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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents ($0 and $2 attributable to our VIE) $ 279 $ 6
Accounts receivable, net 746 990
Short-term derivative assets 19 134
Other current assets 64 121
Total Current Assets 1,108 1,251
Oil and natural gas properties, at cost based on successful efforts accounting:    
Proved oil and natural gas properties ($0 and $755 attributable to our VIE) 25,734 30,765
Unproved properties 1,550 2,173
Other property and equipment 1,754 1,810
Total Property and Equipment, at Cost 29,038 34,748
Less: accumulated depreciation, depletion and amortization ($0 and ($713) attributable to our VIE) (23,806) (20,002)
Property and equipment held for sale, net 10 10
Total Property and Equipment, Net 5,242 14,756
Other long-term assets 234 186
TOTAL ASSETS 6,584 16,193
CURRENT LIABILITIES:    
Accounts payable 346 498
Current maturities of long-term debt, net 1,929 385
Accrued interest 3 75
Short-term derivative liabilities 93 2
Other current liabilities ($0 and $1 attributable to our VIE) 723 1,432
Total Current Liabilities 3,094 2,392
Long-term debt, net 0 9,073
Long-term derivative liabilities 44 2
Asset retirement obligations, net of current portion 139 200
Other long-term liabilities 5 125
Liabilities subject to compromise 8,643 0
Total Liabilities 11,925 11,792
CONTINGENCIES AND COMMITMENTS (Note 6)
Stockholders’ Equity (deficit):    
Preferred stock, $0.01 par value, 20,000,000 shares authorized:
5,563,458 and 5,563,458 shares outstanding 1,631 1,631
Common stock, $0.01 par value, 22,500,000 and 15,000,000 shares authorized: 9,780,547 and 9,772,793 shares issued(a) [1] 0 0
Additional paid-in capital 16,937 16,973
Accumulated deficit (23,954) (14,220)
Accumulated other comprehensive income 45 12
Less: treasury stock, at cost; 0 and 26,224 common shares(a) [1] 0 (32)
Total Stockholders’ Equity (Deficit) (5,341) 4,364
Noncontrolling interests 0 37
Total Equity (Deficit) (5,341) 4,401
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 6,584 $ 16,193
[1] Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.