Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 19, 2019 | |
Cover page. | ||
Document type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ANADARKO PETROLEUM CORP | |
Entity Central Index Key | 0000773910 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 502,453,426 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Entity Trading Symbol | APC | |
Security Exchange Name | NYSE | |
Entity File Number | 1-8968 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0146568 | |
Entity Address, Address Line One | 1201 Lake Robbins Drive, | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380-1046 | |
City Area Code | 832 | |
Local Phone Number | 636-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues and Other | ||||
Sales revenues | $ 3,528 | $ 3,414 | $ 6,866 | $ 6,650 |
Gains (losses) on divestitures and other, net | 86 | 123 | 178 | 142 |
Total | 3,442 | 3,291 | 6,660 | 6,336 |
Costs and Expenses | ||||
Oil and gas operating | 310 | 275 | 599 | 551 |
Oil and gas transportation | 222 | 209 | 444 | 405 |
Exploration | 90 | 94 | 139 | 262 |
General and administrative | 368 | 288 | 635 | 566 |
Merger transaction costs | 1,042 | 0 | 1,042 | 0 |
Depreciation, depletion, and amortization | 1,161 | 1,003 | 2,242 | 1,993 |
Production, property, and other taxes | 182 | 201 | 381 | 391 |
Impairments | 0 | 128 | 0 | 147 |
Other operating expense | 8 | 22 | 29 | 162 |
Total | 3,657 | 2,472 | 6,041 | 4,966 |
Operating Income (Loss) | (215) | 819 | 619 | 1,370 |
Other (Income) Expense | ||||
Interest expense | 249 | 237 | 502 | 465 |
(Gains) losses on derivatives, net | 254 | 437 | 569 | 473 |
Other (income) expense, net | 18 | 4 | 24 | (8) |
Total | 521 | 677 | 1,093 | 928 |
Income (Loss) Before Income Taxes | (736) | 142 | (474) | 442 |
Income tax expense (benefit) | 209 | 125 | 375 | 251 |
Net Income (Loss) | (945) | 17 | (849) | 191 |
Net income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 |
Net Income (Loss) Attributable to Common Stockholders | $ (1,025) | $ 29 | $ (1,040) | $ 150 |
Per Common Share | ||||
Net income (loss) attributable to common stockholders—basic (in usd per share) | $ (2.09) | $ 0.05 | $ (2.13) | $ 0.28 |
Net income (loss) attributable to common stockholders—diluted (in usd per share) | $ (2.09) | $ 0.05 | $ (2.13) | $ 0.28 |
Average Number of Common Shares Outstanding—Basic (in shares) | 491 | 504 | 491 | 511 |
Average Number of Common Shares Outstanding—Diluted (in shares) | 491 | 505 | 491 | 512 |
Commodity Contract and Interest Rate Swap [Member] | ||||
Other (Income) Expense | ||||
(Gains) losses on derivatives, net | $ 254 | $ 436 | $ 567 | $ 471 |
Oil sales [Member] | ||||
Revenues and Other | ||||
Sales revenues | 2,470 | 2,265 | 4,566 | 4,392 |
Natural-gas sales [Member] | ||||
Revenues and Other | ||||
Sales revenues | 205 | 203 | 525 | 450 |
Natural-gas liquids sales [Member] | ||||
Revenues and Other | ||||
Sales revenues | 216 | 318 | 456 | 610 |
Gathering, processing, and marketing sales [Member] | ||||
Revenues and Other | ||||
Sales revenues | 465 | 382 | 935 | 742 |
Costs and Expenses | ||||
Gathering, processing, and marketing | $ 274 | $ 252 | $ 530 | $ 489 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (945) | $ 17 | $ (849) | $ 191 |
Adjustments for derivative instruments | ||||
Reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | 0 | 0 | 1 | 1 |
Total adjustments for derivative instruments, net of taxes | 0 | 0 | 1 | 1 |
Adjustments for pension and other postretirement plans | ||||
Net gain (loss) incurred during period | (80) | 0 | (80) | 0 |
Income taxes on net gain (loss) incurred during period | 18 | 0 | 18 | 0 |
Amortization of net actuarial (gain) loss to other (income) expense, net | 16 | 6 | 24 | 13 |
Income taxes on amortization of net actuarial (gain) loss | (4) | (1) | (6) | (3) |
Amortization of net prior service (credit) cost to other (income) expense, net | 0 | (6) | (1) | (12) |
Income taxes on amortization of net prior service (credit) cost | 0 | 1 | 0 | 2 |
Total adjustments for pension and other postretirement plans, net of taxes | (50) | 0 | (45) | 0 |
Total | (50) | 0 | (44) | 1 |
Comprehensive Income (Loss) | (995) | 17 | (893) | 192 |
Comprehensive income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 |
Comprehensive Income (Loss) Attributable to Common Stockholders | $ (1,075) | $ 29 | $ (1,084) | $ 151 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Current Assets | |||
Cash and cash equivalents ($96 and $92 related to VIEs) | $ 1,394 | $ 1,295 | |
Accounts receivable (net of allowance of $11 and $13) | |||
Customers ($118 and $138 related to VIEs) | 1,195 | 1,491 | |
Others | 584 | 535 | |
Other current assets | 298 | 474 | |
Total | 3,471 | 3,795 | |
Net Properties and Equipment (net of accumulated depreciation, depletion, and amortization of $39,998 and $37,905) ($8,785 and $6,612 related to VIEs) | 29,091 | 28,615 | |
Other Assets ($1,273 and $868 related to VIEs) | 2,953 | 2,336 | |
Goodwill and Other Intangible Assets ($1,271 and $1,163 related to VIEs) | 5,614 | 5,630 | |
Total Assets | 41,129 | 40,376 | |
Accounts payable | |||
Trade ($155 and $263 related to VIEs) | 1,729 | 2,003 | |
Other ($9 and $15 related to VIEs) | 167 | 161 | |
Short-term debt | 31 | 947 | |
Current asset retirement obligations ($25 and $26 related to VIEs) | 303 | 252 | |
Other current liabilities ($146 and $54 related to VIEs) | 1,562 | 1,295 | |
Total | 3,792 | 4,658 | |
Long-term Debt | 18,198 | 15,470 | |
Other Long-term Liabilities | |||
Deferred income taxes | 2,555 | 2,437 | |
Asset retirement obligations ($320 and $260 related to VIEs) | 2,879 | 2,847 | |
Other | 4,374 | 4,021 | |
Total | 9,808 | 9,305 | |
Stockholders’ equity | |||
Common stock, par value $0.10 per share (1.0 billion shares authorized, 579.1 million and 576.6 million shares issued) | 58 | 57 | |
Paid-in capital | 13,135 | 12,393 | |
Retained earnings (accumulated deficit) | (149) | 1,245 | |
Treasury stock (87.7 million and 87.2 million shares) | (4,892) | (4,864) | |
Accumulated other comprehensive income (loss) | (379) | (335) | |
Total Stockholders’ Equity | 7,773 | 8,496 | |
Noncontrolling interests | 1,558 | 2,447 | |
Total Equity | 9,331 | 10,943 | |
Total Liabilities and Equity | 41,129 | 40,376 | |
Anadarko [Member] | |||
Accounts payable | |||
Short-term debt | [1] | 31 | 919 |
Long-term Debt | [1] | 10,709 | 10,683 |
WES [Member] | |||
Accounts payable | |||
Short-term debt | 0 | 28 | |
Long-term Debt | $ 7,489 | $ 4,787 | |
[1] | Excludes WES. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 1,394 | $ 1,295 |
Accounts receivable | ||
Allowance for uncollectible accounts | 11 | 13 |
Customers | 1,195 | 1,491 |
Property, Plant and Equipment, Net [Abstract] | ||
Net properties and equipment related to VIEs | 29,091 | 28,615 |
Accumulated depreciation, depletion and amortization | 39,998 | 37,905 |
Other Assets | 2,953 | 2,336 |
Goodwill and Other Intangible Assets | 5,614 | 5,630 |
Accounts payable | ||
Trade | 1,729 | 2,003 |
Other | 167 | 161 |
Current asset retirement obligations | 303 | 252 |
Other current liabilities | 1,562 | 1,295 |
Other Long-term Liabilities | ||
Asset retirement obligations | $ 2,879 | $ 2,847 |
Stockholders’ equity | ||
Common stock, par value per share (in usd per share) | $ 0.1 | $ 0.10 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 579,100,000 | 576,600,000 |
Treasury stock (in shares) | 87,700,000 | 87,200,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current Assets | ||
Cash and cash equivalents | $ 96 | $ 92 |
Accounts receivable | ||
Customers | 118 | 138 |
Property, Plant and Equipment, Net [Abstract] | ||
Net properties and equipment related to VIEs | 8,785 | 6,612 |
Other Assets | 1,273 | 868 |
Goodwill and Other Intangible Assets | 1,271 | 1,163 |
Accounts payable | ||
Trade | 155 | 263 |
Other | 9 | 15 |
Current asset retirement obligations | 25 | 26 |
Other current liabilities | 146 | 54 |
Other Long-term Liabilities | ||
Asset retirement obligations | $ 320 | $ 260 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Subsidiary Equity Transactions [Member] | Equity Component Of Tangible Equity Units 1 [Member] | Common Stock [Member] | Paid-in Capital [Member] | Paid-in Capital [Member]Subsidiary Equity Transactions [Member] | Paid-in Capital [Member]Equity Component Of Tangible Equity Units 1 [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Subsidiary Equity Transactions [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non- controlling Interests [Member] | Non- controlling Interests [Member]Subsidiary Equity Transactions [Member] | Non- controlling Interests [Member]Equity Component Of Tangible Equity Units 1 [Member] |
Balance at Dec. 31, 2017 | $ 13,790 | $ 57 | $ 12,000 | $ 1,109 | $ (2,132) | $ (338) | $ 3,094 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 191 | 150 | 41 | |||||||||||
Common stock issued | 6 | 6 | ||||||||||||
Share-based compensation expense | 84 | 84 | ||||||||||||
Dividends—common stock | (254) | (254) | ||||||||||||
Repurchases of common stock | (1,973) | 0 | (1,973) | |||||||||||
Subsidiary equity transactions | $ 5 | $ (14) | $ 19 | |||||||||||
Settlement of tangible equity units | $ (70) | $ 230 | $ (300) | |||||||||||
Distributions to noncontrolling interest owners | (238) | (238) | ||||||||||||
Adjustments for pension and other postretirement plans | 0 | |||||||||||||
Other | 1 | 1 | ||||||||||||
Balance at Jun. 30, 2018 | 11,495 | 57 | 12,306 | 1,054 | (4,105) | (410) | 2,593 | |||||||
Balance at Mar. 31, 2018 | 11,756 | 57 | 11,701 | 1,152 | (3,759) | (410) | 3,015 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 17 | 29 | (12) | |||||||||||
Common stock issued | 6 | 6 | ||||||||||||
Share-based compensation expense | 45 | 45 | ||||||||||||
Dividends—common stock | (127) | (127) | ||||||||||||
Repurchases of common stock | (14) | 332 | (346) | |||||||||||
Subsidiary equity transactions | 2 | (8) | $ 0 | 10 | ||||||||||
Settlement of tangible equity units | $ (70) | $ 230 | $ (300) | |||||||||||
Distributions to noncontrolling interest owners | (120) | (120) | ||||||||||||
Adjustments for pension and other postretirement plans | 0 | |||||||||||||
Balance at Jun. 30, 2018 | 11,495 | 57 | 12,306 | 1,054 | (4,105) | (410) | 2,593 | |||||||
Balance at Dec. 31, 2018 | 10,943 | 57 | 12,393 | 1,245 | (4,864) | (335) | 2,447 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | (849) | (1,040) | 191 | |||||||||||
Common stock issued | 41 | 1 | 40 | |||||||||||
Share-based compensation expense | 78 | 78 | ||||||||||||
Dividends—common stock | (299) | (299) | ||||||||||||
Repurchases of common stock | (28) | 0 | (28) | |||||||||||
Subsidiary equity transactions | (200) | 624 | (824) | |||||||||||
Distributions to noncontrolling interest owners | (256) | (256) | ||||||||||||
Adjustments for pension and other postretirement plans | (45) | (45) | ||||||||||||
Other | 1 | 1 | ||||||||||||
Balance at Jun. 30, 2019 | 9,331 | 58 | 13,135 | (149) | (4,892) | (379) | 1,558 | |||||||
Balance at Mar. 31, 2019 | 10,533 | 57 | 13,057 | 1,024 | (4,881) | (329) | 1,605 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | (945) | (1,025) | 80 | |||||||||||
Common stock issued | 41 | 1 | 40 | |||||||||||
Share-based compensation expense | 40 | 40 | ||||||||||||
Dividends—common stock | (149) | (149) | ||||||||||||
Repurchases of common stock | (11) | (11) | ||||||||||||
Subsidiary equity transactions | $ (2) | $ (2) | $ 1 | $ (1) | ||||||||||
Distributions to noncontrolling interest owners | (126) | (126) | ||||||||||||
Adjustments for pension and other postretirement plans | (50) | (50) | ||||||||||||
Balance at Jun. 30, 2019 | $ 9,331 | $ 58 | $ 13,135 | $ (149) | $ (4,892) | $ (379) | $ 1,558 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (849) | $ 191 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation, depletion, and amortization | 2,242 | 1,993 |
Deferred income taxes | (54) | 27 |
Dry hole expense and impairments of unproved properties | 41 | 149 |
Impairments | 0 | 147 |
(Gains) losses on divestitures, net | (1) | (28) |
Total (gains) losses on derivatives, net | 569 | 473 |
Operating portion of net cash received (paid) in settlement of derivative instruments | 2 | (234) |
Other | 112 | 139 |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | 228 | (91) |
Increase (decrease) in accounts payable and other current liabilities | (271) | 91 |
Other items, net | (114) | (202) |
Net cash provided by (used in) operating activities | 1,905 | 2,655 |
Cash Flows from Investing Activities | ||
Additions to properties and equipment | (2,691) | (3,277) |
Divestitures of properties and equipment and other assets | 31 | 384 |
Other, net | (125) | (163) |
Net cash provided by (used in) investing activities | (2,785) | (3,056) |
Cash Flows from Financing Activities | ||
Borrowings, net of issuance costs | 2,700 | 1,333 |
Repayments of debt | (940) | (764) |
Financing portion of net cash received (paid) for derivative instruments | (228) | 55 |
Increase (decrease) in outstanding checks | 26 | 34 |
Dividends paid | (299) | (254) |
Repurchases of common stock | (28) | (1,973) |
Issuances of common stock | 41 | 6 |
Distributions to noncontrolling interest owners | (256) | (238) |
Payments of future hard-minerals royalty revenues conveyed | (24) | (25) |
Other | (12) | 0 |
Net cash provided by (used in) financing activities | 980 | (1,826) |
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 2 | (15) |
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 102 | (2,242) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents at Beginning of Period | 1,429 | 4,674 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents at End of Period | $ 1,531 | $ 2,432 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies General Anadarko Petroleum Corporation is engaged in the exploration, development, production, and sale of oil, natural gas, and NGLs and is advancing its Mozambique LNG project to the construction phase after announcing FID on June 18, 2019. In addition, the Company engages in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of oil and NGLs; and gathering and disposing of produced water. The Company also participates in the hard-minerals business through royalty arrangements. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain notes and other information have been condensed or omitted. The accompanying interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s consolidated financial statements. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , as well as the Form 8-K filed on May 15, 2019 to recast the segment information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, following a change in reportable segments during the quarter ended March 31, 2019. Merger On April 11, 2019, the Company entered into the Chevron Merger Agreement. On April 24, 2019, Occidental announced a proposal to acquire Anadarko and further revised its proposal on May 5, 2019. On May 6, 2019, Anadarko announced that the Board had unanimously determined that the Occidental proposal was a “Superior Proposal” as defined in the Chevron Merger Agreement and, on May 9, 2019, provided Chevron a notice terminating the Chevron Merger Agreement. Pursuant to the terms of the Chevron Merger Agreement, the Company paid the Chevron Merger Termination Fee of $1.0 billion . Also, on May 9, 2019, the Company entered into the Occidental Merger Agreement, which provides that, among other things, and subject to the terms and conditions of the Occidental Merger Agreement, a wholly owned subsidiary of Occidental will be merged with and into Anadarko, with Anadarko continuing as the surviving corporation and a wholly owned subsidiary of Occidental. Pursuant to the Occidental Merger Agreement, at the effective time of the Occidental Merger and subject to potential further adjustments as specified in the Occidental Merger Agreement, Anadarko stockholders will receive $59.00 in cash and 0.2934 of a share of Occidental common stock for each share of Anadarko common stock, plus cash in lieu of any fractional Occidental shares that otherwise would have been issued. The transaction was approved by the Boards of Directors of both companies. The Occidental Merger is subject to Anadarko stockholder approval and other customary closing conditions. Anadarko is holding a special meeting of its stockholders on August 8, 2019, for holders of record as of July 11, 2019, to vote on the proposal necessary to complete the Occidental Merger. Assuming all closing conditions are satisfied, including obtaining the requisite approval from Anadarko stockholders, Occidental and Anadarko expect the Occidental Merger to close shortly after the special meeting of Anadarko stockholders. In addition to the Chevron Merger Termination Fee, Anadarko has incurred merger transaction costs of $42 million as of June 30, 2019 . Midstream Asset Sale and WES Merger On February 28, 2019, Anadarko completed the previously announced contribution and sale of substantially all of its midstream assets, which consisted of oil infrastructure assets in the DJ basin and oil and water infrastructure assets in the Delaware basin, to WES Operating for $4.0 billion , with $2.0 billion of cash proceeds and $2.0 billion in WES Operating common units. As a result, the Company no longer reports an Other Midstream segment and now has two reporting segments: Exploration and Production and WES Midstream. Prior period amounts have been reclassified to conform to the current-period presentation. See Note 19—Segment Information for information on the Company’s reporting segments. Immediately after the asset contribution and sale, a wholly owned subsidiary of WES merged with and into WES Operating, with WES Operating continuing as the surviving entity and a subsidiary of WES, resulting in a simplified midstream structure. Under the terms of the WES Merger, WES acquired all of the outstanding publicly held common units of WES Operating and substantially all of the WES Operating common units owned by Anadarko and its affiliates. WES Operating survived as a partnership with no publicly traded equity, owned 98% by WES and 2% by Anadarko. WES Operating owns all the operating assets and equity investments of WES, is the borrower for all existing WES debt and is expected to be the borrower for all future debt. Anadarko maintains operating control of WES, with approximately 55.5% ownership of the combined entity. 