Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2019 |
Apr. 29, 2019 |
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Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CXO | |
Entity Registrant Name | CONCHO RESOURCES INC | |
Entity Central Index Key | 0001358071 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 200,594,025 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 201,755,333 | 201,288,884 |
Treasury shares | 1,155,813 | 1,031,655 |
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Income Statement [Abstract] | ||
Non-cash stock-based compensation | $ 24 | $ 17 |
Consolidated Statements of Stockholders Equity (Parenthetical) |
Mar. 31, 2019
$ / shares
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Statement of Stockholders' Equity [Abstract] | |
Dividends declared, amount per share | $ 0.125 |
Organization and nature of operations |
3 Months Ended |
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Mar. 31, 2019 | |
Organization and nature of operations [Abstract] | |
Organization and nature of operations | Note 1. Organization and nature of operations Concho Resources Inc. (the “Company”) is a Delaware corporation formed on February 22, 2006. The Company’s principal business is the acquisition, development, exploration and production of oil and natural gas properties primarily located in the Permian Basin of West Texas and Southeast New Mexico. |
Basis of presentation and summary of significant accounting policies |
3 Months Ended |
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Mar. 31, 2019 | |
Basis of presentation and summary of significant accounting policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | Note 2. Basis of presentation and summary of significant accounting policies A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”). Principles of consolidation. The consolidated financial statements of the Company include the accounts of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated. Reclassifications. Certain prior period amounts have been reclassified to conform to the 2019 presentation. These reclassifications had no impact on net income (loss), total assets, liabilities and stockholders’ equity or total cash flows. Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved oil and natural gas reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, goodwill, fair value of stock-based compensation, fair value of business combinations, fair value of nonmonetary transactions, fair value of derivative financial instruments and income taxes. Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2018 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these consolidated financial statements. Accordingly, these condensed notes to the consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2018 Form 10-K. Equity method investments. The Company accounts for its equity method investments under the equity method of accounting and includes the investment balance in other assets on the consolidated balance sheets. Gains and losses incurred from the Company’s equity investments are recorded in other income (expense) on the consolidated statements of operations. At March 31, 2019, the Company owned a 23.75 percent membership interest in Oryx Southern Delaware Holdings, LLC (“Oryx”), an entity that operates a crude oil gathering and transportation system in the Delaware Basin. In February 2018, Oryx obtained a term loan of $800 million. The proceeds were used in part to fund a cash distribution to its equity holders, of which the Company received a distribution of approximately $157 million. Of this amount, approximately $54 million fully offset the Company’s net investment in Oryx. The remaining distribution of approximately $103 million was recorded in other income (expense) on the Company’s consolidated statement of operations since the lenders to the term loan do not have recourse against the Company, and the Company has no contractual obligation to repay the distribution. The Company’s net investment in Oryx was zero at March 31, 2019 and December 31, 2018. The Company did not record income or loss on the Oryx investment for the three months ended March 31, 2019, as cumulative net income had yet to exceed the distribution in excess of the Company’s investment. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests, which included the Company’s 23.75 percent membership interest. Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In each reporting period, the Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. The amount of any resulting losses may differ from these estimates. An accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable. See Note 9 for additional information. Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s consolidated statements of operations. All revenues are recognized in the geographical region of the Permian Basin. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” (“ASC 606”). Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2019 and December 31, 2018, the Company had receivables related to contracts with customers of approximately $530 million and $466 million, respectively. Oil Contracts. The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing which is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the differentials are included in oil sales on the consolidated statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in gathering, processing and transportation on the Company’s consolidated statements of operations as they represent payment for services performed outside of the contract with the customer. Natural Gas Contracts. The majority of the Company’s natural gas is sold at the lease location, which is generally when control of the natural gas has been transferred to the purchaser. The natural gas is sold under (i) percentage of proceeds processing contracts, (ii) fee-based contracts or (iii) a hybrid of percentage of proceeds and fee-based contracts. Under the majority of the Company’s contracts, the purchaser gathers the natural gas in the field where it is produced and transports it via pipeline to natural gas processing plants where natural gas liquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the percentage of proceeds and hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the value for the extracted liquids and the residue gas. Under the fee-based contracts, the Company receives natural gas liquids and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those costs, revenue is recognized on a gross basis, and the related costs are classified in gathering, processing and transportation on the Company’s consolidated statements of operations. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties during the drilling and production phases and records such reimbursements as reductions to general and administrative expense. Such fees totaled approximately $4 million for each of the three months ended March 31, 2019 and 2018. Recently adopted accounting pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires all leases with a term greater than one year to be recognized on the consolidated balance sheet while maintaining similar classifications for finance and operating leases. Lease expense recognition on the consolidated statements of operations was effectively unchanged. The Company adopted this guidance on January 1, 2019. The Company made policy elections not to capitalize short-term leases for all asset classes and not to separate non-lease components from lease components for all asset classes except for vehicles. The Company also did not elect the package of practical expedients that allowed for certain considerations under the original “Leases (Topic 840)” accounting standard (“Topic 840”) to be carried forward upon adoption of ASU 2016-02. In January 2018, the FASB issued ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” which provides an optional practical expedient not to evaluate land easements that existed or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases under Topic 840. The Company enters into land easements on a routine basis as part of its ongoing operations and has many such agreements currently in place; however, the Company does not currently account for any land easements under Topic 840. As this guidance serves as an amendment to ASU 2016-02, the Company elected this practical expedient, which became effective upon the date of adoption of ASU 2016-02. The Company will assess any new land easements to determine whether the arrangement should be accounted for as a lease. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements,” which provides a transition election not to restate comparative periods for the effects of applying the new lease standard. This transition election permits entities to change the date of initial application to the beginning of the year of adoption and to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected this transition approach, however the cumulative impact of adoption in the opening balance of retained earnings as of January 1, 2019 was zero. The Company enters into lease agreements to support its operations. These agreements are for leases on assets such as office space, vehicles, field equipment and drilling rigs. Upon adoption, the Company recognized $35 million of right-of-use assets, of which approximately $19 million and $16 million relate to the Company’s operating and finance leases, respectively, and approximately $37 million of associated lease liabilities. See Note 9 for additional disclosures of the Company’s leases. In August 2018, the Securities and Exchange Commission (“SEC”) issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other disclosure requirements, U.S. GAAP or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The final rule amends numerous SEC rules, items and forms covering a diverse group of topics, including, but not limited to, changes in stockholders’ equity. The final rule extends the annual disclosure requirement in SEC Regulation S-X, Rule 3-04, of presenting changes in stockholders’ equity to interim periods. The registrants are required to analyze changes in stockholders’ equity in the form of a reconciliation for the current quarter and year-to-date interim periods and comparative periods in the prior year. As a result, the Company updated its presentation of the consolidated statements of stockholders’ equity to include comparative periods in the prior year. In addition, the final rule requires the presentation of dividends per share to be disclosed in the statement of stockholders’ equity. New accounting pronouncements issued but not yet adopted. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“Topic 326”), which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments–Credit Losses,” which makes amendments to clarify the scope of the guidance, including the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. This guidance is effective for fiscal years beginning after December 15, 2019, and early adoption is allowed as early as fiscal years beginning after December 15, 2018. The Company does not believe this new guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606” (“ASU 2018-18”), which, among other things, clarifies that (i) certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (ii) adds unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 and (iii) requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years and early adoption is permitted. The amendments in this update should be applied retrospectively to the date of initial application of Topic 606. An entity should recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity’s initial application of Topic 606. The Company is currently assessing the effect that ASU 2018-18 will have on its financial position, results of operations and disclosures. |
RSP acquisition |
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RSP Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSP Acquisition | Note 3. RSP Acquisition On July 19, 2018, the Company completed the acquisition of RSP Permian, Inc. (“RSP”) through an all-stock transaction (the “RSP Acquisition”) for approximately $7.5 billion. Purchase price allocation. The RSP Acquisition has been accounted for as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price of RSP to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill. Any value assigned to goodwill is not deductible for income tax purposes. The following table sets forth the Company’s preliminary purchase price allocation:
Pro forma data. The following unaudited pro forma combined condensed financial data for the three months ended March 31, 2018 was derived from the historical financial statements of the Company giving effect to the RSP Acquisition as if it had occurred on January 1, 2017. The below information reflects pro forma adjustments for the issuance of the Company’s common stock in exchange for RSP’s outstanding shares of common stock, as well as pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including (i) the Company’s common stock issued to convert RSP’s outstanding shares of common stock and equity awards as of the closing date of the RSP Acquisition, (ii) the depletion of RSP’s fair-valued proved oil and natural gas properties and (iii) the estimated tax impacts of the pro forma adjustments. The pro forma results of operations do not include any cost savings or other synergies that may result from the RSP Acquisition. The pro forma financial data does not include the pro forma results of operations for any other acquisitions made during the period. The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the RSP Acquisition taken place on January 1, 2017 and is not intended to be a projection of future results.
