XML 56 R36.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Derivative Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivatives | As of December 31, 2024, the Company had the following outstanding financial commodity derivatives:
|  | 2025 |  | 2026 |  |  |  |
Oil |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 5,040 |  |  | 5,096 |  |  | 4,232 |  |  | 4,232 |  |  | 900 |  |  | 910 |  |  | 920 |  |  | 920 |  |  |  |  |
Weighted average floor ($/Bbl) |  | $ | 61.79 |  |  | $ | 61.79 |  |  | $ | 61.63 |  |  | $ | 61.63 |  |  | $ | 62.50 |  |  | $ | 62.50 |  |  | $ | 62.50 |  |  | $ | 62.50 |  |  |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 79.36 |  |  | $ | 79.36 |  |  | $ | 78.64 |  |  | $ | 78.64 |  |  | $ | 69.40 |  |  | $ | 69.40 |  |  | $ | 69.40 |  |  | $ | 69.40 |  |  |  |  |
WTI oil swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 1,710 |  | 1,729 |  | 1,748 |  | 1,748 |  | 900 |  | 910 |  | 920 |  | 920 |  |  |  |
Weighted average price ($/Bbl) |  | $ | 69.18 |  |  | $ | 69.18 |  |  | $ | 69.18 |  |  | $ | 69.18 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 6,300 |  | 6,370 |  | 5,520 |  | 5,520 |  | 1,800 |  | 1,820 |  | 1,840 |  | 1,840 |  |  |  |
Weighted average differential ($/Bbl) |  | $ | 1.07 |  |  | $ | 1.07 |  |  | $ | 1.02 |  |  | $ | 1.02 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  |  |  |
|  | 2025 |  | 2026 |  |  |  |
Natural Gas |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  |  |  |
NYMEX gas collars |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 45,000,000 |  |  | 45,500,000 |  |  | 46,000,000 |  |  | 46,000,000 |  |  | 27,000,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 2.85 |  |  | $ | 2.85 |  |  | $ | 2.85 |  |  | $ | 2.85 |  |  | $ | 2.75 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 4.51 |  |  | $ | 4.07 |  |  | $ | 4.07 |  |  | $ | 5.55 |  |  | $ | 7.66 |  |  |  |  |
Transco Leidy gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 18,000,000 |  |  | 18,200,000 |  |  | 18,400,000 |  |  | 18,400,000 |  |  | — |  |  |  |  |
Weighted average differential ($/MMBtu) |  | $ | (0.70) |  |  | $ | (0.70) |  |  | $ | (0.70) |  |  | $ | (0.70) |  |  | $ | — |  |  |  |  |
Transco Zone 6 Non-NY gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 9,000,000 |  |  | 9,100,000 |  |  | 9,200,000 |  |  | 9,200,000 |  |  | — |  |  |  |  |
Weighted average differential ($/MMBtu) |  | $ | (0.29) |  |  | $ | (0.29) |  |  | $ | (0.29) |  |  | $ | (0.29) |  |  | $ | — |  |  |  |  |
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet | In January 2025, the Company entered into the following financial commodity derivatives:
|  | 2025 |  | 2026
Natural Gas |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
NYMEX gas collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 5,900,000 |  | 9,100,000 |  | 9,200,000 |  | 9,200,000 |  | 22,500,000 |  | 22,750,000 |  | 23,000,000 |  | 23,000,000
Weighted average floor ($/MMBtu) |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |  |  | $ | 3.00 |
Weighted average ceiling ($/MMBtu) |  | $ | 4.46 |  |  | $ | 4.46 |  |  | $ | 4.46 |  |  | $ | 4.46 |  |  | $ | 5.79 |  |  | $ | 5.79 |  |  | $ | 5.79 |  |  | $ | 5.79 |
Effect of Derivative Instruments on the Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
|  |  |  | December 31, |  | December 31,
(In millions) |  | Balance Sheet Location |  | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity contracts |  | Other current assets |  | $ | 12 |  |  | $ | 85 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities |  | — |  |  | — |  |  | 17 |  |  | — |
Commodity contracts |  | Other assets |  | — |  |  | 7 |  |  | — |  |  | — |
Commodity contracts |  | Other liabilities |  | — |  |  | — |  |  | 4 |  |  | — |
|  |  |  | $ | 12 |  |  | $ | 92 |  |  | $ | 21 |  |  | $ | — |
Schedule of Offsetting Derivative Assets in the Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
|  | December 31,
(In millions) |  | 2024 |  | 2023
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 26 |  |  | $ | 93 |
Gross amounts offset in the consolidated balance sheet |  | (14) |  |  | (1) |
Net amounts of assets presented in the consolidated balance sheet |  | 12 |  |  | 92 |
Gross amounts of financial instruments not offset in the consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | 12 |  |  | $ | 93 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 35 |  |  | $ | 1 |
Gross amounts offset in the consolidated balance sheet |  | (14) |  |  | (1) |
Net amounts of liabilities presented in the consolidated balance sheet |  | 21 |  |  | — |
Gross amounts of financial instruments not offset in the consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 21 |  |  | $ | — |
Schedule of Offsetting Derivative Liabilities in the Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
|  | December 31,
(In millions) |  | 2024 |  | 2023
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 26 |  |  | $ | 93 |
Gross amounts offset in the consolidated balance sheet |  | (14) |  |  | (1) |
Net amounts of assets presented in the consolidated balance sheet |  | 12 |  |  | 92 |
Gross amounts of financial instruments not offset in the consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | 12 |  |  | $ | 93 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 35 |  |  | $ | 1 |
Gross amounts offset in the consolidated balance sheet |  | (14) |  |  | (1) |
Net amounts of liabilities presented in the consolidated balance sheet |  | 21 |  |  | — |
Gross amounts of financial instruments not offset in the consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 21 |  |  | $ | — |
Schedule of Effect of Derivatives on the Condensed Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated Statement of Operations
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |
Gas contracts |  | $ | 96 |  |  | $ | 280 |  |  | $ | (438) |
Oil contracts |  | 2 |  |  | 4 |  |  | (324) |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |
Gas contracts |  | (80) |  |  | (72) |  |  | 149 |
Oil contracts |  | (21) |  |  | 18 |  |  | 150 |
|  | $ | (3) |  |  | $ | 230 |  |  | $ | (463) |

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 Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration