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v3.25.2

Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivatives | As of June 30, 2025, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  |  |  | 2025 |  | 2026 |  |
Oil |  |  |  |  |  |  |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  | 5,152 |  | 5,152 |  | 2,700 |  | 2,730 |  | 2,760 |  | 2,760 |  |  |  |  |  |
Weighted average floor ($/Bbl) |  |  |  |  |  |  |  | $ | 61.34 |  |  | $ | 61.34 |  |  | $ | 56.67 |  |  | $ | 56.67 |  |  | $ | 56.67 |  |  | $ | 56.67 |  |  |  |  |  |  |
Weighted average ceiling ($/Bbl) |  |  |  |  |  |  |  | $ | 79.00 |  |  | $ | 79.00 |  |  | $ | 70.68 |  |  | $ | 70.68 |  |  | $ | 70.68 |  |  | $ | 70.68 |  |  |  |  |  |  |
WTI-NYMEX oil swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  | 1,748 |  | 1,748 |  | 900 |  | 910 |  | 920 |  | 920 |  |  |  |  |  |
Weighted average price ($/Bbl) |  |  |  |  |  |  |  | $ | 69.18 |  |  | $ | 69.18 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  | 5,520 |  | 5,520 |  | 1,800 |  | 1,820 |  | 1,840 |  | 1,840 |  |  |  |  |  |
Weighted average differential ($/Bbl) |  |  |  |  |  |  |  | $ | 1.02 |  |  | $ | 1.02 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  | $ | 0.95 |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2025 |  | 2026 |  |  |  |  |  |  |  |  |  |  |
Natural Gas |  |  |  |  |  |  |  | Third Quarter |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |  |  |  |  |  |  |  |
NYMEX gas collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  | 87,400,000 |  | 87,400,000 |  | 81,000,000 |  | 54,600,000 |  | 55,200,000 |  | 55,200,000 |  |  |  |  |  |  |  |  |  |  |
Weighted average floor ($/MMBtu) |  |  |  |  |  |  |  | $ | 3.08 |  |  | $ | 3.08 |  |  | $ | 3.06 |  |  | $ | 3.21 |  |  | $ | 3.21 |  |  | $ | 3.21 |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  |  |  |  |  |  |  | $ | 4.88 |  |  | $ | 5.66 |  |  | $ | 6.39 |  |  | $ | 5.76 |  |  | $ | 5.76 |  |  | $ | 5.76 |  |  |  |  |  |  |  |  |  |  |  |
Transco Leidy gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  | 18,400,000 |  | 18,400,000 |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  | $ | (0.70) |  |  | $ | (0.70) |  |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Transco Zone 6 Non-NY gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  | 18,400,000 |  | 18,400,000 |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  | $ | (0.49) |  |  | $ | (0.49) |  |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Waha gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  | 13,800,000 |  | 13,800,000 |  | 13,500,000 |  | 13,650,000 |  | 13,800,000 |  | 13,800,000 |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  | $ | (2.05) |  |  | $ | (2.05) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet | 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, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Commodity contracts |  | Other current assets |  | $ | 98 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities |  | — |  |  | — |  |  | — |  |  | 17 |
Commodity contracts |  | Other assets |  | 17 |  |  | — |  |  | — |  |  | — |
Commodity contracts |  | Other liabilities |  | — |  |  | — |  |  | 17 |  |  | 4 |
|  |  |  | $ | 115 |  |  | $ | 12 |  |  | $ | 17 |  |  | $ | 21 |
Schedule of Offsetting of Derivative Assets in the Condensed Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | June 30, 2025 |  | December 31, 2024
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 139 |  |  | $ | 26 |
Gross amounts offset in the condensed consolidated balance sheet |  | (24) |  |  | (14) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 115 |  |  | 12 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | 2 |  |  | — |
Net amount |  | $ | 117 |  |  | $ | 12 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 41 |  |  | $ | 35 |
Gross amounts offset in the condensed consolidated balance sheet |  | (24) |  |  | (14) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 17 |  |  | 21 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 17 |  |  | $ | 21 |
Schedule of Offsetting of Derivative Liabilities in the Condensed Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | June 30, 2025 |  | December 31, 2024
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 139 |  |  | $ | 26 |
Gross amounts offset in the condensed consolidated balance sheet |  | (24) |  |  | (14) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 115 |  |  | 12 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | 2 |  |  | — |
Net amount |  | $ | 117 |  |  | $ | 12 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 41 |  |  | $ | 35 |
Gross amounts offset in the condensed consolidated balance sheet |  | (24) |  |  | (14) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 17 |  |  | 21 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 17 |  |  | $ | 21 |
Schedule of Effect of Derivatives on the Condensed Consolidated Statement of Operations | Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
Oil contracts |  | $ | 17 |  |  | $ | — |  |  | $ | 12 |  |  | $ | (1) |
Gas contracts |  | 18 |  |  | 36 |  |  | 1 |  |  | 63 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
Oil contracts |  | 83 |  |  | (2) |  |  | 88 |  |  | (35) |
Gas contracts |  | 114 |  |  | (50) |  |  | 19 |  |  | (43) |
|  | $ | 232 |  |  | $ | (16) |  |  | $ | 120 |  |  | $ | (16) |

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