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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivatives
As of December 31, 2024, the Company had the following outstanding financial commodity derivatives:

20252026
OilFirst QuarterSecond QuarterThird QuarterFourth QuarterFirst QuarterSecond QuarterThird QuarterFourth Quarter
WTI oil collars
     Volume (MBbl)5,040 5,096 4,232 4,232 900 910 920 920 
     Weighted average floor ($/Bbl)$61.79 $61.79 $61.63 $61.63 $62.50 $62.50 $62.50 $62.50 
     Weighted average ceiling ($/Bbl)$79.36 $79.36 $78.64 $78.64 $69.40 $69.40 $69.40 $69.40 
WTI oil swaps
Volume (MBbl)1,7101,7291,7481,748900910920920
Weighted average price ($/Bbl)$69.18 $69.18 $69.18 $69.18 $66.14 $66.14 $66.14 $66.14 
WTI Midland oil basis swaps
     Volume (MBbl)6,3006,3705,5205,5201,8001,8201,8401,840
     Weighted average differential ($/Bbl)$1.07 $1.07 $1.02 $1.02 $0.95 $0.95 $0.95 $0.95 
 
2025
2026
Natural GasFirst QuarterSecond QuarterThird QuarterFourth QuarterFirst Quarter
NYMEX gas collars
     Volume (MMBtu)45,000,000 45,500,000 46,000,000 46,000,000 27,000,000 
     Weighted average floor ($/MMBtu)
$2.85 $2.85 $2.85 $2.85 $2.75 
     Weighted average ceiling ($/MMBtu)
$4.51 $4.07 $4.07 $5.55 $7.66 
Transco Leidy gas basis swaps
Volume (MMBtu)18,000,000 18,200,000 18,400,000 18,400,000 — 
Weighted average differential ($/MMBtu)$(0.70)$(0.70)$(0.70)$(0.70)$— 
Transco Zone 6 Non-NY gas basis swaps
Volume (MMBtu)9,000,000 9,100,000 9,200,000 9,200,000 — 
Weighted average differential ($/MMBtu)$(0.29)$(0.29)$(0.29)$(0.29)$— 
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
In January 2025, the Company entered into the following financial commodity derivatives:
20252026
Natural Gas
First
Quarter
Second QuarterThird QuarterFourth Quarter
First
Quarter
Second QuarterThird QuarterFourth Quarter
NYMEX gas collars
Volume (MMBtu)5,900,0009,100,0009,200,0009,200,00022,500,00022,750,00023,000,00023,000,000
     Weighted average floor ($/MMBtu)
$3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 
     Weighted average ceiling ($/MMBtu)
$4.46 $4.46 $4.46 $4.46 $5.79 $5.79 $5.79 $5.79 
Effect of Derivative Instruments on the Consolidated Balance Sheet
  Fair Values of Derivative Instruments
  Derivative AssetsDerivative Liabilities
  December 31,December 31,
(In millions)Balance Sheet Location2024202320242023
Commodity contractsOther current assets$12 $85 $— $— 
Commodity contractsAccrued liabilities— — 17 — 
Commodity contractsOther assets— 7 — — 
Commodity contractsOther liabilities— — 4 — 
 
$12 $92 $21 $— 
Schedule of Offsetting Derivative Assets in the Consolidated Balance Sheet
Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 December 31,
(In millions)20242023
Derivative assets  
Gross amounts of recognized assets$26 $93 
Gross amounts offset in the consolidated balance sheet(14)(1)
Net amounts of assets presented in the consolidated balance sheet12 92 
Gross amounts of financial instruments not offset in the consolidated balance sheet— 1 
Net amount$12 $93 
Derivative liabilities
Gross amounts of recognized liabilities$35 $1 
Gross amounts offset in the consolidated balance sheet(14)(1)
Net amounts of liabilities presented in the consolidated balance sheet21 — 
Gross amounts of financial instruments not offset in the consolidated balance sheet— — 
Net amount$21 $— 
Schedule of Offsetting Derivative Liabilities in the Consolidated Balance Sheet
Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 December 31,
(In millions)20242023
Derivative assets  
Gross amounts of recognized assets$26 $93 
Gross amounts offset in the consolidated balance sheet(14)(1)
Net amounts of assets presented in the consolidated balance sheet12 92 
Gross amounts of financial instruments not offset in the consolidated balance sheet— 1 
Net amount$12 $93 
Derivative liabilities
Gross amounts of recognized liabilities$35 $1 
Gross amounts offset in the consolidated balance sheet(14)(1)
Net amounts of liabilities presented in the consolidated balance sheet21 — 
Gross amounts of financial instruments not offset in the consolidated balance sheet— — 
Net amount$21 $— 
Schedule of Effect of Derivatives on the Condensed Consolidated Statement of Operations Effect of Derivative Instruments on the Consolidated Statement of Operations
Year Ended December 31,
(In millions)202420232022
Cash received (paid) on settlement of derivative instruments
Gas contracts$96 $280 $(438)
Oil contracts2 4 (324)
Non-cash gain (loss) on derivative instruments
Gas contracts(80)(72)149 
Oil contracts(21)18 150 
$(3)$230 $(463)