Cover Page
| Cover Page - shares | 9 Months Ended | |
| Sep. 30, 2024 | Oct. 24, 2024 | |
| Entity Information [Line Items] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Sep. 30, 2024 | |
| Document Transition Report | false | |
| Entity File Number | 001-13726 | |
| Entity Registrant Name | EXPAND ENERGY CORPORATION | |
| Entity Incorporation, State or Country Code | OK | |
| Entity Tax Identification Number | 73-1395733 | |
| Entity Address, Address Line One | 6100 North Western Avenue, | |
| Entity Address, City or Town | Oklahoma City, | |
| Entity Address, State or Province | OK | |
| Entity Address, Postal Zip Code | 73118 | |
| City Area Code | (405) | |
| Local Phone Number | 848-8000 | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 231,034,791 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2024 | |
| Document Fiscal Period Focus | Q3 | |
| Entity Central Index Key | 0000895126 | |
| Current Fiscal Year End Date | --12-31 | |
| Class A Warrants to purchase Common Stock | ||
| Entity Information [Line Items] | ||
| Title of 12(b) Security | Class A Warrants to purchase Common Stock | |
| Trading Symbol | EXEEW | |
| Security Exchange Name | NASDAQ | |
| Class B Warrants to purchase Common Stock | ||
| Entity Information [Line Items] | ||
| Title of 12(b) Security | Class B Warrants to purchase Common Stock | |
| Trading Symbol | EXEEZ | |
| Security Exchange Name | NASDAQ | |
| Class C Warrants to purchase Common Stock | ||
| Entity Information [Line Items] | ||
| Title of 12(b) Security | Class C Warrants to purchase Common Stock | |
| Trading Symbol | EXEEL | |
| Security Exchange Name | NASDAQ | |
| Common Stock | ||
| Entity Information [Line Items] | ||
| Title of 12(b) Security | Common Stock, $0.01 par value per share | |
| Trading Symbol | EXE | |
| Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
| Current assets: | ||
| Cash and cash equivalents | $ 1,044 | $ 1,079 |
| Restricted cash | 76 | 74 |
| Accounts receivable, net | 261 | 593 |
| Derivative assets | 199 | 637 |
| Other current assets | 217 | 226 |
| Total current assets | 1,797 | 2,609 |
| Natural gas and oil properties, successful efforts method | ||
| Proved natural gas and oil properties | 12,373 | 11,468 |
| Unproved properties | 1,806 | 1,806 |
| Other property and equipment | 518 | 497 |
| Total property and equipment | 14,697 | 13,771 |
| Less: accumulated depreciation, depletion and amortization | (4,743) | (3,674) |
| Total property and equipment, net | 9,954 | 10,097 |
| Long-term derivative assets | 15 | 74 |
| Deferred income tax assets | 1,038 | 933 |
| Other long-term assets | 588 | 663 |
| Total assets | 13,392 | 14,376 |
| Current liabilities: | ||
| Accounts payable | 264 | 425 |
| Accrued interest | 41 | 39 |
| Derivative liabilities | 5 | 3 |
| Other current liabilities | 589 | 847 |
| Total current liabilities | 899 | 1,314 |
| Long-term debt, net | 2,017 | 2,028 |
| Long-term derivative liabilities | 0 | 9 |
| Asset retirement obligations, net of current portion | 271 | 265 |
| Other long-term liabilities | 17 | 31 |
| Total liabilities | 3,204 | 3,647 |
| Contingencies and commitments (Note 5) | ||
| Stockholders' equity: | ||
| Common stock, $0.01 par value, 450,000,000 shares authorized: 135,107,576 and 130,789,936 shares issued | 1 | 1 |
| Additional paid-in capital | 5,778 | 5,754 |
| Retained earnings | 4,409 | 4,974 |
| Total stockholders' equity | 10,188 | 10,729 |
| Total liabilities and stockholders' equity | $ 13,392 | $ 14,376 |
CONDENSED CONSOLIDATED BALANC_2
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2024 | Dec. 31, 2023 |
| Statement of Financial Position [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
| Common stock, shares issued (in shares) | 135,107,576 | 130,789,936 |
CONDENSED CONSOLIDATED STATEMEN
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Revenues and other: | ||||
| Natural gas and oil derivatives | $ 46 | $ 106 | $ 207 | $ 1,195 |
| Gains on sales of assets | 2 | 0 | 12 | 807 |
| Total revenues and other | 648 | 1,512 | 2,234 | 6,773 |
| Operating expenses: | ||||
| Production | 50 | 73 | 158 | 293 |
| Gathering, processing and transportation | 152 | 192 | 479 | 663 |
| Severance and ad valorem taxes | 11 | 27 | 58 | 136 |
| Exploration | 2 | 4 | 7 | 19 |
| General and administrative | 39 | 29 | 133 | 95 |
| Separation and other termination costs | 0 | 0 | 23 | 3 |
| Depreciation, depletion and amortization | 335 | 382 | 1,082 | 1,148 |
| Other operating expense, net | 22 | 3 | 55 | 15 |
| Total operating expenses | 803 | 1,433 | 2,651 | 4,357 |
| Income (loss) from operations | (155) | 79 | (417) | 2,416 |
| Other income (expense): | ||||
| Interest expense | (20) | (23) | (59) | (82) |
| Losses on purchases, exchanges or extinguishments of debt | 0 | 0 | (2) | 0 |
| Other income | 17 | 15 | 58 | 48 |
| Total other income (expense) | (3) | (8) | (3) | (34) |
| Income (loss) before income taxes | (158) | 71 | (420) | 2,382 |
| Income tax expense (benefit) | (44) | 1 | (105) | 532 |
| Net income (loss), basic | (114) | 70 | (315) | 1,850 |
| Net income (loss), diluted | $ (114) | $ 70 | $ (315) | $ 1,850 |
| Earnings (loss) per common share: | ||||
| Basic (in dollars per share) | $ (0.85) | $ 0.53 | $ (2.39) | $ 13.86 |
| Diluted (in dollars per share) | $ (0.85) | $ 0.49 | $ (2.39) | $ 12.90 |
| Weighted average common shares outstanding (in thousands): | ||||
| Basic (in shares) | 133,794 | 132,153 | 131,958 | 133,460 |
| Diluted (in shares) | 133,794 | 142,348 | 131,958 | 143,463 |
| Natural gas, oil and NGL | ||||
| Revenues and other: | ||||
| Revenue | $ 407 | $ 682 | $ 1,374 | $ 2,784 |
| Marketing | ||||
| Revenues and other: | ||||
| Revenue | 193 | 724 | 641 | 1,987 |
| Operating expenses: | ||||
| Marketing | $ 192 | $ 723 | $ 656 | $ 1,985 |
CONDENSED CONSOLIDATED STATEM_2
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Cash flows from operating activities: | ||||
| Net income (loss) | $ (114) | $ 70 | $ (315) | $ 1,850 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Depreciation, depletion and amortization | 335 | 382 | 1,082 | 1,148 |
| Deferred income tax expense (benefit) | (105) | 319 | ||
| Derivative gains, net | (46) | (106) | (207) | (1,195) |
| Cash receipts on derivative settlements, net | 695 | 167 | ||
| Share-based compensation | 29 | 25 | ||
| Gains on sales of assets | (2) | 0 | (12) | (807) |
| Losses on purchases, exchanges or extinguishments of debt | 2 | 0 | ||
| Other | (16) | 35 | ||
| Changes in assets and liabilities | 30 | 368 | ||
| Net cash provided by operating activities | 1,183 | 1,910 | ||
| Cash flows from investing activities: | ||||
| Capital expenditures | (1,021) | (1,450) | ||
| Receipts of deferred consideration | 116 | 0 | ||
| Contributions to investments | (71) | (149) | ||
| Proceeds from divestitures of property and equipment | 17 | 1,967 | ||
| Net cash provided by (used in) investing activities | (959) | 368 | ||
| Cash flows from financing activities: | ||||
| Proceeds from Credit Facility | 0 | 1,125 | ||
| Payments on Credit Facility | 0 | (2,175) | ||
| Funds held for transition services | 0 | 91 | ||
| Proceeds from warrant exercise | 1 | 0 | ||
| Debt issuance and other financing costs | (4) | 0 | ||
| Cash paid to repurchase and retire common stock | 0 | (313) | ||
| Cash paid for common stock dividends | (254) | (412) | ||
| Net cash used in financing activities | (257) | (1,684) | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (33) | 594 | ||
| Cash, cash equivalents and restricted cash, beginning of period | 1,153 | 192 | ||
| Cash, cash equivalents and restricted cash, end of period | 1,120 | 786 | 1,120 | 786 |
| Cash and cash equivalents | 1,044 | 713 | 1,044 | 713 |
| Restricted cash | 76 | 73 | 76 | 73 |
| Total cash, cash equivalents and restricted cash | $ 1,120 | $ 786 | 1,120 | 786 |
| Supplemental cash flow information: | ||||
| Interest paid, net of capitalized interest | 64 | 90 | ||
| Income tax refunds received, net | (2) | (18) | ||
| Supplemental disclosure of significant non-cash investing and financing activities: | ||||
| Operating lease obligations recognized | 0 | 65 | ||
| Change in accrued drilling and completion costs | ||||
| Supplemental disclosure of significant non-cash investing and financing activities: | ||||
| Change in accrued drilling and completion costs | $ (72) | $ (39) | ||
CONDENSED CONSOLIDATED STATEM_3
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
| Beginning balance (in shares) at Dec. 31, 2022 | 134,715,094 | |||
| Beginning balance at Dec. 31, 2022 | $ 9,124 | $ 1 | $ 5,724 | $ 3,399 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 92,048 | |||
| Share-based compensation | 5 | 5 | ||
| Issuance of common stock for warrant exercise (in shares) | 4,654 | |||
| Issuance of common stock for warrant exercise | 0 | |||
| Repurchase and retirement of common stock (in shares) | (792,543) | |||
| Repurchase and retirement of common stock | (60) | (60) | ||
| Net income (loss) | 1,389 | 1,389 | ||
| Dividends on common stock | (175) | (175) | ||
| Ending balance (in shares) at Mar. 31, 2023 | 134,019,253 | |||
| Ending balance at Mar. 31, 2023 | 10,283 | $ 1 | 5,729 | 4,553 |
| Beginning balance (in shares) at Dec. 31, 2022 | 134,715,094 | |||
| Beginning balance at Dec. 31, 2022 | 9,124 | $ 1 | 5,724 | 3,399 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Repurchase and retirement of common stock (in shares) | (3,700,000) | |||
| Repurchase and retirement of common stock | $ (305) | |||
| Net income (loss) | 1,850 | |||
| Ending balance (in shares) at Sep. 30, 2023 | 131,182,918 | |||
| Ending balance at Sep. 30, 2023 | 10,268 | $ 1 | 5,735 | 4,532 |
| Beginning balance (in shares) at Mar. 31, 2023 | 134,019,253 | |||
| Beginning balance at Mar. 31, 2023 | 10,283 | $ 1 | 5,729 | 4,553 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 109,012 | |||
| Share-based compensation | 7 | 7 | ||
| Issuance of common stock for warrant exercise (in shares) | 878 | |||
| Issuance of common stock for warrant exercise | 0 | |||
| Repurchase and retirement of common stock (in shares) | (1,444,402) | |||
| Repurchase and retirement of common stock | (125) | (10) | (115) | |
| Net income (loss) | 391 | 391 | ||
| Dividends on common stock | (160) | (160) | ||
| Ending balance (in shares) at Jun. 30, 2023 | 132,684,741 | |||
| Ending balance at Jun. 30, 2023 | 10,396 | $ 1 | 5,726 | 4,669 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 5,859 | |||
| Share-based compensation | 10 | 10 | ||
