Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Financial Information for Company's Reportable Segments

Summarized financial information for the Company’s reportable segments is shown in the following table. The accounting policies of the segments are the same as those described in Note 1. Management evaluates the performance of its segments based on operating income, defined as operating revenues less operating costs. Income before income taxes, for the purpose of reconciling the operating income amount shown below to consolidated income before income taxes, is the sum of operating income (loss), interest expense, gain (loss) on derivatives, gain (loss) on early extinguishment of debt and other income (loss). The “Other” column includes items not related to the Company’s reportable segments, including real estate and corporate items.


(in millions)	Exploration and Production			Marketing			Other		Total
2020
Revenues from external customers	$	1,391		$	917		$	—	$	2,308
Intersegment revenues	(43)			1,228			—		1,185
Depreciation, depletion and amortization expense	348			9			—		357
Impairments	2,830			—			—		2,830
Operating loss	(2,864)		(1)	(7)			—		(2,871)
Interest expense (2)	94			—			—		94
Gain on derivatives	224			—			—		224
Gain on early extinguishment of debt	—			—			35		35
Other income, net	—			—			1		1
Provision for income taxes (2)	407			—			—		407
Assets	4,654		(3)	381			125		5,160
Capital investments (4)	899			—			—		899

2019
Revenues from external customers	$	1,740		$	1,298		$	—	$	3,038
Intersegment revenues	(37)			1,552			—		1,515
Depreciation, depletion and amortization expense	462			9			—		471
Impairments	13			3			—		16
Operating income (loss)	283		(5)	(13)			—		270
Interest expense (2)	65			—			—		65
Gain on derivatives	274			—			—		274
Gain on early extinguishment of debt	—			—			8		8
Other income (loss), net	(9)			—			2		(7)
Benefit from income taxes (2)	(411)			—			—		(411)
Assets	6,235		(3)	314			168		6,717
Capital investments (4)	1,138			—			2		1,140

2018 (6)
Revenues from external customers	$	2,551		$	1,311		$	—	$	3,862
Intersegment revenues	(26)			2,434			—		2,408
Depreciation, depletion and amortization expense	514			46			—		560
Impairments	15			155		(8)	1		171
Operating income (loss)	794		(7)	4		(9)	(1)		797
Interest expense (2)	124			—			—		124
Loss on derivatives	(118)			—			—		(118)
Loss on early extinguishment of debt	—			—			(17)		(17)
Other income (loss)	2			(2)			—		—
Provision for income taxes (2)	1			—			—		1
Assets	4,872		(3)	539			386		5,797
Capital investments (4)	1,231			9			8		1,248

(1)Operating income for the E&P segment includes $16 million of restructuring charges and $41 million of acquisition-related charges for the year ended December 31, 2020.

(2)Interest expense and the provision (benefit) for income taxes by segment are an allocation of corporate amounts as they are incurred at the corporate level.

(3)E&P assets includes office, technology, water infrastructure, drilling rigs and other ancillary equipment not directly related to natural gas and oil properties. This also includes deferred tax assets which are an allocation of corporate amounts as they are incurred at the corporate level.

(4)Capital investments include a decrease of $3 million for 2020, an increase of $34 million for 2019 and a decrease of $53 million for 2018 related to the change in accrued expenditures between years.

(5)Operating income for the E&P segment includes $11 million of restructuring charges for the year ended December 31, 2019.

(6)Includes the impact of approximately eleven months of Fayetteville Shale-related E&P and midstream gathering operations which were divested in December 2018.

(7)Operating income for the E&P segment includes $37 million related to restructuring charges for the year ended December 31, 2018.

(8)Marketing includes a $10 million non-cash impairment related to certain non-core midstream gathering assets at December 31, 2018.

(9)Operating income for the Marketing segment includes $2 million related to restructuring charges for the year ended December 31, 2018.

The following table presents the breakout of other assets, which represent corporate assets not allocated to segments and assets for non-reportable segments for the years ended December 31, 2020, 2019 and 2018:


	For the years ended December 31,
(in millions)	2020		2019		2018
Cash and cash equivalents	$	13	$	5	$	205
Accounts receivable	1		—		4
Income taxes receivable	—		30		89
Current hedging asset	—		—		1
Prepayments	6		8		8
Property, plant and equipment	16		27		60
Unamortized debt expense	11		11		11
Right-of-use lease assets	72		80		—
Non-qualified retirement plan	6		7		8
	$	125	$	168	$	386