XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

DERIVATIVES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Open Derivative Contracts | We held the following Brent-based contracts as of June 30, 2024:
|  | Q3 2024 |  | Q4 2024 |  | Q1 2025 |  | Q2 2025 |  | 2H 2025
Sold Calls |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 30,000 |  |  | 29,000 |  |  | 30,000 |  |  | 30,000 |  |  | 29,500 |
Weighted-average price per barrel |  | $ | 90.07 |  |  | $ | 90.07 |  |  | $ | 87.08 |  |  | $ | 87.08 |  |  | $ | 87.11 |
Purchased Puts |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 30,000 |  |  | 29,000 |  |  | 30,000 |  |  | 30,000 |  |  | 29,500 |
Weighted-average price per barrel |  | $ | 65.17 |  |  | $ | 65.17 |  |  | $ | 61.67 |  |  | $ | 61.67 |  |  | $ | 61.69 |
Swaps |  |  |  |  |  |  |  |  |  |
Barrels per day |  | 8,875 |  |  | 8,875 |  |  | 5,250 |  |  | 3,500 |  |  | 3,250 |
Weighted-average price per barrel |  | $ | 80.10 |  |  | $ | 79.94 |  |  | $ | 76.27 |  |  | $ | 72.50 |  |  | $ | 72.50 |
At June 30, 2024, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.
|  |  | Q3 2024 |  | Q4 2024
Swaps: |  |  |  |  |
MMBtu per day |  |  | 10,000 |  |  | 10,000 |
Weighted-average price per MMBtu |  |  | $ | 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 June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions) |  | (in millions)
Non-cash commodity derivative gain (loss) | $ | 11 |  |  | $ | 94 |  |  | $ | (48) |  |  | $ | 201 |
Settlements and premiums | (6) |  |  | (63) |  |  | (18) |  |  | (128) |
Net gain (loss) from commodity derivatives | $ | 5 |  |  | $ | 31 |  |  | $ | (66) |  |  | $ | 73 |
Schedule of Fair Value of Derivatives | The following tables present the fair values of our outstanding commodity derivatives as of June 30, 2024 and December 31, 2023:
June 30, 2024
Classification |  | Gross Amounts at Fair Value |  | Netting |  | Net Fair Value
|  | (in millions)
Other current assets, net |  | $ | 13 |  |  | $ | (13) |  |  | $ | — |
Other noncurrent assets |  | 15 |  |  | (15) |  |  | — |
Current liabilities |  | (41) |  |  | 13 |  |  | (28) |
Noncurrent liabilities |  | (25) |  |  | 15 |  |  | (10) |
|  | $ | (38) |  |  | $ | — |  |  | $ | (38) |
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 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration