Concho Resources (CXO) 10-Q 27 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		196,304,640
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001358071
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets Unaudited - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 402	$ 70
Accounts receivable, net:
Oil and natural gas	392	584
Joint operations and other	130	304
Inventory	26	30
Derivative instruments	212	6
Prepaid costs and other	44	61
Total current assets	1,206	1,055
Property and equipment:
Oil and natural gas properties, successful efforts method	27,143	28,785
Accumulated depletion and depreciation	(16,643)	(7,895)
Total oil and natural gas properties, net	10,500	20,890
Other property and equipment, net	456	437
Total property and equipment, net	10,956	21,327
Deferred income taxes	19	0
Deferred loan costs, net	5	7
Goodwill	0	1,917
Intangible assets, net	16	17
Noncurrent derivative instruments	5	11
Other assets	330	398
Total assets	12,537	24,732
Current liabilities:
Accounts payable - trade	45	53
Revenue payable	140	268
Accrued drilling costs	181	386
Derivative instruments	5	112
Other current liabilities	326	363
Total current liabilities	697	1,182
Long-term debt	3,856	3,955
Deferred income taxes	0	1,654
Noncurrent derivative instruments	47	7
Asset retirement obligations and other long-term liabilities	150	152
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 authorized; 197,551,182 and 198,863,681 shares issued at September 30, 2020 and December 31, 2019, respectively	0	0
Additional paid-in capital	14,511	14,608
Retained earnings (accumulated deficit)	(6,573)	3,320
Treasury stock, at cost; 1,244,629 and 1,175,026 shares at September 30, 2020 and December 31, 2019, respectively	(151)	(146)
Total stockholders’ equity	7,787	17,782
Total liabilities and stockholders’ equity	$ 12,537	$ 24,732
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)	197,551,182	198,863,681
Treasury shares (in shares)	1,244,629	1,175,026

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Unaudited (Parenthetical) - $ / shares	Sep. 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)	197,551,182	198,863,681
Treasury shares (in shares)	1,244,629	1,175,026

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations Unaudited - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating revenues:
Total operating revenues	$ 834	$ 1,115	$ 2,230	$ 3,346
Operating costs and expenses:
Production and ad valorem taxes	71	85	196	255
Exploration and abandonments	14	26	2,749	90
Depreciation, depletion and amortization	288	488	1,083	1,431
Accretion of discount on asset retirement obligations	2	3	6	8
Impairments of long-lived assets	0	20	7,772	888
Impairments of goodwill	0	81	1,917	81
General and administrative (including non-cash stock-based compensation of $18 and $20 for the three months ended September 30, 2020 and 2019, respectively, and $53 and $67 for the nine months ended September 30, 2020 and 2019, respectively)	70	75	204	254
(Gain) loss on derivatives, net	199	(397)	(1,056)	445
Net (gain) loss on disposition of assets and other	1	(303)	(99)	(302)
Total operating costs and expenses	806	293	13,317	3,775
Income (loss) from operations	28	822	(11,087)	(429)
Other income (expense):
Interest expense	(44)	(46)	(127)	(141)
Loss on extinguishment of debt	(24)	0	(24)	0
Other, net	5	4	(208)	311
Total other income (expense)	(63)	(42)	(359)	170
Income (loss) before income taxes	(35)	780	(11,446)	(259)
Income tax (expense) benefit	(26)	(222)	1,673	25
Net income (loss)	$ (61)	$ 558	$ (9,773)	$ (234)
Earnings per share:
Basic net income (loss) (in dollars per share)	$ (0.31)	$ 2.78	$ (50.04)	$ (1.18)
Diluted net income (loss) (in dollars per share)	$ (0.31)	$ 2.78	$ (50.04)	$ (1.18)
Non-cash stock-based compensation expense	$ 18	$ 20	$ 53	$ 67
Oil
Operating revenues:
Total operating revenues	725	1,023	2,027	3,007
Natural Gas
Operating revenues:
Total operating revenues	109	92	203	339
Oil And Natural Gas Production
Operating costs and expenses:
Operating costs and expenses	115	190	406	552
Gathering, Processing and Transportation
Operating costs and expenses:
Operating costs and expenses	$ 46	$ 25	$ 139	$ 73

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations Unaudited (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Non-cash stock-based compensation expense	$ 18	$ 20	$ 53	$ 67

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	(234)							(234)
Common stock dividends	(75)							(75)
Grants of restricted stock (in shares)				772
Performance unit share conversion (in shares)				246
Cancellation of restricted stock (in shares)				(90)
Stock-based compensation	67					67
Purchase of treasury stock (in shares)											141
Purchase of treasury stock	(15)										$ (15)
Balance (in shares) at Sep. 30, 2019				202,217							1,173
Balance at Sep. 30, 2019	$ 18,511			$ 0		14,840		3,817			$ (146)
Increase (Decrease) in Stockholders' Equity
Dividends declared, amount per share (in dollars per share)	$ 0.375
Balance (in shares) at Jun. 30, 2019				201,765							1,166
Balance at Jun. 30, 2019	$ 17,959			$ 0		14,820		3,284			$ (145)
Increase (Decrease) in Stockholders' Equity
Net loss	558							558
Common stock dividends	(25)							(25)
Grants of restricted stock (in shares)				511
Performance unit share conversion (in shares)				0
Cancellation of restricted stock (in shares)				(59)
Stock-based compensation	20					20
Purchase of treasury stock (in shares)											7
Purchase of treasury stock	(1)										$ (1)
Balance (in shares) at Sep. 30, 2019				202,217							1,173
Balance at Sep. 30, 2019	$ 18,511			$ 0		14,840		3,817			$ (146)
Increase (Decrease) in Stockholders' Equity
Dividends declared, amount per share (in dollars per share)	$ 0.125
Balance (in shares) at Sep. 30, 2020				197,551							1,245
Balance at Sep. 30, 2020	$ 7,787			$ 0		14,511		(6,573)			$ (151)
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	(9,773)							(9,773)
Common stock repurchased and retired (in shares)				(2,154)
Common stock repurchased and retired	(150)					(150)
Common stock dividends	(119)							(119)
Grants of restricted stock (in shares)				839
Performance unit share conversion (in shares)				42
Cancellation of restricted stock (in shares)				(40)
Stock-based compensation	53					53
Purchase of treasury stock (in shares)											70
Purchase of treasury stock	(5)										$ (5)
Balance (in shares) at Sep. 30, 2020				197,551							1,245
Balance at Sep. 30, 2020	$ 7,787			$ 0		14,511		(6,573)			$ (151)
Increase (Decrease) in Stockholders' Equity
Dividends declared, amount per share (in dollars per share)	$ 0.60
Balance (in shares) at Jun. 30, 2020				197,951							1,244
Balance at Jun. 30, 2020	$ 7,920			$ 0		14,543		(6,472)			$ (151)
Increase (Decrease) in Stockholders' Equity
Net loss	(61)							(61)
Common stock repurchased and retired (in shares)				(1,028)
Common stock repurchased and retired	(50)					(50)
Common stock dividends	(40)							(40)
Grants of restricted stock (in shares)				636
Performance unit share conversion (in shares)				0
Cancellation of restricted stock (in shares)				(8)
Stock-based compensation	18					18
Purchase of treasury stock (in shares)											1
Purchase of treasury stock	0										$ 0
Balance (in shares) at Sep. 30, 2020				197,551							1,245
Balance at Sep. 30, 2020	$ 7,787			$ 0		$ 14,511		$ (6,573)			$ (151)
Increase (Decrease) in Stockholders' Equity
Dividends declared, amount per share (in dollars per share)	$ 0.20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity Unaudited (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared, amount per share (in dollars per share)	$ 0.20	$ 0.125	$ 0.60	$ 0.375

