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DERIVATIVES (Tables)

3 Months Ended

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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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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