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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Our long-term debt consisted of the following as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Carrying Amount
Fair Value(a)
Carrying Amount
Fair Value(a)
Credit Facility$— $— $— $— 
4.95% senior notes due 2025(b)
389 389 — — 
5.50% senior notes due 2026
47 47 500 496 
5.375% senior notes due 2029(b)
700 684 — — 
5.875% senior notes due 2029
500 494 500 489 
6.75% senior notes due 2029
950 959 950 958 
5.375% senior notes due 2030(b)
1,200 1,174 — — 
4.75% senior notes due 2032(b)
1,150 1,067 — — 
5.70% senior notes due 2035(c)
750 734 — — 
Premiums on senior notes, net4 — 83 — 
Debt issuance costs(10)— (5)— 
Total debt, net5,680 5,548 2,028 1,943 
Less current maturities of long-term debt, net(389)(389)— — 
Total long-term debt, net$5,291 $5,159 $2,028 $1,943 
____________________________________________
(a)The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.
(b)On October 1, 2024, we assumed the debt of Southwestern in connection with the Southwestern Merger, which primarily consisted of these senior notes. See Note 2 for additional discussion on the Southwestern Merger and further discussion of these senior notes below.
(c)On December 2, 2024, we issued $750 million of 5.70% senior notes. See further discussion below.
Schedule of debt maturities
The table below presents debt maturities as of December 31, 2024, excluding debt issuance costs, discounts and premiums:
Total
2025$389 
202647 
2027— 
2028— 
20292,150 
Thereafter3,100 
Total debt$5,686