Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

Estimated future revenues related to remaining performance obligations were as follows as of March 31, 2020:



(millions)	Remainder of 2020		2021		2022		2023		2024		Thereafter		Total
Natural Gas Revenues ⁽¹⁾	$	407	$	599	$	418	$	412	$	412	$	3,695	$	5,943

⁽¹⁾

Our actual future natural gas sales volumes may exceed future minimum volume commitments. Additionally, future natural gas revenues will vary due to variable consideration exceeding the contractual minimum volume or floor price provision. For example, estimates related to our Egyptian export contracts included in the table above calculate minimum fixed volume commitments assuming the arithmetic average of daily Brent crude oil prices are less than $50 per barrel for the remainder of the contract terms, which extend into 2035. Actual results could differ significantly from these estimates.

Statement of Operations Information

Other statements of operations information is as follows:



	Three Months Ended March 31,
(millions)	2020			2019
Other Revenue
(Loss) Income from Equity Method Investments and Other	$	(24	)	$	17
Midstream Services Revenues – Third Party	25			24
Total	$	1		$	41
Production Expense
Lease Operating Expense	$	138		$	151
Production and Ad Valorem Taxes	39			49
Gathering, Transportation and Processing Expense	95			102
Other Royalty Expense	4			3
Total	$	276		$	305
Exploration Expense
Leasehold Impairment ⁽¹⁾	$	1,485		$	—
Seismic, Geological and Geophysical	4			5
Staff Expense	13			12
Other	2			7
Total	$	1,504		$	24
Other Operating Expense, Net
Finance Lease Right-of-Use Asset Impairment ⁽²⁾	$	40		$	—
Firm Transportation Exit Cost	—			92
Other, Net	4			25
Total	$	44		$	117


⁽¹⁾	See Note 4. Impairments and Note 6. Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs.

⁽²⁾

See Note 4. Impairments.

Balance Sheet Information Table

Other balance sheet information is as follows:



(millions)	March 31, 2020			December 31, 2019
Accounts Receivable, Net
Commodity Sales	$	308		$	446
Joint Interest Billings	136			164
Other	125			128
Current Expected Credit Losses	(7		)	(8		)
Total	$	562		$	730
Other Current Assets
Commodity Derivative Assets	$	221		$	14
Inventories, Materials and Supplies	68			59
Assets Held for Sale⁽¹⁾	1			14
Prepaid Expenses and Other Current Assets	63			61
Total	$	353		$	148
Other Noncurrent Assets
Equity Method Investments	$	1,249		$	1,066
Operating Lease Right-of-Use Assets, Net ⁽²⁾	244			227
Customer-Related Intangible Assets, Net ⁽³⁾	270			278
Goodwill ⁽⁴⁾	—			110
Other Assets, Noncurrent	162			153
Total	$	1,925		$	1,834
Other Current Liabilities
Production and Ad Valorem Taxes	$	113		$	118
Asset Retirement Obligations	84			84
Interest Payable	80			74
Operating Lease Liabilities	95			88
Compensation and Benefits Payable	25			126
Other Liabilities, Current	254			229
Total	$	651		$	719
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	112		$	133
Asset Retirement Obligations	709			730
Operating Lease Liabilities	172			164
Firm Transportation Exit Cost Accrual ⁽⁵⁾	114			129
Other Liabilities, Noncurrent	199			222
Total	$	1,306		$	1,378


⁽¹⁾	Assets held for sale at December 31, 2019 relate to the divestiture of non-core assets in Reeves County, Texas. The assets were reclassified to held and used during first quarter 2020.


⁽²⁾	Amount at March 31, 2020 includes a five-year $28 million lease renewal for a vessel offshore West Africa.


⁽³⁾	Intangible asset balances at March 31, 2020 and December 31, 2019 are net of accumulated amortization of $70 million and $62 million, respectively.


⁽⁴⁾	See Note 4. Impairments.

⁽⁵⁾

Represents the discounted present value of our remaining obligations to third parties for permanent assignments of capacity on pipelines in the Marcellus Shale.

Summary of Cash, Cash Equivalents and Restricted Cash

We define total cash as cash, cash equivalents and restricted cash. Carrying amounts approximate fair value due to the short-term nature. The following table provides a reconciliation of total cash:



	Three Months Ended March 31,
(millions)	2020		2019
Cash and Cash Equivalents at Beginning of Period	$	484	$	716
Restricted Cash at Beginning of Period	—		3
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	$	484	$	719
Cash and Cash Equivalents at End of Period	$	1,397	$	528
Restricted Cash at End of Period	—		2
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	1,397	$	530