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Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of components of long-term debt

The components of debt, including the effects of issuance costs and net discounts, are as follows:


	As of December 31, 2023		As of December 31, 2022
	(in millions)
Outstanding debt principal balances:

0.550% senior notes due 2023	$	—	$	750
0.250% convertible senior notes due 2025	537		962
5.100% senior notes due 2026	1,100		—
1.125% senior notes due 2026	750		750
7.200% senior notes due 2028	241		241
4.125% senior notes due 2028 (a)	138		138
1.900% senior notes due 2030	1,100		1,100
2.150% senior notes due 2031	1,000		1,000
	4,866		4,941
Issuance costs and discounts, net	(31)		(37)
Total debt	4,835		4,904
Less current portion of debt	28		779
Long-term debt	$	4,807	$	4,125

______________________

(a)Acquired upon completion of the acquisition of Parsley Energy, Inc. ("Parsley") by the Company on January 12, 2021 (the "Parsley Acquisition").

Schedule of derivative instruments

Certain holders of the Convertible Notes exercised their conversion option resulting in the Company recognizing the following cash payments and cash receipts associated with the conversions:


	Year Ended December 31,
	2023		2022
	(in millions)
Cash payments:
Principal repayments	$	424	$	361
Conversion premiums	566		496
Conversion option derivative payments, net	13		—
Cash payments, net	$	1,003	$	857
Cash receipts:
Capped Call proceeds	$	132	$	103
Conversion option derivative receipts, net	—		13
Cash receipts, net	$	132	$	116

Schedule of principal maturities of long-term debt

Principal payments scheduled to be made on the Company's long-term debt are as follows (in millions):


2024	$	28
2025	$	509
2026	$	1,850
2027	$	—
2028	$	379
Thereafter	$	2,100

Schedule of interest expense

Interest expense activity is as follows:


	Year Ended December 31,
	2023		2022		2021
	(in millions)
Cash payments for interest	$	127	$	138	$	136
Amortization of issuance premiums, net	—		(2)		(4)
Amortization of capitalized loan fees	11		12		14
Net changes in accruals	15		(20)		17
Interest incurred	153		128		163
Less capitalized interest	—		—		(2)
	$	153	$	128	$	161

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

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