DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Derivative Positions

As of June 30, 2024, the Company had the following open natural gas financial collar contracts:

Production Period	Settlement Index	MMBtu (in 000’s)	Weighted Average Floor Price	Weighted Average Ceiling Price
July—December 2024	NYMEX Henry Hub	3,398	$3.00	$3.33

As of June 30, 2024, the Company had the following open natural gas financial basis swap contracts:

		Basis Swap Purchased		Basis Swap Sold
Production Period	Settlement Index	MMBtu (in 000’s)	Weighted Average Price Differential	MMBtu (in 000’s)	Weighted Average Price Differential
July—December 2024	NYMEX Henry Hub/IF Waha	—	—	3,680	$(1.06)
July—December 2024	NYMEX Henry Hub/IF HSC	—	—	7,360	$(0.42)

As of June 30, 2024, the Company had the following open NGL fixed swap contracts:

Production Period	Settlement Index	MBbls (in 000’s)	Weighted Average Price Differential
July—December 2024	OPIS IsoButane Mt Belvieu Non TET	12	$33.18
July—December 2024	OPIS NButane Mt Belvieu Non TET	36	$33.18

Schedule of Derivative Assets Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount
	(In millions)
June 30, 2024
Assets:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	(1)	$	1
Contingent consideration arrangements	—		25		—		25		—		25
Liabilities:
Commodity derivative instruments	$	—	$	1	$	—	$	1	$	(1)	$	—
Contingent consideration arrangements	—		42		—		42		—		42
December 31, 2023
Assets:
Commodity derivative instruments	$	—	$	6	$	—	$	6	$	—	$	6

(1)    The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.

Schedule of Derivative Liabilities Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount
	(In millions)
June 30, 2024
Assets:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	(1)	$	1
Contingent consideration arrangements	—		25		—		25		—		25
Liabilities:
Commodity derivative instruments	$	—	$	1	$	—	$	1	$	(1)	$	—
Contingent consideration arrangements	—		42		—		42		—		42
December 31, 2023
Assets:
Commodity derivative instruments	$	—	$	6	$	—	$	6	$	—	$	6

(1)    The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.

Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations

The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:

	June 30, 2024		December 31, 2023
	(In millions)
Current Assets: Other current assets	$	26	$	6
Total derivative assets	$	26	$	6
Current Liabilities: Other current liabilities	$	24	$	—
Deferred Credit and Other Noncurrent Liabilities: Other	18		—
Total derivative liabilities	$	42	$	—

The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:

	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Realized:
Commodity derivative instruments	$	(6)	$	4	$	(2)	$	24
Realized gains (losses), net	(6)		4		(2)		24
Unrealized:
Commodity derivative instruments	3		47		(5)		80
Unrealized gains (losses), net	3		47		(5)		80
Derivative instrument gains (losses), net	$	(3)	$	51	$	(7)	$	104