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Other acquisitions, divestitures and nonmonetary transactions |
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Mar. 31, 2019 | |
Acquisitions, Divestitures, And Non-Monetary Transactions [Abstract] | |
Acquisitions, divestitures and nonmonetary transactions | Note 4. Other acquisitions, divestitures and nonmonetary transactions During the three months ended March 31, 2018, the Company closed the following transactions: February 2018 acquisition and divestiture. In February 2018, the Company closed an acquisition treated as a business combination where it received producing wells along with approximately 21,000 net acres, primarily located in the Midland Basin. As consideration for the non-cash acquisition, the Company divested of certain producing wells and approximately 34,000 net acres located primarily in the northern portion of the Delaware Basin. The business acquired was valued at approximately $755 million as compared to the historical book value of the divested assets of approximately $180 million, which resulted in a non-cash gain of approximately $575 million, included in gain on disposition of assets, net on the Company’s consolidated statement of operations for the three months ended March 31, 2018. Delaware Basin divestitures. In January 2018, the Company closed on two asset divestitures of certain non-core assets in Reeves and Ward Counties, Texas, with combined proceeds of approximately $280 million. After direct transaction costs, the Company recorded a pre-tax gain of approximately $134 million, which is included in gain on disposition of assets, net on its consolidated statement of operations for the three months ended March 31, 2018. The assets divested included proved and unproved oil and natural gas properties on approximately 20,000 net acres. Nonmonetary transactions. During the three months ended March 31, 2018, the Company completed multiple nonmonetary transactions. These transactions included exchanges of both proved and unproved oil and natural gas properties. Certain of these transactions were accounted for at fair value and, as a result, the Company recorded pre-tax gains of approximately $14 million, included in gain on disposition of assets, net on the Company’s consolidated statement of operations for the three months ended March 31, 2018. |
Stock incentive plan |
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Stock incentive plan | Note 5. Stock incentive plan The Company’s 2015 Stock Incentive Plan (“the Plan”) provides for granting stock options, restricted stock awards and performance unit awards to directors, officers and employees of the Company. The restricted stock awards vest over a period ranging from one to ten years. The holders of unvested restricted stock awards have voting rights and the right to receive dividends. In January 2019, the Company granted 212,947 performance unit awards. Included in this grant were 38,952 performance unit awards granted to certain officers, of which 19,476 have a three-year performance period and 19,476 have a five-year performance period. At the end of each performance period, each performance unit award will convert into a restricted stock award with the number of shares determined based upon performance criteria, which will then vest at a rate of 20 percent per year commencing on the sixth anniversary of the grant date. The total number of units converted to restricted stock awards will depend on the Company’s performance at the end of each performance period. All other performance unit awards have a three-year performance period. Shares issued as a result of awards granted under the Plan are generally new common shares. A summary of the Company’s restricted stock shares and performance unit activity under the Plan for the three months ended March 31, 2019 is presented below:
The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at March 31, 2019:
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Disclosures about fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures about fair value measurements | Note 6. Disclosures about fair value measurements The Company uses a valuation framework based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. These two types of inputs are further prioritized into the following fair value input hierarchy: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 2 instruments primarily include non-exchange traded derivatives such as over-the-counter commodity price swaps, basis swaps, collars and floors, investments and interest rate swaps. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value, (iii) current market and contractual prices for the underlying instruments and (iv) volatility factors, as well as other relevant economic measures. Level 3: Prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value, (iii) current market and contractual prices for the underlying instruments and (iv) volatility factors, as well as other relevant economic measures. Financial Assets and Liabilities Measured at Fair Value The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018:
Credit facility. The carrying amount of the Company’s credit facility, as amended and restated (the “Credit Facility”), approximates its fair value, as the applicable interest rates are variable and reflective of market rates. Senior notes. The fair values of the Company’s senior notes are based on quoted market prices. The debt securities are not actively traded and, therefore, are classified as Level 2 in the fair value hierarchy. Other financial assets and liabilities. The Company has other financial instruments consisting primarily of receivables, payables and other current assets and liabilities. The carrying amounts approximate fair value due to the short maturity of these instruments. Derivative instruments. The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018. The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets.
Concentrations of credit risk. At March 31, 2019, the Company’s primary concentrations of credit risk are the risk of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations. The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set-off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not in default may set off all derivative liabilities owed to the defaulting party against all derivative asset receivables from the defaulting party. See Note 7 for additional information regarding the Company’s derivative activities and counterparties. |
Derivative financial instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Note 7. Derivative financial instruments The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to (i) reduce the effect of the volatility of price changes on the oil and natural gas the Company produces and sells, (ii) support the Company’s capital budget and expenditure plans and (iii) support the economics associated with acquisitions. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company also enters into fixed-price forward physical power purchase contracts to manage the volatility of the price of power needed for ongoing operations. The Company may also enter into physical delivery contracts to effectively provide commodity price hedges. Because these physical contracts are not expected to be net cash settled, the Company has elected normal purchase or normal sale treatment and records these contracts at cost. The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. The following table summarizes the amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2019 and 2018:
Commodity derivative contracts. The following table sets forth the Company’s outstanding derivative contracts at March 31, 2019. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2019 are expected to settle by December 31, 2021.
Derivative counterparties. The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. The Company is not required to provide credit support or collateral to any counterparties under its derivative contracts, nor are they required to provide credit support to the Company. |
Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Note 8. Debt The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018:
Credit facility. The Company’s Credit Facility has a maturity date of May 9, 2022. At March 31, 2019, the Company’s commitments from its bank group were $2.0 billion, of which $1.4 billion was unused commitments, net of letters of credit. During the three months ended March 31, 2019, the weighted average interest rate on the Credit Facility was 4.4 percent. At March 31, 2019, certain of the Company’s 100 percent owned subsidiaries were guarantors under the Credit Facility. Senior notes. Interest on the Company’s senior notes is paid in arrears semi-annually. The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company’s 100 percent owned subsidiaries, subject to customary release provisions as described in Note 13, and rank equally in right of payments with one another. At March 31, 2019, the Company was in compliance with the covenants under all of its debt instruments. Interest expense. The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2019 and 2018:
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Commitments and contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Note 9. Commitments and contingencies Legal actions. The Company is a party to proceedings and claims incidental to its business. Assessing contingencies is highly subjective and requires judgment about uncertain future events. When evaluating contingencies related to legal proceedings, the Company may be unable to estimate losses due to a number of factors, including potential defenses, the procedural status of the matter in question, the presence of complex legal and/or factual issues, the ongoing discovery and/or development of information important to the matter. For material matters that the Company believes an unfavorable outcome is reasonably possible, it would disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. The Company does not believe that the loss for any other litigation matters and claims that are reasonably possible to occur will have a material adverse effect on its financial position, results of operations or liquidity. The Company will continue to evaluate proceedings and claims involving the Company on a regular basis and will establish and adjust any estimated accruals as appropriate. Severance tax, royalty and joint interest audits. The Company is subject to routine severance, royalty and joint interest audits from regulatory bodies and non-operators and makes accruals as necessary for estimated exposure when deemed probable and estimable. Additionally, the Company is subject to various possible contingencies that arise primarily from interpretations affecting the oil and natural gas industry. Such contingencies include differing interpretations as to the prices at which oil and natural gas sales may be made, the prices at which royalty owners may be paid for production from their leases, allowable costs under joint interest arrangements and other matters. Although the Company believes that it has estimated its exposure with respect to the various laws and regulations, administrative rulings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued. Commitments. The Company periodically enters into contractual arrangements under which the Company is committed to expend funds. These contractual arrangements relate to purchase agreements the Company has entered into including water commitment agreements, throughput volume delivery commitments, fixed and variable power commitments, sand commitment agreements, fixed asset commitments and maintenance commitments. The Company’s drilling rig commitments are considered leases under ASU 2016-02 and are included within the tables under the “Leases” section below. The following table summarizes the Company’s commitments at March 31, 2019:
At March 31, 2019, the Company’s delivery commitments covered the following gross volumes of oil and natural gas:
Other commitments. In May 2018, the Company entered into a one-year term oil marketing contract with a third-party purchaser. The contract requires the Company to deliver not less than seven thousand barrels per day. Should there be a delivery shortfall in any given month, the Company retains an option to deliver the shortfall volume in any two subsequent months; however, failure to meet this volume delivery commitment would result in a penalty equal to the volume shortfall multiplied by the then market price for oil. If production is not sufficient to meet the sales commitment, the Company may purchase commodities in the market to satisfy its commitment. In January 2019, the Company entered into a firm sales agreement with a third-party purchaser. The purchaser provides integrated transportation and marketing optionality, including dock capacity in Corpus Christi, Texas. The agreement has a term that ends five years after the startup of Cactus II Pipeline system and requires the Company to deliver 50,000 barrels of oil per day that will receive waterborne market pricing. Leases. The Company leases office space, office equipment, drilling rigs, field equipment and vehicles. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The Company elected a practical expedient to not separate non-lease components from lease components for the following asset types: office space, office equipment, drilling rigs, and field equipment. The Company did not elect this practical expedient for vehicle leases. The following table provides supplemental consolidated balance sheet information related to leases at March 31, 2019:
