XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

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 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration