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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating Revenues:        
Total operating revenues $ 667 $ 816 $ 1,657 $ 1,736
Operating Costs and Expenses:        
Operating expenses 169 193 334 382
General and administrative expenses 40 59 77 114
Loss on sale of operating assets 3 0 3 0
Restructuring charges 2 18 5 18
Depreciation, depletion and amortization 121 142 233 285
Taxes, other than income taxes 17 15 36 38
Total operating costs and expense 645 692 1,422 1,357
Operating Income 22 124 235 379
Interest Expense:        
Interest on debt 41 59 83 124
Other interest charges 2 2 3 4
Interest capitalized (28) (29) (57) (57)
Total Interest Expense 15 32 29 71
Gain (Loss) on Derivatives 152 (36) 120 (43)
Loss on Early Extinguishment of Debt 0 (8) 0 (8)
Other Income (Loss), Net (6) 3 (5) 2
Income Before Income Taxes 153 51 321 259
Provision (Benefit) for Income Taxes        
Current 0 0 0 0
Deferred 15 0 (411) 0
Total Provision (Benefit) from Income Taxes 15 0 (411) 0
Net Income 138 51 [1] 732 259 [1]
Participating securities - mandatory convertible preferred stock 0 0 0 2
Net Income Attributable to Common Stock $ 138 $ 51 $ 732 $ 257
Earnings Per Common Share        
Basic (in dollars per share) $ 0.26 $ 0.09 $ 1.36 $ 0.45
Diluted (in dollars per share) $ 0.26 $ 0.09 $ 1.35 $ 0.44
Weighted Average Common Shares Outstanding:        
Basic (in shares) 539,005,941 581,159,200 539,362,984 576,255,744
Diluted (in shares) 539,947,053 582,878,106 540,624,742 578,222,740
Gas sales        
Operating Revenues:        
Total operating revenues $ 275 $ 407 $ 705 $ 947
Oil sales        
Operating Revenues:        
Total operating revenues 47 44 86 79
NGL sales        
Operating Revenues:        
Total operating revenues 58 75 139 140
Marketing        
Operating Revenues:        
Total operating revenues 287 265 725 518
Gas gathering        
Operating Revenues:        
Total operating revenues 0 24 0 48
Other        
Operating Revenues:        
Total operating revenues 0 1 2 4
Marketing purchases        
Operating Costs and Expenses:        
Marketing purchases $ 293 $ 265 $ 734 $ 520
[1]
In 2018, deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.