Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2023 and December 31, 2022 are provided below: 

	June 30, 2023			December 31, 2022
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	357	$	(20)	382	$	(494)
Collars	637	414		721	49
Three-way collars	2	1		4	(2)
Call options	—	—		18	(22)
Basis protection swaps	536	45		652	(32)
Total natural gas	1,532	440		1,777	(501)
Oil (MMBbls):
Fixed-price swaps	—	—		1	(32)
Collars	—	—		2	7
Basis protection swaps	—	—		6	1
Total oil	—	—		9	(24)
Total estimated fair value		$	440		$	(525)

Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 on a gross basis and after same-counterparty netting:

	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets
As of June 30, 2023
Commodity Contracts:
Short-term derivative asset	$	487	$	(70)	$	417
Long-term derivative asset	120		(42)		78
Short-term derivative liability	(96)		70		(26)
Long-term derivative liability	(71)		42		(29)
Total derivatives	$	440	$	—	$	440
As of December 31, 2022
Commodity Contracts:
Short-term derivative asset	$	200	$	(166)	$	34
Long-term derivative asset	87		(40)		47
Short-term derivative liability	(598)		166		(432)
Long-term derivative liability	(214)		40		(174)
Total derivatives	$	(525)	$	—	$	(525)

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(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.