The following table provides the components of lease cost, excluding lease cost related to short-term leases, for the three months ended March 31, 2019:
The Company’s short-term leases are comprised primarily of drilling rigs and certain field equipment. During the three months ended March 31, 2019, the Company’s gross lease cost related to its short-term leases was $94 million, of which $67 million was capitalized as part of oil and natural gas properties. A portion of these costs was reimbursed to the Company by other working interest owners. The following table summarizes supplemental cash flow information related to leases for the three months ended March 31, 2019:
The following table provides lease terms and discount rates related to leases at March 31, 2019:
The following table provides maturities of lease liabilities at March 31, 2019:
As discussed in Note 2, the Company elected a transition method to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. Per ASU 2016-02, an entity electing this transition method should provide the required disclosures under Topic 840 for all periods that continue to be in accordance with Topic 840. As such, the Company included the future minimum lease commitments table below as of December 31, 2018. In addition, lease payments associated with these operating leases were $3 million for the three months ended March 31, 2018. Future minimum lease commitments under non-cancellable leases at December 31, 2018 were as follows:
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Income taxes |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 10. Income taxes
The Company’s provision for income taxes is based on the estimated annual effective tax rate plus discrete items. For the three months ended March 31, 2019 and 2018, the Company recorded an income tax benefit of approximately $194 million and an income tax expense of approximately $254 million, respectively. The change is primarily due to the pre-tax loss for the three months ended March 31, 2019 as compared to the pre-tax income for the three months ended March 31, 2018. The effective income tax rates were 22 percent and 23 percent for the three months ended March 31, 2019 and 2018, respectively. The difference between the Company’s effective tax rates for the three months ended March 31, 2019 as compared to 2018 is primarily due to the research and development credit, net of unrecognized tax benefits, partially offset by the impact of other items. The Company recorded a discrete income tax benefit related to stock-based awards of approximately $2 million for each of the three months ended March 31, 2019 and 2018. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based upon the technical merits of the position. At December 31, 2018, the Company had cumulative unrecognized tax benefits of approximately $63 million, primarily related to research and development credits. As of March 31, 2019, the Company estimated an increase in cumulative unrecognized tax benefits for the 2019 tax year of approximately $16 million. If all or a portion of the unrecognized tax benefit is sustained upon examination by the taxing authorities, the tax benefit will be recognized as a reduction to the Company's deferred tax liability and will affect the Company's effective tax rate in the period recognized. The timing as to when the Company will substantially resolve the uncertainties associated with the unrecognized tax benefit is uncertain |
Related party transactions |
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Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 11. Related party transactions The Company paid royalties on certain properties to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest. At March 31, 2019, the Company had an ownership interest in an entity that operates and manages various water infrastructure assets located in the Permian Basin and accounts for this investment using the equity method. The Company also has a water management services agreement with this entity under which the Company pays a fee for each barrel of produced water. The payments to the Company’s related parties totaled approximately $6 million and $1 million for the three months ended March 31, 2019 and 2018, respectively. |
Earnings per share |
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Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Note 12. Earnings per share The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested share-based awards qualify as participating securities. The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Company’s earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three months ended March 31, 2019 and 2018, respectively, under the two-class method:
The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018:
The following table is a summary of the performance units that were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive:
Performance unit awards. The number of shares of common stock that will ultimately be issued for performance units will be determined by a combination of (i) comparing the Company’s total shareholder return relative to the total shareholder return of a predetermined group of peer companies at the end of the performance period and (ii) the Company’s absolute total shareholder return at the end of the performance period. The performance period on these awards can range from three to five years. The actual payout of shares will be between zero and 300 percent. See Note 5 for additional information on performance unit awards. |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary guarantors | Note 13. Subsidiary guarantors At March 31, 2019, certain of the Company’s 100 percent owned subsidiaries have fully and unconditionally guaranteed the Company’s senior notes. The indentures governing the Company’s senior notes provide that the guarantees of its subsidiary guarantors will be released in certain customary circumstances including (i) in connection with any sale, exchange or other disposition, whether by merger, consolidation or otherwise, of the capital stock of that guarantor to a person that is not the Company or a restricted subsidiary of the Company, such that, after giving effect to such transaction, such guarantor would no longer constitute a subsidiary of the Company, (ii) in connection with any sale, exchange or other disposition (other than a lease) of all or substantially all of the assets of that guarantor to a person that is not the Company or a restricted subsidiary of the Company, (iii) upon the merger of a guarantor into the Company or any other guarantor or the liquidation or dissolution of a guarantor, (iv) if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the indenture, (v) upon legal defeasance or satisfaction and discharge of the indenture and (vi) upon written notice of such release or discharge by the Company to the trustee following the release or discharge of all guarantees by such guarantor of any indebtedness that resulted in the creation of such guarantee, except a discharge or release by or as a result of payment under such guarantee. See Note 8 for a summary of the Company’s senior notes. In accordance with practices accepted by the SEC, the Company has prepared condensed consolidating financial statements in order to quantify the assets, results of operations and cash flows of such subsidiaries as subsidiary guarantors. In addition, certain of the Company’s subsidiaries do not guarantee the Company’s senior notes and are included in the Company’s consolidated financial statements. These entities are 100 percent owned subsidiaries and are referred to as a “Subsidiary Non-Guarantor” in the tables below. The Company’s less than 100 percent owned subsidiaries, primarily equity method investments, do not guarantee the Company’s senior notes. The following condensed consolidating balance sheets at March 31, 2019 and December 31, 2018, condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guarantors are not restricted from making distributions to the Company.
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Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | Note 14. Subsequent events Oryx divestiture. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests. The Company expects to receive approximately $300 million, net of closing costs, for its 23.75 percent membership interest. Midstream joint venture. In April 2019, the Company entered into a midstream joint venture, Beta Holding Company, LLC (“Beta Holding”), to construct a pipeline to gather and transport oil production in the Midland Basin. The Company also entered into a ten-year dedication agreement with an affiliate of Beta Holding to transport the Company’s oil production in the Midland Basin. The Company owns a 50 percent membership interest in Beta Holding. 2019 dividends. On April 30, 2019, the Company’s board of directors approved a cash dividend of $0.125 per share for the second quarter of 2019 that is expected to be paid on June 28, 2019 to stockholders of record as of May 10, 2019. New commodity derivative contracts. After March 31, 2019, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production
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Supplementary Information |
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Supplementary Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary information | Note 15. Supplementary information Capitalized costs
Costs incurred for oil and natural gas producing activities
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Basis of presentation and summary of significant accounting policies (Policies) |
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Mar. 31, 2019 | |
Basis of presentation and summary of significant accounting policies [Abstract] | |
Principles of consolidation | Principles of consolidation. The consolidated financial statements of the Company include the accounts of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated. |
Reclassifications | Reclassifications. Certain prior period amounts have been reclassified to conform to the 2019 presentation. These reclassifications had no impact on net income (loss), total assets, liabilities and stockholders’ equity or total cash flows. |
Use of estimates in the preparation of financial statements | Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved oil and natural gas reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, goodwill, fair value of stock-based compensation, fair value of business combinations, fair value of nonmonetary transactions, fair value of derivative financial instruments and income taxes. |
Interim financial statements | Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2018 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these consolidated financial statements. Accordingly, these condensed notes to the consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2018 Form 10-K. |
Equity method investments | Equity method investments. The Company accounts for its equity method investments under the equity method of accounting and includes the investment balance in other assets on the consolidated balance sheets. Gains and losses incurred from the Company’s equity investments are recorded in other income (expense) on the consolidated statements of operations. At March 31, 2019, the Company owned a 23.75 percent membership interest in Oryx Southern Delaware Holdings, LLC (“Oryx”), an entity that operates a crude oil gathering and transportation system in the Delaware Basin. In February 2018, Oryx obtained a term loan of $800 million. The proceeds were used in part to fund a cash distribution to its equity holders, of which the Company received a distribution of approximately $157 million. Of this amount, approximately $54 million fully offset the Company’s net investment in Oryx. The remaining distribution of approximately $103 million was recorded in other income (expense) on the Company’s consolidated statement of operations since the lenders to the term loan do not have recourse against the Company, and the Company has no contractual obligation to repay the distribution. The Company’s net investment in Oryx was zero at March 31, 2019 and December 31, 2018. The Company did not record income or loss on the Oryx investment for the three months ended March 31, 2019, as cumulative net income had yet to exceed the distribution in excess of the Company’s investment. In April 2019, Oryx entered into an agreement to sell 100 percent of its equity interests, which included the Company’s 23.75 percent membership interest. |
Litigation contingencies | Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In each reporting period, the Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. The amount of any resulting losses may differ from these estimates. An accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable. See Note 9 for additional information. |
Revenue recognition | Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s consolidated statements of operations. All revenues are recognized in the geographical region of the Permian Basin. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” (“ASC 606”). Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2019 and December 31, 2018, the Company had receivables related to contracts with customers of approximately $530 million and $466 million, respectively. Oil Contracts. The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing which is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the differentials are included in oil sales on the consolidated statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in gathering, processing and transportation on the Company’s consolidated statements of operations as they represent payment for services performed outside of the contract with the customer. Natural Gas Contracts. The majority of the Company’s natural gas is sold at the lease location, which is generally when control of the natural gas has been transferred to the purchaser. The natural gas is sold under (i) percentage of proceeds processing contracts, (ii) fee-based contracts or (iii) a hybrid of percentage of proceeds and fee-based contracts. Under the majority of the Company’s contracts, the purchaser gathers the natural gas in the field where it is produced and transports it via pipeline to natural gas processing plants where natural gas liquid products are extracted. The natural gas liquid products and remaining residue gas are then sold by the purchaser. Under the percentage of proceeds and hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the value for the extracted liquids and the residue gas. Under the fee-based contracts, the Company receives natural gas liquids and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those costs, revenue is recognized on a gross basis, and the related costs are classified in gathering, processing and transportation on the Company’s consolidated statements of operations. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. |
General and administrative expense | General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties during the drilling and production phases and records such reimbursements as reductions to general and administrative expense. Such fees totaled approximately $4 million for each of the three months ended March 31, 2019 and 2018. |
Recently adopted accounting pronouncements and new accounting pronouncements issued but not yet adopted | Recently adopted accounting pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires all leases with a term greater than one year to be recognized on the consolidated balance sheet while maintaining similar classifications for finance and operating leases. Lease expense recognition on the consolidated statements of operations was effectively unchanged. The Company adopted this guidance on January 1, 2019. The Company made policy elections not to capitalize short-term leases for all asset classes and not to separate non-lease components from lease components for all asset classes except for vehicles. The Company also did not elect the package of practical expedients that allowed for certain considerations under the original “Leases (Topic 840)” accounting standard (“Topic 840”) to be carried forward upon adoption of ASU 2016-02. In January 2018, the FASB issued ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” which provides an optional practical expedient not to evaluate land easements that existed or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases under Topic 840. The Company enters into land easements on a routine basis as part of its ongoing operations and has many such agreements currently in place; however, the Company does not currently account for any land easements under Topic 840. As this guidance serves as an amendment to ASU 2016-02, the Company elected this practical expedient, which became effective upon the date of adoption of ASU 2016-02. The Company will assess any new land easements to determine whether the arrangement should be accounted for as a lease. In July 2018, the FASB issued ASU No. 2018-11, “Targeted Improvements,” which provides a transition election not to restate comparative periods for the effects of applying the new lease standard. This transition election permits entities to change the date of initial application to the beginning of the year of adoption and to recognize the effects of applying the new standard as a cumulative-effect adjustment to the opening balance of retained earnings. The Company elected this transition approach, however the cumulative impact of adoption in the opening balance of retained earnings as of January 1, 2019 was zero. The Company enters into lease agreements to support its operations. These agreements are for leases on assets such as office space, vehicles, field equipment and drilling rigs. Upon adoption, the Company recognized $35 million of right-of-use assets, of which approximately $19 million and $16 million relate to the Company’s operating and finance leases, respectively, and approximately $37 million of associated lease liabilities. See Note 9 for additional disclosures of the Company’s leases. In August 2018, the Securities and Exchange Commission (“SEC”) issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other disclosure requirements, U.S. GAAP or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The final rule amends numerous SEC rules, items and forms covering a diverse group of topics, including, but not limited to, changes in stockholders’ equity. The final rule extends the annual disclosure requirement in SEC Regulation S-X, Rule 3-04, of presenting changes in stockholders’ equity to interim periods. The registrants are required to analyze changes in stockholders’ equity in the form of a reconciliation for the current quarter and year-to-date interim periods and comparative periods in the prior year. As a result, the Company updated its presentation of the consolidated statements of stockholders’ equity to include comparative periods in the prior year. In addition, the final rule requires the presentation of dividends per share to be disclosed in the statement of stockholders’ equity. New accounting pronouncements issued but not yet adopted. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“Topic 326”), which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments–Credit Losses,” which makes amendments to clarify the scope of the guidance, including the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. This guidance is effective for fiscal years beginning after December 15, 2019, and early adoption is allowed as early as fiscal years beginning after December 15, 2018. The Company does not believe this new guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606” (“ASU 2018-18”), which, among other things, clarifies that (i) certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (ii) adds unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 and (iii) requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years and early adoption is permitted. The amendments in this update should be applied retrospectively to the date of initial application of Topic 606. An entity should recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity’s initial application of Topic 606. The Company is currently assessing the effect that ASU 2018-18 will have on its financial position, results of operations and disclosures. |
RSP acquisition (Tables) |
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Purchase Price Allocation | The following table sets forth the Company’s preliminary purchase price allocation:
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Schedule of Pro Forma Information | The pro forma results of operations do not include any cost savings or other synergies that may result from the RSP Acquisition. The pro forma financial data does not include the pro forma results of operations for any other acquisitions made during the period. The pro forma combined condensed financial data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the RSP Acquisition taken place on January 1, 2017 and is not intended to be a projection of future results.
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Stock incentive plan (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted stock shares and preformance unit activity | A summary of the Company’s restricted stock shares and performance unit activity under the Plan for the three months ended March 31, 2019 is presented below:
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Future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding | The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at March 31, 2019:
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Disclosures about fair value measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts and fair values of the Company's financial instruments | The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018:
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Net basis derivative fair values as reported in the consolidated balance sheets | The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018. The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets.
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Derivative financial instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the gains and losses reported in earnings related to the commodity derivative instruments | The following table summarizes the amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2019 and 2018:
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Company's outstanding derivative contracts | The following table sets forth the Company’s outstanding derivative contracts at March 31, 2019. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2019 are expected to settle by December 31, 2021.
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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's debt | The Company’s debt consisted of the following at March 31, 2019 and December 31, 2018:
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Interest expense | The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2019 and 2018:
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Commitments and contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Company's future commitments | The following table summarizes the Company’s commitments at March 31, 2019:
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Oil and natural gas delivery commitments | At March 31, 2019, the Company’s delivery commitments covered the following gross volumes of oil and natural gas:
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Supplemental balance sheet information related to leases | The following table provides supplemental consolidated balance sheet information related to leases at March 31, 2019:
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Components of lease expense | The following table provides the components of lease cost, excluding lease cost related to short-term leases, for the three months ended March 31, 2019:
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Supplemental cash flow information related to leases | The following table summarizes supplemental cash flow information related to leases for the three months ended March 31, 2019:
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Lease terms and discount rates related to leases | The following table provides lease terms and discount rates related to leases at March 31, 2019:
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Maturity and present value of lease liabilities | The following table provides maturities of lease liabilities at March 31, 2019:
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Future minimum lease commitments under non-cancellable operating leases | Future minimum lease commitments under non-cancellable leases at December 31, 2018 were as follows:
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Earnings per share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of earnings attributable to common shares, basic and diluted | The following table reconciles the Company’s earnings (loss) from operations and earnings (loss) attributable to common stockholders to the basic and diluted earnings (loss) used to determine the Company’s earnings (loss) per share amounts for the three months ended March 31, 2019 and 2018, respectively, under the two-class method:
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Reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding | The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2019 and 2018:
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Summary of the performance units that were not included in the computation of diluted net income per share | The following table is a summary of the performance units that were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive:
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Subsidiary guarantors (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | The following condensed consolidating balance sheets at March 31, 2019 and December 31, 2018, condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guarantors are not restricted from making distributions to the Company.
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Condensed Consolidating Statement of Operations | The following condensed consolidating balance sheets at March 31, 2019 and December 31, 2018, condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guarantors are not restricted from making distributions to the Company.
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Condensed Consolidating Statement of Cash Flows | The following condensed consolidating balance sheets at March 31, 2019 and December 31, 2018, condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in non-guarantor subsidiaries under the equity method), financial information for the subsidiary non-guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors and subsidiary non-guarantors are not restricted from making distributions to the Company.
