Asset Retirement Obligations

9 Months Ended

Sep. 30, 2021

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

The changes in asset retirement obligations are as follows:

	Nine Months Ended September 30, 2021
	(in millions)
Beginning asset retirement obligations	$	282
Liabilities assumed in the Parsley Acquisition	73
Liabilities assumed in the DoublePoint Acquisition	37
New wells placed on production	8
Changes in estimates (a)	(1)
Liabilities settled	(27)
Accretion of discount	5
Ending asset retirement obligations	377
Less current portion of asset retirement obligations	(61)
Asset retirement obligations - noncurrent	$	316

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(a)Changes in estimates are determined based on several factors, including updating abandonment cost estimates using recent actual costs incurred to abandon wells, credit-adjusted risk-free discount rates, economic well life estimates and forecasted timing of abandoning wells.