COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

The following table represents the Company’s weighted average lease term and discount rate as of December 31, 2020:

	Operating Leases		Finance Leases
Weighted average remaining lease term	3.7 years		12.7 years
Weighted average discount rate	4.2	%	4.4	%

Operating Lease, Liability, Maturity

At December 31, 2020, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)
	(In millions)
2021	$	120	$	3	$	236
2022	70		3		203
2023	33		3		203
2024	27		4		160
2025	7		4		159
Thereafter	25		29		600
Total future minimum payments	282		46		$	1,561
Less: imputed interest	(21)		(8)		N/A
Total lease liabilities	261		38		N/A
Current portion	116		2		N/A
Non-current portion	$	145	$	36	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreement to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $120 million, $111 million, and $132 million in 2020, 2019, and 2018, respectively.

Finance Lease, Liability, Maturity

At December 31, 2020, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)
	(In millions)
2021	$	120	$	3	$	236
2022	70		3		203
2023	33		3		203
2024	27		4		160
2025	7		4		159
Thereafter	25		29		600
Total future minimum payments	282		46		$	1,561
Less: imputed interest	(21)		(8)		N/A
Total lease liabilities	261		38		N/A
Current portion	116		2		N/A
Non-current portion	$	145	$	36	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreement to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $120 million, $111 million, and $132 million in 2020, 2019, and 2018, respectively.

Long-term Purchase Commitment

At December 31, 2020, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)
	(In millions)
2021	$	120	$	3	$	236
2022	70		3		203
2023	33		3		203
2024	27		4		160
2025	7		4		159
Thereafter	25		29		600
Total future minimum payments	282		46		$	1,561
Less: imputed interest	(21)		(8)		N/A
Total lease liabilities	261		38		N/A
Current portion	116		2		N/A
Non-current portion	$	145	$	36	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreement to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $120 million, $111 million, and $132 million in 2020, 2019, and 2018, respectively.

Schedule of Future Minimum Lease Payments for Capital Leases

As a result of electing the transitional practical expedient to apply the provisions of the standard at its adoption date instead of the earliest comparative period presented, below are the required ASU Leases (Topic 840) disclosures for prior periods:

	Operating Leases(1)		Finance Leases(2)
	(In millions)
Year ended December 31, 2018
2019	$	61	$	1
2020-2021	64		3
2022-2023	53		4
2024 & Beyond	42		32
Total	$	220	$	40

(1)Includes leases for buildings, facilities, and related equipment with varying expiration dates through 2042. Total rent expense, net of amounts capitalized and sublease income was $76 million in 2018.

(2)This represents the Company’s capital lease obligation related to its Midland, Texas office building. The imputed interest rate necessary to reduce the net minimum lease payments to present value of the lease term is 4.4 percent, or $16 million as of December 31, 2018.

Schedule of Future Minimum Leases Payments for Operating Leases

As a result of electing the transitional practical expedient to apply the provisions of the standard at its adoption date instead of the earliest comparative period presented, below are the required ASU Leases (Topic 840) disclosures for prior periods:

	Operating Leases(1)		Finance Leases(2)
	(In millions)
Year ended December 31, 2018
2019	$	61	$	1
2020-2021	64		3
2022-2023	53		4
2024 & Beyond	42		32
Total	$	220	$	40

(1)Includes leases for buildings, facilities, and related equipment with varying expiration dates through 2042. Total rent expense, net of amounts capitalized and sublease income was $76 million in 2018.

(2)This represents the Company’s capital lease obligation related to its Midland, Texas office building. The imputed interest rate necessary to reduce the net minimum lease payments to present value of the lease term is 4.4 percent, or $16 million as of December 31, 2018.