1. Summary of Significant Accounting Policies (Continued) The consolidated financial statements include the accounts of Anadarko and subsidiaries in which Anadarko holds, directly or indirectly, more than 50% of the voting rights and VIEs for which Anadarko is the primary beneficiary. The Company has determined that WES is a VIE. Anadarko is considered the primary beneficiary and consolidates WES. WES functions with a capital structure that is separate from Anadarko, consisting of its own debt instruments and publicly traded common units. All intercompany transactions have been eliminated. Undivided interests in oil and natural-gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in noncontrolled entities that Anadarko has the ability to exercise significant influence over operating and financial policies and VIEs for which Anadarko is not the primary beneficiary are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for the Company’s proportionate share of earnings, losses, and distributions. Investments are included in other assets on the Company’s Consolidated Balance Sheets. Recently Adopted Accounting Standards ASU 2016-02, Leases (Topic 842) This ASU requires lessees to recognize a lease liability and an ROU asset on the balance sheet for all leases, including operating leases. This ASU modifies the definition of a lease and outlines the recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. The Company adopted Topic 842 on January 1, 2019, using the modified retrospective method applied to all leases that existed on January 1, 2019, and prior-period financial statements were not adjusted. Anadarko elected not to reassess contracts that commenced prior to adoption, to continue applying its current accounting policy for existing or expired land easements, and not to recognize ROU assets or lease liabilities for short-term leases. Upon adoption, the Company recognized approximately $600 million of ROU assets and lease liabilities related to leases existing at January 1, 2019. The difference between ROU assets and operating lease liabilities, net of the deferred tax impact, was recognized as a $55 million reduction in the opening balance of retained earnings as a cumulative effect adjustment. See Note 10—Leases for additional information. Accounting Policy Leases Anadarko determines if an arrangement is a lease based on rights and obligations conveyed at inception of a contract. At the commencement date, a lease is classified as either operating or finance, and an ROU asset and lease liability is recognized based on the present value of future lease payments over the lease term. As the rate implicit in Anadarko’s leases generally is not readily determinable, the Company discounts lease liabilities using the Company’s incremental borrowing rate at the commencement date. Non-lease components associated with leases that begin in 2019 or later are accounted for as part of the lease component, and prepaid lease payments are included in the ROU asset. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that Anadarko will exercise that option. Leases of 12 months or less are not recognized on the Company’s Consolidated Balance Sheets. Lease cost is recognized over the lease term, unless the end of the useful life of the underlying asset in a finance lease is before the end of the lease term. Lease cost is recognized on a straight-line basis unless another method better represents the pattern that benefit is expected to be derived from the right to use the underlying asset. For finance leases, interest expense is recognized over the lease term using the effective interest method. Variable lease payments are recognized when the obligation for those payments is incurred. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. Revenue from Contracts with Customers Disaggregation of Revenue from Contracts with Customers The following table disaggregates revenue by significant product type and segment: millions Exploration WES Midstream Other and Total Three Months Ended June 30, 2019 Oil sales $ 2,470 $ — $ — $ 2,470 Natural-gas sales 205 — — 205 Natural-gas liquids sales 216 — — 216 Gathering, processing, and marketing sales (1) 1 685 (82 ) 604 Other, net 12 — 21 33 Total Revenue from Customers $ 2,904 $ 685 $ (61 ) $ 3,528 Gathering, processing, and marketing sales (2) — — (139 ) (139 ) Gains (losses) on divestitures, net 6 — — 6 Other, net (16 ) 70 (7 ) 47 Total Revenue from Other than Customers $ (10 ) $ 70 $ (146 ) $ (86 ) Total Revenue and Other $ 2,894 $ 755 $ (207 ) $ 3,442 Three Months Ended June 30, 2018 Oil sales $ 2,265 $ — $ — $ 2,265 Natural-gas sales 203 — — 203 Natural-gas liquids sales 318 — — 318 Gathering, processing, and marketing sales (1) — 519 84 603 Other, net 4 — 21 25 Total Revenue from Customers $ 2,790 $ 519 $ 105 $ 3,414 Gathering, processing, and marketing sales (2) — (1 ) (220 ) (221 ) Gains (losses) on divestitures, net 52 1 (1 ) 52 Other, net (1 ) 39 8 46 Total Revenue from Other than Customers $ 51 $ 39 $ (213 ) $ (123 ) Total Revenue and Other $ 2,841 $ 558 $ (108 ) $ 3,291 (1) The amount in Other and Intersegment Eliminations primarily represents sales of third-party natural gas and NGLs of $176 million and intersegment eliminations of $(233) million for the three months ended June 30, 2019, and sales of third-party natural gas and NGLs of $261 million and intersegment eliminations of $(174) million for the three months ended June 30, 2018 . (2) The amount in Other and Intersegment Eliminations represents purchases of third-party natural gas and NGLs. Although these purchases are reported net in gathering, processing, and marketing sales in the Company’s Consolidated Statements of Income, they are shown separately on this table as the purchases are not considered revenue from customers. 2. Revenue from Contracts with Customers (Continued) millions Exploration WES Midstream Other and Total Six Months Ended June 30, 2019 Oil sales $ 4,566 $ — $ — $ 4,566 Natural-gas sales 525 — — 525 Natural-gas liquids sales 456 — — 456 Gathering, processing, and marketing sales (1) 2 1,357 (107 ) 1,252 Other, net 21 — 46 67 Total Revenue from Customers $ 5,570 $ 1,357 $ (61 ) $ 6,866 Gathering, processing, and marketing sales (2) — — (317 ) (317 ) Gains (losses) on divestitures, net 6 — (5 ) 1 Other, net (17 ) 132 (5 ) 110 Total Revenue from Other than Customers $ (11 ) $ 132 $ (327 ) $ (206 ) Total Revenue and Other $ 5,559 $ 1,489 $ (388 ) $ 6,660 Six Months Ended June 30, 2018 Oil sales $ 4,392 $ — $ — $ 4,392 Natural-gas sales 450 — — 450 Natural-gas liquids sales 610 — — 610 Gathering, processing, and marketing sales (1) — 1,021 130 1,151 Other, net 7 — 40 47 Total Revenue from Customers $ 5,459 $ 1,021 $ 170 $ 6,650 Gathering, processing, and marketing sales (2) — (2 ) (407 ) (409 ) Gains (losses) on divestitures, net 19 1 8 28 Other, net (13 ) 80 — 67 Total Revenue from Other than Customers $ 6 $ 79 $ (399 ) $ (314 ) Total Revenue and Other $ 5,465 $ 1,100 $ (229 ) $ 6,336 (1) The amount in Other and Intersegment Eliminations primarily represents sales of third-party natural gas and NGLs of $381 million and intersegment eliminations of $(456) million for the six months ended June 30, 2019 , and sales of third-party natural gas and NGLs of $485 million and intersegment eliminations of $(337) million for the six months ended June 30, 2018 . (2) The amount in Other and Intersegment Eliminations represents purchases of third-party natural gas and NGLs. Although these purchases are reported net in gathering, processing, and marketing sales in the Company’s Consolidated Statements of Income, they are shown separately on this table as the purchases are not considered revenue from customers. 2. Revenue from Contracts with Customers (Continued) Contract Liabilities Contract liabilities primarily relate to midstream fees and capital reimbursements that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of benefit, fixed and variable fees that are received from customers but revenue recognition is deferred under midstream cost of service contracts, and hard-minerals bonus payments received from customers that must be recognized as revenue over the expected period of benefit. The following table summarizes the current period activity related to contract liabilities from contracts with customers: millions Balance at December 31, 2018 $ 150 Increase due to cash received, excluding revenues recognized in the period (1) 20 Decrease due to revenue recognized (2) (23 ) Balance at June 30, 2019 $ 147 Contract liabilities at June 30, 2019 Other current liabilities $ 19 Other long-term liabilities - other 128 Total contract liabilities from contracts with customers $ 147 (1) Includes $(26) million for the three months ended June 30, 2019. (2) Includes $7 million for the three months ended June 30, 2019. Transaction Price Allocated to Remaining Performance Obligations Revenue expected to be recognized from certain performance obligations that are unsatisfied as of June 30, 2019 , is reflected in the table below. The Company applies the optional exemptions in Topic 606 and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. Therefore, the following table represents only a small portion of Anadarko’s expected future consolidated revenues as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume. millions Exploration & Production WES Midstream Other and Intersegment Eliminations Total Remainder of 2019 $ 52 $ 380 $ (250 ) $ 182 2020 103 873 (620 ) 356 2021 103 912 (681 ) 334 2022 7 963 (739 ) 231 2023 7 918 (729 ) 196 Thereafter 60 4,341 (3,830 ) 571 Total $ 332 $ 8,387 $ (6,849 ) $ 1,870 |
Commodity Inventories
Commodity Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Energy Related Inventory [Abstract] | |
Commodity Inventories | 3. Commodity Inventories The following summarizes the major classes of commodity inventories included in other current assets: millions June 30, 2019 December 31, 2018 Oil $ 159 $ 139 Natural gas 7 18 NGLs 58 78 Total commodity inventories $ 224 $ 235 |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Divestitures | 4. Divestitures The following summarizes the proceeds received and gains (losses) recognized on divestitures: Six Months Ended June 30, millions 2019 2018 Proceeds received, net of closing adjustments $ 31 $ 384 Gains (losses) on divestitures, net 1 28 2018 During the six months ended June 30, 2018, the Company divested of the following U.S. onshore and Gulf of Mexico assets: – Alaska nonoperated assets, included primarily in the Exploration and Production reporting segment, for net proceeds of $383 million and net losses of $37 million in 2018 and $154 million in the fourth quarter of 2017. – Ram Powell nonoperated assets in the Gulf of Mexico, included in the Exploration and Production reporting segment, resulting in a net gain of $67 million . |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairments | 5. Impairments Impairments of Long-Lived Assets 2018 During the three months ended June 30, 2018 , the Company expensed $128 million primarily related to a gathering system in the DJ basin, included in the WES Midstream reporting segment that was permanently taken out of service in the second quarter of 2018. Fair values were measured as of the impairment date using the income approach and Level 3 inputs. The primary assumptions used to estimate undiscounted future net cash flows include anticipated future production, commodity prices, and capital and operating costs. Impairments of Unproved Properties Impairments of unproved properties are included in exploration expense in the Company’s Consolidated Statements of Income. The Company recognized impairments of unproved Gulf of Mexico properties of $35 million during the six months ended June 30, 2019 , and $94 million during the six months ended June 30, 2018, primarily related to blocks where the Company determined it would no longer pursue activities. It is reasonably possible that significant declines in commodity prices, further changes to the Company’s drilling plans in response to lower prices, reduction of proved and probable reserve estimates, or increases in drilling or operating costs could result in additional impairments. |
Suspended Exploratory Well Cost
Suspended Exploratory Well Costs | 6 Months Ended |
Jun. 30, 2019 | |
Capitalized Exploratory Well Costs [Abstract] | |
Suspended Exploratory Well Costs | 6. Suspended Exploratory Well Costs The Company’s suspended exploratory well costs were $413 million at June 30, 2019, and $444 million at December 31, 2018 . For exploratory wells, drilling costs are capitalized, or “suspended,” on the balance sheet when the well has found a sufficient quantity of reserves to justify its completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If additional information becomes available that raises substantial doubt as to the economic or operational viability of any of these projects, the associated costs will be expensed at that time. During the six months ended June 30, 2019, there was no exploration expense recorded for suspended exploratory well costs previously capitalized for greater than one year at December 31, 2018 . |
Current Liabilities
Current Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 7. Current Liabilities Accounts Payable Accounts payable, trade included liabilities of $206 million at June 30, 2019 , and $180 million at December 31, 2018 , representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. Changes in these liabilities are classified as cash flows from financing activities. Other Current Liabilities The following summarizes the Company’s other current liabilities: millions June 30, 2019 December 31, 2018 Accrued income taxes $ 135 $ 167 Interest payable 252 267 Production, property, and other taxes payable 334 309 Accrued employee benefits 229 319 Derivatives 175 89 Operating lease liabilities 249 — Other 188 144 Total other current liabilities $ 1,562 $ 1,295 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 8. Derivative Instruments Objective and Strategy The Company uses derivative instruments to manage its exposure to cash-flow variability from commodity-price and interest-rate risks. Futures, swaps, and options are used to manage exposure to commodity-price risk inherent in the Company’s oil and natural-gas production and natural-gas processing operations (Oil and Natural-Gas Production/Processing Derivative Activities). Futures contracts and commodity-price swap agreements are used to fix the price of expected future oil and natural-gas sales at major industry trading locations, such as Cushing, Oklahoma or Sullom Voe, Scotland for oil and Henry Hub, Louisiana for natural gas. Basis swaps are periodically used to fix or float the price differential between product prices at one market location versus another. Options are used to establish a floor price, a ceiling price, or a floor and a ceiling price (collar) for expected future oil and natural-gas sales. Derivative instruments are also used to manage commodity-price risk inherent in customer price requirements and to fix margins on the future sale of natural gas and NGLs from the Company’s leased storage facilities. 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 interest-rate changes. The fair value of the Company’s current interest-rate swap portfolio is subject to changes in interest rates. The Company does not apply hedge accounting to any of its currently outstanding derivative instruments. As a result, gains and losses associated with derivative instruments are recognized currently in earnings. Net derivative losses attributable to derivatives previously subject to hedge accounting reside in accumulated other comprehensive income (loss) and are reclassified to earnings as the transactions to which the derivatives relate are recognized in earnings. Oil and Natural-Gas Production/Processing Derivative Activities The oil prices listed below are a combination of NYMEX WTI and Intercontinental Exchange, Inc. (ICE) Brent Blend prices. The Company had no natural-gas production/processing derivatives at June 30, 2019 . The following is a summary of the Company’s oil derivative instruments at June 30, 2019 : 2019 Settlement Oil Three-Way Collars (MBbls/d) 87 Average price per barrel Ceiling sold price (call) $ 72.98 Floor purchased price (put) $ 56.72 Floor sold price (put) $ 46.72 A three-way collar is a combination of three options: a sold call, a purchased put, and a sold put. The sold call establishes the maximum price that the Company will receive for the contracted commodity volume. The purchased put establishes the minimum price that the Company will receive for the contracted volume unless the market price for the commodity falls below the sold put strike price, at which point the minimum price equals the reference price (e.g., NYMEX) plus the excess of the purchased put strike price over the sold put strike price. 8. Derivative Instruments (Continued) Anadarko Interest-Rate Derivatives (Excluding WES) Anadarko has outstanding interest-rate swap contracts to manage interest-rate risk associated with anticipated debt issuances. The Company has locked in a fixed interest rate in exchange for a floating interest rate indexed to the three-month LIBOR. At June 30, 2019 , the Company had outstanding interest-rate swaps with a notional amount of $1.6 billion due prior to or in September 2023 that manage interest-rate risk associated with potential future debt issuances. Depending on market conditions, liability-management actions, or other factors, the Company may enter into offsetting interest-rate swap positions or settle or amend certain or all of the currently outstanding interest-rate swaps. The Company had the following outstanding interest-rate swaps at June 30, 2019 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 550 September 2016 - 2046 September 2020 6.418 % $ 250 September 2016 - 2046 September 2022 6.809 % $ 100 September 2017 - 2047 September 2020 6.891 % $ 250 September 2017 - 2047 September 2021 6.570 % $ 450 September 2017 - 2047 September 2023 6.445 % Derivative settlements and collateralization are classified as cash flows from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. As a result of prior extensions of reference-period start dates without settlement of the related interest-rate derivative obligations, the interest-rate derivatives in Anadarko’s portfolio contain an other-than-insignificant financing element, and therefore, any settlements, collateralization, or cash payments for amendments related to these extended interest-rate derivatives are classified as cash flows from financing activities. Net cash payments related to settlements and amendments of interest-rate swap agreements were $30 million during the six months ended June 30, 2019, and $48 million during the six months ended June 30, 2018 . WES Interest-Rate Derivatives WES entered into interest-rate swap agreements with an aggregate notional amount of $750 million in December 2018 and $375 million in March 2019 to manage interest-rate risk associated with anticipated 2019 debt issuances. WES exchanged a floating interest rate indexed to the three-month LIBOR for a fixed interest rate. Depending on market conditions, liability management actions, or other factors, WES may settle or amend certain or all of the currently outstanding interest-rate swaps. The following interest-rate swaps were outstanding at June 30, 2019 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 375 December 2019 - 2024 December 2019 2.662 % $ 375 December 2019 - 2029 December 2019 2.802 % $ 375 December 2019 - 2049 December 2019 2.885 % 8. Derivative Instruments (Continued) Effect of Derivative Instruments — Balance Sheet The following summarizes the fair value of the Company’s derivative instruments: Gross Derivative Assets Gross Derivative Liabilities millions June 30, December 31, June 30, December 31, Balance Sheet Classification 2019 2018 2019 2018 Commodity derivatives - Anadarko Other current assets $ 37 $ 300 $ (14 ) $ (126 ) Other current liabilities — 1 (1 ) (6 ) 37 301 (15 ) (132 ) Interest-rate derivatives - Anadarko (1) Other current assets 15 22 — — Other assets 16 34 — — Other current liabilities — — (86 ) (82 ) Other liabilities — — (1,426 ) (1,156 ) 31 56 (1,512 ) (1,238 ) Interest-rate derivatives - WES Other current liabilities — — (103 ) (8 ) Total derivatives $ 68 $ 357 $ (1,630 ) $ (1,378 ) (1) Excludes amounts related to WES interest-rate swap agreements. Effect of Derivative Instruments — Statement of Income The following summarizes gains and losses related to derivative instruments: Three Months Ended Six Months Ended millions June 30, June 30, Classification of (Gain) Loss Recognized 2019 2018 2019 2018 Commodity derivatives - Anadarko Gathering, processing, and marketing sales $ — $ 1 $ 2 $ 2 (Gains) losses on derivatives, net (5 ) 468 144 630 Interest-rate derivatives - Anadarko (1) (Gains) losses on derivatives, net 200 (32 ) 328 (159 ) Interest-rate derivatives - WES (Gains) losses on derivatives, net 59 — 95 — Total (gains) losses on derivatives, net $ 254 $ 437 $ 569 $ 473 (1) Excludes amounts related to WES interest-rate swap agreements. 