| Schedule of Open Derivative Contracts |
We held the following Brent-based contracts as of March 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q2
2025 | | Q3
2025 | | Q4
2025 | | 2026 | | 2027 | | 2028 | | | | | | Sold Calls | | | | | | | | | | | | | | | | | Barrels per day | 30,000 | | | 30,000 | | | 29,000 | | | 15,000 | | | — | | | — | | | | | | | Weighted-average price per barrel | $ | 87.08 | | | $ | 87.08 | | | $ | 87.13 | | | $ | 85.00 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | Purchased Puts | | | | | | | | | | | | | | | | | Barrels per day | 30,000 | | | 30,000 | | | 29,000 | | | 15,000 | | | — | | | — | | | | | | | Weighted-average price per barrel | $ | 61.67 | | | $ | 61.67 | | | $ | 61.72 | | | $ | 60.00 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | Swaps | | | | | | | | | | | | | | | | | Barrels per day | 46,506 | | | 45,001 | | | 42,626 | | | 30,449 | | | 13,882 | | | 1,697 | | | | | | | Weighted-average price per barrel | $ | 71.31 | | | $ | 70.63 | | | $ | 69.94 | | | $ | 67.95 | | | $ | 65.53 | | | $ | 65.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At March 31, 2025, we also held the following swaps to hedge purchased natural gas used in our operations as shown in the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q2
2025 | | Q3
2025 | | Q4
2025 | | 2026 | | 2027 | | 2028 | | | | | | | | | | | | | | | | | | | | | SoCal Border | | | | | | | | | | | | | | | | MMBtu per day | 29,074 | | | 25,750 | | | 22,408 | | | 660 | | | — | | | — | | | | | | Weighted-average price per MMBtu | $ | 3.44 | | | $ | 3.48 | | | $ | 3.53 | | | $ | 6.29 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | NWPL Rockies | | | | | | | | | | | | | | | | MMBtu per day | 51,750 | | | 51,750 | | | 51,750 | | | 44,618 | | | 12,616 | | | 1,576 | | | | | | Weighted-average price per MMBtu | $ | 2.95 | | | $ | 2.95 | | | $ | 4.22 | | | $ | 4.01 | | | $ | 4.34 | | | $ | 3.95 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Three months ended | | March 31, 2025 | | March 31, 2024 | | (in millions) | Non-cash commodity derivative gain (loss) | $ | 22 | | | $ | (59) | | Net settlements and amortized premiums | (16) | | | (12) | | | Net gain (loss) from commodity derivatives | $ | 6 | | | $ | (71) | |
We report gains and losses on our commodity derivative contracts related to purchases of natural gas in operating expenses on our condensed consolidated statements of operations as shown in the table below:
| | | | | | | | | | | | | Three months ended | | March 31, 2025 | | March 31, 2024 | | (in millions) | Non-cash gain on natural gas purchase derivatives | $ | (18) | | | $ | (1) | | Settlements | 12 | | | 2 | | Net (gain) loss on natural gas purchase derivatives | $ | (6) | | | $ | 1 | |
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| Schedule of Fair Value of Derivatives |
The following tables present the fair values of our outstanding commodity derivatives as of March 31, 2025 and December 31, 2024. | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Classification | | Gross Amounts at Fair Value | | Netting | | Net Fair Value | | | | | | | | | | (in millions) | Other current assets, net | | $ | 27 | | | $ | (9) | | | $ | 18 | | Other noncurrent assets | | 21 | | | (9) | | | 12 | | | | | | | | | | Current liabilities | | (39) | | | 9 | | | (30) | | | Noncurrent liabilities | | (38) | | | 9 | | | (29) | | | | $ | (29) | | | $ | — | | | $ | (29) | |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Classification | | Gross Amounts at Fair Value | | Netting | | Net Fair Value | | | | | | | | | | (in millions) | Other current assets, net | | $ | 26 | | | $ | (12) | | | $ | 14 | | Other noncurrent assets | | 32 | | | (16) | | | 16 | | | | | | | | | | Current liabilities | | (62) | | | 12 | | | (50) | | | Noncurrent liabilities | | (61) | | | 16 | | | (45) | | | | $ | (65) | | | $ | — | | | $ | (65) | |
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