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Subsequent Events (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New commodity derivative contracts | After March 31, 2019, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production:
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Supplementary Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized costs | Capitalized costs
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Costs incurred for oil and natural gas producing activities | Costs incurred for oil and natural gas producing activities
|
RSP Acquisition (Narrative) (Details) - RSP Permian [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 19, 2018 |
Mar. 31, 2019 |
|
Business Acquisition [Line Items] | ||
Acquisition close date | Jul. 19, 2018 | |
Consideration paid | $ 7,549 |
RSP Acquisition (Purchase Price Allocation) (Details) - USD ($) $ in Millions |
Jul. 19, 2018 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Implied goodwill | $ 2,229 | $ 2,224 | |
RSP Permian [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 7,549 | ||
Accounts payable - trade | 48 | ||
Accrued drilling costs | 79 | ||
Current derivative instruments | 10 | ||
Other current liabilities | 124 | ||
Long-term debt | 1,758 | ||
Deferred income taxes | 514 | ||
Asset retirement obligations | 20 | ||
Noncurrent derivative instruments | 5 | ||
Total liabilities assumed | 2,558 | ||
Accounts receivable | 194 | ||
Current derivative instruments | 36 | ||
Other current assets | 21 | ||
Proved oil and natural gas properties | 4,055 | ||
Unproved oil and natural gas properties | 3,565 | ||
Other property and equipment | 5 | ||
Noncurrent derivative instruments | 2 | ||
Implied goodwill | 2,229 | ||
Total assets acquired | $ 10,107 |
RSP Acquisition (Schedule Of Pro Forma Information) (Details) - RSP Permian [Member] $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
$ / shares
| |
Business Acquisition [Line Items] | |
Operating revenues | $ | $ 1,226 |
Net income | $ | $ 931 |
Earnings per share, Basic net income | $ / shares | $ 4.66 |
Earnings per share, Diluted net income | $ / shares | $ 4.64 |
Other Aquisitions, Divestitures And Nonmonetary Transactions (Narrative) (Details) $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2018
USD ($)
a
|
Jan. 31, 2018
USD ($)
a
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
|
|
Business Acquisition [Line Items] | ||||
Pre-tax gain (loss) | $ 1 | $ 723 | ||
February 2018 Acquisition Divestiture [Member] | ||||
Business Acquisition [Line Items] | ||||
Net acreage | a | 21,000 | |||
Pre-tax gain (loss) | 575 | |||
Fair value of acquired assets | $ 755 | |||
Book value of divested assets | $ 180 | |||
February 2018 Acquisition Divestiture [Member] | Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Exchange [Member] | ||||
Business Acquisition [Line Items] | ||||
Net acreage | a | 34,000 | |||
Delaware Basin [Member] | ||||
Business Acquisition [Line Items] | ||||
Net acreage | a | 20,000 | |||
Pre-tax gain (loss) | 134 | |||
Net proceeds from divestiture | $ 280 | |||
Nonmonetary Transactions [Member] | ||||
Business Acquisition [Line Items] | ||||
Pre-tax gain (loss) | $ 14 |
Stock incentive Plan (Narrative) (Details) - shares |
1 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2019 |
Mar. 31, 2019 |
||||||||
Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Awards granted | [1] | 235,082 | |||||||
Performance Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Awards granted | 212,947 | 212,947 | [2],[3] | ||||||
Performance Units [Member] | Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Awards granted | 38,952 | ||||||||
Performance Units [Member] | Three Year Vesting Period [Member] | Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Awards granted | 19,476 | ||||||||
Vesting percentage | 20.00% | ||||||||
Performance Units [Member] | Five Year Vesting Period [Member] | Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Awards granted | 19,476 | ||||||||
Vesting percentage | 20.00% | ||||||||
Other Performance Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Maximum [Member] | Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 10 years | ||||||||
|
Stock Incentive Plan (Summary Of Restricted Stock Shares and Performance Unit Activity) (Details) - $ / shares |
1 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2019 |
Mar. 31, 2019 |
||||||||
Restricted Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Outstanding at beginning of period | 1,364,699 | 1,364,699 | |||||||
Awards granted | [1] | 235,082 | |||||||
Awards cancelled / forfeited | (14,947) | ||||||||
Lapse of restrictions | (146,048) | ||||||||
Outstanding at end of period | 1,438,786 | ||||||||
Awards granted - Weighted average grant date fair value per share / unit | $ 105.52 | ||||||||
Performance Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Outstanding at beginning of period | 218,391 | 218,391 | |||||||
Awards granted | 212,947 | 212,947 | [2],[3] | ||||||
Awards cancelled / forfeited | 0 | ||||||||
Lapse of restrictions | 0 | ||||||||
Outstanding at end of period | 431,338 | ||||||||
Awards granted - Weighted average grant date fair value per share / unit | $ 144.03 | ||||||||
|
Stock Incentive Plan (Summary For Future Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 24 | $ 17 |
Remaining 2019 And Thereafter [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 140 | |
Remaining 2019 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 61 | |
2020 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 48 | |
2021 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 22 | |
2022 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 4 | |
2023 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 2 | |
2024 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 1 | |
Thereafter [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 2 |
Disclosures About Fair Value Measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||
Fair Value Disclosure Item Amounts [Domain] | 4.375% senior notes due 2025 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Face amount of debt | $ 600 | ||||||
Interest rate | 4.375% | ||||||
Debt maturity year | 2025 | ||||||
Fair Value Disclosure Item Amounts [Domain] | 3.75% senior notes due 2027 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Face amount of debt | $ 1,000 | ||||||
Interest rate | 3.75% | ||||||
Debt maturity year | 2027 | ||||||
Fair Value Disclosure Item Amounts [Domain] | 4.3% senior notes due 2028 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Face amount of debt | $ 1,000 | ||||||
Interest rate | 4.30% | ||||||
Debt maturity year | 2028 | ||||||
Fair Value Disclosure Item Amounts [Domain] | 4.875% senior notes due 2047 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Face amount of debt | $ 800 | ||||||
Interest rate | 4.875% | ||||||
Debt maturity year | 2047 | ||||||
Fair Value Disclosure Item Amounts [Domain] | 4.85% senior notes due 2048 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Face amount of debt | $ 600 | ||||||
Interest rate | 4.85% | ||||||
Debt maturity year | 2048 | ||||||
Derivative instruments, Assets | $ 3 | $ 695 | |||||
Derivative instruments, Liabilities | 367 | 0 | |||||
Credit facility | 615 | 242 | |||||
4.375% senior notes due 2025 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | 617 | 591 | |||||
Face amount of debt | [1] | $ 600 | $ 600 | ||||
Interest rate | 4.375% | 4.375% | |||||
Debt maturity year | 2025 | ||||||
3.75% senior notes due 2027 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | $ 991 | $ 939 | |||||
Face amount of debt | $ 1,000 | $ 1,000 | |||||
Interest rate | 3.75% | 3.75% | |||||
Debt maturity year | 2027 | ||||||
4.3% senior notes due 2028 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | $ 1,033 | $ 980 | |||||
Face amount of debt | $ 1,000 | $ 1,000 | |||||
Interest rate | 4.30% | 4.30% | |||||
Debt maturity year | 2028 | ||||||
4.875% senior notes due 2047 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | $ 849 | $ 761 | |||||
Face amount of debt | $ 800 | $ 800 | |||||
Interest rate | 4.875% | 4.875% | |||||
Debt maturity year | 2047 | ||||||
4.85% senior notes due 2048 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | $ 634 | $ 573 | |||||
Face amount of debt | $ 600 | $ 600 | |||||
Interest rate | 4.85% | 4.85% | |||||
Debt maturity year | 2048 | ||||||
Carrying Reported Amount Fair Value Disclosure [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative instruments, Assets | $ 3 | $ 695 | |||||
Derivative instruments, Liabilities | 367 | 0 | |||||
Credit facility | 615 | 242 | |||||
Carrying Reported Amount Fair Value Disclosure [Member] | 4.375% senior notes due 2025 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | [2] | 594 | 594 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | 3.75% senior notes due 2027 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | [2] | 989 | 989 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | 4.3% senior notes due 2028 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | [2] | 988 | 988 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | 4.875% senior notes due 2047 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | [2] | 789 | 789 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | 4.85% senior notes due 2048 | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Senior notes | [2] | $ 592 | $ 592 | ||||
|
Disclosures About Fair Value Measurements (Company's Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative, Fair Value, Net | $ (364) | $ 695 |
Commodity Derivative [Member] | Derivative Asset Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 57 | 543 |
Derivative Asset, Fair Value, Gross Liability | (56) | (59) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1 | 484 |
Commodity Derivative [Member] | Derivative Asset Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 29 | 243 |
Derivative Asset, Fair Value, Gross Liability | (27) | (32) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2 | 211 |
Commodity Derivative [Member] | Derivative Liability Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (348) | (59) |
Derivative Liability, Fair Value, Gross Asset | 56 | 59 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (292) | 0 |
Commodity Derivative [Member] | Derivative Liability Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (102) | (32) |