8. Derivative Instruments (Continued) Credit-Risk Considerations The financial integrity of exchange-traded contracts, which are subject to nominal credit risk, is assured by NYMEX or ICE through systems of financial safeguards and transaction guarantees. Over-the-counter traded swaps, options, and futures contracts expose the Company to counterparty credit risk. The Company monitors the creditworthiness of its counterparties, establishes credit limits according to the Company’s credit policies and guidelines, and assesses the impact on the fair value of its counterparties’ creditworthiness. The Company has the ability to require cash collateral or letters of credit to mitigate its credit-risk exposure. The Company has netting agreements with financial institutions that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities and routinely exercises its contractual right to offset gains and losses when settling with derivative counterparties. In addition, the Company has setoff agreements with certain financial institutions that may be exercised in the event of default and provide for contract termination and net settlement across derivative types. The Company’s derivative instruments are subject to individually negotiated credit provisions that may require collateral of cash or letters of credit depending on the derivative’s portfolio valuation versus negotiated credit thresholds. These credit thresholds generally require full or partial collateralization of the Company’s obligations depending on certain credit-risk-related provisions, such as the Company’s credit rating from S&P and Moody’s. As of June 30, 2019 , the Company’s long-term debt was rated investment grade (BBB) by both S&P and Fitch and below investment grade (Ba1) by Moody’s. In January 2019, Moody’s changed its outlook with respect to its rating from stable to positive. The Company may be required to post additional collateral with respect to its derivative instruments if its credit ratings decline below current levels or if the liability associated with any such derivative instrument increases above the credit threshold. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed was $1.4 billion (net of $264 million of collateral) at June 30, 2019 , and $1.1 billion (net of $66 million of collateral) at December 31, 2018 . 8. Derivative Instruments (Continued) Fair Value Fair value of futures contracts is based on unadjusted quoted prices in active markets for identical assets or liabilities, which represent Level 1 inputs. Valuations of physical-delivery purchase and sale agreements, over-the-counter financial swaps, and commodity option collars are based on similar transactions observable in active markets and industry-standard models that primarily rely on market-observable inputs. Inputs used to estimate fair value in industry-standard models are categorized as Level 2 inputs because substantially all assumptions and inputs are observable in active markets throughout the full term of the instruments. Inputs used to estimate the fair value of swaps and options include market-price curves; contract terms and prices; credit-risk adjustments; and, for Black-Scholes option valuations, discount factors and implied market volatility. The following summarizes the fair value of the Company’s derivative assets and liabilities by input level within the fair-value hierarchy: millions Level 1 Level 2 Level 3 Netting (1) Collateral Total June 30, 2019 Assets Anadarko (2) Commodity derivatives $ — $ 37 $ — $ (14 ) $ — $ 23 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ — $ 68 $ — $ (14 ) $ — $ 54 Liabilities Anadarko (2) Commodity derivatives $ — $ (15 ) $ — $ 14 $ — $ (1 ) Interest-rate derivatives — (1,512 ) — — 264 (1,248 ) WES Interest-rate derivatives — (103 ) — — — (103 ) Total derivative liabilities $ — $ (1,630 ) $ — $ 14 $ 264 $ (1,352 ) December 31, 2018 Assets Anadarko (2) Commodity derivatives $ 1 $ 300 $ — $ (127 ) $ — $ 174 Interest-rate derivatives — 56 — — — 56 Total derivative assets $ 1 $ 356 $ — $ (127 ) $ — $ 230 Liabilities Anadarko (2) Commodity derivatives $ (2 ) $ (130 ) $ — $ 127 $ 2 $ (3 ) Interest-rate derivatives — (1,238 ) — — 66 (1,172 ) WES Interest-rate derivatives — (8 ) — — — (8 ) Total derivative liabilities $ (2 ) $ (1,376 ) $ — $ 127 $ 68 $ (1,183 ) (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. (2) Excludes amounts related to WES interest-rate swap agreements. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Debt Activity The following summarizes the Company’s borrowing activity, after eliminating the effect of intercompany transactions, during the six months ended June 30, 2019 : Carrying Value millions Anadarko (1) WES Anadarko Consolidated Description Balance at December 31, 2018 $ 11,354 $ 4,815 $ 16,169 Borrowings — 2,000 2,000 WES Term Loan Facility — 700 700 WES RCF Repayments (600 ) — (600 ) 8.700 % Senior Notes due 2019 (300 ) — (300 ) 6.950 % Senior Notes due 2019 — (28 ) (28 ) WGP RCF Other, net 25 2 27 Amortization of discounts, premiums, and debt issuance costs Balance at June 30, 2019 $ 10,479 $ 7,489 $ 17,968 (1) Excludes WES. Debt The following summarizes the Company’s outstanding debt, including finance lease liabilities, after eliminating the effect of intercompany transactions: millions Anadarko (1) WES Anadarko Consolidated June 30, 2019 Total borrowings at face value $ 11,893 $ 7,540 $ 19,433 Net unamortized discounts, premiums, and debt issuance costs (2) (1,414 ) (51 ) (1,465 ) Total borrowings (3) 10,479 7,489 17,968 Finance lease liabilities 261 — 261 Less short-term debt 31 — 31 Total long-term debt $ 10,709 $ 7,489 $ 18,198 December 31, 2018 Total borrowings at face value $ 12,793 $ 4,868 $ 17,661 Net unamortized discounts, premiums, and debt issuance costs (2) (1,439 ) (53 ) (1,492 ) Total borrowings (3) 11,354 4,815 16,169 Finance lease liabilities 248 — 248 Less short-term debt 919 28 947 Total long-term debt $ 10,683 $ 4,787 $ 15,470 (1) Excludes WES. (2) Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. (3) The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. 9. Debt (Continued) Fair Value The Company uses a market approach to determine the fair value of its fixed-rate debt using observable market data, which results in a Level 2 fair-value measurement. The carrying amount of floating-rate debt approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair value of the Company’s total borrowings was $20.2 billion at June 30, 2019, and $16.8 billion at December 31, 2018 . Anadarko Debt (Excluding WES) In January 2019 , the $2.0 billion 364 -day senior unsecured RCF ( 364 -Day Facility) expired. At June 30, 2019, the Company had a $3.0 billion senior unsecured RCF maturing in January 2023 (APC RCF). At June 30, 2019, Anadarko had no outstanding borrowings under the APC RCF and was in compliance with all covenants. In March 2019, Anadarko repaid $600 million of 8.700% Senior Notes at maturity and redeemed its $300 million of 6.950% Senior Notes due June 2019. Anadarko’s Zero Coupons can be put to the Company in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons, which, if put in whole, would be $942 million at the next put date in October 2019 . Anadarko’s Zero Coupons were classified as long-term debt on the Company’s Consolidated Balance Sheet at June 30, 2019, as the Company has the ability and intent to refinance these obligations using long-term debt, should a put be exercised. The Company also has notes payable related to its ownership of certain noncontrolling mandatorily redeemable interests that are not included in the Company’s reported debt balance and do not affect consolidated interest expense. See Note 9—Equity-Method Investments in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. WES and WGP Debt Effective on February 15, 2019, WES amended the maturity date of its senior unsecured RCF from February 2023 to February 2024 , and upon completion of the WES Merger, expanded the borrowing capacity from $1.5 billion to $2.0 billion (WES RCF). During the six months ended June 30, 2019, WES borrowed $700 million under its RCF, which was used for general partnership purposes, including to fund capital expenditures. At June 30, 2019, WES had outstanding borrowings under its RCF of $920 million at an interest rate of 3.71% , outstanding letters of credit of $5 million , available borrowing capacity of $1.1 billion , and was in compliance with all covenants. In February 2019, WES borrowed $2.0 billion under its senior unsecured credit facility (WES Term Loan Facility) to fund substantially all of the cash portion of the consideration under the WES midstream asset contribution and sale and the payment of related transaction costs. As of June 30, 2019, the WES Term Loan Facility was anticipated to mature on February 27, 2020, the day prior to the one-year anniversary of the completion of the WES Merger. As of June 30, 2019, net cash proceeds received from future asset sales and debt or equity offerings by WES were required to be used to repay amounts outstanding under the WES Term Loan Facility. At June 30, 2019, WES had outstanding borrowings under its WES Term Loan Facility of $2.0 billion at an interest rate of 3.78% and was in compliance with all covenants. On July 1, 2019, WES entered into an amendment to the WES Term Loan Facility to, among other things, (i) increase the commitments available under the WES Term Loan Facility from $2.0 billion to $3.0 billion , the incremental $1.0 billion of which may be drawn by WES on or before September 30, 2019, (ii) extend the maturity date from February 27, 2020 to December 31, 2020, and (iii) modify the provision requiring that all debt issuance proceeds be used to repay the WES Term Loan Facility to allow for a $1.0 billion carve out of debt offering proceeds. In March 2019, the $35 million senior secured RCF (WGP RCF) matured following the completion of the WES Merger. During the six months ended June 30, 2019, WES made repayments of $28 million for the WGP RCF. See Note 1—Summary of Significant Accounting Policies for additional information related to the WES Merger. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases Operating Leases At June 30, 2019 , total lease liabilities related to operating leases were $557 million and primarily related to offshore and onshore drilling rigs and real estate. The operating lease liabilities included $177 million for offshore drilling vessels and certain contracts for onshore drilling rigs expiring at various dates through 2021. Lease payments commonly vary based on activities being performed by the rig. To the extent that lease payments vary from amounts recognized on the Company’s balance sheet, the amount is included in variable lease cost. Additionally, the Company has $187 million of operating lease liabilities for real estate, primarily related to the Company’s Denver corporate office lease expiring in 2033, with options to terminate the lease early. Finance Leases At June 30, 2019 , total lease liabilities related to finance leases were $261 million and primarily related to an FPSO for the Company’s TEN field in Ghana. The initial FPSO lease term ends in 2027 with annual renewal periods for an additional 10 years, annual purchase options that decrease over time, and no residual value guarantees. The following table summarizes information related to the Company’s leases at June 30, 2019 : millions except lease term and discount rate Operating Leases Finance Leases Assets Other assets $ 539 $ — Net properties and equipment — 193 Total lease assets (1) $ 539 $ 193 Liabilities Current liabilities Other current liabilities $ 249 $ — Short-term debt - Anadarko — 31 Long-term liabilities Other 308 — Long-term debt - Anadarko — 230 Total lease liabilities (1) $ 557 $ 261 Weighted-average remaining lease term (years) 5 16 Weighted-average discount rate (2) 4.3 % 15.1 % (1) Includes additions to ROU assets and lease liabilities of $126 million related to operating leases and $22 million related to finance leases for the six months ended June 30, 2019 . (2) The FPSO finance lease commenced prior to the adoption of ASU 2016-02, Leases (Topic 842) . In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying asset. 10. Leases (Continued) The following table summarizes the Company’s lease cost before amounts recovered from partners: Three Months Ended Six Months Ended millions June 30, 2019 June 30, 2019 Operating lease cost $ 70 $ 148 Short-term lease cost 42 61 Variable lease cost 37 76 Finance lease cost Amortization of ROU assets 10 20 Interest on lease liabilities 9 18 Total lease cost $ 168 $ 323 The following table summarizes cash paid for amounts included in the measurement of lease liabilities: Six Months Ended June 30, 2019 millions Operating Leases Finance Leases Operating cash flows $ 133 $ 18 Investing cash flows 37 — Financing cash flows — 9 The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities recorded on the Company’s Consolidated Balance Sheet at June 30, 2019 : millions Operating Leases (1) Finance Leases Remainder of 2019 $ 134 $ 35 2020 191 62 2021 70 52 2022 49 48 2023 35 44 Thereafter 155 322 Total lease payments $ 634 $ 563 Less portion representing imputed interest 77 302 Total lease liabilities $ 557 $ 261 (1) For leases commencing prior to 2019, lease payments exclude payments to lessors for drilling rig services and real estate services, taxes, and common area maintenance. 10. Leases (Continued) The following table summarizes future minimum lease payments related to the Company’s operating and finance leases as of December 31, 2018 : millions Operating Leases Finance Leases 2019 $ 264 $ 58 2020 139 50 2021 57 48 2022 35 45 2023 24 43 Thereafter 135 323 Total lease payments $ 654 $ 567 Less portion representing imputed interest * 319 Total lease liabilities * $ 248 * Prior to the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019, operating lease liabilities were not recognized on the Company’s Consolidated Balance Sheets. Refer to Note 1—Summary of Significant Accounting Policies for additional information. |
Leases | 10. Leases Operating Leases At June 30, 2019 , total lease liabilities related to operating leases were $557 million and primarily related to offshore and onshore drilling rigs and real estate. The operating lease liabilities included $177 million for offshore drilling vessels and certain contracts for onshore drilling rigs expiring at various dates through 2021. Lease payments commonly vary based on activities being performed by the rig. To the extent that lease payments vary from amounts recognized on the Company’s balance sheet, the amount is included in variable lease cost. Additionally, the Company has $187 million of operating lease liabilities for real estate, primarily related to the Company’s Denver corporate office lease expiring in 2033, with options to terminate the lease early. Finance Leases At June 30, 2019 , total lease liabilities related to finance leases were $261 million and primarily related to an FPSO for the Company’s TEN field in Ghana. The initial FPSO lease term ends in 2027 with annual renewal periods for an additional 10 years, annual purchase options that decrease over time, and no residual value guarantees. The following table summarizes information related to the Company’s leases at June 30, 2019 : millions except lease term and discount rate Operating Leases Finance Leases Assets Other assets $ 539 $ — Net properties and equipment — 193 Total lease assets (1) $ 539 $ 193 Liabilities Current liabilities Other current liabilities $ 249 $ — Short-term debt - Anadarko — 31 Long-term liabilities Other 308 — Long-term debt - Anadarko — 230 Total lease liabilities (1) $ 557 $ 261 Weighted-average remaining lease term (years) 5 16 Weighted-average discount rate (2) 4.3 % 15.1 % (1) Includes additions to ROU assets and lease liabilities of $126 million related to operating leases and $22 million related to finance leases for the six months ended June 30, 2019 . (2) The FPSO finance lease commenced prior to the adoption of ASU 2016-02, Leases (Topic 842) . In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying asset. 10. Leases (Continued) The following table summarizes the Company’s lease cost before amounts recovered from partners: Three Months Ended Six Months Ended millions June 30, 2019 June 30, 2019 Operating lease cost $ 70 $ 148 Short-term lease cost 42 61 Variable lease cost 37 76 Finance lease cost Amortization of ROU assets 10 20 Interest on lease liabilities 9 18 Total lease cost $ 168 $ 323 The following table summarizes cash paid for amounts included in the measurement of lease liabilities: Six Months Ended June 30, 2019 millions Operating Leases Finance Leases Operating cash flows $ 133 $ 18 Investing cash flows 37 — Financing cash flows — 9 The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities recorded on the Company’s Consolidated Balance Sheet at June 30, 2019 : millions Operating Leases (1) Finance Leases Remainder of 2019 $ 134 $ 35 2020 191 62 2021 70 52 2022 49 48 2023 35 44 Thereafter 155 322 Total lease payments $ 634 $ 563 Less portion representing imputed interest 77 302 Total lease liabilities $ 557 $ 261 (1) For leases commencing prior to 2019, lease payments exclude payments to lessors for drilling rig services and real estate services, taxes, and common area maintenance. 10. Leases (Continued) The following table summarizes future minimum lease payments related to the Company’s operating and finance leases as of December 31, 2018 : millions Operating Leases Finance Leases 2019 $ 264 $ 58 2020 139 50 2021 57 48 2022 35 45 2023 24 43 Thereafter 135 323 Total lease payments $ 654 $ 567 Less portion representing imputed interest * 319 Total lease liabilities * $ 248 * Prior to the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019, operating lease liabilities were not recognized on the Company’s Consolidated Balance Sheets. Refer to Note 1—Summary of Significant Accounting Policies for additional information. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The following summarizes income tax expense (benefit) and effective tax rates: Three Months Ended Six Months Ended June 30, June 30, millions except percentages 2019 2018 2019 2018 Current income tax expense (benefit) $ 269 $ 147 $ 437 $ 237 Deferred income tax expense (benefit) (60 ) (22 ) (62 ) 14 Total income tax expense (benefit) $ 209 $ 125 $ 375 $ 251 Income (loss) before income taxes (736 ) 142 (474 ) 442 Effective tax rate (28 )% 88 % (79 )% 57 % The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. Each quarter, the Company updates these rates and records a cumulative adjustment to current and deferred tax expense by applying the rates to the year-to-date pre-tax income excluding discrete items. The Company’s quarterly estimate of its annual current and deferred effective tax rates can vary significantly based on various forecasted items, including future commodity prices, capital expenditures, expenses for which tax benefits are not recognized, and the geographic mix of pre-tax income and losses. The variance from the U.S. federal statutory rate of 21% for the three and six months ended June 30, 2019, was primarily attributable to the following items: – tax impact from foreign operations – non-deductible Algerian exceptional profits tax for Algerian income tax purposes – income attributable to noncontrolling interests – non-deductible Chevron Merger Termination Fee The variance from the U.S. federal statutory rate of 21% for the three and six months ended June 30, 2018 , was primarily attributable to the following items: – tax impact from foreign operations – non-deductible Algerian exceptional profits tax for Algerian income tax purposes The Company recognized a tax benefit of $346 million as of June 30, 2019 and December 31, 2018 , related to the deduction of its 2015 settlement payment for the Tronox Adversary Proceeding. This benefit is net of uncertain tax positions of $1.2 billion as of June 30, 2019 and December 31, 2018 , due to uncertainty related to the deductibility of the settlement payment. Due to the deduction of the settlement payment on the Company’s 2015 tax return, the Company had a net operating loss carryback, which resulted in a tentative tax refund of $881 million in 2016. The IRS has audited this position and, in April 2018, issued a final notice of proposed adjustment denying the deductibility of the settlement payment. In September 2018, the Company received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting the Company’s refund claim. As a result, the Company filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018 and, pursuant to standard U.S. Tax Court procedures, the Company is not required to repay the $881 million refund to dispute the IRS’s position. Accordingly, the Company has not revised its estimate of the benefit that will ultimately be realized. After the case is tried and briefed in the Tax Court, the court will issue an opinion and then enter a decision. If the Company does not prevail on the issue, the earliest date the Company might be required to repay the refund received, plus interest, would be 91 days after entry of the decision. At such time, the Company would reverse the portion of the $346 million |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 12. Commitments Anadarko has various long-term contractual commitments pertaining to oil and natural-gas activities, such as work-related commitments for drilling wells, obtaining and processing seismic data, and fulfilling rig commitments. Anadarko also enters into various processing, transportation, storage, and purchase agreements to access markets and provide flexibility to sell its oil, natural gas, and NGLs in certain areas. On June 18, 2019, the Company and the co-venturers in Mozambique’s Offshore Area 1 announced FID on the Anadarko-led Area 1 Mozambique LNG project. This official declaration of FID confirms the Golfinho Atum Plan of Development is now effective with notice provided to the Government of Mozambique that all conditions precedent have been satisfied, and the project can now advance to the construction phase. Subsequent to FID, Anadarko began entering into various long-term contractual commitments pertaining primarily to offshore engineering, procurement, construction, and installation activities in Mozambique. These commitments as of June 30, 2019 , have been included in the table below. The Company’s various long-term contractual obligations expire at various dates through 2034 . The following summarizes the gross aggregate future payments under these contracts at June 30, 2019 : millions 2019 $ 1,028 2020 1,627 2021 1,419 2022 1,306 2023 714 Thereafter 1,467 Total (1)(2) $ 7,561 (1) Excludes purchase commitments for jointly owned fields and facilities for which the Company is not the operator. (2) Includes gross commitments related to the Mozambique development activities of $2.0 billion ( $507 million net to Anadarko). On July 26, 2019, Anadarko issued a Notice-to-Proceed to the onshore engineering, procurement, and construction contractor for the Mozambique LNG project, resulting in additional obligations with gross aggregate future payments of approximately $8.0 billion , of which $2.1 billion is net to Anadarko. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. Contingencies Litigation There are no material developments in previously reported contingencies nor are there any other material matters that have arisen since the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefits | 14. Pension Plans and Other Postretirement Benefits The Company has contributory and non-contributory defined-benefit pension plans, which include both qualified and supplemental plans. The Company also provides certain health care and life insurance benefits for certain retired employees. Retiree health care benefits are funded by contributions from the retiree and, in certain circumstances, contributions from the Company. The Company’s retiree life insurance plan is noncontributory. The following summarizes the Company’s pension and other postretirement benefit cost: Pension Benefits Other Benefits millions 2019 2018 2019 2018 Three Months Ended June 30 Service cost $ 22 $ 22 $ — $ 1 Interest cost 20 19 3 2 Expected (return) loss on plan assets (20 ) (20 ) — — Amortization of net actuarial loss (gain) 3 6 — — Amortization of net prior service cost (credit) — — — (6 ) Settlement expense 13 — — — Termination benefits expense 2 — — — Net periodic benefit cost (1) $ 40 $ 27 $ 3 $ (3 ) Six Months Ended June 30 Service cost $ 44 $ 45 $ — $ 1 Interest cost 40 38 6 5 Expected (return) loss on plan assets (41 ) (41 ) — — Amortization of net actuarial loss (gain) 7 13 — — Amortization of net prior service cost (credit) — — (1 ) (12 ) Settlement expense 17 — — — Termination benefits expense 2 — — — Net periodic benefit cost (1) $ 69 $ 55 $ 5 $ (6 ) (1) The service cost component of net periodic benefit cost is included in G&A; oil and gas operating expense; gathering, processing, and marketing expense; and exploration expense, and all other components of net periodic benefit cost are included in other (income) expense on the Company’s Consolidated Statements of Income. The Company contributed $91 million to funded pension plans and $25 million to unfunded pension plans during the six months ended June 30, 2019 . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 15. Stockholders’ Equity Earnings Per Share The Company’s basic earnings per share (EPS) is computed based on the average number of shares of common stock outstanding for the period and includes the effect of any participating securities and TEUs as appropriate. Diluted EPS includes the effect of the Company’s outstanding stock options, restricted stock awards, restricted stock units, and TEUs, if the inclusion of these items is dilutive. All outstanding TEUs were settled in June 2018. The following provides a reconciliation between basic and diluted EPS attributable to common stockholders: Three Months Ended Six Months Ended June 30, June 30, millions except per-share amounts 2019 2018 2019 2018 Net income (loss) Net income (loss) attributable to common stockholders $ (1,025 ) $ 29 $ (1,040 ) $ 150 Income (loss) effect of TEUs — (1 ) — (4 ) Less distributions on participating securities 1 1 3 2 Basic $ (1,026 ) $ 27 $ (1,043 ) $ 144 Income (loss) effect of TEUs — — — (1 ) Diluted $ (1,026 ) $ 27 $ (1,043 ) $ 143 Shares Average number of common shares outstanding—basic 491 504 491 511 Dilutive effect of stock options — 1 — 1 Average number of common shares outstanding—diluted 491 505 491 512 Excluded due to anti-dilutive effect 12 9 12 9 Net income (loss) per common share Basic $ (2.09 ) $ 0.05 $ (2.13 ) $ 0.28 Diluted $ (2.09 ) $ 0.05 $ (2.13 ) $ 0.28 Dividends per common share $ 0.30 $ 0.25 $ 0.60 $ 0.50 Common Stock The Share-Repurchase Program authorizes the repurchase of the Company’s common stock in the open market or through private transactions. During 2018, the Share-Repurchase Program was expanded to $5.0 billion and extended through mid-year 2020. As of December 31, 2018 , the Company had completed $3.75 billion of the Share-Repurchase Program through ASR Agreements and open-market repurchases. These transactions were accounted for as equity transactions, with all of the repurchased shares classified as treasury stock. Additionally, the receipt of these shares reduced the average number of shares of common stock outstanding used to compute both basic and diluted EPS. There were no additional repurchases of common stock under the Share-Repurchase Program for the six months ended June 30, 2019 . No additional share repurchases under the Share-Repurchase Program are anticipated pursuant to the terms of the Occidental Merger Agreement. See Note 1—Summary of Significant Accounting Policies for additional information on the Occidental Merger Agreement. Dividends Dividends declared are recorded as a reduction of retained earnings, to the extent that retained earnings were available at the beginning of the reporting period, with any excess recorded as a reduction of paid-in capital. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interest Items [Abstract] | |
Noncontrolling Interests | 16. Noncontrolling Interests WES is a limited partnership formed by Anadarko in September 2012 and owns a 98% limited partner interest in WES Operating, a Delaware limited partnership formed by Anadarko in 2007 to acquire, own, develop and operate midstream assets, and all of the outstanding equity interests of WES Operating’s general partner, which holds the entire non-economic general partner interest in WES Operating. WES Operating Class C units issued to Anadarko converted into WES Operating common units in a unit-for-unit, tax-free exchange immediately prior to the closing of the WES Merger on February 28, 2019. Prior to the closing of the WES Merger, the Class C units received quarterly distributions in the form of additional Class C units. WES distributed 309 thousand Class C units to Anadarko during the six months ended June 30, 2019, and 1.1 million Class C units to Anadarko during 2018 . See Note 1—Summary of Significant Accounting Policies for additional information on the WES Merger. At June 30, 2019, Anadarko’s ownership interest in WES consisted of a 55.5% limited partner interest and the entire non-economic general partner interest. The remaining 44.5% limited partner interest in WES was owned by the public. At June 30, 2019, Anadarko’s ownership interest in WES Operating consisted of a 2% limited partner interest. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 17. Variable Interest Entities Consolidated VIEs The Company determined that the partners in WES with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact WES’s economic performance; therefore, WES is considered a VIE. Anadarko, through its ownership of the general partner interest in WES, has the power to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to WES; therefore, Anadarko is considered the primary beneficiary and consolidates WES and all of its consolidated subsidiaries. For additional information on WES, see Note 16—Noncontrolling Interests . Assets and Liabilities of VIEs The assets of WES and its subsidiaries cannot be used by Anadarko for general corporate purposes and are included in and disclosed parenthetically on the Company’s Consolidated Balance Sheets. The carrying amounts of liabilities related to WES and its subsidiaries for which the creditors do not have recourse to other Anadarko assets are included in and disclosed parenthetically on the Company’s Consolidated Balance Sheets. All outstanding debt for WES at June 30, 2019 , and December 31, 2018 , including any borrowings under the WES RCF and WES Term Loan Facility, is recourse to WES Operating’s general partner, which in turn has been indemnified in certain circumstances by certain wholly owned subsidiaries of the Company for such liabilities. See Note 9—Debt for additional information on WES short-term and long-term debt balances. VIE Financing WES’s sources of liquidity include cash and cash equivalents, cash flows generated from operations, interest income from a note receivable from Anadarko as discussed below, borrowings under the WES RCF, the issuance of additional partnership units, and debt offerings. See Note 9—Debt and Note 16—Noncontrolling Interests for additional information on WES financing activity. VIE Distributions The following table presents WES distributions: Six Months Ended June 30, millions 2019 2018 WES distributions to Anadarko (1) $ 264 $ 203 WES distributions to third parties 255 238 (1) WES distributions to Anadarko are eliminated upon consolidation. Financial Support Provided to VIEs Concurrent with the closing of its May 2008 IPO, WES Operating loaned the Company $260 million in exchange for a 30 -year note bearing interest at a fixed annual rate of 6.50% , payable quarterly. The related interest income for WES Operating was $8 million for the six months ended June 30, 2019 and 2018 . The note receivable and related interest income are eliminated in consolidation. To reduce WES’s exposure to a majority of the commodity-price risk inherent in certain of its contracts, Anadarko had commodity price swap agreements in place with WES Operating that expired without renewal on December 31, 2018, with final settlement in the first quarter of 2019. WES recorded a capital contribution from Anadarko in its Consolidated Statement of Equity and Partners’ Capital for an amount equal to (i) the amount by which the swap price for product sales exceeds the applicable market price, minus (ii) the amount by which the swap price for product purchases exceeds the market price. WES recorded a capital contribution from Anadarko of $7 million for the six months ended June 30, 2019 , and $28 million for the six months ended June 30, 2018 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 18. Supplemental Cash Flow Information Additions to properties and equipment as presented within Anadarko’s cash flows from investing activities include cash payments for cost of properties, equipment, and facilities. The cost of properties includes the initial capitalization of drilling costs associated with all exploratory wells, whether or not they were deemed to have a commercially sufficient quantity of proved reserves. The following summarizes cash paid (received) for interest and income taxes, as well as non-cash investing and financing activities: Six Months Ended June 30, millions 2019 2018 Cash paid (received) Interest, net of amounts capitalized $ 536 $ 471 Income taxes, net of refunds 29 53 Non-cash investing activities Fair value of properties and equipment acquired $ 1 $ 7 Asset retirement cost additions 117 162 Accruals of property, plant, and equipment 748 1,036 Net liabilities assumed (divested) in acquisitions and divestitures — (97 ) Non-cash investing and financing activities Finance leases $ 22 $ — Non-cash financing activities Settlement of tangible equity units $ — $ 300 The following table provides a reconciliation of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents as reported in the Consolidated Statement of Cash Flows to the line items within the Consolidated Balance Sheets: millions June 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,394 $ 1,295 Restricted cash and restricted cash equivalents included in Other Assets 137 134 Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents $ 1,531 $ 1,429 Included in cash and cash equivalents is restricted cash and restricted cash equivalents of $118 million at June 30, 2019, and $139 million at December 31, 2018 . Total restricted cash and restricted cash equivalents are primarily associated with certain international joint venture operations, payments of future hard-minerals royalty revenues conveyed, like-kind exchanges of property, and a judicially-controlled account related to a Brazilian tax dispute. See Note 18—Contingencies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 19. Segment Information Anadarko’s business segments are separately managed due to distinct operational differences. On February 28, 2019, Anadarko completed the previously announced contribution and sale of substantially all of its remaining midstream assets to WES. Due to this contribution and sale, the Company no longer reports an Other Midstream segment and now has two reporting segments: Exploration and Production and WES Midstream, which include their respective marketing results. Prior period amounts have been reclassified to conform to the current-period presentation. The Exploration and Production reporting segment is engaged in the exploration, development, production, and sale of oil, natural gas, and NGLs and is advancing its Mozambique LNG project to the construction phase after announcing FID on June 18, 2019. The WES Midstream reporting segment is engaged in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of oil and NGLs; and gathering and disposing of produced water. To assess the performance of Anadarko’s operating segments, the chief operating decision maker analyzes Adjusted EBITDAX. The Company defines Adjusted EBITDAX as income (loss) before income taxes; interest expense; DD&A; exploration expense; gains (losses) on divestitures, net; impairments; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; certain items not related to the Company’s normal operations; and less net income (loss) attributable to noncontrolling interests. The Company’s definition of Adjusted EBITDAX excludes gains (losses) on divestitures, net and exploration expense as they are not indicators of operating efficiency for a given reporting period. DD&A and impairments are excluded from Adjusted EBITDAX as a measure of segment operating performance because capital expenditures are evaluated at the time capital costs are incurred. Adjusted EBITDAX also excludes interest expense to allow for assessment of segment operating results without regard to Anadarko’s financing methods or capital structure. Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives are excluded from Adjusted EBITDAX because these (gains) losses are not considered a measure of asset operating performance. Finally, net income (loss) attributable to noncontrolling interests is excluded from the Company’s measure of Adjusted EBITDAX because it represents earnings that are not attributable to the Company’s common stockholders. Management believes Adjusted EBITDAX provides information useful in assessing the Company’s operating and financial performance across periods. Adjusted EBITDAX as defined by Anadarko may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) attributable to common stockholders and other performance measures, such as operating income. Below is a reconciliation of consolidated Adjusted EBITDAX to income (loss) before income taxes: Three Months Ended Six Months Ended June 30, June 30, millions 2019 2018 2019 2018 Income (loss) before income taxes $ (736 ) $ 142 $ (474 ) $ 442 Interest expense 249 237 502 465 DD&A 1,161 1,003 2,242 1,993 Exploration expense 90 94 139 262 (Gains) losses on divestitures, net (6 ) (52 ) (1 ) (28 ) Impairments — 128 — 147 Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives 255 267 571 240 Reorganization-related charges 15 — 33 — Merger transaction costs 1,042 — 1,042 — Less net income (loss) attributable to noncontrolling interests 80 (12 ) 191 41 Consolidated Adjusted EBITDAX $ 1,990 $ 1,831 $ 3,863 $ 3,480 19. Segment Information (Continued) Information presented below as “Other and Intersegment Eliminations” includes corporate costs, margin on sales of third-party commodity purchases, deficiency fee expenses, results from hard-minerals royalties, net cash from settlement of commodity derivatives, and net income (loss) attributable to noncontrolling interests. The following summarizes selected financial information for Anadarko’s reporting segments: millions Exploration WES Midstream Other and Total Three Months Ended June 30, 2019 Sales revenues $ 2,852 $ 492 $ 12 $ 3,356 Intersegment revenues 40 193 (233 ) — Other (4 ) 70 14 80 Total revenues and other (1) 2,888 755 (207 ) 3,436 Operating costs and expenses (2) 987 381 (4 ) 1,364 Net cash from settlement of commodity derivatives — — — — Other (income) expense, net (3) — (59 ) 62 3 Net income (loss) attributable to noncontrolling interests — — 80 80 Total expenses and other 987 322 138 1,447 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 1 1 Adjusted EBITDAX $ 1,901 $ 433 $ (344 ) $ 1,990 Three Months Ended June 30, 2018 Sales revenues $ 2,772 $ 358 $ 38 $ 3,168 Intersegment revenues 14 160 (174 ) — Other 3 39 29 71 Total revenues and other (1) 2,789 557 (107 ) 3,239 Operating costs and expenses (2) 900 246 101 1,247 Net cash from settlement of commodity derivatives — — 170 170 Other (income) expense, net (3) — — 4 4 Net income (loss) attributable to noncontrolling interests — — (12 ) (12 ) Total expenses and other 900 246 263 1,409 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 1 1 Adjusted EBITDAX $ 1,889 $ 311 $ (369 ) $ 1,831 (1) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (2) Operating costs and expenses excludes exploration expense, DD&A, impairments, reorganization-related charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. (3) Other (income) expense, net excludes reorganization-related charges since these expenses are excluded from Adjusted EBITDAX. 