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Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair value of oil, natural gas and NGL derivative instrument asset (liabilities)

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of December 31, 2022 and 2021 are provided below: 

						Successor
						December 31, 2022												December 31, 2021
						Notional Volume						Fair Value						Notional Volume						Fair Value
Natural gas (Bcf):
Fixed-price swaps						382						$	(494)					637						$	(675)
Collars						721						49						205						(82)
Three-way collars						4						(2)						—						—
Call options						18						(22)						18						(17)
Basis protection swaps						652						(32)						252						(11)
Total natural gas						1,777						(501)						1,112						(785)
Oil (MMBbls):
Fixed-price swaps						1						(32)						13						(356)
Collars						2						7						—						—
Basis protection swaps						6						1						9						(2)
Total oil						9						(24)						22						(358)
Total estimated fair value												$	(525)											$	(1,143)

Schedule of effects of dividend instruments in consolidated balance sheets

The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2022 and 2021 on a gross basis and after same-counterparty netting:

						Gross Fair Value(a)						Amounts Netted in the Consolidated Balance Sheets						Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of December 31, 2022
Commodity Contracts:
Short-term derivative asset						$	200					$	(166)					$	34
Long-term derivative asset						87						(40)						47
Short-term derivative liability						(598)						166						(432)
Long-term derivative liability						(214)						40						(174)
Total derivatives						$	(525)					$	—					$	(525)
As of December 31, 2021
Commodity Contracts:
Short-term derivative asset						$	56					$	(51)					$	5
Short-term derivative liability						(950)						51						(899)
Long-term derivative liability						(249)						—						(249)
Total derivatives						$	(1,143)					$	—					$	(1,143)

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Schedule of effects of derivative instruments in accumulated other comprehensive income (loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:

						Predecessor
						Period from January 1, 2021 through February 9, 2021												Year Ended December 31, 2020
						Before  Tax						After  Tax						Before  Tax						After  Tax
Balance, beginning of period						$	(12)					$	45					$	(45)					$	12
Losses reclassified to income(a)						3						3						33						33
Fresh start adjustments						9						9						—						—
Elimination of tax effects						—						(57)						—						—
Balance, end of period						$	—					$	—					$	(12)					$	45

___________________________________________

(a)These losses were included as a component of total natural gas and oil derivatives.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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