Coterra Energy (CTRA) 10-K 1 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 24, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	1-10447
Entity Registrant Name	COTERRA ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3072771
Entity Address, Address Line One	Three Memorial City Plaza
Entity Address, Address Line Two	840 Gessner Road
Entity Address, Address Line Three	Suite 1400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	589-4600
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	CTRA
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6.9
Entity Common Stock, Shares Outstanding		813,757,948
Entity Central Index Key	0000858470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held April 29, 2022 are incorporated by reference into Part III of this report.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,036	$ 140
Restricted cash	10	12
Accounts receivable, net	1,037	215
Income taxes receivable	0	6
Inventories	39	15
Derivative instruments	7	26
Other current assets	7	2
Total current assets	2,136	416
Properties and equipment, net (Successful efforts method)	17,375	4,045
Other assets	389	63
TOTAL ASSETS	19,900	4,524
Current liabilities
Accounts payable	747	162
Current portion of long-term debt	0	188
Accrued liabilities	260	22
Interest payable	25	18
Income taxes payable	29	0
Derivative instruments	159	0
Total current liabilities	1,220	390
Long-term debt, net	3,125	946
Deferred income taxes	3,101	774
Asset retirement obligations	259	85
Postretirement benefits	33	31
Other liabilities	374	82
Total liabilities	8,112	2,308
Commitments and contingencies
Cimarex redeemable preferred stock	50	0
Stockholders' equity
Authorized — 1,800,000,000 shares and 960,000,000 shares of $0.10 par value in 2021 and 2020, respectively Issued — 889,592,827 shares and 477,828,813 shares in 2021 and 2020, respectively	89	48
Additional paid-in capital	10,911	1,804
Retained earnings	2,563	2,185
Accumulated other comprehensive income	1	2
Treasury Stock, Value	(1,826)	(1,823)
Total stockholders' equity	11,738	2,216
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 19,900	$ 4,524

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, authorized (in shares)	1,800,000,000	960,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, issued (in shares)	892,612,010	477,828,813
Treasury stock (in shares)	79,082,385	78,957,318

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING REVENUES
Total revenues from contracts with customers	$ 3,670	$ 1,405	$ 1,985
(Loss) gain on derivative instruments	(221)	61	81
Total operating revenues	3,449	1,466	2,066
OPERATING EXPENSES
Direct operations	156	73	77
Transportation, processing and gathering	663	571	575
Taxes other than income	83	14	17
Exploration	18	15	20
Depreciation, depletion and amortization	693	391	406
General and administrative	270	106	95
TOTAL OPERATING EXPENSES	1,883	1,170	1,190
Earnings on equity method investments	0	0	81
Loss on sale of assets	(2)	0	(1)
INCOME FROM OPERATIONS	1,564	296	956
Interest expense, net	62	54	55
Other expense	0	0	1
Income before income taxes	1,502	242	900
Income tax expense	344	41	219
NET INCOME	$ 1,158	$ 201	$ 681
Earnings per share
Basic (in dollars per share)	$ 2.30	$ 0.50	$ 1.64
Diluted (in dollars per share)	$ 2.29	$ 0.50	$ 1.63
Weighted-average common shares outstanding
Basic (in shares)	503,000,000	399,000,000	416,000,000
Diluted (in shares)	504,000,000	401,000,000	418,000,000
Natural gas
OPERATING REVENUES
Total revenues from contracts with customers	$ 2,798	$ 1,405	$ 1,985
Oil
OPERATING REVENUES
Total revenues from contracts with customers	616	0	0
NGL
OPERATING REVENUES
Total revenues from contracts with customers	243	0	0
Other
OPERATING REVENUES
Total revenues from contracts with customers	$ 13	$ 0	$ 0

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 1,158	$ 201	$ 681
Postretirement benefits:
Net actuarial gain (loss)	[1]	0	1	(2)
Amortization of prior service cost	[2]	(1)	(1)	(1)
Total other comprehensive income		(1)	0	(3)
Comprehensive income		$ 1,157	$ 201	$ 678
[1]	Net of income taxes of less than $1 million for each of the years ended December 31, 2021, 2020 and 2019.
[2]	Net of income taxes of less than $1 million for each of the years ended December 31, 2021, 2020 and 2019.

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Postretirement benefits:
Net actuarial gain (loss), income taxes (less than)	$ (1)	$ (1)	$ (1)
Amortization of prior service cost, income taxes (less than)	$ 1	$ 1	$ 1

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,158,000	$ 201,000	$ 681,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	693,000	391,000	406,000
Deferred income tax expense	126,000	72,000	244,000
Loss on sale of assets	2,000	0	1,000
Exploratory dry hole cost	0	4,000	2,000
Loss (gain) on derivative instruments	221,000	(61,000)	(81,000)
Net cash (paid) received in settlement of derivative instruments	(431,000)	35,000	139,000
Earnings on equity method investments	0	0	(81,000)
Distribution of earnings from equity method investments	0	0	16,000
Amortization of premium and debt issuance costs	(10,000)	3,000	4,000
Stock-based compensation and other	52,000	40,000	30,000
Changes in assets and liabilities:
Accounts receivable, net	(229,000)	(6,000)	153,000
Income taxes	34,000	124,000	(14,000)
Inventories	5,000	(2,000)	(3,000)
Other current assets	(4,000)	0	0
Accounts payable and accrued liabilities	47,000	(30,000)	(30,000)
Interest payable	6,000	(2,000)	0
Other assets and liabilities	(3,000)	9,000	(22,000)
Net cash provided by operating activities	1,667,000	778,000	1,445,000
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(728,000)	(576,000)	(788,000)
Proceeds from sale of assets	8,000	1,000	3,000
Investment in equity method investments	0	0	(9,000)
Distribution of investment from equity method investments	0	0	2,000
Cash received from Merger	1,033,000	0	0
Proceeds from sale of equity method investments	0	(9,000)
Proceeds from sale of equity method investments			249,000
Net cash provided by (used in) investing activities	313,000	(584,000)	(543,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	100,000	196,000	95,000
Repayments of debt	(288,000)	(283,000)	(102,000)
Repayment of finance leases	(2,000)	0	0
Treasury stock repurchases	0	0	(520,000)
Dividends paid	(780,000)	(159,000)	(146,000)
Tax withholding on vesting of stock awards	(114,000)	(10,000)	(11,000)
Capitalized debt issuance costs	(4,000)	0	(6,000)
Cash received for stock option exercises	2,000	0	0
Net cash used in financing activities	(1,086,000)	(256,000)	(690,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	894,000	(62,000)	212,000
Cash, cash equivalents and restricted cash, beginning of period	152,000	214,000	2,000
Cash, cash equivalents and restricted cash, end of period	$ 1,046,000	$ 152,000	$ 214,000

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Shares	Treasury Stock	Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance (in shares) at Dec. 31, 2018		476	53
Balance at beginning of period at Dec. 31, 2018	$ 2,088	$ 48	$ (1,335)	$ 1,763	$ 4	$ 1,608
Increase (Decrease) in Stockholders' Equity
Net income	681					681
Stock amortization and vesting (in shares)		1
Stock amortization and vesting	19			19
Purchase of treasury stock (in shares)			26
Purchase of treasury stock	(488)		$ (488)
Cash dividends	(146)					(146)
Other comprehensive income	(3)				(3)
Balance (in shares) at Dec. 31, 2019		477	79
Balance at end of period at Dec. 31, 2019	2,151	$ 48	$ (1,823)	1,782	1	2,143
Increase (Decrease) in Stockholders' Equity
Net income	201					201
Stock amortization and vesting (in shares)		1
Stock amortization and vesting	22			22
Cash dividends	(159)					(159)
Other comprehensive income	1				1
Balance (in shares) at Dec. 31, 2020		478	79
Balance at end of period at Dec. 31, 2020	2,216	$ 48	$ (1,823)	1,804	2	2,185
Increase (Decrease) in Stockholders' Equity
Net income	1,158
Issuance of common stock for merger (in shares)		408
Issuance of common stock for merger	9,083	$ 41		9,042
Issuance of replacement awards and options for merger consideration (in shares)		4
Issuance of replacement awards and options for merger consideration	37			37
Exercise of stock appreciation rights	2			2
Stock amortization and vesting (in shares)		3
Stock amortization and vesting	23		$ (3)	26
Cash dividends	(779)					(779)
Preferred stock dividends	(1)					(1)
Other comprehensive income	(1)				(1)
Balance (in shares) at Dec. 31, 2021		893	79
Balance at end of period at Dec. 31, 2021	$ 11,738	$ 89	$ (1,826)	$ 10,911	$ 1	$ 2,563

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2021	Oct. 30, 2021	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.125	$ 0.11	$ 0.11	$ 0.10		$ 1.12	$ 0.40	$ 0.35
Preferred stock dividends, per share (in dollars per share)					$ 20.3125

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended December 31, (In millions) 2021 2020 2019 Cash paid for interest and income taxes Interest $ 81 $ 57 $ 57 Income taxes 184 11 8 Non-cash activity Equity and replacement stock awards issued as consideration in the Merger $ 9,120 $ — $ — Cash, cash equivalents and restricted cash, included in the Consolidated Statement of Cash Flow, is comprised of the following: December 31, (In millions) 2021 2019 Cash and cash equivalents $ 1,036 $ 140 Restricted cash 10 12 $ 1,046 $ 152

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Nature of Operations Coterra Energy Inc. and its subsidiaries (“Coterra” or the “Company”) are engaged in the development, exploration and production of oil, natural gas and NGLs exclusively within the continental U.S. The Company's exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, oil and natural gas development, exploration and production. The Company's oil and gas properties are managed as a whole rather than through discrete operating segments. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company's entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows. The Company (formerly known as Cabot Oil & Gas Corporation) and Cimarex Energy Co. (“Cimarex”) completed a merger transaction on October 1, 2021 (the “Merger”), pursuant to an agreement entered into by the Company and Cimarex (the “Merger Agreement”). Upon the effectiveness of the Merger, each eligible share of Cimarex common stock was automatically converted into the right to receive 4.0146 shares of the Company’s common stock. The transaction has been accounted for using the acquisition method of accounting, with the Company being treated as the accounting acquirer. Refer to Note 2, “Acquisitions,” for further information. Additionally, on October 1, 2021, Cabot Oil & Gas Corporation changed its name to Coterra Energy Inc. Recently Issued and Adopted Accounting Pronouncements Convertible Instruments . In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. ASU 2020-06 also requires the application of the if-converted method for calculating diluted earnings per share for all convertible instruments and the treasury stock method will no longer be available. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted in the first quarter of 2021. The Company elected to adopt the guidance in ASU 2020-06 as of October 1, 2021. The adoption of ASU 2020-06 did not have any effect on the Company’s financial positions, results of operations or cash flows; however, it modified certain disclosures, which were not material. Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in four financial institutions at December 31, 2021. The Company periodically assesses the financial condition of its financial institutions and considers any possible credit risk to be minimal. From time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable in the Consolidated Balance Sheet, and classifies the change in accounts payable associated with book overdrafts as an operating activity in the Consolidated Statement of Cash Flows. There was no book overdraft within accounts payable as of December 31, 2021 and 2020. Restricted Cash Restricted cash includes cash that is legally or contractually restricted as to withdrawal or usage. As of December 31, 2021 and 2020, the restricted cash balance of $10 million and $12 million, respectively, includes cash deposited in escrow accounts that are restricted for use. Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on the Company's estimate of future expected credit losses on outstanding receivables. Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. Inventories are assessed periodically for obsolescence. Properties and Equipment Oil and Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry-hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (2) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the units-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset's carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying natural gas and oil. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company's undeveloped acreage amortization based on past drilling and exploration experience, the Company's expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. Fixed Assets Fixed assets consist primarily of gas gathering systems, water infrastructure, buildings, vehicles, aircraft, furniture and fixtures, and computer equipment and software. These items are recorded at cost and are depreciated on the straight-line method based on expected lives of the individual assets, which range from three Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. Asset retirement costs for oil and gas properties are depreciated using the units-of-production method, while asset retirement costs for other assets are depreciated using the straight-line method over estimated useful lives. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations. Derivative Instruments The Company enters into financial derivative contracts, primarily collars, swaps, roll differential swaps and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into financial commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (“NPNS”) exception provided under the applicable accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities. Leases The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in operating lease right-of-use assets (“ROU assets”) and operating and financing lease liabilities (current and non-current) in the Consolidated Balance Sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. Most leases do not provide an implicit interest rate; therefore, the Company uses its incremental borrowing rate based on the information available at the inception date to determine the present value of the lease payments. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. The Company has elected the following practical expedients in applying authoritative guidance on lease accounting: • For all operating leases, lease and non-lease components are accounted for as a single lease component. • Short-term leases (a lease that, at commencement, has a lease term of one year or less and does not contain a purchase option that the Company is reasonably certain to exercise) are not recognized in ROU assets and lease liabilities. • Certain land easements in existence prior to January 1, 2019 were not reassessed under new accounting guidance. Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen. Revenue Recognition The Company’s revenue is typically generated from contracts to sell oil, natural gas and NGLs produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. These contracts frequently meet the definition of a derivative under Accounting Standards Codification (“ASC”) 815, and are accounted for as derivatives unless the Company elects to treat them as normal sales as permitted under that guidance. The Company typically elects to treat contracts to sell oil, natural gas and NGL production as normal sales, which are then accounted for as contracts with customers. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. Gain or loss on derivative instruments is outside the scope of the revenue recognition standard and is not considered revenue from contracts with customers under that guidance. The Company may use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Producer Gas Imbalances. The Company applies the sales method of accounting for natural gas revenue. Under this method, revenues are recognized based on the actual volume of natural gas sold to purchasers. Natural gas production operations may include joint owners who take more or less than the production volumes entitled to them on certain properties. Production volume is monitored to minimize these natural gas imbalances. Under this method, a natural gas imbalance liability is recorded if the Company's excess takes of natural gas exceed its estimated remaining proved developed reserves for these properties at the actual price realized upon the gas sale. A receivable is recognized only to the extent an imbalance cannot be recouped from the reserves in the underlying properties. The Company’s aggregate imbalance positions at December 31, 2021 and 2020 were not material. Practical Expedients. The Company makes use of certain practical expedients provided under the revenue standard, including the value of unsatisfied performance obligations are not disclosed for (1) contracts with an original expected length of one year or less, (2) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, (3) contracts with variable consideration which is allocated entirely to a wholly unsatisfied performance obligation and meets the variable allocation criteria in the standard and (4) contracts that were not completed at transition. The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management's estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses a Black Scholes or Monte Carlo valuation model based on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow. Earnings per Share The Company calculates earnings per share recognizing that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, should be included in computing earnings per share using the two-class earnings allocation method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s unvested share-based payment awards, consisting of restricted stock, qualify as participating securities. The Company’s participating securities do not have a contractual obligation to share in the losses of the entity and, therefore, net losses are not allocated to them. Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received. Credit and Concentration Risk Substantially all of the Company's accounts receivable result from the sale of oil, natural gas and NGLs to third parties in the oil and gas industry and joint interest billings with other participants in joint operations. This concentration of purchasers and joint owners may impact the Company's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. During the year ended December 31, 2021, no customer accounted for more than 10 percent of the Company’s total sales. During the year ended December 31, 2020, three customers accounted for approximately 21 percent, 16 percent and 12 percent of the Company's total sales. During the year ended December 31, 2019, three customers accounted for approximately 17 percent, 16 percent and 16 percent of the Company's total sales. The Company does not believe that the loss of any of these customers would have a material adverse effect on it because alternative customers are readily available. If any one of the Company’s major customers were to stop purchasing the Company’s production, the Company believes there are a number of other purchasers to whom it could sell its production. If multiple significant customers were to stop purchasing the Company’s production, the Company believes there could be some initial challenges, but the Company believes it has ample alternative markets to handle any sales disruptions. The Company regularly monitors the creditworthiness of its customers and may require parent company guarantees, letters of credit or prepayments when necessary. Historically, losses associated with uncollectible receivables have been insignificant. Use of Estimates In preparing financial statements, the Company follows GAAP. These principles require 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 period. The most significant estimates pertain to proved oil and natural gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization, impairments of proved oil and gas properties and the fair value of oil and gas properties in purchase accounting. Other estimates include oil, natural gas and NGLs revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Cimarex Energy Co. On October 1, 2021, Coterra and Cimarex completed the Merger. Cimarex is an oil and gas exploration and production company with operations in Texas, New Mexico and Oklahoma. Upon the effectiveness of the Merger, each eligible share of Cimarex common stock was converted into the right to receive 4.0146 shares of common stock of the Company. Based on the closing price of Coterra's common stock on October 1, 2021, the total value of such shares of Coterra common stock was approximately $9.1 billion. Coterra and Cimarex intended for the Merger to qualify as a tax-free reorganization for U.S. federal income tax purposes. Also in accordance with the Merger Agreement with Cimarex and included as merger consideration, the Company issued 3.4 million shares of restricted stock to replace Cimarex restricted stock awards granted to certain employees. Because these restricted shares have non-forfeitable rights to dividends or dividend equivalents, the Company considers these shares as issued and outstanding shares of common stock. Purchase Price Allocation The transaction is being accounted for using the acquisition method of accounting, with the Company being treated as the accounting acquirer. Under the acquisition method of accounting, the assets, liabilities and mezzanine equity of Cimarex and its subsidiaries will be recorded at their respective fair values as of the effective date of the Merger. The purchase price allocation is substantially complete; however, it may be subject to change for up to one year after October 1, 2021, the effective date of the Merger. Determining the fair value of the assets and liabilities of Cimarex requires judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Cimarex's oil and gas properties and certain other fixed assets, long-term debt and derivative instruments. Oil and gas properties and certain fixed assets were valued using an income and market approach utilizing Level 3 inputs including internally generated production and development data and estimated price and cost estimates. Long-term debt was valued using a market approach utilizing Level 1 inputs including observable market prices on the underlying debt instruments. Derivative liabilities were based on Level 3 inputs consistent with the Company’s other commodity derivative instruments. Refer to Note 6, “Fair Value Measurements,” for additional information. The following table represents the preliminary allocation of the total purchase price of Cimarex to the identifiable assets acquired and the liabilities assumed based on the fair values as of the effective date of the Merger. (In millions, except share price and exchange ratio) Preliminary Purchase Price Allocation Consideration: Cimarex common stock issued as of October 1, 2021 103 Less unvested common stock (3) Total Cimarex common stock to be converted 100 Exchange ratio 4.0146 Coterra common stock issued in exchange for Cimarex common stock 403 Coterra common stock issued for Cimarex share awards vested on October 1, 2021 5 Total shares of Coterra common stock issued 408 Coterra common stock closing price on October 1, 2021 $ 22.25 Total value of Coterra common stock issued $ 9,083 Total value of Coterra stock options issued 15 Total value of Coterra restricted stock awards issued 22 Total consideration $ 9,120 Assets acquired: Cash and cash equivalents $ 1,033 Accounts receivable 598 Other current assets 31 Properties and equipment 13,300 Other assets 324 Total assets acquired $ 15,286 Liabilities and Mezzanine Equity assumed: Accounts payable $ 528 Accrued liabilities 258 Derivative instruments, current 382 Other current liabilities 83 Long-term debt 2,196 Deferred income taxes 2,201 Asset retirement obligation 162 Derivative instruments, noncurrent 7 Other liabilities 299 Cimarex redeemable preferred stock 50 Total liabilities and mezzanine equity assumed $ 6,166 Net assets acquired $ 9,120 Post-Acquisition Operating Results Cimarex contributed the following to the Company’s consolidated operating results. (in millions) October 1, 2021 through December 31, 2021 Revenue $ 1,129 Net income 394 Unaudited Pro Forma Financial Information The results of Cimarex’s operations have been included in the Company’s consolidated financial statements since October 1, 2021, the effective date of the Merger. The following supplemental pro forma information for the years ended December 31, 2021 and 2020 has been prepared to give effect to the Cimarex acquisition as if it had occurred on January 1, 2020. The information below reflects pro forma adjustments based on available information and certain assumptions that Coterra believes are factual and supportable. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by Coterra to integrate the Cimarex assets. The pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2020 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Year Ended December 31, (in millions, except per share information) 2021 2020 Pro forma revenue $ 5,236 $ 2,990 Pro forma net income 1,205 (2,189) Pro forma basic earnings per share $ 1.49 $ (2.71) Pro forma diluted earnings per share $ 1.48 $ (2.71) Other Information

Properties and Equipment, Net

Properties and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: December 31, (In millions) 2021 2020 Proved oil and gas properties $ 15,340 $ 7,069 Unproved oil and gas properties 5,316 50 Pipelines and gathering 395 — Land, buildings and other equipment 140 92 Finance lease right-of-use asset 20 — 21,211 7,211 Accumulated depreciation, depletion and amortization (3,836) (3,166) $ 17,375 $ 4,045 Capitalized Exploratory Well Costs As of and for the years ended December 31, 2021, 2020 and 2019, the Company did not have any projects with exploratory well costs capitalized for a period of greater than one year after drilling.

Debt and Credit Agreements

Debt and Credit Agreements	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements The Company's debt and credit agreements consisted of the following: December 31, (In millions) 2021 2020 Total debt 6.51% weighted-average private placement senior notes $ 37 $ 37 5.58% weighted-average private placement senior notes (1) 87 175 3.65% weighted-average private placement senior notes (2) 825 925 4.375% senior notes due June 1, 2024 750 — 3.90% senior notes due May 15, 2027 750 — 4.375% senior notes due March 15, 2029 500 — Revolving credit facility — — Net premium (discount) 185 — Unamortized debt issuance costs (9) (3) $ 3,125 $ 1,134 _______________________________________________________________________________ (1) Includes $88 million of current portion of long-term debt at December 31, 2020, which the Company repaid in January 2021. (2) Includes $100 million of current portion of long-term debt at December 31, 2020, which the Company repaid in September 2021. The Company has debt maturities in the next five years as follows: (in millions) 2022 2023 2024 2025 2026 Thereafter Debt maturities $ — $ 62 $ 1,325 $ — $ 312 $ 1,250 At December 31, 2021, the Company was in compliance with all financial covenants for both its revolving credit facility and senior notes. Private Placement Senior Notes The Company has various issuances of senior notes that were issued in separate private placements (the “private placement senior notes”). Interest on each of such series of private placement senior notes is payable semi-annually. Under the terms of the various note purchase agreements, the Company may prepay all or any portion of the notes of each series on any date at a price equal to the principal amount thereof plus accrued and unpaid interest plus a make-whole premium. The note purchase agreements provide that the Company must maintain a minimum annual coverage ratio of consolidated cash flow to interest expense for the trailing four quarters of 2.8 to 1.0 and require a maximum ratio of total debt to consolidated EBITDA for the trailing four quarters of not more than 3.0 to 1.0. There are also various other covenants and events of default customarily found in such debt instruments. 6.51% Weighted-Average Senior Notes In July 2008, the Company issued $425 million of senior unsecured notes to a group of 41 institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 245 10 years July 2018 6.44 % Tranche 2 $ 100 12 years July 2020 6.54 % Tranche 3 $ 80 15 years July 2023 6.69 % In May 2016, the Company repurchased $8 million of Tranche 1, $13 million of Tranche 2 and $43 million of Tranche 3 for a total of $64 million for $68 million. As of December 31, 2021, the Company has repaid $388 million of aggregate principal amount associated with the 6.51% weighted-average private placement senior notes. 5.58% Weighted-Average Senior Notes In December 2010, the Company issued $175 million of senior unsecured notes to a group of eight institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 88 10 years January 2021 5.42 % Tranche 2 $ 25 12 years January 2023 5.59 % Tranche 3 $ 62 15 years January 2026 5.80 % As of December 31, 2021, the Company has repaid $88 million of aggregate principal amount associated with the 5.58% weighted-average private placement senior notes. 3.65% Weighted‑Average Senior Notes In September 2014, the Company issued $925 million of senior unsecured notes to a group of 24 institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 100 7 years September 2021 3.24 % Tranche 2 $ 575 10 years September 2024 3.67 % Tranche 3 $ 250 12 years September 2026 3.77 % As of December 31, 2021, the Company has repaid $100 million of aggregate principal amount associated with the 3.65% weighted-average private placement senior notes. Cimarex Senior Notes The following table includes the summary of the Cimarex debt that was outstanding as of the consummation of the Merger on October 1, 2021 (the “Existing Cimarex Notes”): (In millions) Face Value Fair Value 4.375% senior notes due June 1, 2024 $ 750 $ 809 3.90% senior notes due May 15, 2027 750 823 4.375% senior notes due March 15, 2029 500 564 $ 2,000 $ 2,196 Exchange Offers On October 7, 2021 and after the completion of the Merger, the Company completed private offers to eligible holders to exchange (collectively, the “Exchange Offers”) $1.8 billion in aggregate principal of Existing Cimarex Notes for $1.8 billion in aggregate principal of new notes issued by Coterra (the “New Coterra Notes”) and $2 million of cash consideration. In connection with the Exchange Offers, Cimarex obtained consents to adopt certain amendments to each of the indentures governing the Existing Cimarex Notes to eliminate certain of the covenants, restrictive provisions and events of default from such indentures. The New Coterra Notes are general, unsecured, senior obligations of the Company and have substantially identical terms and covenants to the Existing Cimarex Notes (before giving effect to the amendments referred to in the immediately preceding sentence). The aggregate principal amount of Existing Cimarex Notes not exchanged, approximately $174 million, remained outstanding across the three series of Existing Cimarex Notes. The New Coterra Notes consist of $706 million aggregate principal amount of 4.375% Senior Notes due 2024, $687 million aggregate principal amount of 3.90% Senior Notes due 2027 and $433 million aggregate principal amount of 4.375% Senior Notes due 2029. Revolving Credit Agreement On April 22, 2019, the Company entered into a second amended and restated credit agreement (the “revolving credit agreement”). The revolving credit agreement is unsecured. The revolving credit agreement was subsequently amended on July 17, 2021 to address certain matters precedent to the Merger with Cimarex and on September 16, 2021 to among other things: (1) remove the provisions which limited borrowings thereunder to an amount not to exceed the borrowing base and certain related provisions; (2) replace the then-existing financial maintenance covenants with a covenant requiring maintenance of a leverage ratio not more than 3.0 to 1.0; (3) provide that if, in the future, the Company no longer has any other indebtedness subject to a leverage-based financial maintenance covenant, then the leverage covenant shall be replaced by a covenant requiring maintenance of a ratio of total debt to total capitalization not to exceed 65 percent at any time; and (4) provide for changes to certain exceptions to the negative covenants to reflect the completion of the Merger. This amendment became effective upon completion of the Merger and closing of the debt exchange described above. The Company's revolving credit facility matures in April 2024 and can be extended by one year upon the agreement of the Company and lenders holding at least 50 percent of the commitments under the revolving credit facility. Interest rates under the revolving credit facility are based on LIBOR or ABR indications, plus a margin which ranges from 112.5 to 175 basis points for LIBOR loans and from 12.5 to 75 basis points for ABR loans. The revolving credit facility also provides for a commitment fee on the unused available balance and is calculated at annual rates ranging from 12.5 to 27.5 basis points. From time to time, the Company uses the LIBOR benchmark rate for borrowings under its revolving credit facility. In July 2017, the U.K. Financial Conduct Authority (“FCA”) announced that it will no longer compel banks to submit rates that are currently used to calculate LIBOR after 2021. Subsequently in March 2021, the FCA announced some U.S. Dollar LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for U.S. Dollar LIBOR. The Company’s revolving credit facility has a term that extends beyond June 30, 2023. The Company’s revolving credit facility also provides that in the event that the LIBOR benchmark rate is no longer available, the Company and its lenders will endeavor to establish an alternative interest rate based on the then prevailing market convention for purposes of LIBOR borrowings. The Company currently has no borrowings outstanding under its revolving credit facility and does not expect the transition to an alternative rate to have a material impact on its results of operations or cash flows. At December 31, 2021, there were no borrowings outstanding under the Company's revolving credit facility and unused commitments were $1.5 billion.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As of December 31, 2021, the Company had the following outstanding financial commodity derivatives: Collars Swaps Floor Ceiling Basis Swaps Roll Swaps Type of Contract Volume (Mbbl) Contract Period Range ($/Bbl) Weighted- Average ($/Bbl) Range ($/Bbl) Weighted- Average ($/Bbl) Weighted- Average ($/Bbl) Weighted- Average ($/Bbl) Crude oil (WTI) 630 Jan. 2022-Mar. 2022 $— $ 35.00 $45.15-$45.40 $ 45.28 Crude oil (WTI) 1,629 Jan. 2022-Jun. 2022 $35.00-$37.50 $ 36.11 $48.38-$51.10 $ 49.97 Crude oil (WTI) 2,730 Jan. 2022-Sep. 2022 $— $ 40.00 $47.55-$50.89 $ 49.19 Crude oil (WTI) 2,920 Jan. 2022-Dec. 2022 $— $ 57.00 $72.20-$72.80 $ 72.43 Crude oil (WTI Midland) (1) 630 Jan. 2022-Mar. 2022 $ 0.11 Crude oil (WTI Midland) (1) 1,448 Jan. 2022-Jun. 2022 $ 0.25 Crude oil (WTI Midland) (1) 1,911 Jan. 2022-Sep. 2022 $ 0.38 Crude oil (WTI Midland) (1) 2,920 Jan. 2022-Dec. 2022 $ 0.05 Crude oil (WTI) 630 Jan. 2022-Mar. 2022 $ (0.24) Crude oil (WTI) 724 Jan. 2022-Jun. 2022 $ (0.20) Crude oil (WTI) 1,911 Jan. 2022-Sep. 2022 $ 0.10 ________________________________________________________ (1) The index price the Company pays under these basis swaps is WTI Midland, as quoted by Argus Americas Crude. Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Natural gas (NYMEX) 36,000,000 Jan. 2022-Mar. 2022 $4.00 - $4.75 $ 4.38 $5.00 - $10.32 $ 6.97 Natural gas (NYMEX) 42,800,000 Apr. 2022 - Oct. 2022 $3.00 - $3.50 $ 3.19 $4.07 - $4.83 $ 4.30 Natural gas (Perm EP) (1) 1,800,000 Jan. 2022-Mar. 2022 $1.80 - $1.90 $ 1.85 $2.18 - $2.19 $ 2.18 Natural gas (Perm EP) (1) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.85 - $2.90 $ 2.88 Natural gas (Perm EP) (1) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.50 $ — $ 3.15 Natural gas (PEPL) (2) 3,600,000 Jan. 2022-Mar. 2022 $1.90 - $2.10 $ 2.00 $2.35 - $2.44 $ 2.40 Natural gas (PEPL) (2) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.81 - $2.91 $ 2.86 Natural gas (PEPL) (2) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.60 $ — $ 3.27 Natural gas (Waha) (3) 3,600,000 Jan. 2022-Mar. 2022 $1.70 - $1.84 $ 1.77 $2.10 - $2.20 $ 2.15 Natural gas (Waha) (3) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.82 - $2.89 $ 2.86 Natural gas (Waha) (3) 2,730,000 Jan. 2022-Sep. 2022 $ — $ 2.40 $ — $ 2.77 Natural gas (Waha) (3) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.50 $ — $ 3.12 ________________________________________________________ (1) The index price for these collars is El Paso Natural Gas Company, Permian Basin Index (“Perm EP”), as quoted in Platt’s Inside FERC. (2) The index price for these collars is Panhandle Eastern Pipe Line, Tex/OK Mid-Continent Index (“PEPL”), as quoted in Platt’s Inside FERC. (3) The index price for these collars is Waha West Texas Natural Gas Index (“Waha”), as quoted in Platt’s Inside FERC. In early 2022, the Company entered into the following outstanding financial commodity derivatives: Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted- Range Weighted- Natural gas (NYMEX) 71,500,000 Apr. 2022-Dec. 2022 $3.50 - $4.25 $ 3.84 $4.75 - $6.65 $ 5.39 Natural gas (NYMEX) 10,700,000 Apr. 2022-Oct. 2022 $ — $ 4.00 $5.60 - $5.69 $ 5.63 Natural gas (NYMEX) 7,550,000 Nov. 2022-Mar. 2023 $ — $ 4.00 $7.06 - $7.10 $ 7.08 Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In millions) Balance Sheet Location 2021 2020 2021 2020 Commodity contracts Derivative instruments (current) $ 7 $ 26 $ 159 $ — Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2021 2020 Derivative assets Gross amounts of recognized assets $ 27 $ 26 Gross amounts offset in the consolidated balance sheet (20) — Net amounts of assets presented in the consolidated balance sheet 7 26 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 7 $ 26 Derivative liabilities Gross amounts of recognized liabilities $ 179 $ — Gross amounts offset in the consolidated balance sheet (20) — Net amounts of liabilities presented in the consolidated balance sheet 159 — Gross amounts of financial instruments not offset in the consolidated balance sheet 35 — Net amount $ 194 $ — Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In millions) 2021 2020 2019 Cash (paid) received on settlement of derivative instruments Gas contracts $ (307) $ 35 $ 139 Oil contracts (124) — — Non-cash (loss) gain on derivative instruments Gas contracts 99 26 (58) Oil contracts 111 — — $ (221) $ 61 $ 81 Additional Disclosures about Derivative Instruments The use of derivative instruments involves the risk that the counterparties will be unable to meet their obligations under the agreements. The Company's counterparties are primarily commercial banks and financial service institutions that management believes present minimal credit risk and its derivative contracts are with multiple counterparties to minimize its exposure to any individual counterparty. The Company performs both quantitative and qualitative assessments of these counterparties based on their credit ratings and credit default swap rates where applicable. Certain counterparties to the Company's derivative instruments are also lenders under its revolving credit facility. The Company's revolving credit facility and derivative instruments contain certain cross default and acceleration provisions that may require immediate payment of the Company’s liabilities thereunder if the Company defaults on other material indebtedness. The Company also has netting arrangements with each of its counterparties that allow it to offset assets and liabilities from separate derivative contracts with that counterparty.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Assets and Liabilities The following fair value hierarchy table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis: (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 47 $ — $ — $ 47 Derivative instruments — — 27 27 Total assets $ 47 $ — $ 27 $ 74 Liabilities Deferred compensation plan $ 56 $ — $ — $ 56 Derivative instruments — — 179 179 Total liabilities $ 56 $ — $ 179 $ 235 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 22 $ — $ — $ 22 Derivative instruments — 2 24 26 Total assets $ 22 $ 2 $ 24 $ 48 Liabilities Deferred compensation plan $ 31 $ — $ — $ 31 Derivative instruments — — — — Total liabilities $ 31 $ — $ — $ 31 The Company's investments associated with its deferred compensation plan consist of mutual funds and deferred shares of the Company's common stock that are publicly traded and for which market prices are readily available. The derivative instruments were measured based on quotes from the Company's counterparties or internal models. Such quotes and models have been derived using an income approach that considers various inputs, including current market and contractual prices for the underlying instruments, quoted forward commodity prices, basis differentials, volatility factors and interest rates for a similar length of time as the derivative contract term as applicable. Estimates are derived from or verified using relevant NYMEX futures contracts and/or are compared to multiple quotes obtained from counterparties for reasonableness. The determination of the fair values presented above also incorporates a credit adjustment for non-performance risk. The Company measured the non-performance risk of its counterparties by reviewing credit default swap spreads for the various financial institutions with which it has derivative contracts while non-performance risk of the Company is evaluated using a market credit spread provided by several of the Company's banks. The Company has not incurred any losses related to non-performance risk of its counterparties and does not anticipate any material impact on its financial results due to non-performance by third parties. The most significant unobservable inputs relative to the Company's Level 3 derivative contracts are basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties' valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In millions) 2021 2020 2019 Balance at beginning of period $ 24 $ — $ 22 Total gain (loss) included in earnings (532) 41 25 Settlement (gain) loss 356 (17) (47) Transfers in and/or out of Level 3 — — — Balance at end of period $ (152) $ 24 $ — Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (154) $ 24 $ — Non-Financial Assets and Liabilities The Company discloses or recognizes its non-financial assets and liabilities, such as impairments of oil and gas properties or acquisitions, at fair value on a nonrecurring basis. On October 1, 2021, the Company and Cimarex completed the Merger. In connection with the Merger, the assets acquired and liabilities assumed were recorded at fair value. The most significant fair value determinations for non-financial assets and liabilities related to oil and gas properties acquired. Refer to Note 2, “Acquisitions,” for additional information. As none of the Company's other non-financial assets and liabilities were measured at fair value as of December 31, 2021, 2020 and 2019, additional disclosures were not required. The estimated fair value of the Company's asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company's credit risk, the time value of money, and the current economic state to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is the amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheet for cash and cash equivalents and restricted cash approximate fair value due to the short-term maturities of these instruments. Cash and cash equivalents and restricted cash are classified as Level 1 in the fair value hierarchy and the remaining financial instruments are classified as Level 2. The fair value of the New Coterra Notes and Existing Cimarex Notes is based on quoted market prices, which is classified as Level 1 in the fair value hierarchy. We use available market data and valuation methodologies to estimate the fair value of our private placement senior notes. The fair value of the private placement senior notes is the estimated amount we would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is our default or repayment risk. The credit spread (premium or discount) is determined by comparing our senior notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The fair value of the private placement senior notes is based on interest rates currently available to us. The Company’s private placement senior notes are valued using an income approach and are classified as Level 3 in the fair value hierarchy. The carrying amount and fair value of debt is as follows: December 31, 2021 December 31, 2020 (In millions) Carrying Estimated Carrying Estimated Long-term debt $ 3,125 $ 3,163 $ 1,134 $ 1,214 Current maturities — — (188) (189) Long-term debt, excluding current maturities $ 3,125 $ 3,163 $ 946 $ 1,025

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Activity related to the Company's asset retirement obligations is as follows: Year Ended December 31, (In millions) 2021 2020 Balance at beginning of period $ 86 $ 72 Liabilities assumed in Merger 175 — Liabilities incurred 6 10 Liabilities settled (10) — Accretion expense 6 4 Balance at end of period 263 86 Less: current asset retirement obligation (4) (1) Noncurrent asset retirement obligation $ 259 $ 85

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Transportation, Processing and Gathering Agreements Transportation, Processing and Gathering Commitments The Company has entered into certain transportation and gathering agreements with various pipeline carriers. Under certain of these agreements, the Company is obligated to ship minimum daily quantities, or pay for any deficiencies at a specified rate. The Company's forecasted production to be shipped on these pipelines is expected to exceed minimum daily quantities provided in the agreements. The Company is also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity utilized by the Company. If the Company does not utilize the capacity, it can release it to others, thus reducing its potential liability. As of December 31, 2021, the Company's future minimum obligations under transportation and gathering agreements are as follows: (In millions) 2022 $ 101 2023 138 2024 156 2025 159 2026 143 Thereafter 1,047 $ 1,744 Other Gathering and Processing Volume Commitments The Company has entered into certain gas processing agreements. Under certain of these agreements, the Company is obligated to process minimum daily quantities, or pay for any deficiencies at a specified rate. The Company's forecasted production to be processed under most of these agreements is expected to exceed minimum daily quantities provided in the agreements. As of December 31, 2021, the Company's future minimum obligations under gas processing agreements are as follows: (In millions) 2022 $ 88 2023 93 2024 96 2025 95 2026 84 Thereafter 231 $ 687 As of December 31, 2021, the Company had accrued $9 million in other non-current liabilities associated with these commitments, representing the present value of estimated amounts payable due to insufficient forecasted delivery volumes. The Company also has minimum volume delivery commitments associated with agreements to reimburse connection costs to various pipelines. Under certain of these agreements, the Company is obligated to deliver minimum daily quantities, or pay for any deficiencies at a specified rate. The Company's forecasted production to be delivered under most of these agreements is expected to exceed minimum daily quantities provided in the agreements. As of December 31, 2021, the Company's future minimum obligations under these delivery commitments are as follows: (In millions) 2022 $ 3 2023 13 2024 12 2025 7 2026 14 Thereafter 15 $ 64 As of December 31, 2021, the Company had accrued $10 million in other non-current liabilities associated with these commitments, representing the present value of estimated amounts payable due to insufficient forecasted delivery volumes. Water Delivery Commitments The Company has minimum volume water delivery commitments associated with a water services agreement that expires in 2030. The Company is obligated to deliver minimum daily quantities, or pay for any deficiencies at a specified rate. As of December 31, 2021, the Company's future minimum obligations under this water delivery commitment are as follows: (In millions) 2022 $ 7 2023 7 2024 7 2025 6 2026 6 Thereafter 25 $ 58 As of December 31, 2021, the Company had accrued $21 million in other non-current liabilities associated with this commitment, representing the present value of estimated amounts payable due to insufficient forecasted delivery volumes. Lease Commitments The Company has operating leases for office space, surface use agreements, compressor services and other leases. The leases have remaining terms ranging from one month to 24 years, including options to extend leases that the Company is reasonably certain to exercise. During the year ended December 31, 2021, the Company recognized operating lease cost and variable lease cost of $23 million and $6 million, respectively. During the year ended December 31, 2020, the Company recognized operating lease cost and variable lease cost of $5 million and $1 million, respectively. Short-term leases. The Company leases drilling rigs, fracturing and other equipment under lease terms ranging from 30 days to one year. Lease cost of $113 million and $26 million was recognized on short-term leases during the year ended December 31, 2021 and 2020, respectively. Certain lease costs are capitalized and included in Properties and equipment, net in the Consolidated Balance Sheet because they relate to drilling and completion activities, while other costs are expensed because they relate to production and administrative activities. As of December 31, 2021, the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In millions) Year Ending December 31, 2022 $ 75 2023 75 2024 72 2025 58 2026 14 Thereafter 50 Total undiscounted future lease payments 344 Present value adjustment (27) Net operating lease liabilities $ 317 As of December 31, 2021, the Company’s future undiscounted minimum cash payment obligations for its financing lease liabilities are as follows: (In millions) Year Ending December 31, 2022 $ 6 2023 6 2024 6 2025 4 2026 — Thereafter — Total undiscounted future lease payments 22 Present value adjustment (1) Net financing lease liabilities $ 21 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23 $ 5 Financing cash flows from financing leases $ 2 $ — Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: December 31, 2021 2020 Weighted-average remaining lease term (in years) Operating leases 5.7 11.1 Financing leases 3.7 — Weighted-average discount rate Operating leases 2.4 % 5.0 % Financing leases 2.1 % — % In May 2021, the Company entered in a lease for the use of an electric hydraulic fracturing fleet, pursuant to which the Company must use such hydraulic fracturing fleet and the personnel and other equipment required to use the fleet for a period of four years. The lessor is constructing the fleet and the lease will commence on the earlier of the commencement of field activity or June 30, 2022. Upon commencement of the lease, the Company expects to record a lease liability and right-of-use asset of between $150 million and $160 million. Legal Matters Pennsylvania Office of Attorney General Matter In June 2020, the Office of Attorney General of the Commonwealth of Pennsylvania informed the Company that it will pursue certain misdemeanor and felony charges in a Susquehanna County Magisterial District Court against the Company related to alleged violations of the Pennsylvania Clean Streams Law, which prohibits discharge of industrial wastes. The Company is vigorously defending itself against such charges; however, the proceedings could result in fines or penalties against the Company. At this time, it is not possible to estimate the amount of any fines or penalties, or the range of such fines or penalties, that are reasonably possible in this case. Securities Litigation In October 2020, a class action lawsuit styled Delaware County Emp. Ret. Sys. v. Cabot Oil and Gas Corp., et. al. (U.S. District Court, Middle District of Pennsylvania), was filed against the Company, Dan O. Dinges, its then Chief Executive Officer, and Scott C. Schroeder, its Chief Financial Officer, alleging that the Company made misleading statements in its periodic filings with the SEC in violation of Section 10(b) and Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The plaintiffs allege misstatements in the Company’s public filings and disclosures over a number of years relating to its potential liability for alleged environmental violations in Pennsylvania. The plaintiffs allege that such misstatements caused a decline in the price of the Company’s common stock when it disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 two notices of violations from the Pennsylvania Department of Environmental Protection and an additional decline when it disclosed on June 15, 2020 the criminal charges brought by the Office of the Attorney General of the Commonwealth of Pennsylvania related to alleged violations of the Pennsylvania Clean Streams Law, which prohibits discharge of industrial wastes. The court appointed Delaware County Employees Retirement System to represent the purported class on February 3, 2021. In April 2021, the complaint was amended to include Phillip L. Stalnaker, the Company’s then Senior Vice President of Operations, as a defendant. The plaintiffs seek monetary damages, interest and attorney’s fees. Also in October 2020, a stockholder derivative action styled Ezell v. Dinges, et. al. (U.S. District Court, Middle District of Pennsylvania), was filed against the Company, Messrs. Dinges and Schroeder and the Board of Directors of the Company serving at that time, for alleged securities violations under Section 10(b) and Section 21D of the Exchange Act arising from the same alleged misleading statements that form the basis of the class action lawsuit described above. In addition to the Exchange Act claims, the derivative actions also allege claims based on breaches of fiduciary duty and statutory contribution theories. On December 9, 2020, the Ezell case was consolidated with a second derivative case with similar allegations. In January 2021, a third derivative case was filed with substantially similar allegations and it too was consolidated with the Ezell case in February 2021. On February 25, 2021, the Company filed a motion to transfer the class action lawsuit to the U.S. District Court for the Southern District of Texas, in Houston, Texas, where its headquarters are located. On June 11, 2021, the Company filed a motion to dismiss the class action lawsuit on the basis that the plaintiffs’ allegations do not meet the requirements for pleading a claim under Section 10(b) or Section 20 of the Exchange Act. On June 22, 2021, the motion to transfer the class action lawsuit to the Southern District of Texas was granted. Pursuant to the prior agreement of the parties, the consolidated derivative case discussed in the preceding paragraph was also transferred to the Southern District of Texas on July 12, 2021. Subsequently, an additional stockholder derivative action styled Treppel Family Trust U/A 08/18/18 Lawrence A. Treppel and Geri D. Treppel for the benefit of Geri D. Treppel and Larry A. Treppel v. Dinges, et al. (U.S. District Court, Southern District of Texas, Houston Division), asserting substantially similar Delaware common law claims as in the existing derivative cases, was filed in the Southern District of Texas and consolidated with the existing consolidated derivative cases. On January 12, 2022, the U.S. District Court for the Southern District of Texas granted the Company’s motion to dismiss the class action lawsuit but has allowed the plaintiffs to file an amended complaint. The class action plaintiffs filed their amended complaint on February 11, 2022. The Company anticipates filing a motion to dismiss the amended complaint. The motion to dismiss the derivative actions remain pending. The Company intends to vigorously defend the class action and derivative lawsuits. In November 2020, the Company received a stockholder demand for inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware (“Section 220 Demand”). The Section 220 Demand seeks broad categories of documents reviewed by the Board of Directors and minutes of meetings of the Board of Directors pertaining to alleged environmental violations in Pennsylvania, as well as documents relating to any Board of Directors conflicts of interest, dating back to January 1, 2015. The Company also received three other similar requests from other stockholders in February and June 2021. On May 17, 2021, the Company was served with a complaint filed in the Court of Chancery of the State of Delaware by the stockholder making the February 2021 Section 220 Demand to compel the production of books and records requested. After making an agreed books and records production, the Section 220 complaint was voluntarily dismissed effective September 21, 2021. The Company also provided substantially the same books and records production in response to the other three Section 220 requests described above. It is possible that one or more additional stockholder suits could be filed pertaining to the subject matter of the Section 220 Demands and the class and derivative actions described above. Other The Company is a defendant in various other legal proceedings arising in the normal course of business. All known liabilities are accrued when management determines they are probable based on its best estimate of the potential loss. While the outcome and impact of these legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings will not have a material effect on the Company's financial position, results of operations or cash flows. Contingency Reserves When deemed necessary, the Company establishes reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible that the Company could incur additional losses with respect to those matters for which reserves have been established. The Company believes that any such amount above the amounts accrued would not be material to the Consolidated Financial Statements. Future changes in facts and circumstances not currently foreseeable could result in the actual liability exceeding the estimated ranges of loss and amounts accrued.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In millions) 2021 2020 2019 OPERATING REVENUES Natural gas $ 2,798 $ 1,405 $ 1,985 Oil 616 — — NGL 243 — — Other 13 — — Total revenues from contracts with customers $ 3,670 $ 1,405 $ 1,985 All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer and generated in the U.S. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company’s product sales contracts are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of December 31, 2021, the Company has $7.7 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. The Company expects to recognize these obligations over periods ranging from two Contract Balances

