Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Statements Of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
Year ended December 31, 2018:
Operating Revenues:
Gas sales	$	–	$	1,998	$	–	$	–	$	1,998
Oil sales		–		196		–		–		196
NGL sales		–		352		–		–		352
Marketing		–		1,222		–		–		1,222
Gas gathering		–		89		–		–		89
Other		–		5		–		–		5
		–		3,862		–		–		3,862
Operating Costs and Expenses:
Marketing purchases		–		1,229		–		–		1,229
Operating expenses		–		785		–		–		785
General and administrative expenses		–		209		–		–		209
Restructuring charges		–		39		–		–		39
Depreciation, depletion and amortization		–		560		–		–		560
Impairments		–		171		–		–		171
Gain on sale of assets, net		–		(17)		–		–		(17)
Taxes, other than income taxes		–		89		–		–		89
		–		3,065		–		–		3,065
Operating Income		–		797		–		–		797
Interest Expense, Net		124		–		–		–		124
Loss on Derivatives		–		(118)		–		–		(118)
Loss on Early Extinguishment of Debt		(17)		–		–		–		(17)
Equity in Earnings of Subsidiaries		678		–		–		(678)		–
Income (Loss) Before Income Taxes		537		679		–		(678)		538
Provision for Income Taxes		–		1		–		–		1
Net Income (Loss)	$	537	$	678	$	–	$	(678)	$	537
Mandatory convertible preferred stock dividend		–		–		–		–		–
Participating securities – mandatory convertible preferred stock		2		–		–		–		2
Net Income (Loss) Attributable to Common Stock	$	535	$	678	$	–	$	(678)	$	535
Net Income (Loss)	$	537	$	678	$	–	$	(678)	$	537
Other comprehensive income		8		–		–		–		8
Comprehensive Income (Loss)	$	545	$	678	$	–	$	(678)	$	545

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
Year ended December 31, 2017:
Operating Revenues:
Gas sales	$	–	$	1,793	$	–	$	–	$	1,793
Oil sales		–		102		–		–		102
NGL sales		–		206		–		–		206
Marketing		–		972		–		–		972
Gas gathering		–		126		–		–		126
Other		–		4		–		–		4
		–		3,203		–		–		3,203
Operating Costs and Expenses:
Marketing purchases		–		976		–		–		976
Operating expenses		–		671		–		–		671
General and administrative expenses		–		233		–		–		233
Depreciation, depletion and amortization		–		504		–		–		504
Gain on sale of assets, net		–		(6)		–		–		(6)
Taxes, other than income taxes		–		94		–		–		94
		–		2,472		–		–		2,472
Operating Income		–		731		–		–		731
Interest Expense, Net		135		–		–		–		135
Gain on Derivatives		–		422		–		–		422
Loss on Early Extinguishment of Debt		(70)		–		–		–		(70)
Other Income, Net		–		5		–		–		5
Equity in Earnings of Subsidiaries		1,251		–		–		(1,251)		–
Income (Loss) Before Income Taxes		1,046		1,158		–		(1,251)		953
Benefit from Income Taxes		–		(93)		–		–		(93)
Net Income (Loss)	$	1,046	$	1,251	$	–	$	(1,251)	$	1,046
Mandatory convertible preferred stock dividend		108		–		–		–		108
Participating securities – mandatory convertible preferred stock		123		–		–		–		123
Net Income (Loss) Attributable to Common Stock	$	815	$	1,251	$	–	$	(1,251)	$	815
Net Income (Loss)	$	1,046	$	1,251	$	–	$	(1,251)	$	1,046
Other comprehensive income		(5)		6		6		(12)		(5)
Comprehensive Income (Loss)	$	1,041	$	1,257	$	6	$	(1,263)	$	1,041