19. Segment Information (Continued) millions Exploration WES Midstream Other and Total Six Months Ended June 30, 2019 Sales revenues $ 5,458 $ 992 $ 32 $ 6,482 Intersegment revenues 91 365 (456 ) — Other 4 132 41 177 Total revenues and other (1) 5,553 1,489 (383 ) 6,659 Operating costs and expenses (2) 1,979 723 (98 ) 2,604 Net cash from settlement of commodity derivatives — — (6 ) (6 ) Other (income) expense, net (3) — (95 ) 100 5 Net income (loss) attributable to noncontrolling interests — — 191 191 Total expenses and other 1,979 628 187 2,794 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — (2 ) (2 ) Adjusted EBITDAX $ 3,574 $ 861 $ (572 ) $ 3,863 Six Months Ended June 30, 2018 Sales revenues $ 5,428 $ 706 $ 60 $ 6,194 Intersegment revenues 24 313 (337 ) — Other (6 ) 80 40 114 Total revenues and other (1) 5,446 1,099 (237 ) 6,308 Operating costs and expenses (2) 1,770 476 318 2,564 Net cash from settlement of commodity derivatives — — 238 238 Other (income) expense, net — — (8 ) (8 ) Net income (loss) attributable to noncontrolling interests — — 41 41 Total expenses and other 1,770 476 589 2,835 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 7 7 Adjusted EBITDAX $ 3,676 $ 623 $ (819 ) $ 3,480 (1) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (2) Operating costs and expenses excludes exploration expense, DD&A, impairments, reorganization-related charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. (3) Other (income) expense, net excludes reorganization-related charges since these expenses are excluded from Adjusted EBITDAX. 19. Segment Information (Continued) The following summarizes selected financial information for Anadarko’s reporting segments: millions Exploration WES Midstream Other and Total June 30, 2019 Net properties and equipment $ 18,306 $ 8,794 $ 1,991 $ 29,091 Capital expenditures (1) $ 1,879 $ 571 $ 103 $ 2,553 Goodwill $ 4,343 $ 446 $ — $ 4,789 December 31, 2018 Net properties and equipment $ 18,276 $ 8,410 $ 1,929 $ 28,615 Capital expenditures (1) $ 4,103 $ 1,912 $ 170 $ 6,185 Goodwill $ 4,343 $ 446 $ — $ 4,789 (1) WES Midstream includes $49 million at June 30, 2019 , and $734 million at December 31, 2018 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of Anadarko and subsidiaries in which Anadarko holds, directly or indirectly, more than 50% of the voting rights and VIEs for which Anadarko is the primary beneficiary. The Company has determined that WES is a VIE. Anadarko is considered the primary beneficiary and consolidates WES. WES functions with a capital structure that is separate from Anadarko, consisting of its own debt instruments and publicly traded common units. All intercompany transactions have been eliminated. Undivided interests in oil and natural-gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in noncontrolled entities that Anadarko has the ability to exercise significant influence over operating and financial policies and VIEs for which Anadarko is not the primary beneficiary are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for the Company’s proportionate share of earnings, losses, and distributions. Investments are included in other assets on the Company’s Consolidated Balance Sheets. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards ASU 2016-02, Leases (Topic 842) This ASU requires lessees to recognize a lease liability and an ROU asset on the balance sheet for all leases, including operating leases. This ASU modifies the definition of a lease and outlines the recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. The Company adopted Topic 842 on January 1, 2019, using the modified retrospective method applied to all leases that existed on January 1, 2019, and prior-period financial statements were not adjusted. Anadarko elected not to reassess contracts that commenced prior to adoption, to continue applying its current accounting policy for existing or expired land easements, and not to recognize ROU assets or lease liabilities for short-term leases. Upon adoption, the Company recognized approximately $600 million of ROU assets and lease liabilities related to leases existing at January 1, 2019. The difference between ROU assets and operating lease liabilities, net of the deferred tax impact, was recognized as a $55 million reduction in the opening balance of retained earnings as a cumulative effect adjustment. See Note 10—Leases for additional information. Accounting Policy Leases Anadarko determines if an arrangement is a lease based on rights and obligations conveyed at inception of a contract. At the commencement date, a lease is classified as either operating or finance, and an ROU asset and lease liability is recognized based on the present value of future lease payments over the lease term. As the rate implicit in Anadarko’s leases generally is not readily determinable, the Company discounts lease liabilities using the Company’s incremental borrowing rate at the commencement date. Non-lease components associated with leases that begin in 2019 or later are accounted for as part of the lease component, and prepaid lease payments are included in the ROU asset. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that Anadarko will exercise that option. Leases of 12 months or less are not recognized on the Company’s Consolidated Balance Sheets. Lease cost is recognized over the lease term, unless the end of the useful life of the underlying asset in a finance lease is before the end of the lease term. Lease cost is recognized on a straight-line basis unless another method better represents the pattern that benefit is expected to be derived from the right to use the underlying asset. For finance leases, interest expense is recognized over the lease term using the effective interest method. Variable lease payments are recognized when the obligation for those payments is incurred. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue by significant product type and segment: millions Exploration WES Midstream Other and Total Three Months Ended June 30, 2019 Oil sales $ 2,470 $ — $ — $ 2,470 Natural-gas sales 205 — — 205 Natural-gas liquids sales 216 — — 216 Gathering, processing, and marketing sales (1) 1 685 (82 ) 604 Other, net 12 — 21 33 Total Revenue from Customers $ 2,904 $ 685 $ (61 ) $ 3,528 Gathering, processing, and marketing sales (2) — — (139 ) (139 ) Gains (losses) on divestitures, net 6 — — 6 Other, net (16 ) 70 (7 ) 47 Total Revenue from Other than Customers $ (10 ) $ 70 $ (146 ) $ (86 ) Total Revenue and Other $ 2,894 $ 755 $ (207 ) $ 3,442 Three Months Ended June 30, 2018 Oil sales $ 2,265 $ — $ — $ 2,265 Natural-gas sales 203 — — 203 Natural-gas liquids sales 318 — — 318 Gathering, processing, and marketing sales (1) — 519 84 603 Other, net 4 — 21 25 Total Revenue from Customers $ 2,790 $ 519 $ 105 $ 3,414 Gathering, processing, and marketing sales (2) — (1 ) (220 ) (221 ) Gains (losses) on divestitures, net 52 1 (1 ) 52 Other, net (1 ) 39 8 46 Total Revenue from Other than Customers $ 51 $ 39 $ (213 ) $ (123 ) Total Revenue and Other $ 2,841 $ 558 $ (108 ) $ 3,291 (1) The amount in Other and Intersegment Eliminations primarily represents sales of third-party natural gas and NGLs of $176 million and intersegment eliminations of $(233) million for the three months ended June 30, 2019, and sales of third-party natural gas and NGLs of $261 million and intersegment eliminations of $(174) million for the three months ended June 30, 2018 . (2) The amount in Other and Intersegment Eliminations represents purchases of third-party natural gas and NGLs. Although these purchases are reported net in gathering, processing, and marketing sales in the Company’s Consolidated Statements of Income, they are shown separately on this table as the purchases are not considered revenue from customers. 2. Revenue from Contracts with Customers (Continued) millions Exploration WES Midstream Other and Total Six Months Ended June 30, 2019 Oil sales $ 4,566 $ — $ — $ 4,566 Natural-gas sales 525 — — 525 Natural-gas liquids sales 456 — — 456 Gathering, processing, and marketing sales (1) 2 1,357 (107 ) 1,252 Other, net 21 — 46 67 Total Revenue from Customers $ 5,570 $ 1,357 $ (61 ) $ 6,866 Gathering, processing, and marketing sales (2) — — (317 ) (317 ) Gains (losses) on divestitures, net 6 — (5 ) 1 Other, net (17 ) 132 (5 ) 110 Total Revenue from Other than Customers $ (11 ) $ 132 $ (327 ) $ (206 ) Total Revenue and Other $ 5,559 $ 1,489 $ (388 ) $ 6,660 Six Months Ended June 30, 2018 Oil sales $ 4,392 $ — $ — $ 4,392 Natural-gas sales 450 — — 450 Natural-gas liquids sales 610 — — 610 Gathering, processing, and marketing sales (1) — 1,021 130 1,151 Other, net 7 — 40 47 Total Revenue from Customers $ 5,459 $ 1,021 $ 170 $ 6,650 Gathering, processing, and marketing sales (2) — (2 ) (407 ) (409 ) Gains (losses) on divestitures, net 19 1 8 28 Other, net (13 ) 80 — 67 Total Revenue from Other than Customers $ 6 $ 79 $ (399 ) $ (314 ) Total Revenue and Other $ 5,465 $ 1,100 $ (229 ) $ 6,336 (1) The amount in Other and Intersegment Eliminations primarily represents sales of third-party natural gas and NGLs of $381 million and intersegment eliminations of $(456) million for the six months ended June 30, 2019 , and sales of third-party natural gas and NGLs of $485 million and intersegment eliminations of $(337) million for the six months ended June 30, 2018 . (2) The amount in Other and Intersegment Eliminations represents purchases of third-party natural gas and NGLs. Although these purchases are reported net in gathering, processing, and marketing sales in the Company’s Consolidated Statements of Income, they are shown separately on this table as the purchases are not considered revenue from customers. |
Schedule of Contract with Customer Liabilities Activity | The following table summarizes the current period activity related to contract liabilities from contracts with customers: millions Balance at December 31, 2018 $ 150 Increase due to cash received, excluding revenues recognized in the period (1) 20 Decrease due to revenue recognized (2) (23 ) Balance at June 30, 2019 $ 147 Contract liabilities at June 30, 2019 Other current liabilities $ 19 Other long-term liabilities - other 128 Total contract liabilities from contracts with customers $ 147 |
Schedule of Expected Revenue Recognition from Satisfaction of Performance Obligations | Therefore, the following table represents only a small portion of Anadarko’s expected future consolidated revenues as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume. millions Exploration & Production WES Midstream Other and Intersegment Eliminations Total Remainder of 2019 $ 52 $ 380 $ (250 ) $ 182 2020 103 873 (620 ) 356 2021 103 912 (681 ) 334 2022 7 963 (739 ) 231 2023 7 918 (729 ) 196 Thereafter 60 4,341 (3,830 ) 571 Total $ 332 $ 8,387 $ (6,849 ) $ 1,870 |
Commodity Inventories (Tables)
Commodity Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Energy Related Inventory [Abstract] | |
Inventory Disclosure Table | The following summarizes the major classes of commodity inventories included in other current assets: millions June 30, 2019 December 31, 2018 Oil $ 159 $ 139 Natural gas 7 18 NGLs 58 78 Total commodity inventories $ 224 $ 235 |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Proceeds Received and Gains (Losses) Recognized on Divestitures | The following summarizes the proceeds received and gains (losses) recognized on divestitures: Six Months Ended June 30, millions 2019 2018 Proceeds received, net of closing adjustments $ 31 $ 384 Gains (losses) on divestitures, net 1 28 |
Current Liabilities (Tables)
Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Liabilities | The following summarizes the Company’s other current liabilities: millions June 30, 2019 December 31, 2018 Accrued income taxes $ 135 $ 167 Interest payable 252 267 Production, property, and other taxes payable 334 309 Accrued employee benefits 229 319 Derivatives 175 89 Operating lease liabilities 249 — Other 188 144 Total other current liabilities $ 1,562 $ 1,295 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The Company had the following outstanding interest-rate swaps at June 30, 2019 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 550 September 2016 - 2046 September 2020 6.418 % $ 250 September 2016 - 2046 September 2022 6.809 % $ 100 September 2017 - 2047 September 2020 6.891 % $ 250 September 2017 - 2047 September 2021 6.570 % $ 450 September 2017 - 2047 September 2023 6.445 % June 30, 2019 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 375 December 2019 - 2024 December 2019 2.662 % $ 375 December 2019 - 2029 December 2019 2.802 % $ 375 December 2019 - 2049 December 2019 2.885 % June 30, 2019 : 2019 Settlement Oil Three-Way Collars (MBbls/d) 87 Average price per barrel Ceiling sold price (call) $ 72.98 Floor purchased price (put) $ 56.72 Floor sold price (put) $ 46.72 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following summarizes gains and losses related to derivative instruments: Three Months Ended Six Months Ended millions June 30, June 30, Classification of (Gain) Loss Recognized 2019 2018 2019 2018 Commodity derivatives - Anadarko Gathering, processing, and marketing sales $ — $ 1 $ 2 $ 2 (Gains) losses on derivatives, net (5 ) 468 144 630 Interest-rate derivatives - Anadarko (1) (Gains) losses on derivatives, net 200 (32 ) 328 (159 ) Interest-rate derivatives - WES (Gains) losses on derivatives, net 59 — 95 — Total (gains) losses on derivatives, net $ 254 $ 437 $ 569 $ 473 (1) Excludes amounts related to WES interest-rate swap agreements. Gross Derivative Assets Gross Derivative Liabilities millions June 30, December 31, June 30, December 31, Balance Sheet Classification 2019 2018 2019 2018 Commodity derivatives - Anadarko Other current assets $ 37 $ 300 $ (14 ) $ (126 ) Other current liabilities — 1 (1 ) (6 ) 37 301 (15 ) (132 ) Interest-rate derivatives - Anadarko (1) Other current assets 15 22 — — Other assets 16 34 — — Other current liabilities — — (86 ) (82 ) Other liabilities — — (1,426 ) (1,156 ) 31 56 (1,512 ) (1,238 ) Interest-rate derivatives - WES Other current liabilities — — (103 ) (8 ) Total derivatives $ 68 $ 357 $ (1,630 ) $ (1,378 ) (1) Excludes amounts related to WES interest-rate swap agreements. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following summarizes the fair value of the Company’s derivative assets and liabilities by input level within the fair-value hierarchy: millions Level 1 Level 2 Level 3 Netting (1) Collateral Total June 30, 2019 Assets Anadarko (2) Commodity derivatives $ — $ 37 $ — $ (14 ) $ — $ 23 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ — $ 68 $ — $ (14 ) $ — $ 54 Liabilities Anadarko (2) Commodity derivatives $ — $ (15 ) $ — $ 14 $ — $ (1 ) Interest-rate derivatives — (1,512 ) — — 264 (1,248 ) WES Interest-rate derivatives — (103 ) — — — (103 ) Total derivative liabilities $ — $ (1,630 ) $ — $ 14 $ 264 $ (1,352 ) December 31, 2018 Assets Anadarko (2) Commodity derivatives $ 1 $ 300 $ — $ (127 ) $ — $ 174 Interest-rate derivatives — 56 — — — 56 Total derivative assets $ 1 $ 356 $ — $ (127 ) $ — $ 230 Liabilities Anadarko (2) Commodity derivatives $ (2 ) $ (130 ) $ — $ 127 $ 2 $ (3 ) Interest-rate derivatives — (1,238 ) — — 66 (1,172 ) WES Interest-rate derivatives — (8 ) — — — (8 ) Total derivative liabilities $ (2 ) $ (1,376 ) $ — $ 127 $ 68 $ (1,183 ) (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. (2) Excludes amounts related to WES interest-rate swap agreements. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | The following summarizes the Company’s borrowing activity, after eliminating the effect of intercompany transactions, during the six months ended June 30, 2019 : Carrying Value millions Anadarko (1) WES Anadarko Consolidated Description Balance at December 31, 2018 $ 11,354 $ 4,815 $ 16,169 Borrowings — 2,000 2,000 WES Term Loan Facility — 700 700 WES RCF Repayments (600 ) — (600 ) 8.700 % Senior Notes due 2019 (300 ) — (300 ) 6.950 % Senior Notes due 2019 — (28 ) (28 ) WGP RCF Other, net 25 2 27 Amortization of discounts, premiums, and debt issuance costs Balance at June 30, 2019 $ 10,479 $ 7,489 $ 17,968 (1) Excludes WES. Debt The following summarizes the Company’s outstanding debt, including finance lease liabilities, after eliminating the effect of intercompany transactions: millions Anadarko (1) WES Anadarko Consolidated June 30, 2019 Total borrowings at face value $ 11,893 $ 7,540 $ 19,433 Net unamortized discounts, premiums, and debt issuance costs (2) (1,414 ) (51 ) (1,465 ) Total borrowings (3) 10,479 7,489 17,968 Finance lease liabilities 261 — 261 Less short-term debt 31 — 31 Total long-term debt $ 10,709 $ 7,489 $ 18,198 December 31, 2018 Total borrowings at face value $ 12,793 $ 4,868 $ 17,661 Net unamortized discounts, premiums, and debt issuance costs (2) (1,439 ) (53 ) (1,492 ) Total borrowings (3) 11,354 4,815 16,169 Finance lease liabilities 248 — 248 Less short-term debt 919 28 947 Total long-term debt $ 10,683 $ 4,787 $ 15,470 (1) Excludes WES. (2) Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. (3) The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Leases | The following table summarizes information related to the Company’s leases at June 30, 2019 : millions except lease term and discount rate Operating Leases Finance Leases Assets Other assets $ 539 $ — Net properties and equipment — 193 Total lease assets (1) $ 539 $ 193 Liabilities Current liabilities Other current liabilities $ 249 $ — Short-term debt - Anadarko — 31 Long-term liabilities Other 308 — Long-term debt - Anadarko — 230 Total lease liabilities (1) $ 557 $ 261 Weighted-average remaining lease term (years) 5 16 Weighted-average discount rate (2) 4.3 % 15.1 % (1) Includes additions to ROU assets and lease liabilities of $126 million related to operating leases and $22 million related to finance leases for the six months ended June 30, 2019 . (2) The FPSO finance lease commenced prior to the adoption of ASU 2016-02, Leases (Topic 842) . In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying asset. |
Summary of Lease Cost | The following table summarizes the Company’s lease cost before amounts recovered from partners: Three Months Ended Six Months Ended millions June 30, 2019 June 30, 2019 Operating lease cost $ 70 $ 148 Short-term lease cost 42 61 Variable lease cost 37 76 Finance lease cost Amortization of ROU assets 10 20 Interest on lease liabilities 9 18 Total lease cost $ 168 $ 323 The following table summarizes cash paid for amounts included in the measurement of lease liabilities: Six Months Ended June 30, 2019 millions Operating Leases Finance Leases Operating cash flows $ 133 $ 18 Investing cash flows 37 — Financing cash flows — 9 |
Operating Leases Maturity | The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities recorded on the Company’s Consolidated Balance Sheet at June 30, 2019 : millions Operating Leases (1) Finance Leases Remainder of 2019 $ 134 $ 35 2020 191 62 2021 70 52 2022 49 48 2023 35 44 Thereafter 155 322 Total lease payments $ 634 $ 563 Less portion representing imputed interest 77 302 Total lease liabilities $ 557 $ 261 (1) For leases commencing prior to 2019, lease payments exclude payments to lessors for drilling rig services and real estate services, taxes, and common area maintenance. |
Finance Leases Maturity | The following table reconciles the undiscounted cash flows to the operating and finance lease liabilities recorded on the Company’s Consolidated Balance Sheet at June 30, 2019 : millions Operating Leases (1) Finance Leases Remainder of 2019 $ 134 $ 35 2020 191 62 2021 70 52 2022 49 48 2023 35 44 Thereafter 155 322 Total lease payments $ 634 $ 563 Less portion representing imputed interest 77 302 Total lease liabilities $ 557 $ 261 (1) For leases commencing prior to 2019, lease payments exclude payments to lessors for drilling rig services and real estate services, taxes, and common area maintenance. |
Future Minimum Lease Payments, Operating Leases | The following table summarizes future minimum lease payments related to the Company’s operating and finance leases as of December 31, 2018 : millions Operating Leases Finance Leases 2019 $ 264 $ 58 2020 139 50 2021 57 48 2022 35 45 2023 24 43 Thereafter 135 323 Total lease payments $ 654 $ 567 Less portion representing imputed interest * 319 Total lease liabilities * $ 248 * Prior to the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019, operating lease liabilities were not recognized on the Company’s Consolidated Balance Sheets. Refer to Note 1—Summary of Significant Accounting Policies for additional information. |
Future Minimum Lease Payments, Finance Leases | The following table summarizes future minimum lease payments related to the Company’s operating and finance leases as of December 31, 2018 : millions Operating Leases Finance Leases 2019 $ 264 $ 58 2020 139 50 2021 57 48 2022 35 45 2023 24 43 Thereafter 135 323 Total lease payments $ 654 $ 567 Less portion representing imputed interest * 319 Total lease liabilities * $ 248 * Prior to the adoption of ASU 2016-02, Leases (Topic 842) on January 1, 2019, operating lease liabilities were not recognized on the Company’s Consolidated Balance Sheets. Refer to Note 1—Summary of Significant Accounting Policies for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Taxes and Effective Tax Rate | The following summarizes income tax expense (benefit) and effective tax rates: Three Months Ended Six Months Ended June 30, June 30, millions except percentages 2019 2018 2019 2018 Current income tax expense (benefit) $ 269 $ 147 $ 437 $ 237 Deferred income tax expense (benefit) (60 ) (22 ) (62 ) 14 Total income tax expense (benefit) $ 209 $ 125 $ 375 $ 251 Income (loss) before income taxes (736 ) 142 (474 ) 442 Effective tax rate (28 )% 88 % (79 )% 57 % |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Gross Aggregate Future Payments Under Long-Term Contractual Commitments | The following summarizes the gross aggregate future payments under these contracts at June 30, 2019 : millions 2019 $ 1,028 2020 1,627 2021 1,419 2022 1,306 2023 714 Thereafter 1,467 Total (1)(2) $ 7,561 (1) Excludes purchase commitments for jointly owned fields and facilities for which the Company is not the operator. (2) Includes gross commitments related to the Mozambique development activities of $2.0 billion ( $507 million net to Anadarko). |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost Table | The following summarizes the Company’s pension and other postretirement benefit cost: Pension Benefits Other Benefits millions 2019 2018 2019 2018 Three Months Ended June 30 Service cost $ 22 $ 22 $ — $ 1 Interest cost 20 19 3 2 Expected (return) loss on plan assets (20 ) (20 ) — — Amortization of net actuarial loss (gain) 3 6 — — Amortization of net prior service cost (credit) — — — (6 ) Settlement expense 13 — — — Termination benefits expense 2 — — — Net periodic benefit cost (1) $ 40 $ 27 $ 3 $ (3 ) Six Months Ended June 30 Service cost $ 44 $ 45 $ — $ 1 Interest cost 40 38 6 5 Expected (return) loss on plan assets (41 ) (41 ) — — Amortization of net actuarial loss (gain) 7 13 — — Amortization of net prior service cost (credit) — — (1 ) (12 ) Settlement expense 17 — — — Termination benefits expense 2 — — — Net periodic benefit cost (1) $ 69 $ 55 $ 5 $ (6 ) (1) The service cost component of net periodic benefit cost is included in G&A; oil and gas operating expense; gathering, processing, and marketing expense; and exploration expense, and all other components of net periodic benefit cost are included in other (income) expense on the Company’s Consolidated Statements of Income. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Earnings Per Share Table | The following provides a reconciliation between basic and diluted EPS attributable to common stockholders: Three Months Ended Six Months Ended June 30, June 30, millions except per-share amounts 2019 2018 2019 2018 Net income (loss) Net income (loss) attributable to common stockholders $ (1,025 ) $ 29 $ (1,040 ) $ 150 Income (loss) effect of TEUs — (1 ) — (4 ) Less distributions on participating securities 1 1 3 2 Basic $ (1,026 ) $ 27 $ (1,043 ) $ 144 Income (loss) effect of TEUs — — — (1 ) Diluted $ (1,026 ) $ 27 $ (1,043 ) $ 143 Shares Average number of common shares outstanding—basic 491 504 491 511 Dilutive effect of stock options — 1 — 1 Average number of common shares outstanding—diluted 491 505 491 512 Excluded due to anti-dilutive effect 12 9 12 9 Net income (loss) per common share Basic $ (2.09 ) $ 0.05 $ (2.13 ) $ 0.28 Diluted $ (2.09 ) $ 0.05 $ (2.13 ) $ 0.28 Dividends per common share $ 0.30 $ 0.25 $ 0.60 $ 0.50 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Schedule of Financial Data of VIE | The following table presents WES distributions: Six Months Ended June 30, millions 2019 2018 WES distributions to Anadarko (1) $ 264 $ 203 WES distributions to third parties 255 238 (1) WES distributions to Anadarko are eliminated upon consolidation. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Table | The following summarizes cash paid (received) for interest and income taxes, as well as non-cash investing and financing activities: Six Months Ended June 30, millions 2019 2018 Cash paid (received) Interest, net of amounts capitalized $ 536 $ 471 Income taxes, net of refunds 29 53 Non-cash investing activities Fair value of properties and equipment acquired $ 1 $ 7 Asset retirement cost additions 117 162 Accruals of property, plant, and equipment 748 1,036 Net liabilities assumed (divested) in acquisitions and divestitures — (97 ) Non-cash investing and financing activities Finance leases $ 22 $ — Non-cash financing activities Settlement of tangible equity units $ — $ 300 |
Schedule of Cash and Cash Equivalents Balance Sheet Locations | The following table provides a reconciliation of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents as reported in the Consolidated Statement of Cash Flows to the line items within the Consolidated Balance Sheets: millions June 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,394 $ 1,295 Restricted cash and restricted cash equivalents included in Other Assets 137 134 Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents $ 1,531 $ 1,429 |
Schedule of Restricted Cash and Cash Equivalents Balance Sheet Locations | The following table provides a reconciliation of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents as reported in the Consolidated Statement of Cash Flows to the line items within the Consolidated Balance Sheets: millions June 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,394 $ 1,295 Restricted cash and restricted cash equivalents included in Other Assets 137 134 Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents $ 1,531 $ 1,429 |
Segment Information Supplementa
Segment Information Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Consolidated Adjusted EBITDAX to Income (Loss) Before Income Taxes | Below is a reconciliation of consolidated Adjusted EBITDAX to income (loss) before income taxes: Three Months Ended Six Months Ended June 30, June 30, millions 2019 2018 2019 2018 Income (loss) before income taxes $ (736 ) $ 142 $ (474 ) $ 442 Interest expense 249 237 502 465 DD&A 1,161 1,003 2,242 1,993 Exploration expense 90 94 139 262 (Gains) losses on divestitures, net (6 ) (52 ) (1 ) (28 ) Impairments — 128 — 147 Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives 255 267 571 240 Reorganization-related charges 15 — 33 — Merger transaction costs 1,042 — 1,042 — Less net income (loss) attributable to noncontrolling interests 80 (12 ) 191 41 Consolidated Adjusted EBITDAX $ 1,990 $ 1,831 $ 3,863 $ 3,480 |
Schedule of Segment Reporting Information, by Segment | The following summarizes selected financial information for Anadarko’s reporting segments: millions Exploration WES Midstream Other and Total Three Months Ended June 30, 2019 Sales revenues $ 2,852 $ 492 $ 12 $ 3,356 Intersegment revenues 40 193 (233 ) — Other (4 ) 70 14 80 Total revenues and other (1) 2,888 755 (207 ) 3,436 Operating costs and expenses (2) 987 381 (4 ) 1,364 Net cash from settlement of commodity derivatives — — — — Other (income) expense, net (3) — (59 ) 62 3 Net income (loss) attributable to noncontrolling interests — — 80 80 Total expenses and other 987 322 138 1,447 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 1 1 Adjusted EBITDAX $ 1,901 $ 433 $ (344 ) $ 1,990 Three Months Ended June 30, 2018 Sales revenues $ 2,772 $ 358 $ 38 $ 3,168 Intersegment revenues 14 160 (174 ) — Other 3 39 29 71 Total revenues and other (1) 2,789 557 (107 ) 3,239 Operating costs and expenses (2) 900 246 101 1,247 Net cash from settlement of commodity derivatives — — 170 170 Other (income) expense, net (3) — — 4 4 Net income (loss) attributable to noncontrolling interests — — (12 ) (12 ) Total expenses and other 900 246 263 1,409 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 1 1 Adjusted EBITDAX $ 1,889 $ 311 $ (369 ) $ 1,831 (1) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (2) Operating costs and expenses excludes exploration expense, DD&A, impairments, reorganization-related charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. (3) Other (income) expense, net excludes reorganization-related charges since these expenses are excluded from Adjusted EBITDAX. 19. Segment Information (Continued) millions Exploration WES Midstream Other and Total Six Months Ended June 30, 2019 Sales revenues $ 5,458 $ 992 $ 32 $ 6,482 Intersegment revenues 91 365 (456 ) — Other 4 132 41 177 Total revenues and other (1) 5,553 1,489 (383 ) 6,659 Operating costs and expenses (2) 1,979 723 (98 ) 2,604 Net cash from settlement of commodity derivatives — — (6 ) (6 ) Other (income) expense, net (3) — (95 ) 100 5 Net income (loss) attributable to noncontrolling interests — — 191 191 Total expenses and other 1,979 628 187 2,794 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — (2 ) (2 ) Adjusted EBITDAX $ 3,574 $ 861 $ (572 ) $ 3,863 Six Months Ended June 30, 2018 Sales revenues $ 5,428 $ 706 $ 60 $ 6,194 Intersegment revenues 24 313 (337 ) — Other (6 ) 80 40 114 Total revenues and other (1) 5,446 1,099 (237 ) 6,308 Operating costs and expenses (2) 1,770 476 318 2,564 Net cash from settlement of commodity derivatives — — 238 238 Other (income) expense, net — — (8 ) (8 ) Net income (loss) attributable to noncontrolling interests — — 41 41 Total expenses and other 1,770 476 589 2,835 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 7 7 Adjusted EBITDAX $ 3,676 $ 623 $ (819 ) $ 3,480 (1) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (2) Operating costs and expenses excludes exploration expense, DD&A, impairments, reorganization-related charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. (3) Other (income) expense, net excludes reorganization-related charges since these expenses are excluded from Adjusted EBITDAX. 19. Segment Information (Continued) The following summarizes selected financial information for Anadarko’s reporting segments: millions Exploration WES Midstream Other and Total June 30, 2019 Net properties and equipment $ 18,306 $ 8,794 $ 1,991 $ 29,091 Capital expenditures (1) $ 1,879 $ 571 $ 103 $ 2,553 Goodwill $ 4,343 $ 446 $ — $ 4,789 December 31, 2018 Net properties and equipment $ 18,276 $ 8,410 $ 1,929 $ 28,615 Capital expenditures (1) $ 4,103 $ 1,912 $ 170 $ 6,185 Goodwill $ 4,343 $ 446 $ — $ 4,789 (1) WES Midstream includes $49 million at June 30, 2019 , and $734 million at December 31, 2018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | May 09, 2019$ / sharesshares | Feb. 28, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | Apr. 11, 2019USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | [2] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Merger transaction costs | $ 1,042 | $ 0 | $ 1,042 | $ 0 | |||||||
Sale of assets, consideration | $ 4,000 | ||||||||||
Cash proceeds from sale of assets | 2,000 | ||||||||||
Number of reporting segments | Segment | 2 | ||||||||||
Cumulative effect of accounting change | $ (55) | [1] | $ (47) | ||||||||
ASU 2016-02 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
ROU Assets | 600 | ||||||||||
Lease liabilities | 600 | ||||||||||
Cumulative effect of accounting change | $ 55 | ||||||||||
WES Operating [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Common units received from sale of assets | $ 2,000 | ||||||||||
WES Operating [Member] | Limited Partner [Member] | WES [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Ownership interest in subsidiary | 98.00% | ||||||||||
WES Operating [Member] | Limited Partner [Member] | Anadarko Limited Partner Interest In WES [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Ownership interest in subsidiary | 2.00% | 2.00% | 2.00% | ||||||||
WES [Member] | Limited Partner [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Ownership interest in subsidiary | 55.50% | ||||||||||
WES [Member] | Limited Partner [Member] | Anadarko Limited Partner Interest In WES [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Ownership interest in subsidiary | 55.50% | 55.50% | |||||||||
Anadarko, Chevron offer [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Merger, termination fee | $ 1,000 | ||||||||||
Anadarko [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Business Acquisition, Transaction Costs | $ 42 | $ 42 | |||||||||
Anadarko [Member] | Occidental [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Merger, cash received per share (in usd per share) | $ / shares | $ 59 | ||||||||||
Merger, shares received (in shares) | shares | 0.2934 | ||||||||||
[1] | Beginning January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). See Note 1—Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further information. | ||||||||||
[2] | Beginning January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. See Note 1—Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | $ 3,528 | $ 3,414 | $ 6,866 | $ 6,650 |
Revenue from Other than Customers | (86) | (123) | (206) | (314) |
Total | 3,442 | 3,291 | 6,660 | 6,336 |
Oil sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 2,470 | 2,265 | 4,566 | 4,392 |
Natural-gas sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 205 | 203 | 525 | 450 |
Natural-gas liquids sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 216 | 318 | 456 | 610 |
Gathering, processing, and marketing sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 604 | 603 | 1,252 | 1,151 |
Revenue from Other than Customers | (139) | (221) | (317) | (409) |
Gains (losses) on divestitures, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Other than Customers | 6 | 52 | 1 | 28 |
Other, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 33 | 25 | 67 | 47 |
Revenue from Other than Customers | 47 | 46 | 110 | 67 |
Operating Segments [Member] | Exploration & Production [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 2,904 | 2,790 | 5,570 | 5,459 |
Revenue from Other than Customers | (10) | 51 | (11) | 6 |
Total | 2,894 | 2,841 | 5,559 | 5,465 |
Operating Segments [Member] | Exploration & Production [Member] | Oil sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 2,470 | 2,265 | 4,566 | 4,392 |
Operating Segments [Member] | Exploration & Production [Member] | Natural-gas sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 205 | 203 | 525 | 450 |
Operating Segments [Member] | Exploration & Production [Member] | Natural-gas liquids sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 216 | 318 | 456 | 610 |
Operating Segments [Member] | Exploration & Production [Member] | Gathering, processing, and marketing sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 1 | 0 | 2 | 0 |
Revenue from Other than Customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Exploration & Production [Member] | Gains (losses) on divestitures, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Other than Customers | 6 | 52 | 6 | 19 |
Operating Segments [Member] | Exploration & Production [Member] | Other, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 12 | 4 | 21 | 7 |
Revenue from Other than Customers | (16) | (1) | (17) | (13) |
Operating Segments [Member] | WES Midstream [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 685 | 519 | 1,357 | 1,021 |
Revenue from Other than Customers | 70 | 39 | 132 | 79 |
Total | 755 | 558 | 1,489 | 1,100 |
Operating Segments [Member] | WES Midstream [Member] | Oil sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | WES Midstream [Member] | Natural-gas sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | WES Midstream [Member] | Natural-gas liquids sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | WES Midstream [Member] | Gathering, processing, and marketing sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 685 | 519 | 1,357 | 1,021 |
Revenue from Other than Customers | 0 | (1) | 0 | (2) |
Operating Segments [Member] | WES Midstream [Member] | Gains (losses) on divestitures, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Other than Customers | 0 | 1 | 0 | 1 |
Operating Segments [Member] | WES Midstream [Member] | Other, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Revenue from Other than Customers | 70 | 39 | 132 | 80 |
Other and Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | (61) | 105 | (61) | 170 |
Revenue from Other than Customers | (146) | (213) | (327) | (399) |
Total | (207) | (108) | (388) | (229) |
Other and Intersegment Eliminations [Member] | Oil sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Other and Intersegment Eliminations [Member] | Natural-gas sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Other and Intersegment Eliminations [Member] | Natural-gas liquids sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 0 | 0 | 0 | 0 |
Other and Intersegment Eliminations [Member] | Gathering, processing, and marketing sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | (82) | 84 | (107) | 130 |