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is summarized as follows: Year Ended December 31, (In millions) 2021 2020 2019 Current Federal $ 207 $ (32) $ (29) State 11 1 4 218 (31) (25) Deferred Federal 119 68 233 State 7 4 11 126 72 244 Income tax expense $ 344 $ 41 $ 219 Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2021 2020 2019 (In millions, except rates) Amount Rate Amount Rate Amount Rate Computed “expected” federal income tax $ 315 21.00 % $ 51 21.00 % $ 189 21.00 % State income tax, net of federal income tax benefit 24 1.59 % 5 1.86 % 15 1.64 % Deferred tax adjustment related to change in overall state tax rate (7) (0.46) % 1 0.50 % (1) (0.07) % Valuation allowance 3 0.22 % (4) (1.58) % 18 1.96 % Excess executive compensation 15 1.03 % 5 2.18 % 2 0.21 % Reserve on uncertain tax positions 1 0.05 % 6 2.47 % — — % Tax credits generated (6) (0.39) % (23) (9.63) % — — % Other, net (1) (0.14) % — 0.04 % (4) (0.40) % Income tax expense $ 344 22.90 % $ 41 16.84 % $ 219 24.34 % In 2021, the Company's overall effective tax rate increased compared to 2020, primarily due to lower research and development tax credit benefits recorded in 2021 compared to 2020. The overall effective tax rate decreased in 2020 compared to 2019, primarily due to research and development tax credit benefits recorded in 2020 related to amended prior-year returns. The composition of net deferred tax liabilities is as follows: December 31, (In millions) 2021 2020 Deferred Tax Assets Net operating losses $ 388 $ 22 Incentive compensation 23 16 Deferred compensation 22 6 Post-retirement benefits 8 7 Capital loss carryforward 30 17 Other credit carryforwards 10 — Leases 11 8 Derivative instruments 35 — Other 18 3 Less: valuation allowance (177) (28) Total 368 51 Deferred Tax Liabilities Properties and equipment 3,459 810 Equity method investments 1 1 Leases 9 8 Derivative instruments — 6 Total 3,469 825 Net deferred tax liabilities $ 3,101 $ 774 On October 1, 2021, Coterra and Cimarex completed the Merger. For U.S. federal income tax purposes, Coterra and Cimarex intended for the Merger to qualify as a tax-free reorganization, whereby Coterra acquired the common stock of Cimarex and Cimarex retained a carryover tax basis in Cimarex’s assets and liabilities. As of December 31, 2021, the Company recorded a net deferred tax liability of $2.2 billion to reflect the difference between the fair value of Cimarex’s assets and liabilities recorded in the acquisition and the income tax basis of the assets and liabilities assumed. See Note 2 “Acquisitions” for more information regarding the preliminary purchase price allocation. The deferred tax liability includes certain deferred tax assets net of valuation allowances. Because the Merger resulted in an “ownership change” with respect to Cimarex, the Company’s ability to utilize Cimarex’s federal tax attributes will be limited pursuant to Section 382 of the Internal Revenue Code. In particular, the Company’s ability to use the Cimarex net operating losses (“NOLs”) and credits is limited to an annual amount (determined by multiplying (1) the fair market value of Cimarex’s stock at the effective time of the Merger by (2) the long-term tax exempt rate published by the Internal Revenue Service for the month in which the Merger occurred) plus any built-in gains recognized within five years after the ownership change (but only to the extent of the net unrealized built-in gain that existed at the time of the ownership change). The annual limitation amount is $130 million and the net unrealized built-in gain is projected to be $2.8 billion. The Cimarex federal NOLs were approximately $1.3 billion at the date of the Merger and do not begin to expire until 2034. Even with the Section 382 limitation, the Company expects to be able to fully utilize the Cimarex NOLs prior to their expiration. Accordingly, no additional valuation allowance has been recorded on these acquired tax attributes. At December 31, 2021, the Company had federal NOL carryforwards of approximately $1.1 billion, $875 million of which is subject to expiration in years 2034 through 2037, and $224 million of which is not subject to expiration. The Company believes that the carryforward, net of valuation allowance, will be utilized before it expires. The Company had gross state NOL carryforwards of $3.0 billion at December 31, 2021, primarily expiring between 2022 and 2041, with all but $69 million covered by a valuation allowance. The Company had capital loss carryforwards of $135 million, which can only be used to offset future capital gains, of which $64 million expires in 2022 and $71 million expires in 2025. The Company also had enhanced oil recovery and marginal well credits of $10 million at December 31, 2021. As of December 31, 2021, the Company had $136 million of valuation allowances on the deferred tax benefits related to state NOLs, $29 million of valuation allowances on the deferred tax benefits related to the capital loss carryforwards, and $4 million of valuation allowances on the deferred tax benefits related to enhanced oil recovery credits. The Company believes it is more likely than not that the remainder of its deferred tax benefits will be utilized prior to their expiration. Unrecognized Tax Benefits A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Balance at beginning of period $ 6 $ 1 $ 17 Additions for tax positions of current period 1 — — Additions for tax positions of prior periods — 5 — Reductions for tax positions of prior periods — — (16) Balance at end of period $ 7 $ 6 $ 1 During 2021, the Company recorded a $1 million reserve for unrecognized tax benefits related to estimated current year research and development tax credits. As of December 31, 2021, the Company's overall net reserve for unrecognized tax positions was $7 million, with a $1 million liability for accrued interest on the uncertain tax positions. If recognized, the net tax benefit of $7 million would not have a material effect on the Company's effective tax rate. The Company files income tax returns in the U.S. federal, various states and other jurisdictions. The Company is no longer subject to examinations by state authorities before 2012 or by federal authorities before 2017. The Company believes that appropriate provisions have been made for all jurisdictions and all open years, and that any assessment on these filings will not have a material impact on the Company's financial position, results of operations or cash flows.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Postretirement Benefits The Company provides certain health care benefits for legacy retired employees of Cabot Oil & Gas Corporation, including their spouses, eligible dependents and surviving spouses (retirees). These benefits are commonly called postretirement benefits. The health care plans are contributory, with participants' contributions adjusted annually. Most legacy employees of Cabot Oil & Gas Corporation become eligible for these benefits if they meet certain age and service requirements at retirement. The Company provided postretirement benefits to 364 retirees and their dependents at the end of 2021 and 337 retirees and their dependents at the end of 2020. Obligations and Funded Status The funded status represents the difference between the accumulated benefit obligation of the Company's postretirement plan and the fair value of plan assets at December 31. The postretirement plan does not have any plan assets; therefore, the unfunded status is equal to the amount of the December 31 accumulated benefit obligation. The change in the Company's postretirement benefit obligation is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Change in Benefit Obligation Benefit obligation at beginning of period $ 33 $ 34 $ 30 Service cost 2 2 2 Interest cost 1 1 1 Actuarial (gain) loss 1 (2) 3 Benefits paid (2) (2) (2) Benefit obligation at end of period $ 35 $ 33 $ 34 Change in Plan Assets Fair value of plan assets at end of period — — — Funded status at end of period $ (35) $ (33) $ (34) Amounts Recognized in the Balance Sheet Amounts recognized in the balance sheet consist of the following: December 31, (In millions) 2021 2020 2019 Current liabilities $ 2 $ 2 $ 2 Non-current liabilities 33 31 32 $ 35 $ 33 $ 34 Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Amounts recognized in accumulated other comprehensive income (loss) consist of the following: December 31, (In millions) 2021 2020 2019 Net actuarial (gain) loss $ — $ — $ 2 Prior service cost (2) (3) (4) $ (2) $ (3) $ (2) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In millions) 2021 2020 2019 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Amortization of prior service cost (1) (1) (1) Net periodic postretirement cost $ 2 $ 2 $ 2 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net (gain) loss $ — $ (2) $ 3 Amortization of prior service cost 1 1 1 Total recognized in other comprehensive income 1 (1) 4 Total recognized in net periodic benefit cost (income) and other comprehensive income $ 3 $ 1 $ 6 Assumptions Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2021 2020 2019 Discount rate (1) 2.85 % 2.65 % 3.50 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 6.50 % 6.75 % 7.00 % Health care cost trend rate for medical benefits assumed for next year (post-65) 4.75 % 5.00 % 5.25 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2021, 2020 and 2019, respectively, the beginning of year discount rates of 2.65 percent, 3.50 percent and 4.45 percent were used. Coverage provided to participants age 65 and older is under a fully-insured arrangement. The Company subsidy is limited to 60 percent of the expected annual fully-insured premium for participants age 65 and older. For all participants under age 65, the Company subsidy for all retiree medical and prescription drug benefits, beginning January 1, 2006, was limited to an aggregate annual amount not to exceed $648,000. This limit increases by 3.5 percent annually thereafter. Cash Flows Contributions. The Company expects to contribute approximately $2 million to the postretirement benefit plan in 2022. Estimated Future Benefit Payments. The following estimated benefit payments under the Company's postretirement plans, which reflect expected future service, are expected to be paid as follows: (In millions) 2022 $ 2 2023 2 2024 2 2025 2 2026 2 Years 2027 - 2031 7 Savings Investment Plan The Company has a Savings Investment Plan (“SIP”), which is a defined contribution plan. The Company matches a portion of employees' contributions in cash. Participation in the SIP is voluntary and all regular employees of the Company are eligible to participate. The Company matches employee contributions dollar-for-dollar, up to the maximum Internal Revenue Service (“IRS”) limit, on the first six percent of an employee's pretax earnings. The SIP also provides for discretionary profit sharing contributions in an amount equal to 10 percent of an eligible plan participant's salary and bonus. In connection with the Merger, the Company assumed the Cimarex Energy Co. 401(k) Plan (the “401(k) Plan”) with respect to Cimarex employees. The Company expects to maintain this plan throughout the integration process. Participation in the 401(k) Plan is voluntary and all regular Cimarex employees are eligible to participate. The Company matches employee contributions dollar-for-dollar, up to the maximum IRS limit, on the first seven percent of an employee's pretax earnings. The 401(k) Plan also provides for certain discretionary contributions. No such employer discretionary contributions were made in 2021. During the years ended December 31, 2021, 2020 and 2019, the Company made contributions of $7 million, $6 million and $6 million, respectively, which are included in general and administrative expense in the Consolidated Statement of Operations. The Company's common stock is an investment option within the SIP and the 401(k) Plan. Deferred Compensation Plans The Company has a deferred compensation plan which is available to officers and certain members of the Company's management group and acts as a supplement to the SIP. The Internal Revenue Code does not cap the amount of compensation that may be taken into account for purposes of determining contributions to the deferred compensation plan and does not impose limitations on the amount of contributions to the deferred compensation plan. At the present time, the Company anticipates making a contribution to the deferred compensation plan on behalf of a participant in the event that Internal Revenue Code limitations cause a participant to receive less than the Company matching contribution under the SIP. The assets of the deferred compensation plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. Under the deferred compensation plan, the participants direct the deemed investment of amounts credited to their accounts. The trust assets are invested in either mutual funds that cover the investment spectrum from equity to money market, or may include holdings of the Company's common stock, which is funded by the issuance of shares to the trust. The mutual funds are publicly traded and have market prices that are readily available. The Company's common stock is not currently an investment option in the deferred compensation plan. Shares of the Company's stock currently held in the deferred compensation plan represent vested performance share awards that were previously deferred into the rabbi trust. Settlement payments are made to participants in cash, either in a lump sum or in periodic installments. The market value of the trust assets, excluding the Company's common stock, was $47 million and $22 million at December 31, 2021 and 2020, respectively, and is included in other assets in the Consolidated Balance Sheet. Related liabilities, including the Company's common stock, totaled $56 million and $31 million at December 31, 2021 and 2020, respectively, and are included in other liabilities in the Consolidated Balance Sheet. With the exception of the Company's common stock, there is no impact on earnings or earnings per share from the changes in market value of the deferred compensation plan assets because the changes in market value of the trust assets are offset completely by changes in the value of the liability, which represents trust assets belonging to plan participants. As of December 31, 2021 and 2020, 495,774 shares of the Company's common stock were held in the rabbi trust, respectively. These shares were recorded at the market value on the date of deferral, which totaled $5 million and $5 million at December 31, 2021 and 2020, respectively, and is included in additional paid-in capital in stockholders' equity in the Consolidated Balance Sheet. The Company recognized compensation expense (benefit) of $1 million, $(1) million and $(2) million in 2021, 2020 and 2019, respectively, which is included in general and administrative expense in the Consolidated Statement of Operations representing the increase (decrease) in the closing price of the Company's shares held in the trust. The Company's common stock issued to the trust is not considered outstanding for purposes of calculating basic earnings per share, but is considered a common stock equivalent in the calculation of diluted earnings per share. On September 30, 2021, certain executives of the Company entered into letter agreements whereby, in exchange for the cancellation of their rights under their change-in-control agreements and the non-competition and non-solicitation provisions contained in the letter agreements, each such executive would receive a contribution into his or her deferred compensation account at the effective time of the Merger. On October 1, 2021, the Company made deferred contribution payments totaling approximately $19 million into such executives’ deferred compensation accounts. All of such contributions are fully vested. In connection with the Merger, the Company assumed the Cimarex deferred compensation plan. The market value of the trust assets and related liabilities was $27 million at the effective date of the Merger, October 1, 2021. Subsequent to the completion of the Merger, in October 2021, the Company distributed $27 million to the plan participants as a result of the change-in-control provision under the plan. The Company made contributions to the deferred compensation plans of $20 million, $1 million and $1 million in 2021, 2020 and 2019, respectively, which are included in general and administrative expense in the Consolidated Statement of Operations.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Capital Stock	Capital Stock Issuance of Common Stock Following the effectiveness of the Merger, the Company issued approximately 408.2 million shares of its common stock to Cimarex stockholders under the terms of the Merger Agreement. In October 2021, in accordance with the Merger Agreement, the Company issued 3.4 million shares of restricted stock to replace Cimarex restricted stock awards granted to certain employees. Because these awards have non-forfeitable rights to dividends or dividend equivalents, the Company considers these shares as issued and outstanding common stock. Increase in Number of Authorized Shares On September 29, 2021, the Company's stockholders approved an amendment to the Company's certificate of incorporation to increase the number of authorized shares of Company common stock from 960,000,000 shares to 1,800,000,000 shares. That amendment became effective on October 1, 2021. Dividends Common Stock In April 2021, the Company’s Board of Directors approved an increase in the quarterly dividend on the Company's common stock from $0.10 per share to $0.11 per share. In November 2021, the Company’s Board of Directors also approved an increase in the quarterly dividend on the Company's common stock from $0.11 per share to $0.125 per share. On October 4, 2021, and in connection with the completion of the Merger, the Company’s Board of Directors approved a special dividend of $0.50 per share payable on the Company’s common stock on October 22, 2021. On November 3, 2021, consistent with the Company's dividend strategy to return at least 50 percent of quarterly free cash flows to stockholders, the Company’s Board of Directors approved a base-plus-variable dividend of $0.30 per share, payable on the Company’s common stock on November 24, 2021. Subsequent Event. In February 2022, the Company’s Board of Directors of approved an additional increase in the quarterly dividend on the Company’s common stock from $0.125 per share to $0.15 per share. Also on that date, the Board of Directors approved a variable dividend of $0.41 per share, resulting in a base-plus-variable dividend of $0.56 per share on the Company’s common stock. Cimarex Redeemable Preferred Stock In the fourth quarter of 2021 and after the Merger with Cimarex, a cash dividend of $20.3125 per share was declared on the outstanding shares of Preferred Stock (as defined below) issued by Cimarex. Dividends are paid in the quarter following the quarter of declaration. At December 31, 2021, dividends payable to preferred stockholders of $1 million were included in accounts payable in the Consolidated Balance Sheet. Incentive Plans Coterra Energy Inc. 2014 Incentive Plan On May 1, 2014, the Company’s stockholders approved the Coterra Energy Inc. 2014 Incentive Plan (the “2014 Coterra Plan”). Under the 2014 Coterra Plan, incentive and non-statutory stock options, stock appreciation rights (“SAR’s”), stock awards, cash awards and performance share awards may be granted to key employees, consultants and officers of the Company. Non-employee directors of the Company may be granted discretionary awards under the 2014 Coterra Plan consisting of stock options or stock awards. A total of 18.0 million shares of common stock may be issued under the 2014 Coterra Plan. Under the 2014 Coterra Plan, no more than 10.0 million shares may be issued pursuant to incentive stock options. No additional awards may be granted under the 2014 Coterra Plan on or after May 1, 2024. At December 31, 2021, approximately 10.5 million shares are available for issuance under the 2014 Coterra Plan. Cimarex Energy Co. 2019 Equity Incentive Plan In connection with the Merger, the Company assumed all rights and obligations under the Cimarex Energy Co. 2019 Equity Incentive Plan (the “2019 Cimarex Plan”) and the Company will be entitled to grant equity or equity-based awards with respect to Coterra common stock under the Plan to current or former employees of Cimarex, to the extent permissible under applicable law and NYSE listing rules. The 2019 Cimarex Plan provides for grants of stock options, SARs, restricted stock, restricted stock units, performance stock units, cash awards and other stock-based awards. As of December 31, 2021, approximately 35.9 million shares of Coterra common stock are available for issuance under the 2019 Cimarex Plan, subject to certain limitations. Treasury Stock In August 1998, the Company’s Board of Directors authorized a share repurchase program under which the Company could purchase shares of common stock in the open market or in negotiated transactions. The timing and amount of these stock purchases was determined at the discretion of management. The Company could use the repurchased shares to fund stock compensation programs presently in existence, or for other corporate purposes. All purchases executed under the share repurchase program were through open market transactions. There was no expiration date associated with the authorization to repurchase shares of the Company. During 2021 and 2020, there were no share repurchases under the share repurchase program. During the years ended December 31, 2019, the Company repurchased 25.5 million shares for a total cost of $488 million. Since the authorization date and subsequent authorizations, the Company repurchased 99.0 million shares, of which 20.0 million shares have been retired, for a total cost of approximately $1.9 billion. No treasury shares have been delivered or sold by the Company subsequent to the repurchase. During 2021, the Company withheld 125,067 shares of common stock valued at $3 million related to shares withheld for taxes upon the vesting of certain restricted stock awards. The shares withheld are included in treasury stock in the Consolidated Balance Sheet. As of December 31, 2021, 79.1 million shares were held as treasury stock and the remaining number of shares authorized for repurchase under the share repurchase plan was 11.0 million. Subsequent Event. In February 2022, our Board of Directors terminated the previously authorized share repurchase program and authorized a new share repurchase program. This new share repurchase program authorizes the Company to purchase up to $1.25 billion of the Company’s common stock in the open market or in negotiated transactions. Dividend Restrictions The Board of Directors of the Company determines the amount of future cash dividends, if any, to be declared and paid on the common stock depending on, among other things, the Company's financial condition, funds from operations, the level of its capital and exploration expenditures and its future business prospects. None of the senior note or credit agreements in place have restricted payment provisions or other provisions which currently limit the Company’s ability to pay dividends. Cimarex Redeemable Preferred Stock In October 2021, in connection with the Merger, the Company effectively assumed the obligations associated with Cimarex’s preferred stock, par value $0.01 per share, designated as 8 1/8% Series A Cumulative Perpetual Convertible Preferred Stock (the “Preferred Stock”). The Preferred Stock was originally issued by Cimarex and remains on the Cimarex balance sheet after the Merger. The fair value of the Preferred Stock as of the effective date of the Merger was $50 million. The Company accounts for the Preferred Stock as a non-controlling interest, which is immaterial for reporting purposes. Holders of the Preferred Stock are entitled to receive, when, as, and if declared by the Cimarex board of directors out of funds of Cimarex legally available for payment, cumulative cash dividends at the annual rate of 8.125% of each share’s liquidation preference of $1,000. Dividends on the Preferred Stock are payable quarterly in arrears and accumulate from the most recent date as to which dividends have been paid. In the event of any liquidation, winding up or dissolution of Cimarex, whether voluntary or involuntary, each holder will be entitled to receive in respect of its shares and to be paid out of the assets of Cimarex legally available for distribution to its stockholders, after satisfaction of liabilities to Cimarex’s creditors and any senior stock (of which there is currently none) and before any payment or distribution is made to holders of junior stock (including Cimarex’s common stock), the liquidation preference of $1,000 per share, with the total liquidation preference at December 31, 2021 being $28 million in the aggregate. Each holder has the right at any time, at its option, to convert any or all of such holder’s shares of Preferred Stock at an initial conversion rate of 34.1008 shares of fully paid and nonassessable shares of the Company’s common stock and $471.3975 in cash per share of Preferred Stock. The initial conversion rate of 34.1008 adjusts upon the occurrence of certain events, including the payment of cash dividends to common stockholders of Coterra, and is 35.38530 as of December 31, 2021. As a result of the cash redemption features included in the Preferred Stock conversion option granted to each holder, with such conversion not solely within Cimarex’s control, the instruments are classified as “Cimarex redeemable preferred stock” in temporary equity ion the Consolidated Balance Sheet. Additionally, beginning on and continuing after October 15, 2021, Cimarex has the right, at its option, if the closing sale price of Coterra common stock meets certain criteria, to elect to cause all, and not part, of the outstanding shares of Preferred Stock to be converted into that number of shares of Coterra common stock for each eligible share of Preferred Stock equal to the conversion rate in effect on the mandatory conversion date as such terms are defined in the Certificate of Designations for

