Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of revenue, remaining performance obligation, expected timing of satisfaction

Estimated future net revenues related to remaining performance obligations subject to minimum sales volumes and base pricing as of June 30, 2020 were as follows:



(millions)	Remainder of 2020		2021		2022		2023		2024		Thereafter		Total
Natural Gas Revenues	$	298	$	553	$	546	$	550	$	552	$	5,192	$	7,691

Statement of operations information

Other statements of operations information is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(millions)	2020		2019		2020			2019
Other Revenue
Income (Loss) from Equity Method Investments and Other	$	3	$	16	$	(21	)	$	33
Midstream Services Revenues – Third Party	26		20		51			44
Total	$	29	$	36	$	30		$	77
Production Expense
Lease Operating Expense	$	98	$	122	$	236		$	273
Production and Ad Valorem Taxes	24		41		63			90
Gathering, Transportation and Processing Expense	89		96		184			198
Other Royalty Expense	3		1		7			4
Total	$	214	$	260	$	490		$	565
Exploration Expense
Leasehold Impairment ⁽¹⁾	$	3	$	—	$	1,488		$	—
Seismic, Staffing Expense and Other	12		33		31			57
Total	$	15	$	33	$	1,519		$	57
Other Operating Expense, Net
Finance Lease Right-of-Use Asset Impairment ⁽²⁾	$	—	$	—	$	40		$	—
Marketing Expense	10		14		19			19
Firm Transportation Exit Cost	—		—		—			92
Corporate Restructuring ⁽³⁾	30		1		30			1
Other, Net	33		7		28			27
Total	$	73	$	22	$	117		$	139


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


⁽²⁾	See Note 4. Impairments.

⁽³⁾

Relates to cash severance, termination benefits and acceleration of stock-based compensation for workforce reduction.

Consolidated balance sheet information

Other balance sheet information is as follows:



(millions)	June 30, 2020			December 31, 2019
Accounts Receivable, Net
Commodity Sales	$	270		$	446
Joint Interest Billings	115			164
Other	88			128
Current Expected Credit Losses	(8		)	(8		)
Total	$	465		$	730
Other Current Assets
Commodity Derivative Assets	$	61		$	14
Inventory - Materials and Supplies	68			59
Assets Held for Sale	2			14
Prepaid Expenses and Other Current Assets	83			61
Total	$	214		$	148
Other Noncurrent Assets
Equity Method Investments	$	1,246		$	1,066
Operating Lease Right-of-Use Assets, Net ⁽¹⁾	225			227
Customer-Related Intangible Assets, Net ⁽²⁾	262			278
Goodwill ⁽³⁾	—			110
Other Assets, Noncurrent	177			153
Total	$	1,910		$	1,834
Other Current Liabilities
Production and Ad Valorem Taxes	$	109		$	118
Commodity Derivative Liabilities	151			36
Asset Retirement Obligations	89			84
Interest Payable	59			74
Operating Lease Liabilities	79			88
Compensation and Benefits Payable	53			126
Other Liabilities, Current	166			193
Total	$	706		$	719
Other Noncurrent Liabilities
Deferred Compensation Liabilities	$	121		$	133
Asset Retirement Obligations	732			730
Operating Lease Liabilities	169			164
Firm Transportation Exit Cost Accrual ⁽⁴⁾	113			129
Other Liabilities, Noncurrent	153			222
Total	$	1,288		$	1,378


⁽¹⁾	Balance includes a five-year $28 million lease renewal executed in first quarter 2020 for a vessel offshore West Africa.


⁽²⁾	Balances at June 30, 2020 and December 31, 2019 are net of accumulated amortization of $78 million and $62 million, respectively.


⁽³⁾	See Note 4. Impairments.

⁽⁴⁾

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:



	Six Months Ended June 30,
(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	$	324	$	470
Restricted Cash at End of Period	—		132
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	324	$	602