Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 28, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-08246 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Southwestern Energy Company | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0205415 | |
Entity Address, Address Line One | 10000 Energy Drive | |
Entity Address, City or Town | Spring | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77389 | |
City Area Code | 832 | |
Local Phone Number | 796-1000 | |
Title of 12(b) Security | Common Stock, Par Value $0.01 | |
Trading Symbol | SWN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Central Index Key | 0000007332 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 541,688,616 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Revenues: | ||
Total operating revenues | $ 592 | $ 990 |
Operating Costs and Expenses: | ||
Operating expenses | 193 | 165 |
General and administrative expenses | 26 | 37 |
Restructuring charges | 10 | 3 |
Depreciation, depletion and amortization | 113 | 112 |
Impairments | 1,479 | 0 |
Taxes, other than income taxes | 13 | 19 |
Total operating costs and expense | 2,082 | 777 |
Operating Income (Loss) | (1,490) | 213 |
Interest Expense: | ||
Interest on debt | 40 | 42 |
Other interest charges | 2 | 1 |
Interest capitalized | (23) | (29) |
Total Interest Expense | 19 | 14 |
Gain (loss) on derivative | 339 | (32) |
Gain on Early Extinguishment of Debt | 28 | 0 |
Other Income, Net | 1 | 1 |
Income (Loss) Before Income Taxes | (1,141) | 168 |
Provision (Benefit) for Income Taxes: | ||
Current | (2) | 0 |
Deferred | 408 | (426) |
Total Provision (Benefit) from Income Taxes | 406 | (426) |
Net Income (Loss) | $ (1,547) | $ 594 |
Earnings (Loss) Per Common Share: | ||
Basic (in dollars per share) | $ (2.86) | $ 1.10 |
Diluted (in dollars per share) | $ (2.86) | $ 1.10 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 540,308,491 | 539,721,751 |
Diluted (in shares) | 540,308,491 | 541,320,487 |
Gas sales | ||
Operating Revenues: | ||
Total operating revenues | $ 248 | $ 430 |
Oil sales | ||
Operating Revenues: | ||
Total operating revenues | 52 | 39 |
NGL sales | ||
Operating Revenues: | ||
Total operating revenues | 50 | 81 |
Marketing | ||
Operating Revenues: | ||
Total operating revenues | 239 | 438 |
Other | ||
Operating Revenues: | ||
Total operating revenues | 3 | 2 |
Marketing purchases | ||
Operating Costs and Expenses: | ||
Marketing purchases | $ 248 | $ 441 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (1,547) | $ 594 |
Change in value of pension and other postretirement liabilities: | ||
Amortization of prior service cost and net loss included in net periodic pension cost | 0 | 0 |
Comprehensive income (loss) | $ (1,547) | $ 594 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5 | $ 5 |
Accounts receivable, net | 292 | 345 |
Derivative assets | 627 | 278 |
Other current assets | 48 | 51 |
Total current assets | 972 | 679 |
Natural gas and oil properties, using the full cost method, including $1,437 million as of March 31, 2020 and $1,506 million as of December 31, 2019 excluded from amortization | 25,488 | 25,250 |
Other | 523 | 520 |
Less: Accumulated depreciation, depletion and amortization | (22,095) | (20,503) |
Total property and equipment, net | 3,916 | 5,267 |
Operating lease assets | 152 | 159 |
Deferred tax assets | 0 | 407 |
Other long-term assets | 235 | 205 |
Total long-term assets | 387 | 771 |
TOTAL ASSETS | 5,275 | 6,717 |
Current liabilities: | ||
Accounts payable | 465 | 525 |
Taxes payable | 52 | 59 |
Interest payable | 54 | 51 |
Derivative liabilities | 268 | 125 |
Current operating lease liabilities | 32 | 34 |
Other current liabilities | 43 | 54 |
Total current liabilities | 914 | 848 |
Long-term debt | 2,279 | 2,242 |
Long-term operating lease liabilities | 114 | 119 |
Pension and other postretirement liabilities | 40 | 43 |
Other long-term liabilities | 227 | 219 |
Total long-term liabilities | 2,660 | 2,623 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Common stock, $0.01 par value; 1,250,000,000 shares authorized; issued 586,023,435 shares as of March 31, 2020 and 585,555,923 shares as of December 31, 2019 | 6 | 6 |
Additional paid-in capital | 4,728 | 4,726 |
Accumulated deficit | (2,798) | (1,251) |
Accumulated other comprehensive loss | $ (33) | $ (33) |
Treasury stock, shares (in shares) | 44,353,224 | 44,353,224 |
Common stock in treasury, 44,353,224 shares as of March 31, 2020 and December 31, 2019 | $ (202) | $ (202) |
Total equity | 1,701 | 3,246 |
TOTAL LIABILITIES AND EQUITY | $ 5,275 | $ 6,717 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Natural gas and oil properties, using the full cost method, costs excluded from amortization | $ 1,437 | $ 1,506 |
Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,250,000,000 | 1,250,000,000 |
Common stock, shares issued (in shares) | 586,023,435 | 585,555,923 |
Treasury stock, shares (in shares) | 44,353,224 | 44,353,224 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (1,547) | $ 594 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 113 | 112 |
Amortization of debt issuance costs | 1 | 1 |
Impairments | 1,479 | 0 |
Deferred income taxes | 408 | (426) |
(Gain) loss on derivatives, unsettled | (246) | 22 |
Stock-based compensation | 1 | 2 |
Gain on early extinguishment of debt | (28) | 0 |
Other | 0 | 1 |
Change in assets and liabilities: | ||
Accounts receivable | 53 | 189 |
Accounts payable | (86) | (48) |
Taxes payable | (6) | 4 |
Interest payable | 1 | 2 |
Inventories | 8 | 5 |
Other assets and liabilities | 9 | (16) |
Net cash provided by operating activities | 160 | 442 |
Cash Flows From Investing Activities: | ||
Capital investments | (228) | (258) |
Net cash used in investing activities | (228) | (258) |
Cash Flows From Financing Activities: | ||
Payments on long-term debt | (52) | 0 |
Payments on revolving credit facility | (500) | 0 |
Borrowings under revolving credit facility | 615 | 0 |
Change in bank drafts outstanding | 5 | 3 |
Purchase of treasury stock | 0 | (21) |
Cash paid for tax withholding | 0 | (1) |
Net cash provided by (used in) financing activities | 68 | (19) |
Increase in cash and cash equivalents | 0 | 165 |
Cash and cash equivalents at beginning of year | 5 | 201 |
Cash and cash equivalents at end of period | $ 5 | $ 366 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury |
Balance (in shares) at Dec. 31, 2018 | 585,407,107 | 39,092,537 | ||||
Balance beginning at Dec. 31, 2018 | $ 2,362 | $ 6 | $ 4,715 | $ (2,142) | $ (36) | $ (181) |
Comprehensive loss: | ||||||
Net income (loss) | 594 | 594 | ||||
Comprehensive income (loss) | 594 | |||||
Stock-based compensation | 3 | 3 | ||||
Issuance of restricted stock (in shares) | 8,798 | |||||
Cancellation of restricted stock (in shares) | (128,324) | |||||
Performance units vested (in shares) | 535,802 | |||||
Treasury stock (in shares) | 5,260,687 | |||||
Treasury stock | (21) | $ (21) | ||||
Tax withholding - stock compensation (in shares) | (274,657) | |||||
Tax withholding – stock compensation | (1) | (1) | ||||
Balance (in shares) at Mar. 31, 2019 | 585,548,726 | 44,353,224 | ||||
Balance ending at Mar. 31, 2019 | 2,937 | $ 6 | 4,717 | (1,548) | (36) | $ (202) |
Balance (in shares) at Dec. 31, 2018 | 585,407,107 | 39,092,537 | ||||
Balance beginning at Dec. 31, 2018 | 2,362 | $ 6 | 4,715 | (2,142) | (36) | $ (181) |
Balance (in shares) at Dec. 31, 2019 | 585,555,923 | 44,353,224 | ||||
Balance ending at Dec. 31, 2019 | 3,246 | $ 6 | 4,726 | (1,251) | (33) | $ (202) |
Comprehensive loss: | ||||||
Net income (loss) | (1,547) | (1,547) | ||||
Comprehensive income (loss) | (1,547) | |||||
Stock-based compensation | 1 | 1 | ||||
Issuance of restricted stock (in shares) | 12,397 | |||||
Cancellation of restricted stock (in shares) | (167,130) | |||||
Restricted units granted (in shares) | 1,005,976 | |||||
Restricted units granted | $ 1 | 1 | ||||
Performance units vested (in shares) | 0 | |||||
Treasury stock (in shares) | 5,260,687 | |||||
Tax withholding - stock compensation (in shares) | (383,731) | |||||
Balance (in shares) at Mar. 31, 2020 | 586,023,435 | 44,353,224 | ||||
Balance ending at Mar. 31, 2020 | $ 1,701 | $ 6 | $ 4,728 | $ (2,798) | $ (33) | $ (202) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Southwestern Energy Company (including its subsidiaries, collectively “Southwestern” or the “Company”) is an independent energy company engaged in natural gas, oil and NGL exploration, development and production (“E&P”). The Company is also focused on creating and capturing additional value through its marketing business (“Marketing”), which was previously referred to as “Midstream” when it included the operation of gathering systems. Southwestern conducts most of its business through subsidiaries and operates principally in two segments: E&P and Marketing. E&P. Southwestern’s primary business is the exploration for and production of natural gas, oil and NGLs, with ongoing operations focused on the development of unconventional natural gas and oil reservoirs located in Pennsylvania and West Virginia. The Company’s operations in northeast Pennsylvania, herein referred to as “Northeast Appalachia,” are primarily focused on the unconventional natural gas reservoir known as the Marcellus Shale. Operations in West Virginia and southwest Pennsylvania, herein referred to as “Southwest Appalachia,” are focused on the Marcellus Shale, the Utica and the Upper Devonian unconventional natural gas and oil reservoirs. Collectively, Southwestern refers to its properties located in Pennsylvania and West Virginia as “Appalachia.” The Company also operates drilling rigs located in Pennsylvania and West Virginia, and provides certain oilfield products and services, principally serving the Company’s E&P operations through vertical integration. Marketing. Southwestern’s marketing activities capture opportunities that arise through the marketing and transportation of natural gas, oil and NGLs primarily produced in its E&P operations. The accompanying consolidated financial statements were prepared using accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this Quarterly Report. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. It is recommended that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). The Company’s significant accounting policies, which have been reviewed and approved by the Audit Committee of the Company’s Board of Directors, are summarized in Note 1 in the Notes to the Consolidated Financial Statements included in the Company’s 2019 Annual Report. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | RESTRUCTURING CHARGES On February 4, 2020, the Company notified employees of a workforce reduction plan as a result of a strategic realignment of the Company’s organizational structure. This reduction was substantially complete by the end of the first quarter of 2020. Affected employees were offered a severance package, which included a one-time payment depending on length of service and, if applicable, the current value of unvested long-term incentive awards that were forfeited. These costs were recognized as restructuring charges for the three months ended March 31, 2020, and a liability of approximately $0.3 million has been accrued as of March 31, 2020 related to future payments associated with the February 2020 restructuring. In December 2018, the Company closed the sale of the equity in certain of its subsidiaries that owned and operated its Fayetteville Shale E&P and related midstream gathering assets in Arkansas (the “Fayetteville Shale sale”). As part of the transaction, most employees associated with those assets became employees of the buyer although the employment of some was terminated. Due to the scale of the assets that were sold, the temporary employment of certain employees was extended through a transition period into 2019. All affected employees were offered a severance package, which included a one-time cash payment depending on length of service and, if applicable, the current value of equity awards that were forfeited. The Company also incurred charges related to office consolidation. A portion of these costs along with the aforementioned severance costs were recognized as restructuring charges in the first quarter of 2019. The following table presents a summary of the restructuring charges included in Operating Income (Loss) for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Severance (including payroll taxes) $ 10 $ 2 Office consolidation — 1 Total restructuring charges (1) $ 10 $ 3 (1) Total restructuring charges were $10 million and $3 million for the Company’s E&P segment for the three months ended March 31, 2020 and 2019, respectively. The following table presents a reconciliation of the liability associated with the Company’s restructuring activities at March 31, 2020, which is reflected in accounts payable on the consolidated balance sheet: (in millions) Liability at December 31, 2019 $ 2 Additions 10 Distributions (12) Liability at March 31, 2020 $ — |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Revenues from Contracts with Customers Natural gas and liquids. Natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to a market index with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions in the geographic areas in which the Company operates. Under the Company’s sales contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. There is no significant financing component to the Company’s revenues as payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount for which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations. The Company records revenue from its natural gas and liquids production in the amount of its net revenue interest in sales from its properties. Accordingly, natural gas and liquid sales are not recognized for deliveries in excess of the Company’s net revenue interest, while natural gas and liquid sales are recognized for any under-delivered volumes. Production imbalances are generally recorded as receivables and payables and not contract assets or contract liabilities as the imbalances are between the Company and other working interest owners, not the end customer. Marketing. The Company, through its marketing affiliate, markets natural gas, oil and NGLs for its affiliated E&P company as well as other joint interest owners that choose to market with the Company. In addition, the Company markets some products purchased from third parties. Marketing revenues for natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to a market index with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions. Under the Company’s marketing contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. Customers are invoiced and revenues are recorded each month as natural gas, oil and NGLs are delivered, and payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount for which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations. Disaggregation of Revenues The Company presents a disaggregation of E&P revenues by product on the consolidated statements of operations net of intersegment revenues. The following table reconciles operating revenues as presented on the consolidated statements of operations to the operating revenues by segment: (in millions) E&P Marketing Intersegment Total Three months ended March 31, 2020 Gas sales $ 239 $ — $ 9 $ 248 Oil sales 52 — — 52 NGL sales 50 — — 50 Marketing — 548 (309) 239 Other (1) 3 — — 3 Total $ 344 $ 548 $ (300) $ 592 Three months ended March 31, 2019 Gas sales $ 421 $ — $ 9 $ 430 Oil sales 39 — — 39 NGL sales 81 — — 81 Marketing — 940 (502) 438 Other (2) 1 1 — 2 Total $ 542 $ 941 $ (493) $ 990 (1) For the three months ended March 31, 2020, other E&P revenues consists primarily of gains on purchaser imbalances associated with certain NGLs. (2) For the three months ended March 31, 2019, other E&P revenues consists primarily of water sales to third-party operators, and other Marketing revenues consists primarily of sales of gas from storage. Associated E&P revenues are also disaggregated for analysis on a geographic basis by the core areas in which the Company operates, which are in Pennsylvania and West Virginia. For the three months ended March 31, (in millions) 2020 2019 Northeast Appalachia $ 195 $ 348 Southwest Appalachia 149 193 Other — 1 Total $ 344 $ 542 Receivables from Contracts with Customers The following table reconciles the Company’s receivables from contracts with customers to consolidated accounts receivable as presented on the consolidated balance sheet: (in millions) March 31, 2020 December 31, 2019 Receivables from contracts with customers $ 195 $ 284 Other accounts receivable 97 61 Total accounts receivable $ 292 $ 345 Amounts recognized against the Company’s allowance for doubtful accounts related to receivables arising from contracts with customers were immaterial for the three months ended March 31, 2020 and 2019. The Company has no contract assets or contract liabilities associated with its revenues from contracts with customers. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS The following table presents a summary of cash and cash equivalents as of March 31, 2020 and December 31, 2019: (in millions) March 31, 2020 December 31, 2019 Cash $ 5 $ 5 Marketable securities (1) — — Total $ 5 $ 5 (1) At March 31, 2020, marketable securities were immaterial and consisted of government stable value money market funds. |
Natural Gas and Oil Properties
Natural Gas and Oil Properties | 3 Months Ended |
