ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of estimated fair values of assets acquired and liabilities assumed

The following represents the fair value of the assets and liabilities assumed on the acquisition date. The aggregate consideration transferred was $2.5 billion, resulting in no goodwill or bargain purchase gain.



	(in millions)
Proved oil and natural gas properties	$	386
Unevaluated oil and natural gas properties	2,123
Midstream assets	47
Prepaid capital costs	4
Oil inventory	1
Revenues and royalties payable	(10		)
Asset retirement obligations	(2		)
Total fair value of net assets	$	2,549

The following table sets forth the Company’s purchase price allocation:



	(In millions)
Consideration:
Fair value of the Company's common stock issued	$	7,136
Total consideration	$	7,136

Fair value of liabilities assumed:
Current liabilities	$	388
Asset retirement obligation	105
Long-term debt	1,099
Noncurrent derivative instruments	17
Deferred income taxes	1,425
Other long-term liabilities	7
Amount attributable to liabilities assumed	$	3,041

Fair value of assets acquired:
Total current assets	$	298
Oil and natural gas properties	9,361
Midstream assets	253
Investment in real estate	11
Other property, equipment and land	58
Asset retirement obligation	105
Other postretirement assets	3
Noncurrent income tax receivable, net	76
Other long term assets	12
Amount attributable to assets acquired	$	10,177

Schedule of business acquisition pro forma

The pro forma consolidated statement of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Merger taken place on January 1, 2017 and is not intended to be a projection of future results.



	Year Ended December 31,
	2018		2017
	(in millions, except per share amounts)
Revenues	$	3,532	$	2,196
Income from operations	1,559		900
Net income	1,320		875
Basic earnings per common share	$	7.54	$	5.26
Diluted earnings per common share	$	7.53	$	5.24

The pro forma data also necessarily exclude various operation expenses related to the properties and the financial statements should not be viewed as indicative of operations in future periods.



	Year Ended December 31,
	2017		2016
	(in millions, except per share amounts)
Revenues	$	1,228	$	627
Income (loss) from operations	619		(13		)
Net income (loss)	473		(109		)
Basic earnings per common share	$	4.85	$	(1.45	)
Diluted earnings per common share	$	4.84	$	(1.45	)