| Issuance of common stock for warrant exercise (in shares) | 1,809 | |||
| Issuance of common stock for warrant exercise | 0 | |||
| Repurchase and retirement of common stock (in shares) | (1,509,491) | |||
| Repurchase and retirement of common stock | (131) | (1) | (130) | |
| Net income (loss) | 70 | 70 | ||
| Dividends on common stock | (77) | (77) | ||
| Ending balance (in shares) at Sep. 30, 2023 | 131,182,918 | |||
| Ending balance at Sep. 30, 2023 | 10,268 | $ 1 | 5,735 | 4,532 |
| Beginning balance (in shares) at Dec. 31, 2023 | 130,789,936 | |||
| Beginning balance at Dec. 31, 2023 | 10,729 | $ 1 | 5,754 | 4,974 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 168,538 | |||
| Share-based compensation | 4 | 4 | ||
| Issuance of common stock for warrant exercise (in shares) | 201 | |||
| Issuance of common stock for warrant exercise | 0 | |||
| Net income (loss) | 26 | 26 | ||
| Dividends on common stock | (77) | (77) | ||
| Ending balance (in shares) at Mar. 31, 2024 | 130,958,675 | |||
| Ending balance at Mar. 31, 2024 | 10,682 | $ 1 | 5,758 | 4,923 |
| Beginning balance (in shares) at Dec. 31, 2023 | 130,789,936 | |||
| Beginning balance at Dec. 31, 2023 | 10,729 | $ 1 | 5,754 | 4,974 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Net income (loss) | (315) | |||
| Ending balance (in shares) at Sep. 30, 2024 | 135,107,576 | |||
| Ending balance at Sep. 30, 2024 | 10,188 | $ 1 | 5,778 | 4,409 |
| Beginning balance (in shares) at Mar. 31, 2024 | 130,958,675 | |||
| Beginning balance at Mar. 31, 2024 | 10,682 | $ 1 | 5,758 | 4,923 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 264,072 | |||
| Share-based compensation | 9 | 9 | ||
| Issuance of common stock for warrant exercise (in shares) | 29,360 | |||
| Issuance of common stock for warrant exercise | 1 | 1 | ||
| Net income (loss) | (227) | (227) | ||
| Dividends on common stock | (95) | (95) | ||
| Ending balance (in shares) at Jun. 30, 2024 | 131,252,107 | |||
| Ending balance at Jun. 30, 2024 | 10,370 | $ 1 | 5,768 | 4,601 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Share-based compensation (in shares) | 27,618 | |||
| Share-based compensation | 10 | 10 | ||
| Issuance of common stock for warrant exercise (in shares) | 3,827,851 | |||
| Issuance of common stock for warrant exercise | 0 | 0 | ||
| Net income (loss) | (114) | (114) | ||
| Dividends on common stock | (78) | (78) | ||
| Ending balance (in shares) at Sep. 30, 2024 | 135,107,576 | |||
| Ending balance at Sep. 30, 2024 | $ 10,188 | $ 1 | $ 5,778 | $ 4,409 |
Basis of Presentation and Summa
| Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
| Sep. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation and Summary of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Description of Company On October 1, 2024, Chesapeake Energy Corporation (“Chesapeake”) changed its name to Expand Energy Corporation (“Expand Energy,” “we,” “our,” “us” or the “Company”) in connection with the Southwestern Merger, further discussed in Note 2 . Following the Southwestern Merger, Expand Energy is the largest natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. We have operations in Louisiana, Pennsylvania, West Virginia and Ohio, with all of our operations located onshore in the United States. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Expand Energy were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted. This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to our financial position as of September 30, 2024 and December 31, 2023, and our results of operations for the three months ended September 30, 2024 (“Current Quarter”), the nine months ended September 30, 2024 (“Current Period”), the three months ended September 30, 2023 (“Prior Quarter”) and the nine months ended September 30, 2023 (“Prior Period”). Our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. For the time periods covered by this Form 10-Q, we did not have any changes or items impacting other comprehensive income. Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”), for the purpose of allocating an enterprise’s resources and assessing its operating performance. As of September 30, 2024, we have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Expand Energy and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations. Restricted Cash As of September 30, 2024, we had restricted cash of $76 million. Our restricted cash represents funds legally restricted for future payment of certain royalties, as well as for payment of certain convenience class unsecured claims following our emergence from bankruptcy. Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures . Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU is effective beginning with our 2024 annual reporting and interim periods beginning in 2025, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements. |
Natural Gas and Oil Property Tr
| Natural Gas and Oil Property Transactions | 9 Months Ended |
| Sep. 30, 2024 | |
| Property, Plant and Equipment [Abstract] | |
| Natural Gas and Oil Property Transactions | 2. Natural Gas and Oil Property Transactions Southwestern Merger On January 10, 2024, Chesapeake and Southwestern entered into an all-stock agreement and plan of merger (the “Merger Agreement”). Southwestern was an independent energy company engaged in development, exploration and production activities, including related marketing activities, within its operating areas in the Appalachia and Haynesville shale plays. Our Board of Directors and the Board of Directors of Southwestern both approved the Merger Agreement. At separate special meetings each held on June 18, 2024, Chesapeake’s stockholders approved the issuance of Chesapeake’s common stock to the stockholders of Southwestern in connection with the Southwestern Merger, and Southwestern’s stockholders approved the Merger Agreement. On October 1, 2024, the Southwestern Merger was completed, and we issued approximately 95.7 million shares of our common stock to Southwestern’s shareholders in connection with the Merger Agreement. Under the terms of the Merger Agreement, subject to certain exceptions, each share of Southwestern common stock was converted into the right to receive 0.0867 of a share of the Company’s common stock. Based on the closing price of our common stock, the total value of the shares of our common stock issued to Southwestern’s shareholders was approximately $7.9 billion. We are accounting for this transaction using the acquisition method of accounting, with Expand Energy (formerly Chesapeake) treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Southwestern and its subsidiaries will be recorded at their respective fair values as of the date of the completion of the Southwestern Merger. As of the date of this report, the preliminary purchase price allocation is not complete but is expected to be completed within one year subsequent to the closing date of the Southwestern Merger. Determining the fair value of the assets and liabilities of Southwestern requires judgment and certain assumptions to be made, including relating to the valuation of Southwestern's oil and gas properties. The Southwestern Merger was structured as a tax-free reorganization for United States federal income tax purposes. Eagle Ford Divestitures In January 2023, we entered into an agreement to sell a portion of our Eagle Ford assets to WildFire Energy I LLC for approximately $1.425 billion, subject to customary post-closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of $60 million per year for the first three years following the transaction close date and $45 million to be paid in the fourth year following the transaction close date. During the Current Period, we received the first installment payment related to this transaction. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $58 million and $58 million of the deferred consideration is reflected within other current assets and approximately $87 million and $135 million is reflected within other long-term assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. The divestiture, which closed on March 20, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $337 million, inclusive of post-closing adjustments, based on the difference between the carrying value of the assets and consideration received. In February 2023, we entered into an agreement to sell a portion of our remaining Eagle Ford assets to INEOS Upstream Holdings Limited (“INEOS Energy”) for approximately $1.4 billion, subject to customary post-closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of approximately $56 million per year for four years following the transaction close date. During the Current Period, we received the first installment payment related to this transaction. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $54 million and $55 million of the deferred consideration is reflected within other current assets and approximately $97 million and $144 million is reflected within other long-term assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. The divestiture, which closed on April 28, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $470 million, based on the difference between the carrying value of the assets and consideration received. In August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets to SilverBow Resources, Inc. (“SilverBow”) for approximately $700 million, subject to customary post-closing adjustments. Approximately $50 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid one year from the closing date. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $49 million and $46 million of the deferred consideration is reflected within other current assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Additionally, SilverBow agreed to pay us an additional contingent payment of $25 million should WTI NYMEX prices average between $75 and $80 per barrel or $50 million should WTI NYMEX prices average above $80 per barrel during the year following the close of the transaction. On July 30, 2024, Crescent Energy Company (“Crescent”) acquired SilverBow. We anticipate receiving the additional contingent payment from Crescent, if any, during the fourth quarter of 2024. The fair value of the contingent consideration as of September 30, 2024 of $18 million is reflected within derivative assets within our condensed consolidated balance sheets. See Note 11 |
Earnings Per Share
| Earnings Per Share | 9 Months Ended |