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (61)	$ 558	$ (9,773)	$ (234)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	288	488	1,083	1,431
Accretion of discount on asset retirement obligations	2	3	6	8
Impairments of long-lived assets	0	20	7,772	888
Impairments of goodwill	0	81	1,917	81
Exploration and abandonments			2,726	68
Non-cash stock-based compensation expense	18	20	53	67
Deferred income taxes			(1,673)	(25)
Net gain on disposition of assets and other non-operating items			(104)	(591)
(Gain) loss on derivatives, net	199	(397)	(1,056)	445
Net settlements received from (paid on) derivatives	173	(7)	789	(57)
Loss on extinguishment of debt	24	0	24	0
Other			198	(6)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable			326	(19)
Prepaid costs and other			18	(1)
Inventory			4	2
Accounts payable			(7)	16
Revenue payable			(129)	(20)
Other current liabilities			(41)	14
Net cash provided by operating activities			2,133	2,067
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties			(1,152)	(2,344)
Changes in working capital associated with oil and natural gas property additions			(156)	(41)
Acquisitions of oil and natural gas properties			(45)	(34)
Additions to property, equipment and other assets			(49)	(82)
Proceeds from the disposition of assets			6	393
Deposit for pending divestiture of oil and natural gas properties			0	93
Direct transaction costs for asset acquisitions and dispositions			(1)	(5)
Net cash used in investing activities			(1,397)	(2,020)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility			345	2,680
Payments on credit facility			(345)	(2,527)
Issuance of senior notes, net			499	0
Repayments of senior notes			(600)	0
Debt extinguishment costs			(20)	0
Payments for loan costs			(4)	0
Payment of common stock dividends	(40)		(119)	(75)
Purchases of treasury stock			(5)	(15)
Purchases of common stock under share repurchase program			(150)	0
Decrease in book overdrafts			0	(104)
Other			(5)	(6)
Net cash used in financing activities			(404)	(47)
Net increase in cash and cash equivalents			332	0
Cash and cash equivalents at beginning of period			70	0
Cash and cash equivalents at end of period	$ 402	$ 0	$ 402	$ 0

Organization and nature of oper

Organization and nature of operations	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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, business combinations, nonmonetary transactions and 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 $3 million at September 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 September 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 $7 million and a loss of $191 million for the three and nine months ended September 30, 2020, respectively, and equity investment income of $15 million for the nine months ended September 30, 2019. The loss during the nine months ended September 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 statement of operations for the nine months ended September 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 8 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 sourced from 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 September 30, 2020 and December 31, 2019, the Company had net receivables related to contracts with customers of $327 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 $3 million and $5 million for the three months ended September 30, 2020 and 2019, respectively, and $12 million and $13 million for the nine months ended September 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 $6 million and $36 million of charges during the three and nine months ended September 30, 2020, respectively. These charges were recorded in other income (expense) on the Company’s condensed consolidated statements of operations. 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. As discussed in Note 3, in August 2019, the Company entered into a definitive agreement to sell its assets in the New Mexico Shelf. The Company allocated $81 million of goodwill to this disposal group, all of which the Company impaired. This impairment charge was recorded in impairments of goodwill on the condensed consolidated statements of operations for the three and nine months ended September 30, 2019. The Company also 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 $19 million during the nine months ended September 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.

Acquisitions, divestitures and

Acquisitions, divestitures and nonmonetary transactions	9 Months Ended
	Sep. 30, 2020
Acquisitions, Divestitures, And Non-Monetary Transactions [Abstract]
Acquisitions, divestitures and nonmonetary transactions	Acquisitions, divestitures and nonmonetary transactions During the nine months ended September 30, 2019, the Company entered into the following transaction: New Mexico Shelf divestiture. On August 29, 2019, the Company entered into a definitive agreement to sell its assets in the New Mexico Shelf. The Company determined these assets and liabilities to be held for sale at August 29, 2019 and recorded an impairment charge of $3 million, included in impairments of long-lived assets on the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2019, to reduce the carrying value of these assets to their estimated fair value less costs to sell. Additionally, the Company impaired the carrying value of goodwill by $81 million, reflecting the portion of the Company’s goodwill allocated to the assets to be sold. This impairment charge was recorded in impairments of goodwill on the condensed consolidated statements of operations for the three and nine months ended September 30, 2019. This transaction closed in November 2019 for total proceeds of $837 million.

Stock incentive plan

Stock incentive plan	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 is presented below: Restricted Performance Outstanding at December 31, 2019 1,485,352 324,437 Awards granted (a) 838,791 185,301 Awards canceled / forfeited (40,539) (13,935) Lapse of restrictions (495,779) (6,915) Outstanding at September 30, 2020 1,787,825 488,888 (a) Weighted average grant date fair value per share/unit $ 60.13 $ 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 September 30, 2020: (in millions) Remaining 2020 $ 19 2021 54 2022 32 2023 9 2024 2 2025 1 Thereafter 1 Total $ 118