Mar. 31, 2020 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Natural Gas and Oil Properties | NATURAL GAS AND OIL PROPERTIES The Company utilizes the full cost method of accounting for costs related to the exploration, development and acquisition of natural gas and oil properties. Under this method, all such costs (productive and nonproductive), including salaries, benefits and other internal costs directly attributable to these activities, are capitalized on a country-by-country basis and amortized over the estimated lives of the properties using the units-of-production method. These capitalized costs are subject to a ceiling test that limits such pooled costs, net of applicable deferred taxes, to the aggregate of the present value of future net revenues attributable to proved natural gas, oil and NGL reserves discounted at 10% (standardized measure). Any costs in excess of the ceiling are written off as a non-cash expense. The expense may not be reversed in future periods, even though higher natural gas, oil and NGL prices may subsequently increase the ceiling. Companies using the full cost method are required to use the average quoted price from the first day of each month from the previous 12 months, including the impact of derivatives designated for hedge accounting, to calculate the ceiling value of their reserves. The Company had no hedge positions that were designated for hedge accounting as of March 31, 2020. Prices used to calculate the ceiling value of reserves were as follows: (in millions) March 31, 2020 March 31, 2019 Natural gas (per MMBtu) $ 2.30 $ 3.07 Oil (per Bbl) $ 55.77 $ 63.00 NGLs (per Bbl) $ 9.96 $ 17.65 Using the average quoted prices above, adjusted for market differentials, the Company’s net book value of its United States natural gas and oil properties exceeded the ceiling by $1.5 billion at March 31, 2020, resulting in a non-cash ceiling test impairment. Decreases in market prices as well as changes in production rates, levels of reserves, evaluation of costs excluded from amortization, future development costs and production costs could result in future ceiling test impairments. Given the decline in commodity prices in 2019 and early 2020, the Company expects that an additional non-cash impairment of its assets will likely occur in the second quarter of 2020 and perhaps later. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding during the reportable period. The diluted earnings per share calculation adds to the weighted average number of common shares outstanding: the incremental shares that would have been outstanding assuming the exercise of dilutive stock options, the vesting of unvested restricted shares of common stock, performance units and the assumed conversion of mandatory convertible preferred stock. An antidilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise or contingent issuance of certain securities. In the first quarter of 2019, the Company repurchased 5,260,687 shares of its outstanding common stock as part of a share repurchase program for approximately $21 million at an average price of $3.84 per share. The following table presents the computation of earnings per share for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions, except share/per share amounts) 2020 2019 Net income (loss) $ (1,547) $ 594 Number of common shares: Weighted average outstanding 540,308,491 539,721,751 Issued upon assumed exercise of outstanding stock options — — Effect of issuance of non-vested restricted common stock — 665,435 Effect of issuance of non-vested restricted units — — Effect of issuance of non-vested performance units — 933,301 Weighted average and potential dilutive outstanding 540,308,491 541,320,487 Earnings per common share Basic $ (2.86) $ 1.10 Diluted $ (2.86) $ 1.10 The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019, as they would have had an antidilutive effect: For the three months ended March 31, 2020 2019 Unexercised stock options 4,584,563 5,128,640 Unvested share-based payment 1,006,860 1,881,355 Restricted stock units 1,312,293 — Performance units 2,275,498 260,201 Total 9,179,214 7,270,196 |
Derivatives and Risk Management
Derivatives and Risk Management | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management | DERIVATIVES AND RISK MANAGEMENT The Company is exposed to volatility in market prices and basis differentials for natural gas, oil and NGLs which impacts the predictability of its cash flows related to the sale of those commodities. These risks are managed by the Company’s use of certain derivative financial instruments. As of March 31, 2020, the Company’s derivative financial instruments consisted of fixed price swaps, two-way costless collars, three-way costless collars, basis swaps, call options and interest rate swaps. A description of the Company’s derivative financial instruments is provided below: Fixed price swaps If the Company sells a fixed price swap, the Company receives a fixed price for the contract and pays a floating market price to the counterparty. If the Company purchases a fixed price swap, the Company receives a floating market price for the contract and pays a fixed price to the counterparty. Two-way costless collars Arrangements that contain a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price which, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the ceiling price, the Company pays the counterparty the difference between the index price and ceiling price, (2) if the index price is between the floor and ceiling prices, no payments are due from either party, and (3) if the index price is below the floor price, the Company will receive the difference between the floor price and the index price. Three-way costless collars Arrangements that contain a purchased put option, a sold call option and a sold put option based on an index price that, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the sold call strike price, the Company pays the counterparty the difference between the index price and sold call strike price, (2) if the index price is between the purchased put strike price and the sold call strike price, no payments are due from either party, (3) if the index price is between the sold put strike price and the purchased put strike price, the Company will receive the difference between the purchased put strike price and the index price, and (4) if the index price is below the sold put strike price, the Company will receive the difference between the purchased put strike price and the sold put strike price. Basis swaps Arrangements that guarantee a price differential for natural gas from a specified delivery point. If the Company sells a basis swap, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. If the Company purchases a basis swap, the Company pays the counterparty if the price differential is greater than the stated terms of the contract and receives a payment from the counterparty if the price differential is less than the stated terms of the contract. Call options The Company purchases and sells call options in exchange for a premium. If the Company purchases a call option, the Company receives from the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company sells a call option, the Company pays the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. Interest rate swaps Interest rate swaps are used to fix or float interest rates on existing or anticipated indebtedness. The purpose of these instruments is to manage the Company’s existing or anticipated exposure to unfavorable interest rate changes. The Company contracts with counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into, and the Company actively monitors the credit ratings and credit default swap rates of these counterparties where applicable. However, there can be no assurance that a counterparty will be able to meet its obligations to the Company. The fair value of the Company’s derivative assets and liabilities includes a non-performance risk factor. See Note 9 for additional details regarding the Company’s fair value measurements of its derivative positions. The Company presents its derivative positions on a gross basis and does not net the asset and liability positions. The following tables provide information about the Company’s financial instruments that are sensitive to changes in commodity prices and that are used to protect the Company’s exposure. None of the financial instruments below are designated for hedge accounting treatment. The tables present the notional amount, the weighted average contract prices and the fair value by expected maturity dates as of March 31, 2020: Financial Protection on Production Weighted Average Price per MMBtu Volume (Bcf) Swaps Sold Puts Purchased Puts Sold Calls Basis Differential Fair Value at March 31, 2020 (in millions) Natural Gas 2020 Fixed price swaps 279 $ 2.50 $ — $ — $ — $ — $ 181 (1) Two-way costless collars 23 — — 2.50 2.79 — 3 Three-way costless collars 136 — 2.08 2.42 2.70 — 15 Total 438 $ 199 2021 Fixed price swaps 36 $ 2.53 $ — $ — $ — $ — $ 5 Two-way costless collars 29 — — 2.28 2.77 — (1) Three-way costless collars 265 — 2.18 2.49 2.84 — (20) Total 330 $ (16) 2022 Two-way costless collars 29 $ — $ — $ 2.10 $ 2.83 $ — $ — Three-way costless collars 91 — 2.10 2.46 2.86 — (2) Total 120 $ (2) 2023 Three-way costless collars 2 $ — $ 2.15 $ 2.55 $ 3.35 $ — $ — Basis Swaps 2020 199 $ — $ — $ — $ — $ (0.44) $ (3) 2021 103 — — — — (0.03) 12 2022 88 — — — — (0.48) (4) Total 390 $ 5 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at March 31, 2020. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2020 (in millions) Swaps Sold Puts Purchased Puts Sold Calls Oil 2020 Fixed price swaps (1) 2,442 $ 57.75 $ — $ — $ — $ 66 Two-way costless collars 731 — — 56.88 59.81 19 Three-way costless collars 1,210 — 43.94 53.17 58.05 9 Total 4,383 $ 94 2021 Fixed price swaps 2,328 $ 53.72 $ — $ — $ — $ 39 Three-way costless collars 1,445 — 43.52 53.25 58.14 10 Total 3,773 $ 49 2022 Fixed price swaps 438 $ 51.74 $ — $ — $ — $ 5 Three-way costless collars 666 — 42.50 53.20 58.00 4 Total 1,104 $ 9 Ethane 2020 Fixed price swaps 6,952 $ 8.59 $ — $ — $ — $ 21 2021 Fixed price swaps 3,017 $ 7.40 $ — $ — $ — $ 2 Propane 2020 Fixed price swaps 4,049 $ 23.06 $ — $ — $ — $ 43 Two-way costless collars 275 — — 25.20 29.40 4 Total 4,324 $ 47 2021 Fixed price swaps 2,460 $ 21.77 $ — $ — $ — $ 17 (1) Includes 186 MBbls of purchased fixed price oil swaps at $57.46 per barrel with a fair value of ($5) million and 2,628 MBbls of sold fixed price oil swaps at $57.73 per barrel with a fair value of $71 million. Other Derivative Contracts Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) Sold Call Options – Natural Gas (Net) 2020 51 $ 2.83 $ (2) 2021 57 3.15 (7) 2022 58 3.00 (6) 2023 17 2.84 (3) 2024 9 3.00 (2) Total 192 $ (20) Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2020 (in millions) Sold Call Options – Oil 2021 226 $ 60.00 $ — Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) Swaps Basis Differential Storage (1) 2020 Purchased fixed price swaps 3 $ 2.00 $ — $ (1) Purchased basis swaps 1 — (0.49) — Sold fixed price swaps 2 1.99 — — Sold basis swaps 1 — (0.51) — Total 7 $ (1) 2021 Purchased fixed price swaps 1 $ 2.04 $ — $ — Sold fixed price swaps 2 2.49 — — Sold basis swaps 1 — (0.38) — Total 4 $ — (1) The Company has entered into certain derivatives to protect the value of volumes of natural gas injected into a storage facility that will be withdrawn at a later date. Purchased Fixed Price Swaps – Marketing (Natural Gas) (1) Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) 2020 6 $ 2.44 $ (2) 2021 6 2.44 — Total 12 $ (2) (1) The Company has entered into a limited number of derivatives to protect the value of certain long-term sales contracts. At March 31, 2020, the net fair value of the Company’s financial instruments related to commodities was a $402 million asset and included a net reduction of less than $1 million related to non-performance risk. See Note 9 for additional details regarding the Company’s fair value measurements of its derivative positions. As of March 31, 2020, the Company had no positions designated for hedge accounting treatment. Gains and losses on derivatives that are not designated for hedge accounting treatment, or do not meet hedge accounting requirements, are recorded as a component of gain (loss) on derivatives on the consolidated statements of operations. Accordingly, the gain (loss) on derivatives component of the statement of operations reflects the gain and losses on both settled and unsettled derivatives. The Company calculates gains and losses on settled derivatives as the summation of gains and losses on positions which have settled within the reporting period. Only the settled gains and losses are included in the Company’s realized commodity price calculations. The Company is a party to interest rate swaps that were entered into to mitigate the Company’s exposure to volatility in interest rates. The interest rate swaps have a notional amount of $170 million and expire in June 2020. Changes in the fair value of the interest rate swaps are included in gain (loss) on derivatives on the consolidated statements of operations. At March 31, 2020, the net fair value of the Company’s interest rate swaps was a $1 million liability. The balance sheet classification of the assets and liabilities related to derivative financial instruments (none of which are designated for hedge accounting treatment) is summarized below as of March 31, 2020 and December 31, 2019: Derivative Assets Fair Value (in millions) Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Purchased fixed price swaps – natural gas Derivative assets $ 1 $ — Fixed price swaps – natural gas Derivative assets 181 (1) 77 (1) Fixed price swaps – oil Derivative assets 80 4 Fixed price swaps – ethane Derivative assets 22 11 Fixed price swaps – propane Derivative assets 48 21 Two-way costless collars – natural gas Derivative assets 13 10 Two-way costless collars – oil Derivative assets 28 5 Two-way costless collars – propane Derivative assets 4 2 Three-way costless collars – natural gas Derivative assets 189 126 Three-way costless collars – oil Derivative assets 36 3 Basis swaps – natural gas Derivative assets 22 17 Purchased call options – natural gas Derivative assets 3 1 Fixed price swaps – natural gas storage Derivative assets — 1 Fixed price swaps – natural gas Other long-term assets 5 7 Fixed price swaps – oil Other long-term assets 35 1 Fixed price swaps – ethane Other long-term assets 1 — Fixed price swaps – propane Other long-term assets 12 3 Two-way costless collars – natural gas Other long-term assets 5 4 Three-way costless collars – natural gas Other long-term assets 71 74 Three-way costless collars – oil Other long-term assets 29 7 Basis swaps – natural gas Other long-term assets 5 15 Purchased call options – natural gas Other long-term assets 1 2 Total derivative assets $ 791 $ 391 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at both March 31, 2020 and December 31, 2019. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. Derivative Liabilities Fair Value (in millions) Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Purchased fixed price swaps – natural gas Derivative liabilities $ 3 $ 1 Purchased fixed price swaps – oil Derivative liabilities 5 — Fixed price swaps – natural gas Derivative liabilities — 1 Fixed price swaps – oil Derivative liabilities — 6 Two-way costless collars – natural gas Derivative liabilities 10 4 Two-way costless collars – oil Derivative liabilities 9 5 Three-way costless collars – natural gas Derivative liabilities 194 84 Three-way costless collars – oil Derivative liabilities 24 4 Basis swaps – natural gas Derivative liabilities 12 17 Sold call options – natural gas Derivative liabilities 9 3 Interest rate swaps Derivative liabilities 1 — Purchased fixed price swaps – natural gas storage Derivative liabilities 1 — Fixed price swaps – oil Other long-term liabilities — 2 Two-way costless collars – natural gas Other long-term liabilities 6 4 Three-way costless collars – natural gas Other long-term liabilities 73 72 Three-way costless collars – oil Other long-term liabilities 18 8 Basis swap – natural gas Other long-term liabilities 10 9 Sold call options – natural gas Other long-term liabilities 15 15 Sold call options – oil Other long-term liabilities — 1 Total derivative liabilities $ 390 $ 236 The following tables summarize the before-tax effect of the Company’s derivative instruments on the consolidated statements of operations for the three months ended March 31, 2020 and 2019: Unsettled Gain (Loss) on Derivatives Recognized in Earnings Derivative Instrument Consolidated Statement of Operations For the three months ended 2020 2019 (in millions) Purchased fixed price swaps – natural gas Gain (Loss) on Derivatives $ (1) $ — Purchased fixed price swaps – oil Gain (Loss) on Derivatives (5) 4 Fixed price swaps – natural gas Gain (Loss) on Derivatives 103 (2) Fixed price swaps – oil Gain (Loss) on Derivatives 118 (13) Fixed price swaps – ethane Gain (Loss) on Derivatives 12 7 Fixed price swaps – propane Gain (Loss) on Derivatives 36 (4) Two-way costless collars – natural gas Gain (Loss) on Derivatives (4) (1) Two-way costless collars – oil Gain (Loss) on Derivatives 19 (7) Two-way costless collars – propane Gain (Loss) on Derivatives 2 — Three-way costless collars – natural gas Gain (Loss) on Derivatives (51) 2 Three-way costless collars – oil Gain (Loss) on Derivatives 25 — Basis swaps – natural gas Gain (Loss) on Derivatives (1) (10) Purchased call options – natural gas Gain (Loss) on Derivatives 1 — Sold call options – natural gas Gain (Loss) on Derivatives (6) 2 Sold call options – oil Gain (Loss) on Derivatives 1 — Purchased fixed price swap – natural gas storage Gain (Loss) on Derivatives (1) — Fixed price swap – natural gas storage Gain (Loss) on Derivatives (1) — Interest rate swaps Gain (Loss) on Derivatives (1) — Total gain (loss) on unsettled derivatives $ 246 $ (22) Settled Gain (Loss) on Derivatives Recognized in Earnings (1) Derivative Instrument Consolidated Statement of Operations For the three months ended 2020 2019 (in millions) Purchased fixed price swaps – natural gas Gain (Loss) on Derivatives $ (1) $ — Purchased fixed price swaps – oil Gain (Loss) on Derivatives — (1) Fixed price swaps – natural gas Gain (Loss) on Derivatives 5 (6) Fixed price swaps – oil Gain (Loss) on Derivatives 9 2 Fixed price swaps – ethane Gain (Loss) on Derivatives 6 1 Fixed price swaps – propane Gain (Loss) on Derivatives 10 2 Two-way costless collars – natural gas Gain (Loss) on Derivatives 6 (1) Two-way costless collars – oil Gain (Loss) on Derivatives 3 1 Two-way costless collars – propane Gain (Loss) on Derivatives 1 — Three-way costless collars – natural gas Gain (Loss) on Derivatives 36 (4) Three-way costless collars – oil Gain (Loss) on Derivatives 1 — Basis swaps – natural gas Gain (Loss) on Derivatives 16 (4) Fixed price swaps – natural gas storage Gain (Loss) on Derivatives 1 — Total gain (loss) on settled derivatives $ 93 $ (10) Total gain (loss) on derivatives $ 339 $ (32) (1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that settled within the period. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (Loss) | RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) In the first quarter of 2020, changes in accumulated other comprehensive income related to the Company’s pension and other postretirement benefits. The following tables detail the components of accumulated other comprehensive income and the related tax effects for the three months ended March 31, 2020: (in millions) Pension and Other Postretirement Foreign Currency Total Beginning balance December 31, 2019 $ (19) $ (14) $ (33) Other comprehensive income before reclassifications — — — Amounts reclassified from other comprehensive income (1) — — — Net current-period other comprehensive income — — — Ending balance March 31, 2020 $ (19) $ (14) $ (33) (1) Amounts reclassified from other comprehensive income to earnings were immaterial for the three months ended March 31, 2020. See Note 13 for additional details regarding the Company’s pension and other postretirement benefit plans. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis The carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 (in millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 5 $ 5 $ 5 $ 5 2018 revolving credit facility due April 2024 149 149 34 34 Senior notes (1) 2,148 1,460 2,228 2,085 Derivative instruments, net 401 (2) 401 (2) 155 (2) 155 (2) (1) Excludes unamortized debt issuance costs and debt discounts. (2) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. As presented in the tables below, this hierarchy consists of three broad levels: Level 1 valuations - Consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 valuations - Consist of quoted market information for the calculation of fair market value. Level 3 valuations - Consist of internal estimates and have the lowest priority. The carrying values of cash and cash equivalents, including marketable securities, accounts receivable, other current assets, accounts payable and other current liabilities on the consolidated balance sheets approximate fair value because of their short-term nature. For debt and derivative instruments, the following methods and assumptions were used to estimate fair value: Debt: The fair values of the Company’s senior notes are based on the market value of the Company’s publicly traded debt as determined based on the market prices of the Company’s senior notes. The fair value of the Company's 4.10% Senior Notes due March 2022 is considered to be a Level 2 measurement on the fair value hierarchy. The fair values of the Company's remaining senior notes are considered the be a Level 1 measurement. The carrying values of the borrowings under the Company’s revolving credit facility (to the extent utilized) approximates fair value because the interest rate is variable and reflective of market rates. The Company considers the fair value of its revolving credit facility to be a Level 1 measurement on the fair value hierarchy. Derivative Instruments: The Company measures the fair value of its derivative instruments based upon a pricing model that utilizes market-based inputs, including, but not limited to, the contractual price of the underlying position, current market prices, natural gas and liquids forward curves, discount rates such as the LIBOR curve for a similar duration of each outstanding position, volatility factors and non-performance risk. Non-performance risk considers the effect of the Company’s credit standing on the fair value of derivative liabilities and the effect of counterparty credit standing on the fair value of derivative assets. Both inputs to the model are based on published credit default swap rates and the duration of each outstanding derivative position. As of March 31, 2020, the impact of non-performance risk on the fair value of the Company’s net derivative asset position was a net reduction of less than $1 million. The Company has classified its derivative instruments into levels depending upon the data utilized to determine their fair values. The Company’s fixed price swaps (Level 2) are estimated using third-party discounted cash flow calculations using the New York Mercantile Exchange (“NYMEX”) futures index for natural gas and oil derivatives and Oil Price Information Service (“OPIS”) for ethane and propane derivatives. The Company utilizes discounted cash flow models for valuing its interest rate derivatives (Level 2). The net derivative values attributable to the Company’s interest rate derivative contracts as of March 31, 2020 are based on (i) the contracted notional amounts, (ii) active market-quoted LIBOR yield curves and (iii) the applicable credit-adjusted risk-free rate yield curve. The Company’s call options, two-way costless collars and three-way costless collars (Level 2) are valued using the Black-Scholes model, an industry standard option valuation model that takes into account inputs such as contract terms, including maturity, and market parameters, including assumptions of the NYMEX and OPIS futures index, interest rates, volatility and credit worthiness. Inputs to the Black-Scholes model, including the volatility input, are obtained from a third-party pricing source, with independent verification of the most significant inputs on a monthly basis. An increase (decrease) in volatility would result in an increase (decrease) in fair value measurement, respectively. The Company’s basis swaps (Level 2) are estimated using third-party calculations based upon forward commodity price curves. Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2020 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Purchased fixed price swaps $ — $ 1 $ — $ 1 Fixed price swaps (1) — 384 — 384 Two-way costless collars — 50 — 50 Three-way costless collars — 325 — 325 Basis swaps — 27 — 27 Purchased call options — 4 — 4 Liabilities Purchased fixed price swaps — (8) — (8) Two-way costless collars — (25) — (25) Three-way costless collars — (309) — (309) Basis swaps — (22) — (22) Sold call options — (24) — (24) Purchased fixed price swaps – storage — (1) — (1) Interest rate swaps — (1) — (1) Total (2) $ — $ 401 $ — $ 401 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at March 31, 2020. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. (2) Includes a net fair value reduction of less than $1 million related to estimated nonperformance risk. December 31, 2019 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps (1) $ — $ 124 $ — $ 124 Two-way costless collars — 21 — 21 Three-way costless collars — 210 — 210 Basis Swaps — 32 — 32 Purchased call options — 3 — 3 Fixed price swaps - storage — 1 — 1 Liabilities Purchased fixed price swaps — (1) — (1) Fixed price swaps — (9) — (9) Two-way costless collars — (13) — (13) Three-way costless collars — (168) — (168) Basis Swaps — (26) — (26) Sold call options — (19) — (19) Total $ — $ 155 $ — $ 155 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at December 31, 2019. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. The fair values of Level 3 derivative instruments are estimated using proprietary valuation models that utilize both market observable and unobservable parameters. Level 3 instruments consist of net derivatives valued using pricing models incorporating assumptions that, in the Company’s judgment, reflect reasonable assumptions a marketplace participant would use. There were no Level 3 derivatives in the first quarters of 2020 and 2019. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The components of debt as of March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility due April 2024 $ 149 $ — (1) $ — $ 149 4.10% Senior Notes due March 2022 210 (1) — 209 4.95% Senior Notes due January 2025 (2) 864 (5) (1) 858 7.50% Senior Notes due April 2026 621 (6) — 615 7.75% Senior Notes due October 2027 453 (5) — 448 Total long-term debt $ 2,297 $ (17) $ (1) $ 2,279 December 31, 2019 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (4.310% at December 31, 2019) 2018 term loan facility due April 2024 $ 34 $ — (1) $ — $ 34 4.10% Senior Notes due March 2022 213 (1) — 212 4.95% Senior Notes due January 2025 (2) 892 (5) (1) 886 7.50% Senior Notes due April 2026 639 (7) — 632 7.75% Senior Notes due October 2027 484 (6) — 478 Total long-term debt $ 2,262 $ (19) $ (1) $ 2,242 (1) At March 31, 2020 and December 31, 2019, unamortized issuance expense of $10 million and $11 million, respectively, associated with the 2018 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets. (2) At March 31, 2020 and December 31, 2019, respectively, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. This rate has been in effect since January 2019. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which has the effect of increasing the interest rate on the 2025 Notes to 6.45%. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021. Credit Facilities 2018 Revolving Credit Facility In April 2018, the Company replaced its credit facility that was entered into in 2016 with a new revolving credit facility (the “2018 credit facility”) with a group of banks that, as amended, has a maturity date of April 2024. The 2018 credit facility has an aggregate maximum revolving credit amount of $3.5 billion and, at March 31, 2020, had a borrowing base of $2.1 billion with aggregate bank commitments of $2.0 billion. The Company may utilize the credit facility in the form of loans and letters of credit. The borrowing base is subject to redetermination at least twice a year, in April and October. On April 13, 2020, the banks participating in the 2018 credit facility redetermined the borrowing base to be $1.8 billion, which also changed the aggregate commitments to that amount. The 2018 credit facility is secured by substantially all of the assets owned by the Company and its subsidiaries. The permitted lien provisions in the senior note indentures currently limit liens securing indebtedness to the greater of $2.0 billion or 25% of adjusted consolidated net tangible assets. Loans under the 2018 credit facility are subject to varying rates of interest based on whether the loan is a Eurodollar loan or an alternate base rate loan. Eurodollar loans bear interest at the Eurodollar rate, which is adjusted LIBOR for such interest period plus the applicable margin (as those terms are defined in the 2018 credit facility documentation). The applicable margin for Eurodollar loans under the 2018 credit facility ranges from 1.50% to 2.50% based on the Company’s utilization of the 2018 credit facility. Alternate base rate loans bear interest at the alternate base rate plus the applicable margin. The applicable margin for alternate base rate loans under the 2018 credit facility ranges from 0.50% to 1.50% based on the Company’s utilization of the 2018 credit facility. The 2018 credit facility contains customary representations and warranties and contains covenants including, among others, the following: • a prohibition against incurring debt, subject to permitted exceptions; • a restriction on creating liens on assets, subject to permitted exceptions; • restrictions on mergers and asset dispositions; • restrictions on use of proceeds, investments, transactions with affiliates, or change of principal business; and • maintenance of the following financial covenants, commencing with the fiscal quarter ending June 30, 2018: 1. Minimum current ratio of no less than 1.00 to 1.00, whereby current ratio is defined as the Company’s consolidated current assets (including unused commitments under the credit agreement, but excluding non-cash derivative assets) to consolidated current liabilities (excluding non-cash derivative obligations and current maturities of long-term debt). 2. Maximum total net leverage ratio of no greater than (i) with respect to each fiscal quarter ending during the period from June 30, 2018 through March 31, 2019, 4.50 to 1.00, (ii) with respect to each fiscal quarter ending during the period from June 30, 2019 through March 31, 2020, 4.25 to 1.00, and (iii) with respect to each fiscal quarter ending on or after June 30, 2020, 4.00 to 1.00. Total net leverage ratio is defined as total debt less cash on hand (up to the lesser of 10% of credit limit or $150 million) divided by consolidated EBITDAX for the last four consecutive quarters. EBITDAX, as defined in the credit agreement governing the Company’s 2018 credit facility, excludes the effects of interest expense, depreciation, depletion and amortization, income tax, any non-cash impacts from impairments, certain non-cash hedging activities, stock-based compensation expense, non-cash gains or losses on asset sales, unamortized issuance cost, unamortized debt discount and certain restructuring costs. The 2018 credit facility contains customary events of default that include, among other things, the failure to comply with the financial covenants described above, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments and cross-defaults to material indebtedness. If an event of default occurs and is continuing, all amounts outstanding under the 2018 credit facility may become immediately due and payable. As of March 31, 2020, the Company was in compliance with all of the covenants contained in the credit agreement governing the 2018 credit facility. Beginning late in the first quarter of 2020, decreased transportation, manufacturing and general economic activity levels prompted by COVID-19 and related governmental and societal actions reduced the demand for oil-based products such as gasoline, jet fuel and other refined products, as well as NGLs. Reduced demand, along with geopolitical events such as the disagreements between the Organization of Petroleum Exporting Countries (“OPEC”) and Russia on production levels, have caused a significant decline in commodity pricing since the beginning of 2020. Additionally, space to store oil and condensate production is reaching or may reach capacity in some areas, which has prompted purchasers of oil and condensate to reduce future purchase levels and, in some cases, to claim force majeure for purchases already contracted. Consequently, during the second half of April 2020, the Company received notices from two companies asserting force majeure and curtailing approximately 3,200 gross barrels per day of condensate. To the extent that this decreased demand for the Company’s commodities continues or storage for its production is not available, Southwestern expects to reduce production from or completely shut in portions of its currently producing wells. If the current market conditions persist or deteriorate further, the Company would proactively continue to adjust its activities and plans. Absent any actions taken by Southwestern, and under these conditions or if they worsen, current modeling indicates that the Company would not be in compliance with its Net Leverage Ratio covenant under the 2018 credit facility in late 2020. Under such circumstances, Southwestern would seek waivers or a modification of the covenant package from the lenders in advance of any covenant non-compliance. Additionally, the Company has other mitigating options including but not limited to the monetization of derivative asset positions, the reduction or elimination of non-essential expenditures or the sale of non-core assets. Each United States domestic subsidiary of the Company for which the Company owns 100% guarantees the 2018 credit facility. Pursuant to requirements under the indentures governing its senior notes, each subsidiary that became a guarantor of the 2018 credit facility also became a guarantor of each of the Company’s senior notes. As of March 31, 2020, the Company had $172 million in letters of credit and $149 million borrowings outstanding under the 2018 credit facility. As of April 28, 2020, the Company had been requested to post an additional $150 million in letters of credit related to firm transportation. The Company currently does not anticipate being required to supply a materially greater amount of letters of credit under its existing contracts. Senior Notes In January 2015, the Company completed a public offering of $1.0 billion aggregate principal amount of its 4.95% senior notes due 2025 (the “2025 Notes”). The interest rate on the 2025 Notes is determined based upon the public bond ratings from Moody’s and S&P. Downgrades on the 2025 Notes from either rating agency increase interest costs by 25 basis points per downgrade level and upgrades decrease interest costs by 25 basis points per upgrade level, up to the stated coupon rate, on the following semi-annual bond interest payment. At March 31, 2020, the interest rate for the 2025 Notes was 6.20%, reflecting a net downgrade in the Company’s bond ratings since the initial offering. This rate has been in effect since January 2019. On April 7, 2020, S&P downgraded the Company’s bond rating to BB- which had the effect of increasing the interest rate on the 2025 Notes to 6.45%. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021. In the event of future downgrades, the coupons for this series of notes have been capped at 6.95%. In the first quarter of 2020, the Company repurchased $3 million of its 4.10% Senior Notes due 2022, $28 million of its 4.95% Senior Notes due 2025, $18 million of its 7.50% Senior Notes due 2026 and $31 million of its 7.75% Senior Notes due 2027 for $52 million, and recognized a $28 million gain on the extinguishment of debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Commitments and Contingencies As of March 31, 2020, the Company’s contractual obligations for demand and similar charges under firm transportation and gathering agreements to guarantee access capacity on natural gas and liquids pipelines and gathering systems totaled approximately $7.6 billion, $411 million of which related to access capacity on future pipeline and gathering infrastructure projects that still require the granting of regulatory approvals and additional construction efforts. The Company also had guarantee obligations of up to $1.1 billion of that amount. As of March 31, 2020, future payments under non-cancelable firm transportation and gathering agreements were as follows: Payments Due by Period (in millions) Total Less than 1 1 to 3 Years 3 to 5 Years 5 to 8 Years More than 8 Infrastructure currently in service $ 7,199 $ 753 $ 1,339 $ 1,098 $ 1,524 $ 2,485 Pending regulatory approval and/or construction (1) 411 1 17 23 74 296 Total transportation charges $ 7,610 $ 754 $ 1,356 $ 1,121 $ 1,598 $ 2,781 (1) Based on estimated in-service dates as of March 31, 2020. In December 2018, the Company closed the Fayetteville Shale sale and retained certain contractual commitments related to firm transportation, with the buyer obligated to pay the transportation provider directly for these charges. As of March 31, 2020, approximately $81 million of these contractual commitments remain of which the Company will reimburse the buyer for certain of these potential obligations up to approximately $45 million through December 2020 depending on the buyer’s actual use, and has recorded a $36 million liability for the estimated future payments, down from $46 million recorded at December 31, 2019. In the first quarter of 2019, the Company agreed to purchase firm transportation with pipelines in the Appalachian Basin starting in 2021 and running through 2032 totaling $357 million in total contractual commitments, which is presented in the table above; the seller has agreed to reimburse $133 million of these commitments. In February 2020, the Company was notified that the proposed Constitution pipeline project was cancelled and that the Company was released from a firm transportation agreement with its sponsor. Prior to its cancellation, the Company had contractual commitments totaling $512 million over the next 17 years related to the Constitution pipeline project. Environmental Risk The Company is subject to laws and regulations relating to the protection of the environment. Environmental and cleanup related costs of a non-capital nature are accrued when it is both probable that a liability has been incurred and when the amount can be reasonably estimated. Management believes any future remediation or other compliance related costs will not have a material effect on the financial position, results of operations or cash flows of the Company. Litigation The Company is subject to various litigation, claims and proceedings, most of which have arisen in the ordinary course of business, such as for alleged breaches of contract, miscalculation of royalties, employment matters, traffic accidents, pollution, contamination, encroachment on others’ property or nuisance. The Company accrues for litigation, claims and proceedings when a liability is both probable and the amount can be reasonably estimated. As of March 31, 2020, the Company does not currently have any material amounts accrued related to litigation matters. For any matters not accrued for, it is not possible at this time to estimate the amount of any additional loss, or range of loss, that is reasonably possible, but, based on the nature of the claims, management believes that current litigation, claims and proceedings, individually or in aggregate and after taking into account insurance, are not likely to have a material adverse impact on the Company’s financial position, results of operations or cash flows, for the period in which the effect of that outcome becomes reasonably estimable. Many of these matters are in early stages, so the allegations and the damage theories have not been fully developed, and are all subject to inherent uncertainties; therefore, management’s view may change in the future. St. Lucie County Fire District Firefighters’ Pension Trust On October 17, 2016, the St. Lucie County Fire District Firefighters’ Pension Trust filed a putative class action in the 61st District Court in Harris County, Texas, against the Company, certain of its former officers and current and former directors and the underwriters on behalf of itself and others that purchased certain depositary shares from the Company’s January 2015 equity offering, alleging material misstatements and omissions in the registration statement for that offering. The Company removed the case to federal court, but after a decision by the United States Supreme Court in an unrelated case that these types of cases are not subject to removal, the federal court remanded the case to the Texas state court. The Texas trial court denied the Company’s motion to dismiss, and in February 2020, the court of appeals declined to exercise discretion to reverse the trial court’s decision. The Company filed a petition to review the trial court’s decision with the Texas Supreme Court, which remains pending. The Company carries insurance for the claims asserted against it and the officer and director defendants, and the carrier has accepted coverage. The Company denies all allegations and intends to continue to defend this case vigorously. The Company does not expect this case to have a material adverse effect on the results of operations, financial position or cash flows of the Company after taking insurance into account. Additionally, it is not possible at this time to estimate the amount of any additional loss, or range of loss, that is reasonably possible. Indemnifications The Company has provided certain indemnifications to various third parties, including in relation to asset and entity dispositions, securities offerings and other financings, and litigation, such as the St. Lucie County Fire District Firefighters’ Pension Trust case described above. In the case of asset dispositions, these indemnifications typically relate to disputes, litigation or tax matters existing at the date of disposition. The Company likewise obtains indemnification for future matters when it sells assets, although there is no assurance the buyer will be capable of performing those obligations. In the case of equity offerings, these indemnifications typically relate to claims asserted against underwriters in connection with an offering. No material liabilities have been recognized in connection with these indemnifications. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES The Company’s effective tax rate was approximately (36)% for the three months ended March 31, 2020. The change in the effective tax rate for the three months ended March 31, 2020 related to the effects of recording a valuation allowance against the Company’s U.S. deferred tax assets. A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgment regarding future taxable income, and considers the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include current financial position, results of operations, both actual and forecasted, the reversal of deferred tax liabilities and tax planning strategies as well as current and forecasted business economics of the oil and gas industry. Due to significant pricing declines and the material write-down of the carrying value of the Company’s natural gas and oil properties in the three months ended March 31, 2020, the Company concluded that it was more likely than not that these deferred tax assets will not be realized and recorded a discrete tax expense in the period of $408 million for the increase in its valuation allowance. The net change in valuation allowance is reflected as a component of income tax expense. The Company also has retained a valuation allowance of $87 million related to net operating losses in jurisdictions in which it no longer operates. Management will continue to assess available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted based on changes in subjective estimates of future taxable income or if objective negative evidence is no longer present. The Company’s effective tax rate was approximately (254)% for the three months ended March 31, 2019. The effective tax rate for the three months ended March 31, 2019 was primarily the effect of releasing the valuation allowances previously recorded against the Company’s deferred tax assets. As of the first quarter of 2019, the Company had sustained and projected to sustain a three-year cumulative level of profitability. Based on this factor and other positive evidence available at the time, the Company concluded that it was more likely than not that the deferred tax assets would be realized and determined $522 million of the valuation allowance would be released during 2019, of which $426 million was released on a discrete basis in the first quarter of 2019. |
Pension Plan and Other Postreti
Pension Plan and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plan and Other Postretirement Benefits | PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS The Company maintains defined pension and other postretirement benefit plans, which cover substantially all of the Company’s employees. Net periodic pension costs include the following components for the three months ended March 31, 2020 and 2019: Consolidated Statements of For the three months ended March 31, (in millions) 2020 2019 Service cost General and administrative expenses $ 2 $ 2 Interest cost Other Income (Loss), Net 1 1 Expected return on plan assets Other Income (Loss), Net (1) (2) Amortization of prior service cost Other Income (Loss), Net — — Amortization of net loss Other Income (Loss), Net — 1 Net periodic benefit cost $ 2 $ 2 The Company’s other postretirement benefit plan had a net periodic benefit cost of $1 million and less than $1 million for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, the Company has contributed $5 million to the pension and other postretirement benefit plans and expects to contribute an additional $7 million to its pension plan during the remainder of 2020. The Company recognized liabilities of $27 million and $13 million related to its pension and other postretirement benefits, respectively, as of March 31, 2020, compared to liabilities of $30 million and $13 million as of December 31, 2019, respectively. The Company maintains a non-qualified deferred compensation supplemental retirement savings plan (“Non-Qualified Plan”) for certain key employees who may elect to defer and contribute a portion of their compensation, as permitted by the Non-Qualified Plan. Shares of the Company’s common stock purchased under the terms of the Non-Qualified Plan are included in treasury stock and totaled 3,632 shares and 5,115 shares at March 31, 2020 and December 31, 2019, respectively. |
Long-term Incentive Compensatio
Long-term Incentive Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Long-Term Incentive Compensation | LONG-TERM INCENTIVE COMPENSATION The Company’s long-term incentive compensation plans consist of a combination of stock-based awards that derive their value directly or indirectly from the Company’s common stock price, and cash-based awards that are fixed in amount but subject to meeting annual performance thresholds. In March 2020, the Company issued its first long-term fixed cash-based awards. The resulting impact to general and administrative expenses as well as capitalized expenses was immaterial for the first quarter of 2020. Stock-Based Compensation The Company’s stock-based compensation is classified as either equity awards or liability awards in accordance with GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized to general and administrative expense on a straight-line basis over the vesting period of the award. A portion of this general and administrative expense is capitalized into natural gas and oil properties, included in property and equipment. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are recorded to general and administrative expense and capitalized expense over the vesting period of the award. Generally, stock options granted to employees and directors vest ratably over three years from the grant date and expire seven years from the date of grant. The Company issues shares of restricted stock, restricted stock units, or performance cash awards to employees and directors which generally vest over four years. Restricted stock, restricted stock units, performance cash awards and stock options granted to participants under the 2013 Incentive Plan, as amended and restated, immediately vest upon death, disability or retirement (subject to a minimum of three years of service). The Company issues performance unit awards to employees which historically have vested at or over three years. In February 2020, the Company notified employees of a workforce reduction plan as a result of a strategic realignment of the Company’s organizational structure. This reduction was substantially complete by the end of the first quarter of 2020. Affected employees were offered a severance package which, if applicable, included the current value of unvested long-term incentive awards that were forfeited. The Company recognized the following amounts in total employee stock-based compensation costs for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Stock-based compensation cost – expensed $ — (1) $ 7 Stock-based compensation cost – capitalized — (1) 4 (1) For the three months ended March 31, 2020, a decrease in the value of liability-based awards approximately offset the amounts expensed and capitalized for equity-based awards. Equity-Classified Awards The Company recognized the following amounts in employee equity-classified stock-based compensation costs for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Equity-classified awards – expensed $ 1 $ 2 Equity-classified awards – capitalized — 1 As of March 31, 2020, there was $4 million of total unrecognized compensation cost related to the Company’s unvested equity-classified stock option grants, equity-classified restricted stock grants and equity-classified performance units. This cost is expected to be recognized over a weighted-average period of 0.9 years. Equity-Classified Stock Options The following table summarizes equity-classified stock option activity for the three months ended March 31, 2020 and provides information for options outstanding and options exercisable as of March 31, 2020: Number Weighted Average (in thousands) Outstanding at December 31, 2019 4,635 $ 15.26 Granted — $ — Exercised — $ — Forfeited or expired (62) $ 15.11 Outstanding at March 31, 2020 4,573 $ 15.27 Exercisable at March 31, 2020 4,478 $ 15.48 Equity-Classified Restricted Stock The following table summarizes equity-classified restricted stock activity for the three months ended March 31, 2020 and provides information for unvested shares as of March 31, 2020: Number Weighted Average (in thousands) Unvested shares at December 31, 2019 1,480 $ 7.00 Granted 12 $ 2.42 Vested (522) $ 7.75 Forfeited (167) $ 8.59 Unvested shares at March 31, 2020 803 $ 6.11 Equity-Classified Performance Units The following table summarizes equity-classified performance unit activity for the three months ended March 31, 2020 and provides information for unvested units as of March 31, 2020. The performance unit awards granted in 2018 include a market condition based exclusively on the Total Shareholder Return (“TSR”), with their fair value calculated by a Monte Carlo model. The total fair value of the performance units is amortized to compensation expense on a straight line basis over the vesting period of the award. The grant date fair value is calculated using the closing price of the Company’s common stock at the grant date. Number of Units (1) Weighted Average (in thousands) Unvested units at December 31, 2019 178 $ 10.47 Granted — $ — Vested (178) $ 10.47 Forfeited — $ — Unvested units at March 31, 2020 — $ — (1) The actual payout of shares may range from a minimum of zero shares to a maximum of two shares per unit contingent upon TSR. The performance units have a three three Liability-Classified Awards The Company recognized the following amounts in employee liability-classified stock-based compensation costs for the three months ended March 31, 2020: For the three months ended March 31, (in millions) 2020 2019 Liability-classified stock-based compensation cost – expensed $ (1) $ 5 Liability-classified stock-based compensation cost – capitalized — 3 Liability-Classified Restricted Stock Units In the first quarter of each year beginning with 2018, the Company granted restricted stock units that vest over a period of four years and are payable in either cash or shares at the option of the Compensation Committee of the Company’s Board of Directors. The Company has accounted for these as liability-classified awards, and accordingly changes in the market value of the instruments will be recorded to general and administrative expense and capitalized expense over the vesting period of the award. As of March 31, 2020, there was $26 million of total unrecognized compensation cost related to liability-classified restricted stock units that is expected to be recognized over a weighted-average period of 3.0 years. The amount of unrecognized compensation cost for liability-classified awards will fluctuate over time as they are marked to market. Number Weighted Average (in thousands) Unvested units at December 31, 2019 12,992 $ 2.42 Granted 6,172 $ 1.41 Vested (3,852) $ 1.38 Forfeited (1,464) $ 1.67 Unvested units at March 31, 2020 13,848 $ 1.69 Liability-Classified Performance Units In each year beginning with 2018, the Company granted performance units that vest at the end of, or over, a three Number Weighted Average (in thousands) Unvested units at December 31, 2019 5,142 $ 2.42 Granted 6,172 $ 1.41 Vested — $ — Forfeited — $ — Unvested units at March 31, 2020 11,314 $ 1.69 Cash-Based Compensation Performance Cash Awards In 2020, the Company granted performance cash awards that vest over a four Number Weighted Average Fair Value (in thousands) Unvested units at 12/31/2019 — $ — Granted 20,044 $ 1.00 Vested — $ — Forfeited (135) $ 1.00 Unvested units at March 31, 2020 19,909 $ 1.00 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company’s reportable business segments have been identified based on the differences in products or services provided. Revenues for the E&P segment are derived from the production and sale of natural gas and liquids. The Marketing segment generates revenue through the marketing of both Company and third-party produced natural gas and liquids volumes. Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of the 2019 Annual Report. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense, gain (loss) on derivatives, gain on early extinguishment of debt and other income. The “Other” column includes items not related to the Company’s reportable segments, including real estate and corporate items. Corporate general and administrative costs, depreciation expense and taxes, other than income taxes, are allocated to the segments. E&P Marketing Other Total Three months ended March 31, 2020 (in millions) Revenues from external customers $ 353 $ 239 $ — $ 592 Intersegment revenues (9) 309 — 300 Depreciation, depletion and amortization expense 111 2 — 113 Impairments 1,479 — — 1,479 Operating income (loss) (1,486) (1) (4) — (1,490) Interest expense (2) 19 — — 19 Gain on derivatives 339 — — 339 Gain on early extinguishment of debt — — 28 28 Other income, net 1 — — 1 Provision for income taxes (2) 406 — — 406 Assets 4,900 (3) 214 161 (4) 5,275 Capital investments (5) 237 — — 237 Three months ended March 31, 2019 Revenues from external customers $ 551 $ 439 $ — $ 990 Intersegment revenues (9) 502 — 493 Depreciation, depletion and amortization expense 110 2 — 112 Operating income 210 (1) 3 — 213 Interest expense (2) 14 — — 14 Loss on derivatives (32) — — (32) Other income, net 1 — — 1 Benefit from income taxes (2) (426) — — (426) Assets 5,562 (3) 342 542 (4) 6,446 Capital investments (5) 325 — — 325 (1) Operating income for the E&P segment includes $10 million and $3 million of restructuring charges for the three months ended March 31, 2020 and 2019, respectively. (2) Interest expense and provision (benefit) for income taxes by segment is an allocation of corporate amounts as they are incurred at the corporate level. (3) E&P assets includes office, technology, water infrastructure, drilling rigs and other ancillary equipment not directly related to natural gas and oil properties. For the three months ended March 31, 2019, this also includes deferred tax assets which are an allocation of corporate amounts as they are incurred at the corporate level. (4) Other assets represent corporate assets not allocated to segments and assets for non-reportable segments. At March 31, 2020 and 2019, other assets included approximately $5 million and $366 million, respectively, in cash and cash equivalents, $32 million and $68 million, respectively, in income taxes receivable, $23 million and $56 million, respectively, in property, plant and equipment, $10 million and $10 million, respectively, in unamortized debt expense, $9 million and $10 million, respectively, in prepayments, $5 million and $7 million, respectively, in a non-qualified retirement plan and $77 million and $25 million in right-of-use lease assets, respectively. (5) Capital investments include increases of $8 million and $66 million for the three months ended March 31, 2020 and 2019, respectively, relating to the change in accrued expenditures between years. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements. ASU 2018-13 became effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2019. As a result of adoption, this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Update 2016-13”). Update 2016-13 replaced the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. For public business entities, the new standard became effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. From an evaluation of the Company’s existing credit portfolio, which includes trade receivables from commodity sales, joint interest billings due from partners and other receivables and cash equivalents, historical credit losses have been de minimis and are expected to remain so in the future assuming no substantial changes to the business or creditworthiness of our business partners. Update 2016-13 did not have a significant impact on the Company’s consolidated financial statements or related control environment upon adoption on January 1, 2020. Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). This ASU amends, adds and removes certain disclosure requirements under FASB ASC Topic 715 – Compensation-Retirement Benefits. The guidance in ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. This ASU will result in expanded disclosures within the Company’s interim and annual footnote disclosures, however, the adoption of ASU 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Standards Implemented/New Accounting Standards Not Yet Implemented | In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements. ASU 2018-13 became effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2019. As a result of adoption, this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Update 2016-13”). Update 2016-13 replaced the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. For public business entities, the new standard became effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. From an evaluation of the Company’s existing credit portfolio, which includes trade receivables from commodity sales, joint interest billings due from partners and other receivables and cash equivalents, historical credit losses have been de minimis and are expected to remain so in the future assuming no substantial changes to the business or creditworthiness of our business partners. Update 2016-13 did not have a significant impact on the Company’s consolidated financial statements or related control environment upon adoption on January 1, 2020. Issued but Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). This ASU amends, adds and removes certain disclosure requirements under FASB ASC Topic 715 – Compensation-Retirement Benefits. The guidance in ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. This ASU will result in expanded disclosures within the Company’s interim and annual footnote disclosures, however, the adoption of ASU 2018-14 is not expected to have a material impact on the Company’s consolidated financial statements. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges | The following table presents a summary of the restructuring charges included in Operating Income (Loss) for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Severance (including payroll taxes) $ 10 $ 2 Office consolidation — 1 Total restructuring charges (1) $ 10 $ 3 (1) Total restructuring charges were $10 million and $3 million for the Company’s E&P segment for the three months ended March 31, 2020 and 2019, respectively. The following table presents a reconciliation of the liability associated with the Company’s restructuring activities at March 31, 2020, which is reflected in accounts payable on the consolidated balance sheet: (in millions) Liability at December 31, 2019 $ 2 Additions 10 Distributions (12) Liability at March 31, 2020 $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Segment | The following table reconciles operating revenues as presented on the consolidated statements of operations to the operating revenues by segment: (in millions) E&P Marketing Intersegment Total Three months ended March 31, 2020 Gas sales $ 239 $ — $ 9 $ 248 Oil sales 52 — — 52 NGL sales 50 — — 50 Marketing — 548 (309) 239 Other (1) 3 — — 3 Total $ 344 $ 548 $ (300) $ 592 Three months ended March 31, 2019 Gas sales $ 421 $ — $ 9 $ 430 Oil sales 39 — — 39 NGL sales 81 — — 81 Marketing — 940 (502) 438 Other (2) 1 1 — 2 Total $ 542 $ 941 $ (493) $ 990 (1) For the three months ended March 31, 2020, other E&P revenues consists primarily of gains on purchaser imbalances associated with certain NGLs. (2) For the three months ended March 31, 2019, other E&P revenues consists primarily of water sales to third-party operators, and other Marketing revenues consists primarily of sales of gas from storage. |