| Sep. 30, 2024 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share | 3. Earnings Per Share Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner but includes the impact of potentially dilutive securities utilizing the treasury stock method. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”). The reconciliations between basic and diluted earnings (loss) per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net income (loss), basic and diluted $ (114) $ 70 $ (315) $ 1,850 Denominator (in thousands) Weighted average common shares outstanding, basic 133,794 132,153 131,958 133,460 Effect of potentially dilutive securities Warrants — 9,841 — 9,639 Restricted stock units — 306 — 316 Performance share units — 48 — 48 Weighted average common shares outstanding, diluted 133,794 142,348 131,958 143,463 Earnings (loss) per common share: Basic $ (0.85) $ 0.53 $ (2.39) $ 13.86 Diluted $ (0.85) $ 0.49 $ (2.39) $ 12.90 During the Current Quarter and Current Period, the diluted loss per share calculation excludes the effect of 777,369 reserved shares of common stock and 1,466,502 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares. Additionally, the diluted loss per share calculations during the Current Quarter and Current Period exclude the antidilutive effect of 7,667,037 and 9,580,029 Warrants, 164,253 and 270,095 RSUs and 0 and 97,528 PSUs, respectively. During the Prior Quarter and Prior Period, the diluted earnings per share calculations exclude the effect of 789,458 reserved shares of common stock and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares. |
Debt
| Debt | 9 Months Ended |
| Sep. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| Debt | 4. Debt Our long-term debt consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) Credit Facility $ — $ — $ — $ — 5.50% senior notes due 2026 500 500 500 496 5.875% senior notes due 2029 500 502 500 489 6.75% senior notes due 2029 950 967 950 958 Premiums on senior notes 71 — 83 — Debt issuance costs (4) — (5) — Total long-term debt, net $ 2,017 $ 1,969 $ 2,028 $ 1,943 ____________________________________________ (a) The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value. Credit Facility . In December 2022, we entered into a senior secured reserve-based credit agreement, as amended pursuant to the Amendment No. 1 and Borrowing Base Agreement, dated April 29, 2024 (the “Initial Credit Agreement Amendment”) and as automatically amended on October 28, 2024 by the Investment Grade Credit Agreement Amendment (as defined below), with the lenders and issuing banks party thereto from time to time (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”) (such credit agreement as amended by the Initial Credit Agreement Amendment, the “Pre-IG Credit Agreement”, and as further amended by the Investment Grade Credit Agreement Amendment, the “Credit Agreement”), providing for a revolving credit facility (such facility as amended pursuant to the Initial Credit Agreement Amendment, the “Pre-IG Credit Facility”, and as further amended pursuant to the Investment Grade Credit Agreement Amendment, the “Credit Facility”) maturing in December 2027. The Initial Credit Agreement Amendment, among other things, increased the aggregate commitments under the Pre-IG Credit Facility from $2.0 billion to $2.5 billion and increased the sublimit available for the issuance of letters of credit from $200 million to $500 million. The Credit Facility continues to provide for a $50 million sublimit available for swingline loans. As of September 30, 2024, the borrowing base under the Pre-IG Credit Facility was $3.5 billion. As of September 30, 2024, we had approximately $2.5 billion available for borrowings under the Pre-IG Credit Facility. The obligations under the Pre-IG Credit Facility were guaranteed by certain of Expand Energy’s subsidiaries (the “Guarantors”), and the Pre-IG Credit Facility was secured by substantially all of the assets owned by the Company and the Guarantors (subject to customary exceptions), including mortgages on not less than 85% of the total PV-9 of the borrowing base properties evaluated in the most recent reserve report (where PV-9 is the net present value, discounted at 9% per annum, of the estimated future net revenues). Since the effectiveness of the Investment Grade Credit Agreement Amendment, the Credit Facility is no longer guaranteed or secured, or subject to a borrowing base. The Pre-IG Credit Agreement contained restrictive covenants, subject to customary exceptions for reserve-based credit facilities, that limited Expand Energy and its subsidiaries’ ability to, among other things: (i) incur additional indebtedness, (ii) make investments, (iii) enter into mergers; (iv) make or declare dividends; (v) repurchase or redeem certain indebtedness; (vi) enter into certain hedges; (vii) incur liens; (viii) sell assets; and (ix) engage in certain transactions with affiliates. Since the effectiveness of the Investment Grade Credit Agreement Amendment on October 28, 2024, the Credit Agreement contains restrictive covenants that, subject to exceptions customary to investment grade credit facilities, limit Expand Energy and its subsidiaries’ ability to, among other things: (i) incur priority indebtedness, (ii) enter into mergers; (iii) make or declare dividends; (iv) incur liens; (v) sell all or substantially all of their assets; and (vi) engage in certain transactions with affiliates. The Pre-IG Credit Agreement required Expand Energy to maintain compliance with the following financial ratios: (A) a current ratio, which was the ratio of Expand Energy’s and its restricted subsidiaries’ consolidated current assets (including unused commitments under the Pre-IG Credit Facility but excluding certain non-cash assets) to their consolidated current liabilities (excluding the current portion of long-term debt and certain non-cash liabilities), of not less than 1.00 to 1.00; (B) a net leverage ratio, which was the ratio of total indebtedness (less unrestricted cash up to a specified threshold) to Consolidated EBITDAX (as defined in the Pre-IG Credit Agreement) for the prior four fiscal quarters, of not greater than 3.50 to 1.00 and (C) a PV-9 coverage ratio of the net present value, discounted at 9% per annum, of the estimated future net revenues expected in the proved reserves to Expand Energy’s and its restricted subsidiaries’ total indebtedness of not less than 1.50 to 1.00. The Investment Grade Credit Agreement Amendment, among other things, (i) removed the current ratio, net leverage ratio and PV-9 coverage ratio previously contained in the Pre-IG Credit Agreement and (ii) provides for our compliance with an indebtedness to capitalization ratio, which is the ratio of the Company’s total indebtedness to the sum of total indebtedness plus stockholders’ equity (the “Debt to Capitalization Ratio”), not to exceed 65%. Borrowings under the Credit Agreement may be alternate base rate loans or term SOFR loans, at our election. Interest is payable quarterly for alternate base rate loans and at the end of the applicable interest period for term SOFR loa ns. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 125 to 187.5 basis points per annum, depending on the Company’s unsecured debt ratings (which rate under the Pre-IG Credit Agreement previously ranged from 175 to 275 basis points per annum, depending on the percentage of the commitments utilized), plus an additional 10 basis points per annum credit spread adjustment. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 25 to 87.5 basis points per annum, depending on the Company’s unsecured debt ratings (which applicable margin under the Pre-IG Credit Agreement previously ranged from 75 to 175 basis points per annum, depending on the percentage of the commitments utilized). Expand Energy also pays a commitment fee on unused commitment amounts under the Credit Facility ranging from 15 to 27.5 basis points per annum, depending on the Company’s unsecured debt ratings (which commitment fee rate under the Pre-IG Credit Agreement previously ranged from 37.5 to 50 basis points per annum, depending on the percentage of the commitments utilized). The Credit Facility is subject to customary events of default, remedies, and cure rights for investment grade credit facilities of this nature. The Company had no additional secured debt as of September 30, 2024. Subsequent Event - Assumption of Southwestern’s Senior Notes and Southwestern Credit Facility Extinguishment. On October 1, 2024, the Southwestern Merger was completed, and we assumed approximately $3.7 billion of Southwestern’s senior notes. On October 1, 2024, Southwestern’s existing credit facility was terminated, with all loan amounts and other obligations outstanding thereunder repaid in full and all commitments thereunder extinguished, for approximately $585 million, which included all outstanding borrowings and transaction fees. Subsequent Event - Investment Grade Rating. |
Contingencies and Commitments
| Contingencies and Commitments | 9 Months Ended |
| Sep. 30, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Contingencies and Commitments | 5. Contingencies and Commitments Contingencies Business Operations and Litigation and Regulatory Proceedings We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates, and our final liabilities may ultimately be materially different. The majority of Chesapeake’s pre-petition legal proceedings were settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court, together with actions seeking to collect pre-petition indebtedness or to exercise control over the property of Chesapeake’s bankruptcy estates. Any allowed claim related to such litigation will be treated in accordance with the Plan. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against Chesapeake’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate. Environmental Contingencies The nature of the natural gas and oil business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property. Other Matters In connection with the Southwestern Merger, two lawsuits have been filed by purported stockholders of the Company or Southwestern against the Company and/or the members of the Company’s board of directors: Gerald Joseph Lovoi v. Chesapeake Energy Corp., et al. , No. 1:24-cv-01896 (S.D.N.Y. Mar. 13, 2024); Jeffrey Schantz v. Gass et al. , No. 155009/2024 (N.Y. Sup. Ct. May 30, 2024). Included in one or both of the complaints were allegations that the defendants violated Sections 14(a) and 20(a) of the Exchange Act and were negligent in misrepresenting or omitting material facts under Florida common law, because the registration statement filed in connection with the Southwestern Merger allegedly omitted or misstated material information. On June 10, 2024, the complaint in the Supreme Court of the State of New York was dismissed. On June 24, 2024, the complaint in the United States District Court for the Southern District of New York was dismissed. Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to our business operations is likely to have a material adverse effect on our future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates. Commitments Gathering, Processing and Transportation Agreements We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of natural gas, oil and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets. The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: September 30, 2024 Remainder of 2024 $ 71 2025 278 2026 245 2027 214 2028 198 2029-2036 945 Total $ 1,951 In addition, we have long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement. Other Commitments As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance. In connection with acquisitions and divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party and/or other specified matters. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of entering into or consummating a particular transaction. For divestitures of natural gas and oil properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects. While executing our strategic priorities, we have incurred certain cash charges, including contract termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity. |
