Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 were as follows:

	June 30, 2022				December 31, 2021
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	50	$	50	$	28	$	28
2022 revolving credit facility due April 2027 (1)	406		406		460		460
Term Loan B due 2027	547		547		550		550
Senior notes (2)	4,164		3,883		4,430		4,745
Derivative instruments, net	(4,012)		(4,012)		(1,502)		(1,502)

(1)The Company’s 2018 credit facility was amended and restated during April 2022.

(2)Excludes unamortized debt issuance costs and debt discounts.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	June 30, 2022
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets
Two-way costless collars	$	—	$	51	$	—	$	51
Three-way costless collars	—		22		—		22
Basis swaps	—		179		—		179
Liabilities
Fixed price swaps	—		(2,449)		—		(2,449)
Two-way costless collars	—		(494)		—		(494)
Three-way costless collars	—		(1,015)		—		(1,015)
Basis swaps	—		(103)		—		(103)
Call options	—		(215)		—		(215)
Total (1)	$	—	$	(4,024)	$	—	$	(4,024)

(1)Excludes a net reduction to the liability fair value of $12 million related to estimated non-performance risk.

	December 31, 2021
	Fair Value Measurements Using:
(in millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets (Liabilities) at Fair Value
Assets
Fixed price swaps	$	—	$	148	$	—	$	148
Two-way costless collars	—		109		—		109
Three-way costless collars	—		53		—		53
Basis swaps	—		99		—		99
Interest rate swaps	—		2		—		2
Liabilities
Fixed price swaps	—		(1,031)		—		(1,031)
Two-way costless collars	—		(220)		—		(220)
Three-way costless collars	—		(525)		—		(525)
Basis swaps	—		(31)		—		(31)
Call options	—		(109)		—		(109)
Total (1)	$	—	$	(1,505)	$	—	$	(1,505)

(1)Excludes a net reduction to the liability fair value of $3 million related to estimated non-performance risk.