Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 are provided below: 

	June 30, 2024			December 31, 2023
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	259	$	60	343	$	188
Collars	518	256		558	497
Basis protection swaps	425	21		578	2
Total natural gas	1,202	337		1,479	687
Contingent Consideration:
Eagle Ford divestiture		33			12
Total estimated fair value		$	370		$	699

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, 2024 and December 31, 2023 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, 2024
Commodity Contracts:
Short-term derivative asset	$	360	$	(32)	$	328
Long-term derivative asset	33		(14)		19
Short-term derivative liability	(39)		32		(7)
Long-term derivative liability	(17)		14		(3)
Contingent Consideration:
Short-term derivative asset	33		—		33
Total derivatives	$	370	$	—	$	370
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

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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.