Derivative Liability, Fair Value, Gross Asset | 27 | 32 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (75) | 0 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative, Fair Value, Net | (364) | 695 |
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 57 | 543 |
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 29 | 243 |
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (348) | (59) |
Fair Value Inputs Level 2 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (102) | (32) |
Fair Value Inputs Level 3 [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Asset Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Asset Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Liability Current [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Commodity Derivative [Member] | Derivative Liability Noncurrent [Member] | ||
Fair Value Of Derivatives Disclosure Information [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Derivative Financial Instruments (Summary Of The Gains And Losses Reported In Earnings Related To The Commodity Derivative Instruments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items] | ||
Gain (loss) on derivatives | $ (1,059) | $ (35) |
Net settlements received from (paid on) derivatives | 0 | (112) |
Oil Commodity Derivative [Member] | ||
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items] | ||
Gain (loss) on derivatives | (1,056) | (33) |
Net settlements received from (paid on) derivatives | 3 | (113) |
Natural Gas Commodity Derivative [Member] | ||
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items] | ||
Gain (loss) on derivatives | (3) | (2) |
Net settlements received from (paid on) derivatives | $ (3) | $ 1 |
Derivative Financial Instruments (Outstanding Commodity Derivative Contracts) (Details) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2019
MMBTU
$ / bbl
$ / MMBTU
bbl
| ||||||||
Oil Price Swaps 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 39,722,750 | [1] | ||||||
Price | 56.33 | [1] | ||||||
Oil Price Swaps Q2 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 15,112,750 | [1] | ||||||
Price | 56.59 | [1] | ||||||
Oil Price Swaps Q3 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 13,378,000 | [1] | ||||||
Price | 56.41 | [1] | ||||||
Oil Price Swaps Q4 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 11,232,000 | [1] | ||||||
Price | 55.88 | [1] | ||||||
Oil Price Swaps 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 39,340,000 | [1] | ||||||
Price | 57.21 | [1] | ||||||
Oil Price Swaps Q1 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 10,502,500 | [1] | ||||||
Price | 57.28 | [1] | ||||||
Oil Price Swaps Q2 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 10,166,500 | [1] | ||||||
Price | 57.24 | [1] | ||||||
Oil Price Swaps Q3 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 9,453,000 | [1] | ||||||
Price | 57.18 | [1] | ||||||
Oil Price Swaps Q4 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 9,218,000 | [1] | ||||||
Price | 57.14 | [1] | ||||||
Oil Price Swaps 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 8,392,000 | [1] | ||||||
Price | 54.54 | [1] | ||||||
Oil Price Swaps Q1 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,160,000 | [1] | ||||||
Price | 54.57 | [1] | ||||||
Oil Price Swaps Q2 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,184,000 | [1] | ||||||
Price | 54.57 | [1] | ||||||
Oil Price Swaps Q3 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,024,000 | [1] | ||||||
Price | 54.5 | [1] | ||||||
Oil Price Swaps Q4 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,024,000 | [1] | ||||||
Price | 54.5 | [1] | ||||||
Oil Costless Collars 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 3,406,250 | [1] | ||||||
Oil Costless Collars 2019 [Member] | Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 55.76 | [1] | ||||||
Oil Costless Collars 2019 [Member] | Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 63.5 | [1] | ||||||
Oil Costless Collars Q2 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 1,213,250 | [1] | ||||||
Oil Costless Collars Q2 2019 [Member] | Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 56.06 | [1] | ||||||
Oil Costless Collars Q2 2019 [Member] | Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 64 | [1] | ||||||
Oil Costless Collars Q3 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 1,135,000 | [1] | ||||||
Oil Costless Collars Q3 2019 [Member] | Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 55.74 | [1] | ||||||
Oil Costless Collars Q3 2019 [Member] | Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 63.47 | [1] | ||||||
Oil Costless Collars Q4 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 1,058,000 | [1] | ||||||
Oil Costless Collars Q4 2019 [Member] | Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 55.43 | [1] | ||||||
Oil Costless Collars Q4 2019 [Member] | Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Price | 62.95 | [1] | ||||||
Oil Basis Swaps 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 39,748,500 | [2] | ||||||
Price | (2.69) | [2] | ||||||
Oil Basis Swaps Q2 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 11,965,500 | [2] | ||||||
Price | (3.03) | [2] | ||||||
Oil Basis Swaps Q3 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 12,650,000 | [2] | ||||||
Price | (2.82) | [2] | ||||||
Oil Basis Swaps Q4 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 15,133,000 | [2] | ||||||
Price | (2.32) | [2] | ||||||
Oil Basis Swaps 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 43,445,000 | [2] | ||||||
Price | (0.65) | [2] | ||||||
Oil Basis Swaps Q1 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 13,013,000 | [2] | ||||||
Price | (0.53) | [2] | ||||||
Oil Basis Swaps Q2 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 10,192,000 | [2] | ||||||
Price | (0.7) | [2] | ||||||
Oil Basis Swaps Q3 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 10,120,000 | [2] | ||||||
Price | (0.71) | [2] | ||||||
Oil Basis Swaps Q4 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 10,120,000 | [2] | ||||||
Price | (0.71) | [2] | ||||||
Oil Basis Swaps 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 8,395,000 | [2] | ||||||
Price | 0.55 | [2] | ||||||
Oil Basis Swaps Q1 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,070,000 | [2] | ||||||
Price | 0.55 | [2] | ||||||
Oil Basis Swaps Q2 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,093,000 | [2] | ||||||
Price | 0.55 | [2] | ||||||
Oil Basis Swaps Q3 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,116,000 | [2] | ||||||
Price | 0.55 | [2] | ||||||
Oil Basis Swaps Q4 2021 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Volume | bbl | 2,116,000 | [2] | ||||||
Price | 0.55 | [2] | ||||||
Natural Gas Price Swaps 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 51,749,459 | [3] | ||||||
Price | $ / MMBTU | 2.87 | [3] | ||||||
Natural Gas Price Swaps Q2 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 17,241,387 | [3] | ||||||
Price | $ / MMBTU | 2.87 | [3] | ||||||
Natural Gas Price Swaps Q3 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 17,298,537 | [3] | ||||||
Price | $ / MMBTU | 2.87 | [3] | ||||||
Natural Gas Price Swaps Q4 2019 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 17,209,535 | [3] | ||||||
Price | $ / MMBTU | 2.87 | [3] | ||||||
Natural Gas Price Swaps 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 24,703,000 | [3] | ||||||
Price | $ / MMBTU | 2.7 | [3] | ||||||
Natural Gas Price Swaps Q1 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 6,233,500 | [3] | ||||||
Price | $ / MMBTU | 2.7 | [3] | ||||||
Natural Gas Price Swaps Q2 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 6,233,500 | [3] | ||||||
Price | $ / MMBTU | 2.7 | [3] | ||||||
Natural Gas Price Swaps Q3 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 6,118,000 | [3] | ||||||
Price | $ / MMBTU | 2.7 | [3] | ||||||
Natural Gas Price Swaps Q4 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Energy | MMBTU | 6,118,000 | [3] | ||||||
Price | $ / MMBTU | 2.7 | [3] | ||||||
|
Debt (Narrative) (Details) - Credit Facility [Member] $ in Billions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Debt Disclosure [Line Items] | |
Line of credit maturity date | May 09, 2022 |
Aggregate lender commitments | $ 2.0 |
Unused lender commitments | $ 1.4 |
Debt weighted average interest rate | 4.40% |
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|||
Debt Instrument [Line Items] | ||||
Credit facility | $ 615 | $ 242 | ||
Unamortized original issue premium (discount), net | (10) | (10) | ||
Senior notes issuance costs, net | (38) | (38) | ||
Less: current portion | 0 | 0 | ||
Total long-term debt | 4,567 | 4,194 | ||
4.375% senior notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | [1] | $ 600 | $ 600 | |
Interest rate | 4.375% | 4.375% | ||
Debt maturity year | 2025 | |||
4.375% senior notes due 2025 | January 15, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Callable price | 103.281% | |||
4.375% senior notes due 2025 | January 15, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Callable price | 102.188% | |||
4.375% senior notes due 2025 | January 15, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Callable price | 101.094% | |||
4.375% senior notes due 2025 | January 15, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Callable price | 100.00% | |||
3.75% senior notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 1,000 | $ 1,000 | ||
Interest rate | 3.75% | 3.75% | ||
Debt maturity year | 2027 | |||
4.3% senior notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 1,000 | $ 1,000 | ||
Interest rate | 4.30% | 4.30% | ||
Debt maturity year | 2028 | |||
4.875% senior notes due 2047 | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 800 | $ 800 | ||
Interest rate | 4.875% | 4.875% | ||
Debt maturity year | 2047 | |||
4.85% senior notes due 2048 | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | $ 600 | $ 600 | ||
Interest rate | 4.85% | 4.85% | ||
Debt maturity year | 2048 | |||
|
Debt (Summary Of Interest Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Disclosure Debt Summary Of Interest Expense [Abstract] | ||
Cash payments for interest | $ 63 | $ 18 |
Non-cash interest | 1 | 1 |
Net changes in accruals | (13) | 12 |
Interest costs incurred | 51 | 31 |
Less: capitalized interest | (4) | (1) |
