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DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of December 31, 2024 and 2023, our long-term debt consisted of the following:
December 31,December 31,
20242023Interest RateMaturity
(in millions)
Revolving Credit Facility$— $— 
SOFR plus 2.50%-3.50%
ABR plus 1.50%-2.50%(a)
March 16, 2029
2026 Senior Notes245 545 7.125%February 1, 2026
2029 Senior Notes900 — 8.250%June 15, 2029
Principal amount$1,145 $545 
Unamortized debt discount and issuance costs
(16)(5)
Unamortized premium
3 — 
Long-term debt, net$1,132 $540 
(a)At our election, borrowings under the amended Revolving Credit Facility may be alternate base rate (ABR) loans or term SOFR loans, plus an applicable margin. ABR loans bear interest at a rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 1.50% to 2.50% and (ii) in the case of term SOFR loans, 2.50% to 3.50%.
As shown in the table below, we estimate the fair value of our fixed rate 2029 Senior Notes and 2026 Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).

December 31,December 31,
20242023
(in millions)
Variable rate debt$— $— 
Fixed rate debt
2026 Senior Notes245 554 
2029 Senior Notes913 — 
Fair Value of Long-Term Debt$1,158 $554 
Schedule of Financial Performance Covenants
Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

RatioComponentsRequired LevelsTested
Consolidated Total Net Leverage Ratio
Ratio of Consolidated Total Debt to Consolidated EBITDAX(a)
Not greater than 3.00 to 1.00
Quarterly
Current Ratio
Ratio of consolidated current assets to consolidated current liabilities(b)
Not less than 1.00 to 1.00
Quarterly
(a)Consolidated EBITDAX is calculated as defined in the Revolving Credit Facility.
(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.
Schedule of Principal Maturities of Debt Outstanding
Principal maturities of debt outstanding at December 31, 2024 are as follows:
As of
December 31, 2024
(in millions)
2025$— 
2026245 
2027— 
2028— 
2029900 
Thereafter— 
Total
$1,145