Debt and Credit Agreements

9 Months Ended

Sep. 30, 2022

The Company’s debt and credit agreements consisted of the following:


(In millions)	September 30, 2022		December 31, 2021
6.51% weighted-average private placement senior notes	$	—	$	37
5.58% weighted-average private placement senior notes	—		87
3.65% weighted-average private placement senior notes	825		825
4.375% senior notes due June 1, 2024 (1)	44		750
3.90% senior notes due May 15, 2027	750		750
4.375% senior notes due March 15, 2029	500		500

Net premium (discount)	119		185
Unamortized debt issuance costs	(6)		(9)
	$	2,232	$	3,125

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(1) Includes $44 million of current portion of long-term debt at September 30, 2022 that was called for redemption in October 2022.

At September 30, 2022, the Company was in compliance with all financial and other covenants for both its revolving credit facility and senior notes.

In September 2022, the Company redeemed $706 million principal amount of its 4.375% senior notes for approximately $706 million, exclusive of interest. In August 2022, the Company repurchased $37 million principal amount of its 6.51% weighted-average senior notes for approximately $38 million and $87 million principal amount of its 5.58% weighted-average

senior notes for approximately $92 million. In connection with these transactions, the Company recognized a net gain on debt extinguishment of $26 million during the nine months ended September 30, 2022, primarily due to the write off of related debt premiums and debt issuance costs.

Subsequent Event. In October 2022, the Company redeemed the remaining $44 million of its Cimarex 4.375% senior notes for approximately $44 million, exclusive of interest.

Revolving Credit Agreement

At September 30, 2022, the Company had no borrowings outstanding under its revolving credit facility and unused commitments of $1.5 billion.