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
Year ended December 31, 2016:
Operating Revenues:
Gas sales	$	–	$	1,273	$	–	$	–	$	1,273
Oil sales		–		69		–		–		69
NGL sales		–		92		–		–		92
Marketing		–		864		–		–		864
Gas gathering		–		138		–		–		138
		–		2,436		–		–		2,436
Operating Costs and Expenses:
Marketing purchases		–		864		–		–		864
Operating expenses		–		592		–		–		592
General and administrative expenses		–		247		–		–		247
Restructuring charges		–		73		–		–		73
Depreciation, depletion and amortization		–		436		–		–		436
Impairments		–		2,266		55		–		2,321
Taxes, other than income taxes		–		93		–		–		93
		–		4,571		55		–		4,626
Operating Income		–		(2,135)		(55)		–		(2,190)
Interest Expense, Net		88		–		–		–		88
Loss on Derivatives		–		(339)		–		–		(339)
Loss on Early Extinguishment of Debt		(51)		–		–		–		(51)
Other Loss, Net		–		(4)		–		–		(4)
Equity in Earnings of Subsidiaries		(2,504)		(55)		–		2,559		–
Income (Loss) Before Income Taxes		(2,643)		(2,533)		(55)		2,559		(2,672)
Benefit from Income Taxes		–		(29)		–		–		(29)
Net Income (Loss)	$	(2,643)	$	(2,504)	$	(55)	$	2,559	$	(2,643)
Mandatory convertible preferred stock dividend		108		–		–		–		108
Participating securities – mandatory convertible preferred stock		–		–		–		–		–
Net Income (Loss) Attributable to Common Stock	$	(2,751)	$	(2,504)	$	(55)	$	2,559	$	(2,751)
Net Income (Loss)	$	(2,643)	$	(2,504)	$	(55)	$	2,559	$	(2,643)
Other comprehensive income		9		3		3		(6)		9
Comprehensive Income (Loss)	$	(2,634)	$	(2,501)	$	(52)	$	2,553	$	(2,634)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
December 31, 2018:
ASSETS
Cash and cash equivalents	$	201	$	–	$	–	$	–	$	201
Accounts receivable, net		4		577		–		–		581
Other current assets		8		166		–		–		174
Total current assets		213		743		–		–		956
Intercompany receivables		7,932		–		–		(7,932)		–
Natural gas and oil properties, using the full cost method		–		24,128		52		–		24,180
Gathering systems		–		11		27		–		38
Other		197		290		–		–		487
Less: Accumulated depreciation, depletion and amortization		(154)		(19,840)		(55)		–		(20,049)
Total property and equipment, net		43		4,589		24		–		4,656
Investments in subsidiaries (equity method)		–		24		–		(24)		–
Other long-term assets		19		166		–		–		185
TOTAL ASSETS	$	8,207	$	5,522	$	24	$	(7,956)	$	5,797
LIABILITIES AND EQUITY
Accounts payable	$	113	$	496	$	–	$	–	$	609
Other current liabilities		115		122		–		–		237
Total current liabilities		228		618		–		–		846
Intercompany payables		–		7,932		–		(7,932)		–
Long-term debt		2,318		–		–		–		2,318
Pension and other postretirement liabilities		46		–		–		–		46
Other long-term liabilities		54		171		–		–		225
Negative carrying amount of subsidiaries, net		3,199		–		–		(3,199)		–
Total long-term liabilities		5,617		171		–		(3,199)		2,589
Commitments and contingencies
Total equity (accumulated deficit)		2,362		(3,199)		24		3,175		2,362
TOTAL LIABILITIES AND EQUITY	$	8,207	$	5,522	$	24	$	(7,956)	$	5,797

CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
December 31, 2017:
ASSETS
Cash and cash equivalents	$	914	$	2	$	–	$	–	$	916
Accounts receivable, net		–		428		–		–		428
Other current assets		10		155		–		–		165
Total current assets		924		585		–		–		1,509
Intercompany receivables		7,978		–		–		(7,978)		–
Natural gas and oil properties, using the full cost method		–		23,834		56		–		23,890
Gathering systems		–		1,288		27		–		1,315
Other		207		357		–		–		564
Less: Accumulated depreciation, depletion and amortization		(134)		(19,804)		(59)		–		(19,997)
Total property and equipment, net		73		5,675		24		–		5,772
Investments in subsidiaries (equity method)		–		24		–		(24)		–
Other long-term assets		16		224		–		–		240
TOTAL ASSETS	$	8,991	$	6,508	$	24	$	(8,002)	$	7,521
LIABILITIES AND EQUITY
Accounts payable	$	73	$	460	$	–	$	–	$	533
Other current liabilities		110		137		–		–		247
Total current liabilities		183		597		–		–		780
Intercompany payables		–		7,978		–		(7,978)		–
Long-term debt		4,391		–		–		–		4,391
Pension and other postretirement liabilities		58		–		–		–		58
Other long-term liabilities		13		300		–		–		313
Negative carrying amount of subsidiaries, net		2,367		–		–		(2,367)		–
Total long-term liabilities		6,829		300		–		(2,367)		4,762
Commitments and contingencies
Total equity (accumulated deficit)		1,979		(2,367)		24		2,343		1,979
TOTAL LIABILITIES AND EQUITY	$	8,991	$	6,508	$	24	$	(8,002)	$	7,521