Other Current Liabilities
| Other Current Liabilities | 9 Months Ended |
| Sep. 30, 2024 | |
| Other Liabilities Disclosure [Abstract] | |
| Other Current Liabilities | 6. Other Current Liabilities Other current liabilities as of September 30, 2024 and December 31, 2023 are detailed below: September 30, 2024 December 31, 2023 Revenues and royalties due to others $ 258 $ 360 Accrued drilling and production costs 132 211 Accrued hedging costs — 2 Accrued compensation and benefits 55 64 Taxes payable 60 84 Operating leases 30 84 Joint interest prepayments received 5 8 Other 49 34 Total other current liabilities $ 589 $ 847 |
Revenue
| Revenue | 9 Months Ended |
| Sep. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue | 7. Revenue The following tables show revenue disaggregated by operating area and product type: Three Months Ended September 30, 2024 Natural Gas Oil NGL Total Marcellus $ 213 $ — $ — $ 213 Haynesville 194 — — 194 Natural gas, oil and NGL revenue $ 407 $ — $ — $ 407 Marketing revenue $ 193 $ — $ — $ 193 Three Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 259 $ — $ — $ 259 Haynesville 310 — — 310 Eagle Ford 18 71 24 113 Natural gas, oil and NGL revenue $ 587 $ 71 $ 24 $ 682 Marketing revenue $ 219 $ 448 $ 57 $ 724 Nine Months Ended September 30, 2024 Natural Gas Oil NGL Total Marcellus $ 722 $ — $ — $ 722 Haynesville 652 — — 652 Natural gas, oil and NGL revenue $ 1,374 $ — $ — $ 1,374 Marketing revenue $ 526 $ 82 $ 33 $ 641 Nine Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 1,126 $ — $ — $ 1,126 Haynesville 968 — — 968 Eagle Ford 59 548 83 690 Natural gas, oil and NGL revenue $ 2,153 $ 548 $ 83 $ 2,784 Marketing revenue $ 735 $ 1,117 $ 135 $ 1,987 Accounts Receivable Our accounts receivable are primarily from purchasers of natural gas, oil and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties, and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible. Accounts receivable as of September 30, 2024 and December 31, 2023 are detailed below: September 30, 2024 December 31, 2023 Natural gas, oil and NGL sales $ 155 $ 406 Joint interest 106 180 Other 6 8 Allowance for doubtful accounts (6) (1) Total accounts receivable, net $ 261 $ 593 |
Income Taxes
| Income Taxes | 9 Months Ended |
| Sep. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 8. Income Taxes The table below presents a comparison of the Current Period and Prior Period’s income tax expense (benefit) and actual year-to-date effective tax rates. Nine Months Ended September 30, 2024 2023 Income (loss) before income taxes $ (420) $ 2,382 Current tax expense — — % 213 8.9 % Deferred tax expense (benefit) (105) 25.0 % 319 13.4 % Income tax expense (benefit) $ (105) 25.0 % $ 532 22.3 % An estimated annual effective tax rate (“EAETR”) is used in recording our interim year-to-date income tax provision. The EAETR is determined based on analysis of year-to-date and projected financial results of our operations. Our EAETR during the Current Period was 24.3%, compared to 22.4% in the Prior Period. The actual year-to-date effective tax rate and EAETR can differ as a result of certain discrete items, which are recorded in the period. Common examples of such items include, but are not limited to, certain equity-based compensation, true-ups resulting from differences between tax returns filed and estimated accruals, and tax effects of enacted laws. There was no current tax expense recorded in the Current Period. The Prior Period recorded $213 million of current tax expense, primarily as a result of tax gains on the Eagle Ford divestitures which closed in the Prior Period. In the Current Period, we made $12 million in income tax payments, which were offset by $14 million in income tax refunds. As of December 31, 2023, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2024. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some of our deferred tax assets will not be realized. As such, a partial valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of September 30, 2024 and December 31, 2023. On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022, which includes provisions for a 15% corporate alternative minimum tax (“CAMT”) on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year. Based upon our book income in the past three years, we believe we are subject to the CAMT beginning in the current year. The CAMT will result in incremental taxes to the extent that 15% of our adjusted book earnings exceeds our regular federal tax liability. During the Current Quarter, proposed regulations for the CAMT were released. Although we are not early adopting these, we are still analyzing their potential impact should they become finalized. We do not currently project any material impact due to the CAMT in 2024. |
Equity
| Equity | 9 Months Ended |
| Sep. 30, 2024 | |
| Equity [Abstract] | |
| Equity | 9. Equity Dividends The table below presents the dividends paid during the Current Period and Prior Period: Base Variable Rate Per Share Total 2024: First Quarter $ 0.575 $ — $ 0.575 $ 77 Second Quarter $ 0.575 $ 0.14 $ 0.715 $ 95 Third Quarter $ 0.575 $ — $ 0.575 $ 78 2023: First Quarter $ 0.55 $ 0.74 $ 1.29 $ 175 Second Quarter $ 0.55 $ 0.63 $ 1.18 $ 160 Third Quarter $ 0.575 $ — $ 0.575 $ 77 On October 29, 2024, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on December 4, 2024 to stockholders of record at the close of business on November 14, 2024. Share Repurchases We did not repurchase any shares during the Current Period, and during the Prior Period, we repurchased 3.7 million shares of common stock for an aggregate price of $305 million. The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings and were made pursuant to the share repurchase program that expired on December 31, 2023. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against the issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the Prior Period. Warrants Class A Warrants Class B Warrants Class C Warrants (a) Outstanding as of December 31, 2023 4,247,615 4,403,064 4,023,483 Converted into common stock (b) — — (168) Outstanding as of March 31, 2024 4,247,615 4,403,064 4,023,315 Converted into common stock (b) — (13,122) (13,325) Outstanding as of June 30, 2024 4,247,615 4,389,942 4,009,990 Converted into common stock (b) (2,986,928) (1,264,248) (328,726) Outstanding as of September 30, 2024 1,260,687 3,125,694 3,681,264 _________________________________________ (a) As of September 30, 2024, we had 1,466,502 of reserved Class C Warrants. (b) During the Current Period, we issued 3,857,412 shares of common stock as a result of Warrant exercises. Subsequent Event - Shares Issued as a Result of the Southwestern Merger On October 1, 2024, we issued approximately 95.7 million shares of our common stock to Southwestern’s shareholders in connection with the closing of the Southwestern Merger. Subsequent Event - Share Repurchase Program |
Share-Based Compensation
| Share-Based Compensation | 9 Months Ended |
| Sep. 30, 2024 | |
| Share-Based Payment Arrangement [Abstract] | |
| Share-Based Compensation | 10. Share-Based Compensation As of the Effective Date, the Board of Directors adopted the LTIP with a share reserve equal to 6,800,000 shares of common stock. The LTIP provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors. Restricted Stock Units. During the Current Period, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2023 940 $ 73.08 Granted 430 $ 83.61 Vested (a) (509) $ 67.49 Forfeited (18) $ 77.52 Unvested as of September 30, 2024 843 $ 81.74 _______________ (a) Approximately 105 thousand RSUs were accelerated related to one-time termination benefits for certain employees. The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $43 million based on the stock price at the time of vesting. As of September 30, 2024, there was approximately $48 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximatel y 2.13 years. Performance Share Units. During the Current Period, we granted PSUs to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria. The following table presents the assumptions used in the valuation of the PSUs granted in 2024. Assumption TSR, rTSR Risk-free interest rate 4.55 % Volatility 39.36 % A summary of the changes in unvested PSUs is presented below: Unvested Performance Share Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2023 394 $ 85.78 Granted 134 $ 95.33 Vested (130) $ 69.26 Forfeited — $ — Unvested as of September 30, 2024 398 $ 94.37 The aggregate intrinsic value of PSUs that vested during the Current Period was approximately $17 million based on the stock price at the time of vesting. As of September 30, 2024 , there was approximatel y $17 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximat ely 1.97 years. RSU and PSU Compensation. We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 General and administrative expenses $ 8 $ 7 $ 25 $ 21 Natural gas and oil properties 2 2 6 5 Production expense 1 1 3 3 Separation and other termination costs — — 9 — Total RSU and PSU compensation $ 11 $ 10 $ 43 $ 29 Related income tax benefit $ 1 $ 2 10 6 |
