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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
(In millions)AssetLiabilityNet AssetBalance Sheet Location
Not Designated as Hedges
Commodity$1 $1 $— Other current assets
Total Not Designated as Hedges$1 $1 $— 
Cash Flow Hedges
Interest Rate$9 $— $9 Other current assets
Interest Rate10 — 10 Other noncurrent assets
Total Designated Hedges$19 $— $19 
Total$20 $1 $19 
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 $— $42 
The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income:
Three Months Ended March 31,
(In millions)20242023
Unrealized gain (loss) on derivative instruments, net$(24)$2 
Realized gain on derivative instruments, net(a)
$— $13 
(a)During the first quarter of 2024, we had no settled derivative positions. During the first quarter of 2023, net cash received for settled derivative positions was $10 million.
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table sets forth outstanding derivative contracts as of March 31, 2024, and the weighted average prices for those contracts:
2024
Second QuarterThird QuarterFourth Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)60,000 40,000 40,000 
Weighted average price per Bbl:
Ceiling$97.44 $96.12 $96.12 
Floor$65.83 $65.00 $65.00 
Sold put$50.83 $50.00 $50.00 
The following table sets forth outstanding derivative contracts as of April 30, 2024, with their weighted average prices, and is inclusive of activities that occurred subsequent to March 31, 2024:
20242025
Second QuarterThird QuarterFourth QuarterFirst QuarterSecond QuarterThird QuarterFourth Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)60,000 50,000 50,000 — — — — 
Weighted average price per Bbl:
Ceiling$97.44 $95.95 $95.95 $— $— $— $— 
Floor$65.83 $65.00 $65.00 $— $— $— $— 
Sold put$50.83 $50.00 $50.00 $— $— $— $— 
Natural Gas
Henry Hub Two-Way Collars
Volume (MMBtu/day)— — — 100,000 100,000 100,000 100,000 
Weighted average price per MMBtu:
Ceiling$— $— $— $5.77 $5.77 $5.77 $5.77 
Floor$— $— $— $2.50 $2.50 $2.50 $2.50