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Derivative Instruments | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of September 30, 2023, the Company had the following outstanding financial commodity derivatives:
|  | 2023 |  | 2024 |  |  |  |
Natural Gas |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
NYMEX collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 29,150,000 |  | 18,200,000 |  | 20,020,000 |  |  | 20,240,000 |  |  | 6,820,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 4.03 |  |  | $ | 3.00 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 6.61 |  |  | $ | 5.56 |  |  | $ | 4.09 |  |  | $ | 4.09 |  |  | $ | 4.09 |  |  |  |  |
Waha gas collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 8,280,000 |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 3.03 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 5.39 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
|  | 2023 |  | 2024 |  |
Oil |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 2,760 |  | 1,820 |  | 1,820 |  | 920 |  |  | 920 |  |  |
Weighted average floor ($/Bbl) |  | $ | 70.00 |  |  | $ | 67.50 |  |  | $ | 67.50 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 91.09 |  |  | $ | 91.02 |  |  | $ | 91.02 |  |  | $ | 89.93 |  |  | $ | 89.93 |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 2,760 |  |  | 1,820 |  |  | 1,820 |  |  | 920 |  |  | 920 |  |  |
Weighted average differential ($/Bbl) |  | $ | 1.11 |  |  | $ | 1.16 |  |  | $ | 1.16 |  |  | $ | 1.16 |  |  | $ | 1.16 |  |  |
In October 2023, the Company entered into the following financial commodity derivatives:
|  |  |  | 2024 |  |  |  |
Natural Gas |  |  |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
NYMEX collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  | 17,290,000 |  | 15,470,000 |  |  | 15,640,000 |  |  | 5,270,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  |  |  | $ | 3.00 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  |  |  | $ | 5.19 |  |  | $ | 4.17 |  |  | $ | 4.17 |  |  | $ | 4.17 |  |  |  |  |
|  | 2024 |  |
Oil |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 910 |  | 910 |  | 920 |  | 920 |  |
Weighted average floor ($/Bbl) |  | $ | 69.00 |  |  | $ | 69.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 92.09 |  |  | $ | 92.09 |  |  | $ | 90.09 |  |  | $ | 90.09 |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 910 |  | 910 |  | 920 |  | 920 |  |
Weighted average differential ($/Bbl) |  | $ | 1.17 |  |  | $ | 1.17 |  |  | $ | 1.17 |  |  | $ | 1.17 |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Balance Sheet Location |  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Commodity contracts |  | Derivative instruments (current) |  | $ | 37 |  |  | $ | 146 |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | September 30, 2023 |  | December 31, 2022
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 47 |  |  | $ | 147 |
Gross amounts offset in the condensed consolidated balance sheet |  | (10) |  |  | (1) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 37 |  |  | 146 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | 2 |
Net amount |  | $ | 37 |  |  | $ | 148 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 10 |  |  | $ | 1 |
Gross amounts offset in the condensed consolidated balance sheet |  | (10) |  |  | (1) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | — |  |  | — |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | — |  |  | $ | 1 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  | $ | 55 |  |  | $ | (202) |  |  | $ | 235 |  |  | $ | (405) |
Oil contracts |  | — |  |  | (57) |  |  | 3 |  |  | (318) |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  | (40) |  |  | 2 |  |  | (93) |  |  | (47) |
Oil contracts |  | (12) |  |  | 101 |  |  | (16) |  |  | 157 |
|  | $ | 3 |  |  | $ | (156) |  |  | $ | 129 |  |  | $ | (613) |

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