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Derivative Instruments | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of June 30, 2024, the Company had the following outstanding financial commodity derivatives:
|  |  |  | 2024 |  | 2025 |  | 2026 |  |  |  |
Natural Gas |  |  |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  |  |  |
NYMEX collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  | 45,080,000 |  | 28,890,000 |  | 27,000,000 |  | 27,300,000 |  |  | 27,600,000 |  |  | 27,600,000 |  |  | 18,000,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  |  |  | $ | 2.75 |  |  | $ | 2.75 |  |  | $ | 2.92 |  |  | $ | 2.92 |  |  | $ | 2.92 |  |  | $ | 2.92 |  |  | $ | 2.75 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  |  |  | $ | 3.94 |  |  | $ | 4.68 |  |  | $ | 5.12 |  |  | $ | 4.37 |  |  | $ | 4.37 |  |  | $ | 6.20 |  |  | $ | 8.30 |  |  |  |  |
|  |  |  | 2024 |  | 2025 |  |
Oil |  |  |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  |  |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  | 3,220 |  |  | 3,220 |  |  | 1,800 |  |  | 1,820 |  |  |  |  |  |  |
Weighted average floor ($/Bbl) |  |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 62.50 |  |  | $ | 62.50 |  |  |  |  |  |  |
Weighted average ceiling ($/Bbl) |  |  |  | $ | 87.01 |  |  | $ | 87.01 |  |  | $ | 81.67 |  |  | $ | 81.67 |  |  |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  | 4,600 |  | 4,600 |  |  | 1,800 |  |  | 1,820 |  |  |  |  |  |  |
Weighted average differential ($/Bbl) |  |  |  | $ | 1.13 |  |  | $ | 1.13 |  |  | $ | 1.24 |  |  | $ | 1.24 |  |  |  |  |  |  |
In July 2024, the Company entered into the following financial commodity derivatives:
|  | 2025
Oil |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
WTI oil collars |  |  |  |  |  |  |  |
Volume (MBbl) |  | 900 |  |  | 910 |  |  | 1,380 |  |  | 1,380 |
Weighted average floor ($/Bbl) |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |
Weighted average ceiling ($/Bbl) |  | $ | 84.07 |  |  | $ | 84.07 |  |  | $ | 83.18 |  |  | $ | 83.18 |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |
Volume (MBbl) |  | 900 |  |  | 910 |  |  | 1,380 |  |  | 1,380 |
Weighted average differential ($/Bbl) |  | $ | 1.13 |  |  | $ | 1.13 |  |  | $ | 1.14 |  |  | $ | 1.14 |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Balance Sheet Location |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Commodity contracts |  | Other current assets (current) |  | $ | 17 |  |  | $ | 85 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities (current) |  | — |  |  | — |  |  | 5 |  |  | — |
Commodity contracts |  | Other assets (non-current) |  | 2 |  |  | 7 |  |  | — |  |  | — |
|  |  |  | $ | 19 |  |  | $ | 92 |  |  | $ | 5 |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | June 30, 2024 |  | December 31, 2023
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 25 |  |  | $ | 93 |
Gross amounts offset in the condensed consolidated balance sheet |  | (6) |  |  | (1) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 19 |  |  | 92 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | 19 |  |  | $ | 93 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 11 |  |  | $ | 1 |
Gross amounts offset in the condensed consolidated balance sheet |  | (6) |  |  | (1) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 5 |  |  | — |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 5 |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  | $ | 36 |  |  | $ | 82 |  |  | $ | 63 |  |  | $ | 181 |
Oil contracts |  | — |  |  | 2 |  |  | (1) |  |  | 3 |
Non-cash loss on derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  | (50) |  |  | (96) |  |  | (43) |  |  | (54) |
Oil contracts |  | (2) |  |  | — |  |  | (35) |  |  | (4) |
|  | $ | (16) |  |  | $ | (12) |  |  | $ | (16) |  |  | $ | 126 |

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- 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
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