Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Extractive Industries [Abstract]

Schedule of capitalized costs

Capitalized costs related to our natural gas, oil and NGL producing activities are summarized as follows:

	December 31, 2024		December 31, 2023
Natural gas and oil properties:
Proved	$	23,093	$	11,468
Unproved	5,897		1,806
Total	28,990		13,274
Less accumulated depreciation, depletion and amortization	(5,235)		(3,584)
Net capitalized costs	$	23,755	$	9,690

Schedule of exploration expense and cost incurred

Costs incurred in natural gas and oil property acquisition, exploration and development, including capitalized interest and asset retirement costs, are summarized as follows:

	Years Ended December 31,
	2024		2023		2022
Acquisition of properties(a):
Proved properties	$	10,010	$	10	$	2,321
Unproved properties	4,393		52		795
Exploratory costs	17		15		15
Development costs	1,420		1,721		1,918
Costs incurred	$	15,840	$	1,798	$	5,049

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(a)    Includes $10.0 billion and $4.3 billion of proved and unproved property acquisitions, respectively, related to the Southwestern Merger in 2024. Includes $2.3 billion and $0.8 billion of proved and unproved property acquisitions, respectively, related to our Marcellus Acquisition in 2022.

Schedule of revenues and expenses

The following table includes revenues and expenses associated directly with our natural gas, oil and NGL producing activities for the periods presented. It does not include any derivative activity, interest costs or indirect general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of our natural gas, oil and NGL operations.

	Years Ended December 31,
	2024		2023		2022
Natural gas, oil and NGL sales	$	2,969	$	3,547	$	9,892
Production expenses	(316)		(356)		(475)
Gathering, processing and transportation expenses	(1,035)		(853)		(1,059)
Severance and ad valorem taxes	(97)		(167)		(242)
Exploration	(10)		(27)		(23)
Depletion and depreciation	(1,673)		(1,478)		(1,703)
Accretion of asset retirement obligations	(18)		(16)		(17)
Imputed income tax provision(a)	42		(152)		(1,440)
Results of operations from natural gas, oil and NGL producing activities	$	(138)	$	498	$	4,933

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(a)    The imputed income tax provision is hypothetical (at the statutory tax rate) and determined without regard to our deduction for general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax provision (benefit) will be payable (receivable).

Schedule of changes in estimated reserves

Presented below is a summary of changes in estimated proved reserves for the periods presented:

	Natural Gas	Oil	NGL	Total
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
December 31, 2024
Proved reserves, beginning of period	9,688	—	—	9,688
Extensions, discoveries and other additions	124	—	—	124
Revisions of previous estimates	(1,654)	—	—	(1,654)
Production	(1,321)	(1.2)	(7.8)	(1,375)
Sale of reserves-in-place	—	—	—	—
Purchase of reserves-in-place	10,087	69.1	585.9	14,017
Proved reserves, end of period	16,924	67.9	578.1	20,800
Proved developed reserves:
Beginning of period	6,363	—	—	6,363
End of period	14,418	40.3	383.0	16,958
Proved undeveloped reserves:
Beginning of period	3,325	—	—	3,325
End of period(a)	2,506	27.6	195.1	3,842
December 31, 2023
Proved reserves, beginning of period	11,369	198.4	73.9	13,002
Extensions, discoveries and other additions	415	—	—	415
Revisions of previous estimates	(325)	—	—	(325)
Production	(1,266)	(7.7)	(3.8)	(1,335)
Sale of reserves-in-place	(563)	(190.7)	(70.1)	(2,127)
Purchase of reserves-in-place	58	—	—	58
Proved reserves, end of period	9,688	—	—	9,688
Proved developed reserves:
Beginning of period	7,385	157.2	58.9	8,681
End of period	6,363	—	—	6,363
Proved undeveloped reserves:
Beginning of period	3,984	41.2	15.0	4,321
End of period(a)	3,325	—	—	3,325

	Natural Gas	Oil	NGL	Total
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
December 31, 2022
Proved reserves, beginning of period	7,824	209.7	82.0	9,573
Extensions, discoveries and other additions	60	2.1	1.5	82
Revisions of previous estimates	1,989	22.5	5.0	2,155
Production	(1,308)	(19.4)	(6.0)	(1,461)
Sale of reserves-in-place	(122)	(16.5)	(8.6)	(273)
Purchase of reserves-in-place	2,926	—	—	2,926
Proved reserves, end of period	11,369	198.4	73.9	13,002
Proved developed reserves:
Beginning of period	4,246	165.7	61.7	5,610
End of period	7,385	157.2	58.9	8,681
Proved undeveloped reserves:
Beginning of period	3,578	44.0	20.3	3,963
End of period(a)	3,984	41.2	15.0	4,321

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(a)    As of December 31, 2024, 2023 and 2022, there were no PUDs that had remained undeveloped for five years or more.

Schedule of future net cash flows relating to proved natural gas, oil and NGL reserves based on the standardized measure

The following summary sets forth our future net cash flows relating to proved natural gas, oil and NGL reserves based on the standardized measure:

	Years Ended December 31,
	2024			2023			2022
Future cash inflows	$	24,213	(a)	$	14,659	(b)	$	76,626	(c)
Future production costs	(7,007)			(3,326)			(10,177)
Future development costs	(3,537)		(d)	(2,779)		(e)	(5,343)		(f)
Future income tax provisions	(119)			(174)			(10,440)
Future net cash flows	13,550			8,380			50,666
Less effect of a 10% discount factor	(6,019)			(3,903)			(24,361)
Standardized measure of discounted future net cash flows	$	7,531		$	4,477		$	26,305

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(a)    Calculated using prices of $2.13 per Mcf of natural gas, $75.48 per Bbl of oil and $75.48 per Bbl of NGL, before basis differential adjustments.

(b)    Calculated using prices of $2.64 per Mcf of natural gas, before basis differential adjustments.

(c)    Calculated using prices of $6.36 per Mcf of natural gas, $93.67 per Bbl of oil and $43.58 per Bbl of NGL, before basis differential adjustments.

(d)    Included approximately $1,625 million of future plugging and abandonment costs as of December 31, 2024.

(e)    Included approximately $730 million of future plugging and abandonment costs as of December 31, 2023.

(f)    Included approximately $979 million of future plugging and abandonment costs as of December 31, 2022.

Sources of change in standardized measure of discounted future net cash flow

The principal sources of change in the standardized measure of discounted future net cash flows are as follows:

	Years Ended December 31,
	2024		2023		2022
Standardized measure, beginning of period	$	4,477	$	26,305	$	12,287
Sales of natural gas and oil produced, net of production costs   and gathering, processing and transportation(a)	(1,521)		(2,171)		(8,116)
Net changes in prices and production costs	(2,266)		(23,535)		14,256
Extensions and discoveries, net of production and   development costs	50		182		251
Changes in estimated future development costs	652		346		(1,512)
Previously estimated development costs incurred during the period	396		818		690
Revisions of previous quantity estimates	(922)		(205)		6,697
Purchase of reserves-in-place	5,409		77		7,047
Sales of reserves-in-place	—		(7,158)		(402)
Accretion of discount	457		3,270		1,371
Net change in income taxes	58		6,301		(4,972)
Changes in production rates and other	741		247		(1,292)
Standardized measure, end of period(a)	$	7,531	$	4,477	$	26,305

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(a)    Excludes gains and losses on derivatives. Production costs includes severance and ad valorem taxes.