Impairment of long-lived assets, unproved properties and leasehold abandonment expense	$ 8,000,000	$ 12,000,000	2,700,000,000	$ 42,000,000
Impairment of unproved properties			$ 2,700,000,000
Scenario, Forecast | Valuation Technique, Undiscounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Management estimates of future oil price (in dollars per unit) | $ / bbl					28.22	46
Management estimates of future natural gas price (in dollars per unit) | $ / Mcf					1.99	2.50
Scenario, Forecast | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Management estimates of future oil price (in dollars per unit) | $ / bbl					28.22	46
Management estimates of future natural gas price (in dollars per unit) | $ / Mcf					1.99	2.50
Midland Basin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of long-lived asset							$ 3,100,000,000
Delaware Basin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of long-lived asset							$ 3,900,000,000

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives, net	$ (514)	$ 217	$ 1,255	$ (842)
Net cash receipts from (payments on) derivatives	415	(50)	616	(50)
Oil Commodity Derivative
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives, net	(497)	195	1,328	(861)
Net cash receipts from (payments on) derivatives	401	(54)	573	(51)
Natural Gas Commodity Derivative
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Gain (loss) on derivatives, net	(17)	22	(73)	19
Net cash receipts from (payments on) derivatives	$ 14	$ 4	$ 43	$ 1

Derivative financial instrume_4

Derivative financial instruments (Outstanding Commodity Derivative Contracts) (Details) bbl in Thousands, MMBTU in Thousands	6 Months Ended
	Jun. 30, 2020MMBTU$ / bbl$ / MMBTU$ / galbblgal
Oil Basis Swaps 2020
Derivative [Line Items]
Volume (in units) | bbl	24,246
Price (in dollars per unit) | $ / bbl	(0.62)
Oil Basis Swaps Q3 2020
Derivative [Line Items]
Volume (in units) | bbl	13,054
Price (in dollars per unit) | $ / bbl	(0.57)
Oil Basis Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	11,192
Price (in dollars per unit) | $ / bbl	(0.69)
Oil Basis Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	30,657
Price (in dollars per unit) | $ / bbl	0.50
Oil Basis Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	1,460
Price (in dollars per unit) | $ / bbl	0.18
Propane Swaps 2020
Derivative [Line Items]
Volume (in units) | gal	77,280
Price (in dollars per unit) | $ / gal	0.52
Propane Swaps Q3 2020
Derivative [Line Items]
Volume (in units) | gal	38,640
Price (in dollars per unit) | $ / gal	0.52
Propane Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | gal	38,640
Price (in dollars per unit) | $ / gal	0.52
Propane Swaps 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Propane Swaps 2022
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
WTI | Oil Price Swaps 2020
Derivative [Line Items]
Volume (in units) | bbl	25,544
Price (in dollars per unit) | $ / bbl	53.12
WTI | Oil Price Swaps Q3 2020
Derivative [Line Items]
Volume (in units) | bbl	13,770
Price (in dollars per unit) | $ / bbl	52.50
WTI | Oil Price Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	11,774
Price (in dollars per unit) | $ / bbl	53.84
WTI | Oil Price Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	32,482
Price (in dollars per unit) | $ / bbl	46.89
WTI | Oil Price Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	6,604
Price (in dollars per unit) | $ / bbl	41.31
WTI | Oil Roll Swaps 2020
Derivative [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Oil Roll Swaps Q3 2020
Derivative [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Oil Roll Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Oil Roll Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	730
Price (in dollars per unit) | $ / bbl	(0.18)
WTI | Oil Roll Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Oil Price Swaps 2020
Derivative [Line Items]
Volume (in units) | bbl	5,233
Price (in dollars per unit) | $ / bbl	49.45
Brent | Oil Price Swaps Q3 2020
Derivative [Line Items]
Volume (in units) | bbl	2,756
Price (in dollars per unit) | $ / bbl	49.75
Brent | Oil Price Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	2,477
Price (in dollars per unit) | $ / bbl	49.11
Brent | Oil Price Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	6,023
Price (in dollars per unit) | $ / bbl	40.82
Brent | Oil Price Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	1,095
Price (in dollars per unit) | $ / bbl	45.55
Henry Hub | Natural Gas Price Swaps 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.46
Energy (in BBTUs) | MMBTU	64,676
Henry Hub | Natural Gas Price Swaps Q3 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.44
Energy (in BBTUs) | MMBTU	33,418
Henry Hub | Natural Gas Price Swaps Q4 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.48
Energy (in BBTUs) | MMBTU	31,258
Henry Hub | Natural Gas Price Swaps 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.50
Energy (in BBTUs) | MMBTU	97,600
Henry Hub | Natural Gas Price Swaps 2022
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.38
Energy (in BBTUs) | MMBTU	36,500
El Paso Permian | Natural Gas Basis Swaps 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1.01)
Energy (in BBTUs) | MMBTU	48,150
El Paso Permian | Natural Gas Basis Swaps Q3 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1)
Energy (in BBTUs) | MMBTU	24,540
El Paso Permian | Natural Gas Basis Swaps Q4 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1.02)
Energy (in BBTUs) | MMBTU	23,610
El Paso Permian | Natural Gas Basis Swaps 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.74)
Energy (in BBTUs) | MMBTU	65,700
El Paso Permian | Natural Gas Basis Swaps 2022
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.72)
Energy (in BBTUs) | MMBTU	36,500
WAHA | Natural Gas Basis Swaps 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1.02)
Energy (in BBTUs) | MMBTU	16,870
WAHA | Natural Gas Basis Swaps Q3 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1)
Energy (in BBTUs) | MMBTU	8,590
WAHA | Natural Gas Basis Swaps Q4 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(1.03)
Energy (in BBTUs) | MMBTU	8,280
WAHA | Natural Gas Basis Swaps 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.80)
Energy (in BBTUs) | MMBTU	25,550
WAHA | Natural Gas Basis Swaps 2022
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.85)
Energy (in BBTUs) | MMBTU	7,300