Derivative and Hedging Activiti
| Derivative and Hedging Activities | 9 Months Ended |
| Sep. 30, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative and Hedging Activities | 11. Derivative and Hedging Activities We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. These commodity contract derivative financial instruments include financial price swaps, collars and basis protection swaps. All of our commodity contract derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment. Contingent Consideration Arrangement In November 2023, we sold the final portion of our Eagle Ford assets to SilverBow. As part of the divestiture agreement, SilverBow agreed to pay the Company an additional contingent payment of $25 million should WTI NYMEX prices average between $75 and $80 per barrel or $50 million should WTI NYMEX prices average above $80 per barrel during the year following the close of the transaction. On July 30, 2024, Crescent acquired SilverBow. We anticipate receiving the additional contingent payment from Crescent, if any, during the fourth quarter of 2024. All changes in fair value are recognized as a gain or loss in earnings in the period they occur within natural gas and oil derivatives in our condensed consolidated statements of operations. During the Current Period, we recorded $6 million of unrealized gains related to the contingent consideration arrangement. The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of September 30, 2024 and December 31, 2023 are provided below: September 30, 2024 December 31, 2023 Notional Volume Fair Value Notional Volume Fair Value Natural gas (Bcf): Fixed-price swaps 221 $ 27 343 $ 188 Collars 537 182 558 497 Basis protection swaps 376 (18) 578 2 Total natural gas 1,134 191 1,479 687 Contingent Consideration: Eagle Ford divestiture 18 12 Total estimated fair value $ 209 $ 699 The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 on a gross basis and after same-counterparty netting: Gross Fair Value (a) Amounts Netted in the Condensed Consolidated Balance Sheets Net Fair Value Presented in the Condensed Consolidated Balance Sheets As of September 30, 2024 Commodity Contracts: Short-term derivative asset $ 238 $ (57) $ 181 Long-term derivative asset 33 (18) 15 Short-term derivative liability (62) 57 (5) Long-term derivative liability (18) 18 — Contingent Consideration: Short-term derivative asset 18 — 18 Total derivatives $ 209 $ — $ 209 As of December 31, 2023 Commodity Contracts: Short-term derivative asset $ 661 $ (36) $ 625 Long-term derivative asset 101 (27) 74 Short-term derivative liability (39) 36 (3) Long-term derivative liability (36) 27 (9) Contingent Consideration: Short-term derivative asset 12 — 12 Total derivatives $ 699 $ — $ 699 ___________________________________________ (a) These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below. Fair Value The fair value of our commodity derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives. The valuation of the contingent consideration is based on an option pricing model using significant Level 2 inputs that include quoted future commodity prices based on active markets. Credit Risk Considerations Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we only enter into commodity contracts derivatives with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of September 30, 2024, our commodity contract derivative instruments were spread among 17 counterparties. Hedging Arrangements Certain of our hedging arrangements are with counterparties that were also Lenders (or affiliates of Lenders) under our Credit Facility. The contracts entered into with these counterparties were previously secured by the same collateral that secured the Pre-IG Credit Facility, but such collateral was released on October 28, 2024 in connection with the Investment Grade Credit Agreement Amendment. We do not expect to post cash or letters of credit to secure our obligations under such contracts while we have the investment grade ratings described in Note 4 . The obligations under these contracts must be secured by cash or letters of credit to the extent that any mark-to-market amounts exceed defined thresholds. As of September 30, 2024, we did not have any cash or letters of credit posted as collateral for our commodity derivatives. |
Investments
| Investments | 9 Months Ended |
| Sep. 30, 2024 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Investments | 12. Investments Momentum Sustainable Ventures LLC. During the fourth quarter of 2022, the Company entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture and sequestration project (“CCUS”), which will gather natural gas produced in the Haynesville Shale for re-delivery to Gulf Coast markets, including LNG export. The pipeline is expected to have an initial capacity of 1.7 Bcf/d expandable to 2.2 Bcf/d. The carbon capture portion of the project anticipates capturing and permanently sequestering up to 2.0 million tons per annum of CO2. The natural gas gathering pipeline is projected for a potential in-service date in the fourth quarter of 2025, and the carbon sequestration portion of the project is subject to regulatory approvals. We have a 35% interest in the joint venture entity. We have accounted for this investment as an equity method investment, and its carrying value, which is reflected within other long-term assets on the condensed consolidated balance sheets, was $302 million and $238 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the carrying value of our investment in Momentum Sustainable Ventures LLC included approximately $12 million of capitalized interest related to the project. |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
| Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Pay vs Performance Disclosure | ||||||||
| Net income (loss) | $ (114) | $ (227) | $ 26 | $ 70 | $ 391 | $ 1,389 | $ (315) | $ 1,850 |
Insider Trading Arrangements
| Insider Trading Arrangements | 3 Months Ended |
| Sep. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
| Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
| Sep. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation |
| Segments | Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”), for the purpose of allocating an enterprise’s resources and assessing its operating performance. As of September 30, 2024, we have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Expand Energy and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations. |
| Restricted Cash | Restricted Cash As of September 30, 2024, we had restricted cash of $76 million. Our restricted cash represents funds legally restricted for future payment of certain royalties, as well as for payment of certain convenience class unsecured claims following our emergence from bankruptcy. |
| Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures . Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU is effective beginning with our 2024 annual reporting and interim periods beginning in 2025, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements. |
Earnings Per Share (Tables)
| Earnings Per Share (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted | The reconciliations between basic and diluted earnings (loss) per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net income (loss), basic and diluted $ (114) $ 70 $ (315) $ 1,850 Denominator (in thousands) Weighted average common shares outstanding, basic 133,794 132,153 131,958 133,460 Effect of potentially dilutive securities Warrants — 9,841 — 9,639 Restricted stock units — 306 — 316 Performance share units — 48 — 48 Weighted average common shares outstanding, diluted 133,794 142,348 131,958 143,463 Earnings (loss) per common share: Basic $ (0.85) $ 0.53 $ (2.39) $ 13.86 Diluted $ (0.85) $ 0.49 $ (2.39) $ 12.90 |
Debt (Tables)
| Debt (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| Schedule of Long-Term Debt | Our long-term debt consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) Credit Facility $ — $ — $ — $ — 5.50% senior notes due 2026 500 500 500 496 5.875% senior notes due 2029 500 502 500 489 6.75% senior notes due 2029 950 967 950 958 Premiums on senior notes 71 — 83 — Debt issuance costs (4) — (5) — Total long-term debt, net $ 2,017 $ 1,969 $ 2,028 $ 1,943 ____________________________________________ (a) The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value. |
Contingencies and Commitments (
| Contingencies and Commitments (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Schedule of Contractual Obligation | The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: September 30, 2024 Remainder of 2024 $ 71 2025 278 2026 245 2027 214 2028 198 2029-2036 945 Total $ 1,951 |
Other Current Liabilities (Tabl
| Other Current Liabilities (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Other Liabilities Disclosure [Abstract] | |
| Schedule of Other Current Liabilities | Other current liabilities as of September 30, 2024 and December 31, 2023 are detailed below: September 30, 2024 December 31, 2023 Revenues and royalties due to others $ 258 $ 360 Accrued drilling and production costs 132 211 Accrued hedging costs — 2 Accrued compensation and benefits 55 64 Taxes payable 60 84 Operating leases 30 84 Joint interest prepayments received 5 8 Other 49 34 Total other current liabilities $ 589 $ 847 |
Revenue (Tables)
| Revenue (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Schedule of Disaggregation of Revenue | The following tables show revenue disaggregated by operating area and product type: Three Months Ended September 30, 2024 Natural Gas Oil NGL Total Marcellus $ 213 $ — $ — $ 213 Haynesville 194 — — 194 Natural gas, oil and NGL revenue $ 407 $ — $ — $ 407 Marketing revenue $ 193 $ — $ — $ 193 Three Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 259 $ — $ — $ 259 Haynesville 310 — — 310 Eagle Ford 18 71 24 113 Natural gas, oil and NGL revenue $ 587 $ 71 $ 24 $ 682 Marketing revenue $ 219 $ 448 $ 57 $ 724 Nine Months Ended September 30, 2024 Natural Gas Oil NGL Total Marcellus $ 722 $ — $ — $ 722 Haynesville 652 — — 652 Natural gas, oil and NGL revenue $ 1,374 $ — $ — $ 1,374 Marketing revenue $ 526 $ 82 $ 33 $ 641 Nine Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 1,126 $ — $ — $ 1,126 Haynesville 968 — — 968 Eagle Ford 59 548 83 690 Natural gas, oil and NGL revenue $ 2,153 $ 548 $ 83 $ 2,784 Marketing revenue $ 735 $ 1,117 $ 135 $ 1,987 |
