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Supplemental Oil and Gas Disclosures (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2022
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
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)202220212020
Unproved property acquisition costs$202 $139 $124 
(1)
Exploration costs— — — 
Development costs2,021 984 784 
Capitalized costs incurred$2,223 $1,123 $908 
Full cost pool amortization per Mcfe$0.67 $0.42 $0.38 
(1)Excluded $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)202220212020
Sales$10,577 $4,640 $1,348 
Production (lifting) costs(1,969)(1,304)(866)
Depreciation, depletion and amortization(1,169)(537)(348)
Impairment of natural gas and oil properties— — (2,825)
7,439 2,799 (2,691)
Provision for income taxes (1)
— — — 
Results of operations (2)
$7,439 $2,799 $(2,691)
(1)Prior to the recognition of a valuation allowance, in 2020 the Company recognized an income tax benefit of $624 million.
(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, 2021 and 2022, all of which were located in the United States:
Natural Gas
(Bcf)
Oil
(MBbls)
NGL
(MBbls)
Total
(Bcfe)
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 (1)
1,911 18,796 55,141 2,354 
Disposition of reserves in place— — — — 
December 31, 20209,181 58,024 410,151 11,990 
Revisions of previous estimates due to price (2)
501 1,414 (15,525)415 
Revisions of previous estimates other than price (3)
1,402 17,384 127,197 2,270 
Extensions, discoveries and other additions (3)
1,389 9,381 85,901 1,961 
Production(1,015)(6,610)(30,940)(1,240)
Acquisition of reserves in place (4)
5,750 247 180 5,753 
Disposition of reserves in place (1)(61)— (1)
December 31, 202117,207 79,779 576,964 21,148 
Revisions of previous estimates due to price
61 (107)(828)55 
Revisions of previous estimates other than price (5)
(458)(2,149)40,138 (230)
Extensions, discoveries and other additions2,106 10,877 42,719 2,428 
Production(1,520)(4,993)(30,446)(1,733)
Acquisition of reserves in place
— — — — 
Disposition of reserves in place(34)(21)(1,411)(43)
December 31, 202217,362 83,386 627,136 21,625 
(1)The 2020 acquisition amounts are primarily associated with the Montage Merger.
(2)The 15,525 MBbl reduction in NGL volumes for 2021 is the result of changes to the Company’s five-year development plan and elections to retain ethane in the natural gas stream in line with ethane transportation contracts. This election is driven by commodity pricing, whereby higher natural gas pricing relative to ethane pricing creates a more economically favorable position.
(3)Includes 1,155 Bcf, 15 MBbls and 126 MBbls of natural gas, oil and NGL proved reserves, respectively, that were previously presented as “Extensions, discoveries and other additions” which have been reclassified to “Revisions of previous estimate other than price” to conform with current year presentation for infill reserves.
(4)The 2021 acquisition amounts are primarily associated with the Indigo Merger and the GEPH Merger.
(5)Includes performance revisions of a positive 272 Bcf, negative 681 MBbls and positive 41,490 MBbls of natural gas, oil and NGL proved reserves, respectively. Includes additions associated with infill development of 303 Bcf, 5,254 MBbls, and 40,423 MBbls of natural gas, oil and NGL proved reserves, respectively. Includes downward revisions from change in development plans of 1,033 Bcf, 6,722 MBbls, and 41,775 MBbls of natural gas, oil and NGL proved reserves, respectively.