Derivative financial instrume_5

Derivative financial instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative contracts outstanding, net position	$ 537	$ (102)
Oil and natural gas	351	584
Counterparties
Derivative [Line Items]
Oil and natural gas	73
JPMORGAN CHASE BANK N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	116
Wells Fargo Bank N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	81
Citibank, N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	56
PNC Bank N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	50
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative contracts outstanding, net position	$ 537	$ (102)

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facility due 2022	$ 0	$ 0
Unamortized original issue discount	(9)	(9)
Senior notes issuance costs, net	(34)	(36)
Less: current portion	0	0
Total long-term debt	3,957	3,955
4.375% senior notes due 2025
Debt Instrument [Line Items]
Unsecured senior notes	$ 600	600
Interest rate	4.375%
4.375% senior notes due 2025 | January 15, 2020
Debt Instrument [Line Items]
Callable price	103.281%
4.375% senior notes due 2025 | January 15, 2021
Debt Instrument [Line Items]
Callable price	102.188%
4.375% senior notes due 2025 | January 15, 2022
Debt Instrument [Line Items]
Callable price	101.094%
4.375% senior notes due 2025 | January 15, 2023
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%
4.3% unsecured senior notes due 2028
Debt Instrument [Line Items]
Unsecured senior notes	$ 1,000	1,000
Interest rate	4.30%
4.875% unsecured senior notes due 2047
Debt Instrument [Line Items]
Unsecured senior notes	$ 800	800
Interest rate	4.875%
4.85% unsecured senior notes due 2048
Debt Instrument [Line Items]
Unsecured senior notes	$ 600	$ 600
Interest rate	4.85%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Credit Facility $ in Billions	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Disclosure [Line Items]
Aggregate lender commitments	$ 2
Unused lender commitments	$ 2
Weighted average interest rate	3.00%