Disclosures about fair value me

Disclosures about fair value measurements	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: (in millions) September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Derivative instruments $ 217 $ 217 $ 17 $ 17 Liabilities: Derivative instruments $ 52 $ 52 $ 119 $ 119 Credit facility $ — $ — $ — $ — $600 million 4.375% senior notes due 2025 (a) $ — $ — $ 595 $ 620 $1,000 million 3.75% senior notes due 2027 (a) $ 991 $ 1,078 $ 990 $ 1,054 $1,000 million 4.3% senior notes due 2028 (a) $ 989 $ 1,108 $ 989 $ 1,091 $500 million 2.4% senior notes due 2031 (a) $ 494 $ 478 $ — $ — $800 million 4.875% senior notes due 2047 (a) $ 790 $ 883 $ 789 $ 941 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 660 $ 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 September 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. September 30, 2020 (in millions) Fair Value Measurements Using Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 391 $ — $ 391 $ (179) $ 212 Noncurrent: Commodity derivatives — 56 — 56 (51) 5 Liabilities: Current: Commodity derivatives — (184) — (184) 179 (5) Noncurrent: Commodity derivatives — (98) — (98) 51 (47) Net derivative instruments $ — $ 165 $ — $ 165 $ — $ 165 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 September 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 6 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 an impairment charge 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. This impairment charge is included in impairments of long-lived assets on the condensed consolidated statement of operations for the nine months ended September 30, 2020. The Company also recognized impairment charges of $20 million and $888 million to proved oil and natural gas properties during the three and nine months ended September 30, 2019, respectively, primarily attributable to the properties associated with the Company’s Yeso field, which were 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 September 30, 2020 and 2019, the Company recognized expenses of $3 million and $17 million, respectively, related to abandoned and expiring acreage. During the nine months ended September 30, 2020 and 2019, the Company recognized expenses of $2.7 billion and $59 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Gain (loss) on derivatives, net: Oil derivatives $ (115) $ 355 $ 1,213 $ (506) Natural gas derivatives (a) (84) 42 (157) 61 Total $ (199) $ 397 $ 1,056 $ (445) (a) Includes propane and natural gasoline price swaps. The following table represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Net cash receipts from (payments on) derivatives: Oil derivatives $ 171 $ (21) $ 744 $ (72) Natural gas derivatives (a) 2 14 45 15 Total $ 173 $ (7) $ 789 $ (57) (a) Includes propane and natural gasoline price swaps. Commodity derivative contracts. The following table sets forth the Company’s outstanding derivative contracts at September 30, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at September 30, 2020 are expected to settle by December 31, 2022. 2020 2021 2022 Fourth First Second Third Fourth Total Total Oil Price Swaps – WTI: (a) Volume (MBbl) 13,594 9,720 9,555 8,096 8,096 35,467 9,159 Price per Bbl $ 52.26 $ 46.46 $ 46.61 $ 46.80 $ 46.80 $ 46.66 $ 42.21 Oil Price Swaps – Brent: (b) Volume (MBbl) 2,655 1,890 1,684 1,518 1,518 6,610 1,825 Price per Bbl $ 48.80 $ 41.43 $ 41.21 $ 40.82 $ 40.82 $ 41.09 $ 45.98 Oil Basis Swaps: (c) Volume (MBbl) 11,192 7,650 7,735 7,636 7,636 30,657 6,570 Price per Bbl $ (0.69) $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.25 WTI Oil Roll Swaps: (d) Volume (MBbl) 10,381 180 182 184 184 730 — Price per Bbl $ (0.31) $ (0.18) $ (0.18) $ (0.18) $ (0.18) $ (0.18) $ — Natural Gas Price Swaps: (e) Volume (BBtu) 34,938 32,930 31,240 28,520 27,290 119,980 36,500 Price per MMBtu $ 2.44 $ 2.64 $ 2.60 $ 2.57 $ 2.57 $ 2.60 $ 2.38 Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (f) Volume (BBtu) 26,370 27,250 25,780 23,920 22,690 99,640 45,610 Price per MMBtu $ (0.95) $ (0.62) $ (0.64) $ (0.61) $ (0.62) $ (0.62) $ (0.64) Natural Gas Basis Swaps – Henry Hub/WAHA: (g) Volume (BBtu) 8,280 9,000 8,490 8,280 8,280 34,050 16,410 Price per MMBtu $ (1.03) $ (0.73) $ (0.76) $ (0.63) $ (0.63) $ (0.69) $ (0.55) Propane Price Swaps: (h) Volume (gal) 81,144 — — — — — — Price per gal $ 0.51 $ — $ — $ — $ — $ — $ — Natural Gasoline Price Swaps: (i) Volume (gal) 36,708 — — — — — — Price per gal $ 0.86 $ — $ — $ — $ — $ — $ — (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. (i) These contracts are settled based on the OPIS Mont Belvieu Natural Gasoline (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.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following at September 30, 2020 and December 31, 2019: (in millions) September 30, December 31, Credit facility due 2022 $ — $ — 4.375% unsecured senior notes due 2025 — 600 3.75% unsecured senior notes due 2027 1,000 1,000 4.3% unsecured senior notes due 2028 1,000 1,000 2.4% unsecured senior notes due 2031 500 — 4.875% unsecured senior notes due 2047 800 800 4.85% unsecured senior notes due 2048 600 600 Unamortized original issue discount (10) (9) Senior notes issuance costs, net (34) (36) Less: current portion — — Total long-term debt $ 3,856 $ 3,955 Credit Facility. The Company’s Credit Facility has a maturity date of May 9, 2022. At September 30, 2020, the Company’s commitments from its bank group were $2.0 billion, all of which were unused. During the nine months ended September 30, 2020, the weighted average interest rate on the Credit Facility was 3.0 percent. At September 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. On August 10, 2020, the Company issued $500 million in aggregate principal amount of 2.4% unsecured senior notes due 2031 (the “2.4% Notes”) at a price equal to 99.761 percent of par, for which it received net proceeds of $495 million. The Company used the net proceeds, together with cash on hand, to fund the redemption of the $600 million outstanding principal amount of its 4.375% unsecured senior notes due 2025 (the “4.375% Notes”) at a redemption price equal to 103.281 percent of par. The Company recorded a loss on extinguishment of debt related to the redemption of the 4.375% Notes of $24 million for the three and nine months ended September 30, 2020. This amount included the premium paid for the early redemption of the 4.375% Notes and the write-off of unamortized deferred loan costs. At September 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 nine months ended September 30, 2020 and 2019: (in millions) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cash payments for interest $ 55 $ 57 $ 146 $ 166 Non-cash interest 2 2 5 5 Net changes in accruals (10) (7) (10) (15) Interest costs incurred 47 52 141 156 Less: capitalized interest (3) (6) (14) (15) Total interest expense $ 44 $ 46 $ 127 $ 141

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 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 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 tax, 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 September 30, 2020: (in millions) Remaining 2020 $ 10 2021 67 2022 43 2023 37 2024 37 2025 36 Thereafter 82 Total (a) $ 312 (a) Volume delivery commitments included in the table do not include the oil marketing contract discussed in the table below. At September 30, 2020, the Company’s delivery commitments covered the following gross volumes of oil and natural gas: Oil Natural Gas Remaining 2020 9 — 2021 50 695 2022 59 10,633 2023 51 18,838 2024 47 18,883 2025 33 16,425 Thereafter 115 16,425 Total 364 81,899 (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 September 30, 2020 and 2019, the Company’s gross lease costs related to its short-term leases were $37 million and $64 million, respectively, of which $16 million and $43 million, respectively, were capitalized as part of oil and natural gas properties. During the nine months ended September 30, 2020 and 2019, the Company’s gross lease costs related to its short-term leases were $146 million and $238 million, respectively, of which $82 million and $174 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	9 Months Ended
	Sep. 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 September 30, 2020 and 2019, the Company recorded an income tax expense of $26 million and $222 million, respectively, and an income tax benefit of $1.7 billion and $25 million for the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 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 (75) percent and 29 percent for the three months ended September 30, 2020 and 2019, respectively, and 15 percent and 10 percent for the nine months ended September 30, 2020 and 2019, respectively. The difference between the U.S. federal statutory rate of 21 percent and the Company’s effective tax rate for the three months ended September 30, 2020 was primarily due to the increase in valuation allowance, and the difference for the nine months ended September 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 nine months ended September 30, 2019 was primarily due to research and development credits, net of unrecognized benefits, recorded in 2019, and the impact of permanent differences between book and taxable income (loss).

