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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of December 31, 2023, the Company had the following open natural gas financial basis swap contracts:
|  |  |  | Basis Swap Purchased |  | Basis Swap Sold
Production Period |  | Settlement Index |  | MMBtu (in 000’s) |  | Weighted Average Price Differential |  | MMBtu (in 000’s) |  | Weighted Average Price Differential
January—June 2024 |  | NYMEX Henry Hub/IF Waha |  | 16,380 |  |  | $(1.15) |  | — |  |  | —
January—June 2024 |  | NYMEX Henry Hub/IF HSC |  | — |  |  | — |  | 16,380 |  |  | $(0.10)
Schedule of Derivative Assets Measured at Fair Value | The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:
|  | Fair Value Measurements Using |  |  |  |  |  |
|  | Quoted Price in Active Markets (Level 1) |  | Significant Other Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value |  | Netting(1) |  | Carrying Amount
|  | (In millions)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |
(1)The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties and reclassifications between long-term and short-term balances.
Schedule of Derivative Liabilities Measured at Fair Value | The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:
|  | Fair Value Measurements Using |  |  |  |  |  |
|  | Quoted Price in Active Markets (Level 1) |  | Significant Other Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value |  | Netting(1) |  | Carrying Amount
|  | (In millions)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |
(1)The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties and reclassifications between long-term and short-term balances.
Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations | The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022
|  | (In millions)
Current Assets: Other current assets |  | $ | 6 |  |  | $ | — |
Other Assets: Deferred charges and other |  | — |  |  | 5 |
Total derivative assets |  | $ | 6 |  |  | $ | 5 |
Current Liabilities: Other current liabilities |  | $ | — |  |  | $ | 50 |
Total derivative liabilities |  | $ | — |  |  | $ | 50 |
The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:
|  | For the Year Ended December 31,
2023 |  | 2022 |  | 2021
|  | (In millions)
Realized: |  |  |  |  |  |
Commodity derivative instruments |  | $ | 48 |  |  | $ | (34) |  |  | $ | 25 |
Foreign currency derivative instruments |  | — |  |  | (13) |  |  | — |
Realized gains (losses), net |  | 48 |  |  | (47) |  |  | 25 |
Unrealized: |  |  |  |  |  |
Commodity derivative instruments |  | 51 |  |  | (36) |  |  | (20) |
Pipeline capacity embedded derivatives |  | — |  |  | — |  |  | 7 |
Preferred Units embedded derivative |  | — |  |  | (31) |  |  | 82 |
Unrealized gains (losses), net |  | 51 |  |  | (67) |  |  | 69 |
Derivative instrument gains (losses), net |  | $ | 99 |  |  | $ | (114) |  |  | $ | 94 |

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