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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure
The following table shows the capitalized costs of natural gas and oil properties and the related accumulated depreciation, depletion and amortization as of December 31, 2020 and 2019:
(in millions)20202019
Proved properties$25,789 $23,744 
Unproved properties1,472 1,506 
Total capitalized costs27,261 25,250 
Less:  Accumulated depreciation, depletion and amortization(23,362)(20,203)
Net capitalized costs$3,899 $5,047 
Composition of Net Unevaluated Costs Excluded from Amortization The table below sets forth the composition of net unevaluated costs excluded from amortization as of December 31, 2020:
(in millions)202020192018PriorTotal
Property acquisition costs$116 $44 $34 $1,022 $1,216 
Exploration and development costs17 17 14 20 68 
Capitalized interest62 47 33 46 188 
$195 $108 $81 $1,088 $1,472 
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure
The table below sets forth capitalized costs incurred in natural gas and oil property acquisition, exploration and development activities:
(in millions, except per Mcfe amounts)202020192018
Unproved property acquisition costs$124 
(1)
$162 $164 
Exploration costs— 2 5 
Development costs784 936 1,014 
Capitalized costs incurred$908 $1,100 $1,183 
Full cost pool amortization per Mcfe$0.38 $0.56 $0.51 
(1)Excludes $90 million of unevaluated property acquisition costs associated with the non-cash Montage Merger.
Results of Operations for Oil and Gas Producing Activities Disclosure
The table below sets forth the results of operations from natural gas and oil producing activities:
(in millions)202020192018
Sales$1,348 $1,703 $2,525 
Production (lifting) costs(866)(781)(974)
Depreciation, depletion and amortization(348)(462)(514)
Impairment of natural gas and oil properties(2,825)— — 
(2,691)460 1,037 
Provision for income taxes (1)
— 110 — 
Results of operations (2)
$(2,691)$350 $1,037 
(1)Prior to the recognition of a valuation allowance, in 2020 and 2018 the Company recognized an income tax provision (benefit) of ($624) million and $254 million, respectively.
(2)Results of operations exclude the gain (loss) on unsettled commodity derivative instruments.  See Note 6.
Summary of Changes in Reserves
The following table summarizes the changes in the Company’s proved natural gas, oil and NGL reserves for 2020, 2019 and 2018, all of which were located in the United States:
Natural Gas
(Bcf)
Oil
(MBbls)
NGL
(MBbls)
Total
(Bcfe)
December 31, 201711,126 65,636 542,455 14,775 
Revisions of previous estimates due to price96 788 8,912 154 
Revisions of previous estimates other than price316 410 8,855 372 
Extensions, discoveries and other additions753 5,830 36,823 1,009 
Production(807)(3,407)(19,706)(946)
Acquisition of reserves in place— — — — 
Disposition of reserves in place (1)
(3,440)(250)(276)(3,443)
December 31, 20188,044 69,007 577,063 11,921 
Revisions of previous estimates due to price(480)(2,041)(37,492)(717)
Revisions of previous estimates other than price (2)
685 3,707 65,869 1,102 
Extensions, discoveries and other additions992 6,948 26,941 1,195 
Production(609)(4,696)(23,620)(778)
Acquisition of reserves in place— — — — 
Disposition of reserves in place (2)— — (2)
December 31, 20198,630 72,925 608,761 12,721 
Revisions of previous estimates due to price(2,143)(32,507)(338,639)(4,370)
Revisions of previous estimates other than price763 3,816 106,444 1,424 
Extensions, discoveries and other additions714 135 4,371 741 
Production(694)(5,141)(25,927)(880)
Acquisition of reserves in place (3)
1,911 18,796 55,141 2,354 
Disposition of reserves in place— — — — 
December 31, 20209,181 58,024 410,151 11,990 
(1)The 2018 disposition is primarily associated with the Fayetteville Shale sale.
(2)For the year ended December 31, 2019, revisions of previous estimates other than price includes 109 Bcfe of proved undeveloped reserves reclassified to unproved due to changes in the drilling plan, in accordance with the SEC five-year rule.
(3)The 2020 acquisition is primarily associated with the Montage Merger.