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation General Stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was $57 million, $43 million and $31 million, respectively, and is included in general and administrative expense in the Consolidated Statement of Operations. The related income tax benefit for the years ended December 31, 2021, 2020 and 2019 was $24 million, $10 million and $7 million, respectively. Restricted Stock Units - Employees Restricted stock units are granted from time to time to employees of the Company. The fair value of restricted stock unit grants is based on the closing stock price on the grant date. Restricted stock units generally vest either at the end of a three year service period or on a graded or graduated vesting basis at each anniversary date over a three For awards that vest at the end of the service period, expense is recognized ratably using a straight-line approach over the service period. Under the graded or graduated approach, the Company recognizes compensation cost ratably over the requisite service period, as applicable, for each separately vesting tranche as though the awards are, in substance, multiple awards. For most restricted stock units, vesting is dependent upon the employees' continued service with the Company, with the exception of employment termination due to death, disability or, if applicable, retirement. If retirement protection is included in the grant award, the Company accelerates the vesting period for retirement-eligible employees for purposes of recognizing compensation expense in accordance with the vesting provisions of the Company's stock-based compensation programs. The Company used an annual forfeiture rate assumption ranging from zero to five percent for purposes of recognizing stock-based compensation expense for restricted stock units. The annual forfeiture rates were based on the Company's actual forfeiture history or expectations for this type of award to various employee groups. The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 50,500 $ 25.29 58,834 $ 25.19 150,293 $ 28.12 Granted 1,236,971 20.83 — — 55,500 25.29 Vested — — (6,334) 24.39 (143,959) 28.29 Forfeited (1,000) 25.29 (2,000) 25.29 (3,000) 25.29 Outstanding at end of period (1)(2) 1,286,471 $ 21.00 50,500 $ 25.29 58,834 $ 25.19 __________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $24 million and was calculated by multiplying the closing market price of the Company's common stock on December 31, 2021 by the number of non-vested restricted stock units outstanding. (2) As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock units outstanding was 2.3 years. On September 30, 2021, certain executives of the Company entered into letter agreements whereby, in exchange for the cancellation of their rights under their change-in-control agreements and the non-competition and non-solicitation provisions contained in the letter agreements, each such executive would receive a grant of restricted stock units at the effective time of the Merger. On October 1, 2021, the Company granted 258,252 shares of restricted stock units, with a grant date value of $22.25 per unit to each such executive. The fair value of these units is measured based on the closing stock price on the October 1, 2021 grant date and will fully vest over a six-month vesting period. Compensation expense recorded for all employee restricted stock units for the years ended December 31, 2021, 2020 and 2019 was $4 million, $— million and $1 million, respectively. Unamortized expense as of December 31, 2021 for all outstanding restricted stock units was $23 million and will be recognized over the next 2.3 years. The total fair value of restricted stock units that vested during 2021, 2020 and 2019 was $— million, $— million and $4 million, respectively. Restricted Stock Units - Non-Employee Directors Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of the restricted stock units is based on the closing stock price on the grant date. These units vest immediately and compensation expense is recorded immediately. Shares of Company common stock are issued when the director ceases to be a director of the Company. The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 704,284 $ 17.99 574,219 $ 18.47 490,415 $ 17.41 Granted and fully vested 107,710 18.51 130,065 15.88 83,804 24.70 Issued (566,096) 17.04 — — — — Forfeited — — — — — — Outstanding at end of period (1)(2) 245,898 $ 20.41 704,284 $ 17.99 574,219 $ 18.47 _______________________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $5 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of outstanding restricted stock units. (2) Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided. Compensation expense recorded for all non-employee director restricted stock units for the year ended December 31, 2021, 2020 and 2019 was $2 million, $2 million and $2 million, respectively, which reflects the total fair value of these units. Restricted Stock Awards Restricted stock awards are granted from time to time to employees of the Company. The fair value of restricted stock grants is based on the closing stock price on the grant date. Restricted stock awards generally vest either at the end of a three year service period or on a graded or graduated vesting basis at each anniversary date over a three For awards that vest at the end of the service period, expense is recognized ratably using a straight-line approach over the service period. Under the graded or graduated approach, the Company recognizes compensation cost ratably over the requisite service period, as applicable, for each separately vesting tranche as though the awards are, in substance, multiple awards. For most restricted stock awards, vesting is dependent upon the employees' continued service with the Company, with the exception of employment termination due to death, disability or, if applicable, retirement. If retirement protection is included in the grant award, the Company accelerates the vesting period for retirement-eligible employees for purposes of recognizing compensation expense in accordance with the vesting provisions of the Company's stock-based compensation programs. The Company used an annual forfeiture rate assumption of ranging from zero to 15 percent for purposes of recognizing stock-based compensation expense for restricted stock awards. The annual forfeiture rates were based on the Company's actual forfeiture history for this type of award to various employee groups. The following table is a summary of restricted stock award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period — $ — — $ — — $ — Granted 3,364,354 22.25 — — — — Vested (337,142) 22.25 — — — — Forfeited (8,029) 22.25 — — — — Outstanding at end of period (1)(2) 3,019,183 $ 22.25 — $ — — $ — _______________________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $57 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of non-vested restricted stock awards outstanding. (2) As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.0 years. On October 1, 2021, the Company granted 3,364,354 shares of restricted stock, with a grant date value of $22.25 per share. These awards are replacement awards granted to Cimarex employees as provided under the Merger Agreement. The fair value of these awards is measured based on the closing stock price on the closing date of the Merger (grant date). The awards will vest over periods ranging from two months to three years. Approximately $22 million of the grant date value was recognized as merger consideration and the remaining fair value will be recognized as stock-based compensation expense over the respective vesting periods. Compensation expense recorded for all restricted stock awards for the year ended December 31, 2021was $5 million and unamortized expense as of December 31, 2021 was $41 million and will be recognized over the next 2.0 years. The total fair value of restricted stock awards that vested during 2021 was $7 million. Performance Share Awards The Company grants three types of performance share awards: two based on performance conditions measured against the Company's internal performance metrics (“Employee Performance Share Awards” and “Hybrid Performance Share Awards”) and one based on market conditions measured based on the Company's performance relative to a predetermined peer group (“TSR Performance Share Awards”). The performance period for these awards commences on January 1 of the respective year in which the award was granted and extends over a three-year performance period. For all performance share awards, the Company used an annual forfeiture rate assumption ranging from zero percent to seven percent for purposes of recognizing stock-based compensation expense for its performance share awards. Performance Share Awards Based on Internal Performance Metrics The fair value of performance share award grants based on internal performance metrics is based on the closing stock price on the grant date. Each performance share award represents the right to receive up to 100 percent of the award in shares of common stock. Employee Performance Share Awards. The Employee Performance Share Awards vest at the end of the three-year performance period and the performance metrics are set by the Company's Compensation Committee. For the awards granted in 2021 and 2020, an employee will earn 100 percent of the award on the third anniversary, provided that the Company averages $100 million or more of operating cash flow during the three-year performance period. For awards granted in 2019, an employee will earn one-third of the award for each of the three performance metrics. The three performance metrics are based on the Company's average production, average finding costs and average reserve replacement over a three-year performance period. Based on the Company's probability assessment at December 31, 2021, it is considered probable that all of the criteria for these awards will be met. The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 1,610,124 $ 20.31 1,259,287 $ 23.64 1,280,021 $ 22.22 Granted 769,594 18.76 722,500 15.60 526,730 24.95 Issued and fully vested (481,784) 23.25 (334,640) 22.60 (388,370) 20.49 Forfeited (39,830) 18.94 (37,023) 20.38 (159,094) 24.29 Outstanding at end of period 1,858,104 $ 18.93 1,610,124 $ 20.31 1,259,287 $ 23.64 On September 29, 2021, in accordance with the Merger Agreement, the compensation committee of the Board of Directors of the Company certified that the performance conditions of the Employee Performance Share Awards which were granted in 2019 had been met. In the first quarter of 2022, 407,540 shares with a grant date fair value of $10 million are expected to be issued and fully vested. Hybrid Performance Share Awards. The Hybrid Performance Share Awards have a three-year graded performance period. The awards vest 25 percent on each of the first and second anniversary dates and 50 percent on the third anniversary provided that the Company has $100 million or more of operating cash flow for the year preceding the vesting date, as set by the Company's Compensation Committee. If the Company does not meet the performance metric for the applicable period, then the portion of the performance shares that would have been issued on that anniversary date will be forfeited. The following table is a summary of activity for the Hybrid Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 903,551 $ 19.41 692,788 $ 23.90 662,388 $ 22.48 Granted 423,171 18.58 506,412 15.60 315,029 24.95 Issued and fully vested (1,326,722) 19.14 (295,649) 23.40 (284,629) 21.78 Forfeited — — — — — — Outstanding at end of period — $ — 903,551 $ 19.41 692,788 $ 23.90 On October 1, 2021, in accordance with the Merger Agreement, the Company vested 960,497 shares of common stock in connection with the accelerated vesting of all outstanding Hybrid Performance Share Awards upon the completion of the Merger. The Company recognized approximately $8 million of stock-based compensation expense in the fourth quarter of 2021 associated with the accelerated vesting of these awards. As of December 31, 2021, there were no Hybrid Awards outstanding. Performance Share Awards Based on Market Conditions These awards have both an equity and liability component, with the right to receive up to the first 100 percent of the award in shares of common stock and the right to receive up to an additional 100 percent of the value of the award in excess of the equity component in cash. The equity portion of these awards is valued on the grant date and is not marked to market, while the liability portion of the awards is valued as of the end of each reporting period on a mark-to-market basis. The Company calculates the fair value of the equity and liability portions of the awards using a Monte Carlo simulation model. TSR Performance Share Awards. The TSR Performance Share Awards granted are earned, or not earned, based on the comparative performance of the Company's common stock measured against a predetermined group of companies in the Company's peer group over a three-year performance period. The Company incorporated a new feature in the 2021 TSR awards that will reduce the potential cash component of the award if the actual performance is negative over the three-year period and the base calculation indicates an above-target payout. The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Outstanding at beginning of period 1,398,853 $ 16.41 1,428,634 $ 20.17 1,299,868 $ 19.47 Granted 723,224 16.07 862,180 13.79 536,673 20.63 Issued and fully vested (2,122,077) 16.30 (891,961) 19.89 (407,907) 18.57 Forfeited — — — — — — Outstanding at end of period — $ — 1,398,853 $ 16.41 1,428,634 $ 20.17 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards. On October 1, 2021, in accordance with the Merger Agreement, the Company vested 2,122,077 shares of common stock in connection with the accelerated vesting of all outstanding TSR Performance Share Awards upon the completion of the Merger. Under the terms of the Merger Agreement, all TSR Performance Share Awards were vested at target, resulting in a 100 percent payout of equity, with no cash payments earned under the awards. The Company recognized approximately $10 million of stock-based compensation expense in the fourth quarter of 2021 associated with the acceleration of vesting of these awards. The following table reflects certain balance sheet information of outstanding TSR Awards: December 31, (In millions) 2021 2020 Other current liabilities $ — $ — Other non-current liabilities — 7 The following table reflects certain cash payments related to the vesting of TSR Awards: Year Ended December 31, (In millions) 2021 2020 2019 Cash payments for TSR awards $ — $ 14 $ 5 The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods: Year Ended December 31, 2021 2020 2019 Fair value per performance share award granted during the period $ 16.07 $ 13.79 $ 20.63 Assumptions Stock price volatility 39.8 % 29.5 % 31.3 % Risk free rate of return 0.2 % 1.4 % 2.5 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2021 2020 2019 Fair value per performance share award at the end of the period $— $10.37 - $10.81 $6.18 - $14.80 Assumptions Stock price volatility —% 42.4% - 52.4% 29.8% - 30.4% Risk free rate of return —% 0.1% 1.6% The stock price volatility was calculated using historical closing stock price data for the Company for the period associated with the expected term through the grant date of each award. The risk free rate of return percentages are based on the continuously compounded equivalent of the U.S. Treasury within the expected term as measured on the grant date. Performance Share Awards - Other Information Compensation expense recorded for both the equity and liability components of all performance share awards for the years ended December 31, 2021, 2020 and 2019 was $41 million, $40 million and $29 million, respectively. Total unamortized compensation expense related to the equity component of performance shares at December 31, 2021 was $13 million and will be recognized over the next 1.3 years. As of December 31, 2021, the aggregate intrinsic value for all performance share awards was $34 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of unvested performance share awards outstanding. As of December 31, 2021, the weighted average remaining contractual term of unvested performance share awards outstanding was approximately 1.3 years. Stock Option Awards On October 1, 2021, the Company granted stock option awards to purchase 1,577,554 shares of the Company’s common stock with exercise prices ranging from $8.47 to $28.72 per share. These awards are replacement awards granted to Cimarex employees and former employees as provided under the Merger Agreement and were fully vested on the closing date of the Merger. The grant date fair value of approximately $14 million was recognized as merger consideration and, accordingly, no compensation expense will be recognized by the Company related to these awards, as there is no future service requirement for the holders of these awards . The following table is a summary of activity for the Stock Option Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period — $ — — $ — — $ — Granted 1,577,554 16.19 — — — — Exercised (222,202) 9.15 — — — — Forfeited or Expired — — — — — — Outstanding at end of period (1) 1,355,352 $ 17.35 — $ — — $ — Exercisable at end of period (1) 1,355,352 $ 17.35 — $ — — $ — _______________________________________________________________________________ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2021 was $6 million and $6 million, respectively. The weighted-average remaining contractual term is 3.5 years. Deferred Performance Shares As of December 31, 2021, 495,774 shares of the Company's common stock representing vested performance share awards were deferred into the deferred compensation plan. During 2021, no shares were sold out of the plan. During 2021, an increase

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock and as-if-converted methods to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted net earnings per common share under the two-class method: Year Ended December 31, (In millions except per share amounts) 2021 2020 2019 Income (Numerator) Net income $ 1,158 $ 201 $ 681 Less: dividends attributable to participating securities (2) (2) — — Less: Cimarex redeemable preferred stock dividends (1) — — Net income available to common stockholders $ 1,155 $ 201 $ 681 Shares (Denominator) Weighted average shares - Basic 503 399 416 Dilution effect of stock awards at end of period 1 2 2 Weighted average shares - Diluted 504 401 418 Earnings per share: Basic $ 2.30 $ 0.50 $ 1.64 Diluted $ 2.29 $ 0.50 $ 1.63 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In millions) 2021 2020 2019 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 — 1

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On October 1, 2021 and in connection with the Merger, Hans Helmerich was appointed a director of Coterra. Mr. Helmerich is also the Chairman of the Board of Directors of Helmerich & Payne, Inc. (“H&P”). From time to time, H&P provides contract drilling services to the Company. The Company incurred drilling costs of approximately $3 million related to these services subsequent to the effective date of the Merger.

Restructuring Costs

Restructuring Costs	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In connection with the Merger, the Company recognized $44 million of restructuring expenses during 2021 related to the accrual of employee-related severance and termination benefits associated with the expected termination of certain Cimarex employees. The following table summarizes the Company’s restructuring liabilities: (In millions) Year Ended December 31, 2021 Balance at beginning of period $ — Additions related to merger integration 44 Reductions related to merger integration payments (1) Balance at end of period $ 43

Additional Balance Sheet Inform

Additional Balance Sheet Information	12 Months Ended
	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: December 31, (In millions) 2021 2020 Accounts receivable, net Trade accounts $ 922 $ 216 Joint interest accounts $ 83 $ — Other accounts 34 — 1,039 216 Allowance for doubtful accounts (2) (1) $ 1,037 $ 215 Other assets Deferred compensation plan $ 47 $ 22 Debt issuance cost 5 7 Operating lease right-of-use assets 317 34 Other accounts 20 — $ 389 $ 63 Accounts payable Trade accounts $ 94 $ 11 Royalty and other owners 315 37 Accrued transportation 96 52 Accrued capital costs 88 38 Accrued lease operating costs 29 2 Taxes other than income 60 14 Other accounts 65 8 $ 747 $ 162 Accrued liabilities Employee benefits $ 124 $ 14 Taxes other than income 13 3 Operating lease liabilities 69 4 Financing lease liabilities 14 — Other accounts 40 1 $ 260 $ 22 Other liabilities Deferred compensation plan $ 56 $ 31 Operating lease liabilities 248 30 Financing lease liabilities 7 — Other accounts 63 21 $ 374 $ 82

SUPPLEMENTAL OIL AND GAS INFORM

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED)	SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) Oil and Gas Reserves Users of this information should be aware that the process of estimating quantities of “proved” and “proved developed” natural gas and crude oil reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. As a result, revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the subjective decisions and variances in available data for various reservoirs make these estimates generally less precise than other estimates included in the financial statement disclosures. Estimates of total proved reserves at December 31, 2021, 2020 and 2019 were based on studies performed by the Company's petroleum engineering staff. The estimates were computed using the 12-month average index price for the respective commodity, calculated as the unweighted arithmetic average for the first day of the month price for each month during the respective year. Estimates with respect to the Company’s Marcellus Shale reserves were audited by Miller and Lents, Ltd. and estimates of the net reserves representing greater than 80 percent of the total future net revenue discounted at 10 percent attributable to the Company’s remaining reserves were subject to an independent evaluation performed by DeGolyer and MacNaughton. Miller and Lents and DeGolyer and MacNaughton each indicated that based on their investigations and subject to the limitations described in their audit letters, they believe the Company’s estimates were, in the aggregate, reasonable. No major discovery or other favorable or unfavorable event after December 31, 2021, is believed to have caused a material change in the estimates of proved or proved developed reserves as of that date. The following tables illustrate the Company's net proved reserves, including changes, and proved developed and proved undeveloped reserves for the periods indicated, as estimated by the Company's engineering staff. All reserves are located within the continental U.S. Oil (Mbbl) Natural Gas NGLs Total December 31, 2018 120 11,604 — 1,934,136 Revision of prior estimates (1) (48) 48 — 7,834 Extensions, discoveries and other additions (2) — 2,116 — 352,731 Production — (865) — (144,229) Sales of reserves in place (50) — — (50) December 31, 2019 22 12,903 — 2,150,422 Revision of prior estimates (3) (3) (347) — (57,808) Extensions, discoveries and other additions (2) — 1,974 — 328,976 Production (4) (858) — (142,954) December 31, 2020 15 13,672 — 2,278,636 Revision of prior estimates (4) 10,837 (538) 16,797 (61,967) Extensions, discoveries and other additions (2) 2,633 973 6,100 170,988 Production (8,150) (911) (7,104) (167,113) Purchases of reserves in place (5) 184,094 1,699 204,822 672,038 December 31, 2021 189,429 14,895 220,615 2,892,582 Proved Developed Reserves December 31, 2018 107 7,402 — 1,233,790 December 31, 2019 22 8,056 — 1,342,589 December 31, 2020 15 8,608 — 1,434,714 December 31, 2021 153,010 10,691 193,598 2,128,439 Proved Undeveloped Reserves December 31, 2018 13 4,202 — 700,346 December 31, 2019 — 4,847 — 807,833 December 31, 2020 — 5,064 — 843,922 December 31, 2021 36,419 4,204 27,017 764,143 _______________________________________________________________________________ (1) The net upward revision of 8 MMBOE was primarily due to a net upward performance revision of 11 MMBOE, partially offset by a downward revision of 3 MMBOE associated with PUD reclassifications as a result of the five-year limitation. The net upward performance revision of 11 MMBOE was primarily due to an upward revision of 69 MMBOE associated with the Company's PUD reserves due to performance revisions and the drilling of longer lateral length wells, partially offset by a downward performance revision of 58 MMBOE related to certain proved developed producing properties. (2) Extensions, discoveries and other additions were primarily related to drilling activity in the Dimock field located in northeast Pennsylvania. The Company added 152 MMBOE, 329 MMBOE and 353 MMBOE of proved reserves in this field in 2021, 2020 and 2019, respectively. (3) The net downward revision of 58 MMBOE was primarily due to a net downward performance revision of 41 MMBOE and a downward revision of 11 MMBOE associated with PUD reclassifications as a result of the five-year limitation. The net downward performance revision of 41 MMBOE was primarily due to a downward performance revision of 61 MMBOE related to certain proved developed producing properties, partially offset by an upward revision of 21 MMBOE associated with the Company’s PUD reserves due to performance revisions and the drilling of longer lateral length wells. (4) The net downward revision of 62 MMBOE was primarily related to 97 MMBOE downward performance revision coupled with a 6 MMBOE downward revision associated with PUD reclassifications as a result of the 5 year rule which was partially offset by a 42 MMBOE positive pricing and cost revision. The net downward performance revision of 97 MMBOE, was primarily due to 57 MMBOE performance revision related to certain proved developed reserves and a 40 MMBOE downward performance revision associate with proved undeveloped reserves. (5) Purchases of reserves in place were primarily related to the acquisition of Cimarex’s oil and gas properties in connection with the Merger. The reserves are primarily related to the Wolfcamp Shale in the Permian Basin and Woodford Shale in the Anadarko Basin. Capitalized Costs Relating to Oil and Gas Producing Activities Capitalized costs relating to oil and gas producing activities and related accumulated depreciation, depletion and amortization were as follows: December 31, (In millions) 2021 2020 2019 Aggregate capitalized costs relating to oil and gas producing activities $ 20,655 $ 7,154 $ 6,676 Aggregate accumulated depreciation, depletion and amortization (3,775) (3,149) (2,861) Net capitalized costs $ 16,880 $ 4,005 $ 3,815 Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities Costs incurred in property acquisition, exploration and development activities were as follows: Year Ended December 31, (In millions) 2021 (1) 2020 2019 Property acquisition costs, proved $ 7,472 $ — $ — Property acquisition costs, unproved 5,386 6 6 Exploration costs 18 15 20 Development costs 688 547 761 Total costs $ 13,564 $ 568 $ 787 _______________________________________________________________________________ (1) These amounts include the fair value of the proved and unproved properties recorded in the purchase price allocation with respect to the Merger. The purchase was funded through the issuance of the Company’s common stock. Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The following information has been developed based on natural gas and crude oil reserve and production volumes estimated by the Company's engineering staff. It can be used for some comparisons, but should not be the only method used to evaluate the Company or its performance. Further, the information in the following table may not represent realistic assessments of future cash flows, nor should the Standardized Measure of Discounted Future Net Cash Flows (“Standardized Measure”) be viewed as representative of the current value of the Company. The Company believes that the following factors should be taken into account when reviewing the following information: • Future costs and selling prices will differ from those required to be used in these calculations. • Due to future market conditions and governmental regulations, actual rates of production in future years may vary significantly from the rate of production assumed in the calculations. • Selection of a 10 percent discount rate is arbitrary and may not be a reasonable measure of the relative risk that is part of realizing future net oil and gas revenues. • Future net revenues may be subject to different rates of income taxation. Under the Standardized Measure, future cash inflows were estimated by using the 12-month average index price for the respective commodity, calculated as the unweighted arithmetic average for the first day of the month price for each month during the year. The average prices (adjusted for basis and quality differentials) related to proved reserves are as follows: Year Ended December 31, 2021 2020 2019 Natural gas $ 2.93 $ 1.64 $ 2.35 Oil $ 65.40 $ 32.53 $ 55.80 NGLs $ 25.74 $ — $ — In the above table, natural gas prices are stated per Mcf and oil and NGL prices are stated per barrel. Future cash inflows were reduced by estimated future development and production costs based on year end costs to arrive at net cash flow before tax. Future income tax expense was computed by applying year end statutory tax rates to future pretax net cash flows, less the tax basis of the properties involved and utilization of available tax carryforwards related to oil and gas operations. The applicable accounting standards require the use of a 10 percent discount rate. Management does not solely use the following information when making investment and operating decisions. These decisions are based on a number of factors, including estimates of proved reserves and varying price and cost assumptions considered more representative of a range of anticipated economic conditions. Standardized Measure is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Future cash inflows $ 60,908 $ 22,385 $ 30,302 Future production costs (18,241) (10,784) (10,039) Future development costs (1) (2,449) (1,612) (2,006) Future income tax expenses (8,535) (2,176) (4,043) Future net cash flows 31,683 7,813 14,214 10% annual discount for estimated timing of cash flows (18,399) (4,751) (8,353) Standardized measure of discounted future net cash flows $ 13,284 $ 3,062 $ 5,861 ______________________________________________________________________________ (1) Includes $390 million, $224 million and $213 million in plugging and abandonment costs for the years ended December 31, 2021, 2020 and 2019, respectively. Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The following is an analysis of the changes in the Standardized Measure: Year Ended December 31, (In millions) 2021 2020 2019 Beginning of year $ 3,062 $ 5,861 $ 6,483 Discoveries and extensions, net of related future costs 800 311 1,076 Net changes in prices and production costs 9,573 (4,326) (1,510) Accretion of discount 551 750 813 Revisions of previous quantity estimates 467 (108) 28 Timing and other (161) 6 (192) Changes in estimated future development costs (103) — — Development costs incurred 497 501 469 Sales and transfers, net of production costs (2,801) (746) (1,317) Sales of reserves in place (1) — (1) Purchases of reserves in place 6,477 — — Net change in income taxes (5,077) 813 12 End of year $ 13,284 $ 3,062 $ 5,861

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Coterra Energy Inc. and its subsidiaries (“Coterra” or the “Company”) are engaged in the development, exploration and production of oil, natural gas and NGLs exclusively within the continental U.S. The Company's exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, oil and natural gas development, exploration and production. The Company's oil and gas properties are managed as a whole rather than through discrete operating segments. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company's entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows. The Company (formerly known as Cabot Oil & Gas Corporation) and Cimarex Energy Co. (“Cimarex”) completed a merger transaction on October 1, 2021 (the “Merger”), pursuant to an agreement entered into by the Company and Cimarex (the “Merger Agreement”). Upon the effectiveness of the Merger, each eligible share of Cimarex common stock was automatically converted into the right to receive 4.0146 shares of the Company’s common stock. The transaction has been accounted for using the acquisition method of accounting, with the Company being treated as the accounting acquirer. Refer to Note 2, “Acquisitions,” for further information. Additionally, on October 1, 2021, Cabot Oil & Gas Corporation changed its name to Coterra Energy Inc.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements Convertible Instruments . In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"), which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. ASU 2020-06 also requires the application of the if-converted method for calculating diluted earnings per share for all convertible instruments and the treasury stock method will no longer be available. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted in the first quarter of 2021. The Company elected to adopt the guidance in ASU 2020-06 as of October 1, 2021. The adoption of ASU 2020-06 did not have any effect on the Company’s financial positions, results of operations or cash flows; however, it modified certain disclosures, which were not material.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in four financial institutions at December 31, 2021. The Company periodically assesses the financial condition of its financial institutions and considers any possible credit risk to be minimal. From time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts in accounts payable in the Consolidated Balance Sheet, and classifies the change in accounts payable associated with book overdrafts as an operating activity in the Consolidated Statement of Cash Flows. There was no book overdraft within accounts payable as of December 31, 2021 and 2020.
Restricted Cash	Restricted Cash
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on the Company's estimate of future expected credit losses on outstanding receivables.
Inventories	Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. Inventories are assessed periodically for obsolescence.
Properties and Equipment	Properties and Equipment Oil and Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry-hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (2) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the units-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset's carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying natural gas and oil. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company's undeveloped acreage amortization based on past drilling and exploration experience, the Company's expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. Fixed Assets Fixed assets consist primarily of gas gathering systems, water infrastructure, buildings, vehicles, aircraft, furniture and fixtures, and computer equipment and software. These items are recorded at cost and are depreciated on the straight-line method based on expected lives of the individual assets, which range from three
Asset Retirement Obligations	Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. Asset retirement costs for oil and gas properties are depreciated using the units-of-production method, while asset retirement costs for other assets are depreciated using the straight-line method over estimated useful lives. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations.
Derivative Instruments	Derivative Instruments The Company enters into financial derivative contracts, primarily collars, swaps, roll differential swaps and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into financial commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (“NPNS”) exception provided under the applicable accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities.
Leases	Leases The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in operating lease right-of-use assets (“ROU assets”) and operating and financing lease liabilities (current and non-current) in the Consolidated Balance Sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. Most leases do not provide an implicit interest rate; therefore, the Company uses its incremental borrowing rate based on the information available at the inception date to determine the present value of the lease payments. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. The Company has elected the following practical expedients in applying authoritative guidance on lease accounting: • For all operating leases, lease and non-lease components are accounted for as a single lease component. • Short-term leases (a lease that, at commencement, has a lease term of one year or less and does not contain a purchase option that the Company is reasonably certain to exercise) are not recognized in ROU assets and lease liabilities.
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen.
Revenue Recognition	Revenue Recognition The Company’s revenue is typically generated from contracts to sell oil, natural gas and NGLs produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. These contracts frequently meet the definition of a derivative under Accounting Standards Codification (“ASC”) 815, and are accounted for as derivatives unless the Company elects to treat them as normal sales as permitted under that guidance. The Company typically elects to treat contracts to sell oil, natural gas and NGL production as normal sales, which are then accounted for as contracts with customers. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. Gain or loss on derivative instruments is outside the scope of the revenue recognition standard and is not considered revenue from contracts with customers under that guidance. The Company may use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Producer Gas Imbalances. The Company applies the sales method of accounting for natural gas revenue. Under this method, revenues are recognized based on the actual volume of natural gas sold to purchasers. Natural gas production operations may include joint owners who take more or less than the production volumes entitled to them on certain properties. Production volume is monitored to minimize these natural gas imbalances. Under this method, a natural gas imbalance liability is recorded if the Company's excess takes of natural gas exceed its estimated remaining proved developed reserves for these properties at the actual price realized upon the gas sale. A receivable is recognized only to the extent an imbalance cannot be recouped from the reserves in the underlying properties. The Company’s aggregate imbalance positions at December 31, 2021 and 2020 were not material. Practical Expedients. The Company makes use of certain practical expedients provided under the revenue standard, including the value of unsatisfied performance obligations are not disclosed for (1) contracts with an original expected length of one year or less, (2) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, (3) contracts with variable consideration which is allocated entirely to a wholly unsatisfied performance obligation and meets the variable allocation criteria in the standard and (4) contracts that were not completed at transition.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management's estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses a Black Scholes or Monte Carlo valuation model based on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow.
Earnings per Share	Earnings per Share The Company calculates earnings per share recognizing that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, should be included in computing earnings per share using the two-class earnings allocation method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s unvested share-based payment awards, consisting of restricted stock, qualify as participating securities. The Company’s participating securities do not have a contractual obligation to share in the losses of the entity and, therefore, net losses are not allocated to them.
Environmental Matters	Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received.
Credit and Concentration Risk	Credit and Concentration Risk Substantially all of the Company's accounts receivable result from the sale of oil, natural gas and NGLs to third parties in the oil and gas industry and joint interest billings with other participants in joint operations. This concentration of purchasers and joint owners may impact the Company's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. During the year ended December 31, 2021, no customer accounted for more than 10 percent of the Company’s total sales. During the year ended December 31, 2020, three customers accounted for approximately 21 percent, 16 percent and 12 percent of the Company's total sales. During the year ended December 31, 2019, three customers accounted for approximately 17 percent, 16 percent and 16 percent of the Company's total sales. The Company does not believe that the loss of any of these customers would have a material adverse effect on it because alternative customers are readily available. If any one of the Company’s major customers were to stop purchasing the Company’s production, the Company believes there are a number of other purchasers to whom it could sell its production. If multiple significant customers were to stop purchasing the Company’s production, the Company believes there could be some initial challenges, but the Company believes it has ample alternative markets to handle any sales disruptions. The Company regularly monitors the creditworthiness of its customers and may require parent company guarantees, letters of credit or prepayments when necessary. Historically, losses associated with uncollectible receivables have been insignificant.
Use of Estimates	Use of Estimates In preparing financial statements, the Company follows GAAP. These principles require 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 period. The most significant estimates pertain to proved oil and natural gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization, impairments of proved oil and gas properties and the fair value of oil and gas properties in purchase accounting. Other estimates include oil, natural gas and NGLs revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Preliminary Allocation of the Total Purchase Price of Cimarex to the Identifiable Assets Acquired and the Liabilities	The following table represents the preliminary allocation of the total purchase price of Cimarex to the identifiable assets acquired and the liabilities assumed based on the fair values as of the effective date of the Merger. (In millions, except share price and exchange ratio) Preliminary Purchase Price Allocation Consideration: Cimarex common stock issued as of October 1, 2021 103 Less unvested common stock (3) Total Cimarex common stock to be converted 100 Exchange ratio 4.0146 Coterra common stock issued in exchange for Cimarex common stock 403 Coterra common stock issued for Cimarex share awards vested on October 1, 2021 5 Total shares of Coterra common stock issued 408 Coterra common stock closing price on October 1, 2021 $ 22.25 Total value of Coterra common stock issued $ 9,083 Total value of Coterra stock options issued 15 Total value of Coterra restricted stock awards issued 22 Total consideration $ 9,120 Assets acquired: Cash and cash equivalents $ 1,033 Accounts receivable 598 Other current assets 31 Properties and equipment 13,300 Other assets 324 Total assets acquired $ 15,286 Liabilities and Mezzanine Equity assumed: Accounts payable $ 528 Accrued liabilities 258 Derivative instruments, current 382 Other current liabilities 83 Long-term debt 2,196 Deferred income taxes 2,201 Asset retirement obligation 162 Derivative instruments, noncurrent 7 Other liabilities 299 Cimarex redeemable preferred stock 50 Total liabilities and mezzanine equity assumed $ 6,166 Net assets acquired $ 9,120
Pro Forma Financial Information	Cimarex contributed the following to the Company’s consolidated operating results. (in millions) October 1, 2021 through December 31, 2021 Revenue $ 1,129 Net income 394 The pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2020 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Year Ended December 31, (in millions, except per share information) 2021 2020 Pro forma revenue $ 5,236 $ 2,990 Pro forma net income 1,205 (2,189) Pro forma basic earnings per share $ 1.49 $ (2.71) Pro forma diluted earnings per share $ 1.48 $ (2.71)

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Components of Properties and Equipment, Net	Properties and equipment, net are comprised of the following: December 31, (In millions) 2021 2020 Proved oil and gas properties $ 15,340 $ 7,069 Unproved oil and gas properties 5,316 50 Pipelines and gathering 395 — Land, buildings and other equipment 140 92 Finance lease right-of-use asset 20 — 21,211 7,211 Accumulated depreciation, depletion and amortization (3,836) (3,166) $ 17,375 $ 4,045

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The Company has debt maturities in the next five years as follows: (in millions) 2022 2023 2024 2025 2026 Thereafter Debt maturities $ — $ 62 $ 1,325 $ — $ 312 $ 1,250
Schedule of Long-term Debt and Credit Agreements	The Company's debt and credit agreements consisted of the following: December 31, (In millions) 2021 2020 Total debt 6.51% weighted-average private placement senior notes $ 37 $ 37 5.58% weighted-average private placement senior notes (1) 87 175 3.65% weighted-average private placement senior notes (2) 825 925 4.375% senior notes due June 1, 2024 750 — 3.90% senior notes due May 15, 2027 750 — 4.375% senior notes due March 15, 2029 500 — Revolving credit facility — — Net premium (discount) 185 — Unamortized debt issuance costs (9) (3) $ 3,125 $ 1,134 _______________________________________________________________________________ (1) Includes $88 million of current portion of long-term debt at December 31, 2020, which the Company repaid in January 2021. (2) Includes $100 million of current portion of long-term debt at December 31, 2020, which the Company repaid in September 2021. Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 245 10 years July 2018 6.44 % Tranche 2 $ 100 12 years July 2020 6.54 % Tranche 3 $ 80 15 years July 2023 6.69 % Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 88 10 years January 2021 5.42 % Tranche 2 $ 25 12 years January 2023 5.59 % Tranche 3 $ 62 15 years January 2026 5.80 % Principal (In millions) Term Maturity Date Coupon Tranche 1 $ 100 7 years September 2021 3.24 % Tranche 2 $ 575 10 years September 2024 3.67 % Tranche 3 $ 250 12 years September 2026 3.77 % The following table includes the summary of the Cimarex debt that was outstanding as of the consummation of the Merger on October 1, 2021 (the “Existing Cimarex Notes”): (In millions) Face Value Fair Value 4.375% senior notes due June 1, 2024 $ 750 $ 809 3.90% senior notes due May 15, 2027 750 823 4.375% senior notes due March 15, 2029 500 564 $ 2,000 $ 2,196

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Financial Commodity Derivatives	As of December 31, 2021, the Company had the following outstanding financial commodity derivatives: Collars Swaps Floor Ceiling Basis Swaps Roll Swaps Type of Contract Volume (Mbbl) Contract Period Range ($/Bbl) Weighted- Average ($/Bbl) Range ($/Bbl) Weighted- Average ($/Bbl) Weighted- Average ($/Bbl) Weighted- Average ($/Bbl) Crude oil (WTI) 630 Jan. 2022-Mar. 2022 $— $ 35.00 $45.15-$45.40 $ 45.28 Crude oil (WTI) 1,629 Jan. 2022-Jun. 2022 $35.00-$37.50 $ 36.11 $48.38-$51.10 $ 49.97 Crude oil (WTI) 2,730 Jan. 2022-Sep. 2022 $— $ 40.00 $47.55-$50.89 $ 49.19 Crude oil (WTI) 2,920 Jan. 2022-Dec. 2022 $— $ 57.00 $72.20-$72.80 $ 72.43 Crude oil (WTI Midland) (1) 630 Jan. 2022-Mar. 2022 $ 0.11 Crude oil (WTI Midland) (1) 1,448 Jan. 2022-Jun. 2022 $ 0.25 Crude oil (WTI Midland) (1) 1,911 Jan. 2022-Sep. 2022 $ 0.38 Crude oil (WTI Midland) (1) 2,920 Jan. 2022-Dec. 2022 $ 0.05 Crude oil (WTI) 630 Jan. 2022-Mar. 2022 $ (0.24) Crude oil (WTI) 724 Jan. 2022-Jun. 2022 $ (0.20) Crude oil (WTI) 1,911 Jan. 2022-Sep. 2022 $ 0.10 ________________________________________________________ (1) The index price the Company pays under these basis swaps is WTI Midland, as quoted by Argus Americas Crude. Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Natural gas (NYMEX) 36,000,000 Jan. 2022-Mar. 2022 $4.00 - $4.75 $ 4.38 $5.00 - $10.32 $ 6.97 Natural gas (NYMEX) 42,800,000 Apr. 2022 - Oct. 2022 $3.00 - $3.50 $ 3.19 $4.07 - $4.83 $ 4.30 Natural gas (Perm EP) (1) 1,800,000 Jan. 2022-Mar. 2022 $1.80 - $1.90 $ 1.85 $2.18 - $2.19 $ 2.18 Natural gas (Perm EP) (1) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.85 - $2.90 $ 2.88 Natural gas (Perm EP) (1) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.50 $ — $ 3.15 Natural gas (PEPL) (2) 3,600,000 Jan. 2022-Mar. 2022 $1.90 - $2.10 $ 2.00 $2.35 - $2.44 $ 2.40 Natural gas (PEPL) (2) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.81 - $2.91 $ 2.86 Natural gas (PEPL) (2) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.60 $ — $ 3.27 Natural gas (Waha) (3) 3,600,000 Jan. 2022-Mar. 2022 $1.70 - $1.84 $ 1.77 $2.10 - $2.20 $ 2.15 Natural gas (Waha) (3) 3,620,000 Jan. 2022-Jun. 2022 $ — $ 2.40 $2.82 - $2.89 $ 2.86 Natural gas (Waha) (3) 2,730,000 Jan. 2022-Sep. 2022 $ — $ 2.40 $ — $ 2.77 Natural gas (Waha) (3) 7,300,000 Jan. 2022-Dec. 2022 $ — $ 2.50 $ — $ 3.12 ________________________________________________________ (1) The index price for these collars is El Paso Natural Gas Company, Permian Basin Index (“Perm EP”), as quoted in Platt’s Inside FERC. (2) The index price for these collars is Panhandle Eastern Pipe Line, Tex/OK Mid-Continent Index (“PEPL”), as quoted in Platt’s Inside FERC. (3) The index price for these collars is Waha West Texas Natural Gas Index (“Waha”), as quoted in Platt’s Inside FERC. In early 2022, the Company entered into the following outstanding financial commodity derivatives: Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted- Range Weighted- Natural gas (NYMEX) 71,500,000 Apr. 2022-Dec. 2022 $3.50 - $4.25 $ 3.84 $4.75 - $6.65 $ 5.39 Natural gas (NYMEX) 10,700,000 Apr. 2022-Oct. 2022 $ — $ 4.00 $5.60 - $5.69 $ 5.63 Natural gas (NYMEX) 7,550,000 Nov. 2022-Mar. 2023 $ — $ 4.00 $7.06 - $7.10 $ 7.08
Effect of Derivative Instruments on Consolidated Balance Sheet	Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In millions) Balance Sheet Location 2021 2020 2021 2020 Commodity contracts Derivative instruments (current) $ 7 $ 26 $ 159 $ —
Schedule of Offsetting Derivative Assets in Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2021 2020 Derivative assets Gross amounts of recognized assets $ 27 $ 26 Gross amounts offset in the consolidated balance sheet (20) — Net amounts of assets presented in the consolidated balance sheet 7 26 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 7 $ 26 Derivative liabilities Gross amounts of recognized liabilities $ 179 $ — Gross amounts offset in the consolidated balance sheet (20) — Net amounts of liabilities presented in the consolidated balance sheet 159 — Gross amounts of financial instruments not offset in the consolidated balance sheet 35 — Net amount $ 194 $ —
Schedule of Offsetting Derivative Liabilities in Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2021 2020 Derivative assets Gross amounts of recognized assets $ 27 $ 26 Gross amounts offset in the consolidated balance sheet (20) — Net amounts of assets presented in the consolidated balance sheet 7 26 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 7 $ 26 Derivative liabilities Gross amounts of recognized liabilities $ 179 $ — Gross amounts offset in the consolidated balance sheet (20) — Net amounts of liabilities presented in the consolidated balance sheet 159 — Gross amounts of financial instruments not offset in the consolidated balance sheet 35 — Net amount $ 194 $ —
Effect of Derivative Instruments on Consolidated Statement of Operations	Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In millions) 2021 2020 2019 Cash (paid) received on settlement of derivative instruments Gas contracts $ (307) $ 35 $ 139 Oil contracts (124) — — Non-cash (loss) gain on derivative instruments Gas contracts 99 26 (58) Oil contracts 111 — — $ (221) $ 61 $ 81

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis: (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 47 $ — $ — $ 47 Derivative instruments — — 27 27 Total assets $ 47 $ — $ 27 $ 74 Liabilities Deferred compensation plan $ 56 $ — $ — $ 56 Derivative instruments — — 179 179 Total liabilities $ 56 $ — $ 179 $ 235 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 22 $ — $ — $ 22 Derivative instruments — 2 24 26 Total assets $ 22 $ 2 $ 24 $ 48 Liabilities Deferred compensation plan $ 31 $ — $ — $ 31 Derivative instruments — — — — Total liabilities $ 31 $ — $ — $ 31
Reconciliation of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In millions) 2021 2020 2019 Balance at beginning of period $ 24 $ — $ 22 Total gain (loss) included in earnings (532) 41 25 Settlement (gain) loss 356 (17) (47) Transfers in and/or out of Level 3 — — — Balance at end of period $ (152) $ 24 $ — Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (154) $ 24 $ —
Carrying Amount and Fair Value of Debt	The carrying amount and fair value of debt is as follows: December 31, 2021 December 31, 2020 (In millions) Carrying Estimated Carrying Estimated Long-term debt $ 3,125 $ 3,163 $ 1,134 $ 1,214 Current maturities — — (188) (189) Long-term debt, excluding current maturities $ 3,125 $ 3,163 $ 946 $ 1,025

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Activity Related to Asset Retirement Obligations	Activity related to the Company's asset retirement obligations is as follows: Year Ended December 31, (In millions) 2021 2020 Balance at beginning of period $ 86 $ 72 Liabilities assumed in Merger 175 — Liabilities incurred 6 10 Liabilities settled (10) — Accretion expense 6 4 Balance at end of period 263 86 Less: current asset retirement obligation (4) (1) Noncurrent asset retirement obligation $ 259 $ 85

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	As of December 31, 2021, the Company's future minimum obligations under transportation and gathering agreements are as follows: (In millions) 2022 $ 101 2023 138 2024 156 2025 159 2026 143 Thereafter 1,047 $ 1,744 As of December 31, 2021, the Company's future minimum obligations under gas processing agreements are as follows: (In millions) 2022 $ 88 2023 93 2024 96 2025 95 2026 84 Thereafter 231 $ 687 As of December 31, 2021, the Company's future minimum obligations under these delivery commitments are as follows: (In millions) 2022 $ 3 2023 13 2024 12 2025 7 2026 14 Thereafter 15 $ 64 As of December 31, 2021, the Company's future minimum obligations under this water delivery commitment are as follows: (In millions) 2022 $ 7 2023 7 2024 7 2025 6 2026 6 Thereafter 25 $ 58
Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities	As of December 31, 2021, the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In millions) Year Ending December 31, 2022 $ 75 2023 75 2024 72 2025 58 2026 14 Thereafter 50 Total undiscounted future lease payments 344 Present value adjustment (27) Net operating lease liabilities $ 317
Future Undiscounted Minimum Cash Payment Obligations for Financing Lease Liabilities	As of December 31, 2021, the Company’s future undiscounted minimum cash payment obligations for its financing lease liabilities are as follows: (In millions) Year Ending December 31, 2022 $ 6 2023 6 2024 6 2025 4 2026 — Thereafter — Total undiscounted future lease payments 22 Present value adjustment (1) Net financing lease liabilities $ 21
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23 $ 5 Financing cash flows from financing leases $ 2 $ — Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: December 31, 2021 2020 Weighted-average remaining lease term (in years) Operating leases 5.7 11.1 Financing leases 3.7 — Weighted-average discount rate Operating leases 2.4 % 5.0 % Financing leases 2.1 % — %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers Disaggregated by Product	The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In millions) 2021 2020 2019 OPERATING REVENUES Natural gas $ 2,798 $ 1,405 $ 1,985 Oil 616 — — NGL 243 — — Other 13 — — Total revenues from contracts with customers $ 3,670 $ 1,405 $ 1,985

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	Income tax expense is summarized as follows: Year Ended December 31, (In millions) 2021 2020 2019 Current Federal $ 207 $ (32) $ (29) State 11 1 4 218 (31) (25) Deferred Federal 119 68 233 State 7 4 11 126 72 244 Income tax expense $ 344 $ 41 $ 219
Schedule of Reconciliation of Income Tax Expense Computed by Applying Statutory Federal Income Tax Rate	Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2021 2020 2019 (In millions, except rates) Amount Rate Amount Rate Amount Rate Computed “expected” federal income tax $ 315 21.00 % $ 51 21.00 % $ 189 21.00 % State income tax, net of federal income tax benefit 24 1.59 % 5 1.86 % 15 1.64 % Deferred tax adjustment related to change in overall state tax rate (7) (0.46) % 1 0.50 % (1) (0.07) % Valuation allowance 3 0.22 % (4) (1.58) % 18 1.96 % Excess executive compensation 15 1.03 % 5 2.18 % 2 0.21 % Reserve on uncertain tax positions 1 0.05 % 6 2.47 % — — % Tax credits generated (6) (0.39) % (23) (9.63) % — — % Other, net (1) (0.14) % — 0.04 % (4) (0.40) % Income tax expense $ 344 22.90 % $ 41 16.84 % $ 219 24.34 %
Schedule of Composition of Net Deferred Tax Liabilities	The composition of net deferred tax liabilities is as follows: December 31, (In millions) 2021 2020 Deferred Tax Assets Net operating losses $ 388 $ 22 Incentive compensation 23 16 Deferred compensation 22 6 Post-retirement benefits 8 7 Capital loss carryforward 30 17 Other credit carryforwards 10 — Leases 11 8 Derivative instruments 35 — Other 18 3 Less: valuation allowance (177) (28) Total 368 51 Deferred Tax Liabilities Properties and equipment 3,459 810 Equity method investments 1 1 Leases 9 8 Derivative instruments — 6 Total 3,469 825 Net deferred tax liabilities $ 3,101 $ 774
Schedule of Reconciliation of Unrecognized Tax Benefits	A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Balance at beginning of period $ 6 $ 1 $ 17 Additions for tax positions of current period 1 — — Additions for tax positions of prior periods — 5 — Reductions for tax positions of prior periods — — (16) Balance at end of period $ 7 $ 6 $ 1

