Acquisitions, Divestitures, Decommissioning and Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

The provisional fair values assigned to assets acquired and liabilities assumed are as follows:

	Parsley Acquisition		DoublePoint Acquisition
	As of January 12, 2021		As of May 4, 2021
	(in millions)
Cash and cash equivalents (a)	$	118	$	58
Accounts receivable	251		131
Derivatives	8		—
Proved properties	5,110		3,929
Unproved properties	5,627		2,405
Other property and equipment	118		72
Operating lease right-of-use assets	201		2
Other assets	22		11
Total assets acquired	11,455		6,608
Accounts payable	338		232
Interest payable	49		22
Derivatives	317		86
Operating leases	201		2
Deferred income taxes	133		—
Long-term debt	3,238		975
Other liabilities	296		57
Total liabilities assumed	4,572		1,374
Net assets acquired	$	6,883	$	5,234

______________________

(a)Cash used in investing activities as a result of the Parsley Acquisition and DoublePoint Acquisition includes (i) $2 million of cash used in the settlement of fractional shares related to the conversion of Parsley Class A common stock at the Exchange Ratio and (ii) $1 billion of cash used to acquire DoublePoint.

Schedule of business acquisition, pro forma information

The following unaudited pro forma summary presents the results of operations as if the Parsley Acquisition and DoublePoint Acquisition had occurred on January 1, 2020. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.

	Year Ended December 31,
	2021		2020
	(in millions)
Revenues and other income	$	14,691	$	8,962
Net income (loss)	$	1,973	$	(4,013)

Schedule of divestiture-related charges

The changes in the Company's employee-related obligations associated with asset divestitures and restructuring activities are as follows:

	Year Ended December 31,
	2021		2020
	(in millions)
Beginning employee-related obligations	$	3	$	6
Additions (a)	2		79
Less:
Noncash stock-based compensation	—		4
Cash payments	4		78
Ending employee-related obligations	$	1	$	3

____________________

(a)Additions for the year ended December 31, 2021 are comprised of $1 million related to the Delaware Divestiture and $1 million related to the Well Services Divestiture. Additions for the year ended December 31, 2020 are comprised of $78 million related to the 2020 Corporate Restructuring and $1 million related to a well services restructuring undertaken to more closely align the Company's well services cost structure with planned activity levels.