SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Schedule of Non-cash Impairments of Proved and Unproved Property and Equipment

The following table represents non-cash impairments of the carrying value of the Company’s proved and unproved property and equipment for the first quarters of 2019 and 2018:

	Quarter Ended March 31,
	2019		2018
	(In millions)
Oil and Gas Property:
Proved	$	—	$	—
Unproved	23		16

Schedule of Weighted Average Lease Term and Discount Rate Related to Leases

The following table represents the Company’s weighted average lease term and discount rate as of March 31, 2019:

	Operating Leases		Finance Leases
Weighted average remaining lease term	3.4 years		8.7 years
Weighted average discount rate	4.3	%	4.3	%

Operating Lease, Liability, Maturity

The undiscounted future minimum lease payments reconciled to the carrying value of the lease liabilities as of March 31, 2019 were as follows:

Net Minimum Commitments	Operating Leases(1)			Finance Leases(2)
	(In millions)
2019	$	159		$	22
2020	111			13
2021	46			3
2022	40			3
2023	24			3
Thereafter	41			39
Total future minimum lease payments	421			83
Less: imputed interest	(34		)	(15		)
Total lease liabilities	387			68
Current portion	(187		)	(30		)
Non-current portion	$	200		$	38

(1) Amounts included for drilling rig and related operational equipment obligations represent future payments associated with oil and gas operations gross of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties, and either depreciated, impaired, or written off as exploration expense.

(2)

Amounts represent the Company’s finance lease obligation related to physical power generators being leased on a one-year term with the right to purchase (entered into during the first quarter of 2019) and a separate lease for the Company’s Midland, Texas regional office building.

Finance Lease, Liability, Maturity

The undiscounted future minimum lease payments reconciled to the carrying value of the lease liabilities as of March 31, 2019 were as follows:

Net Minimum Commitments	Operating Leases(1)			Finance Leases(2)
	(In millions)
2019	$	159		$	22
2020	111			13
2021	46			3
2022	40			3
2023	24			3
Thereafter	41			39
Total future minimum lease payments	421			83
Less: imputed interest	(34		)	(15		)
Total lease liabilities	387			68
Current portion	(187		)	(30		)
Non-current portion	$	200		$	38

(1) Amounts included for drilling rig and related operational equipment obligations represent future payments associated with oil and gas operations gross of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties, and either depreciated, impaired, or written off as exploration expense.

(2)

Amounts represent the Company’s finance lease obligation related to physical power generators being leased on a one-year term with the right to purchase (entered into during the first quarter of 2019) and a separate lease for the Company’s Midland, Texas regional office building.