Risk Management and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gross and Net Amounts of Derivative Instruments

	September 30, 2022						December 31, 2021
	Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount		Gross Amounts of Assets and (Liabilities) Presented in the Balance Sheet		Amounts Not Offset in the Balance Sheet - Financial Instruments		Net Amount
	(millions)
Assets:
Commodity derivatives	$	165	$	(1)	$	164	$	96	$	—	$	96
Liabilities:
Commodity derivatives	$	(273)	$	1	$	(272)	$	(175)	$	—	$	(175)

Schedule of Designated and Non-Designated Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of our derivative instruments that are marked-to-market each period, as well as the location of each within our condensed consolidated balance sheets, by major category, is summarized below. We have no derivative instruments that are designated as hedging instruments for accounting purposes as of September 30, 2022 and December 31, 2021.

 

Balance Sheet Line Item	September 30, 2022		December 31, 2021		Balance Sheet Line Item	September 30, 2022		December 31, 2021
	(millions)					(millions)
Derivative Assets Not Designated as Hedging Instruments:					Derivative Liabilities Not Designated as Hedging Instruments:
Commodity derivatives:					Commodity derivatives:
Unrealized gains on derivative instruments — current	$	130	$	86	Unrealized losses on derivative instruments — current	$	(224)	$	(145)
Unrealized gains on derivative instruments — long-term	35		10		Unrealized losses on derivative instruments — long-term	(49)		(30)
Total	$	165	$	96	Total	$	(273)	$	(175)

Schedule of Changes in Derivative Instruments Not Designated as Hedging Instruments

Commodity Derivatives: Statements of Operations Line Item	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(millions)				(millions)
Realized losses	$	(77)	$	(66)	$	(251)	$	(399)
Unrealized gains (losses)	77		(107)		2		(296)
Trading and marketing losses, net	$	—	$	(173)	$	(249)	$	(695)

Schedule of Net Long or Short Positions Expected to be Realized

	September 30, 2022
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net Short Position (MMBtu)	Net Long (Short) Position (Bbls)	Net Long (Short) Position (MMBtu)
2022	(442,000)	(17,357,400)	2,057,818	247,500
2023	(1,526,000)	(28,753,300)	(7,268,200)	(16,647,500)
2024	(720,000)	(8,235,000)	102,000	(7,770,000)
2025	—	(7,300,000)	(1,000)	1,160,000
2026	—	—	—	535,000
2027	—	—	—	—
	September 30, 2021
	Crude Oil	Natural Gas	Natural Gas Liquids	Natural Gas Basis Swaps
Year of Expiration	Net Short Position (Bbls)	Net (Short) Long Position (MMBtu)	Net Long (Short) Position (Bbls)	Net (Short) Long Position (MMBtu)
2021	(405,000)	(31,457,300)	168,546	(2,245,000)
2022	(1,286,000)	(59,980,200)	(8,817,555)	(2,362,500)
2023	(446,000)	912,500	(1,296,000)	(13,605,000)
2024	—	—	(1,446,000)	1,380,000
2025	—	—	(1,440,000)	21,020,000
2026	—	—	(1,080,000)	457,500