Disaggregation of Revenue on Geographic Basis | Associated E&P revenues are also disaggregated for analysis on a geographic basis by the core areas in which the Company operates, which are in Pennsylvania and West Virginia. For the three months ended March 31, (in millions) 2020 2019 Northeast Appalachia $ 195 $ 348 Southwest Appalachia 149 193 Other — 1 Total $ 344 $ 542 |
Reconciliation of Accounts Receivable | The following table reconciles the Company’s receivables from contracts with customers to consolidated accounts receivable as presented on the consolidated balance sheet: (in millions) March 31, 2020 December 31, 2019 Receivables from contracts with customers $ 195 $ 284 Other accounts receivable 97 61 Total accounts receivable $ 292 $ 345 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | The following table presents a summary of cash and cash equivalents as of March 31, 2020 and December 31, 2019: (in millions) March 31, 2020 December 31, 2019 Cash $ 5 $ 5 Marketable securities (1) — — Total $ 5 $ 5 (1) At March 31, 2020, marketable securities were immaterial and consisted of government stable value money market funds. |
Natural Gas and Oil Properties
Natural Gas and Oil Properties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Oil and Gas Exploration and Production Industries Disclosures | Prices used to calculate the ceiling value of reserves were as follows: (in millions) March 31, 2020 March 31, 2019 Natural gas (per MMBtu) $ 2.30 $ 3.07 Oil (per Bbl) $ 55.77 $ 63.00 NGLs (per Bbl) $ 9.96 $ 17.65 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table presents the computation of earnings per share for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions, except share/per share amounts) 2020 2019 Net income (loss) $ (1,547) $ 594 Number of common shares: Weighted average outstanding 540,308,491 539,721,751 Issued upon assumed exercise of outstanding stock options — — Effect of issuance of non-vested restricted common stock — 665,435 Effect of issuance of non-vested restricted units — — Effect of issuance of non-vested performance units — 933,301 Weighted average and potential dilutive outstanding 540,308,491 541,320,487 Earnings per common share Basic $ (2.86) $ 1.10 Diluted $ (2.86) $ 1.10 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019, as they would have had an antidilutive effect: For the three months ended March 31, 2020 2019 Unexercised stock options 4,584,563 5,128,640 Unvested share-based payment 1,006,860 1,881,355 Restricted stock units 1,312,293 — Performance units 2,275,498 260,201 Total 9,179,214 7,270,196 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Notional Amount, Weighted Average Contract Prices and Fair Value | The following tables provide information about the Company’s financial instruments that are sensitive to changes in commodity prices and that are used to protect the Company’s exposure. None of the financial instruments below are designated for hedge accounting treatment. The tables present the notional amount, the weighted average contract prices and the fair value by expected maturity dates as of March 31, 2020: Financial Protection on Production Weighted Average Price per MMBtu Volume (Bcf) Swaps Sold Puts Purchased Puts Sold Calls Basis Differential Fair Value at March 31, 2020 (in millions) Natural Gas 2020 Fixed price swaps 279 $ 2.50 $ — $ — $ — $ — $ 181 (1) Two-way costless collars 23 — — 2.50 2.79 — 3 Three-way costless collars 136 — 2.08 2.42 2.70 — 15 Total 438 $ 199 2021 Fixed price swaps 36 $ 2.53 $ — $ — $ — $ — $ 5 Two-way costless collars 29 — — 2.28 2.77 — (1) Three-way costless collars 265 — 2.18 2.49 2.84 — (20) Total 330 $ (16) 2022 Two-way costless collars 29 $ — $ — $ 2.10 $ 2.83 $ — $ — Three-way costless collars 91 — 2.10 2.46 2.86 — (2) Total 120 $ (2) 2023 Three-way costless collars 2 $ — $ 2.15 $ 2.55 $ 3.35 $ — $ — Basis Swaps 2020 199 $ — $ — $ — $ — $ (0.44) $ (3) 2021 103 — — — — (0.03) 12 2022 88 — — — — (0.48) (4) Total 390 $ 5 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at March 31, 2020. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2020 (in millions) Swaps Sold Puts Purchased Puts Sold Calls Oil 2020 Fixed price swaps (1) 2,442 $ 57.75 $ — $ — $ — $ 66 Two-way costless collars 731 — — 56.88 59.81 19 Three-way costless collars 1,210 — 43.94 53.17 58.05 9 Total 4,383 $ 94 2021 Fixed price swaps 2,328 $ 53.72 $ — $ — $ — $ 39 Three-way costless collars 1,445 — 43.52 53.25 58.14 10 Total 3,773 $ 49 2022 Fixed price swaps 438 $ 51.74 $ — $ — $ — $ 5 Three-way costless collars 666 — 42.50 53.20 58.00 4 Total 1,104 $ 9 Ethane 2020 Fixed price swaps 6,952 $ 8.59 $ — $ — $ — $ 21 2021 Fixed price swaps 3,017 $ 7.40 $ — $ — $ — $ 2 Propane 2020 Fixed price swaps 4,049 $ 23.06 $ — $ — $ — $ 43 Two-way costless collars 275 — — 25.20 29.40 4 Total 4,324 $ 47 2021 Fixed price swaps 2,460 $ 21.77 $ — $ — $ — $ 17 (1) Includes 186 MBbls of purchased fixed price oil swaps at $57.46 per barrel with a fair value of ($5) million and 2,628 MBbls of sold fixed price oil swaps at $57.73 per barrel with a fair value of $71 million. Other Derivative Contracts Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) Sold Call Options – Natural Gas (Net) 2020 51 $ 2.83 $ (2) 2021 57 3.15 (7) 2022 58 3.00 (6) 2023 17 2.84 (3) 2024 9 3.00 (2) Total 192 $ (20) Volume (MBbls) Weighted Average Strike Price per Bbl Fair Value at March 31, 2020 (in millions) Sold Call Options – Oil 2021 226 $ 60.00 $ — Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) Swaps Basis Differential Storage (1) 2020 Purchased fixed price swaps 3 $ 2.00 $ — $ (1) Purchased basis swaps 1 — (0.49) — Sold fixed price swaps 2 1.99 — — Sold basis swaps 1 — (0.51) — Total 7 $ (1) 2021 Purchased fixed price swaps 1 $ 2.04 $ — $ — Sold fixed price swaps 2 2.49 — — Sold basis swaps 1 — (0.38) — Total 4 $ — (1) The Company has entered into certain derivatives to protect the value of volumes of natural gas injected into a storage facility that will be withdrawn at a later date. Purchased Fixed Price Swaps – Marketing (Natural Gas) (1) Volume (Bcf) Weighted Average Strike Price per MMBtu Fair Value at March 31, 2020 (in millions) 2020 6 $ 2.44 $ (2) 2021 6 2.44 — Total 12 $ (2) (1) The Company has entered into a limited number of derivatives to protect the value of certain long-term sales contracts. |
Balance Sheet Classification of Derivative Financial Instruments | The balance sheet classification of the assets and liabilities related to derivative financial instruments (none of which are designated for hedge accounting treatment) is summarized below as of March 31, 2020 and December 31, 2019: Derivative Assets Fair Value (in millions) Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Purchased fixed price swaps – natural gas Derivative assets $ 1 $ — Fixed price swaps – natural gas Derivative assets 181 (1) 77 (1) Fixed price swaps – oil Derivative assets 80 4 Fixed price swaps – ethane Derivative assets 22 11 Fixed price swaps – propane Derivative assets 48 21 Two-way costless collars – natural gas Derivative assets 13 10 Two-way costless collars – oil Derivative assets 28 5 Two-way costless collars – propane Derivative assets 4 2 Three-way costless collars – natural gas Derivative assets 189 126 Three-way costless collars – oil Derivative assets 36 3 Basis swaps – natural gas Derivative assets 22 17 Purchased call options – natural gas Derivative assets 3 1 Fixed price swaps – natural gas storage Derivative assets — 1 Fixed price swaps – natural gas Other long-term assets 5 7 Fixed price swaps – oil Other long-term assets 35 1 Fixed price swaps – ethane Other long-term assets 1 — Fixed price swaps – propane Other long-term assets 12 3 Two-way costless collars – natural gas Other long-term assets 5 4 Three-way costless collars – natural gas Other long-term assets 71 74 Three-way costless collars – oil Other long-term assets 29 7 Basis swaps – natural gas Other long-term assets 5 15 Purchased call options – natural gas Other long-term assets 1 2 Total derivative assets $ 791 $ 391 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at both March 31, 2020 and December 31, 2019. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. Derivative Liabilities Fair Value (in millions) Balance Sheet Classification March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Purchased fixed price swaps – natural gas Derivative liabilities $ 3 $ 1 Purchased fixed price swaps – oil Derivative liabilities 5 — Fixed price swaps – natural gas Derivative liabilities — 1 Fixed price swaps – oil Derivative liabilities — 6 Two-way costless collars – natural gas Derivative liabilities 10 4 Two-way costless collars – oil Derivative liabilities 9 5 Three-way costless collars – natural gas Derivative liabilities 194 84 Three-way costless collars – oil Derivative liabilities 24 4 Basis swaps – natural gas Derivative liabilities 12 17 Sold call options – natural gas Derivative liabilities 9 3 Interest rate swaps Derivative liabilities 1 — Purchased fixed price swaps – natural gas storage Derivative liabilities 1 — Fixed price swaps – oil Other long-term liabilities — 2 Two-way costless collars – natural gas Other long-term liabilities 6 4 Three-way costless collars – natural gas Other long-term liabilities 73 72 Three-way costless collars – oil Other long-term liabilities 18 8 Basis swap – natural gas Other long-term liabilities 10 9 Sold call options – natural gas Other long-term liabilities 15 15 Sold call options – oil Other long-term liabilities — 1 Total derivative liabilities $ 390 $ 236 |
Summary of Before Tax Effect of Fair Value Hedges not Designated for Hedge Accounting | The following tables summarize the before-tax effect of the Company’s derivative instruments on the consolidated statements of operations for the three months ended March 31, 2020 and 2019: Unsettled Gain (Loss) on Derivatives Recognized in Earnings Derivative Instrument Consolidated Statement of Operations For the three months ended 2020 2019 (in millions) Purchased fixed price swaps – natural gas Gain (Loss) on Derivatives $ (1) $ — Purchased fixed price swaps – oil Gain (Loss) on Derivatives (5) 4 Fixed price swaps – natural gas Gain (Loss) on Derivatives 103 (2) Fixed price swaps – oil Gain (Loss) on Derivatives 118 (13) Fixed price swaps – ethane Gain (Loss) on Derivatives 12 7 Fixed price swaps – propane Gain (Loss) on Derivatives 36 (4) Two-way costless collars – natural gas Gain (Loss) on Derivatives (4) (1) Two-way costless collars – oil Gain (Loss) on Derivatives 19 (7) Two-way costless collars – propane Gain (Loss) on Derivatives 2 — Three-way costless collars – natural gas Gain (Loss) on Derivatives (51) 2 Three-way costless collars – oil Gain (Loss) on Derivatives 25 — Basis swaps – natural gas Gain (Loss) on Derivatives (1) (10) Purchased call options – natural gas Gain (Loss) on Derivatives 1 — Sold call options – natural gas Gain (Loss) on Derivatives (6) 2 Sold call options – oil Gain (Loss) on Derivatives 1 — Purchased fixed price swap – natural gas storage Gain (Loss) on Derivatives (1) — Fixed price swap – natural gas storage Gain (Loss) on Derivatives (1) — Interest rate swaps Gain (Loss) on Derivatives (1) — Total gain (loss) on unsettled derivatives $ 246 $ (22) Settled Gain (Loss) on Derivatives Recognized in Earnings (1) Derivative Instrument Consolidated Statement of Operations For the three months ended 2020 2019 (in millions) Purchased fixed price swaps – natural gas Gain (Loss) on Derivatives $ (1) $ — Purchased fixed price swaps – oil Gain (Loss) on Derivatives — (1) Fixed price swaps – natural gas Gain (Loss) on Derivatives 5 (6) Fixed price swaps – oil Gain (Loss) on Derivatives 9 2 Fixed price swaps – ethane Gain (Loss) on Derivatives 6 1 Fixed price swaps – propane Gain (Loss) on Derivatives 10 2 Two-way costless collars – natural gas Gain (Loss) on Derivatives 6 (1) Two-way costless collars – oil Gain (Loss) on Derivatives 3 1 Two-way costless collars – propane Gain (Loss) on Derivatives 1 — Three-way costless collars – natural gas Gain (Loss) on Derivatives 36 (4) Three-way costless collars – oil Gain (Loss) on Derivatives 1 — Basis swaps – natural gas Gain (Loss) on Derivatives 16 (4) Fixed price swaps – natural gas storage Gain (Loss) on Derivatives 1 — Total gain (loss) on settled derivatives $ 93 $ (10) Total gain (loss) on derivatives $ 339 $ (32) (1) The Company calculates gain (loss) on derivatives, settled, as the summation of gains and losses on positions that settled within the period. |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables detail the components of accumulated other comprehensive income and the related tax effects for the three months ended March 31, 2020: (in millions) Pension and Other Postretirement Foreign Currency Total Beginning balance December 31, 2019 $ (19) $ (14) $ (33) Other comprehensive income before reclassifications — — — Amounts reclassified from other comprehensive income (1) — — — Net current-period other comprehensive income — — — Ending balance March 31, 2020 $ (19) $ (14) $ (33) (1) Amounts reclassified from other comprehensive income to earnings were immaterial for the three months ended March 31, 2020. See Note 13 for additional details regarding the Company’s pension and other postretirement benefit plans. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 (in millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 5 $ 5 $ 5 $ 5 2018 revolving credit facility due April 2024 149 149 34 34 Senior notes (1) 2,148 1,460 2,228 2,085 Derivative instruments, net 401 (2) 401 (2) 155 (2) 155 (2) (1) Excludes unamortized debt issuance costs and debt discounts. (2) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet. |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2020 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Purchased fixed price swaps $ — $ 1 $ — $ 1 Fixed price swaps (1) — 384 — 384 Two-way costless collars — 50 — 50 Three-way costless collars — 325 — 325 Basis swaps — 27 — 27 Purchased call options — 4 — 4 Liabilities Purchased fixed price swaps — (8) — (8) Two-way costless collars — (25) — (25) Three-way costless collars — (309) — (309) Basis swaps — (22) — (22) Sold call options — (24) — (24) Purchased fixed price swaps – storage — (1) — (1) Interest rate swaps — (1) — (1) Total (2) $ — $ 401 $ — $ 401 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at March 31, 2020. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. (2) Includes a net fair value reduction of less than $1 million related to estimated nonperformance risk. December 31, 2019 Fair Value Measurements Using: (in millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) at Fair Value Assets Fixed price swaps (1) $ — $ 124 $ — $ 124 Two-way costless collars — 21 — 21 Three-way costless collars — 210 — 210 Basis Swaps — 32 — 32 Purchased call options — 3 — 3 Fixed price swaps - storage — 1 — 1 Liabilities Purchased fixed price swaps — (1) — (1) Fixed price swaps — (9) — (9) Two-way costless collars — (13) — (13) Three-way costless collars — (168) — (168) Basis Swaps — (26) — (26) Sold call options — (19) — (19) Total $ — $ 155 $ — $ 155 (1) Includes $9 million in premiums paid related to certain natural gas fixed price swaps recognized as a component of derivative assets within current assets on the consolidated balance sheet at December 31, 2019. As certain natural gas fixed price swaps settle, the premium will be amortized and recognized as a component of gain (loss) on derivatives on the consolidated statements of operations. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Debt | The components of debt as of March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility due April 2024 $ 149 $ — (1) $ — $ 149 4.10% Senior Notes due March 2022 210 (1) — 209 4.95% Senior Notes due January 2025 (2) 864 (5) (1) 858 7.50% Senior Notes due April 2026 621 (6) — 615 7.75% Senior Notes due October 2027 453 (5) — 448 Total long-term debt $ 2,297 $ (17) $ (1) $ 2,279 December 31, 2019 (in millions) Debt Instrument Unamortized Issuance Expense Unamortized Debt Discount Total Long-term debt: Variable rate (4.310% at December 31, 2019) 2018 term loan facility due April 2024 $ 34 $ — (1) $ — $ 34 4.10% Senior Notes due March 2022 213 (1) — 212 4.95% Senior Notes due January 2025 (2) 892 (5) (1) 886 7.50% Senior Notes due April 2026 639 (7) — 632 7.75% Senior Notes due October 2027 484 (6) — 478 Total long-term debt $ 2,262 $ (19) $ (1) $ 2,242 (1) At March 31, 2020 and December 31, 2019, unamortized issuance expense of $10 million and $11 million, respectively, associated with the 2018 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets. (2) At March 31, 2020 and December 31, 2019, respectively, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since the initial offering. This rate has been in effect since January 2019. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which has the effect of increasing the interest rate on the 2025 Notes to 6.45%. The first coupon payment to the bondholders at the higher interest rate will be paid in January 2021. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Obligation under Transportation Agreements | As of March 31, 2020, future payments under non-cancelable firm transportation and gathering agreements were as follows: Payments Due by Period (in millions) Total Less than 1 1 to 3 Years 3 to 5 Years 5 to 8 Years More than 8 Infrastructure currently in service $ 7,199 $ 753 $ 1,339 $ 1,098 $ 1,524 $ 2,485 Pending regulatory approval and/or construction (1) 411 1 17 23 74 296 Total transportation charges $ 7,610 $ 754 $ 1,356 $ 1,121 $ 1,598 $ 2,781 (1) Based on estimated in-service dates as of March 31, 2020. |
