Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table includes estimated revenues, as of June 30, 2019, for those agreements. Our actual future sales volumes may exceed future minimum volume commitments.



(millions)	Remainder of 2019		2020		Total
Natural Gas Revenues ⁽¹⁾	$	72	$	116	$	188

⁽¹⁾

The remaining performance obligations are estimated using the contractual base or floor price provision in effect. Future revenues under these contracts will vary from the amounts above due to components of variable consideration exceeding the contractual base or floor price provision.

Statement of Operations Information

Other statements of operations information is as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
(millions)	2019		2018			2019		2018
Other Revenue
Income from Equity Method Investees and Other	$	16	$	49		$	33	$	96
Midstream Services Revenues – Third Party	20		15			44		28
Total	$	36	$	64		$	77	$	124
Production Expense
Lease Operating Expense	$	122	$	132		$	273	$	287
Production and Ad Valorem Taxes	41		50			90		104
Gathering, Transportation and Processing Expense	96		98			198		191
Other Royalty Expense	1		10			4		27
Total	$	260	$	290		$	565	$	609
Other Operating Expense, Net
Exploration Expense	$	33	$	29		$	57	$	64
Marketing Expense	14		9			19		16
Other, Net	8		(4		)	28		4
Total	$	55	$	34		$	104	$	84

Balance Sheet Information Table

Other balance sheet information is as follows:



(millions)	June 30, 2019			December 31, 2018
Accounts Receivable, Net
Commodity Sales	$	346		$	383
Joint Interest Billings	153			137
Other	91			111
Allowance for Doubtful Accounts	(15		)	(15		)
Total	$	575		$	616
Other Current Assets
Commodity Derivative Assets	$	30		$	180
Inventories, Materials and Supplies	68			55
Assets Held for Sale⁽¹⁾	—			133
Restricted Cash⁽²⁾	132			3
Prepaid Expenses and Other Current Assets	83			47
Total	$	313		$	418
Other Noncurrent Assets
Equity Method Investments ⁽³⁾	$	699		$	286
Operating Lease Right-of-Use Assets ⁽⁴⁾	272			—
Customer-Related Intangible Assets, Net ⁽⁵⁾	294			310
Goodwill ⁽⁵⁾	110			110
Other Assets, Noncurrent	141			135
Total	$	1,516		$	841
Other Current Liabilities
Production and Ad Valorem Taxes	$	132		$	103
Asset Retirement Obligations	85			118
Interest Payable	64			66
Operating Lease Liabilities ⁽⁴⁾	88			—
Commercial Paper Borrowings	240			—
Partner Advances ⁽²⁾	132			—
Other Liabilities, Current	257			232
Total	$	998		$	519
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	147		$	147
Asset Retirement Obligations	707			762
Operating Lease Liabilities ⁽⁴⁾	190			—
Firm Transportation Exit Cost Accrual ⁽⁶⁾	144			67
Production and Ad Valorem Taxes	24			83
Other Liabilities, Noncurrent	95			106
Total	$	1,307		$	1,165


⁽¹⁾	Assets held for sale at December 31, 2018 related to the first quarter 2019 divestiture of non-core acreage in Reeves County, Texas. See Note 4. Acquisitions and Divestitures.


⁽²⁾	See Partner Advances, above.


⁽³⁾	The 2019 amount includes Noble Midstream Partners' $369 million investment in EPIC Y-Grade, LP (EPIC Y-Grade) and EPIC Crude Holdings and its $39 million investment in Delaware Crossing LLC. See Note 4. Acquisitions and Divestitures.


⁽⁴⁾	Amounts relate to assets and liabilities recorded as a result of ASC 842 adoption in first quarter 2019. See Note 8. Leases.


⁽⁵⁾	Amounts relate to assets acquired in the first quarter 2018 Saddle Butte acquisition. Intangible asset balances at June 30, 2019 and December 31, 2018 are net of accumulated amortization of $46 million and $30 million, respectively. See Note 4. Acquisitions and Divestitures.

⁽⁶⁾

See Note 9. Exit Cost – Transportation Commitments.

Summary of Cash, Cash Equivalents and Restricted Cash

We define total cash as cash, cash equivalents and restricted cash. The following table provides a reconciliation of total cash:



	Six Months Ended June 30,
(millions)	2019		2018
Cash and Cash Equivalents at Beginning of Period	$	716	$	675
Restricted Cash at Beginning of Period	3		38
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	$	719	$	713
Cash and Cash Equivalents at End of Period	$	470	$	621
Restricted Cash at End of Period	132		—
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	602	$	621