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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2019

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 third quarters and first nine months of 2019 and 2018:



	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
	(In millions)
Oil and Gas Property:
Proved	$	—	$	—	$	86	$	—
Unproved	12		49		223		86

Schedule of Revenues Revenues from Customers and Non-Customers

The following table represents revenues from customers and non-customers for the third quarters and first nine months of 2019 and 2018:



	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
	(In millions)
Revenues from customers	$	1,361	$	1,902	$	4,414	$	5,437
Revenues from non-customers	107		198		347		534

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 September 30, 2019:

Operating Lease, Liability, Maturity

The undiscounted future minimum lease payments reconciled to the carrying value of the lease liabilities as of September 30, 2019 were as follows:



Net Minimum Commitments	Operating Leases⁽¹⁾			Finance Leases⁽²⁾
	(In millions)
2019	$	48		$	9
2020	124			13
2021	50			3
2022	41			3
2023	24			3
Thereafter	40			40
Total future minimum lease payments	327			71
Less: imputed interest	(26		)	(14		)
Total lease liabilities	301			57
Current portion	(149		)	(19		)
Non-current portion	$	152		$	38


(1)	Amounts included for drilling rig and related operational equipment obligations 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.

(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 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 September 30, 2019 were as follows:



Net Minimum Commitments	Operating Leases⁽¹⁾			Finance Leases⁽²⁾
	(In millions)
2019	$	48		$	9
2020	124			13
2021	50			3
2022	41			3
2023	24			3
Thereafter	40			40
Total future minimum lease payments	327			71
Less: imputed interest	(26		)	(14		)
Total lease liabilities	301			57
Current portion	(149		)	(19		)
Non-current portion	$	152		$	38


(1)	Amounts included for drilling rig and related operational equipment obligations 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.

(2)

Operating Leases

Finance Leases

Weighted average remaining lease term

Weighted average discount rate