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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The following table is a listing of the Company’s assets and liabilities that are measured at fair value on a recurring basis in the accompanying balance sheets and where they are classified within the fair value hierarchy:
As of March 31, 2026As of December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
(in millions)
Assets:
Derivatives
$— $228 $— $— $89 $— 
Liabilities:
Derivatives
$— $705 $— $— $4 $— 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Long-Term Debt
The following table reflects the fair value of the Company’s Senior Notes obligations measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value in the accompanying balance sheets as of March 31, 2026, or December 31, 2025, as the Senior Notes were recorded at carrying value, net of any unamortized premium or unamortized deferred financing costs. Refer to Note 6 - Long-Term Debt for additional information.
As of March 31, 2026As of December 31, 2025
Principal AmountFair ValuePrincipal AmountFair Value
(in millions)
6.75% Senior Notes due 2026 (1)
$419 $420 $419 $420 
5.0% Senior Notes due 2026 (1)(2)
$400 $399 $— $— 
6.625% Senior Notes due 2027
$417 $417 $417 $419 
8.375% Senior Notes due 2028 (2)
$566 $583 $— $— 
6.5% Senior Notes due 2028
$400 $401 $400 $405 
6.75% Senior Notes due 2029
$750 $764 $750 $756 
8.625% Senior Notes due 2030 (2)
$1,000 $1,054 $— $— 
8.75% Senior Notes due 2031 (2)
$1,350 $1,417 $— $— 
7.0% Senior Notes due 2032
$750 $766 $750 $739 
9.625% Senior Notes due 2033 (2)
$750 $830 $— $— 
6.625% Senior Notes due 2034
$1,000 $1,002 $— $— 
____________________________________________
(1)    As of March 31, 2026, the 2026 Senior Notes, the Civitas 2026 Senior Notes, and the 2027 Senior Notes are presented in the current liabilities section of the accompanying balance sheets.
(2)    Civitas Senior Notes assumed as part of the Civitas Merger.