Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Cash and Cash Equivalents

The following table presents a summary of cash and cash equivalents as of December 31, 2020, and December 31, 2019:

(in millions)	December 31, 2020		December 31, 2019
Cash	$	13	$	5
Marketable securities (1)	—		—
Total	$	13	$	5

(1)Consists of government stable value money market funds. Immaterial as of December 31, 2020 and 2019.

Schedule of Property, Plant and Equipment

The estimated useful lives of those assets depreciated under the straight-line method are as follows:

Water facilities	5 – 10 years
Gathering systems	15 – 25 years
Technology infrastructure	3 – 7 years
Drilling rigs and equipment	3 years
Buildings and leasehold improvements	10 – 30 years

Other property, plant and equipment is comprised of the following:

(in millions)	December 31, 2020		December 31, 2019
Water facilities	$	228	$	217
Gathering systems	54		32
Technology infrastructure	133		154
Drilling rigs and equipment	26		32
Land, buildings and leasehold improvements	41		41
Other	41		44
Less: Accumulated depreciation and impairment	(311)		(300)
Total	$	212	$	220

Schedule of Earnings Per Share

The following table presents the computation of earnings per share for the years ended December 31, 2020, 2019 and 2018:

	For the years ended December 31,
(in millions, except share/per share amounts)	2020		2019		2018
Net income (loss)	$	(3,112)	$	891	$	537
Participating securities – mandatory convertible preferred stock	—		—		2
Net income (loss) attributable to common stock	$	(3,112)	$	891	$	535
Number of common shares:
Weighted average outstanding	573,889,502		539,345,343		574,631,756
Issued upon assumed exercise of outstanding stock options	—		—		—
Effect of issuance of non-vested restricted common stock	—		361,380		698,103
Effect of issuance of non-vested restricted units	—		—		—
Effect of issuance of non-vested performance units	—		676,191		1,312,949
Weighted average and potential dilutive outstanding	573,889,502		540,382,914		576,642,808
Earnings (loss) per common share:
Basic	$	(5.42)	$	1.65	$	0.93
Diluted	$	(5.42)	$	1.65	$	0.93

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018, as they would have had an antidilutive effect:

	For the years ended December 31,
	2020	2019	2018
Unexercised stock options	4,427,040	5,078,253	5,909,082
Unvested share-based payment	962,662	1,728,264	3,692,794
Restricted units	4,452,876	—	—
Performance units	2,818,653	271,268	642,568
Mandatory convertible preferred stock	—	—	2,465,708
Total	12,661,231	7,077,785	12,710,152

Schedule of Supplemental Disclosures of Cash Flow Information

The following table provides additional information concerning interest and income taxes paid as well as changes in noncash investing activities for the years ended December 31, 2020, 2019 and 2018:

	For the years ended December 31,
(in millions)	2020			2019		2018
Cash paid during the year for interest, net of amounts capitalized	$	75		$	58	$	135
Cash paid (received) during the year for income taxes	(32)			(52)		6
Increase (decrease) in noncash property additions	1,084		(1)	41		(42)

(1)Includes $1,097 million in noncash additions related to the Montage Merger.