Total interest expense | $ 47 | $ 30 |
Commitments And Contingencies (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
USD ($)
bbl / d
|
Mar. 31, 2018
USD ($)
|
|
Commitments [Line Items] | ||
Gross lease cost related to short-term leases | $ 94,000,000 | |
Short-term lease costs capitalized | $ 67,000,000 | |
Operating leases, lease payments | $ 3,000,000 | |
May 2018 Commitment [Member] | ||
Commitments [Line Items] | ||
Commitment term | 1 year | |
Shortfall makeup period | 2 months | |
May 2018 Commitment [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Daily production commitment (barrels per day) | bbl / d | 7,000 | |
January 2019 Commitment [Member] | ||
Commitments [Line Items] | ||
Commitment term | 5 years | |
Daily production commitment (barrels per day) | bbl / d | 50,000 |
Commitments And Contingencies (Summary Of The Company's Future Commitments) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Oil And Gas Delivery Commitments And Contracts [Line Items] | |
Remaining 2019 | $ 35 |
2020 | 75 |
2021 | 76 |
2022 | 36 |
2023 | 33 |
2024 | 34 |
Thereafter | 96 |
Total | $ 385 |
Commitments And Contingencies (Oil And Natural Gas Delivery Commitments) (Details) Mcf in Thousands, bbl in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
bbl
Mcf
| |
Oil [Member] | |
Long Term Purchase Commitment [Line Items] | |
Remaining 2019 | bbl | 12 |
2020 | bbl | 36 |
2021 | bbl | 39 |
2022 | bbl | 41 |
2023 | bbl | 33 |
2024 | bbl | 33 |
Thereafter | bbl | 114 |
Total | bbl | 308 |
Natural Gas [Member] | |
Long Term Purchase Commitment [Line Items] | |
Remaining 2019 | Mcf | 2,697 |
2020 | Mcf | 10,286 |
2021 | Mcf | 21,627 |
2022 | Mcf | 16,425 |
2023 | Mcf | 16,425 |
2024 | Mcf | 16,470 |
Thereafter | Mcf | 32,850 |
Total | Mcf | 116,780 |
Commitments And Contingencies (Supplemental Balance Sheet Information Related To Leases) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|||
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease right-of-use assets | $ 18 | |||
Finance lease right-of-use assets | 15 | |||
Total lease right-of-use assets | 33 | [1] | ||
Current operating lease liabilities | 7 | |||
Current finance lease liabilities | 6 | |||
Noncurrent operating lease liabilities | 13 | |||
Noncurrent finance lease laibilities | 10 | |||
Total lease liabilities | $ 36 | |||
|
Commitments And Contingencies (Components Of Lease Expense) (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019
USD ($)
| ||||
Lessee Lease Description [Line Items] | ||||
Finance lease cost | $ 2 | [1] | ||
Net lease cost | 4 | |||
General And Administrative [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease cost | $ 2 | |||
|
Commitments And Contingencies (Supplemental Cash Flow Information Related To Leases) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Cash paid for amounts included in measurement of lease liabilities, Operating cash flows from operating leases | $ 2 |
Cash paid for amounts included in measurement of lease liabilities, Financing cash flows from finance leases | 2 |
Right-of-use assets obtained in exchange for lease obligations, Operating leases | 0 |
Right-of-use assets obtained in exchange for lease obligations, Finance leases | $ 3 |
Commitments And Contingencies (Lease Terms And Discount Rates Related To Leases) (Details) |
Mar. 31, 2019 |
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average remaining lease term, Operating leases | 3 years 6 months |
Weighted average remaining lease term, Finance leases | 2 years 10 months 24 days |
Weighted average discount rate, Operating leases | 4.90% |
Weighted average discount rate, Finance leases | 4.40% |
Commitments And Contingencies (Maturity Of Lease Liabilities) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Remaining 2019 | $ 6 |
Operating Leases, 2020 | 8 |
Operating Leases, 2021 | 6 |
Operating Leases, 2022 | 1 |
Operating Leases, Thereafter | 1 |
Operating Leases, Total lease payments | 22 |
Finance Leases, Remaining 2019 | 5 |
Finance Leases, 2020 | 6 |
Finance Leases, 2021 | 4 |
Finance Leases, 2022 | 2 |
Finance Leases, Thereafter | 0 |
Finance Leases, Total lease payments | $ 17 |
Commitments and Contingencies (Present Value Of Lease Liabilities) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Total lease payments | $ 22 |
Operating Leases, Less: Interest | (2) |
Operating Leases, Present value of lease liabilities | 20 |
Finance Leases, Total lease payments | 17 |
Finance Leases, Less: Interest | (1) |
Finance Leases, Present value of lease liabilities | $ 16 |
Commitments And Contingencies (Future Minimum Lease Commitments Under Non-Cancellable Operating Leases) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 14 |
2020 | 12 |
2021 | 10 |
2022 | 3 |
2023 | 0 |
Thereafter | 1 |
Total | $ 40 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Disclosure Income Taxes Narrative [Abstract] | |||
Income tax (expense) benefit | $ 194 | $ (254) | |
Discrete income tax expense (benefit) | $ (2) | $ (2) | |
Effective tax rate | 22.00% | 23.00% | |
Unrecognized tax benefits that would impact effective tax rate | $ 63 | ||
Increase in unrecongized tax benefits for current year | $ 16 |
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Related Party Transaction [Line Items] | ||
Amounts paid | $ 6 | $ 1 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest in partnership | 3.50% |
Earnings Per Share (Narrative) (Details) - Performance Units [Member] |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Minimum [Member] | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Vesting period | 3 years |
Vesting percentage | 0.00% |
Maximum [Member] | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Vesting period | 5 years |
Vesting percentage | 300.00% |
Earnings Per Share (Reconciliation Of Earnings Attributable To Common Shares Basic And Diluted) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
Earnings Per Share Reconciliation [Abstract] | ||||
Net income (loss) as reported | $ (695) | $ 835 | ||
Participating basic earnings | [1] | 0 | (6) | |
Basic earnings (loss) attributable to common stockholders | (695) | 829 | ||
Reallocation of participating earnings | 0 | 0 | ||
Diluted earnings (loss) attributable to common stockholders | $ (695) | $ 829 | ||
|
Earnings Per Share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Disclosure Net Income Per Share Reconciliation Of The Weighted Average Common Shares Outstanding [Abstract] | ||
Basic | 199,148 | 147,925 |
Dilutive performance shares | 0 | 537 |
Diluted | 199,148 | 148,462 |
Earnings Per Share (Summary Of The Common Stock Options And Restricted Stock) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Performance Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive common shares | 324 | 0 |
Subsidiary Guarantors (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
ASSETS | ||||
Accounts receivable - related parties | $ 0 | $ 0 | ||
Other current assets | 1,027 | 1,409 | ||
Oil and natural gas properties, net | 22,421 | 22,005 | ||
Property and equipment, net | 350 | 308 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 2,229 | 2,224 | ||
Other long-term assets | 141 | 348 | ||
Total assets | 26,168 | 26,294 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable - related parties | 0 | 0 | ||
Other current liabilities | 1,660 | 1,356 | ||
Long-term debt | 4,567 | 4,194 | ||
Other long-term liabilities | 1,882 | 1,976 | ||
Equity | 18,059 | 18,768 | $ 9,738 | $ 8,915 |
Total liabilities and stockholders' equity | 26,168 | 26,294 | ||
Consolidating Entries [Member] | ||||
ASSETS | ||||
Accounts receivable - related parties | (18,518) | (18,155) | ||
Other current assets | 0 | 0 | ||
Oil and natural gas properties, net | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investment in subsidiaries | (5,629) | (5,411) | ||
Goodwill | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | (24,147) | (23,566) | ||
LIABILITIES AND EQUITY | ||||
Accounts payable - related parties | (18,518) | (18,155) | ||
Other current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Equity | (5,629) | (5,411) | ||
Total liabilities and stockholders' equity | (24,147) | (23,566) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
ASSETS | ||||
Accounts receivable - related parties | 18,518 | 18,155 | ||
Other current assets | 6 | 534 | ||
Oil and natural gas properties, net | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investment in subsidiaries | 5,629 | 5,411 | ||
Goodwill | 0 | 0 | ||
Other long-term assets | 15 | 224 | ||
Total assets | 24,168 | 24,324 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable - related parties | 0 | 0 | ||
Other current liabilities | 368 | 70 | ||
Long-term debt | 4,567 | 4,194 | ||
Other long-term liabilities | 1,174 | 1,292 | ||
Equity | 18,059 | 18,768 | ||
Total liabilities and stockholders' equity | 24,168 | 24,324 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
ASSETS | ||||
Accounts receivable - related parties | 0 | 0 | ||
Other current assets | 1,021 | 875 | ||
Oil and natural gas properties, net | 22,405 | 21,988 | ||
Property and equipment, net | 350 | 308 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 2,229 | 2,224 | ||
Other long-term assets | 126 | 124 | ||
Total assets | 26,131 | 25,519 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable - related parties | 18,502 | 18,138 | ||
Other current liabilities | 1,292 | 1,286 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 708 | 684 | ||
Equity | 5,629 | 5,411 | ||
Total liabilities and stockholders' equity | 26,131 | 25,519 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
ASSETS | ||||
Accounts receivable - related parties | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Oil and natural gas properties, net | 16 | 17 | ||
Property and equipment, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 16 | 17 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable - related parties | 16 | 17 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Equity | 0 | 0 | ||
Total liabilities and stockholders' equity | $ 16 | $ 17 |
Subsidiary Guarantors (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Condensed Financial Statements Captions [Line Items] | ||
Total operating revenues | $ 1,104 | $ 947 |
Total operating costs and expenses | (1,950) | 68 |
Income (loss) from operations | (846) | 1,015 |