Pension Plan and Other Postre_2
Pension Plan and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Costs | The Company maintains defined pension and other postretirement benefit plans, which cover substantially all of the Company’s employees. Net periodic pension costs include the following components for the three months ended March 31, 2020 and 2019: Consolidated Statements of For the three months ended March 31, (in millions) 2020 2019 Service cost General and administrative expenses $ 2 $ 2 Interest cost Other Income (Loss), Net 1 1 Expected return on plan assets Other Income (Loss), Net (1) (2) Amortization of prior service cost Other Income (Loss), Net — — Amortization of net loss Other Income (Loss), Net — 1 Net periodic benefit cost $ 2 $ 2 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Stock-Based Compensation Costs | The Company recognized the following amounts in total employee stock-based compensation costs for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Stock-based compensation cost – expensed $ — (1) $ 7 Stock-based compensation cost – capitalized — (1) 4 |
Schedule of Equity-Classified Stock-Based Compensation Costs | The Company recognized the following amounts in employee equity-classified stock-based compensation costs for the three months ended March 31, 2020 and 2019: For the three months ended March 31, (in millions) 2020 2019 Equity-classified awards – expensed $ 1 $ 2 Equity-classified awards – capitalized — 1 |
Summary of Equity-Classified Stock Option Activity | The following table summarizes equity-classified stock option activity for the three months ended March 31, 2020 and provides information for options outstanding and options exercisable as of March 31, 2020: Number Weighted Average (in thousands) Outstanding at December 31, 2019 4,635 $ 15.26 Granted — $ — Exercised — $ — Forfeited or expired (62) $ 15.11 Outstanding at March 31, 2020 4,573 $ 15.27 Exercisable at March 31, 2020 4,478 $ 15.48 |
Summary of Equity-Classified Restricted Stock Activity | The following table summarizes equity-classified restricted stock activity for the three months ended March 31, 2020 and provides information for unvested shares as of March 31, 2020: Number Weighted Average (in thousands) Unvested shares at December 31, 2019 1,480 $ 7.00 Granted 12 $ 2.42 Vested (522) $ 7.75 Forfeited (167) $ 8.59 Unvested shares at March 31, 2020 803 $ 6.11 |
Summary of Equity-Classified Performance Units Activity | The following table summarizes equity-classified performance unit activity for the three months ended March 31, 2020 and provides information for unvested units as of March 31, 2020. The performance unit awards granted in 2018 include a market condition based exclusively on the Total Shareholder Return (“TSR”), with their fair value calculated by a Monte Carlo model. The total fair value of the performance units is amortized to compensation expense on a straight line basis over the vesting period of the award. The grant date fair value is calculated using the closing price of the Company’s common stock at the grant date. Number of Units (1) Weighted Average (in thousands) Unvested units at December 31, 2019 178 $ 10.47 Granted — $ — Vested (178) $ 10.47 Forfeited — $ — Unvested units at March 31, 2020 — $ — (1) The actual payout of shares may range from a minimum of zero shares to a maximum of two shares per unit contingent upon TSR. The performance units have a three three |
Schedule of Liability-Classified Stock-Based Compensation Costs | The Company recognized the following amounts in employee liability-classified stock-based compensation costs for the three months ended March 31, 2020: For the three months ended March 31, (in millions) 2020 2019 Liability-classified stock-based compensation cost – expensed $ (1) $ 5 Liability-classified stock-based compensation cost – capitalized — 3 |
Summary of Liability-Classified Restricted Stock Unit Activity | As of March 31, 2020, there was $26 million of total unrecognized compensation cost related to liability-classified restricted stock units that is expected to be recognized over a weighted-average period of 3.0 years. The amount of unrecognized compensation cost for liability-classified awards will fluctuate over time as they are marked to market. Number Weighted Average (in thousands) Unvested units at December 31, 2019 12,992 $ 2.42 Granted 6,172 $ 1.41 Vested (3,852) $ 1.38 Forfeited (1,464) $ 1.67 Unvested units at March 31, 2020 13,848 $ 1.69 |
Summary of Liability-Classified Performance Unit Activity | Number Weighted Average (in thousands) Unvested units at December 31, 2019 5,142 $ 2.42 Granted 6,172 $ 1.41 Vested — $ — Forfeited — $ — Unvested units at March 31, 2020 11,314 $ 1.69 |
Summary of Liability-Classified Performance Unit Activity | Number Weighted Average Fair Value (in thousands) Unvested units at 12/31/2019 — $ — Granted 20,044 $ 1.00 Vested — $ — Forfeited (135) $ 1.00 Unvested units at March 31, 2020 19,909 $ 1.00 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Company's Reportable Segments | Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of the 2019 Annual Report. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income, interest expense, gain (loss) on derivatives, gain on early extinguishment of debt and other income. The “Other” column includes items not related to the Company’s reportable segments, including real estate and corporate items. Corporate general and administrative costs, depreciation expense and taxes, other than income taxes, are allocated to the segments. E&P Marketing Other Total Three months ended March 31, 2020 (in millions) Revenues from external customers $ 353 $ 239 $ — $ 592 Intersegment revenues (9) 309 — 300 Depreciation, depletion and amortization expense 111 2 — 113 Impairments 1,479 — — 1,479 Operating income (loss) (1,486) (1) (4) — (1,490) Interest expense (2) 19 — — 19 Gain on derivatives 339 — — 339 Gain on early extinguishment of debt — — 28 28 Other income, net 1 — — 1 Provision for income taxes (2) 406 — — 406 Assets 4,900 (3) 214 161 (4) 5,275 Capital investments (5) 237 — — 237 Three months ended March 31, 2019 Revenues from external customers $ 551 $ 439 $ — $ 990 Intersegment revenues (9) 502 — 493 Depreciation, depletion and amortization expense 110 2 — 112 Operating income 210 (1) 3 — 213 Interest expense (2) 14 — — 14 Loss on derivatives (32) — — (32) Other income, net 1 — — 1 Benefit from income taxes (2) (426) — — (426) Assets 5,562 (3) 342 542 (4) 6,446 Capital investments (5) 325 — — 325 (1) Operating income for the E&P segment includes $10 million and $3 million of restructuring charges for the three months ended March 31, 2020 and 2019, respectively. (2) Interest expense and provision (benefit) for income taxes by segment is an allocation of corporate amounts as they are incurred at the corporate level. (3) E&P assets includes office, technology, water infrastructure, drilling rigs and other ancillary equipment not directly related to natural gas and oil properties. For the three months ended March 31, 2019, this also includes deferred tax assets which are an allocation of corporate amounts as they are incurred at the corporate level. (4) Other assets represent corporate assets not allocated to segments and assets for non-reportable segments. At March 31, 2020 and 2019, other assets included approximately $5 million and $366 million, respectively, in cash and cash equivalents, $32 million and $68 million, respectively, in income taxes receivable, $23 million and $56 million, respectively, in property, plant and equipment, $10 million and $10 million, respectively, in unamortized debt expense, $9 million and $10 million, respectively, in prepayments, $5 million and $7 million, respectively, in a non-qualified retirement plan and $77 million and $25 million in right-of-use lease assets, respectively. (5) Capital investments include increases of $8 million and $66 million for the three months ended March 31, 2020 and 2019, respectively, relating to the change in accrued expenditures between years. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of segments | 2 |
Restructuring and Related Activ
Restructuring and Related Activities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Workforce Reduction | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liability | $ 0.3 | $ 2 |
Restructuring Charges (Summary
Restructuring Charges (Summary of Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charges | $ 10 | $ 3 |
E&P | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charges | 10 | 3 |
Workforce Reduction | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance (including payroll taxes) | 10 | 2 |
Office consolidation | 0 | 1 |
Total restructuring charges | 10 | 3 |
Workforce Reduction | E&P | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charges | $ 10 | $ 3 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Additions | $ 10 | $ 3 |
Workforce Reduction | ||
Restructuring Reserve [Roll Forward] | ||
Liability at December 31, 2019 | 2 | |
Additions | 10 | $ 3 |
Distributions | (12) | |
Liability at March 31, 2020 | $ 0.3 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | |
Contract asset associated with revenues from contracts with customers | $ 0 |
Contract liability associated with revenues from contracts with customers | $ 0 |
Minimum | NGL sales | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Minimum | Marketing | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Maximum | NGL sales | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 60 days |
Maximum | Marketing | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 60 days |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 592 | $ 990 |
E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 353 | 551 |
Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 239 | 439 |
Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 344 | 542 |
Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 548 | 941 |
Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 300 | 493 |
Intersegment Revenues | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | (9) | (9) |
Intersegment Revenues | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 309 | 502 |
Gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 248 | 430 |
Gas sales | Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 239 | 421 |
Gas sales | Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Gas sales | Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | (9) | (9) |
Oil sales | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 52 | 39 |
Oil sales | Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 52 | 39 |
Oil sales | Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Oil sales | Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
NGL sales | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 50 | 81 |
NGL sales | Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 50 | 81 |
NGL sales | Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
NGL sales | Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 239 | 438 |
Marketing | Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 0 |
Marketing | Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 548 | 940 |
Marketing | Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 309 | 502 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 3 | 2 |
Other | Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 3 | 1 |
Other | Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 0 | 1 |
Other | Intersegment Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 0 | $ 0 |
Revenue Recognition (Disaggre_2
Revenue Recognition (Disaggregation of Revenue on Geographic Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 592 | $ 990 |
E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 353 | 551 |
Operating Segments | E&P | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 344 | 542 |
Operating Segments | E&P | Northeast Appalachia | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 195 | 348 |
Operating Segments | E&P | Southwest Appalachia | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 149 | 193 |
Operating Segments | E&P | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 0 | $ 1 |
Revenue Recognition (Reconcilia
Revenue Recognition (Reconciliation of Accounts Receivable) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 195 | $ 284 |
Other accounts receivable | 97 | 61 |
Total accounts receivable | $ 292 | $ 345 |
Cash and Cash Equivalents (Summ
Cash and Cash Equivalents (Summary of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 5 | $ 5 |
Marketable securities | 0 | 0 |
Total | $ 5 | $ 5 |
Natural Gas and Oil Propertie_2
Natural Gas and Oil Properties (Narrative) (Details) $ in Billions | 3 Months Ended | |
Mar. 31, 2020USD ($)$ / MMBTU$ / bbl | Mar. 31, 2019derivative_position$ / bbl$ / MMBTU | |
Natural Gas and Oil Properties [Line Items] | ||
Natural gas, oil and NGL reserves discount | 10.00% | |
Period of time needed to calculate ceiling value of reserves | 12 months | |
Net book value adjusted for market differentials | $ | $ 1.5 | |
Number of hedge positions designated for hedge accounting | derivative_position | 0 | |
Natural Gas | ||
Natural Gas and Oil Properties [Line Items] | ||
Full cost ceiling test, price per MMBtu (in dollars per MMBtu) | $ / MMBTU | 2.30 | 3.07 |
Oil | ||
Natural Gas and Oil Properties [Line Items] | ||
Full cost ceiling test, price per barrel (in dollars per bbl) | 55.77 | 63 |
NGL | ||
Natural Gas and Oil Properties [Line Items] | ||
Full cost ceiling test, price per barrel (in dollars per bbl) | 9.96 | 17.65 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Treasury stock acquired (in shares) | 5,260,687 | |
Treasury stock acquired | $ 21 | |
Treasury stock acquired, average cost per share (in dollars per share) | $ 3.84 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (1,547) | $ 594 |
Number of common shares: | ||
Weighted average outstanding (in shares) | 540,308,491 | 539,721,751 |
Issued upon assumed exercise of outstanding stock options (in shares) | 0 | 0 |
Effect of issuance of non-vested restricted common stock (in shares) | 0 | 665,435 |
Effect of issuance of non-vested performance units (in shares) | 0 | 933,301 |
Weighted average and potential dilutive outstanding (in shares) | 540,308,491 | 541,320,487 |
Earnings per common share | ||
Basic (in dollars per share) | $ (2.86) | $ 1.10 |
Diluted (in dollars per share) | $ (2.86) | $ 1.10 |
Earnings Per Share (Schedule _2
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,179,214 | 7,270,196 |
Unexercised stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,584,563 | 5,128,640 |
Unvested share-based payment | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,006,860 | 1,881,355 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,312,293 | 0 |
Performance units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,275,498 | 260,201 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management (Schedule of Derivative Instruments Notional Amount, Weighted Average Contract Prices and Fair Value) (Details) bbl in Thousands, Mcf in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)$ / MMBTU$ / bblMcfbbl | Dec. 31, 2019USD ($) | |
Sold Fixed Price Swaps - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 279 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.50 | |
Fair value | $ 181 | |
Sold Fixed Price Swaps - 2020 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 2,442 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 57.75 | |
Fair value | $ 66 | |
Sold Fixed Price Swaps - 2020 | Not Designated as Hedging Instrument | Ethane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 6,952 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 8.59 | |
Fair value | $ 21 | |
Sold Fixed Price Swaps - 2020 | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 4,049 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 23.06 | |
Fair value | $ 43 | |
Two-way Costless-collars - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 23 | |
Fair value | $ 3 | |
Two-way Costless-collars - 2020 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 731 | |
Fair value | $ 19 | |
Two-way Costless-collars - 2020 | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 275 | |
Fair value | $ 4 | |
Two-way Costless-collars - 2020 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.79 | |
Two-way Costless-collars - 2020 Sold Calls | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 59.81 | |
Two-way Costless-collars - 2020 Sold Calls | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 29.40 | |
Three-Way Costless Collars - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 136 | |
Fair value | $ 15 | |
Three-Way Costless Collars - 2020 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 1,210 | |
Fair value | $ 9 | |
Three-way Costless-collars - 2020 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.70 | |
Three-way Costless-collars - 2020 Sold Calls | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 58.05 | |
Financial protection on production - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 438 | |
Fair value | $ 199 | |
Financial protection on production - 2020 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 4,383 | |
Fair value | $ 94 | |
Financial protection on production - 2020 | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 4,324 | |
Fair value | $ 47 | |
Sold Fixed Price Swaps - 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 36 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.53 | |
Fair value | $ 5 | |
Sold Fixed Price Swaps - 2021 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 2,328 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 53.72 | |
Fair value | $ 39 | |
Sold Fixed Price Swaps - 2021 | Not Designated as Hedging Instrument | Ethane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 3,017 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 7.40 | |
Fair value | $ 2 | |
Sold Fixed Price Swaps - 2021 | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 2,460 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 21.77 | |
Fair value | $ 17 | |
Two-way Costless Collars - 2021 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 29 | |
Two-way Costless Collars-2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Fair value | $ (1) | |
Two-way Costless Collars - 2021 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.77 | |
Three-way Costless-collars - 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 265 | |
Fair value | $ (20) | |
Three-way Costless-collars - 2021 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 1,445 | |
Fair value | $ 10 | |
Three-Way Costless Collars - 2021 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.84 | |
Three-Way Costless Collars - 2021 Sold Calls | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 58.14 | |
Financial protection on production - 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 330 | |
Fair value | $ (16) | |
Financial protection on production - 2021 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 3,773 | |