Debt (Summary Of Interest Expen

Debt (Summary Of Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Cash payments for interest	$ 40	$ 46	$ 91	$ 109
Non-cash interest	1	2	3	3
Net changes in accruals	6	5	0	(8)
Interest costs incurred	47	53	94	104
Less: capitalized interest	(6)	(5)	(11)	(9)
Total interest expense	$ 41	$ 48	$ 83	$ 95

Commitments and contingencies_2

Commitments and contingencies (Summary Of The Company's Future Commitments) (Details) $ in Millions	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2020	$ 17
2021	78
2022	45
2023	38
2024	39
2025	38
Thereafter	86
Total	$ 341

Commitments and contingencies_3

Commitments and contingencies (Oil And Natural Gas Delivery Commitments) (Details) Mcf in Thousands, bbl in Millions	6 Months Ended
	Jun. 30, 2020bbl / dMcfbbl
Oil (MMBbl)
Long-term Purchase Commitment [Line Items]
Remaining 2020 | bbl	22
2021 | bbl	51
2022 | bbl	59
2023 | bbl	51
2024 | bbl	47
2025 | bbl	33
Thereafter | bbl	115
Total | bbl	378
Purchase commitment, minimum daily volume required | bbl / d	50,000
Natural Gas (MMcf)
Long-term Purchase Commitment [Line Items]
Remaining 2020 | Mcf	0
2021 | Mcf	1,634
2022 | Mcf	14,597
2023 | Mcf	18,838
2024 | Mcf	18,884
2025 | Mcf	16,425
Thereafter | Mcf	16,425
Total | Mcf	86,803

Commitments and contingencies_4

Commitments and contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Gross lease cost related to short-term leases	$ 54	$ 90	$ 109	$ 174
Short-term lease costs capitalized	$ 31	$ 64	$ 66	$ 131

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax benefit	$ 132	$ 53	$ 1,699	$ 247
Impairments of long-lived assets	$ 0	$ 868	7,772	$ 868
Impairment of unproved properties			$ 2,700
Effective tax rate	23.00%	35.00%	15.00%	24.00%

Related party transactions (Nar

Related party transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Director
Related Party Transaction [Line Items]
Amounts paid	$ 1	$ 2	$ 2	$ 4
Affiliated Entity
Related Party Transaction [Line Items]
Amounts paid	$ 29	$ 11	$ 58	$ 15
Director, As General Partner | Director
Related Party Transaction [Line Items]
Ownership interest in partnership			3.50%

Earnings per share (Reconciliat

Earnings per share (Reconciliation Of Earnings Attributable To Common Shares Basic And Diluted) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Net loss as reported	$ (435)	$ (97)	$ (9,712)	$ (792)
Participating basic earnings	0	0	(1)	0
Basic loss attributable to common stockholders	(435)	(97)	(9,713)	(792)
Reallocation of participating earnings	0	0	0	0
Diluted loss attributable to common stockholders	$ (435)	$ (97)	$ (9,713)	$ (792)

Earnings per share (Reconcili_2

Earnings per share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Basic (in shares)	195,285	199,185	195,305	199,184
Dilutive performance units (in shares)	0	0	0	0
Diluted (in shares)	195,285	199,185	195,305	199,184

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Performance Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance units (in shares)	491	431	493	430

Earnings per share (Narrative)

Earnings per share (Narrative) (Details) - Performance Units	6 Months Ended
	Jun. 30, 2020
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vesting period	3 years
Vesting percentage	0.00%
Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vesting period	5 years
Vesting percentage	300.00%

