XML 127 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 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:
December 31, 2023
(In millions)AssetLiabilityNet AssetBalance Sheet Location
Not Designated as Hedges
Commodity$24 $— $24 Other current assets
Total Not Designated as Hedges$24 $— $24 
Cash Flow Hedges
Interest Rate$9 $— $9 Other current assets
Interest Rate9 — 9 Other noncurrent assets
Total Designated Hedges$18 $— $18 
Total$42 $— $42 
December 31, 2022
(In millions)AssetLiabilityNet AssetBalance 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 Rate15 — 15 Other noncurrent assets
Total Designated Hedges$24 $— $24 
Total$34 $— $34 
The unrealized gain 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)202320222021
Unrealized gain on derivative instruments, net$13 $18 $16 
Realized gain (loss) on derivative instruments, net(a)
$29 $(132)$(399)
(a)During the year ended 2023, net cash received for settled derivative positions was $28 million. During the years ended 2022 and 2021, net cash paid for settled derivative positions was $153 million, and $356 million, respectively.
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of December 31, 2023 and the weighted average prices for those contracts:
2024
First QuarterSecond QuarterThird QuarterFourth Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)40,000 40,000 20,000 20,000 
Weighted average price per Bbl:
Ceiling$101.01 $101.01 $101.95 $101.95 
Floor$66.25 $66.25 $65.00 $65.00 
Sold put$51.25 $51.25 $50.00 $50.00 
Schedule of Interest Rate Derivatives
The following table presents, by maturity date, information about our interest rate swap agreements, including the fixed weighted average interest rate:
December 31, 2023December 31, 2022
Maturity Date
Aggregate Notional Amount
(in millions)
Weighted Average, SOFR
Aggregate Notional Amount
(in millions)
Weighted Average, SOFR
September 9, 2026$295 1.43 %$295 1.43 %