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Consolidated Statements of Cash Flows - USD ($)
shares in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 315,000,000 $ 945,000,000 $ 517,000,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (benefit from) deferred income taxes 47,000,000 168,000,000 (20,000,000)
Impairment of oil and natural gas properties 790,000,000 0 0
Asset retirement obligation accretion 7,000,000 2,000,000 1,000,000
Depreciation, depletion and amortization 1,447,000,000 623,000,000 327,000,000
Amortization of debt issuance costs 9,000,000 12,000,000 4,000,000
Loss on early extinguishment of debt 56,000,000 0 0
Change in fair value of derivative instruments 188,000,000 (222,000,000) 84,000,000
Loss (income) from equity investment 6,000,000 0 (1,000,000)
(Gain) loss on revaluation of investment (5,000,000) 1,000,000 0
Equity-based compensation expense 48,000,000 27,000,000 26,000,000
(Gain) loss on sale of assets, net (1,000,000) 3,000,000 (1,000,000)
Gain on sale of inventory (1,000,000) 0 0
Restricted cash (5,000,000) 0 0
Changes in operating assets and liabilities:      
Accounts receivable (187,000,000) 13,000,000 (97,000,000)
Inventories (10,000,000) (14,000,000) (2,000,000)
Prepaid expenses and other 29,000,000 25,000,000 (11,000,000)
Accounts payable and accrued liabilities (129,000,000) (7,000,000) 37,000,000
Income tax payable 0 (1,000,000) 1,000,000
Accrued interest (5,000,000) (22,000,000) (21,000,000)
Revenues and royalties payable 135,000,000 12,000,000 45,000,000
Net cash provided by operating activities 2,734,000,000 1,565,000,000 889,000,000
Cash flows from investing activities:      
Drilling, completions and non-operated additions to oil and natural gas properties (2,557,000,000) (1,359,000,000) (737,000,000)
Infrastructure additions to oil and natural gas properties (120,000,000) (102,000,000) (56,000,000)
Additions to midstream assets (244,000,000) (204,000,000) (68,000,000)
Purchase of other property, equipment and land (5,000,000) (7,000,000) (23,000,000)
Acquisition of leasehold interests (443,000,000) (1,371,000,000) (1,961,000,000)
Acquisition of mineral interests (333,000,000) (440,000,000) (407,000,000)
Acquisition of midstream assets 0 0 (50,000,000)
Proceeds from sale of assets 300,000,000 80,000,000 66,000,000
Investment in real estate (1,000,000) (111,000,000) 0
Funds held in escrow 0 11,000,000 104,000,000
Equity investments (485,000,000) 0 0
Net cash used in investing activities (3,888,000,000) (3,503,000,000) (3,132,000,000)
Cash flows from financing activities:      
Proceeds from borrowings under credit facility 2,350,000,000 2,652,000,000 754,000,000
Repayment under credit facility (3,718,000,000) (1,242,000,000) (384,000,000)
Repayment on Energen's credit facility 0 (559,000,000) 0
Proceeds from senior notes 3,469,000,000 1,062,000,000 0
Repayment of senior notes (1,250,000,000) 0 0
Proceeds from joint venture 39,000,000 0 0
Premium on extinguishment of debt (44,000,000) 0 0
Debt issuance costs (18,000,000) (25,000,000) (9,000,000)
Public offering costs (41,000,000) (3,000,000) (1,000,000)
Proceeds from public offerings 1,106,000,000 305,000,000 370,000,000
Proceeds from exercise of stock options 9,000,000 0 0
Repurchased shares for tax withholdings (13,000,000) (14,000,000) 0
Repurchased as part of share buyback (593,000,000) 0 0
Dividends to stockholders (112,000,000) (37,000,000) 0
Distributions to non-controlling interest (122,000,000) (98,000,000) (41,000,000)
Net cash (used in) provided by financing activities 1,062,000,000 2,041,000,000 689,000,000
Net increase (decrease) in cash and cash equivalents (92,000,000) 103,000,000 (1,554,000,000)
Cash and cash equivalents at beginning of period 215,000,000 112,000,000 1,666,000,000
Cash and cash equivalents at end of period 123,000,000 215,000,000 112,000,000
Supplemental disclosure of cash flow information:      
Interest paid, net of capitalized interest 237,000,000 114,000,000 58,000,000
Cash paid for income taxes 0 1,000,000 0
Supplemental disclosure of non-cash transactions:      
Change in accrued capital expenditures (20,000,000) 274,000,000 161,000,000
Capitalized stock-based compensation $ 17,000,000 $ 10,000,000 $ 9,000,000
Common stock issued [1] 0 7,136 0
Asset retirement obligations acquired $ 4,000,000 $ 111,000,000 $ 2,000,000
Ajax Acquisition      
Supplemental disclosure of non-cash transactions:      
Common stock issued 0 340 0
Brigham      
Supplemental disclosure of non-cash transactions:      
Common stock issued 0 0 809
[1]
Includes $7 billion of Common stock issued for business combination, $14 million for stock options assumed and $52 million for restricted stock units assumed.