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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of the Components of the Derivative Gain (Loss), Net | The following table summarizes the components of the derivative gain (loss), net presented on the accompanying statements of operations for the periods below (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Derivative cash settlement gain (loss), net |  |  |  |  |  |  |
Crude oil contracts | $ | 39 |  |  | $ | (12) |  |  | $ | 76 |  |  | $ | (42) |
Natural gas contracts | 26 |  |  | 30 |  |  | 62 |  |  | 36 |
Total derivative cash settlement gain (loss), net | 65 |  |  | 18 |  |  | 138 |  |  | (6) |
Change in fair value gain | 14 |  |  | 133 |  |  | 97 |  |  | 55 |
Total derivative gain, net | $ | 79 |  |  | $ | 151 |  |  | $ | 235 |  |  | $ | 49 |
Schedule of Commodity Derivatives | As of September 30, 2025, we had entered into the following commodity price derivative contracts:
|  | Q4 2025 |  | Q1 2026 |  | Q2 2026 |  | Q3 2026 |  | Q4 2026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 74,700 |  | 37,000 |  | 46,500 |  | 18,000 |  | —
Weighted-Average Contract Price |  | $ | 66.41 |  |  | $ | 67.79 |  |  | $ | 61.28 |  |  | $ | 64.48 |  |  | $ | — |
Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | 19,000 |  | 15,000 |  | 7,000 |  | 3,000 |  | —
Weighted-Average Ceiling Price |  | $ | 75.11 |  |  | $ | 75.18 |  |  | $ | 70.29 |  |  | $ | 66.02 |  |  | $ | — |
Weighted-Average Floor Price |  | $ | 60.00 |  |  | $ | 60.00 |  |  | $ | 60.00 |  |  | $ | 60.00 |  |  | $ | — |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 240,000 |  | 60,000 |  | 60,000 |  | 60,000 |  | 60,000
Weighted-Average Contract Price |  | $ | 3.83 |  |  | $ | 4.42 |  |  | $ | 4.42 |  |  | $ | 4.42 |  |  | $ | 4.42 |
Collars |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  | 50,000 |  | 200,000 |  | 200,000 |  | 200,000 |  | 200,000
Weighted-Average Ceiling Price |  | $ | 4.30 |  |  | $ | 4.35 |  |  | $ | 4.35 |  |  | $ | 4.35 |  |  | $ | 4.35 |
Weighted-Average Floor Price |  | $ | 3.66 |  |  | $ | 3.52 |  |  | $ | 3.52 |  |  | $ | 3.52 |  |  | $ | 3.52 |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |
Waha Basis Volumes |  | 140,000 |  | 130,000 |  | 130,000 |  | 130,000 |  | 130,000
Weighted-Average Contract Price |  | $ | (1.32) |  |  | $ | (1.31) |  |  | $ | (1.31) |  |  | $ | (1.31) |  |  | $ | (1.31) |
CIG Basis Volumes |  | $ | 150,000 |  |  | $ | 130,000 |  |  | $ | 130,000 |  |  | $ | 130,000 |  |  | $ | 130,000 |
Weighted-Average Contract Price |  | $ | (0.83) |  |  | $ | (0.57) |  |  | $ | (0.57) |  |  | $ | (0.57) |  |  | $ | (0.57) |
Subsequent to September 30, 2025 and as of October 31, 2025, we had entered into the following commodity price derivative contracts:
|  | Q4 2025 |  | Q1 2026 |  | Q2 2026 |  | Q3 2026 |  | Q4 2026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | — |  | — |  | — |  | 3,000 |  | —
Weighted-Average Contract Price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 60.00 |  |  | $ | — |
Collars |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  | — |  | — |  | — |  | 3,000 |  | —
Weighted-Average Ceiling Price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 65.02 |  |  | $ | — |
Weighted-Average Floor Price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 55.00 |  |  | $ | — |
Summary of all the Company's Derivative Positions | The following table contains a summary of all our derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of our commodity derivative contracts as of September 30, 2025, and December 31, 2024 (in millions):
| September 30, 2025 |  | December 31, 2024
Derivative Assets: |  |  |
Commodity contracts - current | $ | 169 |  |  | $ | 67 |
Commodity contracts - noncurrent | 2 |  |  | 17 |
Total derivative assets | 171 |  |  | 84 |
Amounts not offset in the accompanying balance sheets | (25) |  |  | (27) |
Total derivative assets, net | $ | 146 |  |  | $ | 57 |
Derivative Liabilities: |  |  |
Commodity contracts - current | $ | (17) |  |  | $ | (22) |
Commodity contracts - long-term | (8) |  |  | (13) |
Total derivative liabilities | (25) |  |  | (35) |
Amounts not offset in the accompanying balance sheets | 25 |  |  | 27 |
Total derivative liabilities, net | $ | — |  |  | $ | (8) |

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- 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 No definition available. + Details
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