XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Derivative Instruments | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2024, the Company had the following outstanding financial commodity derivatives:
|  | 2024 |  | 2025 |  |  |  |
Natural Gas |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
NYMEX collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 44,590,000 |  | 45,080,000 |  | 16,690,000 |  | 9,000,000 |  | 9,100,000 |  |  | 9,200,000 |  |  | 9,200,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 2.70 |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 3.87 |  |  | $ | 3.94 |  |  | $ | 4.23 |  |  | $ | 4.79 |  |  | $ | 4.79 |  |  | $ | 4.79 |  |  | $ | 4.79 |  |  |  |  |
|  | 2024 |  |  |  |
Oil |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |  |  |  |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 3,185 |  | 2,760 |  | 2,760 |  |  |  |  |  |  |  |  |  |
Weighted average floor ($/Bbl) |  | $ | 67.57 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  |  |  |  |  |  |  |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 90.47 |  |  | $ | 87.17 |  |  | $ | 87.17 |  |  |  |  |  |  |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 3,185 |  |  | 2,760 |  | 2,760 |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/Bbl) |  | $ | 1.15 |  |  | $ | 1.14 |  |  | $ | 1.14 |  |  |  |  |  |  |  |  |  |  |
In April 2024, the Company entered into the following financial commodity derivatives:
|  |  |  | 2024 |  | 2025 |  |  |  |
Oil |  |  |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  | 460 |  | 460 |  | 900 |  | 910 |  |  |  |
Weighted average floor ($/Bbl) |  |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  |  |  |
Weighted average ceiling ($/Bbl) |  |  |  | $ | 86.02 |  |  | $ | 86.02 |  |  | $ | 84.21 |  |  | $ | 84.21 |  |  |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Commodity contracts |  | Derivative instruments (current) |  | $ | 62 |  |  | $ | 85 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities (current) |  | — |  |  | — |  |  | 2 |  |  | — |
Commodity contracts |  | Other assets (non-current) |  | 6 |  |  | 7 |  |  | — |  |  | — |
|  |  |  | $ | 68 |  |  | $ | 92 |  |  | $ | 2 |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | March 31, 2024 |  | December 31, 2023
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 74 |  |  | $ | 93 |
Gross amounts offset in the condensed consolidated balance sheet |  | (6) |  |  | (1) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 68 |  |  | 92 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | 68 |  |  | $ | 93 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 8 |  |  | $ | 1 |
Gross amounts offset in the condensed consolidated balance sheet |  | (6) |  |  | (1) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 2 |  |  | — |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 2 |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2024 |  | 2023
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  |  |  |  |  | $ | 27 |  |  | $ | 99 |
Oil contracts |  |  |  |  |  | (1) |  |  | 1 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  |  |  |  |  | 7 |  |  | 42 |
Oil contracts |  |  |  |  |  | (33) |  |  | (4) |
|  |  |  |  |  | $ | — |  |  | $ | 138 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration