Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

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, oil and NGL derivative instrument assets (liabilities) as of December 31, 2024 and 2023 are provided below: 

	December 31, 2024			December 31, 2023
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	369	$	(28)	343	$	188
Collars	1,098	(27)		558	497
Three-way collars	161	60		—	—
Call options (purchased)	73	1		—	—
Call options (sold)	219	(16)		—	—
Basis protection swaps	279	(39)		578	2
Total natural gas	2,199	(49)		1,479	687
Oil (MMBbls):
Three-way collars	2	$	4	—	$	—
Total oil	2	4		—	—
NGLs (MMBbls):
Fixed-price swaps	7	$	(9)	—	$	—
Total NGL	7	(9)		—	—
Contingent Consideration:
Eagle Ford divestiture		—			12
Total estimated fair value		$	(54)		$	699

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, 2024 and 2023 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
As of December 31, 2024
Commodity Contracts:
Short-term derivative asset	$	191	$	(107)	$	84
Long-term derivative asset	6		(5)		1
Short-term derivative liability	(178)		107		(71)
Long-term derivative liability	(73)		5		(68)
Contingent Consideration:
Short-term derivative asset	—		—		—
Total derivatives	$	(54)	$	—	$	(54)
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.