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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating revenues:        
Oil sales $ 498 $ 348 $ 1,461 $ 929
Natural gas sales 129 82 345 181
Total operating revenues 627 430 1,806 1,110
Operating costs and expenses:        
Oil and natural gas production 106 71 293 240
Production and ad valorem taxes 48 33 140 89
Exploration and abandonments 7 10 42 54
Depreciation, depletion and amortization 284 299 848 890
Accretion of discount on asset retirement obligations 2 2 6 5
Impairments of long-lived assets 0 0 0 1,525
General and administrative (including non-cash stock-based compensation of $17 and $15 for the three months ended September 30, 2017 and 2016, respectively, and $43 for each of the nine months ended September 30, 2017 and 2016) 64 53 180 160
(Gain) loss on derivatives 206 (41) (289) 176
(Gain) loss on disposition of assets, net (13) 1 (667) (109)
Total operating costs and expenses 704 428 553 3,030
Income (loss) from operations (77) 2 1,253 (1,920)
Other income (expense):        
Interest expense (39) (53) (118) (162)
Loss on extinguishment of debt (65) (28) (66) (28)
Other, net 2 (2) 18 (9)
Total other expense (102) (83) (166) (199)
Income (loss) before income taxes (179) (81) 1,087 (2,119)
Income tax (expense) benefit 66 30 (398) 782
Net income (loss) $ (113) $ (51) $ 689 $ (1,337)
Earnings per share:        
Basic net income (loss) $ (0.77) $ (0.38) $ 4.64 $ (10.18)
Diluted net income (loss) $ (0.77) $ (0.38) $ 4.63 $ (10.18)