Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2025, the Company had commodity derivative contracts outstanding through the fourth quarter of 2027 as summarized in the table below:

	Contract Period
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2026		2026		2026		2026		2027
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes	1,744		1,303		2,014		876		—
Weighted-Average Contract Price	$	63.03	$	62.04	$	63.00	$	59.78	$	—
Collars
NYMEX WTI Volumes	2,132		2,213		1,119		438		—
Weighted-Average Floor Price	$	56.80	$	55.98	$	57.80	$	60.00	$	—
Weighted-Average Ceiling Price	$	65.34	$	64.32	$	65.23	$	64.00	$	—
Basis Swaps
WTI Midland-NYMEX WTI Volumes	1,076		1,086		975		1,140		—
Weighted-Average Contract Price	$	0.99	$	0.99	$	0.99	$	0.99	$	—
WTI Houston MEH-NYMEX WTI Volumes	391		400		392		378		—
Weighted-Average Contract Price	$	2.02	$	2.02	$	1.97	$	2.01	$	—
Roll Differential Swaps
NYMEX WTI Volumes	1,329		—		—		—		—
Weighted-Average Contract Price	$	0.35	$	—	$	—	$	—	$	—
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes	5,724		10,194		11,417		8,176		17,093
Weighted-Average Contract Price	$	4.41	$	3.55	$	3.90	$	4.22	$	4.12
IF HSC Volumes	957		—		—		—		—
Weighted-Average Contract Price	$	4.07	$	—	$	—	$	—	$	—
IF Waha Volumes	3,461		2,232		3,813		1,067		4,603
Weighted-Average Contract Price	$	2.93	$	1.21	$	2.35	$	3.13	$	3.64
Collars
NYMEX HH Volumes	6,743		3,398		3,505		8,952		2,696
Weighted-Average Floor Price	$	3.65	$	3.25	$	3.25	$	3.56	$	4.00
Weighted-Average Ceiling Price	$	6.15	$	3.55	$	4.21	$	5.34	$	5.54
Basis Swaps
IF Waha-NYMEX HH Volumes	574		—		—		—		4,495
Weighted-Average Contract Price	$	(1.75)	$	—	$	—	$	—	$	(0.70)
IF HSC-NYMEX HH Volumes	973		—		—		—		—
Weighted-Average Contract Price	$	(0.18)	$	—	$	—	$	—	$	—
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Ethane Mont Belvieu Non-TET Volumes	259		137		137		141		—
Weighted-Average Contract Price	$	12.57	$	11.71	$	11.71	$	11.71	$	—

Schedule of fair value of derivatives in accompanying balance sheets

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

	As of December 31, 2025		As of December 31, 2024
	(in millions)
Derivative assets:
Current assets	$	83	$	49
Noncurrent assets	6		4
Total derivative assets	$	89	$	52
Derivative liabilities:
Current liabilities	$	2	$	7
Noncurrent liabilities	2		7
Total derivative liabilities	$	4	$	14

Schedule of the potential effects of master netting arrangements

The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:

	Derivative Assets as of				Derivative Liabilities as of
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
	(in millions)
Gross amounts presented in the accompanying balance sheets	$	89	$	52	$	(4)	$	(14)
Amounts not offset in the accompanying balance sheets	(4)		(13)		4		13
Net amounts	$	85	$	40	$	—	$	(1)

____________________________________________

Note: Amounts may not calculate due to rounding.

Schedule of the components of the derivative settlement (gain) loss and the net derivative (gain) loss

The following table summarizes the commodity components of the net derivative settlement gain and the net derivative gain line items presented within the accompanying statements of cash flows and the accompanying statements of operations, respectively:

	For the Years Ended December 31,
	2025		2024		2023
	(in millions)
Net derivative settlement (gain) loss:
Oil contracts	$	(67)	$	(13)	$	27
Gas contracts	(67)		(59)		(49)
NGL contracts	2		3		(5)
Total net derivative settlement gain:	$	(132)	$	(69)	$	(27)
Net derivative (gain) loss:
Oil contracts	$	(98)	$	(5)	$	(21)
Gas contracts	(80)		(49)		(43)
NGL contracts	—		4		(5)
Total net derivative gain:	$	(178)	$	(50)	$	(68)

____________________________________________

Note: Amounts may not calculate due to rounding.