Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair value of oil, natural gas and NGL derivative instrument asset (liabilities)

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

	Successor
	December 31, 2023			December 31, 2022
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	343	$	188	382	$	(494)
Collars	558	497		721	49
Three-way collars	—	—		4	(2)
Call options	—	—		18	(22)
Basis protection swaps	578	2		652	(32)
Total natural gas	1,479	687		1,777	(501)
Oil (MMBbls):
Fixed-price swaps	—	—		1	(32)
Collars	—	—		2	7
Basis protection swaps	—	—		6	1
Total oil	—	—		9	(24)
Contingent Consideration:
Eagle Ford divestiture		12			—
Total estimated fair value		$	699		$	(525)

Schedule of effects of derivative instruments in consolidated balance sheets

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

	Gross Fair Value(a)		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of December 31, 2023
Commodity Contracts:
Short-term derivative asset	$	661	$	(36)	$	625
Long-term derivative asset	101		(27)		74
Short-term derivative liability	(39)		36		(3)
Long-term derivative liability	(36)		27		(9)
Contingent Consideration:
Short-term derivative asset	12		—		12
Total derivatives	$	699	$	—	$	699
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)

___________________________________________

(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.

Schedule of effects of derivative instruments in accumulated other comprehensive income (loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:

	Predecessor
	Period from January 1, 2021 through February 9, 2021
	Before Tax		After Tax
Balance, beginning of period	$	(12)	$	45
Losses reclassified to income(a)	3		3
Fresh start adjustments	9		9
Elimination of tax effects	—		(57)
Balance, end of period	$	—	$	—

___________________________________________

(a)These losses were included as a component of total natural gas and oil derivatives.