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REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2018

Revenue recognition

Schedule of disaggregated revenue

The following table provides disaggregated revenue for the three and nine months ended September 30, 2018 (in millions):

		Three months ended			Nine months ended
		September 30, 2018			September 30, 2018
Oil and gas sales:
Oil		$	568		$	1,587
NGLs			71			195
Natural gas			61			150
			700			1,932
Other revenue:
Electricity			42			87
Marketing, trading and other			140			225
Interest income			—			1
			182			313
Net derivative loss from commodity contracts			(54)			(259)
Total revenues and other		$	828		$	1,986

ASU 2014-09

Revenue recognition

Schedule of the impact of the adoption of ASC 606 on our condensed consolidated statements of operations

The impact of the adoption of ASC 606 on our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 was as follows (in millions):

		Three months ended									Nine months ended
		September 30, 2018									September 30, 2018
		As									As
		Reported			Previous						Reported			Previous
		ASC 606			GAAP			Change			ASC 606			GAAP			Change
REVENUES AND OTHER
Oil and gas sales		$	700		$	695		$	5		$	1,932		$	1,915		$	17
Net derivative loss from commodity contracts			(54)			(54)			—			(259)			(259)			—
Other revenue			182			177			5			313			242			71
Total revenues and other			828			818			10			1,986			1,898			88
COSTS AND OTHER
Production costs			236			236			—			679			679			—
General and administrative expenses			81			81			—			234			234			—
Depreciation, depletion and amortization			128			128			—			372			372			—
Taxes other than on income			45			45			—			120			120			—
Exploration expenses			4			4			—			18			18			—
Other expenses, net			149			139			10			259			171			88
Total costs and other			643			633			10			1,682			1,594			88
OPERATING INCOME			185			185			—			304			304			—
NON-OPERATING (LOSS) INCOME
Interest and debt expense, net			(95)			(95)			—			(281)			(281)			—
Net gain on early extinguishment of debt			2			2			—			26			26			—
Gain on asset divestitures			3			3			—			4			4			—
Other non-operating expenses			(4)			(4)			—			(16)			(16)			—
INCOME BEFORE INCOME TAXES			91			91			—			37			37			—
Income tax			—			—			—			—			—			—
NET INCOME			91			91			—			37			37			—
Net income attributable to noncontrolling interests			(25)			(25)			—			(55)			(55)			—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK		$	66		$	66		$	—		$	(18)		$	(18)		$	—

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