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related party transactions	Related party transactions The Company paid royalties on certain properties to a partnership in which a director of the Company is the general partner and owns a 3.5 percent limited partnership interest. These payments totaled $2 million and $6 million for the nine months ended September 30, 2020 and 2019, respectively. At September 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 $23 million and $9 million for the three months ended September 30, 2020 and 2019, respectively, and $81 million and $24 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, the Company received payments of $2 million and $4 million from these entities for the three and nine months ended September 30, 2020, respectively.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 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 earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three and nine months ended September 30, 2020 and 2019 under the two-class method: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Net income (loss) as reported $ (61) $ 558 $ (9,773) $ (234) Participating basic earnings (a) — (4) (1) (1) Basic earnings (loss) attributable to common stockholders (61) 554 (9,774) (235) Reallocation of participating earnings — — — — Diluted earnings (loss) attributable to common stockholders $ (61) $ 554 $ (9,774) $ (235) (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 nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 195,323 199,448 195,311 199,272 Dilutive performance units — 6 — — Diluted 195,323 199,454 195,311 199,272 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 Nine Months Ended (in thousands) 2020 2019 2020 2019 Number of antidilutive units: Performance units 489 324 492 431 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	9 Months Ended
	Sep. 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. During September 2020, the Company repurchased and retired 1,027,621 shares under the program at an aggregate cost of $50 million. As of September 30, 2020, the Company had repurchased and retired a total of 5,453,897 shares since the inception of the program at an aggregate cost of $400 million. The Merger Agreement, as defined in Note 13, provides that, during the periods from the date of the Merger Agreement until the closing of the Merger, as defined in Note 13, the Company is subject to certain restrictions that, among other things, restrict the Company’s ability to repurchase, redeem or retire any capital stock of the Company. Common stock dividends. The Company paid dividends of $40 million, or $0.20 per share, and $119 million, or $0.60 per share, during the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent events 2020 dividends. On October 26, 2020, the Company’s board of directors approved a cash dividend of $0.20 per share for the fourth quarter of 2020 that is expected to be paid on December 18, 2020 to stockholders of record as of November 6, 2020. Proposed Merger with ConocoPhillips. On October 18, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConocoPhillips and Falcon Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into Concho (the “Merger”), with Concho surviving and continuing as the surviving corporation in the Merger. The closing of the Merger is expected to occur in the first quarter of 2021, subject to the satisfaction of certain regulatory approvals and other customary closing conditions. The Merger Agreement provides that, during the periods from the date of the Merger Agreement until the closing of the Merger, the Company is subject to certain restrictions that, among other things, restrict the Company’s ability to repurchase, redeem or retire any capital stock of the Company. On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, each outstanding share of Concho common stock will be converted into the right to receive 1.46 shares of ConocoPhillips common stock. The Merger Agreement provides certain termination rights for each of Concho and ConocoPhillips, including, among others, if the consummation of the Merger does not occur on or before April 30, 2021. Should certain unlikely events occur under the specified circumstances outlined in the Merger Agreement, the Company will be required to pay ConocoPhillips a termination fee of $300 million. Additional information on the proposed Merger is included in the Form 8-K filed with the SEC on October 19, 2020. New commodity derivative contracts. After September 30, 2020, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production: 2020 2021 2022 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Total Total Oil Price Swaps – WTI: (a) Volume (MBbl) 184 — — — — — — Price per Bbl $ 40.85 $ — $ — $ — $ — $ — $ — Oil Price Swaps – Brent: (b) Volume (MBbl) 72 — — — — — — Price per Bbl $ 43.40 $ — $ — $ — $ — $ — $ — (a) These oil derivative contracts are settled based on the NYMEX – WTI calendar-month average futures price. (b) These oil derivative contracts are settled based on the Brent calendar-month average futures price.

Supplementary information

Supplementary information	9 Months Ended
	Sep. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Supplementary information Capitalized costs (in millions) September 30, December 31, Oil and natural gas properties: Proved $ 24,189 $ 22,915 Unproved 2,954 5,870 Less: accumulated depletion (16,643) (7,895) Net capitalized costs for oil and natural gas properties $ 10,500 $ 20,890 Costs incurred for oil and natural gas producing activities Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Property acquisition costs: Proved $ 4 $ — $ 21 $ — Unproved 1 20 8 33 Exploration 139 412 616 1,309 Development 158 258 569 1,072 Total costs incurred for oil and natural gas properties $ 302 $ 690 $ 1,214 $ 2,414

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 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, business combinations, nonmonetary transactions and 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 $3 million at September 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 sourced from 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 September 30, 2020 and December 31, 2019, the Company had net receivables related to contracts with customers of $327 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 $19 million during the nine months ended September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 is presented below: Restricted Performance Outstanding at December 31, 2019 1,485,352 324,437 Awards granted (a) 838,791 185,301 Awards canceled / forfeited (40,539) (13,935) Lapse of restrictions (495,779) (6,915) Outstanding at September 30, 2020 1,787,825 488,888 (a) Weighted average grant date fair value per share/unit $ 60.13 $ 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 September 30, 2020: (in millions) Remaining 2020 $ 19 2021 54 2022 32 2023 9 2024 2 2025 1 Thereafter 1 Total $ 118

Disclosures about fair value _2

Disclosures about fair value measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: (in millions) September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Derivative instruments $ 217 $ 217 $ 17 $ 17 Liabilities: Derivative instruments $ 52 $ 52 $ 119 $ 119 Credit facility $ — $ — $ — $ — $600 million 4.375% senior notes due 2025 (a) $ — $ — $ 595 $ 620 $1,000 million 3.75% senior notes due 2027 (a) $ 991 $ 1,078 $ 990 $ 1,054 $1,000 million 4.3% senior notes due 2028 (a) $ 989 $ 1,108 $ 989 $ 1,091 $500 million 2.4% senior notes due 2031 (a) $ 494 $ 478 $ — $ — $800 million 4.875% senior notes due 2047 (a) $ 790 $ 883 $ 789 $ 941 $600 million 4.85% senior notes due 2048 (a) $ 592 $ 660 $ 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 September 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. September 30, 2020 (in millions) Fair Value Measurements Using Quoted Prices Significant Significant Total Gross Net Assets: Current: Commodity derivatives $ — $ 391 $ — $ 391 $ (179) $ 212 Noncurrent: Commodity derivatives — 56 — 56 (51) 5 Liabilities: Current: Commodity derivatives — (184) — (184) 179 (5) Noncurrent: Commodity derivatives — (98) — (98) 51 (47) Net derivative instruments $ — $ 165 $ — $ 165 $ — $ 165 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Gain (loss) on derivatives, net: Oil derivatives $ (115) $ 355 $ 1,213 $ (506) Natural gas derivatives (a) (84) 42 (157) 61 Total $ (199) $ 397 $ 1,056 $ (445) (a) Includes propane and natural gasoline price swaps. The following table represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Net cash receipts from (payments on) derivatives: Oil derivatives $ 171 $ (21) $ 744 $ (72) Natural gas derivatives (a) 2 14 45 15 Total $ 173 $ (7) $ 789 $ (57) (a) Includes propane and natural gasoline price swaps.
Schedule of outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at September 30, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at September 30, 2020 are expected to settle by December 31, 2022. 2020 2021 2022 Fourth First Second Third Fourth Total Total Oil Price Swaps – WTI: (a) Volume (MBbl) 13,594 9,720 9,555 8,096 8,096 35,467 9,159 Price per Bbl $ 52.26 $ 46.46 $ 46.61 $ 46.80 $ 46.80 $ 46.66 $ 42.21 Oil Price Swaps – Brent: (b) Volume (MBbl) 2,655 1,890 1,684 1,518 1,518 6,610 1,825 Price per Bbl $ 48.80 $ 41.43 $ 41.21 $ 40.82 $ 40.82 $ 41.09 $ 45.98 Oil Basis Swaps: (c) Volume (MBbl) 11,192 7,650 7,735 7,636 7,636 30,657 6,570 Price per Bbl $ (0.69) $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.25 WTI Oil Roll Swaps: (d) Volume (MBbl) 10,381 180 182 184 184 730 — Price per Bbl $ (0.31) $ (0.18) $ (0.18) $ (0.18) $ (0.18) $ (0.18) $ — Natural Gas Price Swaps: (e) Volume (BBtu) 34,938 32,930 31,240 28,520 27,290 119,980 36,500 Price per MMBtu $ 2.44 $ 2.64 $ 2.60 $ 2.57 $ 2.57 $ 2.60 $ 2.38 Natural Gas Basis Swaps – Henry Hub/El Paso Permian: (f) Volume (BBtu) 26,370 27,250 25,780 23,920 22,690 99,640 45,610 Price per MMBtu $ (0.95) $ (0.62) $ (0.64) $ (0.61) $ (0.62) $ (0.62) $ (0.64) Natural Gas Basis Swaps – Henry Hub/WAHA: (g) Volume (BBtu) 8,280 9,000 8,490 8,280 8,280 34,050 16,410 Price per MMBtu $ (1.03) $ (0.73) $ (0.76) $ (0.63) $ (0.63) $ (0.69) $ (0.55) Propane Price Swaps: (h) Volume (gal) 81,144 — — — — — — Price per gal $ 0.51 $ — $ — $ — $ — $ — $ — Natural Gasoline Price Swaps: (i) Volume (gal) 36,708 — — — — — — Price per gal $ 0.86 $ — $ — $ — $ — $ — $ — (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. (i) These contracts are settled based on the OPIS Mont Belvieu Natural Gasoline (non-TET) calendar-month average futures price.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at September 30, 2020 and December 31, 2019: (in millions) September 30, December 31, Credit facility due 2022 $ — $ — 4.375% unsecured senior notes due 2025 — 600 3.75% unsecured senior notes due 2027 1,000 1,000 4.3% unsecured senior notes due 2028 1,000 1,000 2.4% unsecured senior notes due 2031 500 — 4.875% unsecured senior notes due 2047 800 800 4.85% unsecured senior notes due 2048 600 600 Unamortized original issue discount (10) (9) Senior notes issuance costs, net (34) (36) Less: current portion — — Total long-term debt $ 3,856 $ 3,955
Interest Income and Interest Expense Disclosure	The following amounts have been incurred and charged to interest expense for the three and nine months ended September 30, 2020 and 2019: (in millions) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cash payments for interest $ 55 $ 57 $ 146 $ 166 Non-cash interest 2 2 5 5 Net changes in accruals (10) (7) (10) (15) Interest costs incurred 47 52 141 156 Less: capitalized interest (3) (6) (14) (15) Total interest expense $ 44 $ 46 $ 127 $ 141

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Other commitments	The following table summarizes the Company’s commitments at September 30, 2020: (in millions) Remaining 2020 $ 10 2021 67 2022 43 2023 37 2024 37 2025 36 Thereafter 82 Total (a) $ 312 (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 September 30, 2020, the Company’s delivery commitments covered the following gross volumes of oil and natural gas: Oil Natural Gas Remaining 2020 9 — 2021 50 695 2022 59 10,633 2023 51 18,838 2024 47 18,883 2025 33 16,425 Thereafter 115 16,425 Total 364 81,899 (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)	9 Months Ended
	Sep. 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 earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three and nine months ended September 30, 2020 and 2019 under the two-class method: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Net income (loss) as reported $ (61) $ 558 $ (9,773) $ (234) Participating basic earnings (a) — (4) (1) (1) Basic earnings (loss) attributable to common stockholders (61) 554 (9,774) (235) Reallocation of participating earnings — — — — Diluted earnings (loss) attributable to common stockholders $ (61) $ 554 $ (9,774) $ (235) (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 nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 195,323 199,448 195,311 199,272 Dilutive performance units — 6 — — Diluted 195,323 199,454 195,311 199,272
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 Nine Months Ended (in thousands) 2020 2019 2020 2019 Number of antidilutive units: Performance units 489 324 492 431

Subsequent events (Tables)

Subsequent events (Tables)	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Schedule of subsequent events	After September 30, 2020, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production: 2020 2021 2022 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Total Total Oil Price Swaps – WTI: (a) Volume (MBbl) 184 — — — — — — Price per Bbl $ 40.85 $ — $ — $ — $ — $ — $ — Oil Price Swaps – Brent: (b) Volume (MBbl) 72 — — — — — — Price per Bbl $ 43.40 $ — $ — $ — $ — $ — $ — (a) These oil derivative contracts are settled based on the NYMEX – WTI calendar-month average futures price. (b) These oil derivative contracts are settled based on the Brent calendar-month average futures price.

Supplementary information (Tabl

Supplementary information (Tables)	9 Months Ended
	Sep. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized costs	Capitalized costs (in millions) September 30, December 31, Oil and natural gas properties: Proved $ 24,189 $ 22,915 Unproved 2,954 5,870 Less: accumulated depletion (16,643) (7,895) Net capitalized costs for oil and natural gas properties $ 10,500 $ 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 Nine Months Ended (in millions) 2020 2019 2020 2019 Property acquisition costs: Proved $ 4 $ — $ 21 $ — Unproved 1 20 8 33 Exploration 139 412 616 1,309 Development 158 258 569 1,072 Total costs incurred for oil and natural gas properties $ 302 $ 690 $ 1,214 $ 2,414

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		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)reportingUnit	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020$ / shares	Dec. 31, 2019USD ($)	Aug. 31, 2019USD ($)	Aug. 29, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Significant Accounting Policies Disclosure [Line Items]
Allowance for expected credit losses	$ 3		$ 3				$ 5
Income (loss) from equity method investments	7		(191)	$ 15
Equity method investment, other than temporary impairment			204
Gain on disposition of assets			104	591
Receivables related to contracts with customers	327		327				584
Fees related to operation of jointly owned oil and natural gas properties	3	$ 5	12	13
Voluntary separation costs	6		$ 36
Number of reporting units | reportingUnit			1
Goodwill	0		$ 0				1,917
Equity	7,787	18,511	$ 7,787	18,511	$ 7,920		17,782			$ 17,959	$ 18,768
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201912Member
Income tax benefit	(26)	(222)	$ 1,673	25
New Mexico Shelf Divestiture
Significant Accounting Policies Disclosure [Line Items]
Disposal group, including discontinued operation, goodwill								$ 81	$ 81
Retained Earnings (Accumulated Deficit)
Significant Accounting Policies Disclosure [Line Items]
Equity	(6,573)	$ 3,817	(6,573)	$ 3,817	$ (6,472)		3,320			$ 3,284	$ 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			19
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

Acquisitions, divestitures an_2

Acquisitions, divestitures and nonmonetary transactions (Narrative) (Details) - New Mexico Shelf Divestiture - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2019	Sep. 30, 2019	Sep. 30, 2019	Aug. 31, 2019	Aug. 29, 2019
Business Acquisition [Line Items]
Impairments of long-lived assets to be disposed		$ 3	$ 3
Disposal group, including discontinued operation, goodwill				$ 81	$ 81
Net proceeds from divestiture	$ 837

Stock incentive plan (Narrative

Stock incentive plan (Narrative) (Details)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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)	838,791
Awards canceled / forfeited (in shares)	(40,539)
Lapse of restrictions (in shares)	(495,779)
Outstanding at end of period (in shares)	1,787,825
Awards granted - weighted average grant date fair value per share / unit (in dollars per share) | $ / shares	$ 60.13
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 18	$ 20	$ 53	$ 67
Remainder 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			19
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			54
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			32
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			9
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			2
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			1
Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			1
Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			$ 118

Disclosures about fair value _3

Disclosures about fair value measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Aug. 10, 2020
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%	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
2.4% senior notes due 2031
Debt Instrument, Fair Value Disclosure [Abstract]
Face amount of debt	$ 500,000,000
Interest rate	2.40%		2.40%
Debt maturity year	2031
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	$ 217,000,000	$ 17,000,000
Liabilities:
Derivative instruments, liabilities	52,000,000	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	0	595,000,000
Carrying Value | 3.75% senior notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	991,000,000	990,000,000
Carrying Value | 4.3% unsecured senior notes due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	989,000,000	989,000,000
Carrying Value | 2.4% senior notes due 2031
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	494,000,000	0
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	217,000,000	17,000,000
Liabilities:
Derivative instruments, liabilities	52,000,000	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	0	620,000,000
Fair Value | 3.75% senior notes due 2027
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	1,078,000,000	1,054,000,000
Fair Value | 4.3% unsecured senior notes due 2028
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	1,108,000,000	1,091,000,000
Fair Value | 2.4% senior notes due 2031
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	478,000,000	0
Fair Value | 4.875% unsecured senior notes due 2047
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	883,000,000	941,000,000
Fair Value | 4.85% unsecured senior notes due 2048
Debt Instrument, Fair Value Disclosure [Abstract]
Senior notes	$ 660,000,000	$ 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	Sep. 30, 2020	Dec. 31, 2019
Liabilities:
Net derivative instruments	$ 165	$ (102)
Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	391	108
Derivative asset, fair value, gross liability	(179)	(102)
Derivative asset, fair value, amount not offset against collateral	212	6
Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	56	31
Derivative asset, fair value, gross liability	(51)	(20)
Derivative asset, fair value, amount not offset against collateral	5	11
Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	(184)	(214)
Derivative liability, fair value, gross asset	179	102
Derivative liability, fair value, amount not offset against collateral	(5)	(112)
Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	(98)	(27)
Derivative liability, fair value, gross asset	51	20
Derivative liability, fair value, amount not offset against collateral	(47)	(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	165	(102)
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Asset Current
Assets:
Derivative asset, fair value, gross asset	391	108
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Asset Noncurrent
Assets:
Derivative asset, fair value, gross asset	56	31
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Liability Current
Liabilities:
Derivative liability, fair value, gross liability	(184)	(214)
Significant Other Observable Inputs (Level 2) | Commodity Derivative | Derivative Liability Noncurrent
Liabilities:
Derivative liability, fair value, gross liability	(98)	(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) $ in Millions	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020$ / Mcf$ / bbl	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2026$ / bbl$ / Mcf
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Annual discount rate		10.00%
Impairments of long-lived assets	$ 0	$ 7,800	$ 20		$ 7,772	$ 888
Impairment of long-lived assets, unproved properties and leasehold abandonment expense	$ 3		$ 17		2,700	$ 59
Impairment of unproved properties					$ 2,700
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
Delaware Basin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of long-lived asset		$ 3,900

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ (199)	$ 397	$ 1,056	$ (445)
Net cash receipts from (payments on) derivatives	173	(7)	789	(57)
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	(115)	355	1,213	(506)
Net cash receipts from (payments on) derivatives	171	(21)	744	(72)
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	(84)	42	(157)	61
Net cash receipts from (payments on) derivatives	$ 2	$ 14	$ 45	$ 15

Derivative financial instrume_4

Derivative financial instruments (Outstanding Commodity Derivative Contracts) (Details) bbl in Thousands, MMBTU in Thousands	9 Months Ended
	Sep. 30, 2020MMBTU$ / bbl$ / MMBTU$ / galbblgal
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 Q1 2021
Derivative [Line Items]
Volume (in units) | bbl	7,650
Price (in dollars per unit) | $ / bbl	0.50
Oil Basis Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | bbl	7,735
Price (in dollars per unit) | $ / bbl	0.50
Oil Basis Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | bbl	7,636
Price (in dollars per unit) | $ / bbl	0.50
Oil Basis Swaps Q4 2021
Derivative [Line Items]
Volume (in units) | bbl	7,636
Price (in dollars per unit) | $ / bbl	0.50
Oil Basis Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	6,570
Price (in dollars per unit) | $ / bbl	0.25
Propane Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | gal	81,144
Price (in dollars per unit) | $ / gal	0.51
Propane Swaps 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Propane Swaps Q1 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Propane Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Propane Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Propane Swaps Q4 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
Natural Gasoline Price Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | gal	36,708
Price (in dollars per unit) | $ / gal	0.86
Natural Gasoline Price Swaps 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Natural Gasoline Price Swaps Q1 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Natural Gasoline Price Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Natural Gasoline Price Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Natural Gasoline Price Swaps Q4 2021
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
Natural Gasoline Price Swaps 2022
Derivative [Line Items]
Volume (in units) | gal	0
Price (in dollars per unit) | $ / gal	0
WTI | Oil Price Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	13,594
Price (in dollars per unit) | $ / bbl	52.26
WTI | Oil Price Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	35,467
Price (in dollars per unit) | $ / bbl	46.66
WTI | Oil Price Swaps Q1 2021
Derivative [Line Items]
Volume (in units) | bbl	9,720
Price (in dollars per unit) | $ / bbl	46.46
WTI | Oil Price Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | bbl	9,555
Price (in dollars per unit) | $ / bbl	46.61
WTI | Oil Price Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | bbl	8,096
Price (in dollars per unit) | $ / bbl	46.80
WTI | Oil Price Swaps Q4 2021
Derivative [Line Items]
Volume (in units) | bbl	8,096
Price (in dollars per unit) | $ / bbl	46.80
WTI | Oil Price Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	9,159
Price (in dollars per unit) | $ / bbl	42.21
WTI | Oil Roll Swaps Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	10,381
Price (in dollars per unit) | $ / bbl	(0.31)
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 Q1 2021
Derivative [Line Items]
Volume (in units) | bbl	180
Price (in dollars per unit) | $ / bbl	(0.18)
WTI | Oil Roll Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | bbl	182
Price (in dollars per unit) | $ / bbl	(0.18)
WTI | Oil Roll Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | bbl	184
Price (in dollars per unit) | $ / bbl	(0.18)
WTI | Oil Roll Swaps Q4 2021
Derivative [Line Items]
Volume (in units) | bbl	184
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 Q4 2020
Derivative [Line Items]
Volume (in units) | bbl	2,655
Price (in dollars per unit) | $ / bbl	48.80
Brent | Oil Price Swaps 2021
Derivative [Line Items]
Volume (in units) | bbl	6,610
Price (in dollars per unit) | $ / bbl	41.09
Brent | Oil Price Swaps Q1 2021
Derivative [Line Items]
Volume (in units) | bbl	1,890
Price (in dollars per unit) | $ / bbl	41.43
Brent | Oil Price Swaps Q2 2021
Derivative [Line Items]
Volume (in units) | bbl	1,684
Price (in dollars per unit) | $ / bbl	41.21
Brent | Oil Price Swaps Q3 2021
Derivative [Line Items]
Volume (in units) | bbl	1,518
Price (in dollars per unit) | $ / bbl	40.82
Brent | Oil Price Swaps Q4 2021
Derivative [Line Items]
Volume (in units) | bbl	1,518
Price (in dollars per unit) | $ / bbl	40.82
Brent | Oil Price Swaps 2022
Derivative [Line Items]
Volume (in units) | bbl	1,825
Price (in dollars per unit) | $ / bbl	45.98
Henry Hub | Natural Gas Price Swaps Q4 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.44
Energy (in BBTUs) | MMBTU	34,938
Henry Hub | Natural Gas Price Swaps 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.60
Energy (in BBTUs) | MMBTU	119,980
Henry Hub | Natural Gas Price Swaps Q1 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.64
Energy (in BBTUs) | MMBTU	32,930
Henry Hub | Natural Gas Price Swaps Q2 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.60
Energy (in BBTUs) | MMBTU	31,240
Henry Hub | Natural Gas Price Swaps Q3 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.57
Energy (in BBTUs) | MMBTU	28,520
Henry Hub | Natural Gas Price Swaps Q4 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	2.57
Energy (in BBTUs) | MMBTU	27,290
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 Q4 2020
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.95)
Energy (in BBTUs) | MMBTU	26,370
El Paso Permian | Natural Gas Basis Swaps 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.62)
Energy (in BBTUs) | MMBTU	99,640
El Paso Permian | Natural Gas Basis Swaps Q1 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.62)
Energy (in BBTUs) | MMBTU	27,250
El Paso Permian | Natural Gas Basis Swaps Q2 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.64)
Energy (in BBTUs) | MMBTU	25,780
El Paso Permian | Natural Gas Basis Swaps Q3 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.61)
Energy (in BBTUs) | MMBTU	23,920
El Paso Permian | Natural Gas Basis Swaps Q4 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.62)
Energy (in BBTUs) | MMBTU	22,690
El Paso Permian | Natural Gas Basis Swaps 2022
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.64)
Energy (in BBTUs) | MMBTU	45,610
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	(0.69)
Energy (in BBTUs) | MMBTU	34,050
WAHA | Natural Gas Basis Swaps Q1 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.73)
Energy (in BBTUs) | MMBTU	9,000
WAHA | Natural Gas Basis Swaps Q2 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.76)
Energy (in BBTUs) | MMBTU	8,490
WAHA | Natural Gas Basis Swaps Q3 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.63)
Energy (in BBTUs) | MMBTU	8,280
WAHA | Natural Gas Basis Swaps Q4 2021
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.63)
Energy (in BBTUs) | MMBTU	8,280
WAHA | Natural Gas Basis Swaps 2022
Derivative [Line Items]
Price (in dollars per unit) | $ / MMBTU	(0.55)
Energy (in BBTUs) | MMBTU	16,410

Derivative financial instrume_5

Derivative financial instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative contracts outstanding, net position	$ 165	$ (102)
Oil and natural gas	392	584
Counterparties
Derivative [Line Items]
Oil and natural gas	65
JPMORGAN CHASE BANK N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	49
Wells Fargo Bank N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	29
ING Capital Markets LLC
Derivative [Line Items]
Derivative contracts outstanding, net position	20
Citibank, N.A.
Derivative [Line Items]
Derivative contracts outstanding, net position	16
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative contracts outstanding, net position	$ 165	$ (102)

Debt (Summary Of Long-Term Debt

Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Aug. 10, 2020	Aug. 09, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facility due 2022	$ 0			$ 0
Unamortized original issue discount	(10)			(9)
Senior notes issuance costs, net	(34)			(36)
Less: current portion	0			0
Total long-term debt	3,856			3,955
4.375% senior notes due 2025
Debt Instrument [Line Items]
Unsecured senior notes	$ 0		$ 600	$ 600
Interest rate	4.375%			4.375%
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%
2.4% senior notes due 2031
Debt Instrument [Line Items]
Unsecured senior notes	$ 500	$ 500		0
Interest rate	2.40%	2.40%
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) - USD ($) $ in Millions	Aug. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 09, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 24	$ 0	$ 24	$ 0
Line of Credit
Debt Instrument [Line Items]
Aggregate lender commitments		2,000		2,000
Unused lender commitments		2,000		$ 2,000
Weighted average interest rate				3.00%
2.4% senior notes due 2031
Debt Instrument [Line Items]
Unsecured senior notes	$ 500	$ 500		$ 500			$ 0
Interest rate	2.40%	2.40%		2.40%
Debt issuance price, percentage of par	99.761%
Net proceeds from debt, net of issuance costs	$ 495
4.375% senior notes due 2025
Debt Instrument [Line Items]
Unsecured senior notes		$ 0		$ 0		$ 600	$ 600
Interest rate		4.375%		4.375%			4.375%
Callable price	103.281%
Loss on extinguishment of debt		$ 24		$ 24

Debt (Summary Of Interest Expen

Debt (Summary Of Interest Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Cash payments for interest	$ 55	$ 57	$ 146	$ 166
Non-cash interest	2	2	5	5
Net changes in accruals	(10)	(7)	(10)	(15)
Interest costs incurred	47	52	141	156
Less: capitalized interest	(3)	(6)	(14)	(15)
Total interest expense	$ 44	$ 46	$ 127	$ 141

Commitments and contingencies_2

Commitments and contingencies (Summary Of The Company's Future Commitments) (Details) $ in Millions	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2020	$ 10
2021	67
2022	43
2023	37
2024	37
2025	36
Thereafter	82
Total	$ 312

