Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

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, oil and NGL derivative instrument assets (liabilities) as of September 30, 2025 and December 31, 2024 are provided below: 

	September 30, 2025			December 31, 2024
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	471	$	40	369	$	(28)
Collars	1,239	133		1,098	(27)
Three-way collars	41	20		161	60
Call options (purchased)	18	—		73	1
Call options (sold)	110	(5)		219	(16)
Basis protection swaps	410	(62)		279	(39)
Total natural gas	2,289	126		2,199	(49)
Oil (MMBbls):
Three-way collars	1	$	3	2	$	4
Total oil	1	3		2	4
NGLs (MMBbls):
Fixed-price swaps	2	$	(1)	7	$	(9)
Total NGL	2	(1)		7	(9)
Total estimated fair value		$	128		$	(54)

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 September 30, 2025 and December 31, 2024 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 September 30, 2025
Commodity Contracts:
Short-term derivative asset	$	258	$	(101)	$	157
Long-term derivative asset	31		(21)		10
Short-term derivative liability	(113)		101		(12)
Long-term derivative liability	(48)		21		(27)
Total derivatives	$	128	$	—	$	128
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)
Total derivatives	$	(54)	$	—	$	(54)

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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.