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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment, net

Property, plant and equipment, net consisted of the following:

			Successor									Predecessor
(in millions)			December 31, 2020									December 31, 2019
Proved oil and natural gas properties			$	2,416								$	21,285
Unproved oil and natural gas properties(a)			1									1,055
Facilities and other			272									549
Total property, plant and equipment			2,689									22,889
Accumulated depreciation, depletion and amortization			(34)									(16,537)
Total property, plant and equipment, net			$	2,655								$	6,352

(a)Includes a valuation allowance for unproved properties of zero and $823 million at December 31, 2020 and 2019, respectively.

Summary of the activity of capitalized exploratory well costs

The following table summarizes the activity of capitalized exploratory well costs:

			Successor									Predecessor
			November 1, 2020 - December 31, 2020									January 1, 2020 - October 31, 2020						Years ended December 31,
(in millions)																		2019						2018
Beginning balance			$	3								$	7					$	5					$	4
Additions to capitalized exploratory well costs			—									—						12						19
Reclassification to property, plant and equipment			—									—						(3)						(2)
Charged to expense			—									(2)						(7)						(16)
Impact of fresh start accounting			—									(2)						—						—
Ending balance			$	3								$	3					$	7					$	5

X

- Definition

Tabular disclosure of the change in capitalized exploratory costs during the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=68064819&loc=SL6806780-109447

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- References

No definition available.

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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