Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in the Consolidated Balance Sheets

The following tables present the gross fair values of derivative instruments and the reported net amounts along with where they appear on the consolidated balance sheets.

	March 31, 2022
(In millions)	Asset		Liability		Net Asset (Liability)		Balance Sheet Location
Not Designated as Hedges
Commodity	$	—	$	122	$	(122)	Other current liabilities
Interest Rate	1		—		1		Other noncurrent assets
Total Not Designated as Hedges	$	1	$	122	$	(121)
Cash Flow Hedges
Interest Rate	$	1	$	—	$	1	Other current assets
Interest Rate	9		—		9		Other noncurrent assets
Total Designated Hedges	$	10	$	—	$	10
Total	$	11	$	122	$	(111)

	December 31, 2021
(In millions)	Asset		Liability		Net Asset (Liability)		Balance Sheet Location
Not Designated as Hedges
Commodity	1		8		(7)		Other current liabilities
Interest Rate	27		—		27		Other noncurrent assets
Total Not Designated as Hedges	$	28	$	8	$	20
Cash Flow Hedges
Interest Rate	$	—	$	3	$	(3)	Other noncurrent assets
Interest Rate	—		2		(2)		Deferred credits and other liabilities
Total Designated Hedges	$	—	$	5	$	(5)
Total	$	28	$	13	$	15

The unrealized and realized gain (loss) impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income.

	Three Months Ended March 31,
(In millions)	2022		2021
Unrealized gain (loss) on derivative instruments, net	$	(114)	$	(82)
Realized gain (loss) on derivative instruments, net(a)	$	(29)	$	(71)

(a)During the first quarter of 2022, net cash paid for settled derivative positions was $28 million. During the first quarter of 2021, net cash paid for settled derivative positions was $11 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table sets forth outstanding derivative contracts as of March 31, 2022, and the weighted average prices for those contracts:

	2022
	Second Quarter		Third Quarter		Fourth Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)	50,000		30,000		30,000
Weighted average price per Bbl:
Ceiling	$	98.79	$	97.52	$	97.52
Floor	$	58.00	$	56.67	$	56.67
Sold put	$	48.00	$	46.67	$	46.67
NYMEX Roll Basis Swaps
Volume (Bbls/day)	60,000		60,000		60,000
Weighted average price per Bbl	$	0.67	$	0.67	$	0.67
Natural Gas
Henry Hub Three-Way Collars
Volume (MMBtu/day)	100,000		100,000		100,000
Weighted average price per MMBtu:
Ceiling	$	7.13	$	7.13	$	7.13
Floor	$	3.88	$	3.88	$	3.88
Sold Put	$	2.88	$	2.88	$	2.88

Schedule of Interest Rate Swap Agreement

The following table presents, by maturity date, information about our de-designated forward starting interest rate swap agreements, including the rate. We have the discretion to liquidate the positions should we choose.

	March 31, 2022				December 31, 2021
Maturity Date	Aggregate Notional Amount (in millions)		Weighted Average, LIBOR		Aggregate Notional Amount (in millions)		Weighted Average, LIBOR
June 1, 2025	$	—	—	%	$	350	0.95	%
September 9, 2026	$	25	1.45	%	$	25	1.45	%

The following table presents, by maturity date, information about our interest rate swap agreements, including the weighted average LIBOR-based, fixed rate.

	March 31, 2022				December 31, 2021
Maturity Date	Aggregate Notional Amount (in millions)		Weighted Average, LIBOR		Aggregate Notional Amount (in millions)		Weighted Average, LIBOR
September 9, 2026	$	295	1.52	%	$	295	1.52	%