Condensed Consolidating Statements Of Cash Flows

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
Year ended December 31, 2018:
Net cash provided by (used in) operating activities	$	304	$	1,595	$	–	$	(676)	$	1,223
Investing activities:
Capital investments		(20)		(1,270)		–		–		(1,290)
Proceeds from the sale of property and equipment		–		1,643		–		–		1,643
Other		–		6		–		–		6
Net cash used in investing activities		(20)		379		–		–		359
Financing activities
Intercompany activities		1,300		(1,976)		–		676		–
Payments on long-term debt		(2,095)		–		–		–		(2,095)
Payments on revolving credit facility		(1,983)		–		–		–		(1,983)
Borrowings under revolving credit facility		1,983		–		–		–		1,983
Purchase of treasury stock		(180)		–		–		–		(180)
Preferred stock dividend		(27)		–		–		–		(27)
Other		5		–		–		–		5
Net cash provided by (used in) financing activities		(997)		(1,976)		–		676		(2,297)
Increase (decrease) in cash and cash equivalents		(713)		(2)		–		–		(715)
Cash and cash equivalents at beginning of year		914		2		–		–		916
Cash and cash equivalents at end of year	$	201	$	–	$	–	$	–	$	201
Year ended December 31, 2017:
Net cash provided by (used in) operating activities	$	1,019	$	1,327	$	–	$	(1,249)	$	1,097
Investing activities:
Capital investments		(13)		(1,250)		(5)		–		(1,268)
Proceeds from the sale of property and equipment		1		9		–		–		10
Other		1		5		–		–		6
Net cash used in investing activities		(11)		(1,236)		(5)		–		(1,252)
Financing activities
Intercompany activities		(1,158)		(96)		5		1,249		–
Payments on short-term debt		(328)		–		–		–		(328)
Payments on long-term debt		(1,139)		–		–		–		(1,139)
Proceeds from issuance of long-term debt		1,150		–		–		–		1,150
Preferred stock dividend		(16)		–		–		–		(16)
Other		(19)		–		–		–		(19)
Net cash provided by (used in) financing activities		(1,510)		(96)		5		1,249		(352)
Increase (decrease) in cash and cash equivalents		(502)		(5)		–		–		(507)
Cash and cash equivalents at beginning of year		1,416		7		–		–		1,423
Cash and cash equivalents at end of year	$	914	$	2	$	–	$	–	$	916
Year ended December 31, 2016:
Net cash provided by (used in) operating activities	$	(2,610)	$	550	$	–	$	2,558	$	498
Investing activities:
Capital investments		(3)		(590)		–		–		(593)
Proceeds from the sale of property and equipment		2		428		–		–		430
Other		1		–		–		–		1
Net cash used in investing activities		–		(162)		–		–		(162)
Financing activities
Intercompany activities		2,950		(392)		–		(2,558)		–
Payments on long-term debt		(1,175)		–		–		–		(1,175)
Payments on revolving credit facility		(3,268)		–		–		–		(3,268)
Borrowings on revolving credit facility		3,152		–		–		–		3,152
Payments on commercial paper		(242)		–		–		–		(242)
Borrowings under commercial paper		242		–		–		–		242
Proceeds from issuance of long-term debt		1,191		–		–		–		1,191
Proceeds from issuance of common stock		1,247		–		–		–		1,247
Preferred stock dividend		(27)		–		–		–		(27)
Other		(48)		–		–		–		(48)
Net cash provided by (used in) financing activities		4,022		(392)		–		(2,558)		1,072
Increase (decrease) in cash and cash equivalents		1,412		(4)		–		–		1,408
Cash and cash equivalents at beginning of year		4		11		–		–		15
Cash and cash equivalents at end of year	$	1,416	$	7	$	–	$	–	$	1,423