Interest expense | (47) | (30) |
Other, net | 4 | 104 |
Income (loss) before income taxes | (889) | 1,089 |
Income tax (expense) benefit | 194 | (254) |
Net income (loss) | (695) | 835 |
Consolidation Eliminations [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Total operating revenues | 0 | 0 |
Total operating costs and expenses | 0 | 0 |
Income (loss) from operations | 0 | 0 |
Interest expense | 0 | 0 |
Other, net | (218) | (1,153) |
Income (loss) before income taxes | (218) | (1,153) |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | (218) | (1,153) |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Total operating revenues | 0 | 0 |
Total operating costs and expenses | (1,060) | (34) |
Income (loss) from operations | (1,060) | (34) |
Interest expense | (47) | (30) |
Other, net | 218 | 1,153 |
Income (loss) before income taxes | (889) | 1,089 |
Income tax (expense) benefit | 194 | (254) |
Net income (loss) | (695) | 835 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Total operating revenues | 1,104 | 942 |
Total operating costs and expenses | (890) | 105 |
Income (loss) from operations | 214 | 1,047 |
Interest expense | 0 | 0 |
Other, net | 4 | 104 |
Income (loss) before income taxes | 218 | 1,151 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 218 | 1,151 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Total operating revenues | 0 | 5 |
Total operating costs and expenses | 0 | (3) |
Income (loss) from operations | 0 | 2 |
Interest expense | 0 | 0 |
Other, net | 0 | 0 |
Income (loss) before income taxes | 0 | 2 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | $ 0 | $ 2 |
Subsidiary Guarantors (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Condensed Financial Statements Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 623 | $ 488 |
Net cash flows provided by (used in) investing activities | (902) | (93) |
Net cash flows provided by (used in) financing activities | 279 | (395) |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Consolidation Eliminations [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Net cash flows provided by (used in) investing activities | 0 | 0 |
Net cash flows provided by (used in) financing activities | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (335) | 351 |
Net cash flows provided by (used in) investing activities | 0 | 0 |
Net cash flows provided by (used in) financing activities | 335 | (351) |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 958 | 137 |
Net cash flows provided by (used in) investing activities | (902) | (93) |
Net cash flows provided by (used in) financing activities | (56) | (44) |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Net cash flows provided by (used in) investing activities | 0 | 0 |
Net cash flows provided by (used in) financing activities | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | ||
---|---|---|---|
Apr. 30, 2019 |
Apr. 30, 2019 |
Mar. 31, 2019 |
|
Subsequent Event [Line Items] | |||
Dividends declared, amount per share | $ 0.125 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared, date declared | Apr. 30, 2019 | ||
Dividends declared, amount per share | $ 0.125 | $ 0.125 | |
Dividends declared, date payable | Jun. 28, 2019 | ||
Dividends declared, date of record | May 10, 2019 | ||
Oryx Southern Delaware Holdings [Member] | |||
Subsequent Event [Line Items] | |||
Equity method investment ownership percentage | 23.75% | ||
Beta Holding [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Equity method investment ownership percentage | 50.00% | 50.00% | |
Transportation agreement period | 10 years | ||
Disposal Group Heldforsale Not Discontinued Operations [Member] | Oryx Southern Delaware Holdings [Member] | Scenario Forecast [Member] | |||
Subsequent Event [Line Items] | |||
Percentage of interest sold | 100.00% | ||
Proceeds from the sale of equity investment | $ 300 | ||
Equity method investment ownership percentage | 23.75% | 23.75% |
Subsequent Events (New Commodity Derivative Contracts) (Details) |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 01, 2019
$ / bbl
bbl
|
Mar. 31, 2019
$ / bbl
bbl
|
||||||||||
Oil Price Swaps 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 39,722,750 | |||||||||
Price | $ / bbl | [1] | 56.33 | |||||||||
Oil Price Swaps Q2 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 15,112,750 | |||||||||
Price | $ / bbl | [1] | 56.59 | |||||||||
Oil Price Swaps Q3 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 13,378,000 | |||||||||
Price | $ / bbl | [1] | 56.41 | |||||||||
Oil Price Swaps Q4 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 11,232,000 | |||||||||
Price | $ / bbl | [1] | 55.88 | |||||||||
Oil Price Swaps 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 8,392,000 | |||||||||
Price | $ / bbl | [1] | 54.54 | |||||||||
Oil Price Swaps Q1 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 2,160,000 | |||||||||
Price | $ / bbl | [1] | 54.57 | |||||||||
Oil Price Swaps Q2 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 2,184,000 | |||||||||
Price | $ / bbl | [1] | 54.57 | |||||||||
Oil Price Swaps Q3 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 2,024,000 | |||||||||
Price | $ / bbl | [1] | 54.5 | |||||||||
Oil Price Swaps Q4 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [1] | 2,024,000 | |||||||||
Price | $ / bbl | [1] | 54.5 | |||||||||
Oil Basis Swaps 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 39,748,500 | |||||||||
Price | $ / bbl | [2] | (2.69) | |||||||||
Oil Basis Swaps Q3 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 12,650,000 | |||||||||
Price | $ / bbl | [2] | (2.82) | |||||||||
Oil Basis Swaps Q4 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 15,133,000 | |||||||||
Price | $ / bbl | [2] | (2.32) | |||||||||
Oil Basis Swaps 2020 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 43,445,000 | |||||||||
Price | $ / bbl | [2] | (0.65) | |||||||||
Oil Basis Swaps Q1 2020 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 13,013,000 | |||||||||
Price | $ / bbl | [2] | (0.53) | |||||||||
Oil Basis Swaps 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 8,395,000 | |||||||||
Price | $ / bbl | [2] | 0.55 | |||||||||
Oil Basis Swaps Q1 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 2,070,000 | |||||||||
Price | $ / bbl | [2] | 0.55 | |||||||||
Oil Basis Swaps Q2 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 2,093,000 | |||||||||
Price | $ / bbl | [2] | 0.55 | |||||||||
Oil Basis Swaps Q3 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 2,116,000 | |||||||||
Price | $ / bbl | [2] | 0.55 | |||||||||
Oil Basis Swaps Q4 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [2] | 2,116,000 | |||||||||
Price | $ / bbl | [2] | 0.55 | |||||||||
Subsequent Event [Member] | Oil Price Swaps 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 4,439,000 | |||||||||
Price | $ / bbl | [3] | 63.03 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q2 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,707,000 | |||||||||
Price | $ / bbl | [3] | 62.64 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q3 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,451,000 | |||||||||
Price | $ / bbl | [3] | 63.14 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q4 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,281,000 | |||||||||
Price | $ / bbl | [3] | 63.43 | |||||||||
Subsequent Event [Member] | Oil Price Swaps 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 4,745,000 | |||||||||
Price | $ / bbl | [3] | 56.72 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q1 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,170,000 | |||||||||
Price | $ / bbl | [3] | 56.72 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q2 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,183,000 | |||||||||
Price | $ / bbl | [3] | 56.72 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q3 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,196,000 | |||||||||
Price | $ / bbl | [3] | 56.72 | |||||||||
Subsequent Event [Member] | Oil Price Swaps Q4 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [3] | 1,196,000 | |||||||||
Price | $ / bbl | [3] | 56.72 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 1,012,000 | |||||||||
Price | $ / bbl | [4] | (0.16) | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q3 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 92,000 | |||||||||
Price | $ / bbl | [4] | (1.05) | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q4 2019 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 920,000 | |||||||||
Price | $ / bbl | [4] | (0.07) | |||||||||
Subsequent Event [Member] | Oil Basis Swaps 2020 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 1,092,000 | |||||||||
Price | $ / bbl | [4] | 0.1 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q1 2020 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 1,092,000 | |||||||||
Price | $ / bbl | [4] | 0.1 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 2,190,000 | |||||||||
Price | $ / bbl | [4] | 0.5 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q1 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 540,000 | |||||||||
Price | $ / bbl | [4] | 0.5 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q2 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 546,000 | |||||||||
Price | $ / bbl | [4] | 0.5 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q3 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 552,000 | |||||||||
Price | $ / bbl | [4] | 0.5 | |||||||||
Subsequent Event [Member] | Oil Basis Swaps Q4 2021 [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Volume | bbl | [4] | 552,000 | |||||||||
Price | $ / bbl | [4] | 0.5 | |||||||||
|
Supplementary information (Capitalized Costs) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Supplementary Information [Abstract] | ||
Proved | $ 26,000 | $ 24,992 |
Unproved | 6,559 | 6,714 |
Less: accumulated depletion | (10,138) | (9,701) |
Net capitalized costs for oil and natural gas properties | $ 22,421 | $ 22,005 |
Supplementary Information (Costs Incurred For Oil And Natural Gas Producing Activities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Supplementary Information [Abstract] | ||
Proved | $ 0 | $ 0 |
Unproved | 4 | 13 |
Exploration | 462 | 243 |
Development | 464 | 207 |
Total costs incurred for oil and natural gas properties | $ 930 | $ 463 |