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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating revenues:        
Oil sales $ 461 $ 339 $ 963 $ 581
Natural gas sales 106 57 216 99
Total operating revenues 567 396 1,179 680
Operating costs and expenses:        
Oil and natural gas production 100 77 187 169
Production and ad valorem taxes 44 33 92 56
Exploration and abandonments 20 21 35 44
Depreciation, depletion and amortization 281 281 564 591
Accretion of discount on asset retirement obligations 2 1 4 3
Impairments of long-lived assets 0 0 0 1,525
General and administrative (including non-cash stock-based compensation of $14 and $12 for the three months ended June 30, 2017 and 2016, respectively, and $26 and $28 for the six months ended June 30, 2017 and 2016, respectively) 60 53 116 107
(Gain) loss on derivatives (209) 298 (495) 217
(Gain) loss on disposition of assets, net 0 1 (654) (110)
Total operating costs and expenses 298 765 (151) 2,602
Income (loss) from operations 269 (369) 1,330 (1,922)
Other income (expense):        
Interest expense (39) (55) (79) (109)
Loss on extinguishment of debt (1) 0 (1) 0
Other, net 16 0 16 (7)
Total other expense (24) (55) (64) (116)
Income (loss) before income taxes 245 (424) 1,266 (2,038)
Income tax (expense) benefit (93) 158 (464) 752
Net income (loss) $ 152 $ (266) $ 802 $ (1,286)
Earnings per share:        
Basic net income (loss) $ 1.02 $ (2.04) $ 5.41 $ (9.94)
Diluted net income (loss) $ 1.02 $ (2.04) $ 5.39 $ (9.94)