Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 and 2022 were as follows:

	December 31, 2023				December 31, 2022
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	21	$	21	$	50	$	50
2022 revolving credit facility due April 2027	220		220		250		250
Senior notes (1)	3,743		3,626		4,164		3,847
Derivative instruments, net	610		610		(1,478)		(1,478)

(1)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:

	December 31, 2023
	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: (1)
Fixed price swaps	$	—	$	491	$	—	$	491
Two-way costless collars	—		85		—		85
Three-way costless collars	—		189		—		189
Basis swaps	—		18		—		18
Purchase Put - Natural Gas	—		8		—		8
Liabilities:
Fixed price swaps	—		(21)		—		(21)
Two-way costless collars	—		(30)		—		(30)
Three-way costless collars	—		(96)		—		(96)
Basis swaps	—		(6)		—		(6)
Call options	—		(18)		—		(18)
Put options	—		(8)		—		(8)
Total	$	—	$	612	$	—	$	612

(1)Excludes a net reduction to the asset fair value of $2 million related to estimated non-performance risk.

	December 31, 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:
Fixed price swaps	$	—	$	46	$	—	$	46
Two-way costless collars	—		65		—		65
Three-way costless collars	—		22		—		22
Basis swaps	—		81		—		81
Purchase Put - Natural Gas	—		4		—		4
Liabilities: (1)
Fixed price swaps	—		(888)		—		(888)
Two-way costless collars	—		(291)		—		(291)
Three-way costless collars	—		(362)		—		(362)
Basis swaps	—		(70)		—		(70)
Call options	—		(88)		—		(88)
Total	$	—	$	(1,481)	$	—	$	(1,481)

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