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
	Jan. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Stock repurchased and retired during period, value				$ 100,000,000
Payment of common stock dividends		$ 40,000,000		$ 79,000,000	$ 50,000,000
Dividends declared, amount per share (in dollars per share)		$ 0.20	$ 0.125	$ 0.40	$ 0.25
Repurchase Agreements
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 1,500,000,000
Stock repurchased and retired during period (in shares)	1,125,906					4,426,276
Stock repurchased and retired during period, value	$ 100,000,000					$ 350,000,000

Subsequent events (Narrative) (

Subsequent events (Narrative) (Details)	Jul. 28, 2020$ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared, amount per share (in dollars per share)	$ 0.20

Subsequent events (New Commodit

Subsequent events (New Commodity Derivative Contracts) (Details) bbl in Thousands, MMBTU in Thousands	Jul. 01, 2020MMBTU$ / MMBTU$ / bbl$ / galbblgal	Jun. 30, 2020MMBTU$ / bbl$ / MMBTU$ / galbblgal
Oil Basis Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		24,246
Price (in dollars per unit) | $ / bbl		(0.62)
Oil Basis Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		13,054
Price (in dollars per unit) | $ / bbl		(0.57)
Oil Basis Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		11,192
Price (in dollars per unit) | $ / bbl		(0.69)
Oil Basis Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		30,657
Price (in dollars per unit) | $ / bbl		0.50
Oil Basis Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl		1,460
Price (in dollars per unit) | $ / bbl		0.18
Propane Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | gal		77,280
Price (in dollars per unit) | $ / gal		0.52
Propane Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | gal		38,640
Price (in dollars per unit) | $ / gal		0.52
Propane Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | gal		38,640
Price (in dollars per unit) | $ / gal		0.52
Propane Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | gal		0
Price (in dollars per unit) | $ / gal		0
Propane Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | gal		0
Price (in dollars per unit) | $ / gal		0
Subsequent Event | Oil Basis Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Subsequent Event | Oil Basis Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Subsequent Event | Oil Basis Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Subsequent Event | Oil Basis Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Subsequent Event | Oil Basis Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl	5,110
Price (in dollars per unit) | $ / bbl	0.27
Subsequent Event | Propane Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | gal	19,278
Price (in dollars per unit) | $ / gal	0.51
Subsequent Event | Propane Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | gal	7,686
Price (in dollars per unit) | $ / gal	0.51
Subsequent Event | Propane Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | gal	11,592
Price (in dollars per unit) | $ / gal	0.51
Subsequent Event | Propane Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Subsequent Event | Propane Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
WTI | Oil Price Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		25,544
Price (in dollars per unit) | $ / bbl		53.12
WTI | Oil Price Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		13,770
Price (in dollars per unit) | $ / bbl		52.50
WTI | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		11,774
Price (in dollars per unit) | $ / bbl		53.84
WTI | Oil Price Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		32,482
Price (in dollars per unit) | $ / bbl		46.89
WTI | Oil Price Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl		6,604
Price (in dollars per unit) | $ / bbl		41.31
WTI | Oil Roll Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		0
Price (in dollars per unit) | $ / bbl		0
WTI | Oil Roll Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		0
Price (in dollars per unit) | $ / bbl		0
WTI | Oil Roll Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		0
Price (in dollars per unit) | $ / bbl		0
WTI | Oil Roll Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		730
Price (in dollars per unit) | $ / bbl		(0.18)
WTI | Oil Roll Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl		0
Price (in dollars per unit) | $ / bbl		0
WTI | Subsequent Event | Oil Price Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	719
Price (in dollars per unit) | $ / bbl	41.89
WTI | Subsequent Event | Oil Price Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	377