Fair value | $ 49 | |
Sold Fixed Price Swaps - 2022 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 438 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 51.74 | |
Fair value | $ 5 | |
Two Way Costless Collars - 2022 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 29 | |
Two Way Costless Collars - 2022 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.83 | |
Three-Way Costless Collars - 2022 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 91 | |
Fair value | $ (2) | |
Three-Way Costless Collars - 2022 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 666 | |
Fair value | $ 4 | |
Three-way Costless Collars 2022 - Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.86 | |
Three-way Costless Collars 2022 - Sold Calls | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 58 | |
Financial protection on production - 2022 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 120 | |
Fair value | $ (2) | |
Financial protection on production - 2022 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 1,104 | |
Fair value | $ 9 | |
Three Way Costless Collars - 2023 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 2 | |
Three Way Costless Collars - 2023 Sold Calls | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 3.35 | |
Sold Basis Swaps - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 199 | |
Basis differential per MMBtu | $ / MMBTU | (0.44) | |
Fair value | $ (3) | |
Sold Basis Swaps - 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 103 | |
Basis differential per MMBtu | $ / MMBTU | (0.03) | |
Fair value | $ 12 | |
Sold Basis Swaps - 2022 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 88 | |
Basis differential per MMBtu | $ / MMBTU | (0.48) | |
Fair value | $ (4) | |
Sold Basis Swaps | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 390 | |
Fair value | $ 5 | |
Sold Call Options - 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 51 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.83 | |
Fair value | $ (2) | |
Sold Call Options - 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 57 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 3.15 | |
Fair value | $ (7) | |
Sold Call Options - 2021 | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 226 | |
Cap price (in dollars per MMBtu, Bbl) | $ / bbl | 60 | |
Fair value | $ 0 | |
Sold Call Options - 2022 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 58 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 3 | |
Fair value | $ (6) | |
Sold Call Options - 2023 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 17 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.84 | |
Fair value | $ (3) | |
Sold Call Options - 2024 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 9 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 3 | |
Fair value | $ (2) | |
Sold call options | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 192 | |
Fair value | $ (20) | |
Purchased Fixed Price Swaps, Storage, 2020 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 3 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2 | |
Basis differential per MMBtu | $ / MMBTU | 0 | |
Fair value | $ (1) | |
Purchased Basis Swaps, Storage, 2020 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 1 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 0 | |
Basis differential per MMBtu | $ / MMBTU | (0.49) | |
Fair value | $ 0 | |
Sold Fixed Price Swaps, Storage, 2020 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 2 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 1.99 | |
Basis differential per MMBtu | $ / MMBTU | 0 | |
Fair value | $ 0 | |
Sold Basis Swaps, Storage, 2020 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 1 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 0 | |
Basis differential per MMBtu | $ / MMBTU | (0.51) | |
Fair value | $ 0 | |
Storage 2020 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 7 | |
Fair value | $ (1) | |
Purchased Fixed Price Swaps, Storage, 2021 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 1 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.04 | |
Basis differential per MMBtu | $ / MMBTU | 0 | |
Fair value | $ 0 | |
Fixed Price Swap, Storage, 2021 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 2 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.49 | |
Basis differential per MMBtu | $ / MMBTU | 0 | |
Fair value | $ 0 | |
Sold Basis Swaps Storage, 2021 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 1 | |
Average price (in dollars per MMBtu, Bbl) | $ / MMBTU | 0 | |
Basis differential per MMBtu | $ / MMBTU | (0.38) | |
Fair value | $ 0 | |
Storage 2021 | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 4 | |
Fair value | $ 0 | |
Purchased Fixed Price Swaps, Marketing, 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 6 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.44 | |
Fair value | $ (2) | |
Purchased Fixed Price Swaps, Marketing, 2021 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 6 | |
Cap price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.44 | |
Fair value | $ 0 | |
Marketing 2020 | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | Mcf | 12 | |
Fair value | $ (2) | |
Fixed price swaps | Natural Gas | ||
Derivative [Line Items] | ||
Premium paid | $ 9 | $ 9 |
Purchased fixed price swaps | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 186 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 57.46 | |
Fair value | $ (5) | |
Sold fixed price swaps | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Volume (Bcf, MBbls) | bbl | 2,628 | |
Average price (in dollars per MMBtu, Bbl) | $ / bbl | 57.73 | |
Fair value | $ 71 | |
Short Puts | Three-way Costless-collars - 2020 Sold Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.08 | |
Short Puts | Three-way Costless-collars - 2020 Sold Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 43.94 | |
Short Puts | Three-Way Costless Collars - 2021 Sold Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.18 | |
Short Puts | Three-Way Costless Collars - 2021 Sold Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 43.52 | |
Short Puts | Three-Way Costless Collars - 2022 Sold Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.10 | |
Short Puts | Three-Way Costless Collars - 2022 Sold Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 42.50 | |
Short Puts | Three Way Costless Collars - 2023 Sold Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.15 | |
Purchased Puts | Two-way Costless-collars - 2020 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.50 | |
Purchased Puts | Two-way Costless-collars - 2020 Purchased Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 56.88 | |
Purchased Puts | Two-way Costless-collars - 2020 Purchased Puts | Not Designated as Hedging Instrument | Propane | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 25.20 | |
Purchased Puts | Three-way Costless-collars - 2020 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.42 | |
Purchased Puts | Three-way Costless-collars - 2020 Purchased Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 53.17 | |
Purchased Puts | Two-way Costless Collars - 2021 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.28 | |
Purchased Puts | Three-Way Costless Collars - 2021 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.49 | |
Purchased Puts | Three-Way Costless Collars - 2021 Purchased Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 53.25 | |
Purchased Puts | Two Way Costless Collars - 2022 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.10 | |
Purchased Puts | Three Way Costless Collars 2022 - Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.46 | |
Purchased Puts | Three Way Costless Collars 2022 - Purchased Puts | Not Designated as Hedging Instrument | Oil | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / bbl | 53.20 | |
Purchased Puts | Three Way Costless Collars - 2023 Purchased Puts | Not Designated as Hedging Instrument | Natural Gas | ||
Derivative [Line Items] | ||
Floor price (in dollars per MMBtu, Bbl) | $ / MMBTU | 2.55 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Derivative [Line Items] | |
Fair value of net derivative asset position | $ (1) |
Commodities | |
Derivative [Line Items] | |
Derivative asset | 402 |
Interest rate swaps | |
Derivative [Line Items] | |
Derivative liabilities | (1) |
Not Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Derivative notional amount | $ 170 |
Derivatives and Risk Manageme_5
Derivatives and Risk Management (Balance Sheet Classification of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 791 | $ 391 |
Derivative liabilities | 390 | 236 |
Not Designated as Hedging Instrument | Interest rate swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1 | 0 |
Natural Gas | Fixed price swaps | ||
Derivatives, Fair Value [Line Items] | ||
Premium paid | 9 | 9 |
Natural Gas | Not Designated as Hedging Instrument | Purchased fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | 0 |
Natural Gas | Not Designated as Hedging Instrument | Purchased fixed price swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3 | 1 |
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 181 | 77 |
Premium paid | 9 | |
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5 | 7 |
Natural Gas | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0 | 1 |
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 13 | 10 |
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5 | 4 |
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 10 | 4 |
Natural Gas | Not Designated as Hedging Instrument | Two-way costless collars | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 6 | 4 |
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 189 | 126 |
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 71 | 74 |
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 194 | 84 |
Natural Gas | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 73 | 72 |
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 22 | 17 |
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5 | 15 |
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 12 | 17 |
Natural Gas | Not Designated as Hedging Instrument | Basis swaps | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 10 | 9 |
Natural Gas | Not Designated as Hedging Instrument | Sold call options | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 9 | 3 |
Natural Gas | Not Designated as Hedging Instrument | Sold call options | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 15 | 15 |
Natural Gas | Not Designated as Hedging Instrument | Purchased call options | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3 | 1 |
Natural Gas | Not Designated as Hedging Instrument | Purchased call options | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | 2 |
Oil | Not Designated as Hedging Instrument | Purchased fixed price swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 5 | 0 |
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 80 | 4 |
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 35 | 1 |
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0 | 6 |
Oil | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0 | 2 |
Oil | Not Designated as Hedging Instrument | Two-way costless collars | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 28 | 5 |
Oil | Not Designated as Hedging Instrument | Two-way costless collars | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 9 | 5 |
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 36 | 3 |
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 29 | 7 |
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 24 | 4 |
Oil | Not Designated as Hedging Instrument | Three-way costless collars | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 18 | 8 |
Oil | Not Designated as Hedging Instrument | Sold call options | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0 | 1 |
Ethane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 22 | 11 |
Ethane | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | 0 |
Propane | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 48 | 21 |
Propane | Not Designated as Hedging Instrument | Fixed price swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12 | 3 |
Propane | Not Designated as Hedging Instrument | Two-way costless collars | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 4 | 2 |
Natural Gas Storage | Not Designated as Hedging Instrument | Fixed price swaps | Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 1 |
Natural Gas Storage | Not Designated as Hedging Instrument | Fixed price swaps | Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 1 | $ 0 |
Derivatives and Risk Manageme_6
Derivatives and Risk Management (Summary of Before Tax Effect of Fair Value Hedges not Designated for Hedge Accounting) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | $ 246 | $ (22) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 93 | (10) |
Total gain (loss) on derivatives | 339 | (32) |
Purchased fixed price swaps | Oil | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (5) | 4 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 0 | (1) |
Purchased fixed price swaps | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (1) | 0 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | (1) | 0 |
Fixed price swaps | Oil | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 118 | (13) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 9 | 2 |
Fixed price swaps | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 103 | (2) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 5 | (6) |
Fixed price swaps | Propane | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 36 | (4) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 10 | 2 |
Fixed price swaps | Ethane | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 12 | 7 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 6 | 1 |
Two-way costless collars | Oil | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 19 | (7) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 3 | 1 |
Two-way costless collars | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (4) | (1) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 6 | (1) |
Two-way costless collars | Propane | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 2 | 0 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0 |
Three-way costless collars | Oil | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 25 | 0 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0 |
Three-way costless collars | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (51) | 2 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 36 | (4) |
Basis swaps | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (1) | (10) |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 16 | (4) |
Purchased call options | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0 |
Sold call options | Oil | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0 |
Sold call options | Natural Gas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (6) | 2 |
Storage - fixed price swap | Natural Gas Storage | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | (1) | 0 |
Settled Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0 |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | $ (1) | $ 0 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance beginning | $ 3,246 |
Balance ending | 1,701 |
Pension and Other Postretirement | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance beginning | (19) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from other comprehensive income | 0 |
Net current-period other comprehensive income | 0 |
Balance ending | (19) |
Foreign Currency | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance beginning | (14) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from other comprehensive income | 0 |
Net current-period other comprehensive income | 0 |
Balance ending | (14) |
Total | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance beginning | (33) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from other comprehensive income | 0 |
Net current-period other comprehensive income | 0 |
Balance ending | $ (33) |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, net | $ 401 | $ 155 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 5 | 5 |
Derivative instruments, net | 401 | 155 |
Carrying Amount | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 2,148 | 2,228 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 5 | 5 |
Derivative instruments, net | 401 | 155 |
Fair Value | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 1,460 | 2,085 |
2018 revolving credit facility due April 2024 | Carrying Amount | Long-term debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2018 revolving credit facility due April 2024 | 149 | 34 |
2018 revolving credit facility due April 2024 | Fair Value | Long-term debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2018 revolving credit facility due April 2024 | 149 | 34 |
Fixed price swaps | Natural Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premium paid | $ 9 | $ 9 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Impact of non performance derivative asset position | $ 1 |
Senior Notes | 4.20% Senior Notes Due March 2022 | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.10% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, net | $ 401 | $ 155 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, net | 401 | 155 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, net | 0 | 0 |
Purchased fixed price swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1 | |
Derivative liabilities | (8) | (1) |
Purchased fixed price swaps | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | 0 |
Purchased fixed price swaps | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1 | |
Derivative liabilities | (8) | (1) |
Purchased fixed price swaps | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | 0 |
Fixed price swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 384 | 124 |
Derivative liabilities | (9) | |
Fixed price swaps | Natural Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premium paid | 9 | 9 |
Fixed price swaps | Nonperforming Financial Instruments | Natural Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1 | |
Fixed price swaps | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | |
Fixed price swaps | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 384 | 124 |
Derivative liabilities | (9) | |
Fixed price swaps | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | |
Two-way costless collars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 50 | 21 |
Derivative liabilities | (25) | (13) |
Two-way costless collars | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Two-way costless collars | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 50 | 21 |
Derivative liabilities | (25) | (13) |
Two-way costless collars | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Three-way costless collars | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 325 | 210 |
Derivative liabilities | (309) | (168) |
Three-way costless collars | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Three-way costless collars | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 325 | 210 |
Derivative liabilities | (309) | (168) |
Three-way costless collars | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Basis swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 27 | 32 |
Derivative liabilities | (22) | (26) |
Basis swaps | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Basis swaps | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 27 | 32 |
