Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

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.

	March 31, 2023
(In millions)	Asset		Liability		Net Asset (Liability)		Balance Sheet Location
Not Designated as Hedges
Commodity	$	12	$	—	$	12	Other current assets
Total Not Designated as Hedges	$	12	$	—	$	12
Cash Flow Hedges
Interest Rate	$	9	$	—	$	9	Other current assets
Interest Rate	11		—		11		Other noncurrent assets
Total Designated Hedges	$	20	$	—	$	20
Total	$	32	$	—	$	32

	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

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)	2023		2022
Unrealized gain (loss) on derivative instruments, net	$	2	$	(114)
Realized gain (loss) on derivative instruments, net(a)	$	13	$	(29)

(a)During the first quarter of 2023, net cash received for settled derivative positions was $10 million. During the first quarter of 2022, net cash paid for settled derivative positions was $28 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table sets forth outstanding derivative contracts as of March 31, 2023, and the weighted average prices for those contracts:

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