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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES AND OTHER:        
Oil and Gas Production Revenues $ 1,389,000,000 $ 1,439,000,000 $ 4,247,000,000 $ 3,912,000,000
Derivative instrument losses, net (110,000,000) 0 (69,000,000) 0
Gain on divestitures 296,000,000 5,000,000 616,000,000 21,000,000
Other 0 (6,000,000) 43,000,000 (30,000,000)
Total revenues and other 1,575,000,000 1,438,000,000 4,837,000,000 3,903,000,000
OPERATING EXPENSES:        
Lease operating expenses 358,000,000 382,000,000 1,066,000,000 1,119,000,000
Gathering and transportation 39,000,000 51,000,000 144,000,000 155,000,000
Taxes other than income 46,000,000 9,000,000 117,000,000 85,000,000
Exploration 231,000,000 161,000,000 431,000,000 347,000,000
General and administrative 98,000,000 102,000,000 307,000,000 298,000,000
Transaction, reorganization, and separation 20,000,000 12,000,000 14,000,000 36,000,000
Depreciation, depletion and amortization     1,707,000,000 1,995,000,000
Asset retirement obligation accretion 30,000,000 40,000,000 103,000,000 116,000,000
Impairments 0 836,000,000 8,000,000 1,009,000,000
Financing costs, net 101,000,000 102,000,000 300,000,000 311,000,000
Total operating expenses 1,482,000,000 2,343,000,000 4,197,000,000 5,471,000,000
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 93,000,000 (905,000,000) 640,000,000 (1,568,000,000)
Current income tax provision 99,000,000 150,000,000 413,000,000 284,000,000
Deferred income tax benefit (111,000,000) (529,000,000) (758,000,000) (755,000,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST 105,000,000 (526,000,000) 985,000,000 (1,097,000,000)
Net loss from discontinued operations, net of tax 0 (33,000,000) 0 (33,000,000)
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST 105,000,000 (559,000,000) 985,000,000 (1,130,000,000)
Net income attributable to noncontrolling interest 42,000,000 48,000,000 137,000,000 93,000,000
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK 63,000,000 (607,000,000) 848,000,000 (1,223,000,000)
Net income (loss) from continuing operations attributable to common shareholders 63,000,000 (574,000,000) 848,000,000 (1,190,000,000)
Net loss from discontinued operations 0 (33,000,000) 0 (33,000,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 63,000,000 $ (607,000,000) $ 848,000,000 $ (1,223,000,000)
NET INCOME (LOSS) PER COMMON SHARE:        
Basic net income (loss) from continuing operations per share (in USD per share) $ 0.16 $ (1.51) $ 2.23 $ (3.14)
Basic net loss from discontinued operations per share (in USD per share) 0.00 (0.09) 0.00 (0.08)
Basic net income (loss) per share (in USD per share) 0.16 (1.60) 2.23 (3.22)
DILUTED NET INCOME (LOSS) PER COMMON SHARE:        
Diluted net income (loss) from continuing operations per share (in USD per share) 0.16 (1.51) 2.22 (3.14)
Diluted net loss from discontinued operations per share (in USD per share) 0.00 (0.09) 0.00 (0.08)
Diluted net income (loss) per share (in USD per share) $ 0.16 $ (1.60) $ 2.22 $ (3.22)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 381 380 381 379
Diluted (in shares) 383 380 383 379
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share) $ 0.25 $ 0.25 $ 0.75 $ 0.75
Oil and gas property and equipment        
OPERATING EXPENSES:        
Depreciation, depletion and amortization $ 524,000,000 $ 610,000,000 $ 1,598,000,000 $ 1,875,000,000
Other assets        
OPERATING EXPENSES:        
Depreciation, depletion and amortization 35,000,000 38,000,000 109,000,000 120,000,000
Oil revenues        
REVENUES AND OTHER:        
Oil and Gas Production Revenues 1,070,000,000 1,117,000,000 3,292,000,000 3,057,000,000
Gas revenues        
REVENUES AND OTHER:        
Oil and Gas Production Revenues 238,000,000 263,000,000 726,000,000 695,000,000
Natural gas liquids revenues        
REVENUES AND OTHER:        
Oil and Gas Production Revenues $ 81,000,000 $ 59,000,000 $ 229,000,000 $ 160,000,000