Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation [Abstract]

Schedule of asset retirement obligations

Asset retirement obligations activity is as follows:

	Year Ended December 31,
	2021		2020
	(in millions)
Beginning asset retirement obligations	$	282	$	191
Liabilities assumed in Parsley Acquisition	73		—
Liabilities assumed in DoublePoint Acquisition	37		—
New wells placed on production	10		5
Changes in estimates (a)	7		109
Dispositions	(24)		—
Liabilities settled	(38)		(32)
Accretion of discount	7		9
Ending asset retirement obligations	354		282
Less current portion of asset retirement obligations	(55)		(42)
Asset retirement obligations, long-term	$	299	$	240

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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. The 2020 change in estimate is primarily due to decreases in commodity prices, which had the effect of shortening well life estimates and increasing the present value of the abandonment obligation.