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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES AND OTHER:        
Oil and gas production revenues $ 1,598,000,000 $ 1,936,000,000 $ 3,252,000,000 $ 3,669,000,000
Derivative instrument losses, net (8,000,000) (25,000,000) (38,000,000) (23,000,000)
Gain on divestitures 17,000,000 2,000,000 20,000,000 9,000,000
Other (4,000,000) 16,000,000 4,000,000 21,000,000
Total revenues and other 1,603,000,000 1,929,000,000 3,238,000,000 3,676,000,000
OPERATING EXPENSES:        
Lease operating expenses 389,000,000 356,000,000 754,000,000 705,000,000
Gathering, processing, and transmission 76,000,000 82,000,000 164,000,000 168,000,000
Taxes other than income 46,000,000 49,000,000 97,000,000 104,000,000
Exploration 95,000,000 76,000,000 164,000,000 152,000,000
General and administrative 102,000,000 117,000,000 225,000,000 231,000,000
Transaction, reorganization, and separation 6,000,000 12,000,000 10,000,000 12,000,000
Depreciation, depletion, and amortization 602,000,000 608,000,000 1,248,000,000 1,161,000,000
Asset retirement obligation accretion 26,000,000 27,000,000 53,000,000 54,000,000
Impairments 240,000,000 0 240,000,000 0
Financing costs, net 173,000,000 94,000,000 270,000,000 193,000,000
Total operating expenses 1,755,000,000 1,421,000,000 3,225,000,000 2,780,000,000
NET INCOME (LOSS) BEFORE INCOME TAXES (152,000,000) 508,000,000 13,000,000 896,000,000
Current income tax provision 187,000,000 249,000,000 373,000,000 447,000,000
Deferred income tax benefit (23,000,000) (10,000,000) (42,000,000) (26,000,000)
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (316,000,000) 269,000,000 (318,000,000) 475,000,000
Net income attributable to noncontrolling interest       135,000,000
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (360,000,000) $ 195,000,000 $ (407,000,000) $ 340,000,000
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in USD per share) $ (0.96) $ 0.51 $ (1.08) $ 0.89
Diluted (in USD per share) $ (0.96) $ 0.51 $ (1.08) $ 0.88
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 377 382 376 382
Diluted (in shares) 377 385 376 384
Oil        
REVENUES AND OTHER:        
Oil and gas production revenues $ 1,397,000,000 $ 1,576,000,000 $ 2,707,000,000 $ 2,969,000,000
Natural Gas        
REVENUES AND OTHER:        
Oil and gas production revenues 118,000,000 212,000,000 354,000,000 434,000,000
Natural Gas liquids        
REVENUES AND OTHER:        
Oil and gas production revenues 83,000,000 148,000,000 191,000,000 266,000,000
Noncontrolling interest, Egypt        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest 43,000,000 74,000,000 87,000,000 135,000,000
Noncontrolling interest, Altus        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest (3,000,000) 0 (2,000,000) 0
Altus Preferred Unit limited partners        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest $ 4,000,000 $ 0 $ 4,000,000 $ 0