Natural Gas
(Bcf)
Oil
(MBbls)
NGL
(MBbls)
Total
(Bcfe)
Proved developed reserves as of:    
December 31, 20206,342 33,563 276,548 8,203 
December 31, 20219,308 40,930 296,832 11,335 
December 31, 20229,793 41,138 350,821 12,145 
Proved undeveloped reserves as of:    
December 31, 20202,839 24,461 133,603 3,787 
December 31, 20217,899 38,849 280,132 9,813 
December 31, 20227,569 42,248 276,315 9,480 
The following table summarizes the changes in reserves for 2020, 2021 and 2022:
(in Bcfe)AppalachiaHaynesville
Other (1)
Total
December 31, 201912,720 — 1 12,721 
Net revisions
Price revisions(4,370)— — (4,370)
Performance and production revisions
1,424 — — 1,424 
Total net revisions(2,946)— — (2,946)
Extensions, discoveries and other additions
Proved developed267 — — 267 
Proved undeveloped474 — — 474 
Total reserve additions741 — — 741 
Production(880)— — (880)
Acquisition of reserves in place2,354 — — 2,354 
Disposition of reserves in place— — — — 
December 31, 202011,989 — 1 11,990 
Net revisions
Price revisions415 — — 415 
Performance and production revisions (2)
2,271 — (1)2,270 
Total net revisions2,686 — (1)2,685 
Extensions, discoveries and other additions
Proved developed (2)
197 — — 197 
Proved undeveloped (2)
1,764 — — 1,764 
Total reserve additions1,961 — — 1,961 
Production(1,108)(132)— (1,240)
Acquisition of reserves in place— 5,753 — 5,753 
Disposition of reserves in place(1)— — (1)
December 31, 202115,527 5,621 — 21,148 
Net revisions
Price revisions(4)59 — 55 
Performance and production revisions (3)
(33)(197)— (230)
Total net revisions(37)(138)— (175)
Extensions, discoveries and other additions
Proved developed235 171 — 406 
Proved undeveloped1,038 984 — 2,022 
Total reserve additions1,273 1,155 — 2,428 
Production(1,054)(679)— (1,733)
Acquisition of reserves in place— — — — 
Disposition of reserves in place(43)— — (43)
December 31, 202215,666 5,959 — 21,625 
(1)Other includes properties outside of Appalachia and Haynesville.
(2)Includes 158 Bcf, 2 MBbls and 14 MBbls of natural gas, oil and NGL proved developed reserves, respectively, that were previously presented as “Extensions, discoveries and other additions” which have been reclassified to “Performance and production revisions” to conform with current year presentation for infill reserves. Includes 997 Bcf, 13 MBbls and 112 MBbls of natural gas, oil and NGL proved undeveloped reserves, respectively, that were previously presented as “Extensions, discoveries and other additions” which have been reclassified to “Performance and production revisions” to conform with current year presentation for infill reserves.
(3)Includes Appalachia reserves with positive performance revisions of 381 Bcf, additions associated with infill development of 577 Bcf, and downward revisions from changes in development plans of 991 Bcf. Includes Haynesville reserves with positive performance revisions of 136 Bcf and downward revisions from changes in development plans of 333 Bcf.
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
The following standardized measure of discounted future net cash flows relating to proved natural gas, oil and NGL reserves as of December 31, 2022, 2021 and 2020 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)202220212020
Future cash inflows$132,037 $75,314 $17,997 
Future production costs(29,632)(23,235)(11,969)
Future development costs (1)
(7,458)(6,032)(1,924)
Future income tax expense(19,323)(8,135)— 
Future net cash flows75,624 37,912 4,104 
10% annual discount for estimated timing of cash flows(38,036)(19,181)(2,257)
Standardized measure of discounted future net cash flows$37,588 $18,731 $1,847 
(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:
202220212020
Natural gas (per MMBtu)
$6.36 $3.60 $1.98 
Oil (per Bbl)
93.67 66.56 39.57 
NGLs (per Bbl)
34.35 28.65 10.27 
Schedule of Analysis of Changes in Standardized Measure
Following is an analysis of changes in the standardized measure during 2022, 2021 and 2020:
(in millions)202220212020
Standardized measure, beginning of year$18,731 $1,847 $3,700 
Sales and transfers of natural gas and oil produced, net of production costs(8,611)(3,332)(478)
Net changes in prices and production costs23,198 10,417 (2,720)
Extensions, discoveries, and other additions, net of future production and development costs4,976 3,183 81 
Acquisition of reserves in place1 6,499 443 
Sales of reserves in place(49)(1)— 
Revisions of previous quantity estimates(400)596 (987)
Net change in income taxes(5,158)(3,689)35 
Changes in estimated future development costs(709)137 1,241 
Previously estimated development costs incurred during the year1,208 419 624 
Changes in production rates (timing) and other2,159 2,470 (466)
Accretion of discount2,242 185 374 
Standardized measure, end of year$37,588 $18,731 $1,847