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Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations And Disposal Groups [Abstract]

Summary of Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets

The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.

		Three Months Ended September 30,												Nine Months Ended September 30,
		Barnett Shale				Canada				Total				Barnett Shale				Canada				Total
2020
Oil, gas and NGL sales		$	94			$	—			$	94			$	263			$	—			$	263
Total revenues			94				—				94				263				—				263
Production expenses			66				—				66				214				—				214
Asset impairments			3				—				3				182				—				182
Asset dispositions			—				—				—				—				(2	)			(2	)
General and administrative expenses			—				2				2				—				3				3
Financing costs, net			—				(1	)			(1	)			—				(3	)			(3	)
Other expenses			27				(1	)			26				16				3				19
Total expenses			96				—				96				412				1				413
Earnings (loss) from discontinued operations before income taxes			(2	)			—				(2	)			(149	)			(1	)			(150	)
Income tax benefit			—				(15	)			(15	)			(32	)			(15	)			(47	)
Net earnings (loss) from discontinued operations, net of tax		$	(2	)		$	15			$	13			$	(117	)		$	14			$	(103	)
2019
Oil, gas and NGL sales		$	101			$	11			$	112			$	365			$	741			$	1,106
Oil, gas and NGL derivatives			—				(18	)			(18	)			—				(113	)			(113	)
Marketing and midstream revenues			—				—				—				—				38				38
Total revenues			101				(7	)			94				365				666				1,031
Production expenses			75				(1	)			74				232				293				525
Exploration expenses			—				—				—				—				13				13
Marketing and midstream expenses			—				—				—				—				18				18
Depreciation, depletion and amortization			20				—				20				60				128				188
Asset impairments			—				—				—				—				37				37
Asset dispositions			(1	)			(34	)			(35	)			1				(223	)			(222	)
General and administrative expenses			—				2				2				—				33				33
Financing costs, net			—				59				59				—				85				85
Restructuring and transaction costs			—				5				5				—				244				244
Other expenses			3				5				8				9				8				17
Total expenses			97				36				133				302				636				938
Earnings from discontinued operations before income taxes			4				(43	)			(39	)			63				30				93
Income tax expense (benefit)			1				(13	)			(12	)			13				(298	)			(285	)
Net earnings from discontinued operations, net of tax		$	3			$	(30	)		$	(27	)		$	50			$	328			$	378

The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets.

		As of September 30, 2020												As of December 31, 2019
		Barnett Shale				Canada				Total				Barnett Shale				Canada				Total
Cash restricted for discontinued operations		$	20			$	170			$	190			$	25			$	355			$	380
Accounts receivable		$	33			$	—			$	33			$	38			$	1			$	39
Other current assets			6				—				6				5				2				7
Oil and gas property and equipment, based on successful efforts accounting, net			590				—				590				751				—				751
Other property and equipment, net			11				—				11				11				—				11
Goodwill			88				—				88				88				—				88
Other long-term assets			—				81				81				—				81				81
Total assets associated with discontinued operations		$	728			$	81			$	809			$	893			$	84			$	977
Accounts payable		$	17			$	3			$	20			$	15			$	4			$	19
Revenues and royalties payable			42				3				45				44				3				47
Other current liabilities			215				38				253				19				233				252
Asset retirement obligations			145				—				145				141				—				141
Other long-term liabilities			14				143				157				16				169				185
Total liabilities associated with discontinued operations		$	433			$	187			$	620			$	235			$	409			$	644

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Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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