Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of unrecognized tax benefits

Unrecognized tax benefit activity is as follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Beginning unrecognized tax benefits	$	—	$	27	$	—
Current year additions	—		—		27
Effectively settled tax positions	—		(27)		—
Ending unrecognized tax benefits	$	—	$	—	$	27

Schedule of net tax refunds

Net tax payments related to filed tax returns are as follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
U.S. state tax payments, net	$	63	$	21	$	3
U.S. federal payments (refunds), net	692		424		(2)
Tax payments, net (a)	$	755	$	445	$	1

Summary of open tax years

The earliest open years in the Company's key jurisdictions are as follows:

U.S. federal	2021
Various U.S. states	2017

Schedule of income tax (provision) benefit and effective tax rate

Income tax provision is as follows:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Current:
U.S. federal	$	(807)	$	(260)	$	(1)
U.S. state	(40)		(39)		(44)
Current income tax provision	(847)		(299)		(45)
Deferred:
U.S. federal	(493)		(1,788)		(585)
U.S. state	(13)		(19)		2
Deferred income tax provision	(506)		(1,807)		(583)
Income tax provision	$	(1,353)	$	(2,106)	$	(628)

Schedule of reconciliation of federal statutory tax rate

The effective tax rate for income is reconciled to the United States federal statutory rate as follows:

	Year Ended December 31,
	2023			2022			2021
	(in millions, except tax rates)
Income before income taxes	$	6,247		$	9,951		$	2,746
Federal statutory income tax rate	21		%	21		%	21		%
Provision for federal income taxes at the statutory rate	(1,312)			(2,090)			(577)
State income tax provision (net of federal tax)	(43)			(45)			(33)
Transaction costs	—			—			(6)
Other	2			29			(12)
Income tax provision	$	(1,353)		$	(2,106)		$	(628)
Effective tax rate	22		%	21		%	23		%

Schedule of deferred tax assets and liabilities

Significant components of deferred tax assets and deferred tax liabilities are as follows:

	As of December 31,
	2023		2022
	(in millions)
Deferred tax assets:
Lease deferred tax assets	$	201	$	190
Net operating loss carryforward (a)	164		225
Asset retirement obligations	100		104
Net deferred hedge losses	30		33
Incentive plans	24		25
Credit carryforwards (b)	4		—
Convertible debt	—		2
Other	52		54
Deferred tax assets	575		633
Deferred tax liabilities:
Oil and gas properties, principally due to differences in basis, depletion and the deduction of intangible drilling costs for tax purposes	(4,627)		(4,186)
Other property and equipment, principally due to the deduction of bonus depreciation for tax purposes	(246)		(233)
Lease deferred tax liabilities	(87)		(72)
Convertible debt	(6)		—
Other	(11)		(9)
Deferred tax liabilities	(4,977)		(4,500)
Net deferred tax liability	$	(4,402)	$	(3,867)

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(a)Net operating loss carryforwards as of December 31, 2023 consist of $779 million of U.S. federal NOLs that can be carried forward indefinitely. Additionally, the net operating loss carryforwards consist of $177 million of Colorado NOLs that begin to expire in 2027, all of which have a fully offsetting valuation allowance.

(b)Credit carryforwards as of December 31, 2023, consist of $4 million of U.S. federal minimum tax credits.