Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other current liabilities as of September 30, 2020 and December 31, 2019 are detailed below:



	September 30, 2020		December 31, 2019
	($ in millions)
Revenues and royalties due others	$	235	$	516
Accrued drilling and production costs	88		326
Debt and equity financing fees	69		—
Joint interest prepayments received	27		52
Operating leases^(a)	23		9
Accrued reorganization professional fees	23		—
VPP deferred revenue^(b)	22		55
Accrued compensation and benefits^(c)	61		156
Other accrued taxes	123		150
Other	82		168
Total other current liabilities	$	753	$	1,432

Other long-term liabilities

Other long-term liabilities as of September 30, 2020 and December 31, 2019 are detailed below:



	September 30, 2020		December 31, 2019
	($ in millions)
VPP deferred revenue^(b)	$	—	$	9
Other	16		116
Total other long-term liabilities	$	16	$	125

____________________________________________


(a)	In the Current Quarter, we entered into a drilling rig contract that extends through 2021 and recorded an operating lease liability and right-of-use asset.

(b)

At the inception of our volumetric production payment (VPP) agreements, we (i) removed the proved reserves associated with the VPP, (ii) recognized VPP proceeds as deferred revenue which are being amortized on a unit-of-production basis to other revenue over the term of the VPP, (iii) retained responsibility for the production costs and capital costs related to VPP interests and (iv) ceased recognizing production associated with the VPP volumes. The remaining deferred revenue balance will be recognized in other revenues in the consolidated statement of operations through 2021, assuming the related VPP production volumes are delivered as scheduled.

(c)

In the Current Period, we terminated our nonqualified deferred compensation plan. Accordingly, we derecognized the asset associated with the plan after the participants’ investments were liquidated. The cash was distributed to the participants, and we extinguished the corresponding $43 million accrued liability.