REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Schedule of Preferred Units

The net transaction price was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows:

	June 12, 2019
	(In millions)
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners	$	517
Preferred Units embedded derivative	94
	$	611

Activity related to the Preferred Units during the six months ended June 30, 2020 is as follows:

	Units Outstanding	Financial Position(1)
	(In millions, except unit data)
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: at December 31, 2019	638,163	$	555
Distribution of in-kind additional Preferred Units	22,531	—
Allocation of Altus Midstream LP net income	N/A	37
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: at June 30, 2020	660,694	592
Preferred Units embedded derivative		175
		$	767

(1) As at June 30, 2020, the aggregate Redemption Price was $701 million, based on an internal rate of return of 11.5 percent.

N/A - not applicable.