Price (in dollars per unit) | $ / bbl	41.85
WTI | Subsequent Event | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	342
Price (in dollars per unit) | $ / bbl	41.94
WTI | Subsequent Event | Oil Price Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Subsequent Event | Oil Price Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl	365
Price (in dollars per unit) | $ / bbl	42.72
WTI | Subsequent Event | Oil Roll Swaps 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	7,179
Price (in dollars per unit) | $ / bbl	(0.20)
WTI | Subsequent Event | Oil Roll Swaps Q3 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	2,303
Price (in dollars per unit) | $ / bbl	(0.20)
WTI | Subsequent Event | Oil Roll Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	4,876
Price (in dollars per unit) | $ / bbl	(0.20)
WTI | Subsequent Event | Oil Roll Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Subsequent Event | Oil Roll Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Henry Hub | Natural Gas Price Swaps 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		2.46
Energy (in BBTUs) | MMBTU		64,676
Henry Hub | Natural Gas Price Swaps Q3 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		2.44
Energy (in BBTUs) | MMBTU		33,418
Henry Hub | Natural Gas Price Swaps Q4 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		2.48
Energy (in BBTUs) | MMBTU		31,258
Henry Hub | Natural Gas Price Swaps 2021
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		2.50
Energy (in BBTUs) | MMBTU		97,600
Henry Hub | Natural Gas Price Swaps 2022
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		2.38
Energy (in BBTUs) | MMBTU		36,500
Henry Hub | Subsequent Event | Natural Gas Price Swaps 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.09
Energy (in BBTUs) | MMBTU	6,120
Henry Hub | Subsequent Event | Natural Gas Price Swaps Q3 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.09
Energy (in BBTUs) | MMBTU	2,440
Henry Hub | Subsequent Event | Natural Gas Price Swaps Q4 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.09
Energy (in BBTUs) | MMBTU	3,680
Henry Hub | Subsequent Event | Natural Gas Price Swaps 2021
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	0
Energy (in BBTUs) | MMBTU	0
Henry Hub | Subsequent Event | Natural Gas Price Swaps 2022
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	0
Energy (in BBTUs) | MMBTU	0
El Paso Permian | Natural Gas Basis Swaps 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		(1.01)
Energy (in BBTUs) | MMBTU		48,150
El Paso Permian | Natural Gas Basis Swaps Q3 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		(1)
Energy (in BBTUs) | MMBTU		24,540
El Paso Permian | Natural Gas Basis Swaps Q4 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		(1.02)
Energy (in BBTUs) | MMBTU		23,610
El Paso Permian | Natural Gas Basis Swaps 2021
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		(0.74)
Energy (in BBTUs) | MMBTU		65,700
El Paso Permian | Natural Gas Basis Swaps 2022
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU		(0.72)
Energy (in BBTUs) | MMBTU		36,500
El Paso Permian | Subsequent Event | Natural Gas Basis Swaps 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.40)
Energy (in BBTUs) | MMBTU	5,505
El Paso Permian | Subsequent Event | Natural Gas Basis Swaps Q3 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.40)
Energy (in BBTUs) | MMBTU	2,745
El Paso Permian | Subsequent Event | Natural Gas Basis Swaps Q4 2020
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.40)
Energy (in BBTUs) | MMBTU	2,760
El Paso Permian | Subsequent Event | Natural Gas Basis Swaps 2021
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.45)
Energy (in BBTUs) | MMBTU	17,330
El Paso Permian | Subsequent Event | Natural Gas Basis Swaps 2022
Subsequent Event [Line Items]
Price (in dollars per unit) | $ / MMBTU	0
Energy (in BBTUs) | MMBTU	0

Supplementary information (Capi

Supplementary information (Capitalized Costs) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved	$ 23,934	$ 22,915
Unproved	2,979	5,870
Less: accumulated depletion	(16,419)	(7,895)
Net capitalized costs for oil and natural gas properties	$ 10,494	$ 20,890

Supplementary information (Cost

Supplementary information (Costs Incurred For Oil And Natural Gas Producing Activities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved	$ 10	$ 0	$ 17	$ 0
Unproved	2	9	7	13
Exploration	180	435	477	897
Development	141	350	411	814
Total costs incurred for oil and natural gas properties	$ 333	$ 794	$ 912	$ 1,724