Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

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



(millions)	Remainder of 2019		2020		Total
Natural Gas Revenues ⁽¹⁾	$	36	$	199	$	235

⁽¹⁾

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

Statement of Operations Information

Other statements of operations information is as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(millions)	2019		2018			2019		2018
Other Revenue
Income from Equity Method Investments and Other	$	10	$	44		$	43	$	140
Midstream Services Revenues – Third Party	19		21			63		49
Total	$	29	$	65		$	106	$	189
Production Expense
Lease Operating Expense	$	132	$	124		$	405	$	411
Production and Ad Valorem Taxes	52		47			142		151
Gathering, Transportation and Processing Expense	108		97			306		292
Other Royalty Expense	5		5			9		32
Total	$	297	$	273		$	862	$	886
Other Operating Expense, Net
Exploration Expense	$	25	$	25		$	82	$	89
Marketing Expense	7		11			26		21
Firm Transportation Exit Cost	—		—			92		—
Other, Net	29		(9		)	57		(3		)
Total	$	61	$	27		$	257	$	107

Balance Sheet Information Table

Other balance sheet information is as follows:



(millions)	September 30, 2019			December 31, 2018
Accounts Receivable, Net
Commodity Sales	$	405		$	383
Joint Interest Billings	177			137
Other	103			111
Allowance for Doubtful Accounts	(8		)	(15		)
Total	$	677		$	616
Other Current Assets
Commodity Derivative Assets	$	90		$	180
Inventories, Materials and Supplies	74			55
Assets Held for Sale⁽¹⁾	—			133
Prepaid Expenses and Other Current Assets	113			50
Total	$	277		$	418
Other Noncurrent Assets
Equity Method Investments ⁽²⁾	$	959		$	286
Operating Lease Right-of-Use Assets ⁽³⁾	275			—
Customer-Related Intangible Assets, Net ⁽⁴⁾	286			310
Goodwill ⁽⁴⁾	110			110
Other Assets, Noncurrent	150			135
Total	$	1,780		$	841
Other Current Liabilities
Production and Ad Valorem Taxes	$	147		$	103
Asset Retirement Obligations	89			118
Interest Payable	87			66
Operating Lease Liabilities ⁽³⁾	97			—
Commercial Paper Borrowings	511			—
Other Liabilities, Current	259			232
Total	$	1,190		$	519
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	148		$	147
Asset Retirement Obligations	699			762
Operating Lease Liabilities ⁽³⁾	209			—
Firm Transportation Exit Cost Accrual ⁽⁵⁾	133			67
Other Liabilities, Noncurrent	149			189
Total	$	1,338		$	1,165


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


⁽²⁾	See Note 4. Acquisitions and Divestitures.


⁽³⁾	Amounts relate to assets and liabilities recorded as a result of ASC 842 adoption in first quarter 2019. See Note 8. Leases.


⁽⁴⁾	Amounts relate to assets acquired in the first quarter 2018 Saddle Butte acquisition. Intangible asset balances at September 30, 2019 and December 31, 2018 are net of accumulated amortization of $54 million and $30 million, respectively. See Note 4. Acquisitions and Divestitures.

⁽⁵⁾

See Note 9. Exit Cost – Transportation Commitments.

Summary of Cash, Cash Equivalents and Restricted Cash

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



	Nine Months Ended September 30,
(millions)	2019		2018
Cash and Cash Equivalents at Beginning of Period	$	716	$	675
Restricted Cash at Beginning of Period	3		38
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	$	719	$	713
Cash and Cash Equivalents at End of Period	$	473	$	720
Restricted Cash at End of Period	—		1
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	473	$	721