Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions

As of March 31, 2026, the Company had commodity derivative contracts with terms through the fourth quarter of 2027 as summarized in the table below:


	Contract Period
	Second Quarter 2026		Third Quarter 2026		Fourth Quarter 2026		2027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes	6,242		6,398		7,673		4,386
Weighted-Average Contract Price	$	63.04	$	63.30	$	61.22	$	60.63


Collars
NYMEX WTI Volumes	5,689		5,662		3,289		7,046
Weighted-Average Floor Price	$	59.69	$	59.51	$	58.66	$	60.83
Weighted-Average Ceiling Price	$	70.59	$	69.09	$	66.07	$	69.51
Basis Swaps
WTI Midland-NYMEX WTI Volumes	1,086		975		1,140		2,194
Weighted-Average Contract Price	$	0.99	$	0.99	$	0.99	$	1.02


WTI Houston MEH-NYMEX WTI Volumes	400		392		378		—
Weighted-Average Contract Price	$	2.02	$	1.97	$	2.01	$	—
Roll Differential Swaps
NYMEX WTI Volumes	4,375		4,047		719		—
Weighted-Average Contract Price	$	0.64	$	0.59	$	1.08	$	—

Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes	15,654		16,937		13,696		38,164
Weighted-Average Contract Price	$	3.85	$	4.07	$	4.30	$	4.03


IF Waha Volumes	2,232		3,813		1,067		4,603
Weighted-Average Contract Price	$	1.21	$	2.35	$	3.13	$	3.64


Collars
NYMEX HH Volumes	21,598		21,905		27,352		17,296
Weighted-Average Floor Price	$	3.48	$	3.48	$	3.53	$	3.77
Weighted-Average Ceiling Price	$	4.22	$	4.33	$	4.67	$	4.55









Basis Swaps




IF Waha-NYMEX HH Volumes	11,830		11,960		11,960		26,395
Weighted-Average Contract Price	$	(1.31)	$	(1.31)	$	(1.31)	$	(0.74)


CIG Rockies-NYMEX HH Volumes	11,830		11,960		11,960		7,300
Weighted-Average Contract Price	$	(0.57)	$	(0.57)	$	(0.57)	$	(0.37)

NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps




OPIS Natural Gasoline Mont Belvieu Non-TET Volumes	396		—		—		—
Weighted-Average Contract Price	$	82.26	$	—	$	—	$	—
OPIS Ethane Mont Belvieu Non-TET Volumes	137		137		141		—
Weighted-Average Contract Price	$	11.71	$	11.71	$	11.71	$	—

Schedule of fair value of derivatives in accompanying balance sheets

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets:


	As of March 31, 2026		As of December 31, 2025

	(in millions)
Derivative assets:
Current assets	$	201	$	83
Noncurrent assets	27		6
Total derivative assets	$	228	$	89
Derivative liabilities:
Current liabilities	$	703	$	2
Noncurrent liabilities	2		2
Total derivative liabilities	$	705	$	4

Schedule of the potential effects of master netting arrangements

The following table provides a reconciliation between the gross assets and liabilities reflected in the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:


	Derivative Assets as of				Derivative Liabilities as of
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025

	(in millions)
Gross amounts presented in the accompanying balance sheets	$	228	$	89	$	(705)	$	(4)
Amounts not offset in the accompanying balance sheets	(228)		(4)		228		4
Net amounts	$	—	$	85	$	(477)	$	—

The Company recognizes all gains and losses from changes in commodity derivative fair values immediately in earnings rather than deferring such amounts in accumulated other comprehensive income (loss). The Company had no commodity derivative contracts designated as hedging instruments as of March 31, 2026, and December 31, 2025. Refer to Note 9 - Fair Value Measurements for more information regarding the Company’s derivative instruments, including its valuation techniques.

Schedule of the components of the net derivative settlement (gain) loss and the net derivative (gain) loss

The following table summarizes the commodity components of the net derivative settlement gain (loss), and the net derivative loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively:


	For the Three Months Ended March 31,
	2026		2025

	(in millions)
Net derivative settlement (gain) loss:
Oil contracts	$	71	$	(3)
Gas contracts	(40)		(7)
NGL contracts	(1)		2
Total net derivative settlement (gain) loss	$	30	$	(8)

Net derivative (gain) loss:
Oil contracts	$	799	$	3
Gas contracts	(212)		12
NGL contracts	110		2
Total net derivative loss	$	697	$	17