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EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation plans and related costs
The following table presents the effects of the equity and stock based compensation plans and related costs:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(In millions)
General and administrative expenses
$
48

 
$
27

 
$
25

Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties
$
17

 
$
10

 
$
9
Summary of restricted stock units
The following table presents the Company’s restricted stock units activity under the Equity Plan during the year ended December 31, 2019:
 
Restricted Stock
Awards & Units
 
Weighted Average Grant-Date
Fair Value
Unvested at December 31, 2018
324,224

 
$
116.01

Granted
697,679

 
$
99.36

Vested
(425,608
)
 
$
105.09

Forfeited
(90,428
)
 
$
106.55

Unvested at December 31, 2019
505,867

 
$
96.01
Summary of grant-date fair values of performance restricted stock units granted and related assumptions
The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions.
 
2019
 
2018
 
2017
 
Three-Year Performance Period
 
Three-Year Performance Period
 
Two-Year Performance Period
 
Three-Year Performance Period
Grant-date fair value
$
137.22

 
$
170.45

 
$
162.13

 
$
168.73

Grant-date fair value (5-year vesting)
$
132.48

 
 
 
 
 
 
Risk-free rate
2.55
%
 
1.99
%
 
1.27
%
 
1.59
%
Company volatility
35.00
%
 
35.90
%
 
39.32
%
 
41.14
%
Schedule of performance restricted stock units activity
The following table presents the Company’s performance restricted stock unit activity under the Equity Plan for the year ended December 31, 2019:
 
Performance Restricted Stock Units
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2018
196,203

 
$
169.76

Granted
356,227

 
$
131.30

Vested
(176,976
)
 
$
93.32

Forfeited
(103,635
)
 
$
155.23

Unvested at December 31, 2019(1)
271,819

 
$
147.07


(1)
A maximum of 543,638 units could be awarded based upon the Company’s final TSR ranking.
Summary of stock appreciation rights activity
The following table presents a summary of stock appreciation rights activity during the year ended December 31, 2019:

 
Shares
 
Weighted Average Exercise Price
Outstanding at December 31, 2018
57,721

 
$
22.12

Exercised
(11,399
)
 
$
70.69

Expired
(3,775
)
 
$
96.91

Outstanding at December 31, 2019
42,547

 
$
90.89
Schedule of stock option activity
The Company estimates the fair values of stock options granted using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the contractual term of the awards at effective time of the merger. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant. All such amounts represent the weighted-average amounts for each year.
 
 
 
Weighted Average
 
 
 
 
 
Exercise
 
Remaining
 
Intrinsic
 
Options
 
Price
 
Term
 
Value
 
 
 
 
 
(in years)
 
(in millions)
Outstanding at December 31, 2018
332,387

 
$
95.04

 
 
 
 
Exercised
(116,044
)
 
$
82.29

 
 
 
 
Outstanding at December 31, 2019
216,343

 
$
89.90

 
1.67
 
$
—

 
 
 
 
 
 
 
 
Vested and Expected to vest at December 31, 2019
216,343

 
$
89.90

 
1.67
 
$
—

Exercisable at December 31, 2019
216,343

 
$
89.90

 
1.67
 
$
—
Schedule of phantom units activity
The following table presents the phantom unit activity under the Viper LTIP for the year ended December 31, 2019:
 
Phantom Units
 
Weighted Average Grant-Date
Fair Value
Unvested at December 31, 2018
125,053

 
$
23.44

Granted
56,582

 
$
30.33

Vested
(85,359
)
 
$
23.96

Forfeited
(1,028
)
 
$
42.50

Unvested at December 31, 2019
95,248

 
$
26.87


The following table presents the phantom unit activity under the Rattler LTIP for the year ended December 31, 2019:
 
Phantom
Units
 
Weighted Average
Grant-Date
Fair Value
Unvested at May 28, 2019
—

 
$
—

Granted
2,284,038

 
$
19.14

Forfeited
(57,143
)
 
$
19.21

Unvested at December 31, 2019
2,226,895

 
$
19.14