Derivative liabilities | (22) | (26) |
Basis swaps | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Purchased call options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4 | 3 |
Purchased call options | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Purchased call options | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4 | 3 |
Purchased call options | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Sold call options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (24) | (19) |
Sold call options | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Sold call options | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (24) | (19) |
Sold call options | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Storage - fixed price swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1 | |
Derivative liabilities | (1) | |
Storage - fixed price swap | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | |
Storage - fixed price swap | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1 | |
Derivative liabilities | (1) | |
Storage - fixed price swap | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 0 | |
Derivative liabilities | 0 | |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (1) | |
Interest rate swaps | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Interest rate swaps | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (1) | |
Interest rate swaps | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 0 |
Debt (Components of Debt) (Deta
Debt (Components of Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Jun. 30, 2019 | Apr. 07, 2020 | Dec. 31, 2019 | Jul. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Debt Instrument | $ 2,297 | $ 2,262 | |||
Unamortized Issuance Expense | (17) | (19) | |||
Unamortized Debt Discount | (1) | (1) | |||
Total debt | 2,279 | 2,242 | |||
Line of Credit | Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility, due April 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | 149 | ||||
Unamortized Issuance Expense | 0 | ||||
Unamortized Debt Discount | 0 | ||||
Total debt | $ 149 | ||||
Variable interest rate | 2.12% | ||||
Line of Credit | Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility, due April 2024 | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | 34 | ||||
Unamortized Issuance Expense | 0 | ||||
Unamortized Debt Discount | 0 | ||||
Total debt | 34 | ||||
Line of Credit | Variable rate (4.310% at December 31, 2019) 2018 term loan facility, due April 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 4.31% | ||||
Senior Notes | 4.10% Senior Notes due March 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | $ 210 | 213 | |||
Unamortized Issuance Expense | (1) | (1) | |||
Unamortized Debt Discount | 0 | 0 | |||
Total debt | $ 209 | $ 212 | |||
Stated interest rate | 4.10% | 4.10% | |||
Senior Notes | 4.95% Senior Notes due January 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | $ 864 | $ 892 | |||
Unamortized Issuance Expense | (5) | (5) | |||
Unamortized Debt Discount | (1) | (1) | |||
Total debt | $ 858 | $ 886 | |||
Stated interest rate | 4.95% | 4.95% | 6.20% | ||
Senior Notes | 4.95% Senior Notes due January 2025 | Subsequent event | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 6.45% | ||||
Senior Notes | 7.50% Senior Notes due April 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | $ 621 | $ 639 | |||
Unamortized Issuance Expense | (6) | (7) | |||
Unamortized Debt Discount | 0 | 0 | |||
Total debt | $ 615 | $ 632 | |||
Stated interest rate | 7.50% | 7.50% | |||
Senior Notes | 7.75% Senior Notes due October 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument | $ 453 | $ 484 | |||
Unamortized Issuance Expense | (5) | (6) | |||
Unamortized Debt Discount | 0 | 0 | |||
Total debt | $ 448 | $ 478 | |||
Stated interest rate | 7.75% | 7.75% | |||
Other long-term assets | Line of Credit | Variable rate (2.120% at March 31, 2020) 2018 revolving credit facility, due April 2024 | |||||
Debt Instrument [Line Items] | |||||
Unamortized Issuance Expense | $ (10) | $ (11) |
Debt (2018 Revolving Credit Fac
Debt (2018 Revolving Credit Facility - Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2020bbl | Apr. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Apr. 28, 2020USD ($) | Apr. 13, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||
Subsidiary ownership | 100.00% | |||||
Letters of credit | $ 172,000,000 | |||||
Debt instrument | 2,297,000,000 | $ 2,262,000,000 | ||||
Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Barrels of oil Curtailed due to force majure | bbl | 3,200 | |||||
Letters of credit | $ 150,000,000 | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 3,500,000,000 | |||||
Current borrowing capacity | 2,100,000,000 | |||||
Aggregate bank commitment | 2,000,000,000 | |||||
Limit on securing indebtedness | $ 2,000,000,000 | |||||
Percentage of consolidated net tangible assets | 25.00% | |||||
Minimum interest coverage ratio | 1 | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 1,800,000,000 | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio, percentage of credit limit | 10.00% | |||||
Leverage ratio, amount of credit limit | $ 150,000,000 | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Eurodollar | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 1.50% | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Eurodollar | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 2.50% | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 0.50% | |||||
Long-term debt | 2018 revolving credit facility due April 2024 | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 1.50% | |||||
Line of Credit | 2018 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument | $ 149,000,000 | |||||
June 30, 2018 Through March 31, 2019 | Long-term debt | 2018 revolving credit facility due April 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 4.50 | |||||
June 30, 2019 Through March 31, 2020 | Long-term debt | 2018 revolving credit facility due April 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 4.25 | |||||
After June 30, 2020 | Long-term debt | 2018 revolving credit facility due April 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 4 |
Debt (Senior Notes - Narrative)
Debt (Senior Notes - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2015 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 07, 2020 | Dec. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
Gain on extinguishment of debt | $ 28 | $ 0 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Gain on extinguishment of debt | $ 28 | ||||||
Senior Notes | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Incremental increase in basis points resulting from downgrades | 0.25% | ||||||
Incremental decrease in basis points resulting from upgrades | 0.25% | ||||||
4.10% Senior Notes due March 2022 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.10% | 4.10% | |||||
Repurchased amount | $ 3 | ||||||
4.95% Senior Notes due January 2025 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 1,000 | ||||||
Stated interest rate | 4.95% | 4.95% | 6.20% | ||||
Stated interest rate cap | 6.95% | ||||||
Repurchased amount | $ 28 | ||||||
4.95% Senior Notes due January 2025 | Senior Notes | Subsequent event | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 6.45% | ||||||
7.50% Senior Notes Due April 2026 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 7.50% | 7.50% | |||||
Repurchased amount | $ 18 | ||||||
7.75% Senior Notes due October 2027 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 7.75% | 7.75% | |||||
Repurchased amount | $ 31 | ||||||
4.50% Senior Notes due January 2020 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Repurchased amount | $ 52 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 1 Months Ended | |||
Feb. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||||
Obligation under transportation agreements | $ 7,610,000,000 | |||
Guarantee obligations relative to the firms transportation agreements and gathering project and services | 1,100,000,000 | |||
Contractual commitments assumed by buyer | 81,000,000 | |||
Potential amount to be reimbursed to buyer | 45,000,000 | |||
Liability for estimated future payments | 36,000,000 | $ 46,000,000 | ||
Contractual commitments | $ 512,000,000 | |||
Commitment period | 17 years | |||
Material liabilities recognized | 0 | |||
Pending regulatory approval and/or construction | ||||
Commitments And Contingencies [Line Items] | ||||
Obligation under transportation agreements | $ 411,000,000 | |||
Appalachian Basin | ||||
Commitments And Contingencies [Line Items] | ||||
Obligation under transportation agreements | $ 357,000,000 | |||
Reimbursed by seller | $ 133,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Future Obligation under Transportation Agreements) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Total | $ 7,610 |
Less than 1 Year | 754 |
1 to 3 Years | 1,356 |
3 to 5 Years | 1,121 |
5 to 8 Years | 1,598 |
More than 8 Years | 2,781 |
Infrastructure currently in service | |
Other Commitments [Line Items] | |
Total | 7,199 |
Less than 1 Year | 753 |
1 to 3 Years | 1,339 |
3 to 5 Years | 1,098 |
5 to 8 Years | 1,524 |
More than 8 Years | 2,485 |
Pending regulatory approval and/or construction | |
Other Commitments [Line Items] | |
Total | 411 |
Less than 1 Year | 1 |
1 to 3 Years | 17 |
3 to 5 Years | 23 |
5 to 8 Years | 74 |
More than 8 Years | $ 296 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Effective tax rate | (36.00%) | (254.00%) |
Discrete tax benefit | $ 408 | $ 426 |
Valuation allowance related to operating loss | $ 87 | |
Valuation allowance decreased during the period | $ 522 |
Pension Plan and Other Postre_3
Pension Plan and Other Postretirement Benefits (Pension and Other Postretirement Benefit Costs) (Details) - Pension - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2 | $ 2 |
Interest cost | 1 | 1 |
Expected return on plan assets | (1) | (2) |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss | 0 | 1 |
Net periodic benefit cost | $ 2 | $ 2 |
Pension Plan and Other Postre_4
Pension Plan and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 5 | ||
Additional contributions for remainder of year | $ 7 | ||
Treasury stock acquired (in shares) | 5,260,687 | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost (gain) | $ 2 | $ 2 | |
Benefit obligation | 27 | $ 30 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost (gain) | 1 | $ 1 | |
Benefit obligation | $ 13 | $ 13 | |
Non-Qualified Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Treasury stock acquired (in shares) | 3,632 | 5,115 |
Long-term Incentive Compensat_2
Long-term Incentive Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Stock Based Compensation 2013 Plan | |||
Long-term Incentive Compensation [Line Items] | |||
Service period | 3 years | ||
Stock options | |||
Long-term Incentive Compensation [Line Items] | |||
Vesting period | 3 years | ||
Expiration period | 7 years | ||
Equity-classified awards, unrecognized compensation cost | $ 4 | ||
Weighted average period over which unrecognized cost is recognized, years | 10 months 24 days | ||
Restricted stock | |||
Long-term Incentive Compensation [Line Items] | |||
Vesting period | 4 years | ||
RSUs | |||
Long-term Incentive Compensation [Line Items] | |||
Vesting period | 4 years | 4 years | 4 years |
Weighted average period over which unrecognized cost is recognized, years | 3 years | ||
Liability classified awards, unrecognized compensation costs | $ 26 | ||
Performance units | |||
Long-term Incentive Compensation [Line Items] | |||
Vesting period | 3 years | 3 years | 3 years |
Weighted average period over which unrecognized cost is recognized, years | 2 years 7 months 6 days | ||
Liability classified awards, unrecognized compensation costs | $ 15 | ||
Performance cash awards | |||
Long-term Incentive Compensation [Line Items] | |||
Vesting period | 4 years | ||
Weighted average period over which unrecognized cost is recognized, years | 3 years 10 months 24 days | ||
Liability classified awards, unrecognized compensation costs | $ 19 |
Long-term Incentive Compensat_3
Long-term Incentive Compensation (Schedule of Stock-Based Compensation Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Stock-based compensation cost – expensed | $ 0 | $ 7 |
Stock-based compensation cost – capitalized | $ 0 | $ 4 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Equity-Classified Stock-Based Compensation Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Equity-classified awards – expensed | $ 1 | $ 2 |
Equity-classified awards – capitalized | $ 0 | $ 1 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Equity-Classified Stock Option Activity) (Details) - Stock options shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 4,635 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Forfeited or expired (in shares) | shares | (62) |
Ending balance (in shares) | shares | 4,573 |
Exercisable (in shares) | shares | 4,478 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 15.26 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited or expired (in dollars per share) | $ / shares | 15.11 |
Ending balance (in dollars per share) | $ / shares | 15.27 |
Exercisable (in dollars per share) | $ / shares | $ 15.48 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Equity-Classified Restricted Stock Activity) (Details) - Restricted stock shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Beginning balance (in shares) | shares | 1,480 |
Granted (in shares) | shares | 12 |
Vested (in shares) | shares | (522) |
Forfeited (in shares) | shares | (167) |
Ending balance (in shares) | shares | 803 |
Weighted Average Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 7 |
Granted (in dollars per share) | $ / shares | 2.42 |
Vested (in dollars per share) | $ / shares | 7.75 |
Forfeited (in dollars per share) | $ / shares | 8.59 |
Ending balance (in dollars per share) | $ / shares | $ 6.11 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of Equity-Classified Performance Units Activity) (Details) - Performance units - $ / shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Units | |||
Beginning balance (in shares) | 178 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (178) | ||
Forfeited (in shares) | 0 | ||
Ending balance (in shares) | 0 | ||
Weighted Average Fair Value | |||
Beginning balance (in dollars per share) | $ 10.47 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 10.47 | ||
Forfeited (in dollars per share) | 0 | ||
Ending balance (in dollars per share) | $ 0 | ||
Vesting period | 3 years | 3 years | 3 years |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Liability-Classified Stock-Based Compensation Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Liability-classified stock-based compensation cost – expensed | $ (1) | $ 5 |
Liability-classified stock-based compensation cost – capitalized | $ 0 | $ 3 |
Stock-Based Compensation (Sum_4
Stock-Based Compensation (Summary of Liability-Classified Restricted Stock Unit Activity) (Details) - RSUs shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Beginning balance (in shares) | shares | 12,992 |
Granted (in shares) | shares | 6,172 |
Vested (in shares) | shares | (3,852) |
Forfeited (in shares) | shares | (1,464) |
Ending balance (in shares) | shares | 13,848 |
Weighted Average Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 2.42 |
Granted (in dollars per share) | $ / shares | 1.41 |
Vested (in dollars per share) | $ / shares | 1.38 |
Forfeited (in dollars per share) | $ / shares | 1.67 |
Ending balance (in dollars per share) | $ / shares | $ 1.69 |
Stock-Based Compensation (Sum_5
Stock-Based Compensation (Summary of Liability-Classified Performance Cash Awards ) (Details) - Performance units shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Beginning balance (in shares) | shares | 5,142 |
Granted (in shares) | shares | 6,172 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 11,314 |
Weighted Average Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 2.42 |
Granted (in dollars per share) | $ / shares | 1.41 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 1.69 |
Stock-Based Compensation (Sum_6
Stock-Based Compensation (Summary of Liability-Classified Restricted Cash Unit Activity) (Details) - Performance cash awards shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Beginning balance (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Granted (in shares) | shares | 20,044 |
Forfeited (in shares) | shares | (135) |
Ending balance (in shares) | shares | 19,909 |
Weighted Average Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 1 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 1 |
Ending balance (in dollars per share) | $ / shares | $ 1 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total operating revenues | $ 592 | $ 990 | |
Depreciation, depletion and amortization expense | 113 | 112 | |
Impairments | 1,479 | 0 | |
Operating income (loss) | (1,490) | 213 | |
Interest expense | 19 | 14 | |
Gain (loss) on derivative | 339 | (32) | |
Gain on early extinguishment of debt | 28 | 0 | |
Other income, net | 1 | 1 | |
Provision (benefit) from income taxes | 406 | (426) | |
Assets | 5,275 | 6,446 | $ 6,717 |
Capital investments | 237 | 325 | |
Restructuring charges | 10 | 3 | |
Cash and cash equivalents | 5 | 5 | |
Property, plant and equipment | 3,916 | 5,267 | |
Unamortized debt expense | 17 | 19 | |
Right-of-use asset | 152 | $ 159 | |
Change in accrued expenditures | 8 | 66 | |
Intersegment Revenues | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 300 | 493 | |
E&P | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 353 | 551 | |
Depreciation, depletion and amortization expense | 111 | 110 | |
Impairments | 1,479 | ||
Operating income (loss) | (1,486) | 210 | |
Interest expense | 19 | 14 | |
Gain (loss) on derivative | 339 | (32) | |
Gain on early extinguishment of debt | 0 | ||
Other income, net | 1 | 1 | |
Provision (benefit) from income taxes | 406 | (426) | |
Assets | 4,900 | 5,562 | |
Capital investments | 237 | 325 | |
Restructuring charges | 10 | 3 | |
E&P | Intersegment Revenues | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | (9) | (9) | |
Marketing | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 239 | 439 | |
Depreciation, depletion and amortization expense | 2 | 2 | |
Impairments | 0 | ||
Operating income (loss) | (4) | 3 | |
Interest expense | 0 | 0 | |
Gain (loss) on derivative | 0 | 0 | |
Gain on early extinguishment of debt | 0 | ||
Other income, net | 0 | 0 | |
Provision (benefit) from income taxes | 0 | 0 | |
Assets | 214 | 342 | |
Capital investments | 0 | 0 | |
Marketing | Intersegment Revenues | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 309 | 502 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 0 | 0 | |
Depreciation, depletion and amortization expense | 0 | 0 | |
Impairments | 0 | ||
Operating income (loss) | 0 | 0 | |
Interest expense | 0 | 0 | |
Gain (loss) on derivative | 0 | 0 | |
Gain on early extinguishment of debt | 28 | ||
Other income, net | 0 | 0 | |
Provision (benefit) from income taxes | 0 | 0 | |
Assets | 161 | 542 | |
Capital investments | 0 | 0 | |
Cash and cash equivalents | 5 | 366 | |
Income tax receivable | 32 | 68 | |
Property, plant and equipment | 23 | 56 | |
Unamortized debt expense | 10 | 10 | |
Prepayments | 9 | 10 | |
Non-qualified retirement plan | 5 | 7 | |
Right-of-use asset | 77 | 25 | |
Other | Intersegment Revenues | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | $ 0 | $ 0 |