Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

The Company has debt maturities in the next five years as follows:

(in millions)	2022		2023		2024		2025		2026		Thereafter
Debt maturities	$	—	$	62	$	1,325	$	—	$	312	$	1,250

Schedule of Long-term Debt and Credit Agreements

The Company's debt and credit agreements consisted of the following:

	December 31,
(In millions)	2021		2020
Total debt
6.51% weighted-average private placement senior notes	$	37	$	37
5.58% weighted-average private placement senior notes (1)	87		175
3.65% weighted-average private placement senior notes (2)	825		925
4.375% senior notes due June 1, 2024	750		—
3.90% senior notes due May 15, 2027	750		—
4.375% senior notes due March 15, 2029	500		—
Revolving credit facility	—		—
Net premium (discount)	185		—
Unamortized debt issuance costs	(9)		(3)
	$	3,125	$	1,134

_______________________________________________________________________________

(1)Includes $88 million of current portion of long-term debt at December 31, 2020, which the Company repaid in January 2021.

(2)Includes $100 million of current portion of long-term debt at December 31, 2020, which the Company repaid in September 2021.

The notes have bullet maturities and were issued in three separate tranches as follows:

	Principal (In millions)		Term	Maturity Date	Coupon
Tranche 1	$	245	10 years	July 2018	6.44	%
Tranche 2	$	100	12 years	July 2020	6.54	%
Tranche 3	$	80	15 years	July 2023	6.69	%

The notes have bullet maturities and were issued in three separate tranches as follows:

	Principal (In millions)		Term	Maturity Date	Coupon
Tranche 1	$	88	10 years	January 2021	5.42	%
Tranche 2	$	25	12 years	January 2023	5.59	%
Tranche 3	$	62	15 years	January 2026	5.80	%

The notes have bullet maturities and were issued in three separate tranches as follows:

	Principal (In millions)		Term	Maturity Date	Coupon
Tranche 1	$	100	7 years	September 2021	3.24	%
Tranche 2	$	575	10 years	September 2024	3.67	%
Tranche 3	$	250	12 years	September 2026	3.77	%

The following table includes the summary of the Cimarex debt that was outstanding as of the consummation of the Merger on October 1, 2021 (the “Existing Cimarex Notes”):

(In millions)	Face Value		Fair Value
4.375% senior notes due June 1, 2024	$	750	$	809
3.90% senior notes due May 15, 2027	750		823
4.375% senior notes due March 15, 2029	500		564
	$	2,000	$	2,196