Revenue from Other than Customers | (139) | (220) | (317) | (407) |
Third-party marketing revenue | 176 | 261 | 381 | 485 |
Intercompany eliminations | (233) | (174) | (456) | (337) |
Other and Intersegment Eliminations [Member] | Gains (losses) on divestitures, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Other than Customers | 0 | (1) | (5) | 8 |
Other and Intersegment Eliminations [Member] | Other, net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Customers | 21 | 21 | 46 | 40 |
Revenue from Other than Customers | $ (7) | $ 8 | $ (5) | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2019 | |
Change in Contract with Customer, Liability [Roll Forward] | ||||
Balance at December 31, 2018 | $ 150 | |||
Increase due to cash received, excluding revenues recognized in the period | $ 26 | 20 | ||
Decrease due to revenue recognized | $ (7) | (23) | ||
Balance at June 30, 2019 | 147 | 147 | ||
Contract liabilities at June 30, 2019 | ||||
Other current liabilities | $ 19 | |||
Other long-term liabilities - other | 128 | |||
Total contract liabilities from contracts with customers | $ 147 | $ 150 | $ 147 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Revenue Recognition Expected (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 182 |
Performance obligation expected to be satisfied, expected timing | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 356 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 334 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 231 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 196 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 571 |
Performance obligation expected to be satisfied, expected timing | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 1,870 |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 52 |
Performance obligation expected to be satisfied, expected timing | 6 months |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 103 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 103 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 7 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 7 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 60 |
Performance obligation expected to be satisfied, expected timing | |
Operating Segments [Member] | Exploration & Production [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 332 |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 380 |
Performance obligation expected to be satisfied, expected timing | 6 months |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 873 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 912 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 963 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 918 |
Performance obligation expected to be satisfied, expected timing | 1 year |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 4,341 |
Performance obligation expected to be satisfied, expected timing | |
Operating Segments [Member] | WES Midstream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ 8,387 |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (250) |
Performance obligation expected to be satisfied, expected timing | 6 months |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (620) |
Performance obligation expected to be satisfied, expected timing | 1 year |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (681) |
Performance obligation expected to be satisfied, expected timing | 1 year |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (739) |
Performance obligation expected to be satisfied, expected timing | 1 year |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (729) |
Performance obligation expected to be satisfied, expected timing | 1 year |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (3,830) |
Performance obligation expected to be satisfied, expected timing | |
Other and Intersegment Eliminations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied | $ (6,849) |
Commodity Inventories - Summary
Commodity Inventories - Summary of the Major Classes of Commodity Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Energy Related Inventory [Abstract] | ||
Oil | $ 159 | $ 139 |
Natural gas | 7 | 18 |
NGLs | 58 | 78 |
Total commodity inventories | $ 224 | $ 235 |
Divestitures - Summary of Proce
Divestitures - Summary of Proceeds Received and Gains (Losses) Recognized on Divestitures (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Proceeds received, net of closing adjustments | $ 31 | $ 384 |
Gains (losses) on divestitures, net | $ 1 | $ 28 |
Divestitures - Additional Infor
Divestitures - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds | $ 31 | $ 384 | |
Net losses | $ (1) | (28) | |
Certain Onshore Domestic Assets Alaska [Member] | Exploration & Production [Member] | Asset Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds | 383 | ||
Net losses | $ 154 | 37 | |
Certain Nonoperated Gulf Of Mexico Assets Ram Powell [Member] | Exploration & Production [Member] | Asset Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net losses | $ (67) |
Impairments - Additional Inform
Impairments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant, and Equipment [Line Items] | ||||
Impairments | $ 0 | $ 128 | $ 0 | $ 147 |
Impairment of unproved properties | 41 | 149 | ||
Unproved Gulf of Mexico Properties [Member] | ||||
Property, Plant, and Equipment [Line Items] | ||||
Impairment of unproved properties | $ 35 | $ 94 | ||
WES Midstream [Member] | ||||
Property, Plant, and Equipment [Line Items] | ||||
Impairments | $ 128 |
Suspended Exploratory Well Co_2
Suspended Exploratory Well Costs - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Capitalized Exploratory Well Costs [Abstract] | ||
Suspended exploratory well costs | $ 413,000,000 | $ 444,000,000 |
Suspended exploratory well costs previously capitalized for a period greater than one year since the completion of drilling at December 31, 2016, charged to exploration expense | $ 0 |
Current Liabilities - Summary o
Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Outstanding checks in excess of bank account balances | $ 206 | $ 180 |
Other Current Liabilities | ||
Accrued income taxes | 135 | 167 |
Interest payable | 252 | 267 |
Production, property, and other taxes payable | 334 | 309 |
Accrued employee benefits | 229 | 319 |
Derivatives | 175 | 89 |
Operating lease liabilities | 249 | 0 |
Other | 188 | 144 |
Total other current liabilities | $ 1,562 | $ 1,295 |
Derivative Instruments - Oil an
Derivative Instruments - Oil and Natural-Gas Production/Processing Derivative Activities Table (Detail) - Not Designated as Hedging Instrument [Member] - Three Way Collars Oil 2019 [Member] MBbls / d in Thousands | 6 Months Ended |
Jun. 30, 2019MBbls / d$ / bbl | |
Derivative [Line Items] | |
Oil or NGL derivative nonmonetary notional amount per day | MBbls / d | 87 |
Call Option [Member] | Short [Member] | |
Average price per barrel | |
Average ceiling price (in usd per barrel) | 72.98 |
Put Option [Member] | Short [Member] | |
Average price per barrel | |
Average floor price (in usd per barrel) | 46.72 |
Put Option [Member] | Long [Member] | |
Average price per barrel | |
Average floor price (in usd per barrel) | 56.72 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features | $ 264 | $ 66 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral) | 1,400 | 1,100 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Cash payment for interest-rate swap agreements | 30 | $ 48 | ||
Interest Rate Swaps 1 Through 5 [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional principal amount of interest-rate swap | $ 1,600 | |||
Interest Rate Swaps 6 Through 8 [Member] | Not Designated as Hedging Instrument [Member] | WES [Member] | ||||
Derivative [Line Items] | ||||
Notional principal amount of interest-rate swap | $ 375 | $ 750 |
Derivative Instruments - Intere
Derivative Instruments - Interest-Rate Derivatives Table (Detail) - Not Designated as Hedging Instrument [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Interest-Rate Swap 1 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 550 |
Reference Period Start Date | Sep. 15, 2016 |
Reference Period End Date | Sep. 15, 2046 |
Derivative, Maturity Date | Sep. 1, 2020 |
Weighted-average interest rate for interest-rate swap | 6.418% |
Interest-Rate Swap 2 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 250 |
Reference Period Start Date | Sep. 15, 2016 |
Reference Period End Date | Sep. 15, 2046 |
Derivative, Maturity Date | Sep. 1, 2022 |
Weighted-average interest rate for interest-rate swap | 6.809% |
Interest-Rate Swap 3 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 100 |
Reference Period Start Date | Sep. 15, 2017 |
Reference Period End Date | Sep. 15, 2047 |
Derivative, Maturity Date | Sep. 1, 2020 |
Weighted-average interest rate for interest-rate swap | 6.891% |
Interest-Rate Swap 4 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 250 |
Reference Period Start Date | Sep. 15, 2017 |
Reference Period End Date | Sep. 15, 2047 |
Derivative, Maturity Date | Sep. 1, 2021 |
Weighted-average interest rate for interest-rate swap | 6.57% |
Interest-Rate Swap 5 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 450 |
Reference Period Start Date | Sep. 15, 2017 |
Reference Period End Date | Sep. 15, 2047 |
Derivative, Maturity Date | Sep. 1, 2023 |
Weighted-average interest rate for interest-rate swap | 6.445% |
WES [Member] | Interest-Rate Swap 6 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 375 |
Reference Period Start Date | Dec. 31, 2019 |
Reference Period End Date | Dec. 31, 2024 |
Derivative, Maturity Date | Dec. 31, 2019 |
Weighted-average interest rate for interest-rate swap | 2.662% |
WES [Member] | Interest Rate Swap 7 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 375 |
Reference Period Start Date | Dec. 31, 2019 |
Reference Period End Date | Dec. 31, 2029 |
Derivative, Maturity Date | Dec. 31, 2019 |
Weighted-average interest rate for interest-rate swap | 2.802% |
WES [Member] | Interest Rate Swap 8 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 375 |
Reference Period Start Date | Dec. 31, 2019 |
Reference Period End Date | Dec. 31, 2049 |
Derivative, Maturity Date | Dec. 31, 2019 |
Weighted-average interest rate for interest-rate swap | 2.885% |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments - Balance Sheet Table (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | $ 68 | $ 357 |
Gross derivative liabilities | (1,630) | (1,378) |
Commodity derivatives [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 37 | 301 |
Gross derivative liabilities | (15) | (132) |
Commodity derivatives [Member] | Other current assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 37 | 300 |
Gross derivative liabilities | (14) | (126) |
Commodity derivatives [Member] | Other current liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 1 |
Gross derivative liabilities | (1) | (6) |
Interest-rate derivatives [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 31 | 56 |
Gross derivative liabilities | (1,512) | (1,238) |
Interest-rate derivatives [Member] | Other current assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 15 | 22 |
Gross derivative liabilities | 0 | 0 |
Interest-rate derivatives [Member] | Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 16 | 34 |
Gross derivative liabilities | 0 | 0 |
Interest-rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | (86) | (82) |
Interest-rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | (1,426) | (1,156) |
WES [Member] | Interest-rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | $ (103) | $ (8) |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Derivative Instruments - Statement of Income Table (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Total (gains) losses on derivatives, net | $ 254 | $ 437 | $ 569 | $ 473 |
Commodity derivatives [Member] | Gathering, processing, and marketing sales [Member] | ||||
Derivative [Line Items] | ||||
Total (gains) losses on derivatives, net | 0 | 1 | 2 | 2 |
Commodity derivatives [Member] | (Gains) losses on derivatives, net [Member] | ||||
Derivative [Line Items] | ||||
Total (gains) losses on derivatives, net | (5) | 468 | 144 | 630 |
Interest-rate derivatives [Member] | (Gains) losses on derivatives, net [Member] | ||||
Derivative [Line Items] | ||||
Total (gains) losses on derivatives, net | 200 | (32) | 328 | (159) |
WES [Member] | Interest-rate derivatives [Member] | (Gains) losses on derivatives, net [Member] | ||||
Derivative [Line Items] | ||||
Total (gains) losses on derivatives, net | $ 59 | $ 0 | $ 95 | $ 0 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Table (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | $ 68 | $ 357 |
Derivative assets Netting | (14) | (127) |
Derivative assets, Collateral | 0 | 0 |
Derivative assets | 54 | 230 |
Gross derivative liabilities | (1,630) | (1,378) |
Derivative liabilities Netting | 14 | 127 |
Derivative liabilities, Collateral | 264 | 68 |
Derivative liabilities | (1,352) | (1,183) |
Commodity derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 37 | 301 |
Derivative assets Netting | (14) | (127) |
Derivative assets, Collateral | 0 | 0 |
Derivative assets | 23 | 174 |
Gross derivative liabilities | (15) | (132) |
Derivative liabilities Netting | 14 | 127 |
Derivative liabilities, Collateral | 0 | 2 |
Derivative liabilities | (1) | (3) |
Interest-rate derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 31 | 56 |
Derivative assets Netting | 0 | 0 |
Derivative assets, Collateral | 0 | 0 |
Derivative assets | 31 | 56 |
Gross derivative liabilities | (1,512) | (1,238) |
Derivative liabilities Netting | 0 | 0 |
Derivative liabilities, Collateral | 264 | 66 |
Derivative liabilities | (1,248) | (1,172) |
Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 1 |
Gross derivative liabilities | 0 | (2) |
Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 68 | 356 |
Gross derivative liabilities | (1,630) | (1,376) |
Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | 0 | 0 |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 1 |
Gross derivative liabilities | 0 | (2) |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 37 | 300 |
Gross derivative liabilities | (15) | (130) |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | 0 | 0 |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | 0 | 0 |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 31 | 56 |
Gross derivative liabilities | (1,512) | (1,238) |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | 0 | 0 |
WES [Member] | Interest-rate derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities Netting | 0 | 0 |
Derivative liabilities, Collateral | 0 | 0 |
Derivative liabilities | (103) | (8) |
WES [Member] | Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative liabilities | 0 | 0 |
WES [Member] | Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative liabilities | (103) | (8) |
WES [Member] | Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross derivative liabilities | $ 0 | $ 0 |
Debt - Debt Activity Table (Det
Debt - Debt Activity Table (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 28, 2019 | Jun. 30, 2019 | |
Changes in Debt Outstanding [Roll Forward] | ||
Balance at December 31, 2018 | $ 16,169 | |
Other, net | 27 | |
Balance at June 30, 2019 | 17,968 | |
Anadarko excluding WES [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Balance at December 31, 2018 | 11,354 | |
Other, net | 25 | |
Balance at June 30, 2019 | 10,479 | |
Western Midstream Partners, LP [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Balance at December 31, 2018 | 4,815 | |
Other, net | 2 | |
Balance at June 30, 2019 | 7,489 | |
WES RCF [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Borrowings, credit facility | 700 | |
WES RCF [Member] | Western Midstream Partners, LP [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Borrowings, credit facility | 700 | |
WGP RCF [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, credit facility | (28) | |
WGP RCF [Member] | Western Midstream Partners, LP [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, credit facility | (28) | |
WES Term Loan Facility [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Borrowings, credit facility | 2,000 | |
WES Term Loan Facility [Member] | Western Midstream Partners, LP [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Borrowings, credit facility | $ 2,000 | 2,000 |
8.700 % Senior Notes due 2019 [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, senior notes | $ (600) | |
Debt Instrument, Interest Rate, Stated Percentage | 8.70% | |
8.700 % Senior Notes due 2019 [Member] | Anadarko excluding WES [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, senior notes | $ (600) | |
6.950% Senior Notes due 2019 [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, senior notes | $ (300) | |
Debt Instrument, Interest Rate, Stated Percentage | 6.95% | |
6.950% Senior Notes due 2019 [Member] | Anadarko excluding WES [Member] | ||
Changes in Debt Outstanding [Roll Forward] | ||
Repayments, senior notes | $ (300) |
Debt - Outstanding Debt Table (
Debt - Outstanding Debt Table (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total borrowings at face value | $ 19,433 | $ 17,661 |
Net unamortized discounts, premiums, and debt issuance costs | (1,465) | (1,492) |
Total borrowings | 17,968 | 16,169 |
Finance lease liabilities | 261 | 248 |
Less short-term debt | 31 | 947 |
Total long-term debt | 18,198 | 15,470 |
WES [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings at face value | 7,540 | 4,868 |
Net unamortized discounts, premiums, and debt issuance costs | (51) | (53) |
Total borrowings | 7,489 | 4,815 |
Finance lease liabilities | 0 | 0 |
Less short-term debt | 0 | 28 |
Total long-term debt | 7,489 | 4,787 |
Anadarko [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings at face value | 11,893 | 12,793 |
Net unamortized discounts, premiums, and debt issuance costs | (1,414) | (1,439) |
Total borrowings | 10,479 | 11,354 |
Finance lease liabilities | 261 | 248 |
Less short-term debt | 31 | 919 |
Total long-term debt | $ 10,709 | $ 10,683 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||
Feb. 28, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Jul. 01, 2019 | Mar. 31, 2019 | Feb. 15, 2019 | Feb. 14, 2019 | Dec. 31, 2018 | |
Zero-Coupon Senior Notes [Member] | Accreted Value at Next Potential Put Date [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, accreted value | $ 942,000,000 | |||||||
Anadarko excluding WES [Member] | 8.700 % Senior Notes due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding borrowings | $ 600,000,000 | |||||||
Line of credit, interest rate | 8.70% | |||||||
Anadarko excluding WES [Member] | 6.950% Senior Notes due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding borrowings | $ 300,000,000 | |||||||
Line of credit, interest rate | 6.95% | |||||||
364-Day Credit Facility Due 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, outstanding borrowings | 0 | |||||||
364-Day Credit Facility Due 2017 [Member] | Anadarko excluding WES [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | $ 2,000,000,000 | |||||||
Debt instrument, term | 364 days | |||||||
APC RCF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | 3,000,000,000 | |||||||
Line of credit, outstanding borrowings | 0 | |||||||
WES RCF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings, credit facility | 700,000,000 | |||||||
WES RCF [Member] | WES [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | $ 2,000,000,000 | $ 1,500,000,000 | ||||||
Line of credit, outstanding borrowings | $ 920,000,000 | |||||||
Line of credit, interest rate | 3.71% | |||||||
Borrowings, credit facility | $ 700,000,000 | |||||||
Letters of credit, outstanding | 5,000,000 | |||||||
Line of credit, available borrowing capacity | 1,100,000,000 | |||||||
WES Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings, credit facility | 2,000,000,000 | |||||||
WES Term Loan Facility [Member] | WES [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | 2,000,000,000 | |||||||
Line of credit, outstanding borrowings | $ 2,000,000,000 | |||||||
Line of credit, interest rate | 3.78% | |||||||
Borrowings, credit facility | $ 2,000,000,000 | $ 2,000,000,000 | ||||||
WES Term Loan Facility [Member] | WES [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | $ 3,000,000,000 | |||||||
Incremental increase to borrowing capacity | 1,000,000,000 | |||||||
Carve out provision | $ 1,000,000,000 | |||||||
WGP RCF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments, credit facility | 28,000,000 | |||||||
WGP RCF [Member] | WES [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments, credit facility | 28,000,000 | |||||||
WGP RCF [Member] | Wgp Excluding Wes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum capacity | 35,000,000 | |||||||
Repayments, credit facility | 28,000,000 | |||||||
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of total borrowings | $ 20,200,000,000 | $ 16,800,000,000 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Jun. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating leases, total lease liabilities | $ 557 |
Finance leases, total lease liabilities | $ 261 |
Finance lease, FSPO, renewal term | 10 years |
Offshore Drilling Vessels and Onshore Drilling Rigs [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating leases, total lease liabilities | $ 177 |
Real Estate [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating leases, total lease liabilities | $ 187 |
Leases - Summary of Information
Leases - Summary of Information Related to Leases (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating leases, assets | $ 539 | ||
Finance leases, assets | 193 | ||
Operating leases, current liabilities | 249 | $ 0 | |
Finance leases, current liabilities | 31 | ||
Operating leases, long-term liabilities | 308 | ||
Finance leases, long-term liabilities | 230 | ||
Operating leases, total lease liabilities | 557 | ||
Finance leases, total lease liabilities | $ 261 | ||
Weighted-average remaining lease term, operating leases | 5 years | ||
Weighted-average remaining lease term, finance leases | 16 years | ||
Weighted-average discount rate, operating leases | 4.30% | ||
Weighted-average discount rate, finance leases | 15.10% | ||
Operating leases, additions to ROU assets and lease liabilities | $ 126 | ||
Finance leases, additions to ROU assets and lease liabilities | $ 22 | $ 0 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 70 | $ 148 |
Short-term lease cost | 42 | 61 |
Variable lease cost | 37 | 76 |
Amortization of ROU assets | 10 | 20 |
Interest on lease liabilities | 9 | 18 |
Total lease cost | $ 168 | $ 323 |
Leases - Cash Flow Activity rel
Leases - Cash Flow Activity related to Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating cash flows | |
Operating Leases | $ 133 |
Finance Leases | 18 |
Investing cash flows | |
Operating Leases | 37 |
Financing cash flows | |
Finance Leases | $ 9 |
Leases - Reconciliation of Oper
Leases - Reconciliation of Operating and Finance Lease Liabilities Recorded on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Remainder of 2019 | $ 134 | |
2020 | 191 | |
2021 | 70 | |
2022 | 49 | |
2023 | 35 | |
Thereafter | 155 | |
Total lease payments | 634 | |
Less portion representing imputed interest | 77 | |
Total lease liabilities | 557 | |
Finance Leases | ||
Remainder of 2019 | 35 | |
2020 | 62 | |
2021 | 52 | |
2022 | 48 | |
2023 | 44 | |
Thereafter | 322 | |
Total lease payments | 563 | |
Less portion representing imputed interest | 302 | |
Total lease liabilities | 261 | |
Operating Leases | ||
2019 | $ 264 | |
2020 | 139 | |
2021 | 57 | |
2022 | 35 | |
2023 | 24 | |
Thereafter | 135 | |
Total lease payments | 654 | |
Finance Leases | ||
2019 | 58 | |
2020 | 50 | |
2021 | 48 | |
2022 | 45 | |
2023 | 43 | |
Thereafter | 323 | |
Total lease payments | 567 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 319 | |
Capital Lease Obligations | $ 261 | $ 248 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Table (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense (benefit) | $ 269 | $ 147 | $ 437 | $ 237 |
Deferred income tax expense (benefit) | (60) | (22) | (62) | 14 |
Total income tax expense (benefit) | 209 | 125 | 375 | 251 |
Income (loss) before income taxes | $ (736) | $ 142 | $ (474) | $ 442 |
Effective tax rate | (28.00%) | 88.00% | (79.00%) | 57.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||||||
Income tax benefit | $ (209) | $ (125) | $ (375) | $ (251) | ||
Judicial Ruling [Member] | Tronox Litigation [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Income tax benefit | 346 | $ 346 | ||||
Unrecognized tax benefits | $ 1,200 | $ 1,200 | $ 1,200 | |||
Income tax refunds | $ 881 |
Commitments - Long-term Contrac
Commitments - Long-term Contractual Obligations (Details) $ in Millions | Jun. 30, 2019USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2019 | $ 1,028 |
2020 | 1,627 |
2021 | 1,419 |
2022 | 1,306 |
2023 | 714 |
Thereafter | 1,467 |
Total | 7,561 |
Mozambique LNG Project [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total | 2,000 |
Mozambique LNG Project [Member] | Anadarko excluding WES [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Total | $ 507 |
Commitments - Additional Inform
Commitments - Additional Information (Details) - USD ($) $ in Millions | Jul. 26, 2019 | Jun. 30, 2019 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Mozambique LNG project, additional obligations | $ 7,561 | |
Mozambique LNG Project [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Mozambique LNG project, additional obligations | 2,000 | |
Mozambique LNG Project [Member] | Anadarko Excluding Wes [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Mozambique LNG project, additional obligations | $ 507 | |
Mozambique LNG Project [Member] | Subsequent Event [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Mozambique LNG project, additional obligations | $ 8,000 | |
Mozambique LNG Project [Member] | Subsequent Event [Member] | Anadarko Excluding Wes [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Mozambique LNG project, additional obligations | $ 2,100 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost Table (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 22 | $ 22 | $ 44 | $ 45 |
Interest cost | 20 | 19 | 40 | 38 |
Expected (return) loss on plan assets | (20) | (20) | (41) | (41) |
Amortization of net actuarial loss (gain) | 3 | 6 | 7 | 13 |
Amortization of net prior service cost (credit) | 0 | 0 | 0 | 0 |
Settlement expense | 13 | 0 | 17 | 0 |
Termination benefits expense | 2 | 0 | 2 | 0 |
Net periodic benefit cost | 40 | 27 | 69 | 55 |
Other Benefits [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 1 | 0 | 1 |
Interest cost | 3 | 2 | 6 | 5 |
Expected (return) loss on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 0 | 0 | 0 | 0 |
Amortization of net prior service cost (credit) | 0 | (6) | (1) | (12) |
Settlement expense | 0 | 0 | 0 | 0 |
Termination benefits expense | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 3 | $ (3) | $ 5 | $ (6) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - Pension Benefits [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Funded Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 91 |
Unfunded Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 25 |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings Per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | ||||
Net income (loss) attributable to common stockholders | $ (1,025) | $ 29 | $ (1,040) | $ 150 |
Income (loss) effect of TEUs | 0 | (1) | 0 | (4) |
Less distributions on participating securities | 1 | 1 | 3 | 2 |
Basic | (1,026) | 27 | (1,043) | 144 |
Income (loss) effect of TEUs | 0 | 0 | 0 | (1) |
Diluted | $ (1,026) | $ 27 | $ (1,043) | $ 143 |
Shares | ||||
Average number of common shares outstanding—basic (in shares) | 491 | 504 | 491 | 511 |
Dilutive effect of stock options (in shares) | 0 | 1 | 0 | 1 |
Average number of common shares outstanding—diluted (in shares) | 491 | 505 | 491 | 512 |
Excluded due to anti-dilutive effect (in shares) | 12 | 9 | 12 | 9 |
Net income (loss) per common share | ||||
Basic (in usd per share) | $ (2.09) | $ 0.05 | $ (2.13) | $ 0.28 |
Diluted (in usd per share) | (2.09) | 0.05 | (2.13) | 0.28 |
Dividends per common share (in usd per share) | $ 0.30 | $ 0.25 | $ 0.60 | $ 0.50 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Authorized share-repurchase program | $ 5,000,000,000 | |
Amount of share repurchase program completed | $ 0 | $ 3,750,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) - shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Feb. 28, 2019 | |
WES [Member] | Class C Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Units issued in private placement (in shares) | 309 | 1,100 | |
WES [Member] | Limited Partner [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest in subsidiary | 55.50% | ||
Public ownership interest in subsidiary | 44.50% | ||
WES [Member] | WES Operating [Member] | Limited Partner [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest in subsidiary | 98.00% | ||
Anadarko Limited Partner Interest In WES [Member] | WES Operating [Member] | Limited Partner [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest in subsidiary | 2.00% | 2.00% | |
Anadarko Limited Partner Interest In WES [Member] | WES [Member] | Limited Partner [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest in subsidiary | 55.50% |
Variable Interest Entities - Fi
Variable Interest Entities - Financial Data of WGP (Detail) - WES [Member] - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Variable Interest Entity [Line Items] | ||
WES distributions to Anadarko | $ 264 | $ 203 |
WES distributions to third parties | $ 255 | $ 238 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - WES [Member] - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
May 31, 2008 | Jun. 30, 2019 | Jun. 30, 2018 | |
Variable Interest Entity [Line Items] | |||
Note receivable for WES | $ 260 | ||
Debt instrument, term | 30 years | ||
Fixed annual rate | 6.50% | ||
Interest income for WES | $ 8 | $ 8 | |
Above-market component of swap extensions with Anadarko | $ 7 | $ 28 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Cash Paid (Received) for Interest and Income Taxes and Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash paid (received) | ||
Interest, net of amounts capitalized | $ 536 | $ 471 |
Income taxes, net of refunds | 29 | 53 |
Non-cash investing activities | ||
Fair value of properties and equipment acquired | 1 | 7 |
Asset retirement cost additions | 117 | 162 |
Accruals of property, plant, and equipment | 748 | 1,036 |
Net liabilities assumed (divested) in acquisitions and divestitures | 0 | (97) |
Non-cash investing and financing activities | ||
Finance leases | 22 | 0 |
Settlement of Tangible Equity Units | $ 0 | $ 300 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 1,531 | $ 1,429 | $ 2,432 | $ 4,674 |
Cash and cash equivalents [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 1,394 | 1,295 | ||
Restricted cash and restricted cash equivalents | 118 | 139 | ||
Restricted cash and restricted cash equivalents included in Other Assets [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 137 | $ 134 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment Information - Reconcili
Segment Information - Reconciliation of Consolidated Adjusted EBITDAX to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Income (loss) before income taxes | $ (736) | $ 142 | $ (474) | $ 442 |
Interest expense | 249 | 237 | 502 | 465 |
DD&A | 1,161 | 1,003 | 2,242 | 1,993 |
Exploration expense | 90 | 94 | 139 | 262 |
(Gains) losses on divestitures, net | (6) | (52) | (1) | (28) |
Impairments | 0 | 128 | 0 | 147 |
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives | 255 | 267 | 571 | 240 |
Reorganization-related charges | 15 | 0 | 33 | 0 |
Merger transaction costs | 1,042 | 0 | 1,042 | 0 |
Less net income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 |
Consolidated Adjusted EBITDAX | $ 1,990 | $ 1,831 | $ 3,863 | $ 3,480 |
Segment Information - Selected
Segment Information - Selected Financial Information for Anadarko's Reporting Segments Table (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Sales revenues | $ 3,528 | $ 3,414 | $ 6,866 | $ 6,650 | |
Other | 80 | 71 | 177 | 114 | |
Total revenues and other | 3,442 | 3,291 | 6,660 | 6,336 | |
Operating costs and expenses | 3,657 | 2,472 | 6,041 | 4,966 | |
Net cash from settlement of commodity derivatives | (2) | 234 | |||
Other (income) expense, net | 18 | 4 | 24 | (8) | |
Net income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 | |
Total expenses and other | 1,447 | 1,409 | 2,794 | 2,835 | |
Consolidated Adjusted EBITDAX | 1,990 | 1,831 | 3,863 | 3,480 | |
Net properties and equipment | 29,091 | 29,091 | $ 28,615 | ||
Capital expenditures | 2,553 | 6,185 | |||
Goodwill | 4,789 | 4,789 | 4,789 | ||
(Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net cash from settlement of commodity derivatives | 0 | 170 | (6) | 238 | |
Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 1 | 1 | (2) | 7 | |
Excluding Gains Losses On Divestitures Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other | 3,436 | 3,239 | 6,659 | 6,308 | |
Excluding Certain Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating costs and expenses | 1,364 | 1,247 | 2,604 | 2,564 | |
Excluding Certain Other Nonoperating Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | 3 | 4 | 5 | (8) | |
Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Exploration & Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 2,904 | 2,790 | 5,570 | 5,459 | |
Other | (4) | 3 | 4 | (6) | |
Total revenues and other | 2,894 | 2,841 | 5,559 | 5,465 | |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total expenses and other | 987 | 900 | 1,979 | 1,770 | |
Consolidated Adjusted EBITDAX | 1,901 | 1,889 | 3,574 | 3,676 | |
Net properties and equipment | 18,306 | 18,306 | 18,276 | ||
Capital expenditures | 1,879 | 4,103 | |||
Goodwill | 4,343 | 4,343 | 4,343 | ||
Operating Segments [Member] | Exploration & Production [Member] | (Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net cash from settlement of commodity derivatives | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Exploration & Production [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Exploration & Production [Member] | Excluding Gains Losses On Divestitures Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other | 2,888 | 2,789 | 5,553 | 5,446 | |
Operating Segments [Member] | Exploration & Production [Member] | Excluding Certain Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating costs and expenses | 987 | 900 | 1,979 | 1,770 | |
Operating Segments [Member] | Exploration & Production [Member] | Excluding Certain Other Nonoperating Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | WES Midstream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 685 | 519 | 1,357 | 1,021 | |
Other | 70 | 39 | 132 | 80 | |
Total revenues and other | 755 | 558 | 1,489 | 1,100 | |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Total expenses and other | 322 | 246 | 628 | 476 | |
Consolidated Adjusted EBITDAX | 433 | 311 | 861 | 623 | |
Net properties and equipment | 8,794 | 8,794 | 8,410 | ||
Capital expenditures | 571 | 1,912 | |||
Goodwill | 446 | 446 | 446 | ||
Operating Segments [Member] | WES Midstream [Member] | (Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net cash from settlement of commodity derivatives | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | WES Midstream [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | WES Midstream [Member] | Excluding Gains Losses On Divestitures Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other | 755 | 557 | 1,489 | 1,099 | |
Operating Segments [Member] | WES Midstream [Member] | Excluding Certain Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating costs and expenses | 381 | 246 | 723 | 476 | |
Operating Segments [Member] | WES Midstream [Member] | Excluding Certain Other Nonoperating Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | (59) | 0 | (95) | 0 | |
Operating Segments [Member] | WES Midstream, Capitalized Cost incurred prior to sale of Midstream Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 49 | 734 | |||
Other and Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | (61) | 105 | (61) | 170 | |
Other | 14 | 29 | 41 | 40 | |
Total revenues and other | (207) | (108) | (388) | (229) | |
Net income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 | |
Total expenses and other | 138 | 263 | 187 | 589 | |
Consolidated Adjusted EBITDAX | (344) | (369) | (572) | (819) | |
Net properties and equipment | 1,991 | 1,991 | 1,929 | ||
Capital expenditures | 103 | 170 | |||
Goodwill | 0 | 0 | $ 0 | ||
Other and Intersegment Eliminations [Member] | (Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net cash from settlement of commodity derivatives | 0 | 170 | (6) | 238 | |
Other and Intersegment Eliminations [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 1 | 1 | (2) | 7 | |
Other and Intersegment Eliminations [Member] | Excluding Gains Losses On Divestitures Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other | (207) | (107) | (383) | (237) | |
Other and Intersegment Eliminations [Member] | Excluding Certain Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating costs and expenses | (4) | 101 | (98) | 318 | |
Other and Intersegment Eliminations [Member] | Excluding Certain Other Nonoperating Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | 62 | 4 | 100 | (8) | |
Oil and Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 3,356 | 3,168 | 6,482 | 6,194 | |
Oil and Gas [Member] | Operating Segments [Member] | Exploration & Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 2,852 | 2,772 | 5,458 | 5,428 | |
Oil and Gas [Member] | Operating Segments [Member] | Exploration & Production [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 40 | 14 | 91 | 24 | |
Oil and Gas [Member] | Operating Segments [Member] | WES Midstream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 492 | 358 | 992 | 706 | |
Oil and Gas [Member] | Operating Segments [Member] | WES Midstream [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 193 | 160 | 365 | 313 | |
Oil and Gas [Member] | Other and Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | 12 | 38 | 32 | 60 | |
Oil and Gas [Member] | Other and Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenues | $ (233) | $ (174) | $ (456) | $ (337) |
Uncategorized Items - apc20192q
Label | Element | Value | |
Noncontrolling Interest [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (23,000,000) | [1] |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 49,000,000 | [1] |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (55,000,000) | [2] |
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (73,000,000) | [1] |
[1] | Beginning January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. See Note 1—Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. | ||
[2] | Beginning January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). See Note 1—Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further information. |