Natural Gas
(Bcf)
Oil
(MBbls)
NGL
(MBbls)
Total
(Bcfe)
Proved developed reserves as of:    
December 31, 20184,395 18,037 175,480 5,557 
December 31, 20194,906 26,124 226,271 6,421 
December 31, 20206,342 33,563 276,548 8,203 
Proved undeveloped reserves as of:    
December 31, 20183,649 50,970 401,583 6,364 
December 31, 20193,724 46,801 382,490 6,300 
December 31, 20202,839 24,461 133,603 3,787 
The following table summarizes the changes in reserves for 2018, 2019 and 2020:
AppalachiaFayetteville  
(in Bcfe)NortheastSouthwest
Shale (1)
Other (2)
Total
December 31, 20174,126 6,962 3,679 8 14,775 
Net revisions
Price revisions41 106 6 1 154 
Performance and production revisions107 272 (6)(1)372 
Total net revisions148 378 — — 526 
Extensions, discoveries and other additions
Proved developed154 22 1 — 177 
Proved undeveloped397 435 — — 832 
Total reserve additions551 457 1 — 1,009 
Production(459)(243)(243)(1)(946)
Acquisition of reserves in place— — — — — 
Disposition of reserves in place— — (3,437)(6)(3,443)
December 31, 20184,366 7,554 — 1 11,921 
Net revisions
Price revisions(57)(660)— — (717)
Performance and production revisions (3)
127 975 — — 1,102 
Total net revisions70 315 — — 385 
Extensions, discoveries and other additions
Proved developed185 6 — — 191 
Proved undeveloped677 327 — — 1,004 
Total reserve additions862 333 — — 1,195 
Production(459)(319)— — (778)
Acquisition of reserves in place— — — — — 
Disposition of reserves in place(2)— — — (2)
December 31, 20194,837 7,883 — 1 12,721 
Net revisions
Price revisions(389)(3,981)— — (4,370)
Performance and production revisions46 1,378 — — 1,424 
Total net revisions(343)(2,603)— — (2,946)
Extensions, discoveries and other additions
Proved developed198 69 — — 267 
Proved undeveloped474 — — — 474 
Total reserve additions672 69 — — 741 
Production(473)(407)— — (880)
Acquisition of reserves in place223 2,131 — — 2,354 
Disposition of reserves in place— — — — — 
December 31, 20204,916 7,073 — 1 11,990 
(1)The Fayetteville Shale E&P assets and associated reserves were divested in December 2018.
(2)Other includes properties outside of Appalachia and Fayetteville Shale.
(3)Performance and production revisions for the year ended December 31, 2019 include 109 Bcfe of proved undeveloped reserves reclassified to unproved due to changes in the drilling plan, in accordance with the SEC five-year rule.
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
The following standardized measures of discounted future net cash flows relating to proved natural gas, oil and NGL reserves as of December 31, 2020, 2019 and 2018 are calculated after income taxes, discounted using a 10% annual discount rate and do not purport to present the fair market value of the Company’s proved gas, oil and NGL reserves:
(in millions)202020192018
Future cash inflows$17,997 $27,003 $34,523 
Future production costs(11,969)(14,981)(15,347)
Future development costs (1)
(1,924)(3,246)(4,095)
Future income tax expense— (476)(2,079)
Future net cash flows4,104 8,300 13,002 
10% annual discount for estimated timing of cash flows(2,257)(4,600)(7,003)
Standardized measure of discounted future net cash flows$1,847 $3,700 $5,999 
(1)Includes abandonment costs.
Schedule of Prices used for Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure Prices used for the standardized measure above were as follows:
(in millions)202020192018
Natural gas (per MMBtu)
$1.98 $2.58 $3.10 
Oil (per Bbl)
39.57 55.69 65.56 
NGLs (per Bbl)
10.27 11.58 17.64 
Schedule of Analysis of Changes in Standardized Measure
Following is an analysis of changes in the standardized measure during 2020, 2019 and 2018:
(in millions)202020192018
Standardized measure, beginning of year$3,700 $5,999 $5,562 
Sales and transfers of natural gas and oil produced, net of production costs(478)(923)(1,564)
Net changes in prices and production costs(2,720)(3,510)2,162 
Extensions, discoveries, and other additions, net of future production and development costs81 234 335 
Acquisition of reserves in place443 — — 
Sales of reserves in place— (2)(2,022)
Revisions of previous quantity estimates(987)152 361 
Net change in income taxes35 491 (304)
Changes in estimated future development costs1,241 621 (166)
Previously estimated development costs incurred during the year624 704 536 
Changes in production rates (timing) and other(466)(718)521 
Accretion of discount374 652 578 
Standardized measure, end of year$1,847 $3,700 $5,999