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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

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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