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DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Open Derivative Contracts | We held the following Brent-based contracts as of March 31, 2024:
|  | Q2 2024 |  | Q3 2024 |  | Q4 2024 |  | 1H 2025 |  | 2H 2025
Sold Calls |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 30,000 |  |  | 30,000 |  |  | 29,000 |  |  | 28,000 |  |  | 27,500 |
Weighted-average price per barrel |  | $ | 90.07 |  |  | $ | 90.07 |  |  | $ | 90.07 |  |  | $ | 86.88 |  |  | $ | 86.90 |
Purchased Puts |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 30,000 |  |  | 30,000 |  |  | 29,000 |  |  | 28,000 |  |  | 27,500 |
Weighted-average price per barrel |  | $ | 65.17 |  |  | $ | 65.17 |  |  | $ | 65.17 |  |  | $ | 61.43 |  |  | $ | 61.45 |
Swaps |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 8,875 |  |  | 8,875 |  |  | 5,500 |  |  | 3,500 |  |  | 3,250 |
Weighted-average price per barrel |  | $ | 79.28 |  |  | $ | 80.10 |  |  | $ | 77.45 |  |  | $ | 72.81 |  |  | $ | 72.50 |
At March 31, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.
| Q2 2024 |  | Q3 2024 |  | Q4 2024
Swaps: |  |  |  |  |
MMBtu per day | 10,000 |  |  | 10,000 |  |  | 10,000 |
Weighted-average price per MMBtu | $ | 5.65 |  |  | $ | 5.65 |  |  | $ | 5.65 |
We report gains and losses on our derivative contracts which hedge commodity price risk related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:
| Three months ended March 31,
| 2024 |  | 2023
(in millions) |  |  |
Non-cash commodity derivative (loss) gain | $ | (59) |  |  | $ | 107 |
Settlements and premiums | (12) |  |  | (65) |
Net (loss) gain from commodity derivatives | $ | (71) |  |  | $ | 42 |
Schedule of Fair Value of Derivatives | The following tables present the fair values of our outstanding commodity derivatives as of March 31, 2024 and December 31, 2023:
March 31, 2024
Classification |  | Gross Amounts at Fair Value |  | Netting |  | Net Fair Value
|  | (in millions)
Other current assets, net |  | $ | 11 |  |  | $ | (11) |  |  | $ | — |
Other noncurrent assets |  | 24 |  |  | (24) |  |  | — |
Current liabilities |  | (46) |  |  | 11 |  |  | (35) |
Noncurrent liabilities |  | (38) |  |  | 24 |  |  | (14) |
|  | $ | (49) |  |  | $ | — |  |  | $ | (49) |
December 31, 2023
Classification |  | Gross Amounts at Fair Value |  | Netting |  | Net Fair Value
|  | (in millions)
Other current assets, net |  | $ | 39 |  |  | $ | (18) |  |  | $ | 21 |
Other noncurrent assets |  | 38 |  |  | (32) |  |  | 6 |
Current liabilities |  | (26) |  |  | 18 |  |  | (8) |
Noncurrent liabilities |  | (34) |  |  | 32 |  |  | (2) |
|  | $ | 17 |  |  | $ | — |  |  | $ | 17 |

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