| Schedule of Accounts Receivable | Accounts receivable as of September 30, 2024 and December 31, 2023 are detailed below: September 30, 2024 December 31, 2023 Natural gas, oil and NGL sales $ 155 $ 406 Joint interest 106 180 Other 6 8 Allowance for doubtful accounts (6) (1) Total accounts receivable, net $ 261 $ 593 |
Income Taxes (Tables)
| Income Taxes (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Schedule of Components of Income Tax Expense | The table below presents a comparison of the Current Period and Prior Period’s income tax expense (benefit) and actual year-to-date effective tax rates. Nine Months Ended September 30, 2024 2023 Income (loss) before income taxes $ (420) $ 2,382 Current tax expense — — % 213 8.9 % Deferred tax expense (benefit) (105) 25.0 % 319 13.4 % Income tax expense (benefit) $ (105) 25.0 % $ 532 22.3 % |
Equity (Tables)
| Equity (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Equity [Abstract] | |
| Schedule of Dividends | The table below presents the dividends paid during the Current Period and Prior Period: Base Variable Rate Per Share Total 2024: First Quarter $ 0.575 $ — $ 0.575 $ 77 Second Quarter $ 0.575 $ 0.14 $ 0.715 $ 95 Third Quarter $ 0.575 $ — $ 0.575 $ 78 2023: First Quarter $ 0.55 $ 0.74 $ 1.29 $ 175 Second Quarter $ 0.55 $ 0.63 $ 1.18 $ 160 Third Quarter $ 0.575 $ — $ 0.575 $ 77 |
| Schedule of Warrants | Warrants Class A Warrants Class B Warrants Class C Warrants (a) Outstanding as of December 31, 2023 4,247,615 4,403,064 4,023,483 Converted into common stock (b) — — (168) Outstanding as of March 31, 2024 4,247,615 4,403,064 4,023,315 Converted into common stock (b) — (13,122) (13,325) Outstanding as of June 30, 2024 4,247,615 4,389,942 4,009,990 Converted into common stock (b) (2,986,928) (1,264,248) (328,726) Outstanding as of September 30, 2024 1,260,687 3,125,694 3,681,264 _________________________________________ (a) As of September 30, 2024, we had 1,466,502 of reserved Class C Warrants. (b) |
Share-Based Compensation (Table
| Share-Based Compensation (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Share-Based Payment Arrangement [Abstract] | |
| Schedule of Changes in Unvested Restricted Stock | A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2023 940 $ 73.08 Granted 430 $ 83.61 Vested (a) (509) $ 67.49 Forfeited (18) $ 77.52 Unvested as of September 30, 2024 843 $ 81.74 _______________ |
| Schedule of Valuation Assumptions | The following table presents the assumptions used in the valuation of the PSUs granted in 2024. Assumption TSR, rTSR Risk-free interest rate 4.55 % Volatility 39.36 % |
| Schedule of Changes in Unvested Performance Share | A summary of the changes in unvested PSUs is presented below: Unvested Performance Share Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2023 394 $ 85.78 Granted 134 $ 95.33 Vested (130) $ 69.26 Forfeited — $ — Unvested as of September 30, 2024 398 $ 94.37 |
| Schedule of Compensation Costs | We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 General and administrative expenses $ 8 $ 7 $ 25 $ 21 Natural gas and oil properties 2 2 6 5 Production expense 1 1 3 3 Separation and other termination costs — — 9 — Total RSU and PSU compensation $ 11 $ 10 $ 43 $ 29 Related income tax benefit $ 1 $ 2 10 6 |
Derivative and Hedging Activi_2
| Derivative and Hedging Activities (Tables) | 9 Months Ended |
| Sep. 30, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) | The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of September 30, 2024 and December 31, 2023 are provided below: September 30, 2024 December 31, 2023 Notional Volume Fair Value Notional Volume Fair Value Natural gas (Bcf): Fixed-price swaps 221 $ 27 343 $ 188 Collars 537 182 558 497 Basis protection swaps 376 (18) 578 2 Total natural gas 1,134 191 1,479 687 Contingent Consideration: Eagle Ford divestiture 18 12 Total estimated fair value $ 209 $ 699 |
| Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets | The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 on a gross basis and after same-counterparty netting: Gross Fair Value (a) Amounts Netted in the Condensed Consolidated Balance Sheets Net Fair Value Presented in the Condensed Consolidated Balance Sheets As of September 30, 2024 Commodity Contracts: Short-term derivative asset $ 238 $ (57) $ 181 Long-term derivative asset 33 (18) 15 Short-term derivative liability (62) 57 (5) Long-term derivative liability (18) 18 — Contingent Consideration: Short-term derivative asset 18 — 18 Total derivatives $ 209 $ — $ 209 As of December 31, 2023 Commodity Contracts: Short-term derivative asset $ 661 $ (36) $ 625 Long-term derivative asset 101 (27) 74 Short-term derivative liability (39) 36 (3) Long-term derivative liability (36) 27 (9) Contingent Consideration: Short-term derivative asset 12 — 12 Total derivatives $ 699 $ — $ 699 ___________________________________________ (a) |
Basis of Presentation and Sum_3
| Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions | 9 Months Ended | |
| Sep. 30, 2024 USD ($) segment | Dec. 31, 2023 USD ($) | |
| Accounting Policies [Abstract] | ||
| Number of reportable segments | segment | 1 | |
| Restricted cash | $ | $ 76 | $ 74 |
Natural Gas and Oil Property _2
| Natural Gas and Oil Property Transactions (Details) shares in Millions, $ in Millions | 1 Months Ended | |||||||||
| Oct. 01, 2024 USD ($) shares | Nov. 30, 2023 USD ($) | Apr. 28, 2023 USD ($) | Mar. 20, 2023 USD ($) | Nov. 30, 2023 USD ($) $ / bbl | Sep. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
| Contingent Consideration | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Derivative, fair value, net | $ 18 | |||||||||
| WTI NYMEX Price Average $75 to $80 per Barrel | Minimum | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Average sales price (in usd per unit) | $ / bbl | 75 | |||||||||
| WTI NYMEX Price Average $75 to $80 per Barrel | Maximum | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Average sales price (in usd per unit) | $ / bbl | 80 | |||||||||
| WTI NYMEX Price Average Above $80 per Barrel | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Average sales price (in usd per unit) | $ / bbl | 80 | |||||||||
| Portion of Eagle Ford Assets | Disposed of by Sale | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Consideration received | $ 1,425 | |||||||||
| Purchase price | $ 225 | |||||||||
| Gain (loss) on sale of oil and natural gas properties | 337 | |||||||||
| Portion of Eagle Ford Assets | Disposed of by Sale | Other Current Assets | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration reflected with assets | 58 | $ 58 | ||||||||
| Portion of Eagle Ford Assets | Disposed of by Sale | Other Long-term Assets | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration reflected with assets | 87 | 135 | ||||||||
| Portion of Eagle Ford Assets | Disposed of by Sale | First Three Years | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration paid in installments | 60 | |||||||||
| Portion of Eagle Ford Assets | Disposed of by Sale | Fourth Year | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration paid in installments | $ 45 | |||||||||
| Portion of Remaining Eagle Ford Assets | Disposed of by Sale | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Consideration received | $ 1,400 | |||||||||
| Purchase price | $ 225 | |||||||||
| Deferred consideration paid in installments | 56 | |||||||||
| Gain (loss) on sale of oil and natural gas properties | $ 470 | |||||||||
| Payment period | 4 years | |||||||||
| Portion of Remaining Eagle Ford Assets | Disposed of by Sale | Other Current Assets | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration reflected with assets | 54 | 55 | ||||||||
| Portion of Remaining Eagle Ford Assets | Disposed of by Sale | Other Long-term Assets | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration reflected with assets | 97 | 144 | ||||||||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | Disposed of by Sale | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Consideration received | $ 700 | |||||||||
| Purchase price | $ 50 | $ 50 | ||||||||
| Gain (loss) on sale of oil and natural gas properties | 140 | |||||||||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | Disposed of by Sale | WTI NYMEX Price Average $75 to $80 per Barrel | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Consideration received | 25 | 25 | ||||||||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | Disposed of by Sale | WTI NYMEX Price Average Above $80 per Barrel | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Consideration received | $ 50 | $ 50 | ||||||||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | Disposed of by Sale | Other Current Assets | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Deferred consideration reflected with assets | $ 49 | $ 46 | ||||||||
| Southwestern | Subsequent Event | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Common stock issued in the merger (in shares) | shares | 95.7 | |||||||||
| Share conversion ratio | 0.0867 | |||||||||
| Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 7,900 |
Earnings Per Share - Schedule o
| Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Earnings Per Share [Abstract] | ||||
| Net income (loss), basic | $ (114) | $ 70 | $ (315) | $ 1,850 |
| Net income (loss), diluted | $ (114) | $ 70 | $ (315) | $ 1,850 |
| Weighted average common shares outstanding, basic (in shares) | 133,794 | 132,153 | 131,958 | 133,460 |
| Effect of potentially dilutive securities | ||||
| Warrants (in shares) | 0 | 9,841 | 0 | 9,639 |
| Restricted stock units (in shares) | 0 | 306 | 0 | 316 |
| Performance share units (in shares) | 0 | 48 | 0 | 48 |
| Weighted average common shares outstanding, diluted (in shares) | 133,794 | 142,348 | 131,958 | 143,463 |
| Basic (in dollars per share) | $ (0.85) | $ 0.53 | $ (2.39) | $ 13.86 |
| Diluted (in dollars per share) | $ (0.85) | $ 0.49 | $ (2.39) | $ 12.90 |
Earnings Per Share - Narrative
| Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Class C Warrants | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 1,466,502 | |||
| Common Stock | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 777,369 | 789,458 | 777,369 | 789,458 |
| Warrants | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 7,667,037 | 9,580,029 | ||
| Warrants | Class C Warrants | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 1,466,502 | 1,489,337 | 1,466,502 | 1,489,337 |
| Restricted Stock Units (RSUs) | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 164,253 | 270,095 | ||
