Derivatives (Tables)

12 Months Ended

Dec. 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 our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets.

	December 31, 2022
(In millions)	Asset		Liability		Net Asset (Liability)		Balance Sheet Location
Not Designated as Hedges
Commodity	$	10	$	—	$	10	Other current assets
Total Not Designated as Hedges	$	10	$	—	$	10
Cash Flow Hedges
Interest Rate	$	9	$	—	$	9	Other current assets
Interest Rate	15		—		15		Other noncurrent assets
Total Designated Hedges	$	24	$	—	$	24
Total	$	34	$	—	$	34

	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 current liabilities
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.

	Year Ended December 31,
(In millions)	2022		2021		2020
Unrealized gain (loss) on derivative instruments, net	$	18	$	16	$	(27)
Realized gain (loss) on derivative instruments, net(a)	$	(132)	$	(399)	$	143

(a)During the years ended 2022 and 2021, net cash paid for settled derivative positions was $153 million and $356 million. During the year ended 2020, net cash received for settled derivative positions was $123 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

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

	2023
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Natural Gas
Henry Hub Two-Way Collars
Volume (MMBtu/day)	50,000		—		—		—
Weighted average price per MMBtu:
Ceiling	$	19.28	$	—	$	—	$	—
Floor	$	5.00	$	—	$	—	$	—
Henry Hub Three-Way Collars
Volume (MMBtu/day)	50,000		50,000		50,000		50,000
Weighted average price per MMBtu:
Ceiling	$	11.14	$	11.14	$	11.14	$	11.14
Floor	$	4.00	$	4.00	$	4.00	$	4.00
Sold Put	$	2.50	$	2.50	$	2.50	$	2.50

Schedule of Interest Rate Derivatives

The following table presents, by maturity date, information about our de-designated forward starting interest rate swap agreements. These positions were fully liquidated as of December 31, 2022.

	December 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	%

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

	December 31, 2022				December 31, 2021
Maturity Date	Aggregate Notional Amount (in millions)		Weighted Average, SOFR		Aggregate Notional Amount (in millions)		Weighted Average, LIBOR
September 9, 2026	$	295	1.43	%	$	295	1.52	%