Revenue Recognition

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The FASB issued Revenue from Contracts with Customers (Topic 606) superseding virtually all existing revenue recognition guidance. We adopted this new standard in the Prior Period using the modified retrospective approach. We applied the new standard to all contracts that were not completed as of January 1, 2018 and reflected the aggregate effect of all modifications in determining and allocating the transaction price. The cumulative effect of adoption of $8 million in the Prior Period did not have a material impact on our consolidated financial statements.

The following table shows revenue disaggregated by operating area and product type, for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period:

	Three Months Ended June 30, 2019
	Oil			Natural Gas			NGL			Total
	($ in millions)
Marcellus	$	—		$	198		$	—		$	198
Haynesville	—			164			—			164
Eagle Ford	349			37			20			406
Brazos Valley	199			9			5			213
Powder River Basin	102			18			8			128
Mid-Continent	50			10			10			70
Revenue from contracts with customers	700			436			43			1,179
Gains on oil, natural gas and NGL derivatives	86			189			—			275
Oil, natural gas and NGL revenue	$	786		$	625		$	43		$	1,454
Marketing revenue from contracts with customers	$	614		$	162		$	48		$	824
Other marketing revenue	78			15			—			93
Losses on oil, natural gas and NGL derivatives	—			(1		)	—			(1		)
Marketing revenue	$	692		$	176		$	48		$	916
	Three Months Ended June 30, 2018
	Oil			Natural Gas			NGL			Total
	($ in millions)
Marcellus	$	—		$	169		$	—		$	169
Haynesville	1			198			—			199
Eagle Ford	390			42			46			478
Powder River Basin	52			11			9			72
Mid-Continent	62			15			12			89
Utica	62			103			61			226
Revenue from contracts with customers	567			538			128			1,233
Losses on oil, natural gas and NGL derivatives	(202		)	(35		)	(14		)	(251		)
Oil, natural gas and NGL revenue	$	365		$	503		$	114		$	982
Marketing revenue from contracts with customers	732			235			102			1,069
Other marketing revenue	145			59			—			204
Marketing revenue	$	877		$	294		$	102		$	1,273

	Six Months Ended June 30, 2019
	Oil			Natural Gas			NGL			Total
	($ in millions)
Marcellus	$	—		$	500		$	—		$	500
Haynesville	—			365			—			365
Eagle Ford	680			85			66			831
Brazos Valley	320			13			7			340
Powder River Basin	176			43			18			237
Mid-Continent	90			25			21			136
Revenue from contracts with customers	1,266			1,031			112			2,409
Gains (losses) on oil, natural gas and NGL derivatives	(173		)	147			—			(26		)
Oil, natural gas and NGL revenue	$	1,093		$	1,178		$	112		$	2,383
Marketing revenue from contracts with customers	$	1,227		$	575		$	165		$	1,967
Other marketing revenue	150			35			—			185
Losses on oil, natural gas and NGL derivatives	—			(3		)	—			(3		)
Marketing revenue	$	1,377		$	607		$	165		$	2,149
	Six Months Ended June 30, 2018
	Oil			Natural Gas			NGL			Total
	($ in millions)
Marcellus	$	—		$	462		$	—		$	462
Haynesville	2			409			—			411
Eagle Ford	750			84			85			919
Powder River Basin	95			23			17			135
Mid-Continent	138			47			30			215
Utica	119			219			113			451
Revenue from contracts with customers	1,104			1,244			245			2,593
Losses on oil, natural gas and NGL derivatives	(288		)	(67		)	(13		)	(368		)
Oil, natural gas and NGL revenue	$	816		$	1,177		$	232		$	2,225
Marketing revenue from contracts with customers	1,418			528			212			2,158
Other marketing revenue	262			99			—			361
Marketing revenue	$	1,680		$	627		$	212		$	2,519

Accounts Receivable

Our accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible. Accounts receivable as of June 30, 2019 and December 31, 2018 are detailed below:

	June 30, 2019			December 31, 2018
	($ in millions)
Oil, natural gas and NGL sales	$	682		$	976
Joint interest	289			211
Other	71			77
Allowance for doubtful accounts	(21		)	(17		)
Total accounts receivable, net	$	1,021		$	1,247