Disclosures About Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and liabilities that are measured at fair value

Assets and liabilities measured at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows:

	As of December 31, 2019
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:
Commodity derivatives	$	—	$	32	$	—	$	32
Deferred compensation plan assets	85		—		—		85
Investment in affiliate	187		—		—		187
Contingent consideration	—		91		—		91
Total assets	272		123		—		395
Liabilities:
Commodity derivatives	—		20		—		20
Total recurring fair value measurements	$	272	$	103	$	—	$	375

	As of December 31, 2018
	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(in millions)
Assets:
Commodity derivatives	$	—	$	52	$	—	$	52
Deferred compensation plan assets	82		—		—		82
Investment in affiliate	—		172		—		172
Total assets	82		224		—		306
Liabilities:
Commodity derivatives	—		27		—		27
Total recurring fair value measurements	$	82	$	197	$	—	$	279

Fair value and fair value adjustments, nonrecurring

The fair value and fair value adjustments for proved properties, as well as the average oil price per barrel ("Bbl") and gas price per British thermal unit ("MMBtu") utilized in the respective Management's Price Outlooks are as follows:

		Fair Value		Fair Value Adjustment		Management's Price Outlooks
						Oil		Gas
		(in millions)
Raton Basin	March 2017	$	186	$	(285)	$	53.65	$	3.00

Carrying values and fair values of financial instruments not carried at fair value

Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets are as follows: 

	As of December 31, 2019				As of December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets:
Cash and cash equivalents:
Cash (a)	$	631	$	631	$	775	$	775
Time deposits (a)	—		—		50		50
Total	$	631	$	631	$	825	$	825
Restricted cash (a)	$	74	$	74	$	—	$	—
Short-term investments:
Commercial paper (b)	$	—	$	—	$	53	$	53
Corporate bonds (c)	—		—		290		288
Time deposits (b)	—		—		100		100
Total	$	—	$	—	$	443	$	441
Long-term investments:
Corporate bonds (c)	$	—	$	—	$	125	$	125
Liabilities:
Current portion of long-term debt (d)	$	450	$	451	$	—	$	—
Long-term debt (d)	$	1,839	$	1,995	$	2,284	$	2,374

______________________

(a)Fair value approximates carrying value due to the short-term nature of the instruments.

(b)Fair value is determined using Level 2 inputs.

(c)Fair value is determined using Level 1 inputs.

(d)Fair value is determined using Level 2 inputs. The Company's senior notes are quoted but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges.