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v3.25.3

Derivative Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of September 30, 2025, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  |  |  |  | 2025 |  | 2026 |  |
Oil |  |  |  |  |  |  |  |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  |  | 5,152 |  | 3,600 |  | 3,640 |  | 3,680 |  | 3,680 |  |  |  |  |  |
Weighted average floor ($/Bbl) |  |  |  |  |  |  |  |  | $ | 61.34 |  |  | $ | 56.25 |  |  | $ | 56.25 |  |  | $ | 56.25 |  |  | $ | 56.25 |  |  |  |  |  |  |
Weighted average ceiling ($/Bbl) |  |  |  |  |  |  |  |  | $ | 79.00 |  |  | $ | 70.81 |  |  | $ | 70.81 |  |  | $ | 70.81 |  |  | $ | 70.81 |  |  |  |  |  |  |
WTI-NYMEX oil swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  |  | 1,748 |  | 900 |  | 910 |  | 920 |  | 920 |  |  |  |  |  |
Weighted average price ($/Bbl) |  |  |  |  |  |  |  |  | $ | 69.18 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  | $ | 66.14 |  |  |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  |  |  |  |  |  |  |  | 5,520 |  | 4,500 |  | 4,550 |  | 4,600 |  | 4,600 |  |  |  |  |  |
Weighted average differential ($/Bbl) |  |  |  |  |  |  |  |  | $ | 1.02 |  |  | $ | 0.97 |  |  | $ | 0.97 |  |  | $ | 0.97 |  |  | $ | 0.97 |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  | 2026 |  |  |  |  |  |  |  |  |  |  |
Natural Gas |  |  |  |  |  |  |  |  |  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |  |  |  |  |  |  |  |
NYMEX gas collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  |  |  | 87,400,000 |  | 81,000,000 |  | 54,600,000 |  | 55,200,000 |  | 55,200,000 |  |  |  |  |  |  |  |  |  |  |
Weighted average floor ($/MMBtu) |  |  |  |  |  |  |  |  |  | $ | 3.08 |  |  | $ | 3.06 |  |  | $ | 3.21 |  |  | $ | 3.21 |  |  | $ | 3.21 |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  |  |  |  |  |  |  |  |  | $ | 5.66 |  |  | $ | 6.39 |  |  | $ | 5.76 |  |  | $ | 5.76 |  |  | $ | 5.76 |  |  |  |  |  |  |  |  |  |  |  |
Transco Leidy gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  |  |  | 18,400,000 |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  |  |  | $ | (0.70) |  |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Transco Zone 6 Non-NY gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  |  |  | 18,400,000 |  | 13,500,000 |  | 13,650,000 |  | 13,800,000 |  | 13,800,000 |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  |  |  | $ | (0.49) |  |  | $ | (0.26) |  |  | $ | (0.26) |  |  | $ | (0.26) |  |  | $ | (0.26) |  |  |  |  |  |  |  |  |  |  |  |
Waha gas basis swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  |  |  |  |  |  |  |  |  | 13,800,000 |  | 13,500,000 |  | 13,650,000 |  | 13,800,000 |  | 13,800,000 |  |  |  |  |  |  |  |  |  |  |
Weighted average differential ($/MMBtu) |  |  |  |  |  |  |  |  |  | $ | (2.05) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  | $ | (1.86) |  |  |  |  |  |  |  |  |  |  |  |
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, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Commodity contracts |  | Other current assets |  | $ | 124 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities |  | — |  |  | — |  |  | 3 |  |  | 17 |
Commodity contracts |  | Other assets |  | 12 |  |  | — |  |  | — |  |  | — |
Commodity contracts |  | Other liabilities |  | — |  |  | — |  |  | 9 |  |  | 4 |
|  |  |  | $ | 136 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 21 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | September 30, 2025 |  | December 31, 2024
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 153 |  |  | $ | 26 |
Gross amounts offset in the condensed consolidated balance sheet |  | (17) |  |  | (14) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 136 |  |  | 12 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | 4 |  |  | — |
Net amount |  | $ | 140 |  |  | $ | 12 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 29 |  |  | $ | 35 |
Gross amounts offset in the condensed consolidated balance sheet |  | (17) |  |  | (14) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 12 |  |  | 21 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 12 |  |  | $ | 21 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash received on settlement of derivative instruments |  |  |  |  |  |  |  |
Oil contracts |  | $ | 10 |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | — |
Gas contracts |  | 26 |  |  | 27 |  |  | 27 |  |  | 90 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
Oil contracts |  | (25) |  |  | 48 |  |  | 63 |  |  | 14 |
Gas contracts |  | 51 |  |  | (12) |  |  | 70 |  |  | (56) |
|  | $ | 62 |  |  | $ | 64 |  |  | $ | 182 |  |  | $ | 48 |

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