Commitments and contingencies_3

Commitments and contingencies (Oil And Natural Gas Delivery Commitments) (Details) Mcf in Thousands, bbl in Millions	9 Months Ended
	Sep. 30, 2020bbl / dbblMcf
Long-term Purchase Commitment [Line Items]
Purchase commitment, minimum daily volume required | bbl / d	50,000
Oil (MMBbl)
Long-term Purchase Commitment [Line Items]
Remaining 2020 | bbl	9
2021 | bbl	50
2022 | bbl	59
2023 | bbl	51
2024 | bbl	47
2025 | bbl	33
Thereafter | bbl	115
Total | bbl	364
Natural Gas (MMcf)
Long-term Purchase Commitment [Line Items]
Remaining 2020 | Mcf	0
2021 | Mcf	695
2022 | Mcf	10,633
2023 | Mcf	18,838
2024 | Mcf	18,883
2025 | Mcf	16,425
Thereafter | Mcf	16,425
Total | Mcf	81,899

Commitments and contingencies_4

Commitments and contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Gross lease cost related to short-term leases	$ 37	$ 64	$ 146	$ 238
Short-term lease costs capitalized	$ 16	$ 43	$ 82	$ 174

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 26		$ 222	$ (1,673)	$ (25)
Impairments of long-lived assets	$ 0	$ 7,800	$ 20	7,772	$ 888
Impairment of unproved properties				$ 2,700
Effective tax rate	(75.00%)		29.00%	15.00%	10.00%

Related party transactions (Nar

Related party transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Director
Related Party Transaction [Line Items]
Amounts paid			$ 2	$ 6
Affiliated Entity
Related Party Transaction [Line Items]
Amounts paid	$ 23	$ 9	81	$ 24
Payments received	$ 2		$ 4
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Net income (loss) as reported	$ (61)	$ 558	$ (9,773)	$ (234)
Participating basic earnings	0	(4)	(1)	(1)
Basic earnings (loss) attributable to common stockholders	(61)	554	(9,774)	(235)
Reallocation of participating earnings	0	0	0	0
Diluted earnings (loss) attributable to common stockholders	$ (61)	$ 554	$ (9,774)	$ (235)

Earnings per share (Reconcili_2

Earnings per share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Basic (in shares)	195,323	199,448	195,311	199,272
Dilutive performance units (in shares)	0	6	0	0
Diluted (in shares)	195,323	199,454	195,311	199,272

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Performance Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance units (in shares)	489	324	492	431

Earnings per share (Narrative)

Earnings per share (Narrative) (Details) - Performance Units	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Class of Stock [Line Items]
Stock repurchased and retired during period, value			$ 50,000,000		$ 150,000,000
Payment of common stock dividends			$ 40,000,000		$ 119,000,000	$ 75,000,000
Dividends declared, amount per share (in dollars per share)			$ 0.20	$ 0.125	$ 0.60	$ 0.375
Repurchase Agreements
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 1,500,000,000		$ 1,500,000,000
Stock repurchased and retired during period (in shares)	1,027,621	1,125,906					5,453,897
Stock repurchased and retired during period, value	$ 50,000,000	$ 100,000,000					$ 400,000,000

Subsequent events (Narrative) (

Subsequent events (Narrative) (Details) - Subsequent Event $ / shares in Units, $ in Millions	Oct. 26, 2020$ / shares	Oct. 18, 2020USD ($)
Subsequent Event [Line Items]
Dividends declared, amount per share (in dollars per share) | $ / shares	$ 0.20
Concho common stock conversion rate to the right to receive ConocoPhillips common stock		1.46
Amount payable upon termination of merger agreement | $		$ 300

Subsequent events (New Commodit

Subsequent events (New Commodity Derivative Contracts) (Details) bbl in Thousands	Oct. 01, 2020$ / bblbbl	Sep. 30, 2020$ / bblbbl
WTI | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		13,594
Price (in dollars per unit) | $ / bbl		52.26
WTI | Oil Price Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		35,467
Price (in dollars per unit) | $ / bbl		46.66
WTI | Oil Price Swaps Q1 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		9,720
Price (in dollars per unit) | $ / bbl		46.46
WTI | Oil Price Swaps Q2 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		9,555
Price (in dollars per unit) | $ / bbl		46.61
WTI | Oil Price Swaps Q3 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		8,096
Price (in dollars per unit) | $ / bbl		46.80
WTI | Oil Price Swaps Q4 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		8,096
Price (in dollars per unit) | $ / bbl		46.80
WTI | Oil Price Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl		9,159
Price (in dollars per unit) | $ / bbl		42.21
WTI | Subsequent Event | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	184
Price (in dollars per unit) | $ / bbl	40.85
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 Q1 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Subsequent Event | Oil Price Swaps Q2 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Subsequent Event | Oil Price Swaps Q3 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
WTI | Subsequent Event | Oil Price Swaps Q4 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	0
Price (in dollars per unit) | $ / bbl	0
Brent | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl		2,655
Price (in dollars per unit) | $ / bbl		48.80
Brent | Oil Price Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		6,610
Price (in dollars per unit) | $ / bbl		41.09
Brent | Oil Price Swaps Q1 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		1,890
Price (in dollars per unit) | $ / bbl		41.43
Brent | Oil Price Swaps Q2 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		1,684
Price (in dollars per unit) | $ / bbl		41.21
Brent | Oil Price Swaps Q3 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		1,518
Price (in dollars per unit) | $ / bbl		40.82
Brent | Oil Price Swaps Q4 2021
Subsequent Event [Line Items]
Volume (in units) | bbl		1,518
Price (in dollars per unit) | $ / bbl		40.82
Brent | Oil Price Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl		1,825
Price (in dollars per unit) | $ / bbl		45.98
Brent | Subsequent Event | Oil Price Swaps Q4 2020
Subsequent Event [Line Items]
Volume (in units) | bbl	72
Price (in dollars per unit) | $ / bbl	43.40
Brent | Subsequent Event | Oil Price Swaps 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Subsequent Event | Oil Price Swaps Q1 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Subsequent Event | Oil Price Swaps Q2 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Subsequent Event | Oil Price Swaps Q3 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Subsequent Event | Oil Price Swaps Q4 2021
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0
Brent | Subsequent Event | Oil Price Swaps 2022
Subsequent Event [Line Items]
Volume (in units) | bbl	0
Price (in dollars per unit) | $ / bbl	0

Supplementary information (Capi

Supplementary information (Capitalized Costs) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved	$ 24,189	$ 22,915
Unproved	2,954	5,870
Less: accumulated depletion	(16,643)	(7,895)
Net capitalized costs for oil and natural gas properties	$ 10,500	$ 20,890

Supplementary information (Cost

Supplementary information (Costs Incurred For Oil And Natural Gas Producing Activities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved	$ 4	$ 0	$ 21	$ 0
Unproved	1	20	8	33
Exploration	139	412	616	1,309
Development	158	258	569	1,072
Total costs incurred for oil and natural gas properties	$ 302	$ 690	$ 1,214	$ 2,414