XML 40 R29.htm IDEA: XBRL DOCUMENT v3.25.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Contracts
We held the following Brent-based contracts as of September 30, 2025:

Q4
2025		Q1
2026		Q2
2026		Q3
2026		Q4
2026		20272028
Sold Calls
Barrels per day29,000 35,000 35,000 35,000 35,000 — — 
Weighted-average price per barrel$87.13 $83.86 $83.86 $83.86 $83.86 $— $— 
Purchased Puts
Barrels per day29,000 35,000 35,000 35,000 35,000 — — 
Weighted-average price per barrel$61.72 $61.14 $61.14 $61.14 $61.14 $— $— 
Swaps
Barrels per day43,376 36,444 29,399 28,369 27,703 39,382 1,697 
Weighted-average price per barrel$69.86 $68.98 $68.03 $67.51 $66.99 $64.80 $65.00 

At September 30, 2025, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.

Q4
2025		Q1
2026		Q2
2026		Q3
2026		Q4
2026		20272028
SoCal Border
MMBtu per day
22,408 20,350 13,250 10,750 9,908 — — 
Weighted-average price per MMBtu
$3.53 $5.18 $4.82 $4.83 $4.84 $— $— 
NWPL Rockies
MMBtu per day
51,750 51,750 51,750 51,750 51,750 38,546 1,576 
Weighted-average price per MMBtu
$4.22 $4.67 $3.64 $3.63 $4.22 $4.08 $3.95 
We report gains and losses on our derivative contracts related to our oil production and our marketing activities in operating revenue on our consolidated statements of operations as shown in the table below:
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
(in millions)
(in millions)
Non-cash commodity derivative (loss) gain
$(32)$373 $130 $325 
Net proceeds (settlements) and premium amortization
9 (17)10 (35)
Net (loss) gain from commodity derivatives
$(23)$356 $140 $290 

We report gains and losses on our commodity derivative contracts related to purchases of natural gas in operating expenses on our condensed consolidated statements of operations as shown in the table below:

Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
(in millions)(in millions)
Non-cash loss (gain) on natural gas purchase derivatives
$24 $(3)$2 $(7)
Settlements
3 12 22 18 
Net loss on natural gas purchase derivatives
$27 $9 $24 $11 
Schedule of Fair Value of Derivatives The following tables present the fair values of our outstanding commodity derivatives as of September 30, 2025 and December 31, 2024.
September 30, 2025
ClassificationGross Amounts at Fair ValueNettingNet Fair Value
(in millions)
Other current assets, net
$87 $(10)$77 
Other noncurrent assets
33 (7)26 
Current liabilities(27)10 (17)
Noncurrent liabilities(22)7 (15)
$71 $— $71 
December 31, 2024
ClassificationGross Amounts at Fair ValueNettingNet Fair Value
(in millions)
Other current assets, net
$26 $(12)$14 
Other noncurrent assets
32 (16)16 
Current liabilities(62)12 (50)
Noncurrent liabilities(61)16 (45)
$(65)$— $(65)