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Change in Postretirement Benefit Obligation	The change in the Company's postretirement benefit obligation is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Change in Benefit Obligation Benefit obligation at beginning of period $ 33 $ 34 $ 30 Service cost 2 2 2 Interest cost 1 1 1 Actuarial (gain) loss 1 (2) 3 Benefits paid (2) (2) (2) Benefit obligation at end of period $ 35 $ 33 $ 34 Change in Plan Assets Fair value of plan assets at end of period — — — Funded status at end of period $ (35) $ (33) $ (34)
Schedule of Amounts Recognized in Balance Sheet	Amounts recognized in the balance sheet consist of the following: December 31, (In millions) 2021 2020 2019 Current liabilities $ 2 $ 2 $ 2 Non-current liabilities 33 31 32 $ 35 $ 33 $ 34
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)	Amounts recognized in accumulated other comprehensive income (loss) consist of the following: December 31, (In millions) 2021 2020 2019 Net actuarial (gain) loss $ — $ — $ 2 Prior service cost (2) (3) (4) $ (2) $ (3) $ (2) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In millions) 2021 2020 2019 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Amortization of prior service cost (1) (1) (1) Net periodic postretirement cost $ 2 $ 2 $ 2 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net (gain) loss $ — $ (2) $ 3 Amortization of prior service cost 1 1 1 Total recognized in other comprehensive income 1 (1) 4 Total recognized in net periodic benefit cost (income) and other comprehensive income $ 3 $ 1 $ 6
Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs	Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2021 2020 2019 Discount rate (1) 2.85 % 2.65 % 3.50 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 6.50 % 6.75 % 7.00 % Health care cost trend rate for medical benefits assumed for next year (post-65) 4.75 % 5.00 % 5.25 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2021, 2020 and 2019, respectively, the beginning of year discount rates of 2.65 percent, 3.50 percent and 4.45 percent were used.
Schedule of Estimated Benefit Payments	The following estimated benefit payments under the Company's postretirement plans, which reflect expected future service, are expected to be paid as follows: (In millions) 2022 $ 2 2023 2 2024 2 2025 2 2026 2 Years 2027 - 2031 7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Award / Unit Activity	The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 50,500 $ 25.29 58,834 $ 25.19 150,293 $ 28.12 Granted 1,236,971 20.83 — — 55,500 25.29 Vested — — (6,334) 24.39 (143,959) 28.29 Forfeited (1,000) 25.29 (2,000) 25.29 (3,000) 25.29 Outstanding at end of period (1)(2) 1,286,471 $ 21.00 50,500 $ 25.29 58,834 $ 25.19 __________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $24 million and was calculated by multiplying the closing market price of the Company's common stock on December 31, 2021 by the number of non-vested restricted stock units outstanding. (2) As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock units outstanding was 2.3 years. The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 704,284 $ 17.99 574,219 $ 18.47 490,415 $ 17.41 Granted and fully vested 107,710 18.51 130,065 15.88 83,804 24.70 Issued (566,096) 17.04 — — — — Forfeited — — — — — — Outstanding at end of period (1)(2) 245,898 $ 20.41 704,284 $ 17.99 574,219 $ 18.47 _______________________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $5 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of outstanding restricted stock units. (2) Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided. The following table is a summary of restricted stock award activity: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period — $ — — $ — — $ — Granted 3,364,354 22.25 — — — — Vested (337,142) 22.25 — — — — Forfeited (8,029) 22.25 — — — — Outstanding at end of period (1)(2) 3,019,183 $ 22.25 — $ — — $ — _______________________________________________________________________________ (1) As of December 31, 2021, the aggregate intrinsic value was $57 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of non-vested restricted stock awards outstanding. (2) As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.0 years.
Schedule of Performance Share Awards Activity	The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 1,610,124 $ 20.31 1,259,287 $ 23.64 1,280,021 $ 22.22 Granted 769,594 18.76 722,500 15.60 526,730 24.95 Issued and fully vested (481,784) 23.25 (334,640) 22.60 (388,370) 20.49 Forfeited (39,830) 18.94 (37,023) 20.38 (159,094) 24.29 Outstanding at end of period 1,858,104 $ 18.93 1,610,124 $ 20.31 1,259,287 $ 23.64 The following table is a summary of activity for the Hybrid Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 903,551 $ 19.41 692,788 $ 23.90 662,388 $ 22.48 Granted 423,171 18.58 506,412 15.60 315,029 24.95 Issued and fully vested (1,326,722) 19.14 (295,649) 23.40 (284,629) 21.78 Forfeited — — — — — — Outstanding at end of period — $ — 903,551 $ 19.41 692,788 $ 23.90 The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Outstanding at beginning of period 1,398,853 $ 16.41 1,428,634 $ 20.17 1,299,868 $ 19.47 Granted 723,224 16.07 862,180 13.79 536,673 20.63 Issued and fully vested (2,122,077) 16.30 (891,961) 19.89 (407,907) 18.57 Forfeited — — — — — — Outstanding at end of period — $ — 1,398,853 $ 16.41 1,428,634 $ 20.17 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards.
Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component	The following table reflects certain balance sheet information of outstanding TSR Awards: December 31, (In millions) 2021 2020 Other current liabilities $ — $ — Other non-current liabilities — 7 The following table reflects certain cash payments related to the vesting of TSR Awards: Year Ended December 31, (In millions) 2021 2020 2019 Cash payments for TSR awards $ — $ 14 $ 5 Year Ended December 31, 2021 2020 2019 Fair value per performance share award granted during the period $ 16.07 $ 13.79 $ 20.63 Assumptions Stock price volatility 39.8 % 29.5 % 31.3 % Risk free rate of return 0.2 % 1.4 % 2.5 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2021 2020 2019 Fair value per performance share award at the end of the period $— $10.37 - $10.81 $6.18 - $14.80 Assumptions Stock price volatility —% 42.4% - 52.4% 29.8% - 30.4% Risk free rate of return —% 0.1% 1.6%
Summary of Option Activity	The following table is a summary of activity for the Stock Option Awards: Year Ended December 31, 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period — $ — — $ — — $ — Granted 1,577,554 16.19 — — — — Exercised (222,202) 9.15 — — — — Forfeited or Expired — — — — — — Outstanding at end of period (1) 1,355,352 $ 17.35 — $ — — $ — Exercisable at end of period (1) 1,355,352 $ 17.35 — $ — — $ — _______________________________________________________________________________

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Weighted-Average Shares Outstanding	The following is a calculation of basic and diluted net earnings per common share under the two-class method: Year Ended December 31, (In millions except per share amounts) 2021 2020 2019 Income (Numerator) Net income $ 1,158 $ 201 $ 681 Less: dividends attributable to participating securities (2) (2) — — Less: Cimarex redeemable preferred stock dividends (1) — — Net income available to common stockholders $ 1,155 $ 201 $ 681 Shares (Denominator) Weighted average shares - Basic 503 399 416 Dilution effect of stock awards at end of period 1 2 2 Weighted average shares - Diluted 504 401 418 Earnings per share: Basic $ 2.30 $ 0.50 $ 1.64 Diluted $ 2.29 $ 0.50 $ 1.63
Calculation of Weighted-Average Shares Excluded from Diluted EPS Due to Anti-Dilutive Effect	The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In millions) 2021 2020 2019 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 — 1

Restructuring Costs (Tables)

Restructuring Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Costs	The following table summarizes the Company’s restructuring liabilities: (In millions) Year Ended December 31, 2021 Balance at beginning of period $ — Additions related to merger integration 44 Reductions related to merger integration payments (1) Balance at end of period $ 43

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Amounts	Certain balance sheet amounts are comprised of the following: December 31, (In millions) 2021 2020 Accounts receivable, net Trade accounts $ 922 $ 216 Joint interest accounts $ 83 $ — Other accounts 34 — 1,039 216 Allowance for doubtful accounts (2) (1) $ 1,037 $ 215 Other assets Deferred compensation plan $ 47 $ 22 Debt issuance cost 5 7 Operating lease right-of-use assets 317 34 Other accounts 20 — $ 389 $ 63 Accounts payable Trade accounts $ 94 $ 11 Royalty and other owners 315 37 Accrued transportation 96 52 Accrued capital costs 88 38 Accrued lease operating costs 29 2 Taxes other than income 60 14 Other accounts 65 8 $ 747 $ 162 Accrued liabilities Employee benefits $ 124 $ 14 Taxes other than income 13 3 Operating lease liabilities 69 4 Financing lease liabilities 14 — Other accounts 40 1 $ 260 $ 22 Other liabilities Deferred compensation plan $ 56 $ 31 Operating lease liabilities 248 30 Financing lease liabilities 7 — Other accounts 63 21 $ 374 $ 82

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Paid for Interest and Income Taxes	Year Ended December 31, (In millions) 2021 2020 2019 Cash paid for interest and income taxes Interest $ 81 $ 57 $ 57 Income taxes 184 11 8 Non-cash activity Equity and replacement stock awards issued as consideration in the Merger $ 9,120 $ — $ —
Summary of Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash, included in the Consolidated Statement of Cash Flow, is comprised of the following: December 31, (In millions) 2021 2019 Cash and cash equivalents $ 1,036 $ 140 Restricted cash 10 12 $ 1,046 $ 152
Schedule of Cash and Cash Equivalents	Cash, cash equivalents and restricted cash, included in the Consolidated Statement of Cash Flow, is comprised of the following: December 31, (In millions) 2021 2019 Cash and cash equivalents $ 1,036 $ 140 Restricted cash 10 12 $ 1,046 $ 152

SUPPLEMENTAL OIL AND GAS INFO_2

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities	The following tables illustrate the Company's net proved reserves, including changes, and proved developed and proved undeveloped reserves for the periods indicated, as estimated by the Company's engineering staff. All reserves are located within the continental U.S. Oil (Mbbl) Natural Gas NGLs Total December 31, 2018 120 11,604 — 1,934,136 Revision of prior estimates (1) (48) 48 — 7,834 Extensions, discoveries and other additions (2) — 2,116 — 352,731 Production — (865) — (144,229) Sales of reserves in place (50) — — (50) December 31, 2019 22 12,903 — 2,150,422 Revision of prior estimates (3) (3) (347) — (57,808) Extensions, discoveries and other additions (2) — 1,974 — 328,976 Production (4) (858) — (142,954) December 31, 2020 15 13,672 — 2,278,636 Revision of prior estimates (4) 10,837 (538) 16,797 (61,967) Extensions, discoveries and other additions (2) 2,633 973 6,100 170,988 Production (8,150) (911) (7,104) (167,113) Purchases of reserves in place (5) 184,094 1,699 204,822 672,038 December 31, 2021 189,429 14,895 220,615 2,892,582 Proved Developed Reserves December 31, 2018 107 7,402 — 1,233,790 December 31, 2019 22 8,056 — 1,342,589 December 31, 2020 15 8,608 — 1,434,714 December 31, 2021 153,010 10,691 193,598 2,128,439 Proved Undeveloped Reserves December 31, 2018 13 4,202 — 700,346 December 31, 2019 — 4,847 — 807,833 December 31, 2020 — 5,064 — 843,922 December 31, 2021 36,419 4,204 27,017 764,143 _______________________________________________________________________________ (1) The net upward revision of 8 MMBOE was primarily due to a net upward performance revision of 11 MMBOE, partially offset by a downward revision of 3 MMBOE associated with PUD reclassifications as a result of the five-year limitation. The net upward performance revision of 11 MMBOE was primarily due to an upward revision of 69 MMBOE associated with the Company's PUD reserves due to performance revisions and the drilling of longer lateral length wells, partially offset by a downward performance revision of 58 MMBOE related to certain proved developed producing properties. (2) Extensions, discoveries and other additions were primarily related to drilling activity in the Dimock field located in northeast Pennsylvania. The Company added 152 MMBOE, 329 MMBOE and 353 MMBOE of proved reserves in this field in 2021, 2020 and 2019, respectively. (3) The net downward revision of 58 MMBOE was primarily due to a net downward performance revision of 41 MMBOE and a downward revision of 11 MMBOE associated with PUD reclassifications as a result of the five-year limitation. The net downward performance revision of 41 MMBOE was primarily due to a downward performance revision of 61 MMBOE related to certain proved developed producing properties, partially offset by an upward revision of 21 MMBOE associated with the Company’s PUD reserves due to performance revisions and the drilling of longer lateral length wells. (4) The net downward revision of 62 MMBOE was primarily related to 97 MMBOE downward performance revision coupled with a 6 MMBOE downward revision associated with PUD reclassifications as a result of the 5 year rule which was partially offset by a 42 MMBOE positive pricing and cost revision. The net downward performance revision of 97 MMBOE, was primarily due to 57 MMBOE performance revision related to certain proved developed reserves and a 40 MMBOE downward performance revision associate with proved undeveloped reserves. (5) Purchases of reserves in place were primarily related to the acquisition of Cimarex’s oil and gas properties in connection with the Merger. The reserves are primarily related to the Wolfcamp Shale in the Permian Basin and Woodford Shale in the Anadarko Basin.
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure	Capitalized costs relating to oil and gas producing activities and related accumulated depreciation, depletion and amortization were as follows: December 31, (In millions) 2021 2020 2019 Aggregate capitalized costs relating to oil and gas producing activities $ 20,655 $ 7,154 $ 6,676 Aggregate accumulated depreciation, depletion and amortization (3,775) (3,149) (2,861) Net capitalized costs $ 16,880 $ 4,005 $ 3,815
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure	Costs incurred in property acquisition, exploration and development activities were as follows: Year Ended December 31, (In millions) 2021 (1) 2020 2019 Property acquisition costs, proved $ 7,472 $ — $ — Property acquisition costs, unproved 5,386 6 6 Exploration costs 18 15 20 Development costs 688 547 761 Total costs $ 13,564 $ 568 $ 787 _______________________________________________________________________________ (1) These amounts include the fair value of the proved and unproved properties recorded in the purchase price allocation with respect to the Merger. The purchase was funded through the issuance of the Company’s common stock.
Oil and Gas, Average Sale Price and Production Cost	The average prices (adjusted for basis and quality differentials) related to proved reserves are as follows: Year Ended December 31, 2021 2020 2019 Natural gas $ 2.93 $ 1.64 $ 2.35 Oil $ 65.40 $ 32.53 $ 55.80 NGLs $ 25.74 $ — $ —
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure	Standardized Measure is as follows: Year Ended December 31, (In millions) 2021 2020 2019 Future cash inflows $ 60,908 $ 22,385 $ 30,302 Future production costs (18,241) (10,784) (10,039) Future development costs (1) (2,449) (1,612) (2,006) Future income tax expenses (8,535) (2,176) (4,043) Future net cash flows 31,683 7,813 14,214 10% annual discount for estimated timing of cash flows (18,399) (4,751) (8,353) Standardized measure of discounted future net cash flows $ 13,284 $ 3,062 $ 5,861 ______________________________________________________________________________
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows	The following is an analysis of the changes in the Standardized Measure: Year Ended December 31, (In millions) 2021 2020 2019 Beginning of year $ 3,062 $ 5,861 $ 6,483 Discoveries and extensions, net of related future costs 800 311 1,076 Net changes in prices and production costs 9,573 (4,326) (1,510) Accretion of discount 551 750 813 Revisions of previous quantity estimates 467 (108) 28 Timing and other (161) 6 (192) Changes in estimated future development costs (103) — — Development costs incurred 497 501 469 Sales and transfers, net of production costs (2,801) (746) (1,317) Sales of reserves in place (1) — (1) Purchases of reserves in place 6,477 — — Net change in income taxes (5,077) 813 12 End of year $ 13,284 $ 3,062 $ 5,861

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)SegmentInstitution	Dec. 31, 2020USD ($)	Dec. 31, 2019	Oct. 01, 2021shares
Properties and Equipment
Number of operating segments | Segment	1
Number of financial institutions | Institution	4
Restricted cash	$ 10,000,000	$ 12,000,000
Customer One | Sales Revenue, Net | Customer
Properties and Equipment
Percentage of Total Sales		21.00%	17.00%
Customer Two | Sales Revenue, Net | Customer
Properties and Equipment
Percentage of Total Sales		16.00%	16.00%
Customer Three | Sales Revenue, Net | Customer
Properties and Equipment
Percentage of Total Sales		12.00%	16.00%
Minimum
Properties and Equipment
Estimated useful life	3 years
Maximum
Properties and Equipment
Estimated useful life	30 years
Cimarex | Common Shares
Properties and Equipment
Right to receive (in shares) | shares				4.0146
Accounts Payable
Properties and Equipment
Book overdraft	$ 0	$ 0

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Oct. 01, 2021
Significant Acquisitions and Disposals
Additions related to merger integration	$ 44
Employee Severance
Significant Acquisitions and Disposals
Additions related to merger integration	$ 44
Cimarex
Significant Acquisitions and Disposals
Issued restricted stock award	3,400,000
Transaction costs	$ 42
Cimarex | Common Shares
Significant Acquisitions and Disposals
Right to receive (in shares)		4.0146
Value of shares issued		$ 9,083

Acquisitions - Identifiable Ass

Acquisitions - Identifiable Assets Acquired and Liabilities (Details) - USD ($)	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Significant Acquisitions and Disposals
Common stock, issued (in shares)		892,612,010	477,828,813
Total Cimarex common stock to be converted	100,000,000
Liabilities and Mezzanine Equity assumed:
Other current liabilities	$ 83,000,000
Cimarex redeemable preferred stock	50,000,000
Cimarex
Significant Acquisitions and Disposals
Total consideration	9,120,000,000
Assets acquired:
Cash and cash equivalents	1,033,000,000
Accounts receivable, net	598,000,000
Other current assets	31,000,000
Properties and equipment	13,300,000,000
Other assets	324,000,000
Total assets acquired	15,286,000,000
Liabilities and Mezzanine Equity assumed:
Accounts payable	528,000,000
Accrued liabilities	258,000,000
Derivative instruments, current	382,000,000
Long-term debt, net	2,196,000,000
Deferred income taxes	2,201,000,000	$ 2,200,000,000
Asset retirement obligation	162,000,000
Derivative instruments, noncurrent	7,000,000
Other liabilities	299,000,000
Cimarex redeemable preferred stock	50,000,000
Total liabilities and mezzanine equity assumed	6,166,000,000
Net assets acquired	9,120,000,000
Cimarex | Stock Options
Significant Acquisitions and Disposals
Value of shares issued	15,000,000
Cimarex | Restricted Stock Awards
Significant Acquisitions and Disposals
Value of shares issued	$ 22,000,000
Cimarex | Common Shares
Significant Acquisitions and Disposals
Exchange ratio (in shares)	4.0146
Coterra common stock closing price (in dollars per share)	408,000,000
Coterra common stock issued in exchange for Cimarex common stock (in shares)	403,000,000
Coterra common stock issued for Cimarex share awards vested on October 1, 2021 (in shares)	5,000,000
Coterra common stock closing price on October 1, 2021	$ 22.25
Value of shares issued	$ 9,083,000,000
Cimarex | Cimarex
Significant Acquisitions and Disposals
Common stock, issued (in shares)	103,000,000
Less unvested common stock	(3,000,000)

Acquisitions - Post-Acquisition

Acquisitions - Post-Acquisition Operating Results (Details) - Cimarex $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)
Significant Acquisitions and Disposals
Revenue	$ 1,129
Net income	$ 394

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - Cimarex - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	$ 5,236	$ 2,990
Pro forma net income	$ 1,205	$ (2,189)
Basic (in dollars per share)	$ 1.49	$ (2.71)
Diluted (in dollars per share)	$ 1.48	$ (2.71)

Properties and Equipment, Net -

Properties and Equipment, Net - Components of Properties and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Properties and Equipment
Finance lease right-of-use asset	$ 20	$ 0
Property, plant and equipment	21,211	7,211
Accumulated depreciation, depletion and amortization	(3,836)	(3,166)
Properties and equipment, net	17,375	4,045
Proved oil and gas properties
Properties and Equipment
Properties and equipment, gross	15,340	7,069
Unproved oil and gas properties
Properties and Equipment
Properties and equipment, gross	5,316	50
Pipelines and gathering
Properties and Equipment
Properties and equipment, gross	395	0
Land, buildings and other equipment
Properties and Equipment
Properties and equipment, gross	$ 140	$ 92

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Long-term Debt and Credit Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net premium (discount)	$ 185	$ 0
Unamortized debt issuance costs	(9)	(3)
Long-term debt	3,125	1,134
Current portion of long-term debt	$ 0	188
6.51% weighted-average private placement senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	6.51%
Long-term debt including unamortized debt issuance costs	$ 37	37
5.58% weighted-average private placement senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	5.58%
Long-term debt including unamortized debt issuance costs	$ 87	175
Current portion of long-term debt		88
3.65% weighted-average private placement senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	3.65%
Long-term debt including unamortized debt issuance costs	$ 825	925
Current portion of long-term debt		100
4.375% senior notes due June 1, 2024
Debt Instrument [Line Items]
Stated percentage	4.375%
Long-term debt including unamortized debt issuance costs	$ 750	0
3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Stated percentage	3.90%
Long-term debt including unamortized debt issuance costs	$ 750	0
4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Stated percentage	4.375%
Long-term debt including unamortized debt issuance costs	$ 500	0
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt including unamortized debt issuance costs	$ 0	$ 0

Debt and Credit Agreements - De

Debt and Credit Agreements - Debt Maturities (Details) $ in Millions	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	62
2024	1,325
2025	0
2026	312
Thereafter	$ 1,250

Debt and Credit Agreements - Ci

Debt and Credit Agreements - Cimarex Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	Oct. 07, 2021	Oct. 01, 2021
Debt Instrument [Line Items]
Principal (In millions)	$ 1,800	$ 2,000
Fair Value		2,196
4.375% senior notes due June 1, 2024
Debt Instrument [Line Items]
Principal (In millions)		750
Fair Value		809
3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Principal (In millions)		750
Fair Value		823
4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Principal (In millions)		500
Fair Value		$ 564

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details)	Oct. 07, 2021USD ($)	Sep. 16, 2021	Apr. 22, 2019	May 31, 2016USD ($)	Sep. 30, 2014USD ($)TrancheInvestor	Dec. 31, 2010USD ($)TrancheInvestor	Jul. 31, 2008USD ($)TrancheInvestor	Dec. 31, 2021USD ($)fiscal_period	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 01, 2021USD ($)
Debt Instrument [Line Items]
Repayments of debt								$ 288,000,000	$ 283,000,000	$ 102,000,000
6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased				$ 64,000,000
Repayments of debt				68,000,000
Weighted-average interest rate								6.51%
Long-term debt								$ 37,000,000	37,000,000
5.58% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased								$ 88,000,000
Weighted-average interest rate								5.58%
Long-term debt								$ 87,000,000	175,000,000
3.65% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased								$ 100,000,000
Weighted-average interest rate								3.65%
Long-term debt								$ 825,000,000	$ 925,000,000
Existing Cimarex Notes
Debt Instrument [Line Items]
Converted debt								$ 174,000,000
Senior Notes
Debt Instrument [Line Items]
Fiscal quarters for reduction in coverage ratio | fiscal_period								4
Minimum required annual coverage ratio								2.8
Consolidated debt to EBIDTA ratio								3
Principal (In millions)	$ 1,800,000,000										$ 2,000,000,000
Cash consideration	2,000,000
Senior Notes | Cimarex
Debt Instrument [Line Items]
Principal (In millions)	$ 1,800,000,000
Senior Notes | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)							$ 425,000,000
Number of institutional investors | Investor							41
Number of debt tranches | Tranche							3
Repayments of debt								$ 388,000,000
Senior Notes | 5.58% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)						$ 175,000,000
Number of institutional investors | Investor						8
Number of debt tranches | Tranche						3
Senior Notes | 3.65% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)					$ 925,000,000
Number of institutional investors | Investor					24
Number of debt tranches | Tranche					3
Senior Notes | 4.375% Senior Notes due 2024
Debt Instrument [Line Items]
Principal (In millions)								$ 706,000,000
Stated percentage								4.375%
Senior Notes | 3.90% Senior Notes due 2027
Debt Instrument [Line Items]
Principal (In millions)								$ 687,000,000
Stated percentage								3.90%
Senior Notes | 4.375% Senior Notes due 2029
Debt Instrument [Line Items]
Principal (In millions)								$ 433,000,000
Stated percentage								4.375%
Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Minimum required asset coverage ratio		3
Total capitalization		65.00%
Agreement extended period		1 year
Lenders holding percent		50.00%
Long-term debt								$ 0
Remaining borrowing capacity on line of credit								$ 1,500,000,000
Minimum | Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Commitment fee percentage			12.50%
Minimum | Revolving Credit Facility | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			112.50%
Minimum | Revolving Credit Facility | Revolving credit facility | ABR
Debt Instrument [Line Items]
Basis spread on variable rate			12.50%
Maximum | Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Commitment fee percentage			27.50%
Maximum | Revolving Credit Facility | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			175.00%
Maximum | Revolving Credit Facility | Revolving credit facility | ABR
Debt Instrument [Line Items]
Basis spread on variable rate			75.00%
Tranche 1 | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased				8,000,000
Tranche 1 | Senior Notes | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)							$ 245,000,000
Stated percentage							6.44%
Tranche 1 | Senior Notes | 5.58% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)						$ 88,000,000
Stated percentage						5.42%
Tranche 1 | Senior Notes | 3.65% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)					$ 100,000,000
Stated percentage					3.24%
Tranche 2 | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased				13,000,000
Tranche 2 | Senior Notes | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)							$ 100,000,000
Stated percentage							6.54%
Tranche 2 | Senior Notes | 5.58% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)						$ 25,000,000
Stated percentage						5.59%
Tranche 2 | Senior Notes | 3.65% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)					$ 575,000,000
Stated percentage					3.67%
Tranche 3 | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased				$ 43,000,000
Tranche 3 | Senior Notes | 6.51% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)							$ 80,000,000
Stated percentage							6.69%
Tranche 3 | Senior Notes | 5.58% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)						$ 62,000,000
Stated percentage						5.80%
Tranche 3 | Senior Notes | 3.65% Weighted-average Senior Notes
Debt Instrument [Line Items]
Principal (In millions)					$ 250,000,000
Stated percentage					3.77%

Debt and Credit Agreements - _2

Debt and Credit Agreements - Schedule of Senior Unsecured Notes Issued (Details) - Senior Notes - USD ($)	1 Months Ended
	Sep. 30, 2014	Dec. 31, 2010	Jul. 31, 2008	Oct. 07, 2021	Oct. 01, 2021
Debt Instrument [Line Items]
Principal (In millions)				$ 1,800,000,000	$ 2,000,000,000
6.51% weighted-average private placement senior notes
Debt Instrument [Line Items]
Principal (In millions)			$ 425,000,000
6.51% weighted-average private placement senior notes | Tranche 1
Debt Instrument [Line Items]
Principal (In millions)			$ 245,000,000
Term			10 years
Coupon			6.44%
6.51% weighted-average private placement senior notes | Tranche 2
Debt Instrument [Line Items]
Principal (In millions)			$ 100,000,000
Term			12 years
Coupon			6.54%
6.51% weighted-average private placement senior notes | Tranche 3
Debt Instrument [Line Items]
Principal (In millions)			$ 80,000,000
Term			15 years
Coupon			6.69%
5.58% weighted-average private placement senior notes
Debt Instrument [Line Items]
Principal (In millions)		$ 175,000,000
5.58% weighted-average private placement senior notes | Tranche 1
Debt Instrument [Line Items]
Principal (In millions)		$ 88,000,000
Term		10 years
Coupon		5.42%
5.58% weighted-average private placement senior notes | Tranche 2
Debt Instrument [Line Items]
Principal (In millions)		$ 25,000,000
Term		12 years
Coupon		5.59%
5.58% weighted-average private placement senior notes | Tranche 3
Debt Instrument [Line Items]
Principal (In millions)		$ 62,000,000
Term		15 years
Coupon		5.80%
3.65% weighted-average private placement senior notes
Debt Instrument [Line Items]
Principal (In millions)	$ 925,000,000
3.65% weighted-average private placement senior notes | Tranche 1
Debt Instrument [Line Items]
Principal (In millions)	$ 100,000,000
Term	7 years
Coupon	3.24%
3.65% weighted-average private placement senior notes | Tranche 2
Debt Instrument [Line Items]
Principal (In millions)	$ 575,000,000
Term	10 years
Coupon	3.67%
3.65% weighted-average private placement senior notes | Tranche 3
Debt Instrument [Line Items]
Principal (In millions)	$ 250,000,000
Term	12 years
Coupon	3.77%

Derivative Instruments - Summar

Derivative Instruments - Summary of Outstanding Financial Commodity Derivatives (Details)	12 Months Ended
	Dec. 31, 2021MMBTU$ / MMBTUMBbls
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	630
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	35
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	45.28
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	1,629,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	36.11
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	49.97
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	2,730,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	40
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	49.19
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	2,920
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	57
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	72.43
Crude oil (WTI Midland)
Derivative [Line Items]
Volume (Mbbl) | MBbls	630
Crude oil (WTI Midland) | Basis Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	0.11
Crude oil (WTI Midland)
Derivative [Line Items]
Volume (Mbbl) | MBbls	1,448,000,000
Crude oil (WTI Midland) | Basis Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	0.25
Crude oil (WTI Midland)
Derivative [Line Items]
Volume (Mbbl) | MBbls	1,911,000,000
Crude oil (WTI Midland) | Basis Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	0.38
Crude oil (WTI Midland)
Derivative [Line Items]
Volume (Mbbl) | MBbls	2,920,000,000
Crude oil (WTI Midland) | Basis Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	0.05
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	630
Crude oil (WTI) | Roll Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	(0.24)
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	724
Crude oil (WTI) | Roll Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	(0.20)
Crude oil (WTI)
Derivative [Line Items]
Volume (Mbbl) | MBbls	1,911
Crude oil (WTI) | Roll Swaps
Derivative [Line Items]
Swaps, Weighted Average Price (in dollars per Mmbtu)	0.10
Natural gas (NYMEX)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	36,000,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	4.38
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	6.97
Natural gas (NYMEX)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	42,800,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	3.19
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	4.30
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	1,800,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	1.85
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.18
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	3,620,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.40
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.88
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	7,300,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.50
Collars, Ceiling Price (in dollars per Mmbtu)	0
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	3.15
Natural gas (PEPL)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	3,600,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.40
Natural gas (PEPL)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	3,620,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.40
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.86
Natural gas (PEPL)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	7,300,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.60
Collars, Ceiling Price (in dollars per Mmbtu)	0
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	3.27
Natural gas (Waha)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	3,600,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	1.77
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.15
Natural gas (Waha)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	3,620,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.40
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.86
Natural gas (Waha)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	2,730,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.40
Collars, Ceiling Price (in dollars per Mmbtu)	0
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	2.77
Natural gas (Waha)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	7,300,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	2.50
Collars, Ceiling Price (in dollars per Mmbtu)	0
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	3.12
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	71,500,000
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	3.84
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	5.39
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	10,700,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	4
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	5.63
Natural gas (Perm EP)
Derivative [Line Items]
Volume (Mmbtu) | MMBTU	7,550,000
Collars, Floor Price (in dollars per Mmbtu)	0
Collars, Weighted-Average Floor Price (in dollars per Mmbtu)	4
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu)	7.08
Minimum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	45.15
Minimum | Crude oil (WTI)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	35
Collars, Ceiling Price (in dollars per Mmbtu)	48.38
Minimum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	47.55
Minimum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	72.20
Minimum | Natural gas (NYMEX)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	4
Collars, Ceiling Price (in dollars per Mmbtu)	5
Minimum | Natural gas (NYMEX)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	3
Collars, Ceiling Price (in dollars per Mmbtu)	4.07
Minimum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	1.80
Collars, Ceiling Price (in dollars per Mmbtu)	2.18
Minimum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.85
Minimum | Natural gas (PEPL)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	1.90
Collars, Ceiling Price (in dollars per Mmbtu)	2.35
Minimum | Natural gas (PEPL)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.81
Minimum | Natural gas (Waha)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	1.70
Collars, Ceiling Price (in dollars per Mmbtu)	2.10
Minimum | Natural gas (Waha)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.82
Minimum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	3.50
Collars, Ceiling Price (in dollars per Mmbtu)	4.75
Minimum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	5.60
Minimum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	7.06
Maximum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	45.40
Maximum | Crude oil (WTI)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	37.50
Collars, Ceiling Price (in dollars per Mmbtu)	51.10
Maximum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	50.89
Maximum | Crude oil (WTI)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	72.80
Maximum | Natural gas (NYMEX)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	4.75
Collars, Ceiling Price (in dollars per Mmbtu)	10.32
Maximum | Natural gas (NYMEX)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	3.50
Collars, Ceiling Price (in dollars per Mmbtu)	4.83
Maximum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	1.90
Collars, Ceiling Price (in dollars per Mmbtu)	2.19
Maximum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.90
Maximum | Natural gas (PEPL)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	2.10
Collars, Ceiling Price (in dollars per Mmbtu)	2.44
Maximum | Natural gas (PEPL)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.91
Maximum | Natural gas (Waha)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	1.84
Collars, Ceiling Price (in dollars per Mmbtu)	2.20
Maximum | Natural gas (Waha)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	2.89
Maximum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Floor Price (in dollars per Mmbtu)	4.25
Collars, Ceiling Price (in dollars per Mmbtu)	6.65
Maximum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	5.69
Maximum | Natural gas (Perm EP)
Derivative [Line Items]
Collars, Ceiling Price (in dollars per Mmbtu)	7.10

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative instruments	$ 7	$ 26
Derivative Liabilities	159	0
Derivatives Not Designated as Hedges | Commodity Contract | Derivative instruments (current)
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative instruments	7	26
Derivative Liabilities	$ 159	$ 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Offsetting Derivative Assets and Liabilities in Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative assets
Derivative instruments	$ 27	$ 26
Gross amounts offset in the consolidated balance sheet	(20)	0
Net amounts of assets presented in the consolidated balance sheet	7	26
Gross amounts of financial instruments not offset in the consolidated balance sheet	0	0
Net amount	7	26
Derivative liabilities
Gross amounts of recognized liabilities	179	0
Gross amounts offset in the consolidated balance sheet	(20)	0
Net amounts of liabilities presented in the consolidated balance sheet	159	0
Gross amounts of financial instruments not offset in the consolidated balance sheet	35	0
Net amount	$ 194	$ 0

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total	$ (221)	$ 61	$ 81
Gas contracts
Derivative [Line Items]
Cash (paid) received on settlement of derivative instruments	(307)	35	139
Non-cash (loss) gain on derivative instruments	99	26	(58)
Oil contracts
Derivative [Line Items]
Cash (paid) received on settlement of derivative instruments	(124)	0	0
Non-cash (loss) gain on derivative instruments	$ 111	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Deferred compensation plan	$ 47	$ 22
Derivative instruments	7	26
Liabilities
Deferred compensation plan	56	31
Derivative Liabilities	159	0
Recurring Basis
Assets
Deferred compensation plan	47	22
Derivative instruments	27	26
Total assets	74	48
Liabilities
Deferred compensation plan	56	31
Derivative Liabilities	179	0
Total liabilities	235	31
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Deferred compensation plan	47	22
Derivative instruments	0	0
Total assets	47	22
Liabilities
Deferred compensation plan	56	31
Derivative Liabilities	0	0
Total liabilities	56	31
Recurring Basis | Significant Other Observable Inputs (Level 2)
Assets
Deferred compensation plan	0	0
Derivative instruments	0	2
Total assets	0	2
Liabilities
Deferred compensation plan	0	0
Derivative Liabilities	0	0
Total liabilities	0	0
Recurring Basis | Significant Unobservable Inputs (Level 3)
Assets
Deferred compensation plan	0	0
Derivative instruments	27	24
Total assets	27	24
Liabilities
Deferred compensation plan	0	0
Derivative Liabilities	179	0
Total liabilities	$ 179	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy
Balance at beginning of period	$ 24	$ 0	$ 22
Total gain (loss) included in earnings	(532)	41	25
Settlement (gain) loss	356	(17)	(47)
Transfers in and/or out of Level 3	0	0	0
Balance at end of period	(152)	24	0
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ (154)	$ 24	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Impaired_Asset_And_Liabilty	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Number of non-financial assets and liabilities impaired	0	0	0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value disclosures
Long-term debt	$ 3,125,000	$ 1,134,000
Current maturities	0	(188,000)
Long-term debt, excluding current maturities	3,125,000	946,000
Carrying Amount
Fair value disclosures
Long-term debt	3,125,000	1,134,000
Current maturities	0	(188,000)
Long-term debt, excluding current maturities	3,125,000	946,000
Estimated Fair Value
Fair value disclosures
Long-term debt	3,163	1,214
Current maturities	0	(189)
Long-term debt, excluding current maturities	$ 3,163	$ 1,025

Asset Retirement Obligations -

Asset Retirement Obligations - Activity Related to Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation
Balance at beginning of period	$ 86	$ 72
Liabilities assumed in Merger	175	0
Liabilities incurred	6	10
Liabilities settled	(10)	0
Accretion expense	6	4
Balance at end of period	263	86
Less: current asset retirement obligation	(4)	(1)
Noncurrent asset retirement obligation	$ 259	$ 85

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Obligations (Details) $ in Thousands	Dec. 31, 2021USD ($)
Transportation Agreement Obligation
Other Commitments [Line Items]
2022	$ 101
2023	138
2024	156
2025	159
2026	143
Thereafter	1,047
Future transportation agreement obligation	1,744
Minimum Volume Commitments
Other Commitments [Line Items]
2022	88,000
2023	93,000
2024	96,000
2025	95,000
2026	84,000
Thereafter	231,000
Future transportation agreement obligation	687,000
Minimum Volume Delivery Commitments
Other Commitments [Line Items]
2022	3,000
2023	13,000
2024	12,000
2025	7,000
2026	14,000
Thereafter	15,000
Future transportation agreement obligation	64,000
Minimum Volume Water Delivery Commitments
Other Commitments [Line Items]
2022	7,000
2023	7,000
2024	7,000
2025	6,000
2026	6,000
Thereafter	25,000
Future transportation agreement obligation	$ 58,000

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 23	$ 5
Variable lease cost	6	1
Short-term lease payments	$ 113	26
Leases not yet commenced term	4 years
Leases not yet commenced, liability	$ 150
Leases not yet commenced, ROUs		$ 160
Minimum Volume Commitments
Lessee, Lease, Description [Line Items]
Other commitment	687
Minimum Volume Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment	64
Minimum Volume Water Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment	58
Other liabilities (non-current) | Minimum Volume Commitments
Lessee, Lease, Description [Line Items]
Other commitment	9
Other liabilities (non-current) | Minimum Volume Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment	10
Other liabilities (non-current) | Minimum Volume Water Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment	$ 21
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	24 years
Drilling Rigs, Fracturing and Other Equipment | Minimum
Lessee, Lease, Description [Line Items]
Short-term lease, term	30 days
Drilling Rigs, Fracturing and Other Equipment | Maximum
Lessee, Lease, Description [Line Items]
Short-term lease, term	1 year

Commitments and Contingencies_3

Commitments and Contingencies - Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Lease Liabilities, Payments Due (Under Topic 842)
2022	$ 75
2023	75
2024	72
2025	58
2026	14
Thereafter	50
Total undiscounted future lease payments	344
Present value adjustment	(27)
Net operating lease liabilities	$ 317

Commitments and Contingencies_4

Commitments and Contingencies - Future Undiscounted Minimum Cash Payment Obligations for Financing Lease Liabilities (Details) $ in Millions	Dec. 31, 2021USD ($)
Finance Lease, Liability, Payment, Due [Abstract]
2022	$ 6
2023	6
2024	6
2025	4
2026	0
Thereafter	0
Total undiscounted future lease payments	22
Present value adjustment	(1)
Net financing lease liabilities	$ 21

Commitments and Contingencies_5

Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 23,000	$ 5,000
Financing cash flows from financing leases	$ 2,000	$ 0	$ 0

Commitments and Contingencies_6

Commitments and Contingencies - Information Regarding Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating leases, weighted-average remaining lease term	5 years 8 months 12 days	11 years 1 month 6 days
Financing leases, weighted-average remaining lease term	3 years 8 months 12 days
Operating leases, weighted-average discount rate	2.40%	5.00%
Financing leases, weighted-average discount rate	2.10%

Revenue Recognition - Revenues

Revenue Recognition - Revenues from Contracts with Customers Disaggregated by Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 3,670	$ 1,405	$ 1,985
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,798	1,405	1,985
Oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	616	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 13	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unsatisfied performance obligations	$ 7,700
Receivables from contracts with customers	$ 922	$ 216
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	17 years

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 207	$ (32)	$ (29)
State	11	1	4
Total	218	(31)	(25)
Deferred
Federal	119	68	233
State	7	4	11
Total	126	72	244
Income tax expense	$ 344	$ 41	$ 219

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) Computed by Applying Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount
Computed “expected” federal income tax	$ 315	$ 51	$ 189
State income tax, net of federal income tax benefit	24	5	15
Deferred tax adjustment related to change in overall state tax rate	(7)	1	(1)
Valuation allowance	3	(4)	18
Excess executive compensation	15	5	2
Reserve on uncertain tax positions	1	6	0
Uncertain tax positions	(6)	(23)	0
Other, net	(1)	0	(4)
Income tax expense	$ 344	$ 41	$ 219
Rate
Computed “expected” federal income tax	21.00%	21.00%	21.00%
State income tax, net of federal income tax benefit	1.59%	1.86%	1.64%
Deferred tax adjustment related to change in overall state tax rate	(0.46%)	0.50%	(0.07%)
Valuation allowance	0.22%	(1.58%)	1.96%
Excess executive compensation	1.03%	2.18%	0.21%
Reserve on uncertain tax positions	0.05%	2.47%	0.00%
Uncertain tax positions	(0.39%)	(9.63%)	0.00%
Other, net	(0.14%)	0.04%	(0.40%)
Income tax expense	22.90%	16.84%	24.34%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Composition of Net Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net operating losses	$ 388	$ 22
Incentive compensation	23	16
Deferred compensation	22	6
Post-retirement benefits	8	7
Capital loss carryforward	30	17
Other credit carryforwards	10	0
Leases	11	8
Other	18	3
Derivative instruments	35	0
Less: valuation allowance	(177)	(28)
Total	368	51
Deferred Tax Liabilities
Properties and equipment	3,459	810
Equity method investments	1	1
Leases	9	8
Derivative instruments	0	6
Total	3,469	825
Net deferred tax liabilities	$ 3,101	$ 774

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
State tax effected net operating losses
Deferred tax liabilities, net	$ 3,101		$ 774
Unrealized gain (loss) on investments	130
Gain investments	2,800
Net operating loss carryforwards	69
Other credit carryforwards	10		0
Unrecognized tax benefits	7		$ 6	$ 1	$ 17
Liability for accrued interest	1
Cimarex
State tax effected net operating losses
Deferred income taxes	2,200	$ 2,201
State
State tax effected net operating losses
Net operating loss carryforwards	3,000
Valuation allowance on operating loss carryforwards	136
Federal
State tax effected net operating losses
Net operating loss carryforwards	1,100
NOL not subject to expiration	224
Federal | Cimarex
State tax effected net operating losses
Net operating loss carryforwards		$ 1,300
Federal | Tax Years 2034 Through 2037
State tax effected net operating losses
Net operating loss carryforwards	875
Capital loss carryforward
State tax effected net operating losses
Other credit carryforwards	135
Tax credit carryforwards valuation allowance	29
Capital loss carryforward | Tax Year 2022
State tax effected net operating losses
Other credit carryforwards	64
Capital loss carryforward | Tax Year 2025
State tax effected net operating losses
Other credit carryforwards	71
Research and development tax credits
State tax effected net operating losses
Unrecognized tax benefits	1
Marginal Well Credits
State tax effected net operating losses
Other credit carryforwards	10
Tax credit carryforwards valuation allowance	$ 4

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of unrecognized tax benefits
Balance at beginning of period	$ 6	$ 1	$ 17
Additions for tax positions of current period	1	0	0
Additions for tax positions of prior periods	0	5	0
Reductions for tax positions of prior periods	0	0	(16)
Balance at end of period	$ 7	$ 6	$ 1

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details)	Oct. 01, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)Retireeshares	Dec. 31, 2020USD ($)Retiree	Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Number of retirees and dependents | Retiree			364	337
Subsidy limit percentage of expected annual fully insured premium over age threshold			60.00%
Subsidy limit percentage of expected annual fully insured premium under age threshold			$ 648,000
Annual subsidy limit percentage increases for fully insured premium over age threshold			3.50%
Estimated contributions next year		$ 2,000,000	$ 2,000,000
Defined contribution cost recognized			1,000,000
Liabilities, including common stock		56,000,000	56,000,000	$ 31,000,000
Compensation (benefit) expense			$ 1,000,000	(1,000,000)	$ (2,000,000)
Cimarex
Restructuring Cost and Reserve [Line Items]
Distributions paid		27,000,000
Deferred compensation liability	$ 27,000,000
Executive Officer
Restructuring Cost and Reserve [Line Items]
Contributions to deferred compensation plan	$ 19,000,000
Savings Investment Plan
Restructuring Cost and Reserve [Line Items]
Employer matching percent			6.00%
Maximum contribution, percent of employee salary			10.00%
401(k) Plan
Restructuring Cost and Reserve [Line Items]
Employer matching percent			7.00%
Defined contribution cost recognized			$ 7,000,000	6,000,000	6,000,000
Deferred Compensation Plan
Restructuring Cost and Reserve [Line Items]
Market value of the trust assets, excluding common stock			47,000,000	22,000,000
Liabilities, including common stock		$ 56,000,000	$ 56,000,000	31,000,000
Number of common stock deferred into the rabbi trust (in shares) | shares		495,774	495,774
Common stock held in rabbi trust		$ 5,000,000	$ 5,000,000	5,000,000
Contributions to deferred compensation plan			$ 20,000,000	$ 1,000,000	$ 1,000,000

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Postretirement Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in Benefit Obligation
Benefit obligation at beginning of period	$ 33	$ 34	$ 30
Service cost	2	2	2
Interest cost	1	1	1
Actuarial (gain) loss	1	(2)	3
Benefits paid	(2)	(2)	(2)
Benefit obligation at end of period	35	33	34
Change in Plan Assets
Fair value of plan assets at end of period	0	0	0
Funded status at end of period	$ (35)	$ (33)	$ (34)

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts Recognized in the Balance Sheet
Current liabilities	$ 2	$ 2	$ 2
Non-current liabilities	33	31	32
Amounts recognized in the balance sheet	$ 35	$ 33	$ 34

Employee Benefit Plans - Amount

Employee Benefit Plans - Amount Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial (gain) loss	$ 0	$ 0	$ 2
Prior service cost	(2)	(3)	(4)
Amount recognized in accumulated other comprehensive income (loss)	$ (2)	$ (3)	$ (2)

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Net Periodic Postretirement Benefit Cost
Service cost	$ 2	$ 2	$ 2
Interest cost	1	1	1
Amortization of prior service cost	(1)	(1)	(1)
Net periodic postretirement cost	2	2	2
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Net (gain) loss	0	(2)	3
Amortization of prior service cost	1	1	1
Total recognized in other comprehensive income	1	(1)	4
Total recognized in net periodic benefit cost (income) and other comprehensive income	$ 3	$ 1	$ 6

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average assumptions used to determine projected pension benefit obligations
Discount rate	2.85%	2.65%	3.50%
Health care cost trend rate for medical benefits assumed for next year (pre-65)	6.50%	6.75%	7.00%
Health care cost trend rate for medical benefits assumed for next year (post-65)	4.75%	5.00%	5.25%
Ultimate trend rate (pre-65)	4.50%	4.50%	4.50%
Ultimate trend rate (post-65)	4.50%	4.50%	4.50%
Beginning discount rate	2.65%	3.50%	4.45%

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Estimated Benefit Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Estimated future benefit payments
2022	$ 2
2023	2
2024	2
2025	2
2026	2
Years 2027 - 2031	$ 7

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details)	May 01, 2024shares	Oct. 01, 2021USD ($)shares	Feb. 28, 2022USD ($)$ / shares	Nov. 30, 2021$ / shares	Oct. 30, 2021$ / shares	Apr. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Nov. 03, 2021$ / shares	Oct. 31, 2021$ / shares	Oct. 15, 2021$ / shares	Oct. 04, 2021$ / shares	Sep. 29, 2021shares	Sep. 28, 2021shares	May 01, 2014shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)								892,612,010	892,612,010	477,828,813
Common stock, authorized (in shares)								1,800,000,000	1,800,000,000	960,000,000						1,800,000,000	960,000,000
Cash dividends, per share (in dollars per share) | $ / shares				$ 0.125	$ 0.11	$ 0.11	$ 0.10		$ 1.12	$ 0.40	$ 0.35
Dividends payable (in dollars per share) | $ / shares															$ 0.50
Variable dividends (in dollars per share) | $ / shares												$ 0.30
Preferred stock dividends, per share (in dollars per share) | $ / shares								$ 20.3125
Additional awards granted (in shares)		1,577,554							1,577,554	0	0
Number of shares repurchased (in shares)									0	0	25,500,000
Cost of shares repurchased | $											$ 488,000,000
Cumulative number of shares repurchased under a share repurchase program (in shares)								99,000,000	99,000,000
Treasury stock, cumulative shares retired (in shares)								20,000,000	20,000,000
Cumulative cost of shares repurchased under a share repurchase program | $								$ 1,900,000,000	$ 1,900,000,000
Treasury stock reissued (in shares)									0
Treasury stock, number of shares authorized to be repurchased (in shares)								11,000,000	11,000,000
Cimarex redeemable preferred stock | $		$ 50,000,000
Shares withheld for taxes (in shares)									125,067
Value of shares withheld for taxes | $									$ 3,000,000
Shares held as treasury stock (in shares)								79,082,385	79,082,385	78,957,318
Cumulative cash dividends at the annual rate									8.125%
Liquidation preference ( in dollar per share) | $ / shares								$ 1,000	$ 1,000
Total liquidation preference | $								$ 28,000,000	$ 28,000,000
Preferred Stock at an initial conversion rate		34.1008						35.38530	35.38530
Payment of cash dividends to common shareholders | $									$ 780,000,000	$ 159,000,000	$ 146,000,000
Preferred stock cash per share | $ / shares								$ 471.3975	$ 471.3975					$ 471.3975
Preferred Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Dividends payable | $								$ 1,000,000	$ 1,000,000
Subsequent Event
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Cash dividends, per share (in dollars per share) | $ / shares			$ 0.15
Dividends payable (in dollars per share) | $ / shares			0.56
Variable dividends (in dollars per share) | $ / shares			$ 0.41
Repurchase program authorizes | $			$ 1,250,000,000
Cimarex Stockholders
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)		408,200,000						35,900,000	35,900,000
Restricted Stock Awards | Cimarex Stockholders
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)		3,400,000
2014 Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of shares reserved for issuance (in shares)																		18,000,000
Number of shares available for issuance (in shares)								10,500,000	10,500,000
2014 Incentive Plan | Stock Options | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of shares reserved for issuance (in shares)																		10,000,000
Scenario Forecast | 2014 Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Additional awards granted (in shares)	0
Redeemable Preferred Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares													$ 0.01

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	Oct. 01, 2021USD ($)$ / sharesshares	Feb. 28, 2022USD ($)shares	Oct. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)Award_Type$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 57,000,000	$ 43,000,000	$ 31,000,000
Tax benefit for share-based compensation expense					$ 24,000,000	$ 10,000,000	$ 7,000,000
Additional awards granted (in shares) | shares	1,577,554				1,577,554	0	0
Options granted (in dollars per shares) | $ / shares					$ 16.19	$ 0	$ 0
Stock options grant date fair value			$ 14,000,000
Defined contribution cost recognized					$ 1,000,000
Deferred Compensation, Share-based Payments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares held in employee trust earned but not distributed (in shares) | shares				495,774	495,774
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per shares) | $ / shares	$ 8.47
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per shares) | $ / shares	$ 28.72
Restricted Stock Units | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Granted (in shares) | shares					1,236,971	0	55,500
Granted (in dollars per share) | $ / shares					$ 20.83	$ 0	$ 25.29
Fair value of award					$ 0	$ 0	$ 4,000,000
Vested (in shares) | shares					0	6,334	143,959
Aggregate intrinsic value				$ 24,000,000	$ 24,000,000
Weighted-average remaining contractual term of non-vested shares					2 years 3 months 18 days
Restricted Stock Units | Share-based Payment Arrangement, Employee | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Granted (in shares) | shares	258,252
Granted (in dollars per share) | $ / shares	$ 22.25
Restricted Stock Units | Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 2,000,000	$ 2,000,000	$ 2,000,000
Aggregate intrinsic value				5,000,000	$ 5,000,000
Restricted Stock Units | Minimum | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					0.00%
Restricted Stock Units | Maximum | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					5.00%
Restricted Stock Units | Graduated or Graded Vesting | Minimum | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Restricted Stock Units | Graduated or Graded Vesting | Maximum | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 5,000,000
Award vesting period					3 years
Granted (in shares) | shares	3,364,354				3,364,354	0	0
Granted (in dollars per share) | $ / shares	$ 22.25				$ 22.25	$ 0	$ 0
Grant date value	$ 22,000,000
Compensation cost not yet recognized				41,000,000	$ 41,000,000
Period of recognition for unrecognized compensation costs					2 years
Fair value of award					$ 7,000,000
Vested (in shares) | shares					337,142	0	0
Aggregate intrinsic value				57,000,000	$ 57,000,000
Weighted-average remaining contractual term of non-vested shares					2 years
Restricted Stock Awards | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 4,000,000	$ 0	$ 1,000,000
Compensation cost not yet recognized				23,000,000	$ 23,000,000
Period of recognition for unrecognized compensation costs					2 years 3 months 18 days
Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 months
Expected forfeiture rate					0.00%
Restricted Stock Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Expected forfeiture rate					15.00%
Restricted Stock Awards | Graduated or Graded Vesting | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Restricted Stock Awards | Graduated or Graded Vesting | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 41,000,000	$ 40,000,000	$ 29,000,000
Award vesting period					3 years
Compensation cost not yet recognized				13,000,000	$ 13,000,000
Period of recognition for unrecognized compensation costs					1 year 3 months 18 days
Number of performance award types | Award_Type					3
Aggregate intrinsic value				34,000,000	$ 34,000,000
Weighted-average remaining contractual term of non-vested shares					1 year 3 months 18 days
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					7.00%
Internal Metrics Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance award types | Award_Type					2
Rights to share portion of award, maximum percent					100.00%
Market Based Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance award types | Award_Type					1
Rights to share portion of award, maximum percent					100.00%
Rights to cash portion of award, maximum percent					100.00%
Employee Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Granted (in shares) | shares					769,594	722,500	526,730
Granted (in dollars per share) | $ / shares					$ 18.76	$ 15.60	$ 24.95
Minimum operating cash flow for performance based award					$ 100,000,000
Employee Performance Share Awards | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		407,540
Grant date value		$ 10,000,000
Employee Performance Share Awards | 50% Vesting on Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rights to share portion of award, maximum percent					100.00%	33.00%	33.00%
Hybrid Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 8,000,000
Granted (in shares) | shares					423,171	506,412	315,029
Granted (in dollars per share) | $ / shares					$ 18.58	$ 15.60	$ 24.95
Minimum operating cash flow for performance based award					$ 100,000,000
Vested (in shares) | shares	960,497
Hybrid Performance Shares | Graduated or Graded Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Hybrid Performance Shares | 25% Vesting on First and Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					25.00%
Hybrid Performance Shares | 50% Vesting on Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50.00%
TSR Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,000,000
Granted (in shares) | shares					723,224	862,180	536,673
Granted (in dollars per share) | $ / shares					$ 16.07	$ 13.79	$ 20.63
Award vesting percentage	100.00%
Vested (in shares) | shares	2,122,077
Performance period of peer group					3 years
Cash payments for share-based compensation					$ 0	$ 14,000,000	$ 5,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units | Share-based Payment Arrangement, Employee
Shares
Outstanding at beginning of period (in shares)		50,500	58,834	150,293
Granted (in shares)		1,236,971	0	55,500
Vested (in shares)		0	(6,334)	(143,959)
Forfeited (in shares)		(1,000)	(2,000)	(3,000)
Outstanding at end of period (in shares)		1,286,471	50,500	58,834
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)		$ 25.29	$ 25.19	$ 28.12
Granted (in dollars per share)		20.83	0	25.29
Vested (in dollars per share)		0	24.39	28.29
Forfeited (in dollars per share)		25.29	25.29	25.29
Outstanding at end of period (in dollars per share)		$ 21	$ 25.29	$ 25.19
Additional disclosures
Aggregate intrinsic value		$ 24
Weighted-average remaining contractual term of non-vested shares		2 years 3 months 18 days
Restricted Stock Awards
Shares
Outstanding at beginning of period (in shares)		0	0	0
Granted (in shares)	3,364,354	3,364,354	0	0
Vested (in shares)		(337,142)	0	0
Forfeited (in shares)		(8,029)	0	0
Outstanding at end of period (in shares)		3,019,183	0	0
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)		$ 0	$ 0	$ 0
Granted (in dollars per share)	$ 22.25	22.25	0	0
Vested (in dollars per share)		22.25	0	0
Forfeited (in dollars per share)		22.25	0	0
Outstanding at end of period (in dollars per share)		$ 22.25	$ 0	$ 0
Additional disclosures
Aggregate intrinsic value		$ 57
Weighted-average remaining contractual term of non-vested shares		2 years

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - Share-based Payment Arrangement, Nonemployee - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at beginning of period (in shares)	704,284	574,219	490,415
Granted and fully vested (in shares)	107,710	130,065	83,804
Issued (in shares)	(566,096)	0	0
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	245,898	704,284	574,219
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 17.99	$ 18.47	$ 17.41
Granted and fully vested (in dollars per share)	18.51	15.88	24.70
Issued (in dollars per share)	17.04	0	0
Forfeited (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 20.41	$ 17.99	$ 18.47
Additional disclosures
Aggregate intrinsic value	$ 5

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Performance Share Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Performance Share Awards
Shares
Outstanding at beginning of period (in shares)	1,610,124	1,259,287	1,280,021
Granted (in shares)	769,594	722,500	526,730
Issued and fully vested (in shares)	(481,784)	(334,640)	(388,370)
Forfeited (in shares)	(39,830)	(37,023)	(159,094)
Outstanding at end of period (in shares)	1,858,104	1,610,124	1,259,287
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 20.31	$ 23.64	$ 22.22
Granted (in dollars per share)	18.76	15.60	24.95
Issued and fully vested (in dollars per share)	23.25	22.60	20.49
Forfeited (in dollars per share)	18.94	20.38	24.29
Outstanding at end of period (in dollars per share)	$ 18.93	$ 20.31	$ 23.64
Hybrid Performance Shares
Shares
Outstanding at beginning of period (in shares)	903,551	692,788	662,388
Granted (in shares)	423,171	506,412	315,029
Issued and fully vested (in shares)	(1,326,722)	(295,649)	(284,629)
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	0	903,551	692,788
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 19.41	$ 23.90	$ 22.48
Granted (in dollars per share)	18.58	15.60	24.95
Issued and fully vested (in dollars per share)	19.14	23.40	21.78
Forfeited (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 0	$ 19.41	$ 23.90
TSR Performance Share Awards
Shares
Outstanding at beginning of period (in shares)	1,398,853	1,428,634	1,299,868
Granted (in shares)	723,224	862,180	536,673
Issued and fully vested (in shares)	(2,122,077)	(891,961)	(407,907)
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	0	1,398,853	1,428,634
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 16.41	$ 20.17	$ 19.47
Granted (in dollars per share)	16.07	13.79	20.63
Issued and fully vested (in dollars per share)	16.30	19.89	18.57
Forfeited (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 0	$ 16.41	$ 20.17

Stock-Based Compensation - Refl

Stock-Based Compensation - Reflects Certain Balance Sheet Information (Details) - TSR Performance Share Awards - Liability - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other current liabilities	$ 0	$ 0
Other non-current liabilities	$ 0	$ 7

Stock-Based Compensation - Cash

Stock-Based Compensation - Cash Payments Related to the Vesting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TSR Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments for share-based compensation	$ 0	$ 14	$ 5

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component (Details) - TSR Performance Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period	$ 16.07	$ 13.79	$ 20.63
Stock price volatility	39.80%	29.50%	31.30%
Risk free rate of return	0.20%	1.40%	2.50%
Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price volatility, minimum rate	0.00%	42.40%	29.80%
Stock price volatility, maximum rate		52.40%	30.40%
Risk free rate of return	0.00%	10.00%
Risk free rate of return, minimum rate			1.60%
Minimum | Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period	$ 0	$ 10.37	$ 6.18
Maximum | Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period		$ 10.81	$ 14.80

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at beginning of period (in shares)		0	0	0
Granted (in shares)	1,577,554	1,577,554	0	0
Exercised (in shares)		(222,202)	0	0
Forfeited or expired (in shares)		0	0	0
Outstanding at end of period ( in shares)		1,355,352	0	0
Weighted- Average Strike Price
Options outstanding at beginning of period (in dollars per shares)		$ 0	$ 0	$ 0
Options granted (in dollars per shares)		16.19	0	0
Options exercised (in dollars per share)		9.15	0	0
Options forfeited or expired (in dollars per shares)		0	0	0
Options outstanding at end of period (in dollars per shares)		$ 17.35	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable, Number of options (in shares)		1,355,352	0	0
Options exercisable, Weighted average exercise price per share (in $ per share)		$ 17.35	$ 0	$ 0
Aggregate intrinsic value		$ 6
Exercisable, intrinsic value		$ 6
Weighted-average remaining contractual term of non-vested shares		3 years 6 months

Earnings per Common Share - Cal

Earnings per Common Share - Calculation of Basic and Dilute Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (Numerator)
Net income	$ 1,158	$ 201	$ 681
Less: dividends attributable to participating securities	(2)	0	0
Less: Cimarex redeemable preferred stock dividends	(1)	0	0
Net income available to common stockholders	$ 1,155	$ 201	$ 681
Shares (Denominator)
Weighted-average shares - basic (in shares)	503,000,000	399,000,000	416,000,000
Dilution effect of stock awards at end of period (in shares)	1,000,000	2,000,000	2,000,000
Weighted-average shares - diluted (in shares)	504,000,000	401,000,000	418,000,000
Earnings per share:
Basic (in dollars per share)	$ 2.30	$ 0.50	$ 1.64
Diluted (in dollars per share)	$ 2.29	$ 0.50	$ 1.63

Earnings per Common Share - C_2

Earnings per Common Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS Due to Anti-Dilutive Effect (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Treasury Stock Method
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1,000	0	1,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)
Related Party Transactions [Abstract]
Related party transaction	$ 3

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Restructuring and Related Activities [Abstract]
Additions related to merger integration	$ 44
Restructuring Cost and Reserve [Line Items]
Additions related to merger integration	44
Employee Severance
Restructuring and Related Activities [Abstract]
Additions related to merger integration	44
Restructuring Cost and Reserve [Line Items]
Additions related to merger integration	$ 44

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 0
Additions related to merger integration	44
Reductions related to merger integration payments	(1)
Balance at end of period	$ 43

Additional Balance Sheet Info_3

Additional Balance Sheet Information - Certain Balance Sheet Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net
Trade accounts	$ 922	$ 216
Joint interest accounts	83	0
Other accounts	34	0
Receivables gross current	1,039	216
Allowance for doubtful accounts	(2)	(1)
Accounts receivable, net	1,037	215
Other assets
Deferred compensation plan	47	22
Debt issuance cost	5	7
Lease liability and right-of-use asset	$ 317	$ 34
Operating Lease, Right-of-Use Asset [Extensible List]	Other assets	Other assets
Other accounts	$ 20	$ 0
Other assets	389	63
Accounts payable
Trade accounts	94	11
Royalty and other owners	315	37
Accrued transportation	96	52
Accrued capital costs	88	38
Accrued lease operating costs	29	2
Taxes other than income	60	14
Other accounts	65	8
Accounts payable current	747	162
Accrued liabilities
Employee benefits	124	14
Taxes other than income	13	3
Operating lease liabilities	69	4
Financing lease liabilities	$ 14	$ 0
Operating Lease, Liability, Current [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Other accounts	$ 40	$ 1
Accrued liabilities	260	22
Other liabilities
Deferred compensation plan	56	31
Operating lease liabilities	248	30
Financing lease liabilities	$ 7	$ 0
Operating Lease, Liability, Noncurrent [Extensible List]	Other liabilities	Other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Other accounts	$ 63	$ 21
Other liabilities	$ 374	$ 82

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid for interest and income taxes
Interest	$ 81	$ 57	$ 57
Income taxes	184	11	8
Equity and replacement stock awards issued as consideration in the Merger	9,120	0	0
Cash and cash equivalents	1,036	140
Restricted cash	10	12
Total	$ 1,046	$ 152	$ 214	$ 2

SUPPLEMENTAL OIL AND GAS INFO_3

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) (Details) MMBoe in Thousands, MBbls in Thousands, Bcf in Thousands	12 Months Ended
	Dec. 31, 2021MMBoeMBblsBcf	Dec. 31, 2020MMBoeMBblsBcf	Dec. 31, 2019MMBoeMBblsBcf	Dec. 31, 2018MMBoeBcfMBbls
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Beginning balance | MMBoe	2,278,636	2,150,422	1,934,136
Revision of prior estimates | MMBoe	(61,967)	(57,808)	7,834
Extensions, discoveries and other additions | MMBoe	170,988	328,976	352,731
Production | MMBoe	(167,113)	(142,954)	(144,229)
Sales of reserves in place | MMBoe			(50)
Purchases of reserves in place | MMBoe	672,038
Ending balance | MMBoe	2,892,582	2,278,636	2,150,422
Proved Developed Reserves | MMBoe	2,128,439	1,434,714	1,342,589	1,233,790
Proved Undeveloped Reserves | MMBoe	764,143	843,922	807,833	700,346
Performance Revision
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revision of prior estimates | MMBoe	(97,000)	(41,000)	11,000
Proved Undeveloped Reserves Reclassification
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revision of prior estimates | MMBoe	(6,000)	(11,000)	(3,000)
Performance Revisions And Drilling
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revision of prior estimates | MMBoe	57,000	(61,000)	69,000
Certain Proved Developed Producing Properties
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revision of prior estimates | MMBoe	(40,000)	21,000	(58,000)
Pricing And Cost Revisions
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revision of prior estimates | MMBoe	42,000
Pennsylvania
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Extensions, discoveries and other additions | MMBoe	152,000	329,000	353,000
Crude Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning balance	15	22	120
Revision of prior estimates	10,837	(3)	(48)
Extensions, discoveries and other additions	2,633	0	0
Production	(8,150)	(4)	0
Sales of reserves in place			(50)
Purchases of reserves in place	184,094
Ending balance	189,429	15	22
Proved Developed Reserves	153,010	15	22	107
Proved Undeveloped Reserves	36,419	0	0	13
Natural Gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning balance | Bcf	13,672	12,903	11,604
Revision of prior estimates | Bcf	(538)	(347)	48
Extensions, discoveries and other additions | Bcf	973	1,974	2,116
Production | Bcf	(911)	(858)	(865)
Sales of reserves in place | Bcf			0
Purchases of reserves in place | Bcf	1,699
Ending balance | Bcf	14,895	13,672	12,903
Proved Developed Reserves | Bcf	10,691	8,608	8,056	7,402
Proved Undeveloped Reserves | Bcf	4,204	5,064	4,847	4,202
NGL
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning balance	0	0	0
Revision of prior estimates	16,797	0	0
Extensions, discoveries and other additions	6,100	0	0
Production	(7,104)	0	0
Sales of reserves in place			0
Purchases of reserves in place	204,822
Ending balance	220,615	0	0
Proved Developed Reserves	193,598	0	0	0
Proved Undeveloped Reserves	27,017	0	0	0

SUPPLEMENTAL OIL AND GAS INFO_4

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) - Capitalized Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Extractive Industries [Abstract]
Aggregate capitalized costs relating to oil and gas producing activities	$ 20,655	$ 7,154	$ 6,676
Aggregate accumulated depreciation, depletion and amortization	(3,775)	(3,149)	(2,861)
Net capitalized costs	$ 16,880	$ 4,005	$ 3,815

SUPPLEMENTAL OIL AND GAS INFO_5

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) - Costs Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Extractive Industries [Abstract]
Property acquisition costs, proved	$ 7,472	$ 0	$ 0
Property acquisition costs, unproved	5,386	6	6
Exploration costs	18	15	20
Development costs	688	547	761
Total costs	$ 13,564	$ 568	$ 787

SUPPLEMENTAL OIL AND GAS INFO_6

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) - Average Prices (Details)	12 Months Ended
	Dec. 31, 2021$ / bbl$ / Mcf	Dec. 31, 2020$ / bbl$ / Mcf	Dec. 31, 2019$ / bbl$ / Mcf
Natural Gas
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales price | $ / Mcf	2.93	1.64	2.35
Crude Oil
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales price	65.40	32.53	55.80
NGL
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales price	25.74	0	0

SUPPLEMENTAL OIL AND GAS INFO_7

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) - Standardized Measure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Extractive Industries [Abstract]
Future cash inflows	$ 60,908	$ 22,385	$ 30,302
Future production costs	(18,241)	(10,784)	(10,039)
Future development costs(1)	(2,449)	(1,612)	(2,006)
Future income tax expenses	(8,535)	(2,176)	(4,043)
Future net cash flows	31,683	7,813	14,214
10% annual discount for estimated timing of cash flows	(18,399)	(4,751)	(8,353)
Standardized measure of discounted future net cash flows	13,284	3,062	5,861	$ 6,483
Abandonment costs	$ 390	$ 224	$ 213

SUPPLEMENTAL OIL AND GAS INFO_8

SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) - Change In Standardized Measure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Beginning balance	$ 3,062	$ 5,861	$ 6,483
Discoveries and extensions, net of related future costs	800	311	1,076
Net changes in prices and production costs	9,573	(4,326)	(1,510)
Accretion of discount	551	750	813
Revisions of previous quantity estimates	467	(108)	28
Timing and other	(161)	6	(192)
Changes in estimated future development costs	(103)	0	0
Development costs incurred	497	501	469
Sales and transfers, net of production costs	(2,801)	(746)	(1,317)
Sales of reserves in place	(1)	0	(1)
Purchases of reserves in place	6,477	0	0
Net change in income taxes	(5,077)	813	12
Ending balance	$ 13,284	$ 3,062	$ 5,861