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DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of oil hedge positions

we held the following Brent-based crude oil contracts as of December 31, 2020:

			Q1 2021						Q2 2021						Q3 2021						Q4 2021						2022						January - October 2023
Sold Calls:
Barrels per day			19,028						33,372						35,202						10,645						30,783						17,758
Weighted-average price per barrel			$	47.88					$	48.64					$	49.83					$	56.00					$	59.37					$	58.01
Purchased Puts
Barrels per day			39,148						37,872						36,617						35,483						30,783						17,758
Weighted-average price per barrel			$	41.88					$	40.00					$	40.00					$	40.00					$	40.00					$	40.00
Sold Puts
Barrels per day			15,659						15,149						14,647						14,193						3,042						—
Weighted-average price per barrel			$	35.97					$	31.41					$	30.00					$	32.00					$	32.00					$	—
Swaps
Barrels per day			7,830						7,574						7,323						7,097						6,576						5,919
Weighted-average price per barrel			$	43.74					$	44.13					$	43.82					$	45.30					$	46.29					$	47.57

These noncash derivative gains and losses, along with settlement payments, are reported in net derivative (loss) gain from commodity contracts on our consolidated statements of operations as shown in the table below:

			Successor									Predecessor
			November 1, 2020 - December 31, 2020									January 1, 2020 - October 31, 2020						Year ended December 31, 2019						Year ended December 31, 2018
(in millions)
Non-cash derivative (loss) gain			$	(140)								$	(17)					$	(170)					$	229
Net (payments) proceeds on settled commodity derivatives			(1)									108						111						(228)
Net derivative (loss) gain from commodity contracts			$	(141)								$	91					$	(59)					$	1

Schedule of fair values (at gross and net) of outstanding derivatives

The following tables present the fair values (at gross and net) of our outstanding derivatives:

December 31, 2020 (Successor)
Classification						Gross Amounts at Fair Value						Netting						Net Fair Value
Assets:						(in millions)
Other current assets						$	21					$	(21)					$	—
Other assets						63						(63)						—
Liabilities:
Accrued liabilities						(71)						21						(50)
Other long-term liabilities						(69)						63						(6)
						$	(56)					$	—					$	(56)

December 31, 2019 (Predecessor)
Classification						Gross Amounts at Fair Value						Netting						Net Fair Value
Assets:						(in millions)
Other current assets						$	49					$	(10)					$	39
Other assets						1						—						1
Liabilities:
Accrued liabilities						(15)						10						(5)
Other long-term liabilities						—						—						—
						$	35					$	—					$	35

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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.

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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.

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