| Performance Share Units (PSUs) | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Warrants reserved for future issuance (in shares) | 0 | 97,528 | ||
Debt - Schedule of Long-Term De
| Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
| Debt Instrument [Line Items] | ||
| Long-term debt, fair value | $ 1,969 | $ 1,943 |
| Premiums on senior notes | 71 | 83 |
| Debt issuance costs | (4) | (5) |
| Total long-term debt, net | 2,017 | 2,028 |
| Line of Credit | Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Credit facility | 0 | 0 |
| Long-term debt, fair value | $ 0 | 0 |
| Senior Notes | 5.50% senior notes due 2026 | ||
| Debt Instrument [Line Items] | ||
| Interest rate, stated percentage | 5.50% | |
| Outstanding borrowings | $ 500 | 500 |
| Long-term debt, fair value | $ 500 | 496 |
| Senior Notes | 5.875% senior notes due 2029 | ||
| Debt Instrument [Line Items] | ||
| Interest rate, stated percentage | 5.875% | |
| Outstanding borrowings | $ 500 | 500 |
| Long-term debt, fair value | $ 502 | 489 |
| Senior Notes | 6.75% senior notes due 2029 | ||
| Debt Instrument [Line Items] | ||
| Interest rate, stated percentage | 6.75% | |
| Outstanding borrowings | $ 950 | 950 |
| Long-term debt, fair value | $ 967 | $ 958 |
Debt - Narrative (Details)
| Debt - Narrative (Details) | 9 Months Ended | |||
| Oct. 28, 2024 | Oct. 01, 2024 USD ($) | Sep. 30, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
| Line of Credit | ||||
| Debt Instrument [Line Items] | ||||
| Unused borrowing capacity | $ 2,500,000,000 | |||
| Line of Credit | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Extinguishment of debt | $ 585,000,000 | |||
| Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, principal amount | 0 | |||
| Senior Notes | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Acquisition, debt assumed | $ 3,700,000,000 | |||
| Credit Facility | Line of Credit | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate commitments | 2,500,000,000 | $ 2,000,000,000 | ||
| Maximum borrowing capacity | $ 3,500,000,000 | |||
| Future net revenues discount percentage | 9% | |||
| Credit spread adjustment | 0.10% | |||
| Credit Facility | Line of Credit | Federal Funds Effective Rate | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 0.50% | |||
| Credit Facility | Line of Credit | SOFR | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 1% | |||
| Credit Facility | Line of Credit | Minimum | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, collateral percentage | 85% | |||
| Current ratio | 1 | |||
| Asset coverage ratio | 1.50 | |||
| Variable rate percentage | 1.75% | |||
| Unused capacity, commitment fee percentage | 0.375% | |||
| Credit Facility | Line of Credit | Minimum | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 1.25% | |||
| Unused capacity, commitment fee percentage | 0.15% | |||
| Credit Facility | Line of Credit | Minimum | S O F R One Month Period Additional Applicable Margin | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 0.75% | |||
| Credit Facility | Line of Credit | Minimum | S O F R One Month Period Additional Applicable Margin | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 0.25% | |||
| Credit Facility | Line of Credit | Maximum | ||||
| Debt Instrument [Line Items] | ||||
| Leverage ratio | 3.50 | |||
| Variable rate percentage | 2.75% | |||
| Unused capacity, commitment fee percentage | 0.50% | |||
| Credit Facility | Line of Credit | Maximum | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Ratio of indebtedness to net capital | 0.65 | |||
| Variable rate percentage | 1.875% | |||
| Unused capacity, commitment fee percentage | 0.275% | |||
| Credit Facility | Line of Credit | Maximum | S O F R One Month Period Additional Applicable Margin | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 1.75% | |||
| Credit Facility | Line of Credit | Maximum | S O F R One Month Period Additional Applicable Margin | Subsequent Event | ||||
| Debt Instrument [Line Items] | ||||
| Variable rate percentage | 0.875% | |||
| Credit Facility | Line of Credit | Letter of Credit | ||||
| Debt Instrument [Line Items] | ||||
| Maximum borrowing capacity | $ 500,000,000 | $ 200,000,000 | ||
| Credit Facility | Line of Credit | Swingline Loans | ||||
| Debt Instrument [Line Items] | ||||
| Maximum borrowing capacity | $ 50,000,000 |
Contingencies and Commitments_2
| Contingencies and Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions | Sep. 30, 2024 USD ($) |
| Other Commitments [Line Items] | |
| Remainder of 2024 | $ 71 |
| 2025 | 278 |
| 2026 | 245 |
| 2027 | 214 |
| 2028 | 198 |
| 2029-2036 | 945 |
| Total | $ 1,951 |
Other Current Liabilities (Deta
| Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
| Other Liabilities Disclosure [Abstract] | ||
| Revenues and royalties due to others | $ 258 | $ 360 |
| Accrued drilling and production costs | 132 | 211 |
| Accrued hedging costs | 0 | 2 |
| Accrued compensation and benefits | 55 | 64 |
| Taxes payable | 60 | 84 |
| Operating leases | 30 | 84 |
| Joint interest prepayments received | 5 | 8 |
| Other | 49 | 34 |
| Total other current liabilities | $ 589 | $ 847 |
Revenue - Schedule of Disaggreg
| Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Total | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | $ 407 | $ 682 | $ 1,374 | $ 2,784 |
| Total | Marcellus | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 213 | 259 | 722 | 1,126 |
| Total | Haynesville | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 194 | 310 | 652 | 968 |
| Total | Eagle Ford | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 113 | 690 | ||
| Natural Gas | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 407 | 587 | 1,374 | 2,153 |
| Natural Gas | Marcellus | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 213 | 259 | 722 | 1,126 |
| Natural Gas | Haynesville | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 194 | 310 | 652 | 968 |
| Natural Gas | Eagle Ford | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 18 | 59 | ||
| Oil | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 71 | 0 | 548 |
| Oil | Marcellus | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 0 | 0 | 0 |
| Oil | Haynesville | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 0 | 0 | 0 |
| Oil | Eagle Ford | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 71 | 548 | ||
| NGL | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 24 | 0 | 83 |
| NGL | Marcellus | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 0 | 0 | 0 |
| NGL | Haynesville | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 0 | 0 | 0 |
| NGL | Eagle Ford | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 24 | 83 | ||
| Marketing | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 193 | 724 | 641 | 1,987 |
| Natural Gas | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 193 | 219 | 526 | 735 |
| Oil | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 0 | 448 | 82 | 1,117 |
| NGL | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | $ 0 | $ 57 | $ 33 | $ 135 |
Revenue - Schedule of Accounts
| Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
| Disaggregation of Revenue [Line Items] | ||
| Allowance for doubtful accounts | $ (6) | $ (1) |
| Total accounts receivable, net | 261 | 593 |
| Natural gas, oil and NGL sales | ||
| Disaggregation of Revenue [Line Items] | ||
| Accounts receivable, gross | 155 | 406 |
| Joint interest | ||
| Disaggregation of Revenue [Line Items] | ||
| Accounts receivable, gross | 106 | 180 |
| Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Accounts receivable, gross | $ 6 | $ 8 |
Income Taxes - Tax Expense (Ben
| Income Taxes - Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Income Tax Disclosure [Abstract] | ||||
| Income (loss) before income taxes | $ (158,000,000) | $ 71,000,000 | $ (420,000,000) | $ 2,382,000,000 |
| Current tax expense | 0 | 213,000,000 | ||
| Deferred tax expense (benefit) | (105,000,000) | 319,000,000 | ||
| Income tax expense (benefit) | $ (44,000,000) | $ 1,000,000 | $ (105,000,000) | $ 532,000,000 |
| Current tax expense | 0% | 8.90% | ||
| Deferred tax expense (benefit) | 25% | 13.40% | ||
| Income tax expense (benefit) | 25% | 22.30% | ||
Income Taxes - Narrative (Detai
| Income Taxes - Narrative (Details) - USD ($) | 9 Months Ended | |
| Sep. 30, 2024 | Sep. 30, 2023 | |
| Income Tax Disclosure [Abstract] | ||
| Estimated effective income tax rate | 24.30% | 22.40% |
| Current tax expense | $ 0 | $ 213,000,000 |
| Tax payments | 12,000,000 | |
| Tax refunds | $ 14,000,000 | |
Equity - Schedule of Dividends
| Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
| Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
| Equity [Abstract] | ||||||
| Dividends payable, base (in dollars per share) | $ 0.575 | $ 0.575 | $ 0.575 | $ 0.575 | $ 0.55 | $ 0.55 |
| Dividends payable, variable (in dollars per share) | 0 | 0.14 | 0 | 0 | 0.63 | 0.74 |
| Rate Per Share (in dollars per share) | $ 0.575 | $ 0.715 | $ 0.575 | $ 0.575 | $ 1.18 | $ 1.29 |
| Dividends | $ 78 | $ 95 | $ 77 | $ 77 | $ 160 | $ 175 |
Equity - Narrative (Details)
| Equity - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
| Oct. 01, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Oct. 29, 2024 | Oct. 22, 2024 | |
| Dividends Payable [Line Items] | ||||||||
| Stock repurchased during period (in shares) | 0 | |||||||
| Repurchase and retirement of common stock | $ 131,000,000 | $ 125,000,000 | $ 60,000,000 | |||||
| Common Stock | ||||||||
| Dividends Payable [Line Items] | ||||||||
| Repurchase and retirement of common stock (in shares) | 1,509,491 | 1,444,402 | 792,543 | 3,700,000 | ||||
| Repurchase and retirement of common stock | $ 305,000,000 | |||||||
| Subsequent Event | ||||||||
| Dividends Payable [Line Items] | ||||||||
| Dividends payable (in dollars per share) | $ 0.575 | |||||||
| Authorized amount | $ 1,000,000,000 | |||||||
| Subsequent Event | Southwestern | ||||||||
| Dividends Payable [Line Items] | ||||||||
| Common stock issued in the merger (in shares) | 95,700,000 | |||||||
Equity - Schedule of Warrants (
| Equity - Schedule of Warrants (Details) - shares | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2024 | |
| Warrants | ||||
| Warrants and Rights Outstanding [Roll Forward] | ||||
| Conversion of stock, shares issued (in shares) | 3,857,412 | |||
| Class A Warrants | ||||
| Warrants and Rights Outstanding [Roll Forward] | ||||
| Outstanding, beginning balance (in shares) | 4,247,615 | 4,247,615 | 4,247,615 | 4,247,615 |
| Converted into common stock (in shares) | (2,986,928) | 0 | 0 | |
| Outstanding, ending balance (in shares) | 1,260,687 | 4,247,615 | 4,247,615 | 1,260,687 |
| Class B Warrants | ||||
| Warrants and Rights Outstanding [Roll Forward] | ||||
| Outstanding, beginning balance (in shares) | 4,389,942 | 4,403,064 | 4,403,064 | 4,403,064 |
| Converted into common stock (in shares) | (1,264,248) | (13,122) | 0 | |
| Outstanding, ending balance (in shares) | 3,125,694 | 4,389,942 | 4,403,064 | 3,125,694 |
| Class C Warrants | ||||
| Warrants and Rights Outstanding [Roll Forward] | ||||
| Outstanding, beginning balance (in shares) | 4,009,990 | 4,023,315 | 4,023,483 | 4,023,483 |
| Converted into common stock (in shares) | (328,726) | (13,325) | (168) | |
| Outstanding, ending balance (in shares) | 3,681,264 | 4,009,990 | 4,023,315 | 3,681,264 |
| Warrants reserved for future issuance (in shares) | 1,466,502 | |||
Share-Based Compensation - Narr
| Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
| Sep. 30, 2024 | Feb. 09, 2021 | |
| Restricted Stock Units (RSUs) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Intrinsic value of vested | $ 43 | |
| Unrecognized compensation expense | $ 48 | |
| Share-based compensation expense, weighted average period for recognition | 2 years 1 month 17 days | |
| Restricted Stock Units (RSUs) | Employees | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation, award vesting period | 3 years | |
| Restricted Stock Units (RSUs) | Directors | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation, award vesting period | 1 year | |
| Performance Share Units (PSUs) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Intrinsic value of vested | $ 17 | |
| Unrecognized compensation expense | $ 17 | |
| Share-based compensation expense, weighted average period for recognition | 1 year 11 months 19 days | |
| Performance Share Units (PSUs) | Minimum | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Total shareholder return and relative total shareholder return, percent of payout of target units | 0% | |
| Performance Share Units (PSUs) | Maximum | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Total shareholder return and relative total shareholder return, percent of payout of target units | 200% | |
| Performance Share Units (PSUs) | Management | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation, award vesting period | 3 years | |
| 2021 Long Term Incentive Plan | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Common stock, reserved for future issuance (in shares) | 6,800,000 |
Share-Based Compensation - Sche
| Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands | 9 Months Ended |
| Sep. 30, 2024 $ / shares shares | |
| Unvested Restricted Stock Units | |
| Unvested units, beginning balance (in shares) | 940 |
| Granted (in shares) | 430 |
| Vested (in shares) | (509) |
| Forfeited (in shares) | (18) |
| Unvested units, ending balance (in shares) | 843 |
| Weighted Average Grant Date Fair Value Per Share | |
| Unvested, beginning balance (in dollars per share) | $ / shares | $ 73.08 |
| Granted (in dollars per share) | $ / shares | 83.61 |
| Vested (in dollars per share) | $ / shares | 67.49 |
| Forfeited (in dollars per share) | $ / shares | 77.52 |
| Unvested, ending balance (in dollars per share) | $ / shares | $ 81.74 |
| Number of accelerated vesting units (in shares) | 105 |
Share-Based Compensation - Sc_2
| Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR | 9 Months Ended |
| Sep. 30, 2024 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Risk-free interest rate | 4.55% |
| Volatility | 39.36% |
Share-Based Compensation - Sc_3
| Share-Based Compensation - Schedule of Changes in Unvested Performance Share (Details) - Performance Share Units (PSUs) shares in Thousands | 9 Months Ended |
| Sep. 30, 2024 $ / shares shares | |
| Unvested Performance Share Units | |
| Unvested units, beginning balance (in shares) | shares | 394 |
| Granted (in shares) | shares | 134 |
| Vested (in shares) | shares | (130) |
| Forfeited (in shares) | shares | 0 |
| Unvested units, ending balance (in shares) | shares | 398 |
| Weighted Average Grant Date Fair Value Per Share | |
| Unvested, beginning balance (in dollars per share) | $ / shares | $ 85.78 |
| Granted (in dollars per share) | $ / shares | 95.33 |
| Vested (in dollars per share) | $ / shares | 69.26 |
| Forfeited (in dollars per share) | $ / shares | 0 |
| Unvested, ending balance (in dollars per share) | $ / shares | $ 94.37 |
Share-Based Compensation - Sc_4
| Share-Based Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Total RSU and PSU compensation | $ 11 | $ 10 | $ 43 | $ 29 |
| Related income tax benefit | 1 | 2 | 10 | 6 |
| General and administrative expenses | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Total RSU and PSU compensation | 8 | 7 | 25 | 21 |
| Natural gas and oil properties | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Total RSU and PSU compensation | 2 | 2 | 6 | 5 |
| Production expense | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Total RSU and PSU compensation | 1 | 1 | 3 | 3 |
| Separation and other termination costs | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Total RSU and PSU compensation | $ 0 | $ 0 | $ 9 | $ 0 |
Derivative and Hedging Activi_3
| Derivative and Hedging Activities - Narrative (Details) | 1 Months Ended | 9 Months Ended | |
| Nov. 30, 2023 USD ($) $ / bbl | Sep. 30, 2024 USD ($) counterparty | Aug. 31, 2023 USD ($) | |
| Derivative [Line Items] | |||
| Unrealized gains | $ 6,000,000 | ||
| Energy Related Derivative | |||
| Derivative [Line Items] | |||
| Number of counterparties (in counterparties) | counterparty | 17 | ||
| Commodity Contract | |||
| Derivative [Line Items] | |||
| Collateral held | $ 0 | ||
| Collateral posted | $ 0 | ||
| WTI NYMEX Price Average $75 to $80 per Barrel | Minimum | |||
| Derivative [Line Items] | |||
| Average sales price (in usd per unit) | $ / bbl | 75 | ||
| WTI NYMEX Price Average $75 to $80 per Barrel | Maximum | |||
| Derivative [Line Items] | |||
| Average sales price (in usd per unit) | $ / bbl | 80 | ||
| WTI NYMEX Price Average Above $80 per Barrel | |||
| Derivative [Line Items] | |||
| Average sales price (in usd per unit) | $ / bbl | 80 | ||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | Disposed of by Sale | |||
| Derivative [Line Items] | |||
| Consideration received | $ 700,000,000 | ||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | WTI NYMEX Price Average $75 to $80 per Barrel | Disposed of by Sale | |||
| Derivative [Line Items] | |||
| Consideration received | $ 25,000,000 | ||
| Portion Eagle Ford Assets to SilverBow Resources, Inc | WTI NYMEX Price Average Above $80 per Barrel | Disposed of by Sale | |||
| Derivative [Line Items] | |||
| Consideration received | $ 50,000,000 |
Derivative and Hedging Activi_4
| Derivative and Hedging Activities - Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) (Details) - Energy Related Derivative $ in Millions | 9 Months Ended | 12 Months Ended |
| Sep. 30, 2024 USD ($) Bcf | Dec. 31, 2023 USD ($) Bcf | |
| Derivative [Line Items] | ||
| Fair Value | $ 209 | $ 699 |
| Eagle Ford divestiture | ||
| Derivative [Line Items] | ||
| Fair Value | $ 18 | $ 12 |
| Natural Gas | ||
| Derivative [Line Items] | ||
| Notional Volume | Bcf | 1,134 | 1,479 |
| Fair Value | $ 191 | $ 687 |
| Natural Gas | Fixed-price swaps | ||
| Derivative [Line Items] | ||
| Notional Volume | Bcf | 221 | 343 |
| Fair Value | $ 27 | $ 188 |
| Natural Gas | Collars | ||
| Derivative [Line Items] | ||
| Notional Volume | Bcf | 537 | 558 |
| Fair Value | $ 182 | $ 497 |
| Natural Gas | Basis protection swaps | ||
| Derivative [Line Items] | ||
| Notional Volume | Bcf | 376 | 578 |
| Fair Value | $ (18) | $ 2 |
Derivative and Hedging Activi_5
| Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2024 | Dec. 31, 2023 |
| Derivatives, Fair Value [Line Items] | ||
| Short-term derivative asset | $ 199 | $ 637 |
| Long-term derivative assets | 15 | 74 |
| Short-term derivative liabilities | (5) | (3) |
| Long-term derivative liabilities | 0 | (9) |
| Not Designated as Hedging Instrument | ||
| Derivatives, Fair Value [Line Items] | ||
| Short-term derivative asset | 18 | 12 |
| Not Designated as Hedging Instrument | Short-term derivative asset | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative asset, fair value, gross asset | 18 | 12 |
| Derivative asset, fair value, gross liability, netted | 0 | 0 |
| Not Designated as Hedging Instrument | Commodity Contract | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative asset (liability), fair value, gross asset (liability) | 209 | 699 |
| Derivative asset (liability) fair value, net asset (liability), netted | 0 | 0 |
| Short-term derivative asset | 181 | 625 |
| Long-term derivative assets | 15 | 74 |
| Short-term derivative liabilities | (5) | (3) |
| Long-term derivative liabilities | 0 | (9) |
| Total derivatives | 209 | 699 |
| Not Designated as Hedging Instrument | Commodity Contract | Short-term derivative asset | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative asset, fair value, gross asset | 238 | 661 |
| Derivative asset, fair value, gross liability, netted | (57) | (36) |
| Not Designated as Hedging Instrument | Commodity Contract | Long-term derivative asset | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative asset, fair value, gross asset | 33 | 101 |
| Derivative asset, fair value, gross liability, netted | (18) | (27) |
| Not Designated as Hedging Instrument | Commodity Contract | Short-term derivative liability | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liability, fair value, gross liability | (62) | (39) |
| Derivative liability, fair value, gross asset, netted | 57 | 36 |
| Not Designated as Hedging Instrument | Commodity Contract | Long-term derivative liability | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liability, fair value, gross liability | (18) | (36) |
| Derivative liability, fair value, gross asset, netted | $ 18 | $ 27 |
Investments (Details)
| Investments (Details) $ in Millions | 9 Months Ended | |
| Sep. 30, 2024 USD ($) billionOfCubicFeetPerDay MT | Dec. 31, 2023 USD ($) | |
| Momentum Sustainable Ventures L L C | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 35% | |
| Equity method investments | $ | $ 302 | $ 238 |
| Capitalized interest | $ | $ 12 | |
| Momentum Sustainable Ventures L L C | Scenario, Plan | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Initial capacity | billionOfCubicFeetPerDay | 1.7 | |
| Expandable capacity | billionOfCubicFeetPerDay | 2.2 | |
| Sequester volume | MT | 2 |